Stevanato Group S.p.A.: Takeaways from dinner with STVN mgmt. @ 2026 BofA Healthcare conference

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Stevanato Group S.p.A.: Takeaways from dinner with STVN mgmt. @ 2026 BofA Healthcare conference

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Stevanato Group S.p.A.

Takeaways from dinner with STVN mgmt.

@ 2026 BofA Healthcare conference

Maintain Rating: BUY | PO: 28.00 USD | Price: 18.28 USD

Dinner with CFO and IR 12 May 2026

We hosted Stevanato Group’s (STVN) Marco Dal Lago (CFO) & Giacomo Guiducci, (VP, Equity

IR) for an investor dinner on May 11th at BofA’s Healthcare Conference in Las Vegas.

Michael Ryskin

Topics of discussion included Engineering demand trends, capacity expansion across Research Analyst

Latina and Fishers, as well as GLP-1 demand. Overall, we came away with greater BofAS +1 646 855 4373

confidence in STVN’s long-term positioning and maintain our Buy rating. michael.ryskin@bofa.com

Avantika Dhabaria

Research AnalystEngineering delays persist; visual inspection key driver BofAS

Despite continued NT Engineering softness, mgmt. characterized demand trends as +1 646 743 0170

largely timing-related, driven by elongated customer approval cycles and more cautious avantika.dhabaria@bofa.com

capex spending for complex automation projects rather than underlying demand Alexa Chan Research Analyst

deterioration. Discussions centered around visual inspection, glass conversion, and BofAS

assembly/packaging automation, with STVN emphasizing the strategic value of +1alexa.chan@bofa.com646 855 5636

combining containment manufacturing expertise with proprietary inspection

technologies capable of identifying cosmetic glass defects and tracing root causes

within the production process. These capabilities help improve yields, reduce defects,

Stock Dataand support broader BDS operations. While Engineering margins remain below the LT

20-22% target amid ongoing investments & facility ramps, mgmt.