UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2026

Commission File Number: 001-40618

Stevanato Group S.p.A.

(Translation of registrant’s name into English)

Via Molinella 17

35017 Piombino Dese – Padua

Italy

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40‑F.

Form 20-F ☒ Form 40-F ☐

Stevanato Group S.p.A.

Interim report

for the three months ended March 31, 2026

Table of Contents


	Page
Introduction	i
Cautionary Statements Regarding Forward-Looking Statements	ii
Unaudited Interim Condensed Consolidated Financial Statements	1
Management's Discussion and Analysis of Financial Condition and Results of Operations	37
Quantitative and Qualitative Disclosure About Market Risk	54
Controls and Procedures	58
Legal Proceedings	59
Risk Factors	59
Unregistered Sales of Equity Securities and Use of Proceeds	59
Defaults Upon Senior Securities	59
Other Information	59
Signatures	60

INTRODUCTION

The financial information of Stevanato Group included in this Interim Report is presented in Euro except that, in some instances, information is presented in U.S. Dollars. All references in this report to “Euro”, “EUR” and “€” refer to the currency introduced at the start of the third stage of European Economic and Monetary Union pursuant to the Treaty on the Functioning of the European Union, as amended, and all references to “U.S. Dollars”, “USD” and “$” refer to the currency of the United States of America (the “United States”).

Certain totals in the tables included in this document may not add due to rounding. The financial data in the Management Discussion and Analysis of Financial Condition and Results of Operations is presented in millions of Euro, while the percentages presented are calculated using the underlying figures in Euro.

This Interim Report is unaudited.

CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS

This quarterly report on Form 6-K contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect the current views of Stevanato Group S.p.A. (“we”, “our”, “us”, “Stevanato Group”, the “Company” and, together with its subsidiaries, the “Group”). These forward-looking statements include, or may include, words such as “anticipate,” "assumes," "believe," "derive," "drive," "estimated," "expect," "forecast," "foreseeable," "future," "growing," "increase," "may," "plan," “potential,” “remain,” “to be,” “will,” "would," and other similar terminology. Forward-looking statements contained in this report include, but are not limited to, statements about: our future financial performance, including our revenue, operating expenses and our ability to maintain profitability and operational and commercial capabilities; our expectations regarding the development of our industry and the competitive environment in which we operate; the expansion of our plants and sites, and our expectations related to our capacity expansion; the global supply chain and our committed orders; customer demand and customers' ability to destock higher inventories accumulated during the COVID-19 pandemic; our expectation that most of the tariff-related costs will be absorbed by customers; the success of our initiatives to optimize the industrial footprint, harmonize processes and enhance supply chain and logistics strategies; our geographical and industrial footprint; and our goals, strategies and investment plans. These statements are neither promises nor guarantees but involve known and unknown risks, uncertainties and other important factors and circumstances that may cause Stevanato Group's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including conditions in the U.S. capital markets, negative global and domestic economic and political conditions, inflation, the impact of the conflict between Russia and Ukraine, the evolving events in Israel and Gaza, the Iran regional conflict (including U.S. participation), supply chain and logistical challenges and other negative developments in Stevanato Group’s business or unfavorable legislative or regulatory developments. The following are some of the factors that could cause our actual results to differ materially from those expressed in or underlying our forward-looking statements: (i) our product offerings are highly complex, and, if our products do not satisfy applicable quality criteria, specifications and performance standards, we could experience lost sales, delayed or reduced market acceptance of our products, increased costs and damage to our reputation; (ii) we must develop new products and enhance existing products, adapt to significant technological and innovative changes and respond to introductions of new products by competitors to remain competitive; (iii) if we fail to maintain and enhance our brand and reputation, our business, results of operations and prospects may be materially and adversely affected; (iv) we are highly dependent on our management and employees. Competition for our employees is intense, and we may not be able to attract and retain the highly skilled employees that we need to support our business and our intended future growth; (v) our business, financial condition and results of operations depend upon maintaining our relationships with suppliers and service providers; (vi) our business, financial condition and results of operations depend upon the availability and price of high-quality materials and energy supply and our ability to contain production costs; (vii) significant interruptions in our operations could harm our business, financial condition and results of operations; (viii) as a consequence of the COVID-19 pandemic, sales of vials to and for vaccination programs globally increased resulting in a revenue growth acceleration. The demand for such products may fluctuate, as the need for COVID-19 related solutions continue to decline; (ix) our manufacturing facilities are subject to operating hazards which may lead to production curtailments or shutdowns and have an adverse effect on our business, results of operations, financial condition or cash flows; (x) our business, financial condition and results of operations may be impacted by our ability to successfully expand capacity to meet customer demand; (xi) the loss of a significant number of customers or a reduction in orders from a significant number of customers, including through destocking initiatives or lack of transparency of our products held by customers, could reduce our sales and harm our financial performance; (xii) we may face significant competition in implementing our strategies for revenue growth in light of actions taken by our competitors; (xiii) our global operations are subject to international market risks that may have a material effect on our liquidity, financial condition, results of operations and cash flows; (xiv) we are required to comply with a wide variety of laws and regulations and are subject to regulation by various federal, state and foreign agencies; (xv) given the relevance of our activities in the healthcare sector, investments by non-Italian entities in the Company, as well as certain asset disposals by the Company, may be subject to the prior authorization of the Italian Government (so called "golden powers"); (xvi) if relations between China and the U.S. deteriorate (including in connection with the current trade policy of the U.S. government), our business in the U.S. and China could be materially and adversely affected; (xvii) the U.S. government recently imposed tariffs on certain products manufactured in several jurisdictions, including China and the European Union, and has made announcements regarding the potential imposition of tariffs on other jurisdictions. Such tariffs as well as other trade policies that the U.S. government may implement in the future and the restrictive trade measures that other countries may adopt in response thereto, could adversely affect our business by making it more difficult or costly to trade goods between different jurisdictions; (xviii) cyber security risks and the failure to maintain the confidentiality, integrity and availability of our computer hardware, software and internet applications and related tools and functions, could result in damage to our reputation, data integrity and/or subject us to costs, fines or lawsuits under data privacy or other laws or contractual requirements; (xix) our trade secrets may be misappropriated or disclosed, and confidentiality agreements with directors, employees and third parties may not adequately prevent disclosure of trade secrets and protect other proprietary information; (xx) if we are unable to obtain and maintain patent protection for our technology, products and potential products, or if the scope of the patent protection obtained is not sufficiently broad, we may not be able to compete effectively in our markets; (xxi) we depend in part on proprietary technology licensed from others, and if we lose our existing licenses or are unable to acquire or license additional proprietary rights from third parties, we may not be able to continue developing our potential products; and (xxii) we are obligated to maintain proper and effective internal controls over financial reporting. Our internal controls were not effective for the year ended December 31, 2025, and in the future may not be determined to be effective, which may adversely affect investor confidence in us and, as a result, the value of our ordinary shares. This list is not exhaustive. We caution you therefore against relying on these forward-looking statements, and we qualify all of our forward-looking statements by these cautionary statements.

These forward-looking statements speak only as at their dates. The Company undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible to predict all of these factors. Further, the Company cannot assess the impact of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statements.

For a description of certain additional factors that could cause the Company’s future results to differ from those expressed in any such forward-looking statements, refer to the risk factors discussed under “Risk Factors” below and “Item 3D. Risk Factors” in our Annual Report on Form 20-F for the year ended December 31, 2025 filed with the U.S. Securities and Exchange Commission on March 4, 2026.

iii

UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

AT AND FOR THE THREE MONTHS ENDED MARCH 31, 2026

Stevanato Group S.p.A.

Interim consolidated income statement

for the three months ended March 31, 2026 and 2025

(Unaudited)


		For the three months ended March 31,
		2026			2025
		(EUR thousand)
	Notes
Revenue	9		273,574			256,596
Cost of sales	10		198,396			186,705
Gross Profit			75,178			69,891

Other operating income	11		1,413			1,138
Selling and marketing expenses	12		6,717			5,951
Research and development expenses	12		5,842			5,931
General and administrative expenses	12		25,295			24,519
Operating Profit			38,737			34,628

Finance income	13		3,357			5,955
Finance expense	14		2,855			5,474
Profit Before Tax			39,239			35,109

Income taxes	15		11,212			8,595
Net Profit			28,027			26,514

Net Profit attributable to:
Equity holders of the parent			28,029			26,517
Non-controlling interests			(2	)		(3	)
			28,027			26,514

Earnings per share
Basic earnings per ordinary share (in EUR)	16		0.10			0.10
Diluted earnings per ordinary share (in EUR)	16		0.10			0.10

The accompanying notes are an integral part of the Interim Condensed Consolidated Financial Statements

Stevanato Group S.p.A.

Interim consolidated statement of comprehensive income

for the three months ended March 31, 2026 and 2025

(Unaudited)


		For the three months ended March 31,
		2026			2025
		(EUR thousand)
	Notes
Net Profit			28,027			26,514

Gains/(losses) from remeasurement of employee defined benefit plans			(150	)		140
Tax effect relating to those components of OCI			12			(11	)
Other comprehensive income/(loss) that will not be classified subsequently to profit or loss			(138	)		129

Exchange difference on translation of foreign operations	25		14,515			(16,598	)
Changes in the fair value of cash flow hedging instruments			943			835
Changes in the time value element - cost of hedge			—			(5	)
Tax effect relating to those components of OCI			(200	)		(247	)
Other comprehensive income that might be classified subsequently to profit or loss			15,258			(16,015	)

Total other comprehensive income, net of tax			15,120			(15,886	)

Total Comprehensive Income			43,147			10,628

Attributable to:
Equity holders of the parent			43,149			10,631
Non-controlling interests			(2	)		(3	)
			43,147			10,628

The accompanying notes are an integral part of the Interim Condensed Consolidated Financial Statements

Stevanato Group S.p.A.

Interim consolidated statement of financial position

at March 31, 2026 and at December 31, 2025

(Unaudited)


		At March 31,		At December 31,
		2026		2025
		(EUR thousand)
Assets	Notes
Non-current assets
Goodwill			49,983		49,983
Intangible assets	17		36,564		36,866
Right of use assets	19		15,171		12,362
Property, plant and equipment	18		1,451,046		1,391,560
Financial assets - investments FVTPL			124		171
Other non-current financial assets	20		6,407		5,810
Deferred tax assets	15		110,166		103,872
			1,669,461		1,600,624
Current assets
Inventories	21		294,360		268,247
Contract assets	22		165,758		180,459
Trade receivables	22		278,478		302,688
Other current financial assets	20		10,432		10,778
Tax receivables	23		12,924		14,586
Other receivables	24		40,738		35,989
Cash and cash equivalents			111,670		130,603
			914,360		943,350
Total assets			2,583,821		2,543,974
Equity and liabilities
Equity
Share capital	25		22,232		22,232
Reserves and retained earnings	25		1,480,529		1,324,412
Net profit attributable to equity holders of the parent	25		28,029		139,839
Equity attributable to equity holders of the parent			1,530,790		1,486,483
Non-controlling interests	25		36		38
Total equity			1,530,826		1,486,521

Non-current liabilities
Non-current financial liabilities	26		323,769		347,367
Employees benefits	28		6,793		6,784
Non-current provisions	30		2,497		3,162
Deferred tax liabilities	15		14,633		13,259
Non-current advances from customers	33		92,173		98,848
Other non-current liabilities	31		52,862		52,155
			492,727		521,575
Current liabilities
Current financial liabilities	26		128,317		123,507
Current provisions	30		2,329		4,394
Trade payables	32		254,361		263,308
Contract liabilities	33		11,599		10,414
Advances from customers	33		42,426		33,425
Tax payables	23		35,206		22,426
Other current liabilities	32		86,030		78,404
			560,268		535,878
Total liabilities			1,052,995		1,057,453
Total equity and liabilities			2,583,821		2,543,974

The accompanying notes are an integral part of the Interim Condensed Consolidated Financial Statements

Stevanato Group S.p.A.

Interim consolidated statements of changes in equity

for the three months ended March 31, 2026 and 2025

(Unaudited)


	Notes	Share capital		Share premium reserve		Treasury shares reserve			Cash flow hedge reserve			Cost of hedging reserve			Reserve for actuarial gains / (losses)			Foreign currency translation reserve			Retained earnings and other reserve			Equity attributable to equity holders of the parent			Non- controlling interests			Total equity
		(EUR thousand)
At January 1, 2026			22,232		559,565		(27,079	)		(90	)		(39	)		(67	)		(58,465	)		990,427			1,486,483			38			1,486,521
Other comprehensive income	25		—		—		—			743			—			(138	)		14,515			—			15,120			—			15,120
Net profit	25		—		—		—			—			—			—			—			28,029			28,029			(2	)		28,027
Total comprehensive income			—		—		—			743			—			(138	)		14,515			28,029			43,149			(2	)		43,147
Share-based incentive plans	25		—		—		—			—			—			—			—			1,183			1,183			—			1,183
Other	25		—		—		—			—			—			—			—			(25	)		(25	)		—			(25	)
Total effects			—		—		—			—			—			—			—			1,158			1,158			—			1,158
At March 31, 2026			22,232		559,565		(27,079	)		653			(39	)		(205	)		(43,950	)		1,019,614			1,530,790			36			1,530,826

The accompanying notes are an integral part of the Interim Condensed Consolidated Financial Statements


	Notes	Share capital		Share premium reserve		Treasury shares reserve			Cash flow hedge reserve			Cost of hedging reserve			Reserve for actuarial gains / (losses)			Foreign currency translation reserve			Retained earnings and other reserve		Equity attributable to equity holders of the parent			Non- controlling interests			Total equity
		(EUR thousand)
At January 1, 2025			22,232		559,565		(27,148	)		(1,029	)		(90	)		(53	)		(12,578	)		863,440		1,404,339			46			1,404,385
Other comprehensive income			—		—		—			587			(4	)		129			(16,598	)		—		(15,886	)		—			(15,886	)
Net profit			—		—		—			—			—			—			—			26,517		26,517			(3	)		26,514
Total comprehensive income			—		—		—			587			(4	)		129			(16,598	)		26,517		10,631			(3	)		10,628
Share-based incentive plans	25		—		—		—			—			—			—			—			774		774			—			774
Other	25		—		—		—			—			—			—			—			115		115			—			115
Total effects			—		—		—			—			—			—			—			889		889			—			889
At March 31, 2025			22,232		559,565		(27,148	)		(442	)		(94	)		76			(29,176	)		890,846		1,415,859			43			1,415,902

The accompanying notes are an integral part of the Interim Condensed Consolidated Financial Statements

Stevanato Group S.p.A.

Interim consolidated statements of cash flows

for the three months ended March 31, 2026 and 2025

(Unaudited)


		For the three months ended March 31,
		2026			2025
		(EUR thousand)
	Notes
Operating activities
Profit before tax			39,239			35,109
Adjustments:
- depreciation and impairment of property, plant and equipment	18		21,370			17,115
- amortization of intangible assets and right of use assets	17, 19		3,281			3,509
- allowance for doubtful accounts			(129	)		(392	)
- net interest expense			928			1,127
-loss from the disposal of non-current assets			89			—
Change in other provisions			3,770			2,416
Change in employee benefits			(157	)		(321	)
Other non-cash expenses, net			263			(1,182	)
Working capital changes:
- inventories and contract assets			(13,156	)		(26,497	)
- trade receivables and other assets			23,412			53,202
- trade payables, contract liabilities, advances and other liabilities			(2,333	)		18,304
Interest paid			(795	)		(1,438	)
Interest received			466			883
Income tax paid			(760	)		(1,998	)
Net Cash Flows from operating activities			75,488			99,837
Cash Flow from investing activities
Purchase of property, plant and equipment	18		(66,254	)		(70,384	)
Proceeds from sale of property plant and equipment	18		243			1,057
Refund of capitalized costs of property, plant and equipment	18		138			—
Purchase of intangible assets	17		(4,464	)		(1,402	)
(Payments for)/ Proceeds from investments in financial assets			(61	)		18
Net Cash Flows used in investing activities			(70,398	)		(70,711	)
Cash Flow from financing activities
Payment of principal portion of lease liabilities			(1,634	)		(1,543	)
Proceeds from borrowings	26		20,000			20,000
Repayments of borrowings	26		(43,300	)		(54,210	)
Net Cash Flows used in financing activities			(24,934	)		(35,753	)

Net change in cash and cash equivalents			(19,844	)		(6,627	)
Net foreign exchange differences on cash and cash equivalents			1,336			(925	)

January 1, 2026 opening balance prior to restatement for amendments to IFRS 9			130,603			—
Adjustment on initial application of amendments to IFRS 9 on January 1, 2026			(425	)		—

Cash and cash equivalents at January 1			130,178			98,270
Cash and cash equivalents at March 31			111,670			90,718

The opening cash balance of the period has been adjusted to reflect the adoption of the amendments to IFRS 9 — Financial Instruments, resulting in changes in the presentation and classification of certain cash flows. Refer to Note 3 for further details on new standards, amendments and interpretations effective from January 1, 2026.

The accompanying notes are an integral part of the Interim Condensed Consolidated Financial Statements

Stevanato Group S.p.A.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Unaudited)

Corporate information

Stevanato Group S.p.A. (herein referred to as the “Company” and together with its subsidiaries the “Group”) is headquartered in Italy and its registered office is located at via Molinella 17, Piombino Dese (Padova, Italy). The Group is active in the design, production and distribution of products and processes to provide integrated solutions for the bio-pharma and healthcare industries, leveraging on regular investment and the selected acquisition of skills and new technologies to maintain and enhance its status as a global leader in the bio-pharma industry. Principal products are containment solutions, drug delivery systems, medical devices, diagnostic and analytical services, visual inspection machines, assembling and packaging machines, and glass forming machines.

The Group has 13 manufacturing plants, including: (i) ten production plants for manufacturing and assembly of bio-pharma and healthcare products (in Italy, Germany, Slovakia, Brazil, Mexico, China, United States), and (ii) three plants for the production of machinery and equipment (in Italy and Denmark). In addition to the manufacturing plants, the Group has two sites for analytical services (in Italy and United States) and five commercial sites/offices (in Italy, China, Japan, and India, which was incorporated on February 23, 2025). The Group continues to expand its global industrial footprint, primarily to support high-value solutions production in Italy and the United States. In Latina (Italy), commercial production began in 2023, with ongoing ramp‑up of high‑value syringe output. The Group is also preparing the next phase of ready-to-use cartridge manufacturing, currently expected to become commercially operational in 2026. In the United States, the Group is progressing with the development of its new EZ-fill® manufacturing hub in Fishers, Indiana. Customer validations -initiated in late 2023-, are expected to continue into 2026. Commercial production began in the third quarter of 2024, and additional production lines will continue to be installed, validated and commercialized throughout 2026. The facility will also host equipment for device contract manufacturing activities expected to become commercially available by the end of 2026. The global footprint allows the Group to sell products and provide services in approximately 65 countries worldwide.

Stevanato Group S.p.A. is controlled by Stevanato Holding S.r.l. which holds 73.73% of its share capital.

On July 16, 2021, Stevanato Group began trading on the New York Stock Exchange under the symbol "STVN".

Authorization of Unaudited Interim Condensed Consolidated Financial Statements and compliance with international financial reporting standards

These Unaudited Interim Condensed Consolidated Financial Statements of Stevanato Group S.p.A. were authorized for issuance on May 5, 2026 and have been prepared in accordance with IAS 34 - Interim Financial Reporting. These Unaudited Interim Condensed Consolidated Financial Statements should be read in conjunction with the Group’s consolidated financial statements at and for the year ended December 31, 2025 (the “Consolidated Financial Statements”), which have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (“IFRS”). The accounting policies adopted are consistent with those used at December 31, 2025, except as described in Note 3 - Basis of preparation for the Unaudited Interim Condensed Consolidated Financial Statements “New standards, amendments and interpretations”.

Basis of preparation for Unaudited Interim Condensed Consolidated Financial Statements

The preparation of the Unaudited Interim Condensed Consolidated Financial Statements requires management to make estimates and assumptions that affect the reported amounts of revenue, expenses, assets and liabilities as well as disclosures of contingent liabilities. If in the future such estimates and assumptions, which are based on management’s best judgment at the date of these Unaudited Interim Condensed Consolidated Financial Statements, deviate from the actual circumstances, the original estimates and assumptions will be modified as appropriate in the period in which the circumstances change. Reference should be made to the section “Use of estimates” in the Consolidated Financial Statements for a detailed description of the more significant valuation procedures used by the Group.

Impairment tests of non-current assets (including goodwill and assets with an indefinite useful life for which impairment tests are performed for the preparation of the annual Consolidated Financial Statements) are not performed for the preparation of the Unaudited Interim Condensed Consolidated Financial Statements unless impairment indicators have been identified.

The actuarial valuations that are required for the determination of employee benefit provisions are also usually carried out during the preparation of the annual consolidated financial statements, except in the event of significant market fluctuations or significant plan amendments, curtailments or settlements. IAS 34 also requires the disclosure of the nature and amount of items affecting net income that are unusual due to their nature, size or significance.

It is also to be noted that income tax expense is recognized based on management’s estimate of the weighted average effective annual income tax rate expected for the full financial year.

These Unaudited Interim Condensed Consolidated Financial Statements include the interim condensed consolidated income statement, the interim condensed consolidated statement of comprehensive income, the interim condensed consolidated statement of financial position, the interim condensed consolidated statement of changes in equity, the interim condensed consolidated cash flow statement and the accompanying condensed notes. The Unaudited Interim Condensed Consolidated Financial Statements are presented in Euro, which is the functional and presentation currency of the Company, and amounts are stated in thousands of Euros, unless otherwise indicated.

The Group has prepared the financial statements on the basis that it will continue to operate as a going concern. The Company’s management considers that there are currently no material uncertainties that may cast significant doubts over this assumption. Management has formed a judgment that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, and not less than one year after the date the unaudited interim condensed financial statements are approved to be issued.

As the Group is not including the full set of disclosures, as required in a complete set of financial statements, the interim financial statements of the Group are regarded as ‘condensed’, as per IAS 34.

New standards, amendments and interpretations

The accounting policies adopted in the preparation of the Unaudited Interim Condensed Consolidated Financial Statements are consistent with those followed in the preparation of the Consolidated Financial Statements for the year ended December 31, 2025, except for the adoption of new standards and amendments effective from January 1, 2026. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.

The following amendments and new standards effective from January 1, 2026 were adopted for the first time in 2026 and did not have a material impact on the Unaudited Interim Condensed Consolidated Financial Statements of the Group:

In May 2024, the IASB issued amendments to IFRS 9 — Financial Instruments and IFRS 7 — Financial Instruments-Disclosure, with the aim to set financial liabilities using an electronic payment system and to assess contractual cash flow characteristics of financial assets, including those with environmental, social and governance (ESG)-linked features. They also amended disclosure requirements relating to investments in equity instruments designated at fair value through other comprehensive income and added disclosure requirements for financial instruments with contingent features that do not relate directly to basic lending risks and costs. These amendments became effective on or after January 1, 2026.

As part of the adoption of the amendments to IFRS 9 — Financial Instruments, the Group performed an assessment of its existing payment systems, including payment arrangements used across the Group’s legal entities, in order to evaluate their scope of application under the new requirements and to assess the applicability of the available accounting policy elections. Based on the outcome of this assessment, the adoption of the new standard did not result in any impact on profit or loss or on equity at the date of first application. The identified effects relate to changes in the presentation and classification of certain transactions within the statement of cash flows and statement of financial position, including the restatement of the opening cash balance of the period, reflecting the revised guidance introduced by the new standard.

In July 2024, the IASB published 'Annual Improvements to IFRS Accounting Standards — Volume 11'. It contains amendments to five standards as a result of the IASB's annual improvements project (IFRS 1 — First-time Adoption of International Financial Reporting Standards, IFRS 7 — Financial Instruments: Disclosures, IFRS 9 — Financial Instruments, IFRS 10 — Consolidated Financial Statements, IAS 7 — Statement of Cash Flows). These amendments became effective on or after January 1, 2026.

The standards, amendments and interpretations issued by the IASB that will have mandatory application in 2027 or subsequent years are listed below:

In April 2024, the IASB issued the new standard IFRS 18 — Presentation and Disclosure in Financial Statements, with the aim to give investors more transparent and comparable information about companies' financial performance through the introduction of three sets of new requirements: improved comparability in the income statement; enhanced transparency of management-defined performance measures; more useful grouping of information in the financial statements. The new standard will affect all companies using IFRS Accounting Standards and will replace IAS 1 — Presentation of Financial Statements (while some of its requirements will be carried forward in IFRS 18). The standard is effective on or after January 1, 2027 but early adoption is possible. The Group is currently assessing the potential impact from the adoption of IFRS 18 on its consolidated financial statements.

Scope of consolidation

Stevanato Group S.p.A. is the parent company of the Group and it holds, directly and indirectly, interests in the Group’s operating companies. There are no changes in the scope of consolidation for the periods presented in the Unaudited Interim Condensed Consolidated Financial Statements.

Subsidiaries

The Unaudited Interim Condensed Consolidated Financial Statements of the Group include the following companies controlled by the parent company Stevanato Group S.p.A. directly or indirectly through the subsidiaries Stevanato Group International a.s. and Balda Medical GmbH.:


				% equity interest
Name	Segment	Description	Country of incorporation	March 31, 2026	December 31, 2025
Nuova Ompi S.r.l.	Biopharmaceutical and Diagnostic Solutions	Production of drug containment solutions and development of integrated solutions for the pharmaceutical industry	Italy	100%	100%
Spami S.r.l.	Engineering	Production plant and machinery	Italy	100%	100%
Stevanato Group International a.s.	Holding	Service/ Subholding company	Slovakia	100%	100%
Medical Glass a.s.	Biopharmaceutical and Diagnostic Solutions	Production of drug containment solutions	Slovakia	99.74%	99.74%
Ompi N.A. S. de RL de CV	Biopharmaceutical and Diagnostic Solutions	Production of drug containment solutions	Mexico	100%	100%
Ompi of America inc.	Biopharmaceutical and Diagnostic Solutions	Production and sale of drug containment solutions and analytical services	USA	100%	100%
Ompi do Brasil I. e C. de Em. Far. Ltda	Biopharmaceutical and Diagnostic Solutions	Production of drug containment solutions	Brazil	100%	100%
Ompi Pharm. Packing Techn. Co. Ltd	Biopharmaceutical and Diagnostic Solutions	Production of drug containment solutions	China	100%	100%
Stevanato Group Denmark A/S	Engineering	Production plant and machinery	Denmark	100%	100%
Medirio SA en liquidation	Biopharmaceutical and Diagnostic Solutions	Research and development	Switzerland	100%	100%
Balda Medical Gmbh	Biopharmaceutical and Diagnostic Solutions	Production of in-vitro diagnostic solutions and DDS	Germany	100%	100%
Balda C. Brewer Inc.	Biopharmaceutical and Diagnostic Solutions	Production of in-vitro diagnostic solutions	USA	100%	100%
Balda Precision Inc.	Biopharmaceutical and Diagnostic Solutions	Production metal components	USA	100%	100%
Ompi of Japan Co., Ltd.	Biopharmaceutical and Diagnostic Solutions	Sale of drug containment solutions	Japan	100%	100%
Stevanato India Private Limited	Biopharmaceutical and Diagnostic Solutions	Sale of drug containment solutions	India	100%	100%

Non-controlling interests

The equity and the net profit attributable to non-controlling interests at March 31, 2026 relate to Medical Glass a.s. in which the Group holds a 99.74% interest.

Financial Risk Factors

The Group is exposed to the following financial risks connected with its operations:

•

financial market risk, mainly related to foreign currency exchange rates and interest rates;

•

liquidity risk, mainly related to difficulties in meeting the obligations associated with financial liabilities that are settled in cash or other financial assets, and to the availability of funds and access to the credit market, should the Group require it, and to financial instruments in general;

•

credit risk, arising both from its normal commercial relations with customers, and its financing activities;

•

commodity risk, arising from the fluctuation in commodities prices, driven by external market factors, especially for natural gas and electricity. Such fluctuations in commodities price can cause significant business challenges that can, in turn, affect production costs, product pricing, margins and cash flows, value of assets and liabilities.

These risks could significantly affect the Group’s financial position, results of operations and cash flows. Therefore, the Group identifies and monitors these risks to identify potential negative effects in advance and takes action to mitigate them, primarily through its operating and financing activities and, if required, through the use of derivative financial instruments.

The Unaudited Interim Condensed Consolidated Financial Statements do not include all the information and notes on financial risk management required in the annual consolidated financial statements. For a detailed description of the financial risk factors and financial risk management of the Group, reference should be made to Note 38 of the Consolidated Financial Statements at and for the year ended December 31, 2025.

Foreign currency exchange

The principal foreign currency exchange rates used to translate other currencies into Euro were as follows:


COUNTRY	ISO CODE	Average for the three months ended March 31,		At March 31,		Average for the three months ended March 31,		At March 31,		At December 31,
		2026		2026		2025		2025		2025
CHINA	CNY		8.1032		7.9341		7.6551		7.8442		8.2262
UNITED STATES	USD		1.1703		1.1498		1.0523		1.0815		1.1750
MEXICO	MXN		20.5483		20.7101		21.4988		22.0627		21.1180
DENMARK	DKK		7.4707		7.4730		7.4599		7.4613		7.4689
BRAZIL	BRL		6.1551		6.0065		6.1647		6.2507		6.4364
SWITZERLAND	CHF		0.9168		0.9194		0.9458		0.9531		0.9314
JAPAN	JPY		183.5956		183.3900		160.4526		161.6000		184.0900
INDIA	INR		107.1162		107.8788		91.1378		92.3955		105.5965

Seasonality of operations

The Group is not impacted by seasonality.

Segment Information

Management identifies two operating segments, based on the internal organization and reporting structure of Stevanato Group. The criteria used to identify the Group’s operating segments are consistent with the way the chief operating decision-maker (identified as the Chief Executive Officer of Stevanato Group S.p.A.) assigns resources and monitors performance. They are:

•

Biopharmaceutical and Diagnostic Solutions, which includes the products, processes and services developed and provided in connection with the containment and delivery of pharmaceutical and biotechnology drugs and reagents (such as vials, cartridges, syringes and drug delivery systems like pen injectors, auto injectors and wearables), as well as the production of diagnostic consumables. This segment deals mainly with the development and manufacturing of Drug Containment Solutions (DCS), In-Vitro Diagnostic Solutions (IVD) and Drug Delivery Systems (DDS). The business model is complex and requires constant cooperation with each customer for the development of the specific products they need, and it is based on sophisticated technical and industrial processes. This segment also delivers analytical and regulatory support services focused on investigating the physiochemical properties of primary packaging materials and components and studying the interactions between drug containment solutions and the drugs they will contain;

•

Engineering, which includes the equipment and technologies developed and provided to support the end-to-end pharmaceutical, biotechnology and diagnostic manufacturing processes (assembly, visual inspection, packaging and serialization and glass converting). The Engineering segment designs, develops and produces equipment and machinery for our internal use and for external customers. The Group assembles equipment and machinery and develops the software necessary for its functioning in addition to working closely with the customers to install the machinery and equipment in their production sites, ensuring that the machines are correctly calibrated and properly functioning. The after-sales services mainly consist of providing spare parts for our machinery and equipment as well as maintenance activity on the machines sold.

The operating segments described above are also identified as reportable segments.


	For the three months ended March 31, 2026
	Biopharmaceutical and Diagnostic Solutions		Engineering		Total segments		Adjustments, eliminations and unallocated items			Consolidated
	(EUR thousand)

External customers		248,961		24,613		273,574		—			273,574
Inter-segment		272		30,952		31,224		(31,224	)		—
Revenue		249,233		55,565		304,798		(31,224	)		273,574
Cost of sales		178,686		47,042		225,728		(27,332	)		198,396
Gross Profit		70,547		8,523		79,070		(3,892	)		75,178

Other operating income		1,495		—		1,495		(82	)		1,413
Selling and marketing expenses		5,199		883		6,082		635			6,717
Research and development expenses		5,011		871		5,882		(40	)		5,842
General and administrative expenses		17,694		3,090		20,784		4,511			25,295
Operating Profit		44,138		3,679		47,817		(9,080	)		38,737

of which amortization and depreciation		23,560		1,044		24,604		47			24,651


	For the three months ended March 31, 2025
	Biopharmaceutical and Diagnostic Solutions		Engineering		Total segments		Adjustments, eliminations and unallocated items			Consolidated
	(EUR thousand)

External customers		220,847		35,749		256,596		—			256,596
Inter-segment		375		42,426		42,801		(42,801	)		—
Revenue		221,222		78,175		299,397		(42,801	)		256,596
Cost of sales		151,965		69,840		221,805		(35,100	)		186,705
Gross Profit		69,257		8,335		77,592		(7,701	)		69,891

Other operating income		1,219		—		1,219		(81	)		1,138
Selling and marketing expenses		5,505		444		5,949		2			5,951
Research and development expenses		5,001		726		5,727		204			5,931
General and administrative expenses		18,431		3,514		21,945		2,574			24,519
Operating Profit		41,539		3,652		45,190		(10,562	)		34,628

of which amortization and depreciation and impairment of PPE		19,691		589		20,280		344			20,624

Inter-segment revenue and costs are eliminated upon consolidation and reflected in the “adjustments, elimination and unallocated items” column. The most relevant adjustment in revenue relates to the sales of the equipment manufactured by the Engineering segment for use by the Biopharmaceutical and Diagnostic Solutions segment. “Adjustments, elimination and unallocated items” also includes some corporate residual costs not allocated to the Biopharmaceutical and Diagnostic Solutions segment and the Engineering segment.

The reconciliation from total segments operating profit to consolidated profit before tax is as follows:


	For the three months ended March 31,
	2026			2025
	(EUR thousand)
Segments Operating Profit		47,817			45,190
Finance income		3,357			5,955
Finance expense		2,855			5,474
Inter-segment elimination and unallocated items		(9,080	)		(10,562	)
Profit Before Tax		39,239			35,109

For the three months ended March 31, 2026, the Group served two customers who constituted 14.0% and 11.3% of consolidated revenue, equal to approximately EUR 38.3 million and EUR 30.9 million respectively, realized both in the Biopharmaceutical and Diagnostic Solutions and in the Engineering segment.

For the three months ended March 31, 2025, the Group served two customers who constituted 11.1% and 10.6% of consolidated revenue, equal to approximately EUR 28.4 million and EUR 27.2 million respectively, realized both in the Biopharmaceutical and Diagnostic Solutions segment and in the Engineering segment.

Revenue from contracts with customers

Disaggregated revenue information

The table below shows the disaggregation of the Group’s revenue from contracts with external customers:


	For the three months ended March 31, 2026
	Biopharmaceutical and Diagnostic Solutions		Engineering		Total
	(EUR thousand)
Nature of goods and services
Revenue from high-value solutions		128,614		—		128,614
Revenue from other containment and delivery solutions		120,347		—		120,347
Revenue from engineering		—		24,613		24,613
Total revenue from contracts with customers		248,961		24,613		273,574

Geographical markets
EMEA		142,486		14,721		157,207
APAC		22,661		3,760		26,421
North America		77,172		5,557		82,729
South America		6,642		575		7,217
Total revenue from contracts with customers		248,961		24,613		273,574

Timing of revenue recognition
Goods and services transferred at a point in time		244,549		6,085		250,634
Goods and services transferred over time		4,412		18,528		22,940
Total revenue from contracts with customers		248,961		24,613		273,574


	For the three months ended March 31, 2025
	Biopharmaceutical and Diagnostic Solutions		Engineering		Total
	(EUR thousand)
Nature of goods and services
Revenue from high-value solutions		110,300		—		110,300
Revenue from other containment and delivery solutions		110,547		—		110,547
Revenue from engineering		—		35,749		35,749
Total revenue from contracts with customers		220,847		35,749		256,596

Geographical markets
EMEA		129,999		25,502		155,501
APAC		19,787		908		20,695
North America		66,142		8,861		75,003
South America		4,919		478		5,397
Total revenue from contracts with customers		220,847		35,749		256,596

Timing of revenue recognition
Goods and services transferred at a point in time		213,545		8,381		221,926
Goods and services transferred over time		7,302		27,368		34,670
Total revenue from contracts with customers		220,847		35,749		256,596

Revenue is disclosed by nature according to the goods and services provided by our operating segments. Revenue realized by the Biopharmaceutical and Diagnostic Solutions segment includes:

- High-value solutions: wholly owned, internally developed products, processes and services for which the Group holds intellectual property rights or has proprietary know-how and which are characterized by particular complexity or high performance; and

- Other containment and delivery solutions.

The reported geographical markets are EMEA (Europe, Middle East, Africa), North America (United States, Canada, Mexico), South America and APAC (Asia Pacific). Revenue by geographical markets is based on the end customer location.

Contract Balances, Trade Receivables and Advances from Customers

The following table provides information on contractual assets and liabilities from contracts with customers as well as on trade receivables and advances from customers:


	At March 31,			At December 31,
	2026			2025
	(EUR thousand)
Trade receivables		278,478			302,688
Contract assets		165,758			180,459
Contract liabilities		(11,599	)		(10,414	)
Advances from customers		(42,426	)		(33,425	)
Non-current advances from customers		(92,173	)		(98,848	)

The contract assets mainly relate to the Group’s right to receive payment for production from construction contracts not yet invoiced as of the balance sheet date. The amounts recognized as contract assets are reclassified to trade receivable as soon as the Group has an unconditional right to receive payment.

10.

Cost of sales

Cost of sales are detailed as follows:


		For the three months ended March 31,
		2026		2025
	(EUR thousand)
Cost of materials			82,726		82,057
Direct industrial labor			46,629		42,569
Indirect industrial labor			22,802		20,002
Industrial depreciation and amortization			21,820		17,608
Other costs of sales			24,419		24,469
Total Cost of sales			198,396		186,705

Cost of sales mainly pertains to the cost of materials, components, direct and indirect labor, and other production and distribution costs incurred in the manufacture and delivery of our products and services. Cost of sales for the three months ended March 31, 2026 also included depreciation and amortization of EUR 21,820 thousand (EUR 17,608 thousand for the three months ended March 31, 2025), as well as industrial capitalized costs related to machinery and equipment built internally within the Group, subcontracting activities, and industrial overheads.

11.

Other operating income

Other operating income for the three months ended March 31, 2026 and 2025, amounted to EUR 1,413 thousand and EUR 1,138 thousand, respectively, and related mainly to: (i) contributions received from customers and other business partners, in connection with collaboration agreements relating to development projects, where both parties share risks and benefits, (ii) government grants, (iii) lease income, and (iv) certain insurance refunds. Based on the assessment performed, the Group does not consider these transactions to be part of the ordinary revenue generating activities.

12.

Expenses

Expenses are detailed as follows:


		For the three months ended March 31,
		2026		2025
	(EUR thousand)
Selling and marketing expenses			6,717		5,951
Research and development expenses			5,842		5,931
General and administrative expenses			25,295		24,519
Total Expenses			37,854		36,401

Selling and marketing expenses are mainly related to personnel expenses for the sales organizations, business development and events costs, travel expenses, and other marketing and strategic consultancy. Selling and marketing expenses include depreciation of EUR 119 thousand for the three months ended March 31, 2026 (EUR 130 thousand for the three months ended March 31, 2025), and the release of a provision for bad and doubtful debts of EUR 129 thousand (compared to a release of EUR 392 thousand for the three months ended March 31, 2025).

Research and development expenses include costs for research and development activities to support the innovation of our products and components. Research and development expenses include amortization and depreciation for EUR 907 thousand for the three months ended March 31, 2026 (EUR 745 thousand for the three months ended March 31, 2025).

General and administrative expenses consist mainly of personnel expenses for administrative functions, consulting fees, directors' compensation, rental fees, insurance costs (such as but not limited to Directors & Officers insurance), IT expenses (including software licenses), as well as, depreciation and amortization for EUR 1,806 thousand for the three months ended March 31, 2026 (EUR 2,142 thousand for the three months ended March 31, 2025).

13.

Finance income

Finance income is as follows:


		For the three months ended March 31,
		2026		2025
	(EUR thousand)
Interest income from banks deposits			216		360
Income from financial discounts			—		6
Interest income rent to buy			65		—
Other financial income			40		6
Foreign currency exchange rate net gains			3,024		—
Derivatives fair value gains			12

Stevanato Group S.p.A. 6-K