Stevanato Group SpA (STVN) 2025 Q2 法說會逐字稿

Good afternoon. This is the Chorus Call conference operator. Welcome, and thank you for joining the Stevanato second-quarter 2025 results conference call. (Operator Instructions)

午安.我是 Chorus Call 會議接線員。歡迎，感謝您參加 Stevanato 2025 年第二季業績電話會議。（操作員指示）

At this time, I would like to turn the conference over to Ms. Lisa Miles, Investor Relations. Please go ahead, madam.

現在，我想將會議交給投資者關係部門的 Lisa Miles 女士。女士，請繼續。

Good morning, and thank you for joining us. With me today are Franco Stevanato, Chief Executive Officer, and Marco Dal Lago, Chief Financial Officer. A presentation to accompany today's results is available on the Investor Relations page of our website under the Financial Results tab.

早安，感謝您加入我們。今天與我一起的還有執行長 Franco Stevanato 和財務長 Marco Dal Lago。在我們網站的「投資者關係」頁面的「財務結果」標籤下可以找到今天結果的簡報。

As a reminder, some statements being made today are forward-looking and based on current expectations. Actual results may differ materially due to risks outlined in Item 3D, Risk Factors, of our most recent annual report on Form 20-F filed with the SEC.

提醒一下，今天發表的一些聲明是前瞻性的，基於目前的預期。由於我們向美國證券交易委員會提交的最新 20-F 表年度報告第 3D 項「風險因素」中概述的風險，實際結果可能存在重大差異。

Please review the Safe Harbor statement included at the beginning of today's presentation and in our press release. The company undertakes no obligation to revise or update these forward-looking statements except as required by law.

請查看今天演講開始時和我們的新聞稿中包含的安全港聲明。除法律要求外，本公司不承擔修改或更新這些前瞻性聲明的義務。

Today's presentation may include non-GAAP financial information. Management uses these measures internally to assess performance and believes they may be helpful for investors in evaluating the quality of our financial results, identifying trends in our performance, and providing meaningful period-to-period comparisons.

今天的演示可能包括非 GAAP 財務資訊。管理層在內部使用這些指標來評估績效，並相信它們可能有助於投資者評估我們的財務績效品質、確定我們的績效趨勢並提供有意義的期間比較。

For reconciliation of these non-GAAP measures, please refer to the company's most recent earnings press release. And with that, I'll hand the call over to Franco Stevanato.

有關這些非公認會計準則指標的調節，請參閱本公司最新的收益新聞稿。說完這些，我會把電話交給 Franco Stevanato。

Thank you, Lisa, and thanks for joining us. Today, we will review our second-quarter performance, share updates on our investment projects, and discuss the current market environment.

謝謝你，麗莎，謝謝你加入我們。今天，我們將回顧第二季的業績，分享投資項目的最新進展，並討論當前的市場環境。

We delivered another solid quarter, marked by top-line growth, a higher mix of high-value solutions, and expanded margins. These results keep us on track to achieve our full-year 2025 guidance and reflect the continued momentum of our strategic roadmap.

我們又度過了一個穩健的季度，其特點是營收成長、高價值解決方案組合增加以及利潤率提高。這些結果使我們有望實現 2025 年全年目標，並反映出我們策略路線圖的持續發展勢頭。

In the second quarter of 2025, revenue grew 8%, led by strong performance in our Biopharmaceutical and Diagnostic Solutions segment, particularly in our core drug containment business. Notably, this growth offset a 2% revenue decline in the Engineering segment, as we continue to advance our business optimization plan.

2025 年第二季度，營收成長 8%，這主要得益於我們生物製藥和診斷解決方案部門的強勁表現，尤其是我們的核心藥物容器業務。值得注意的是，隨著我們繼續推進業務優化計劃，這一增長抵消了工程部門 2% 的收入下降。

The solid performance in the BDS segment is underpinned by favorable secular tailwinds, especially the continued rise in biologics, which is fueling strong demand for our products. The expanding capacity in Latina and Fishers is a direct response to market demand, and our new facilities are already contributing to near-term growth as we scale volumes and generate revenue from high-value products.

BDS 部門的穩健表現得益於長期有利​​的順風，尤其是生物製劑的持續成長，這推動了對我們產品的強勁需求。拉蒂納和費雪斯產能的擴大是對市場需求的直接反應，隨著我們擴大產量並從高價值產品中創造收入，我們的新設施已經為近期成長做出了貢獻。

In the second quarter, high-value solutions accounted for 42% of total revenue, driven primarily by growth in high-value syringes and, to a lesser extent, EZ-fill cartridges and EZ-fill vials. We are also seeing encouraging signs of ongoing stabilization in vial demand, as the effects of destocking continue to ease.

第二季度，高價值解決方案佔總營收的 42%，主要得益於高價值注射器的成長，以及 EZ-fill 藥筒和 EZ-fill 小瓶（其程度較小）的成長。隨著去庫存的影響持續緩解，我們也看到了令人鼓舞的跡象，即小瓶需求持續穩定。

Turning to the Engineering segment, second-quarter revenue was largely in line with our expectations, but margins were lower due to a higher mix of revenue from legacy projects and the timing of new order intake. Two factors contributed to this.

談到工程部門，第二季的收入基本上符合我們的預期，但由於來自遺留項目的收入組合較高以及新訂單接收的時間較長，利潤率較低。有兩個因素導致了這個現象。

First, our top priority remains execution, with dedicated resources focused on completing the remaining legacy projects. Second, several new orders that were forecasted in the second quarter are now expected to be secured in the second half of 2025. However, we are making meaningful operational progress on the initiatives outlined in our business optimization plan.

首先，我們的首要任務仍然是執行，並集中專用資源完成剩餘的遺留項目。其次，第二季預測的幾份新訂單預計將在 2025 年下半年獲得。然而，我們在業務優化計劃中概述的舉措方面正在取得有意義的營運進展。

During the quarter, we completed the majority of these legacy projects and remain on track to finalize the remaining ones by the end of this year. One of the key performance indicators underscoring our operational improvements is customer site acceptance tests, or SATs. This is the final validation step when a customer accepts the manufacturing line.

在本季度，我們完成了大部分遺留項目，並預計在今年年底前完成剩餘項目。體現我們營運改善的關鍵績效指標之一是客戶現場驗收測試（SAT）。這是客戶接受生產線的最後驗證步驟。

For the first half of 2025, our SATs significantly increased compared to last year. This is an important achievement for the team and confirms that our actions are delivering results.

2025年上半年，我們的SAT成績與去年相比大幅提升。這對團隊來說是一項重要的成就，並證實了我們的行動正在取得成果。

Over the last twelve months, we have streamlined processes and improved workflows across every phase, from order intake through acceptance testing. We have also rebalanced internal resources to support the relocation of certain activities to Italy.

在過去的十二個月裡，我們簡化了流程並改善了從訂單接收到驗收測試的每個階段的工作流程。我們也重新平衡了內部資源，以支援將某些活動遷移到義大利。

Looking ahead, our Denmark operations will serve as an innovation hub, focused on more customized manufacturing lines for device assembly and packaging. In parallel, we are advancing our footprint optimization efforts.

展望未來，我們的丹麥業務將成為創新中心，專注於更多客製化的設備組裝和包裝生產線。同時，我們正在推進足跡優化工作。

We are evaluating a second location in Bologna, Italy, where we already have operations and access to a strong pool of technical talent. Over the past year, we have been laser-focused on execution. Now, we have initiatives underway to enhance our commercial strategy and better position the segment to capitalize on long-term growth opportunities.

我們正在評估在義大利博洛尼亞設立第二個地點，我們已在那裡開展業務並擁有強大的技術人才資源。在過去的一年裡，我們一直專注於執行。現在，我們正在採取措施加強我們的商業策略，並更好地定位該部門以利用長期成長機會。

Over the next five years, we see continued strong demand due to favorable trends such as the increase in the self-administration of medicines and the continued rise in biologics. We also believe that we are well positioned to benefit from the increase in capital investments and US onshoring initiatives that were recently announced by several pharma and biotech customers.

未來五年，由於自我用藥增加和生物製劑持續成長等有利趨勢，我們看到需求持續強勁。我們也相信，我們將從幾家製藥和生物技術客戶最近宣布的資本投資增加和美國在岸計劃中受益。

Let’s turn to an update on our capital investment projects in Fishers and Latina, where we are increasing our capacity for high-value syringes in the near term.

讓我們來了解一下我們在費雪斯和拉蒂納的資本投資項目的最新情況，我們將在短期內增加這些地方的高價值注射器的產能。

In Fishers, line installations and customer validations are ongoing, and the site is expected to reach full productivity in late 2028. In June, we hosted participants from the Parental Drug Association, or PDA conference, for a tour of Stevanato Group’s advanced manufacturing capabilities.

在費雪斯，生產線安裝和客戶驗證正在進行中，預計該工廠將於 2028 年底達到滿載生產。6 月份，我們接待了來自美國家長藥物協會（PDA）會議的與會者，參觀了斯蒂瓦那托集團的先進製造能力。

The event showcased our premium drug containment solutions, integrated device manufacturing, and engineering after-sales services. It was a valuable opportunity to strengthen relationships and demonstrate our commitment to innovation and quality.

本次活動展示了我們優質的藥物包裝解決方案、整合設備製造和工程售後服務。這是加強關係並展示我們對創新和品質的承諾的寶貴機會。

In Latina, the team remains focused on scaling the current phase of commercial production for high-value syringes. In parallel, we are installing additional syringe lines, including ones that produce dual chamber products. Customer validations will continue into 2026 as planned.

在拉蒂納，該團隊仍然專注於擴大高價值注射器商業生產的當前階段。同時，我們正在安裝額外的注射器生產線，包括生產雙室產品的生產線。客戶驗證將按計劃持續到 2026 年。

We are also preparing for the next phase of ready-to-use cartridge production. Our capital investments are helping us meet rising market demand for our core drug containment products, amid the growth in biologics.

我們也正在為下一階段的即用型墨盒生產做準備。在生物製劑日益增長的背景下，我們的資本投資正在幫助我們滿足核心藥物包裝產品日益增長的市場需求。

In the first half of 2025, biologics represented 39% of BDS revenue, compared with 35% and 25% in the same periods in fiscal 2024 and 2023, respectively. While GLP-1s remain a strong long-term tailwind, the wider biologics segment is also a key growth driver for our broader high-value solutions portfolio.

2025 年上半年，生物製劑佔 BDS 收入的 39%，而 2024 財年和 2023 財年同期分別為 35% 和 25%。雖然 GLP-1 仍然是長期強勁的順風，但更廣泛的生物製劑領域也是我們更廣泛的高價值解決方案組合的關鍵成長動力。

Let me share some examples. First, we are seeing high demand for our Alba technology, the highest performing syringe platform in our portfolio. Customers in the US, Europe, and APAC, are using our Alba platform for a range of mABS-based products that require minimal particle release. Those programs include ophthalmic applications, among others.

讓我分享一些例子。首先，我們發現市場對 Alba 技術（我們產品組合中表現最高的注射器平台）的需求很高。美國、歐洲和亞太地區的客戶正在使用我們的 Alba 平台生產一系列需要最少顆粒釋放的基於 mABS 的產品。這些項目包括眼科應用等。

Second, we have a robust pipeline of mABS projects in the clinical phase for both novel applications and biosimilars driving demand for our Nexa premium syringes. Lastly, we see an increasing number of requests for specially coated vials that are suited for highly potent drugs. This includes antibody-drug conjugates, or ADCs, that require more complex production processes and advanced technologies.

其次，我們擁有大量處於臨床階段的 mABS 項目，用於新應用和生物仿製藥，推動了對 Nexa 優質注射器的需求。最後，我們看到越來越多的人要求使用適合強效藥物的特殊塗層小瓶。這包括抗體-藥物偶聯物（ADC），它需要更複雜的生產過程和先進的技術。

We believe that the strength of our portfolio will put us in an optimal position to leverage the diverse set of opportunities ahead, particularly in biologics, to deliver long-term sustainable growth.

我們相信，我們強大的產品組合將使我們處於最佳位置，利用未來的各種機遇，特別是在生物製劑領域，實現長期永續成長。

With that, I’ll turn the call over to Marco.

說完這些，我會把電話轉給馬可。

Thanks, Franco. Before I begin, I’d like to clarify that all comparisons refer to the second quarter of 2024, unless otherwise specified. Let’s start on page 9.

謝謝，佛朗哥。在開始之前，我想澄清一下，除非另有說明，所有比較均指 2024 年第二季。讓我們從第 9 頁開始。

In the second quarter of 2025, revenue increased by 8% to EUR280 million, driven by 10% growth in the BDS segment, which offset a 2% decline in the Engineering segment. Foreign currency translation was a headwind. And on a constant currency basis, revenue would have increased 10%.

2025 年第二季度，營收成長 8% 至 2.8 億歐元，這得益於 BDS 部門 10% 的成長，抵消了工程部門 2% 的下降。外幣折算是阻力。以固定匯率計算，收入將增加 10%。

Revenue from high-value solutions grew 13% in the second quarter to EUR116.8 million, representing 42% of total revenue. This was primarily driven by continued strong demand for high-value syringes, as well as growth in both EZ-fill vials and cartridges.

高價值解決方案營收在第二季成長 13%，達到 1.168 億歐元，佔總營收的 42%。這主要是由於對高價值注射器的持續強勁需求，以及 EZ-fill 小瓶和藥筒的成長。

The strong performance in the BDS segment led to a 210 basis-point increase in consolidated gross profit margin, reaching 28.1% in the second quarter of 2025. This was mainly due to the expected financial improvements at our Latina Fishers facilities as we scale our multi-year investment plan -- while both sites are currently margin dilutive, we will continue to gain operating leverage as volumes and revenue grow -- and a higher mix of more accretive high-value solutions.

BDS部門的強勁表現使綜合毛利率增加了210個基點，在2025年第二季達到28.1％。這主要是由於我們擴大多年期投資計畫後，拉蒂納費雪工廠的財務狀況預計會有所改善——雖然這兩個工廠目前的利潤率都在下降，但隨著產量和收入的增長，我們將繼續獲得經營槓桿——以及更高增值高價值解決方案的組合。

These favorable trends were partially offset by lower gross profit contribution from the Engineering segment. In the second quarter of 2025, operating profit margin increased to 14.8%, and on an adjusted basis, operating profit margin rose to 15.5%. This improvement was driven by an increase in gross profit and continued benefits from the cost management initiatives launched last year.

這些有利趨勢被工程部門的毛利貢獻下降部分抵銷。2025年第二季度，營業利益率增至14.8%，經調整後，營業利益率上升至15.5%。這項改善得益於毛利的成長以及去年推出的成本管理措施的持續效益。

Net profit totaled EUR29.7 million, with diluted earnings per share of EUR0.11. On an adjusted basis, net profit was EUR31.3 million, and adjusted diluted earnings per share were also EUR0.11. Adjusted EBITDA increased to EUR65.1 million, resulting in a 240-basis point improvement in the adjusted EBITDA margin of 23.2% for the second quarter of 2025.

淨利總計2,970萬歐元，每股攤薄收益為0.11歐元。經調整後，淨利為3,130萬歐元，調整後每股攤薄收益也為0.11歐元。調整後EBITDA增至6,510萬歐元，2025年第二季調整後EBITDA利潤率提升240個基點至23.2%。

Moving to segment results on page 10. In the second quarter of 2025, revenue from the BDS segment grew 10% to EUR243.5 million, led by growth in high-value solutions, as well as other containment and delivery solutions. On a constant currency basis, segment revenue would have increased 12%.

移至第 10 頁的細分結果。2025 年第二季度，BDS 部門的營收成長 10%，達到 2.435 億歐元，這主要得益於高價值解決方案以及其他遏制和交付解決方案的成長。以固定匯率計算，該部門營收將成長 12%。

As Franco noted, we’re seeing vial demand stabilize as the effects of destocking continue to ease. High-value solutions grew 13% to EUR116.8 million, representing approximately 48% of segment revenue, fueled by growth in high-value syringes and, to a lesser extent, EZfill cartridges and EZ-fill vials. Revenue from other containment and delivery solutions increased 6% to EUR126.7 million driven by bulk syringes, cartridges, and contract manufacturing activities.

正如佛朗哥所指出的，隨著去庫存的影響持續緩解，我們看到小瓶需求趨於穩定。高價值解決方案成長 13%，達到 1.168 億歐元，約佔分部收入的 48%，這得益於高價值注射器的成長，以及 EZfill 藥筒和 EZ-fill 小瓶（但成長幅度較小）的成長。受散裝注射器、藥筒和合約製造活動的推動，其他容納和輸送解決方案的收入增長 6%，達到 1.267 億歐元。

In the second quarter of 2025, gross profit margin increased 350 basis points to 31.2%. Margin expansion was driven by the financial improvements in Latina and Fishers, as well as a higher mix of more accretive high-value solutions. As a result, the operating profit margin for the BDS segment rose to 19.1%, up from 14.5% in the same period last year.

2025年第二季度，毛利率增加350個基點至31.2%。利潤率的擴大得益於拉蒂納和費雪的財務狀況改善，以及更高增值解決方案的更高組合。因此，BDS部門的營業利益率從去年同期的14.5%上升至19.1%。

In the second quarter of 2025, revenue from the Engineering segment decreased 2% to EUR36.5 million. This was driven by lower revenue in our glass conversion business, partially offset by growth in the device assembly and packaging business.

2025 年第二季度，工程部門營收下降 2% 至 3,650 萬歐元。這是由於我們的玻璃加工業務收入下降所致，但部分被設備組裝和包裝業務的成長所抵消。

The segment’s gross profit margin declined to 6.6%, resulting from a higher level of revenue from legacy projects and the timing of new work. This was due to a shift in new orders that were initially forecasted for the second quarter and are now expected to be secured in the second half of 2025. As a result, the operating profit margin was negative 0.8%.

該部門的毛利率下降至 6.6%，原因是遺留項目的收入增加以及新工作的時機。這是由於最初預測的第二季新訂單發生了變化，現在預計將在 2025 年下半年獲得。因此，營業利益率為-0.8%。

Please turn to the next slide for an overview of the balance sheet and cash flow. As of June 30, 2025, the Company had cash and cash equivalents of EUR94.2 million and net debt of EUR312.4 million. In July, we announced EUR200 million in financing from three of our banking partners. The funds will support the expansion of syringe production and future capacity for ready-to-use cartridges at our Latina facility, as well as syringe production and device contract manufacturing in Fishers.

請翻到下一張投影片來了解資產負債表和現金流量的概況。截至 2025 年 6 月 30 日，公司現金及現金等價物為 9,420 萬歐元，淨負債為 3.124 億歐元。7 月份，我們宣布從三家銀行合作夥伴處獲得 2 億歐元融資。這些資金將支持我們位於拉蒂納的工廠擴大注射器生產和即用型藥筒的未來產能，以及位於費雪斯的注射器生產和設備合約製造。

For the second quarter of 2025, capital expenditures totaled EUR69.1 million. Net cash from operating activities increased to EUR44.9 million. Cash used for the purchase of property, plant, and equipment, and intangible assets, totaled EUR60.3 million, for the second quarter of 2025.

2025 年第二季度，資本支出總計 6,910 萬歐元。經營活動產生的淨現金增加至4,490萬歐元。2025 年第二季用於購買物業、廠房、設備以及無形資產的現金總計 6,030 萬歐元。

The combination of increased operating cash flow and lower capex drove to a significant year-over-year improvement in free cash flow. This resulted in negative free cash flow of EUR13 million for the second quarter of 2025, compared with negative EUR46.1 million in the same period last year.

經營現金流增加和資本支出降低共同推動自由現金流年增大幅改善。這導致 2025 年第二季的自由現金流為負 1,300 萬歐元，而去年同期為負 4,610 萬歐元。

We believe we have adequate liquidity to fund our strategic priorities through a combination of cash on hand, cash generated from operations, available credit lines, and our ability to access additional debt or equity financing.

我們相信，我們擁有足夠的流動性，可以透過庫存現金、經營活動產生的現金、可用信貸額度以及獲取額外債務或股權融資的能力來為我們的策略重點提供資金。

Please turn to the next slide for guidance. We are reiterating our fiscal 2025 guidance, and still expect revenue in the range of EUR1.160 billion to EUR1.190 billion, adjusted EBITDA between EUR288.5 million and EUR301.8 million, and adjusted diluted EPS between EUR0.50 and EUR0.54. We have updated certain inputs in our guidance, including the following. The BDS Segment is now expected to grow high-single digits; and the Engineering segment is now expected to decrease by low double digits compared to fiscal 2024.

請翻到下一張投影片以獲取指導。我們重申2025財年業績指引，預計營收將在11.60億歐元至11.90億歐元之間，調整後EBITDA將在2.885億歐元至3.018億歐元之間，調整後稀釋每股收益將在0.50歐元至0.54歐元之間。我們已更新了指引中的部分訊息，包括以下內容。目前預計 BDS 部門將實現高個位數成長；與 2024 財年相比，工程部門預計將達到低兩位數下降。

An increase in the mix of high-value solutions to 40% to 42% of total revenue, up from 39% to 41% in our prior guide. For foreign currency, we now assume a headwind of approximately EUR12 to EUR15 million on the topline. We assumed a Euro/Dollar rate between 1.13 to 1.17 for the second half of 2025.

高價值解決方案佔總收入的比例從我們先前指南中的 39% 到 41% 上升至 40% 到 42%。對於外幣，我們現在假設營業收入將面臨約 1,200 萬至 1,500 萬歐元的逆風。我們假設2025年下半年歐元兌美元匯率介於1.13至1.17之間。

The headwind is offset by growth and fully absorbed in the model. In addition, our hedging strategies have helped to limit our exposure. An updated tariff rate for imported goods from the European Union to the US of 15%, compared with our prior assumption of 10%.

逆風被增長所抵消，並被模型完全吸收。此外，我們的對沖策略有助於限制我們的風險敞口。更新後，從歐盟進口到美國的商品關稅稅率為 15%，而我們先前假設的關稅稅率為 10%。

Our guidance fully absorbs the incremental impact from the new tariff rate. Our updated guidance also considers an operating profit margin expansion of approximately 150 basis points compared to fiscal 2024, driven by lower-than-expected depreciation as we refined our estimates at the end of June, and an increase in HVS. The better operating profit is offset on the bottom line by a higher tax rate of 25,8%.

我們的指導充分吸收了新關稅稅率帶來的增量影響。我們更新後的指引也考慮了與 2024 財年相比營業利潤率擴大約 150 個基點，這是由於我們在 6 月底調整估計時折舊額低於預期以及 HVS 增加所致。較高的營業利潤被 25.8% 的較高稅率所抵銷。

Thank you, I will hand the call back to Franco.

謝謝，我會把電話交還給 Franco。

Thank you, Marco. With the first half of the year behind us, we are seeing sustained momentum driven by healthy market demand, which puts us squarely on the path to achieve our full year guidance.

謝謝你，馬可。今年上半年已經過去，我們看到了由健康的市場需求推動的持續成長勢頭，這使我們有望實現全年目標。

As we advance our multi-year investment and optimization plans, we remain focused on disciplined execution, industry-leading innovation, and continuing to meet the evolving needs of our customers. Together, these priorities position us well for long-term profitable growth.

在推動多年投資和優化計畫的同時，我們始終專注於嚴謹的執行、業界領先的創新，並持續滿足客戶不斷變化的需求。綜合起來，這些優先事項使我們為長期盈利增長做好了準備。

We operate in dynamic, high-growth markets, with capital investments strategically aligned to meet demand-driven needs. We have an established presence and long track record with the major biotech and pharma players, including the top 25 global pharma customers.

我們在充滿活力的高成長市場中運營，並透過策略性地調整資本投資來滿足需求驅動的需求。我們與主要生物技術和製藥公司建立了良好的合作關係，並擁有長期的合作記錄，其中包括全球前 25 家製藥客戶。

These customers have a rich pipeline of biologic injectables in development, and we remain a trusted partner to support their efforts in bringing new, groundbreaking treatments to patients. This dovetails with powerful secular trends -- such as aging populations, pharmaceutical innovation, and the shift towards the self-administration of therapies.

這些客戶擁有豐富的正在開發的生物注射產品線，我們仍然是值得信賴的合作夥伴，支持他們為患者帶來新的突破性治療方法。這與強大的長期趨勢相吻合——例如人口老化、藥物創新以及向自我管理治療的轉變。

These trends align closely with our core capabilities and position us well for long-term success. Looking ahead, we believe the need for high-performance drug containment, coupled with the value of a fully integrated platform, will support sustainable revenue growth and drive meaningful margin expansion. Backed by strong business fundamentals and a disciplined financial strategy, we have the flexibility to invest in growth while creating long-term value for our shareholders.

這些趨勢與我們的核心能力緊密結合，為我們長期成功奠定了基礎。展望未來，我們相信對高性能藥物容器的需求，加上完全整合平台的價值，將支持可持續的收入成長並推動利潤率的大幅擴張。在強大的業務基礎和嚴謹的財務策略的支持下，我們可以靈活地投資於成長，同時為股東創造長期價值。

Operator, we are ready for questions. Thank you.

接線員，我們已經準備好回答問題了。謝謝。

Thank you, sir. This is the Chorus Call conference operator. We will now begin the question-and-answer session. (Operator Instructions)

謝謝您，先生。我是 Chorus Call 會議接線員。我們現在開始問答環節。（操作員指示）

Matt Larew, William Blair.

馬特拉魯、威廉布萊爾。

On engineering, it sounds like you're getting close to wrapping up some of the legacy projects that were hindering your ability to take on your work. But now you referenced some delays in new orders coming in.

關於工程，聽起來您即將完成一些阻礙您開展工作的遺留項目。但現在您提到新訂單有一些延遲。

So just curious, are those delays in any way related to customer decision making related to tariffs? Are they purely timing or is this an extended sales cycle issue? That's part one.

所以只是好奇，這些延遲是否與顧客與關稅相關的決策有關？這純粹是時間問題還是銷售週期延長的問題？這是第一部分。

And then the second part would be, I think this -- the new guidance requires a high teens decline in the back half of the year for Engineering. But Franco, you obviously alluded to a number of strong tailwinds in the medium term vis-a-vis reshoring and investments in the US.

然後第二部分是，我認為——新指導方針要求工程專業在下半年出現高幅度的下滑。但是弗朗哥，你顯然提到了中期美國回流和投資方面將出現許多強勁的順風因素。

So to the extent we do have a high teens decline in engineering in the back half of the year. When does that reverse? And how do we bridge to the strong growth environment you alluded to?

因此，從某種程度上來說，下半年工程專業的學生人數確實出現了大幅下降。什麼時候情況會逆轉？我們如何實現您所提到的強勁成長環境？

Marco speaking. Starting from second quarter, the difference is related to timing of new orders. So that leap basically from the second quarter through the second half of the year, we haven't lost important negotiation. It's just a matter of decision making related to CapEx on our customer side. This is a project-based business. So it's not unusual for order flow and timing to fluctuate from quarter to quarter.

我是馬可。從第二季開始，差異與新訂單的時間有關。因此，從第二季到下半年，我們基本上沒有失去重要的談判。這只是我們客戶方面與資本支出相關的決策問題。這是一個基於專案的業務。因此，訂單流和時間每季發生波動並不罕見。

And about the guidance, reflecting this timing, let's say, postponement, we review our guidance, guiding now to low double-digit decline compared to last year. That is reflecting the timing difference of new orders. Nevertheless, as mentioned, we more than offset the difference with the stronger market in BDS segment that offset also the currency headwinds.

關於指導，考慮到這個時間安排，比如說推遲，我們會審查我們的指導，現在指導與去年相比出現較低的兩位數下降。這反映了新訂單的時間差異。儘管如此，正如前面提到的，我們透過 BDS 領域更強勁的市場彌補了這一差異，同時也抵消了貨幣逆風的影響。

Franco speaking. If I can add a little bit more color from what is related to the market, biologic market is heavily investing in new technology, thanks to the rich pipeline that they have and they are launching into the market. So I can confirm the demand outside is very strong.

我是法蘭哥。如果我可以從與市場相關的方面添加更多細節，那么生物製劑市場正在大力投資新技術，這要歸功於他們擁有的豐富的產品線，並且他們正在將其推向市場。因此我可以確認外面的需求非常強烈。

The focus in the last three quarters for Stevanato was just to deliver and to succeed with the SATs to our bigger clients, in particular for what are related to some legacy program. Today, we have -- we were successfully were able to deliver this line, and these are inside of bigger agreement with our customer that there will be some additional repetitive orders.

在過去三個季度，斯蒂瓦那託的重點是向我們的大客戶交付 SAT 並取得成功，特別是與一些遺留項目相關的 SAT。今天，我們已經成功交付了這條生產線，並且與我們的客戶達成了更大的協議，即將會有一些額外的重複訂單。

So it's just a timing effect. Today, once we are going to deliver this line, there will be additional lines that we're going to assemble and deliver to our clients in the next 12 to 18 months.

所以這只是一個時間效應。今天，一旦我們交付這條生產線，我們就會在未來 12 到 18 個月內組裝更多生產線並交付給我們的客戶。

Okay. And just as a follow-up. On the first quarter call, you referenced, I think, an improvement in vials and talked about mid- to high single-digit growth for vials for the year with sequential improvements throughout the year.

好的。這只是後續行動。在第一季的電話會議上，我認為您提到了小瓶數量的改善，並談到了今年小瓶數量的中高個位數增長以及全年的連續改善。

It sounds like qualitatively, your comments support that, but I just wanted to confirm that you did continue to see a quantitative improvement on the vial side and that that guidance is intact for the year.

聽起來從質量上來說，您的評論支持這一點，但我只是想確認您確實繼續看到小瓶方面的數量改善，並且該指導在今年保持不變。

Yes, I'll start with the numbers, then Franco will provide more color about the market. We went up about 3% compared with the same period last year in vials. But the orders in stake is very, very strong. I mean, it's double-digit growth compared to same period last year. So we reiterate our confidence in mid- to high single-digit growth in vials for 2025 after a decline of 35% last year.

是的，我將從數字開始，然後 Franco 將提供更多有關市場的資訊。與去年同期相比，我們的小瓶銷量上漲了約 3%。但所涉及的訂單非常非常多。我的意思是，與去年同期相比，這是兩位數的成長。因此，在去年小瓶銷量下降 35% 之後，我們重申對 2025 年小瓶銷量將實現中高個位數成長的信心。

And Matt, if you remember, in the last two, three quarters, we showed that we are starting to see gradual recovery, gradual improve in the vial market, in particular, on bulk and also in the EZ-fill. So today, we have some good indicator in Stevanato Group.

馬特，如果你還記得的話，在過去的兩三個季度裡，我們已經看到小瓶市場開始逐漸復甦、逐漸改善，特別是散裝和 EZ-fill 市場。今天，我們在斯蒂瓦那托集團看到了一些好的指標。

So our order intake is starting -- order book is starting to improve quarter after quarter. We have started to see also some positive big orders, in particular in United States, in EZ-fill vials. And also we are confident that our idea that without 2025 that we move without a normalization is still on track. So we are confident of this gradual recovery on the vial market.

因此，我們的訂單量開始逐季改善。我們也開始看到一些積極的大訂單，特別是在美國的 EZ-fill 小瓶訂單。而且，我們也相信，即使沒有 2025 年，我們也不會實現正常化，我們的想法仍然正確。因此，我們對小瓶市場的逐步復甦充滿信心。

Michael Ryskin, Bank of America.

美國銀行的邁克爾·里斯金（Michael Ryskin）。

This is Avantika on for Mike. I just wanted to ask on BDS. The guide raise is encouraging, but I wanted to see if you were seeing any pull forward from customers due to tariffs.

這是 Mike 的 Avantika。我只是想在 BDS 上問一下。指導價格上漲令人鼓舞，但我想看看您是否看到客戶因關稅而下降。

Franco speaking. What do we see overall that the forecast of our big clients also biosimilar are regular. We don't see big fluctuation quarter by quarter. So we see that, in particular for what is related to our EZ-fill product of syringes, cartridges and vials, that are gradual and constant forecast.

我是法蘭哥。我們總體上看到，我們大客戶的生物相似藥預測也是正常的。我們沒有看到每個季度出現大的波動。因此，我們看到，特別是與我們的 EZ-fill 產品注射器、藥筒和小瓶相關的產品，都是漸進且持續的預測。

Yeah, about tariffs, we had positive conversations with our customers. Basically, we are reiterating our guidance. In May, we assume in our guidance, about EUR4.5 million impact at the operating profit level.

是的，關於關稅，我們與客戶進行了積極的對話。基本上，我們正​​在重申我們的指導。我們預計 5 月營業利潤將受到約 450 萬歐元的影響。

In spite of the increased tariffs from the European Union to US, we have been able to offset this incremental tariff thanks to conversation with our customers and the fact that we are leveraging more and more our global footprint.

儘管歐盟對美國的關稅有所提高，但透過與客戶的溝通以及我們越來越多地利用我們的全球影響力，我們能夠抵消這項增量關稅。

And one other point that I might add is that we are not seeing the phenomenon of full pull forward as it relates to the tariff situation as others may have seen.

我想補充的另一點是，我們並沒有看到與關稅情況相關的全面提前現象，正如其他人所看到的那樣。

All right. Great. And then if I may ask, like, a few weeks ago, you announced a $200 million bridge credit with -- for Fishers and Latina side. Are you able to give us a little bit more color on that agreement and what you're looking to use those funds for?

好的。偉大的。然後，如果我可以問的話，幾週前，您宣布向費雪族和拉丁裔族群提供 2 億美元的過橋貸款。您能否向我們詳細介紹一下協議以及您打算如何使用這些資金？

Yes. First of all, we have very good relationship with our banking partners. The purpose of the financing is to expand our capacity predominantly in Latina with RTU cartridges and syringes, but also in Fishers with syringes, vials, and drug delivery systems.

是的。首先，我們與銀行合作夥伴的關係非常好。融資的目的主要是擴大我們在拉蒂納的 RTU 藥筒和注射器的產能，同時也擴大我們在費雪的注射器、藥瓶和藥物輸送系統的產能。

It's totally consistent with our strategy of expansion. And besides that, we are also planning to reimburse some financing in '25 and '26 to some legacy financing. So it's -- we are just securing in advance the needs for the future months and years.

這與我們的擴張策略完全一致。除此之外，我們也計劃在 25 年和 26 年償還部分遺留融資。所以——我們只是提前確保未來幾個月和幾年的需求。

David Windley, Jefferies.

傑富瑞的戴維溫德利 (David Windley)。

You mentioned in your prepared remarks, made the point about the breadth of demand highlighting GLP-1, but other biologics. I wondered if you could delve into that a little bit more.

您在準備好的演講中提到，重點強調了 GLP-1 以及其他生物製劑的需求廣度。我想知道您是否可以更深入地探討這個問題。

Maybe tell us what percentage of your revenue or what growth contribution the GLP-1 class is making and what -- where that is showing up in your product suite. I'm sure it's in cartridges and syringes, but also wondering about maybe some of your contract manufacturing activities as well.

也許可以告訴我們 GLP-1 類產品佔您收入的百分比或對成長的貢獻，以及它在您的產品套件中體現在哪裡。我確信它在藥筒和注射器中，但也想知道也許您的一些合約製造活動也是如此。

Yes. David, Franco speaking. So first of all, we don't provide a detailed breakdown around the GLP-1s. Usually, we don't provide a number around a single category.

是的。大衛，我是法蘭哥。因此首先，我們沒有提供有關 GLP-1 的詳細分類。通常，我們不會提供單一類別的數字。

GLP-1s, we put under the umbrella of biologics in our BDS segment. That moved from 2022 to 2025 from 19% of the revenue of the BDS segment up to more than 39% between the first semester of 2025.

GLP-1，我們將其歸入 BDS 部門的生物製劑範疇。從 2022 年到 2025 年，這一比例將從 BDS 部門收入的 19% 上升至 2025 年上半年的 39% 以上。

So for sure, GLP-1s, it will be a solid long-term tailwinds for Stevanato Group because we are deeply involved to our big clients, also biosimilar, through all practically product portfolio from syringes, syringe bypass, cartridges ready to fill, engineering line, and also from CMO in term of BDS.

因此，可以肯定的是，GLP-1 將成為斯蒂瓦那托集團長期穩固的順風，因為我們與我們的大客戶以及生物仿製藥客戶深度合作，涵蓋了從注射器、注射器旁路、即裝藥筒、工程線到 BDS 方面的 CMO 等幾乎所有產品組合。

But besides this, what I would like to underline that the biologic industry in general, in particular, our top 25 clients, have a rich pipeline today. And most of this pipeline, they are going to use injectable product even more, what we call self-administration.

但除此之外，我想強調的是，整個生物製劑產業，特別是我們的前 25 名客戶，目前擁有豐富的產品線。在該管道的大部分中，他們將更多地使用注射產品，即我們所說的自我給藥。

So today, in Stevanato, we have many programs around Alba technology for what is related to certain high potent drugs from certain molecules that there are very high attention on the particle release. We have many programs around cartridges ready to refill from 3 to 5 to 10 ml when there is connected also the auto-injectors. And also, we have many programs around vial ready-to-fill.

因此，今天，在斯蒂瓦納托，我們圍繞 Alba 技術開展了許多項目，這些項目與某些分子中的某些高效藥物有關，人們對這些藥物的粒子釋放給予了高度關注。我們有許多有關墨盒的程序，當連接自動注射器時，可以隨時重新填充 3 至 5 至 10 毫升的墨盒。此外，我們還有許多有關小瓶即填充的項目。

So all overall, we are able to continue to grow together with our big bio customers that involved Stevanato Group many years ago on standard vial. Today, that continues to evolve. And thanks to their self-administration requirement, they are going to engage Stevanato in the full portfolio. So we are quite happy about this.

總體而言，我們能夠繼續與多年前就標準小瓶合作的斯蒂瓦那托集團大型生物客戶共同成長。如今，這種情況仍在持續發展中。並且由於他們的自我管理要求，他們將讓 Stevanato 參與整個投資組合。所以我們對此感到非常高興。

That's helpful. I'm wondering, as a follow-up, could you talk about maybe your mix within high value and how that is evolving?

這很有幫助。我想知道，作為後續問題，您能否談談您在高價值範圍內的組合以及它是如何發展的？

I guess what I'm getting at is, how much of the margin improvement that you're seeing is richer mix in terms of the product demand of your high-value solutions? And how much of it is simply recovering some utilization in some of the lines where activity has been depressed? How much of it is just absorption versus mix?

我想我要說的是，就高價值解決方案的產品需求而言，您所看到的利潤率提高有多少是更豐富的組合？其中有多少只是在某些活動受到抑制的生產線上恢復了一些利用率？其中有多少是單純的吸收，有多少是混合？

Thanks for the question, Dave. Marco speaking. First of all, we are happy about the first half of the year. In the second quarter, we reached 42% on total revenues in high-value solutions.

謝謝你的提問，戴夫。我是馬可。首先，我們對上半年的業績感到滿意。第二季度，高價值解決方案占我們總營收的42%。

Main driver in the first half of the year has been high performance syringes, particularly Nexa. Nevertheless, we see improvements in EZ-fill vials, as mentioned in the commentary; in EZ-fill cartridges. And also, we can see very good opportunities in Alba. So it's both the growth of volumes, but also, we are happy about the mix.

今年上半年的主要驅動力是高性能注射器，尤其是 Nexa。儘管如此，我們看到了 EZ-fill 小瓶的改進，正如評論中提到的那樣；在 EZ-fill 墨盒中。而且，我們也看到了阿爾巴身上非常好的機會。因此，這既是銷售量的成長，也是我們對產品組合的滿意。

Patrick Donnelly, Citi.

花旗銀行的 Patrick Donnelly。

So maybe one on the tariff side. It sounds like you guys are absorbing the new rates entirely in the guide. Can you just talk through the levers?

所以也許是關稅方面的問題。聽起來你們已經完全吸收了指南中的新費率了。能透過槓桿說話嗎？

Is that primarily pricing? Are you shifting more capacity to Fishers? And I guess on that point, where are we with Fishers in terms of the capacity and how you're feeling there?

這主要是定價嗎？您是否正在將更多產能轉移至 Fishers？我想就這一點而言，就能力而言，我們與費雪隊處於什麼位置，您感覺如何？

We have different factors helping us to absorb the incremental 5%. We had positive conversation with customers that most of the time help us in changing the income terms. So it's not impacting our cost, and the customer is taking care of the custom duties.

我們有不同的因素幫助我們吸收增量的 5%。我們與客戶進行了積極的對話，大多數時候這有助於我們改變收入條款。因此，這不會影響我們的成本，並且客戶負責承擔關稅。

Sometimes, we have the opportunity to increase the price after absorbing the cost. And in this case, we are guiding a tailwind of about EUR2.5 million in our guidance that are a little bit dilutive that is increasing our top line.

有時，我們有機會在吸收成本後提高價格。在這種情況下，我們預計我們的指導金額約為 250 萬歐元，這筆資金會稍微稀釋我們的收入，但會增加我們的營業額。

And finally, probably most important, we are leveraging our global footprint, trying to optimize the logistic in agreement with our customers.

最後，也許最重要的是，我們正在利用我們的全球影響力，努力與客戶達成一致，優化物流。

Yes, Patrick. Franco speaking. On the top of what Marco already shared with you that we are practically mitigate this tariff through rescheduling to our 13 plants, production to our big clients, and to pass some surcharge to our customer.

是的，派崔克。我是法蘭哥。除了 Marco 已經與您分享的內容之外，我們實際上正在透過重新安排我們的 13 家工廠、為我們的大客戶生產以及將一些附加費轉嫁給我們的客戶來降低這一關稅。

What I can add that the Fishers plants in the short term is focus on the audit validation with existing program that we have our big US clients. We cannot have particular benefit in 2025 from the Fisher plants because they have already a big program to ramp up capacity with already existing agreement with our customers.

我可以補充的是，短期內，Fishers 工廠將重點關注我們擁有美國大客戶的現有計劃的審計驗證。2025 年我們無法從 Fisher 工廠獲得特別的利益，因為他們已經根據與我們的客戶達成的協議制定了一項大規模的產能提升計畫。

It's also true that in the medium term, we continue to benefit a lot with these greenfield plants, both for what are related to our EZ-fill product, also our device program. And even more, we are starting to see more and more interest from our international clients to further increase the opportunity in these plants.

從中期來看，我們確實將繼續從這些綠地工廠中受益匪淺，無論是與我們的 EZ-fill 產品相關的，還是與我們的設備計劃相關的。更重要的是，我們開始看到越來越多的國際客戶對進一步增加這些工廠的機會感興趣。

Okay. That's helpful. And then, Marco, maybe one for you, just in terms of the guidance. If you could just help us out how to think about 3Q or 4Q, whether it's revenue, EBITDA, earnings. It would be helpful just to talk through the second half split there.

好的。這很有幫助。然後，馬可，也許就指導而言，你可以得到一個。如果您能幫助我們如何看待第三季或第四季度，無論是營收、EBITDA 還是收益。討論一下下半年的分裂情況將會很有幫助。

Your voice was a little bit broken. Sorry, Patrick. I'm not sure we got the full question.

你的聲音有點嘶啞。抱歉，派崔克。我不確定我們是否理解了完整的問題。

Yeah. Just asking about the second-half split between 3Q, 4Q on revenue and earnings, if you could help us out.

是的。只是想問一下第三季和第四季下半年收入和收益的分配情況，如果您能幫我們的話。

Yes, sure. Basically, we provide color about segments. I think that is clear. We expect in the third quarter a mid-single-digit growth compared with the same period last year and similarly in Q4, a mid-single digit growth. So we've seen the second half a mid-single digit to match our guidance, both in Q3 and Q4. Is that clear compared with the same period last year, I mean?

是的，當然。基本上，我們提供有關片段的顏色。我認為這很清楚。我們預計第三季與去年同期相比將實現中等個位數成長，第四季也將實現中等個位數成長。因此，我們看到下半年的銷售額將達到中等個位數，與我們的預期相符，無論是第三季還是第四季。我的意思是，與去年同期相比，這是否明顯？

Larry Solow, CJS Securities.

索洛（Larry Solow），CJS 證券公司。

Great. Can I just follow up on the Fishers and Latina question? Can you just give us a little more color? Just -- I know you mentioned they're clearly still margin dilutive. But I know Latina is profitable now.

偉大的。我可以繼續問有關費雪族和拉丁裔的問題嗎？您能給我們多講一點嗎？只是——我知道您提到它們顯然仍在稀釋利潤。但我知道拉丁裔現在是獲利的。

Can you just give us an update on progress there? And as Fishers, I assume it is profitable today. I know less it's margin dilutive, but still profitable. Is that correct?

能向我們介紹一下那裡的進展嗎？作為漁民，我認為今天它是有利可圖的。我知道這會稀釋利潤，但仍然有利可圖。對嗎？

We started commercial production in Latina in Q4 '23 and three quarters after in Fishers. So today, Latina is positive in terms of gross profit. Fishers is not yet.

我們於 2023 年第四季在拉蒂納開始商業化生產，三個季度後在費雪斯開始商業化生產。因此，今天，拉丁裔的毛利是正數。費雪還沒有。

Anyway, we can see sequential improvement quarter after quarter. Overall, the margin of the two sites is still dilutive compared with the average of the company.

無論如何，我們可以看到每個季度的連續改善。總體而言，與公司平均值相比，這兩個工廠的利潤率仍然較低。

But it means that for the future, we have further opportunity to scale up. And since we are producing and selling high-value products there, we expect margin improvements in the coming quarters.

但這意味著未來我們有進一步擴大規模的機會。由於我們在那裡生產和銷售高價值產品，我們預計未來幾季的利潤率將會提高。

Correct. In fact, if I can add a little bit more color from the market, in Latina, we are continuing to scaling up commercial production in particular for what is related to syringes, Nexa syringes, also bypass syringes.

正確的。事實上，如果我可以從市場中補充更多細節的話，在拉蒂納，我們正在繼續擴大商業生產，特別是與注射器、Nexa 注射器以及旁路注射器相關的產品。

Also, we are preparing the plant in order to build the capacity for EZ-fill cartridges, and the program is to launch at the end of 2026, beginning of 2027, this high volume production for cartridges ready to fill. All these elements will help to boost the revenues of Stevanato Group for high-value products from these plants.

此外，我們正在籌備工廠，以建立 EZ-fill 墨盒的產能，該計劃將於 2026 年底、2027 年初啟動這種可填充墨盒的大批量生產。所有這些因素將有助於提高斯蒂瓦那托集團從這些工廠生產的高價值產品的收入。

In parallel, from the plant in Fishers, we are continuing the installation and validation of syringe technologies. And in parallel, we're building a big department that will be able to host production from drug delivery system for one big US client. So these two greenfield plants, that will be an active contributor to revenue marginality in the next years.

同時，我們正在費雪斯工廠繼續安裝和驗證注射器技術。同時，我們正在建立一個大型部門，為美國大客戶負責藥物輸送系統的生產。因此，這兩家綠地工廠將成為未來幾年收入邊際下降的積極貢獻者。

Got you. Great. And if I could just switch gears to Engineering real fast. It sounds like most of the stuff is just more growing pains and timing. As we look out maybe not in early '26, but as you look at maybe by '27, '28, would you expect margins to recover back and maybe be even higher than they were before you began these strategic initiatives in that segment?

明白了。偉大的。如果我能快速轉到工程領域就好了。聽起來大多數事情都只是成長的煩惱和時機而已。我們預期利潤率可能不會在 26 年初，但可能在 27 年、28 年，您是否預期利潤率會回升，甚至可能比您在該領域開始這些策略舉措之前的利潤率更高？

We are very confident about that. We described the problem we face that we are now fixing with the delivery of the legacy projects as Franco was mentioning. Generally speaking, we expect to go back to the profitability we had in '22 and '23. So the customers are still appreciating our technology and our ability to deliver customized projects.

我們對此非常有信心。我們描述了我們面臨的問題，正如 Franco 所提到的，我們現在正在透過交付遺留項目來解決該問題。總的來說，我們預計將恢復到 2022 年和 2023 年的獲利水準。因此客戶仍然欣賞我們的技術和交付客製化專案的能力。

Yes. In fact, if I can add a little bit more color, in the last three quarters, we focused our organization through some optimization plan program, in particular, from the plants that we have in Denmark that is specialized on the production for inspection machine, assembling technology for sophisticated devices.

是的。事實上，如果我可以補充更多細節的話，在過去的三個季度中，我們透過一些優化計劃方案集中了我們的組織，特別是我們在丹麥的工廠，這些工廠專門生產檢測機器，組裝複雜設備的技術。

Also in Italy, we are starting to review our footprint in order to make some center of excellence able to produce some inspection line. So our all products, that are well absorbed by our biologic customer in the future. So the combination of this increase of footprint productivity and the strong demand outside gives us good confidence that we can have a good growth on the engineering and also improving our margins.

同樣在義大利，我們開始審查我們的足跡，以便使一些卓越中心能夠生產一些檢查線。因此，我們的所有產品都將在未來被我們的生物客戶很好地吸收。因此，生產力的提高和外部的強勁需求相結合，讓我們有信心在工程上取得良好的成長，同時提高我們的利潤率。

Paul Knight, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Paul Knight。

On the BDS segment, high-value solutions grew 13%. Other containment grew 6%. What would be a normal other containment growth rate in your opinion? Should it be high single digits? Or what should that 6% be after the stocking is over?

在 BDS 領域，高價值解決方案成長了 13%。其他遏制措施增加了6%。您認為其他遏製成長率的正常值是多少？應該是高個位數嗎？或者說備貨結束後那 6% 應該是多少？

Marco speaking. It's more the normalized, let's say. Growth in other containment delivery solution is more. We've seen low to mid-single digit as per our Capital Markets Day. We expect after the recovery of the bulk vials growth in that range. We are, as you know, more focused with our investments in high-value solutions. So this is where we are growing and see the growth for the coming years.

我是馬可。可以說，它更加規範化。其他遏制交付解決方案的成長更多。根據我們的資本市場日，我們看到了低至中等個位數的成長。我們預計，大瓶裝飲料銷售復甦後將在這個範圍內成長。如您所知，我們更加專注於高價值解決方案的投資。這就是我們正在成長的地方，並且看到了未來幾年的成長。

In fact, Paul, again, I would like to give some color from market point of view. We serve the top 25 global key customers. Also in parallel, we serve several hundred clients worldwide. But the goal is Stevanato in the medium, long term to further focus Stevanato on high-value product.

事實上，保羅，我想再次從市場的角度給出一些解釋。我們服務全球前25家重點客戶。同時，我們也為全球數百家客戶提供服務。但 Stevanato 的中長期目標是進一步專注於高價值產品。

In fact, all the investment that we are doing are moving more and more in the high-value solution. It's strategically important to keep a market on also bulk vial or other non-high-value product, but the big goal and medium term for us is to invest to focalize Stevanato in this direction of high-value products.

事實上，我們所做的所有投資都越來越多地轉向高價值解決方案。保持大瓶裝或其他非高價值產品的市場具有戰略意義，但對我們來說，中期目標和大目標是投資斯蒂瓦納托，使其專注於高價值產品的方向。

Then the question I have on Engineering is you -- slightly lower sales from glass converting. Does your own internal need for equipment detract from engineering growth? And how quickly can you add capacity in engineering?

那麼，我對工程的問題是──玻璃加工的銷售量略有下降。您自己內部對設備的需求是否會阻礙工程發展？您能多快增加工程能力？

So in our comments, we focus on third parties revenue. As you know, Paul, Engineering glass converting machine is an important piece of our integration, especially in Fishers and Latina, also in ready-to-use cartridges. So it's -- but when we comment revenue growth, it's only on third parties.

因此，在我們的評論中，我們關注第三方收入。正如保羅您所知，工程玻璃處理機是我們整合的重要組成部分，特別是在 Fishers 和 Latina，以及即用型墨水匣中。所以 - 但當我們評論收入成長時，它僅來自第三方。

Sure. And you need to add capacity is what you're saying?

當然。您的意思是需要增加容量嗎？

Exactly, we are going on in Latina and Fishers, where our technology is needed, both in bulk and in EZ-fill.

確實，我們正在拉蒂納和費雪開展業務，那裡需要我們的技術，無論是批量生產還是 EZ-fill 方式。

Today, Paul, our Engineering division, the glass forming third party is an important market, is more a niche. Where the engineering division is focus today is to serve our big pharma biology customers, in particular for what is related to inspection machine and sophisticated technology of assembly from auto-injectors where the market is growing.

今天，保羅，我們的工程部門，玻璃成型第三方是一個重要的市場，更是一個利基市場。工程部門目前的重點是服務我們的大型製藥生物客戶，特別是與市場不斷增長的自動注射器檢測機和複雜組裝技術相關的客戶。

You have also to remember the power of the Engineering division for Stevanato have two objective. One is to serve the biologic market. But the second is to make the internal group at the BDS segment in particular competitive.

您還必須記住，斯蒂瓦納托工程部門的力量有兩個目標。一是服務生物製劑市場。但第二點是讓 BDS 部門的內部團隊特別有競爭力。

Today, our Engineering division is squarely focused to develop this technology for cartridges, ready to fill, particular technology for bypass, and also the Alba technologies where we want really to build some competitive advantages. The BDS segment is where the engineering will play a critical role for the group internally.

今天，我們的工程部門專注於開發墨盒技術、即用型技術、特殊的旁路技術以及我們真正想要建立一些競爭優勢的 Alba 技術。在 BDS 部門，工程技術將在集團內部發揮關鍵作用。

Doug Schenkel, Wolfe Research.

道格‧申克爾，沃爾夫研究中心。

Let me start with tariffs. So I'm just curious from a tariff mitigation standpoint. Have you been able to pass along price? And what other mitigation efforts are underway? And how are those reflected in guidance?

我先從關稅開始。所以我只是從關稅減免的角度感到好奇。能告知價格嗎？還有哪些其他緩解措施正在進行中？這些在指導上是如何體現的？

Yes. As mentioned, we had positive conversation with our customers. We have been able to offset most of the impact through change of (inaudible) or price increase in some cases. Most importantly, in agreement, again, with our customers, we have been able to leverage our global footprint in order to minimize the impact for them and also for us. Those are the two main tools we have the opportunity to play in this period of time.

是的。如上所述，我們與客戶進行了積極的對話。在某些情況下，我們已經能夠透過改變（聽不清楚）或提高價格來抵消大部分影響。最重要的是，我們再次與客戶達成一致，能夠利用我們的全球影響力，最大限度地減少對客戶和我們自身的影響。這是我們在此期間有機會發揮的兩個主要工具。

Okay. And is that something that might have even more benefit next year as we think about our models and margin trajectory?

好的。當我們考慮我們的模型和利潤軌跡時，這是否會在明年帶來更多好處？

Again, in Fisher, we are installing capacity. And every quarter, every year, so we are going to benefit from the Fisher plant. It's also true that today is a little bit early to understand what will be the evolution of this tariff.

再次，在 Fisher，我們正在安裝容量。每個季度、每年，我們將從 Fisher 工廠受益。現在要了解這項關稅的演變過程確實還為時過早。

Okay. And one more on margins. Just from a guidance standpoint, I mean, I guess it depends on where you come out in terms of revenue, whether it's the high end or the low end of the range. But I just want to make sure I'm doing the math correctly.

好的。還有一個關於利潤的問題。僅從指導的角度來看，我的意思是，我猜這取決於你的收入水平，無論是高端還是低端。但我只是想確保我的計算是正確的。

At the midpoint of the range, from a revenue standpoint then you go down to the operating margin line, to get 150 basis points of operating margin expansion, your guidance, do you essentially keep operating spend about flat year over year in the second half of this year versus second half of last year?

從收入的角度來看，在範圍的中間點，然後您下降到營業利潤線，為了獲得 150 個基點的營業利潤率擴張，您的指導是，與去年下半年相比，您是否基本上保持今年下半年的營業支出同比持平？

Yes. The margin expansion is driven, as mentioned, by high-value products. We raised our guidance from 39% to 41% to 40% to 42%. So we are more confident. We are well covered in our backlog for high-value products.

是的。如上所述，利潤率的擴大是由高價值產品所推動的。我們將預期從 39% 至 41% 上調至 40% 至 42%。所以我們更有信心。我們的高價值產品積壓訂單已得到充分保障。

Moreover, we recalculated the depreciation after six months. We have -- you probably noticed we have a large amount of assets under construction. So we played a little bit conservatively at the beginning of the year. Now, we can estimate the lower level of depreciation.

此外，我們在六個月後重新計算了折舊。您可能已經注意到，我們有大量資產正在建設中。因此我們在年初打得有些保守。現在，我們可以估算出較低的折舊水準。

So this is driving the increase in operating profit. Obviously, depreciation are not impacting our EBITDA and adjusted EBITDA, and we are reiterating our guidance for EBITDA for the year.

因此，這推動了營業利潤的成長。顯然，折舊不會影響我們的 EBITDA 和調整後的 EBITDA，我們重申對今年 EBITDA 的指導。

Okay. Very last one, another modeling question, tax rate. So it does look like you bumped up second half tax rate assumptions to around 27%. What drove that? And is that the new tax rate moving forward?

好的。最後一個，另一個建模問題，稅率。因此看起來您將下半年的稅率假設提高到了 27% 左右。是什麼導致了這現象？這是新的稅率嗎？

This is not something that is impacting the cash of the company. It's more related to the fact that in executing our optimization plan, we are considering the risk of not fully recover some deferred tax asset in Denmark, where we are moving part of the activities from Denmark to Italy. So we are taking a cautious approach, waiting what is going to happen towards the end of the year with deferred tax assets.

這不會對公司的現金產生影響。這與以下事實有關：在執行我們的優化計劃時，我們正在考慮無法完全收回丹麥部分遞延稅項資產的風險，我們正在將部分活動從丹麥轉移到義大利。因此，我們採取謹慎的態度，等待年底遞延稅務資產的進展。

Mac Etoch, Stephens Incorporated.

Mac Etoch，Stephens 公司。

Just a few for me. You mentioned in your prepared remarks that you're well positioned to benefit from some onshoring announcements that have been announced recently. I'm just curious to gauge where you all think you all can benefit the most and if you're seeing any incremental interest today in Fishers or within engineering offerings?

對我來說只有幾個。您在準備好的發言中提到，您已準備好從最近宣布的一些在岸運營公告中受益。我只是好奇，想了解你們都認為你們可以從哪裡受益最多，以及你們是否看到今天對 Fishers 或工程產品的興趣增加？

Yeah. I'm sorry, Mac. But can you repeat that? You slightly broke up on our end. Apologies. Just the first part of your question.

是的。對不起，麥克。但你能重複一遍嗎？你在我們這邊稍微分手了。抱歉。這只是你問題的第一部分。

Yeah, apologies. Can you hear me all right?

是的，抱歉。你聽見我說話嗎？

Yes.

是的。

Awesome. Yeah, I was just curious. You mentioned in your prepared remarks that you're well positioned to benefit from the onshoring announcements that have been announced recently. So my question is just, are you seeing any incremental interest today within Fishers or your Engineering offerings? And from your perspective, where do you think you're most well positioned to benefit?

驚人的。是的，我只是好奇。您在準備好的演講中提到，您已準備好從最近宣布的在岸運營公告中受益。所以我的問題是，您是否看到人們對 Fishers 或您的工程產品產生了越來越大的興趣？從您的角度來看，您認為您最能從中受益的是什麼？

Okay. So just to confirm, it's related to Franco's comments on the investments that we're seeing from customers related to those manufacturing investments in the United States in those US onshoring initiatives and the demand that we anticipate from that.

好的。因此，只是為了確認一下，這與 Franco 對我們從客戶那裡看到的與美國製造業投資、美國在岸計劃以及我們預期的需求相關的投資的評論有關。

Yes.

是的。

Starting from, let's say, March -- end of March of this year, we are starting to see changing on the strategy, in particular, our big international clients also some biosimilars to review their installation capacity in United States. So thanks to this change of strategy, where Stevanato is looking to have some benefit?

比方說從今年三月到三月底開始，我們開始看到策略發生變化，特別是我們的一些大型國際客戶也在審查其在美國的一些生物相似藥的安裝能力。那麼，由於這一戰略變化，史蒂夫納托希望從中獲益嗎？

First, from an engineering point of view, this will give us the opportunity to sell more technology in particular around inspection machine and also around assembling technology. Even more through our greenfield plants in Fishers, automatically, we can better offer a sophisticated supply chain in United States that in terms of EZ-fill product in particular and devices, we can really build dedicated capacity for the US utilization. And in fact, we are happy for this. We are proactively working with our customers on this direction.

首先，從工程角度來看，這將使我們有機會銷售更多的技術，特別是圍繞檢測機器和組裝技術的技術。更重要的是，透過我們在費雪工廠，我們可以更好地在美國提供複雜的供應鏈，特別是在 EZ-fill 產品和設備方面，我們可以真正為美國利用建立專用產能。事實上，我們對此感到高興。我們正積極與客戶合作，朝著這個方向努力。

[Steven] Moiles, BNP Paribas Exane.

[史蒂文]莫伊爾斯，法國巴黎銀行 Exane。

I think that was Curtis Moiles. So I just have a couple, please. First, on the Engineering segment, I wanted to see if maybe you could give a little bit more color about how we can think about it in 2026, especially with some of these projects being pushed out, I guess.

我認為那是柯蒂斯·莫伊爾斯。所以我只有幾個了。首先，關於工程部分，我想看看您是否可以更詳細地介紹我們如何考慮 2026 年的問題，尤其是在其中一些項目被推遲的情況下。

Are you expecting a rebound in growth in margins pretty quickly in the year? Or is it going to be maybe more back-end loaded? I don't know how much precision you can give there. And then also on that potentially expanding the footprint in Italy, do you have maybe a time line in mind for that?

您是否預計今年利潤率的成長會很快反彈？或者它可能會加載更多的後端內容？我不知道你能給多少精度。另外，關於擴大在義大利的業務範圍的可能性，您是否有一個時間表？

Okay. So just to confirm your questions, Engineering color on 2026, rebound on margins, and then a question related to the activities we're moving to Italy.

好的。因此，只是為了確認您的問題，2026 年的工程色彩，利潤率的反彈，然後是與我們轉移到義大利的活動相關的問題。

Yes.

是的。

About 2026, we will provide the guidance as usual in a couple of quarters. So it's a little bit early to go through the segments and the evolution of each segment for 2026. Nevertheless, we mentioned before that the trajectory, we expect positive going out from the legacy projects and the problems we face related to the supply chain and the workload we mentioned during the pandemic, but it's a little bit early to provide color about 2026.

關於 2026 年，我們將在幾個季度內照常提供指導。因此，現在討論 2026 年各個細分市場及其發展還為時過早。儘管如此，我們之前提到過，我們預計遺留項目以及我們面臨的與供應鏈和大流行期間提到的工作量相關的問題將出現積極進展，但現在預測 2026 年還為時過早。

And regarding the footprint strategy, we already started in the second part of last year to optimize our footprint. In the last two, three years, in particular, the plants in Denmark increased a lot because we received many orders from inspection machine, standard assembly technology, even more what we call this complex new prototype of high-speed technology for devices.

關於足跡策略，我們從去年下半年就已經開始優化我們的足跡。特別是在過去的兩三年裡，丹麥的工廠成長了許多，因為我們收到了許多來自檢測機器、標準組裝技術的訂單，甚至還有我們所說的這種複雜的設備高速技術新原型。

So through what we call our optimization plan, we are building three different sites that are becoming center of excellence. Denmark, it became center of excellence for assembly technology and backup for inspections. Italy to be center of excellence for glass forming and inspection.

因此，透過我們所謂的最佳化計劃，我們正在建立三個不同的站點，這些站點將成為卓越中心。丹麥，它成為組裝技術的卓越中心和檢查的後備中心。義大利將成為玻璃成型和檢驗的卓越中心。

And then we have the plants in Bologna that we are using in order to make what we call customized prototype for new particular technology. In this way, we have three sites, each one specialized for one product line, and they can serve as a backup in a certain quarter or period there will be some particular orders. This is the way that we are going to review our footprint strategy in our engineering divisions.

我們在博洛尼亞有工廠，用於製造針對特定新技術的客製化原型。這樣，我們就有了三個站點，每個站點專門負責一條產品線，當某個季度或某個時期有特定的訂單時，它們可以作為備份。這就是我們審查工程部門足跡策略的方式。

Okay. That's helpful. And if I could just squeeze in one more, too. I wanted to touch on vial order patterns that you're seeing recently. I mean, it sounds like it's improving there, but can you talk to maybe like lead times?

好的。這很有幫助。如果我能再擠進一個就好了。我想談談您最近看到的藥瓶訂單模式。我的意思是，聽起來那裡的情況正在改善，但你能談談交貨時間嗎？

Are they back to pre-COVID norms? And are you seeing customer inventories at a normalized level? And finally, where is utilization sitting for these vial manufacturing lines?

他們恢復到疫情之前的狀態了嗎？您是否看到客戶庫存處於正常水準？最後，這些小瓶生產線的利用率如何？

Again, like I mentioned at the beginning, we gradually see improving practically in all our markets, in all the regions, in all the clients -- the small, medium-sized clients. There are certain clients that are back on track with original pre-pandemic situations.

再次，就像我在開始時提到的那樣，我們逐漸看到所有市場、所有地區、所有客戶（包括中小型客戶）的實際改善。某些客戶的情況已經恢復到疫情爆發前的水準。

Other clients, in particular, the big clients that serve many therapeutic drugs, many type of vial configuration that they still have some inventory. So based on this assumption, we see that throughout the 2025, the vial market will move (inaudible) versus normalizations.

其他客戶，特別是服務許多治療藥物、許多類型的小瓶配置的大客戶，他們仍然有一些庫存。因此，基於這個假設，我們看到，在整個 2025 年，小瓶市場將會 (聽不清楚) 走向正常化。

Yuko Oku, Morgan Stanley.

奧裕子，摩根士丹利。

Understanding that your offering and services address a critical aspect of manufacturing. Given the uncertainty that biopharma industry is facing today, are you seeing any pricing pressure broadly in the industry as pharma companies try to get best value for the cost?

了解您的產品和服務解決了製造業的關鍵方面。鑑於生物製藥行業目前面臨的不確定性，您是否看到製藥公司在試圖以最佳成本獲得價值時，整個行業普遍面臨定價壓力？

So today, what we see, the big priority of our bigger clients are secure the supply chain. Today, if you look, in particular, the biologic market, they are starting with -- in a large time in advance to secure the capacity, both in particular, Europe, United States.

所以今天，我們看到，大客戶的首要任務是確保供應鏈的安全。今天，如果你看一下生物製劑市場，你會發現他們已經提前很長時間開始確保產能，尤其是在歐洲和美國。

Take an example. On syringes, they want to secure their capacity in order to be able to fulfill their demand for the existing commercial program, also in particular, for the pipeline that they are launching in Phase II and Phase III. The same is for the cartridges ready to fill.

舉個例子。對於注射器，他們希望確保其產能，以便能夠滿足現有商業計劃的需求，特別是他們正在第二階段和第三階段啟動的管道的需求。對於準備填充的墨盒也是如此。

Also, we are starting to see more and more that due to Annex 1 requirement, many clients are moving with a new, what we call, placebo technology. Practically they're moving from using bulk glass container to EZ-fill. So it's rare that for high-value products, we are under pressure about prices.

此外，我們開始越來越多地看到，由於附件 1 的要求，許多客戶正在採用一種新的、我們稱之為安慰劑的技術。實際上，他們正在從使用散裝玻璃容器轉向使用 EZ-fill。因此，對於高價值產品，我們很少面臨價格壓力。

It's more common that the market is looking for well-established player with a global footprint on superior quality. And let me do some -- say sales marketing, our Nexa technology in this moment is really the right answer to the superior quality requirement for the sophisticated biologic product.

更常見的情況是，市場正在尋找具有全球影響力和卓越品質的知名企業。讓我來談談銷售行銷，我們目前的 Nexa 技術確實是滿足複雜生物製品卓越品質要求的正確答案。

And then I just wanted to ask a question on margin. With good progress on the legacy projects from Denmark in the Engineering segment, how should we think about cadence of engineering margin improvements in 3Q? Should we anticipate a step-wise improvement for the engineering segment now that majority of those projects are complete or more gradual improvement over the remainder of the year?

然後我只想問一個關於保證金的問題。丹麥工程部門的遺留專案取得了良好進展，我們該如何看待第三季工程利潤率的提升節奏？既然大多數專案已經完成，我們是否應該預期工程部門將逐步改善，還是在今年剩餘時間內逐步改善？

In our model, we expect sequential improvement in Q3 and Q4. Nevertheless, this is based on the assumption to win soon the contract shift from the second quarter to the second half of the year. So our model is a sequential improvement in Q3 and Q4. On one side, we are exiting from the legacy low-margin projects.

在我們的模型中，我們預計第三季和第四季將持續改善。不過，這是基於很快贏得合約的假設，合約時間從第二季轉移到下半年。因此我們的模型在第三季和第四季都得到了連續的改進。一方面，我們正在退出遺留的低利潤項目。

We are -- we have very positive negotiation with our customer. We are close to finalizing contracts, but -- so this is our model today of the sequential improvement.

我們與客戶進行了非常積極的談判。我們即將完成合同，但是——這是我們今天的連續改進模型。

Dan Leonard, UBS.

瑞銀的丹·倫納德（Dan Leonard）。

First off, I was hoping you could talk about the impact of GLP-1 compounding on the demand for vials and whether that's even a relevant demand driver.

首先，我希望您能談談 GLP-1 複合對小瓶需求的影響，以及這是否是一個相關的需求驅動因素。

So as you know, we are providing many different formats for GLP-1s, predominantly syringes and cartridges -- syringes, both in dual chamber and normal configuration, and also cartridges both in bulk and sterile configuration. Vials, we see vials as another option, but it's not the predominant format related to GLP-1s.

如您所知，我們為 GLP-1 提供多種不同格式，主要是注射器和藥筒——注射器，包括雙腔和正常配置，以及散裝和無菌配置的藥筒。小瓶，我們將小瓶視為另一種選擇，但它不是與 GLP-1 相關的主導格式。

Understood. And a tariff-related follow-up. How much of your US demand is supplied from the US at this point? And where does that go over the near term?

明白了。以及與關稅相關的後續行動。目前，你們的美國需求有多少是由美國供應的？短期內狀況會如何？

So up to now, the greenfield plant in Fisher is at the beginning. So it's really a small portion of our revenue that we sell from our US plants. Quarter after quarter, year after year, the goal is that this plants in future, it will be this plant that is going to serve the US market.

到目前為止，費雪的綠地工廠才剛起步。因此，來自美國工廠的銷售收入實際上只占我們收入的一小部分。一個季度又一個季度，一年又一年，我們的目標是，將來這個工廠將服務美國市場。

Ladies and gentlemen, that was the final question. Thank you for joining. The conference is now over, and you may disconnect your telephones.

女士們、先生們，這是最後一個問題。感謝您的加入。會議現已結束，您可以斷開電話。