Stevanato Group SpA (STVN) 2026 Q1 法說會逐字稿

Good afternoon. This is the corus call conference operator. Welcome and thank you for joining the Stevanato Group first quarter 2026 financial results conference call. (Operator Instructions)

午安。這裡是 Corus 電話會議接線員。歡迎並感謝各位參加 Stevanato Group 2026 年第一季財務業績電話會議。（接線員指示）

At this time, I would like to turn the conference over to Ms. Lisa Miles, Chief Communications Officer. Please go ahead, Madam.

此刻，我想將會議交給首席傳播官 Lisa Miles 女士。女士，請開始。

Good morning, and thank you for joining us. Today, we have a change to how we normally manage our earnings calls. Franco Stevanato, our Chief Executive Officer, is recovering from an unexpected appendectomy, and he is unable to join the call today. He is doing well and we wish him all the best and a speedy recovery.

各位早安，感謝各位加入我們。今天，我們對平時管理財報電話會議的方式做出調整。執行長 Franco Stevanato 因突發闌尾切除手術正在康復中，今天無法參與會議。他目前狀況良好，我們祝他一切順利並早日康復。

For today’s call, Marco Dal Lago, our Chief Financial Officer, and I will deliver the prepared remarks and then open the call up for questions. I want to remind everyone that a presentation to accompany today’s results is available on the Investor Relations page of our website, under the Financial Results tab.

今天的會議將由我們的財務長 Marco Dal Lago 與我進行事先準備的發言，之後開放提問。我也提醒各位，配合今天業績的簡報已上傳至我們網站的投資人關係頁面「Financial Results」分頁下。

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. 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.

今天所作的部分陳述屬於前瞻性陳述，並以目前的預期為基礎。實際結果可能因風險而與之有重大差異，相關風險已載於我們最近向美國證券交易委員會（SEC）提交之 Form 20-F 年報第 3D 項「風險因素」。請查閱今日簡報開頭及新聞稿中所載的「安全港」聲明。除法律要求外，本公司不承擔修訂或更新此等前瞻性陳述之義務。

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. For a reconciliation of these non-GAAP measures, please refer to the company's most recent earnings press release.

今天的簡報可能包含非 GAAP 財務資訊。管理層在內部使用這些指標來評估績效，並認為其可協助投資人評估我們財務結果的品質、辨識績效趨勢，以及提供具意義的期間比較。關於這些非 GAAP 指標的調節表，請參閱公司最新的財報新聞稿。

So let's get started. Today, we'll review our first-quarter performance, share an update on our investment projects, and discuss the current environment. We started fiscal 2026 with strong momentum in the first quarter, highlighted by 10% revenue growth on a constant-currency basis.

那麼我們開始。今天我們將回顧第一季表現、更新投資專案進度，並討論目前環境。我們在 2026 會計年度第一季以強勁動能開局，按固定匯率基礎計算，營收成長 10%。

Our first-quarter financial results were largely in line with our expectations, driven by solid revenue growth in the Biopharmaceutical and Diagnostic Solutions segment. This was driven by ongoing demand for our pre-fillable syringes as we continue to bring new capacity into service in our plants in Latina and Fishers. While syringes were the largest driver of the growth in the quarter, increasing over 20% year-over-year, other product categories like cartridges and vials also contributed to the company's growth in the quarter.

我們第一季財務結果大致符合預期，主要由生物製藥與診斷解決方案（BDS）部門的穩健營收成長所帶動。這主要受惠於預充式注射器的持續需求，因我們持續在 Latina 與 Fishers 廠區將新增產能投入使用。雖然注射器是本季成長的最大推動力、年增超過 20%，但其他產品類別如卡匣與小瓶（vials）也對公司本季成長有所貢獻。

Revenue from high value solutions accounted for 47% of total company revenue in the first quarter of 2026, driven by biologics. In the first quarter of fiscal 2026, GLP-1s accounted for approximately 21% to 22% of total company revenue. This drove a 15% increase in revenue from biologics, the fastest-growing end market.

2026 年第一季，高價值解決方案營收占公司總營收的 47%，主要由生物製劑帶動。在 2026 會計年度第一季，GLP-1 相關產品約占公司總營收的 21% 至 22%。這帶動生物製劑營收成長 15%，為成長最快的終端市場。

The market for GLPs and incretin therapies is expected to continue to grow and evolve over the next decade, with novel indications beyond diabetes and obesity, new originators and clinical phases, and biosimilars gaining traction as drugs reach their patent cliffs. As we previously mentioned, this is one of the key drivers behind the strong demand trends that we see in the market today for ready-to-use and bulk cartridges.

預期 GLP 與腸泌素（incretin）療法市場在未來十年將持續成長並演進，包含糖尿病與肥胖以外的新適應症、新的原研藥廠與臨床階段，以及隨著藥品接近專利到期（patent cliffs）而逐步受到青睞的生物相似藥。正如我們先前提到的，這也是推動我們目前在市場上看到即用型（ready-to-use）與散裝（bulk）卡匣強勁需求趨勢的關鍵因素之一。

Beyond GLPs, we are seeing growing demand for cartridges for use with other biologics, like monoclonal antibodies. Historically, cartridge volumes were primarily spread across a handful of large players. But today, market demand is extending into many other traditional large pharma and emerging biotech players driven by biologics.

除 GLP 之外，我們也看到用於其他生物製劑（如單株抗體）的卡匣需求正在增加。過去，卡匣出貨量主要集中在少數幾家大型業者之間分配。但如今，在生物製劑帶動下，市場需求正延伸至更多傳統大型藥廠與新興生技公司。

The demand is wide-ranging, from traditional 1.5 ML and 3 ML cartridges to large volumes of up to 20 ML. For example, the emerging trend towards large-volume biologics has led pharma companies to consider cartridges as the preferred solution. Underpinning this trend is a shift to home-based solutions from intravenous to subcutaneous injections and the higher potency of some drugs.

需求範圍廣泛，從傳統的 1.5 mL 與 3 mL 卡匣，到最高可達 20 mL 的大容量卡匣。例如，朝向大容量生物製劑的趨勢，使藥廠開始將卡匣視為首選解決方案。支撐此趨勢的因素包括：從靜脈注射轉向皮下注射的居家治療方案，以及部分藥物更高的效價（potency）。

As we mentioned last quarter, recent demand trends in cartridges have outpaced our expectations. To satisfy this market need, we identified specific actions to convert an underutilized ready-to-use vial line to a ready-to-use cartridge line at our headquarters in Piombino Dese.

如同我們上季所提到的，近期卡匣需求趨勢超出我們的預期。為滿足市場需求，我們已採取具體行動，將位於 Piombino Dese 總部一條利用率偏低的即用型小瓶產線，轉換為即用型卡匣產線。

This allows us to optimize our capital investments, while at the same time supporting our customers' needs. We believe this will help bridge the gap between demand and capacity while we prepare for the next phase in Latina that is dedicated to expanding ready-to-use cartridge capacity.

此舉使我們得以優化資本投資，同時支援客戶需求。我們相信，這將在我們為 Latina 下一階段（專注於擴增即用型卡匣產能）做準備期間，協助縮小需求與產能之間的缺口。

This is a great example of maximizing our engineering know-how to enable growth in our core drug containment business in the BDS segment. This conversion underscores our ability to reconfigure assets efficiently in response to shifts in customer demand, when time to market is crucial for our pharma and biotech customers. The converted RTU cartridge line is expected to come into commercial production in the coming weeks.

這是運用我們工程專業以推動 BDS 部門核心藥品包材（drug containment）業務成長的絕佳例子。此項轉換凸顯我們能在客戶需求轉變時高效率地重新配置資產；對於我們的製藥與生技客戶而言，上市時程（time to market）至關重要。轉換後的 RTU 卡匣產線預計將在未來幾週內投入商業化生產。

Let's turn our attention to the Engineering segment. While revenue declined as anticipated. We saw an initial improvement in margins as we begin to gain traction from the actions taken under our business optimization plan. The anticipated revenue decline was primarily due to the low backlog and the slow pace of new order intake. The team is squarely focused on two main priorities.

接著把焦點轉向工程（Engineering）部門。雖然營收如預期下滑，但隨著我們開始從業務優化計畫所採取的行動中取得進展，毛利率出現初步改善。預期的營收下滑主要是由於在手訂單（backlog）偏低，以及新訂單承接速度緩慢。團隊目前聚焦於兩大優先事項。

First, we continue executing the optimization plan, and much work has been done to improve operational efficiency over the last 18 months. As we right-sized operations and streamlined processes, along with the better mix resulting from the delivery of legacy projects in Denmark, we are starting to harvest the benefits with initial profitability improvements in the segment.

第一，我們持續執行優化計畫，過去 18 個月已完成大量工作以提升營運效率。隨著我們調整營運規模並精簡流程，再加上丹麥既有專案交付帶來的產品組合改善，我們開始收穫效益，部門獲利能力出現初步提升。

Second, we are laser-focused on our sales and marketing efforts, which are essential to driving growth in the second-half of the year. We continue to strengthen our commercial organization with new talent in the US and Europe. And we increased business development activities, which are expected to expand our opportunity set. But customer orders are materializing slower than expected. While the financial performance of the segment is not where we want it to be, the team is prioritizing execution, new business development, and returning the segment to its historical performance levels.

第二，我們高度聚焦於銷售與行銷工作，這對推動下半年成長至關重要。我們持續在美國與歐洲引進新人才以強化商業組織，並增加業務開發活動，預期將擴大我們的機會集合。然而，客戶訂單落地的速度慢於預期。雖然該部門的財務表現尚未達到我們的目標，團隊正優先推動執行力、新業務開發，並使該部門回到其歷史表現水準。

Let's turn to an update on our growth projects in the US and Italy. In the first quarter, we remained focused on scaling and executing our growth investments with a disciplined, demand-driven approach, strengthening operational maturity while expanding capacity to meet customer demand.

接下來更新我們在美國與義大利的成長專案。第一季，我們仍以嚴謹、以需求為導向的方法，專注於擴大規模並落實成長投資，在擴充產能以滿足客戶需求的同時，強化營運成熟度。

Starting with Fishers, customer validations and audits will continue as planned throughout 2026. At the same time, we are expanding the US team as we continue to build our US presence as a strategic hub for the delivery of domestic supply.

先從 Fishers 談起，客戶驗證與稽核將依計畫在 2026 年持續進行。同時，隨著我們持續建立美國據點作為交付本土供應的策略樞紐，我們也正在擴編美國團隊。

We are making great progress with the contract manufacturing build-out. The device assembly area is really taking shape, with the first automation assets being delivered and installed. The overall project remains on schedule, and we expect commercial production to begin at the end of 2026 or early 2027.

我們在委外製造（contract manufacturing）建置方面進展良好。裝置組裝區域已逐漸成形，首批自動化設備資產正在交付並完成安裝。整體專案仍按進度推進，我們預期商業化生產將於 2026 年底或 2027 年初開始。

Turning to Latina, the current ramp-up remains centered on bringing high-value syringe capacity into service and advancing customer validations. At the same time, we are preparing for the next phase of expansion for easy-fill cartridges, bringing much needed capacity to meet rising global demand. The expansion will be powered by our next generation RTU400 EZ-fill cartridge lines. These high-speed lines have significantly higher production output and are designed to drive best-in-class operational efficiency. Commercial production of the RTU cartridges on the new line is set to launch in early 2027.

再看 Latina，目前的爬坡（ramp-up）仍以將高價值注射器產能投入使用並推進客戶驗證為核心。同時，我們正為下一階段的 EZ-fill 卡匣擴產做準備，以提供急需的產能來滿足全球需求上升。此次擴產將由我們下一代 RTU400 EZ-fill 卡匣產線驅動。這些高速產線具備顯著更高的產出，並以打造同級最佳的營運效率為設計目標。新產線的 RTU 卡匣商業化生產預計於 2027 年初啟動。

In summary, we started 2026 with solid momentum, delivering results in line with our expectations and demonstrating the resilience of our business model. Performance in the BDS segment remains strong, supported by continued demand for high-value solutions and the progressive ramp-up of capacity in Latina and Fishers. Our first-quarter results in the engineering segment reflect disciplined operational delivery and a clear focus on aligning execution with our strategic priorities as we move through the year.

總結而言，我們在 2026 年以穩健動能開局，交出符合預期的成果，並展現我們商業模式的韌性。BDS 部門表現依然強勁，受惠於高價值解決方案的持續需求，以及 Latina 與 Fishers 產能逐步爬坡。工程部門第一季的結果反映出我們在營運交付上的紀律，以及在全年推進過程中，明確聚焦於使執行與策略優先事項一致。

We are making operational progress against our main KPIs, and the results of our optimization plan are gaining traction. However, we still have work to do to secure new orders and rebuild the backlog to drive sustainable improvements in the segment's financial performance.

我們在主要 KPI 上的營運進展持續推進，優化計畫的成效也逐步顯現。然而，我們仍需努力以取得新訂單並重建在手訂單，以推動該部門財務表現的可持續改善。

All in all, we're off to a good start in the first quarter, and with that, I'll turn the call over to Marco.

整體而言，我們第一季開局良好。接下來我把電話會議交給 Marco。

Thanks, Lisa. Before I begin, I'd like to clarify that all comparisons refer to the first quarter of 2025, unless otherwise specified. Let's start on page 10. In the first quarter of 2026, revenue grew 10% at the constant currency rate and 7% on a reported basis to EUR273.6 million. This was driven by 13% growth in the BDS segment, which offset a 31% revenue decline in the Engineering segment.

謝謝，Lisa。在我開始之前，我想先澄清，除非另有說明，所有比較皆以2025年第一季為基準。讓我們從第10頁開始。2026年第一季，營收以固定匯率計成長10%，以報告基礎計成長7%，達到2.736億歐元。這主要由BDS事業部13%的成長所帶動，抵銷了工程事業部營收下滑31%的影響。

Revenue from high-value solutions increased 17% in the first quarter to EUR128.6 million and accounted for 47% of total revenue. This was driven predominantly by growth in high-value syringes. And to a lesser extent EZ-fill vials. In the first quarter of 2026, gross profit margin increased 30 basis points to 27.5%. This was driven by the ongoing improvements in our facilities in Latina and Fishers, an increase in high-value solutions and improved marginality in the Engineering segment.

第一季高價值解決方案營收成長17%，達到1.286億歐元，占總營收的47%。這主要由高價值注射器的成長所驅動，EZ-fill小瓶的貢獻相對較小。2026年第一季，毛利率提升30個基點至27.5%。這得益於我們在Latina與Fishers廠區持續改善、高價值解決方案占比提升，以及工程事業部邊際利潤改善。

As expected, higher depreciation and the effect of foreign currency partially offset these favorable trends. In the first quarter of 2026, operating profit margin increased 70 basis points to 14.2% and on an adjusted basis, operating profit margin rose 60 basis points to 14.9%.

如預期，更高的折舊費用以及外幣影響部分抵銷了上述有利趨勢。2026年第一季，營業利益率提升70個基點至14.2%；以調整後口徑計，營業利益率上升60個基點至14.9%。

As expected, the tax rate in the first quarter of 2026 was 28.6%, compared with 24.5% for the same period last year. In 2025, we benefited from a 400-basis-point reduction in the Italian statutory corporate income tax under the IRES premiale, which was implemented to encourage corporate investments in Italy. The incentive was discontinued in 2026.

如預期，2026年第一季稅率為28.6%，相較去年同期的24.5%上升。2025年，我們受惠於義大利在IRES premiale機制下將法定企業所得稅率下調400個基點，該措施旨在鼓勵企業在義大利投資。此項優惠於2026年停止適用。

For the first quarter of 2026, net profit totaled EUR28 million and diluted earnings per share were EUR0.10. On an adjusted basis, net profit increased 5% to EUR29.6 million and adjusted diluted EPS grew 10% to EUR0.11. Adjusted EBITDA increased 14% to EUR65.5 million and adjusted EBITDA margin increased 150 basis points to 23.9% in the first quarter of 2026.

2026年第一季，淨利為2,800萬歐元，稀釋後每股盈餘為0.10歐元。以調整後口徑計，淨利成長5%至2,960萬歐元，調整後稀釋EPS成長10%至0.11歐元。調整後EBITDA成長14%至6,550萬歐元，調整後EBITDA利潤率在2026年第一季提升150個基點至23.9%。

Moving to segment results on page 11. In the first quarter of 2026, revenue from the BDS segment increased 16% at constant currency rate and 13% on a reported basis to EUR249 million. This was driven by strong growth in high-value syringes and to a lesser extent, other product categories in both high-value and standard configurations. High-value solutions grew 17% to EUR128.6 million, representing approximately 52% of segment revenue. Revenue from other containment and delivery solutions, increased 9% to EUR120.3 million, driven mostly by standard syringes and cartridges, which offset the decline in the IVD business.

接著看第11頁的分部表現。2026年第一季，BDS事業部營收以固定匯率計成長16%，以報告基礎計成長13%，達到2.49億歐元。這主要由高價值注射器的強勁成長所帶動，此外高價值與標準配置的其他產品類別亦有一定貢獻。高價值解決方案成長17%至1.286億歐元，約占分部營收的52%。其他容器與給藥解決方案營收成長9%至1.203億歐元，主要由標準注射器與藥筒帶動，抵銷了IVD業務的下滑。

Gross profit increased by EUR1.2 million in the first quarter of 2026, reflecting improvements in Fishers and Latina and the favorable mix shift in high-value solutions. These positive trends were offset by several factors. As expected, the biggest factor was higher depreciation related to the ramp-up in Fishers and Latina as we bring more manufacturing capacity into commercial service.

2026年第一季毛利增加120萬歐元，反映Fishers與Latina的改善，以及高價值解決方案帶來的有利產品組合變化。這些正面趨勢被多項因素所抵銷。如預期，最大因素是折舊費用上升，與Fishers與Latina產能爬坡相關，因為我們將更多製造產能投入商業化運作。

Second, the headwind from foreign currency. Third, in the first quarter of last year, the segment benefited from an accretive pilot project out of our Technology Excellence Center in Italy. The project was for an industry-leading customer for large batch, Not for Human Use, fill and finish services. The success of 2025 project led us to recently launch this as a new service offering to meet market needs. And last, the impact of tariffs, some of which are expected to be recovered in future periods.

第二個因素是外幣帶來的不利影響。第三，去年第一季該分部受惠於我們位於義大利的技術卓越中心所執行的一項具增益效果的試點專案。該專案為一位產業領先客戶提供大批量、非供人體使用（Not for Human Use）的充填與成品製造（fill and finish）服務。2025年專案的成功促使我們近期將其推出為新的服務項目，以滿足市場需求。最後，還有關稅的影響，其中部分預期可在未來期間回收。

As a result, gross profit margin decreased by 300 basis points to 28.3%. For the first quarter of 2026, operating profit increased 6% to EUR44.1 million and operating profit margin was 17.7%. In the first quarter of 2026, revenue from the engineering segment decreased 31% to EUR24.6 million due to lower sales from assembly and glass conversion, which offset growth in the pharmaceutical visual inspection.

因此，毛利率下降300個基點至28.3%。2026年第一季，營業利益成長6%至4,410萬歐元，營業利益率為17.7%。2026年第一季，工程事業部營收下滑31%至2,460萬歐元，原因是組裝與玻璃轉換的銷售下降，抵銷了製藥視覺檢測業務的成長。

Gross profit margin improved 460 basis points to 15.3%, as we start to realize some of the benefits from the actions taken under our optimization plan. In particular, right-sizing our operations and a better labor cost structure led to improved financial performance in our Denmark operations. For the first quarter of 2026, operating profit margin increased 190 basis points to 6.6%.

毛利率改善460個基點至15.3%，因我們開始實現優化計畫所採取措施帶來的部分效益。尤其是調整營運規模（right-sizing）以及更佳的人力成本結構，帶動我們丹麥營運的財務表現改善。2026年第一季，營業利益率提升190個基點至6.6%。

While the margins improved in the engineering segment due to efficiencies we are beginning to gain from the execution of our business optimization plan, we remain somewhat cautious due to the low backlog and the time required to get new orders over the finish line. Please turn to the next slide for a review of our balance sheet and cash flow.

雖然工程事業部的利潤率因我們執行業務優化計畫而開始取得效率提升，但由於在手訂單偏低，以及新訂單完成簽訂所需時間，我們仍保持一定程度的審慎。請翻到下一頁，我們將回顧資產負債表與現金流。

We ended the quarter with cash and cash equivalents of EUR111.7 million and net debt of EUR337.7 million. We believe we have adequate liquidity to fund our strategic priorities through a combination of cash on hand, available credit lines, cash generated from operations, and the ability to assess additional financing. For the first quarter of 2026, capital expenditures totaled EUR67.6 million, with more than 90% related to growing investments for high-value solutions in Fishers and Latina.

本季末，我們的現金及約當現金為1.117億歐元，淨負債為3.377億歐元。我們相信，透過手上現金、可用授信額度、營運產生的現金，以及評估額外融資的能力相結合，我們具備足夠流動性以支持策略重點。2026年第一季，資本支出合計6,760萬歐元，其中超過90%與在Fishers與Latina擴大高價值解決方案投資相關。

In the first quarter of 2026, net cash from operating activities totaled EUR75.5 million. Cash used in property, plant and equipment and intangible assets was EUR70.7 million. As a result, we generated free cash flow of EUR5.5 million in the first quarter of 2026. Please turn to the next slide.

2026年第一季，營運活動產生的淨現金為7,550萬歐元。用於不動產、廠房及設備以及無形資產的現金支出為7,070萬歐元。因此，2026年第一季我們產生的自由現金流為550萬歐元。請翻到下一頁。

With a solid start of the first quarter, we are maintaining our 2026 guidance and continue to expect, revenue in the range of EUR1,260 million to EUR1,290 million, adjusted EBITDA between EUR331.8 million and EUR346.9 million, and adjusted diluted EPS between EUR0.59 and EUR0.63. For modelling purposes, the assumptions we provided in March remain the same.

第一季開局穩健，我們維持2026年指引不變，並持續預期營收介於12.60億至12.90億歐元之間，調整後EBITDA介於3.318億至3.469億歐元之間，調整後稀釋EPS介於0.59至0.63歐元之間。就建模而言，我們在3月提供的假設維持不變。

In closing, we had a great start to fiscal 2026 with strong momentum in the BDS segment as we progress at our Latina and Fishers sites and increase our mix of high-value solutions. We are also encouraged by margin improvement in the Engineering segment, while remaining cautious given the slow pace in converting new orders.

總結來說，2026財年開局良好；隨著我們推進Latina與Fishers廠區進展並提高高價值解決方案占比，BDS事業部展現強勁動能。我們也對工程事業部利潤率改善感到鼓舞，但鑑於新訂單轉換速度偏慢，我們仍保持審慎。

We operate in some of the fastest growing end markets, underpinned by strong secular tailwinds. We successfully won our fair share of business in the GLP1 arena, and we are confident that we will continue benefiting in the future as more originators and biosimilars enter the market.

我們所處的終端市場是成長最快的市場之一，並由強勁的長期結構性利多所支撐。我們在GLP1領域成功取得應有的業務份額，並有信心隨著更多原研藥廠與生物相似藥進入市場，未來將持續受惠。

Our capital investments are aligned with market demand. And we are maximizing our operational flexibility through ongoing initiatives to optimize our global footprint to meet customer needs. We will continue to leverage our strong competitive position as we strive to be number one or number two in our core product categories within the injectables market.

我們的資本投資與市場需求一致。同時，我們透過持續推動各項計畫來優化全球布局，以滿足客戶需求，並最大化營運彈性。我們將持續運用強大的競爭地位，力求在注射劑市場的核心產品類別中成為第一或第二。

We are progressively de-emphasizing non-core products in favor of more accretive solutions. That also move us up the value chain, such as the large batch Not for Human Use, fill and finish services that I mentioned earlier.

我們正逐步降低非核心產品的比重，轉而聚焦於更具增益的解決方案。這也將我們推向價值鏈更上游，例如我先前提到的大批量、非供人體使用（Not for Human Use）的充填與成品製造（fill and finish）服務。

Looking ahead, we expect to see a strong growth trajectory for the injectable biologics market over the coming years, driven by biosimilars, monoclonal antibodies, and other advanced therapies. This trend continues to support demand for reliable, scalable, high-value solutions. With our high-quality products, global footprint, and our ability to deliver at scale, we believe that we are well-positioned to support our customers and to continue capitalizing on the rising growth in biologics and injectable therapies.

展望未來，我們預期未來幾年注射型生物製劑市場將呈現強勁成長軌跡，主要由生物相似藥、單株抗體及其他先進療法所驅動。此趨勢持續支撐對可靠、可擴充、高價值解決方案的需求。憑藉我們的高品質產品、全球布局以及規模化交付能力，我們相信公司具備良好定位，可支持客戶並持續把握生物製劑與注射療法需求上升所帶來的成長機會。

Operator, we are ready for questions. Thank you.

接線員，我們已準備好回答問題。謝謝。

(Operator Instructions) Mike Ryskin, Bank of America.

（接線員指示）美國銀行（Bank of America）的Mike Ryskin。

Hi. Thank you so much for taking the question. This is Alexa Chan on for Mike. First, we hope Franco is doing well and we're wishing him a speedy recovery. Maybe just to start out with my first question on GLP-1s. With the GLP-1s now 21% to 22% of revenue, how are you thinking about volume visibility and durability? And how should investors frame the risk from orals overtime? And then I have a follow-up.

嗨。非常感謝讓我提問。我是代替Mike的Alexa Chan。首先，我們希望Franco一切安好，也祝他早日康復。先從我第一個關於GLP-1的問題開始。現在GLP-1占營收的21%到22%，你們如何看待出貨量的可見度與持續性？投資人又應如何看待口服劑型（orals）隨時間推移所帶來的風險？另外我還有一個追問。

Thanks for the question. We believe GLP market will continue to grow over the next several years. While the vast majority of our GLP revenue came from players with commercial assets, it also includes revenue from customers with assets in clinical phase. So we see a longer tailwind as the market continues to evolve.

感謝提問。我們相信 GLP 市場在未來幾年將持續成長。雖然我們的 GLP 營收絕大多數來自擁有商業化資產的客戶，但也包含來自臨床階段資產客戶的營收。因此，隨著市場持續演進，我們看到更長期的順風動能。

So we are pretty positive about the GRP-1 outlook. We reiterate our guidance for the year with the growth of mid-teens compared with 2025. They are predictable volumes for us in 2026 because we are largely covered by contractual commitments from our customers. They are keeping on updating us on the evolution of their forecast.

因此，我們對 GLP-1 的前景相當正面。我們重申今年的指引：相較 2025 年，成長約為十幾個百分點。對我們而言，2026 年的量是可預測的，因為我們大多已由客戶的合約承諾所覆蓋。他們也持續向我們更新其預測的變化。

Overall, we see some customer growing their demand, some other customer managing the inventories, but all overall for us is a growing trend with predictable volumes, and we expect it will stay for many years for Stevanato.

整體而言，我們看到部分客戶在提升需求，另一些客戶在管理庫存，但總體對我們來說仍是成長趨勢且量能可預測，我們預期這樣的態勢將在未來多年持續支撐 Stevanato。

And as it relates to your question on orals, it is obvious that GLPs represent a phenomenal drug class, and we expect this will continue to represent a durable tailwind for us. We do expect that the market will continue to evolve, but we still see 70% of the market opportunities in injectables and orals at 30%. And this is consistent with what we hear out of many industry experts, peers, as well as our customers.

至於你提到的口服劑型，很明顯 GLP 是一個極具潛力的藥物類別，我們預期它將持續成為我們長期且穩健的順風。我們確實預期市場會持續演進，但我們仍認為市場機會中約 70% 在注射劑型、口服約 30%。這也與我們從許多產業專家、同業以及客戶那裡聽到的看法一致。

I think with the recent data behind us on some of the new orals that have been out, the commentary has lent itself much more to market expansion rather than cannibalization of the injectable market. So those early signs, certainly the very vast majority of those oral patients are new starts. So moreover, the opportunity will continue to grow, driven by new indications beyond both obesity and diabetes. There's a strong pipeline of new assets that will be coming to market in the coming years.

我認為，隨著近期一些新口服藥物的數據出爐，市場評論更傾向於「市場擴張」而非「侵蝕注射市場」。從早期跡象來看，口服患者的絕大多數都是新開始用藥者。此外，機會將持續成長，並由肥胖與糖尿病以外的新適應症所驅動。未來幾年將有強勁的新資產研發管線陸續上市。

And the future wave of biosimilars expanding access. In the third quarter of last year, we discussed the biosimilar win for GLP-1s for easy-fill cartridges. And so we are beginning to see real traction in biosimilars. I think as you think about the overall market opportunity, in the US only, over 150 million potential patients between both obesity and diabetes.

以及生物相似藥的下一波浪潮將擴大可近性。去年第三季，我們討論了 GLP-1 用於即用型（easy-fill）卡匣的生物相似藥得標。因此，我們開始看到生物相似藥出現實質動能。若從整體市場機會來看，僅在美國，肥胖與糖尿病合計就有超過 1.5 億名潛在患者。

But when you kind of look out globally, we're talking about 1.5 million patients. Between both obesity and diabetes. So at the end of the day, we've won our fair share and more in GLP-1s. Primarily, we are the global leader in cartridges, both bulk and easy film. But at the end of the day, we anticipate that this will remain a long-term tailwind for us.

但若放眼全球，我們談的是 150 萬名患者（涵蓋肥胖與糖尿病）。總之，我們在 GLP-1 領域贏得了應有甚至更多的份額。主要而言，我們是卡匣（包含散裝與即用型）的全球領導者。但歸根結底，我們預期這將長期成為我們的順風動能。

Okay. Great, thank you. That's super helpful. And then maybe just have to follow-up on Annex 1. Can you provide an update on the program and help us quantify the tailwinds from that? Thank you so much.

好的。非常感謝，這很有幫助。接著我想追問一下 Annex 1。你們能否更新一下該計畫的進展，並協助我們量化它帶來的順風效應？非常感謝。

Yes, sure. So from a tailwind perspective, Annex 1 for Stevanato Group, we consider this as a much longer-term accelerator to RTU adoption over time. Obviously, the ready-to-use configuration can simplify and reduce the regulatory burden for customers.

好的，當然。從順風角度來看，對 Stevanato Group 而言，我們將 Annex 1 視為推動 RTU（即用型）採用的更長期加速器。顯然，即用型配置能為客戶簡化並降低法規遵循負擔。

Annex 1, as specifies much higher standards for contamination control, as well as quality risk management. The regulations are getting stricter. In this context, the pre-sterilized ready-to-use configurations can help ease the compliance burden for these new standards for our pharma customers. So net-net, we do see it as a tailwind. There are a number of factors that our clients do indicate to us for their transition from bulk to ready to use. Oftentimes, it's a handful of factors and not driven by one single individual case.

Annex 1 規範了更高的污染控制標準，以及品質風險管理。法規正變得更嚴格。在此背景下，預先滅菌的即用型配置可協助我們的製藥客戶更容易符合這些新標準、降低合規負擔。因此整體而言，我們確實將其視為順風。客戶向我們指出，從散裝轉向即用型通常是多項因素共同驅動，而非單一個案因素所致。

Thanks so much.

非常感謝。

Larry Solow, CJS Securities.

Larry Solow，CJS Securities。

Hi, good morning. It's actually Charlie for Larry. Please send our best wishes to Franco and for speedy recovery. Can you talk about the moving parts in the BDS segment margins in the first quarter and perhaps provide color on GPM for the BDS segment for the year?

嗨，早安。其實我是代 Larry 發言的 Charlie。請代我們向 Franco 致上最誠摯的祝福，祝他早日康復。能否談談第一季 BDS 事業部毛利率的各項變動因素，並提供今年 BDS 事業部毛利率（GPM）的更多說明？

Yeah, I start from the year. Thank you for the question. We reiterate our guidance where we see BDS gross profit margin in line of slightly better than last year with many moving pieces. On the positive side, we have a slightly better mix compared to 2025.

好的，我先從全年談起。感謝提問。我們重申指引：我們預期 BDS 毛利率與去年持平或略優，因為有許多變動因素。正面因素方面，我們的產品組合相較 2025 年略有改善。

On the other side, we mentioned two months ago during our guidance in the Q4 earning calls, we anticipate more pressure from that depreciations. And we are also estimating for BDS currency headwinds for approximately 18 million in the top-line that is impacting also the gross profit margin. So all overall, we are positive. We see growth in BDS, significant growth. The margin -- ross profit margins consistent or slightly better than 2025.

另一方面，我們在兩個月前的第四季財報電話會議中提到，我們預期折舊將帶來更大壓力。此外，我們也估計 BDS 將面臨匯率逆風，對營收端約影響 1,800 萬，亦會影響毛利率。因此整體而言，我們仍偏正面。我們看到 BDS 成長、顯著成長；毛利率與 2025 年一致或略優。

About first quarter is the combination of many factors. I start with depreciations consistent with what we got for the year. We had impact from depreciation, approximately EUR4 million, compared with the same period last year. That is impacting more in Q1 than in the coming quarters because revenues are expected to grow quarter after quarter, so the impact of depreciation is stronger in Q1.

至於第一季，這是多項因素的組合。我先從折舊談起，與我們對全年預期一致。相較去年同期，折舊影響約 400 萬歐元。由於營收預期將逐季成長，因此折舊的影響在第一季更為明顯，後續季度相對較弱。

Second very important element, last year, Q1, euro, dollar exchange rate was about 1.05. It has been 1.17 in the first quarter of 2026. So the EUR8 million impact we had in top-line was partially reflected in gross profit margin too. It is the second element.

第二個非常重要的因素是匯率。去年第一季歐元兌美元約為 1.05；而 2026 年第一季為 1.17。因此，我們在營收端受到約 800 萬歐元的影響，這也部分反映在毛利率上。這是第二個因素。

I also mentioned in the commentary remarks the tariffs. Tariffs, we had an impact with the least temporary for us because the plan is to recover the temporary shifting from cost to revenue in the coming quarters, but it impacted Q1 2026 and obviously not Q1 2025.

我在評論中也提到了關稅。關稅對我們的影響至少是暫時性的，因為計畫是在接下來幾季把這種由成本端轉到營收端的暫時性移轉回收回來，但它確實影響了 2026 年第一季，而 2025 年第一季則沒有。

And finally, we mentioned very good services we provided last year for last dash for an important customer in fill and finish services, not for human use, that is slowing down in Q1 2026. Nevertheless, we have been able to add this service for our customer and we believe it will be an important asset for the coming quarters.

最後，我們提到去年為一位重要客戶在充填與封裝（fill and finish）服務上提供了非常好的服務（非供人體使用），而這在 2026 年第一季有所放緩。儘管如此，我們已能為客戶新增這項服務，我們相信這將在未來幾季成為重要資產。

Great, thank you. Just following up on the fill and finish services for the Not for Human Use, is that considered a high-value solution? And how do the margins compare to your 40% to 70% gross profit margin range for HVS?

很好，謝謝。追問一下：針對「非供人體使用」的充填與封裝服務，這是否被視為高價值解決方案（HVS）？其毛利率與你們所提到 HVS 40% 到 70% 的毛利率區間相比如何？

So yes, we are talking about high-value solutions here. The margin is very effective in the range of high-value solution in very good profitability. Overall, let me say that we are exactly where we expected to be. I mean, we expanded the overall gross profit margin by 30 basis points compared to the same period last year, and 150 basis points, our adjusted EBITDA margin. That is in line with the expansion we planned for the entire year, and that is embedded in our guidance.

是的，我們談的確實是高價值解決方案。其毛利率非常符合高價值解決方案的區間，獲利能力很好。整體而言，我想說我們正處於我們預期的位置。我的意思是，相較去年同期，我們的整體毛利率提升了 30 個基點，而調整後 EBITDA 利潤率提升了 150 個基點。這與我們對全年規劃的擴張一致，也已反映在我們的指引中。

Thank you very much.

非常感謝。

Patrick Donnelly, Citi.

Patrick Donnelly，花旗（Citi）。

Hey, guys, thank you for taking the question. Maybe one on the Engineering segment, it sounds like orders maybe materializing a little slower than you guys anticipated. Again, the assembly glass conversion seems like it's a little slower. Can you just talk about, I guess, what you're seeing in that segment? And the visibility into the recovery, what the initiatives are to kind of turn things around there. Just wanted to get a bit more color on that piece.

各位好，謝謝讓我提問。想問工程（Engineering）事業部：聽起來訂單落地的速度可能比你們原先預期稍慢。同樣地，組裝玻璃轉換（assembly glass conversion）似乎也慢了一些。能否談談你們在該事業部看到的情況？以及復甦的能見度、以及為了扭轉局面所採取的措施？我想多了解一些這部分的細節。

So first of all, we are doing good progresses in our operational improvement with respect of on-time delivery, cost structure, and manufacturing footprint. And this is delivering margin expansion for us. Where we have a lot of focus today is winning new contracts. We are winning contracts as we speak, so we are progressing with the orders intake.

首先，我們在營運改善方面取得了良好進展，包括準時交付、成本結構以及製造據點配置。這些正在為我們帶來利潤率擴張。我們目前非常聚焦的是贏得新合約。我們正在持續拿下合約，因此訂單接單量正在推進。

We are planning for the coming quarters. We expect the second part of the year stronger than the first part of the year. Everything is embedded in our guidance. What I can tell you is that we can see strong demand in visual inspection machines and also assembly and packaging for self-administration for 10 injector out ejector.

我們正在規劃接下來幾季。我們預期下半年會比上半年更強。所有內容都已納入我們的指引。我可以告訴你的是，我們看到視覺檢測設備，以及用於自我給藥的組裝與包裝（適用於自動注射器／退針器）有強勁需求。

The speed between the awards of the contract and the starting sometimes is taking longer than anticipated, but we have a good visibility to deliver what we put in our guidance. Is in any case, as mentioned two months ago, a reduction compared with 2025 between mid-single-digit to low double-digit? So no surprises compared to two months ago, we are reiterating our focus in improving operational efficiency and increasing our orders intake to get back as soon as possible to our historical financial performances.

合約授予到實際啟動之間的速度有時比預期更久，但我們對於達成指引中所列的交付有良好能見度。無論如何，如同兩個月前所提到的，相較 2025 年將下滑，幅度約為中個位數到低雙位數。因此相較兩個月前沒有意外；我們重申將聚焦提升營運效率並增加接單量，以盡快回到我們歷史上的財務表現水準。

And then, Marco, maybe just on 2Q, if you could help us think about the setup there on the revenue, margins, earnings side, and just the margin progression through the year would be helpful. Thank you guys so much.

然後，Marco，或許就第二季（2Q）而言，如果你能幫我們思考一下那邊在營收、毛利率、獲利面的布局，以及全年毛利率的推進走勢，會很有幫助。非常感謝各位。

Thanks, Patrick, for the question. In second quarter, we reiterate basically what we said two months ago. So we expect the first half of the year, we represent approximately 45% of our earlier revenue. We anticipate growth in the second quarter, high single-digit, low double-digit in the BDS segment. We anticipate approximately 10% decline in engineering compared with the same period last year.

謝謝你，Patrick，謝謝你的提問。第二季方面，我們基本上重申兩個月前所說的內容。因此，我們預期上半年將約占我們先前營收的45%。我們預期第二季BDS事業部將成長，高個位數到低雙位數。我們預期工程業務相較去年同期約下滑10%。

So all overall, we are confirming what we were seeing a couple of months ago. As mentioned in our guidance, we expect second part of the year stronger compared with the first half of the year. We reiterate our guidance of a high-value solution that are expected to represent between 47% to 48% for the year. And so, basically, our guidance are confirmed, including the currency headwinds that we anticipated.

所以整體而言，我們是在確認幾個月前所看到的情況。如同我們在指引中提到的，我們預期下半年會比上半年更強。我們重申指引：高價值解決方案預期全年占比介於47%到48%。因此，基本上我們的指引獲得確認，也包含我們先前預期的匯率逆風。

Very helpful. Thank you, guys.

非常有幫助。謝謝各位。

Paul Knight, KeyBanc.

Paul Knight，KeyBanc。

Hi, Marco. Hi, Lisa. Our regards to Franco as well, the biologics business is growing 15%, and yet market kind of the data says is the market's at 10. Why are you achieving this premium growth rate?

嗨，Marco。嗨，Lisa。也請代我們向Franco致意。生物製劑業務成長15%，但市場資料顯示市場大約是10%。你們為什麼能達到這樣的溢價成長率？

Thanks for the question, Paul. So I think as we highlighted in our prepared remarks, GLPs are a significant driver, behind our current biologics growth. But nevertheless, revenues in biologics relates to wide-ranging different areas, including mAbs, biosimilars, mRNA applications, and other therapeutic areas like immunology, inflammatory, and rare disease.

謝謝你的問題，Paul。我想如同我們在事先準備的發言中強調的，GLP是推動我們目前生物製劑成長的重要驅動因素。不過，生物製劑的營收涵蓋非常廣泛的領域，包括單株抗體（mAbs）、生物相似藥、mRNA應用，以及其他治療領域如免疫、發炎與罕見疾病。

So I think in terms of product categories, today our demand is highly concentrated in pre-fillable syringes. But we're also seeing increasing prospects in leads and cartridges as a container format as we addressed in our prepared remarks. So I think also the combination of DLPs, the ramp up of our additional capacity and fissures, all of those are leading to mid-teens growth for that biologics category for us.

所以我想就產品類別而言，目前我們的需求高度集中在預充式注射器。但如同我們在事先準備的發言中提到的，我們也看到以小瓶與藥筒作為容器形式的機會正在增加。因此，我想DLPs的組合、我們新增產能的爬坡以及fissures（原文如此），這些因素共同帶動我們在生物製劑類別達到約中十位數的成長。

And then the question on Engineering is, assembly, I think from your statements and handouts, Assembly Denmark is complete, meaning the long-tail problem projects seem to be over. Is that correct? And should we assume, therefore, that this new level of higher gross margin should continue?

接著關於工程業務的問題：組裝方面，我想從你們的說法與簡報資料來看，丹麥的Assembly已完成，代表那些長尾的問題專案似乎已經結束了。這樣理解正確嗎？因此我們是否可以假設，這個較高的毛利率新水準應該會持續？

So thanks for the comment, Paul. Good comment because one of the main factor to improve profitability in Q1 compared to the same period last year is also the project mix. We have been able to deliver the most complex and customized projects that last year pushed the gross profit margin down. The guidance for the year between EUR130 million to EUR140 million.

謝謝你的評論，Paul。這是個好評論，因為相較去年同期，第一季獲利能力改善的主要因素之一也是專案組合。我們已能交付去年曾把毛利率拉低的、最複雜且高度客製化的專案。全年指引為1.30億至1.40億歐元。

Third-party revenue in Engineering is reflecting also a more selective approach from our side about this large, complex, customized, non-repetitive project in the assembly packaging machines. So we are confident about the margin expansion compared to 2025, and this is exactly the direction we are taking in order to go back as soon as possible to our historical financial performances in Engineering.

工程業務的第三方營收也反映出我們在組裝包裝機的大型、複雜、客製化、非重複性專案上採取更為審慎的選擇性策略。因此，我們對於相較2025年的毛利率擴張有信心，而這正是我們所採取的方向，目標是盡快讓工程業務回到歷史上的財務表現水準。

Thank you.

謝謝。

Matt Larew, William Blair.

Matt Larew，William Blair。

Hi, good morning. Maybe sticking with Engineering. I think to hit kind of the guidance range, really, you need a pretty healthy ramp throughout the year. And you're saying today you have visibility to that. I think the message before was about sales cycle extension, customers taking longer to make decisions.

嗨，早安。或許繼續談工程業務。我認為要達到指引區間，你們確實需要在全年有相當健康的爬坡。而你們今天表示對此有能見度。我記得之前的訊息是銷售週期延長、客戶做決策需要更久。

You mentioned today the need to add sales and marketing and BD resources. So I guess I just want to confirm that you still view kind of the current lag. As one related to sales extension and not losing share or to see more competition. So I guess just confirming those are discrete decisions rather than related ones.

你們今天提到需要增加銷售、行銷與BD資源。所以我想確認的是，你們仍然認為目前的落後主要是因為銷售（決策）週期延長，而不是因為市占流失或競爭加劇。也就是確認這些是各自獨立的決策，而不是彼此相關的。

Yes. So Matt, as it relates to our prepared comments, we have been adding talent in engineering both in Europe and the United States. This has been actually an ongoing process as we build the team stronger, particularly here in the United States, as Fisher has become much more of a strategic hub for the delivery of our domestic supply and support for our US customers. So that has been ongoing.

是的。Matt，關於我們事先準備的評論，我們一直在歐洲與美國的工程團隊增補人才。這其實是一個持續進行的過程，我們在強化團隊，特別是在美國這裡，因為Fisher已成為更具策略性的樞紐，用於交付我們的國內供應並支援美國客戶。因此這一直在進行中。

In terms of the sales cycle, I don't think the message has changed, the sales cycle overall has lengthened, and perhaps it's really the decision cycle. So what we're seeing are slower decisions out of our customers that we have seen, let's say, five years back before the pandemic.

至於銷售週期，我不認為訊息有改變；整體銷售週期確實拉長了，或許更準確地說是決策週期。我們看到客戶做決策的速度變慢，和五年前、疫情前相比更是如此。

I would say more disciplined procurement on their side, higher hurdles with decisions going through CapEx committees today, them focusing on their capital investments and the timing of those investments, I don't think that we're unique. While, we have been at several events this year and in talking to many of our peers, they are seeing the very similar effects on the client side in terms of those lengthening of decisions.

我會說他們在採購上更有紀律，今天的決策需要通過資本支出（CapEx）委員會，門檻更高；他們也更聚焦於資本投資以及投資時點。我不認為這是我們獨有的情況。我們今年參加了幾個活動並與許多同業交流，他們在客戶端也看到非常類似的影響，也就是決策時間拉長。

Okay. Thanks, Lisa. And then just on cartridge demand, you referenced the conversion of the ready-to-fill bio line and some additional capacity coming on and PMB on what they say. I guess what, as a percentage of the existing cartridge capacity today, how much are you in process of adding and how, do you think you can quantify kind of what is that gap between supply and demand right now? It feels like cartridges are near that are really accelerating.

好的。謝謝你，Lisa。接著關於藥筒需求，你提到把ready-to-fill的生物產線轉換，以及一些新增產能上線，還有PMB那邊的說法。我想問的是：以目前既有藥筒產能為基準，你們正在增加的產能大約占比多少？以及你們是否能量化目前供需之間的缺口？感覺藥筒需求正在加速。

Yes, Matthew. As you know we are still in a low penetrated market with respect of the sterile cartridges. We are the first mover and the market leader. Percentage wise is a significant step up in increase of capacity, the conversion from buyers to sterile cartridges. So we are accelerating because we see a lot of demand.

是的，Matthew。如你所知，就無菌藥筒而言，市場滲透率仍然偏低。我們是先行者也是市場領導者。就比例而言，從小瓶轉換到無菌藥筒的產能提升是相當顯著的一步。我們正在加速，因為我們看到大量需求。

On top of it, as mentioned many times, we are investing in Latina for the new LPU technology that will be ready for commercial production by the beginning of 2027. We are serving two different types of customers here. We have much more flexibility in [Tiobina] with the new converted line.

此外，如同多次提到的，我們正在Latina投資新的LPU技術，預計在2027年初可進入商業化生產。我們在這裡服務兩種不同類型的客戶。透過新轉換的產線，我們在[Tiobina]（原文如此）具備更高的彈性。

In Latina, instead, we are installing capacity for large volumes and repetitive contracts. So all overall, we are pretty happy about what we see in the market of the conversion from Baltus Terrai with respect to the format of cartridges.

而在Latina，我們則是在安裝可支援大批量與重複性合約的產能。因此整體而言，我們對於市場上從Baltus Terrai（原文如此）轉換到藥筒格式的趨勢感到相當滿意。

And just to compliment what Marco said, I think it's important to recognize that we saw this demand shift coming. And so about a year ago, the decision was made to convert that ready-to-use vial line into a ready-to-use cartridge line, which clearly demonstrates our agility and flexibility with our capital investments to optimize those and then deploy them to meet customer demand. I think that's an important point.

補充Marco所說，我認為重要的是要認知到我們早就看到這個需求轉移即將發生。因此大約一年前，我們就決定把那條ready-to-use小瓶產線轉換成ready-to-use藥筒產線，這清楚展現了我們在資本投資上的敏捷性與彈性，能夠優化配置並部署以滿足客戶需求。我認為這點很重要。

Secondly, at the moment, we're fully booked on cartridges in 2026, and we see this demand being very widespread beyond just the traditional handful of players that we have normally seen. It's expecting into other large pharma, biotech customers for really new treatment areas, including mAbs. A lot of the cartridge evolution, I would say in the medium to longer-term is really shifting towards large volume, as we mentioned in our prepared remarks.

第二，目前我們2026年的藥筒產能已完全滿載，而且我們看到這個需求非常廣泛，不再只是我們過去通常看到的少數幾家傳統玩家。它正在擴展到其他大型藥廠與生技客戶，涵蓋真正新的治療領域，包括單株抗體（mAbs）。我會說，從中期到長期，藥筒的演進確實正朝向大容量發展，如同我們在事先準備的發言中提到的。

This is really driven by innovation by our pharma customers, who -- new treatments that are coming to market, if you think about mAbs, are more challenging and more sensitive. They may have a higher viscosity or higher payloads, which simply lends itself to much higher volume drug containment. So overall, as the global leader in pen cartridges, we feel extremely well positioned to capture this ongoing future demand.

這主要是由我們藥廠客戶的創新所驅動——新療法正在上市；如果你想到單株抗體（mAbs），它們更具挑戰性且更敏感，可能黏度更高或裝載量更高，這自然使其更需要更大容量的藥物容器。因此整體而言，作為筆型注射器藥筒的全球領導者，我們認為自己在掌握這項持續的未來需求方面具備非常有利的定位。

Doug Schenkel, Wolfer Research.

Doug Schenkel，Wolfer Research。

Good day and our best to Franco. Three topics. One, would you be willing to disaggregate GLP-1 versus non-GLP-1 growth within Q1 HBS? Second, inflationary pressures have intensified, including input and freight costs. I'm just wondering if that impacted Q1 at all and how this is contemplated in guidance?

您好，也請代我們向Franco致意。三個主題。第一，你們是否願意在第一季HBS中，拆分GLP-1與非GLP-1的成長？第二，通膨壓力加劇，包括投入成本與運費。我想了解這是否對第一季有任何影響，以及在指引中如何反映？

And then third, I'm curious on the topic of margins, which has come up a couple of times, if there is anything that was surprising regarding your model. You were a little bit light of what we expected. And I'm just wondering if, again, some of that's tied to inflationary pressures, maybe there's something one-timer-ish when it comes to the facilities ramping. Again, maybe there's nothing there, but I'm just curious if there was something different relative to plan because it did look different relative to Trent. Thank you.

第三，我想就毛利率這個已被提到幾次的主題請教，是否有任何關於你們模型的意外之處。你們的表現比我們預期略低。我想了解是否有一部分與通膨壓力相關，或是在設施產能爬坡方面有一些一次性因素。當然也可能沒有，但我只是好奇是否有任何相對於計畫的不同，因為看起來相對於Trent確實有些不同。謝謝。

Thanks for the three questions. So first of all, GLP1 is represented in Q1 between 21% and 22% of our revenue. It means that we grew compared with the same period last year. Slightly more than 20%. The non-GLP1 biologics, went up mid-single-digits, 6% to be more precise. So it's growing. Obviously here, capacity is also playing a role in addressing our capacity for high value syringes and other format to serve our customers. So both are growing.

感謝這三個問題。首先，GLP1 在第一季占我們營收的 21% 到 22%。這表示相較去年同期我們有所成長，略高於 20%。非 GLP1 的生物製劑成長了中個位數，更精確地說是 6%。因此是有成長的。當然，在這裡產能也在發揮作用，協助我們因應高價值注射器及其他規格的產能，以服務客戶。所以兩者都在成長。

About inflationary pressure, yes, like anybody else, we can see gas price going up. That is part of our manufacturing process in the glass forming. Energy is going up. Logistic is transportation is more expensive. And we can see also some pressure from some suppliers that are using obviously energy and gas for manufacturing.

關於通膨壓力，是的，和其他人一樣，我們也看到天然氣價格上升。這是我們玻璃成形製造流程的一部分。能源成本上升。物流與運輸也更昂貴。我們也看到部分供應商帶來一些壓力，因為他們的製造同樣使用能源與天然氣。

Obviously, their reaction has been immediately talked with our customer in order to, let's say, transfer the pressure in price increase. We are still monitoring and working with our supply and our customers. It's not easy to understand if it will be a temporary effect or not, as anybody else. Nevertheless, we already took actions to mitigate and avoid any impact to our TML.

當然，我們的反應是立即與客戶溝通，以便在價格上調時，將這些壓力進行轉嫁。我們仍在監測，並與供應端及客戶一起合作。和其他人一樣，目前不容易判斷這會不會只是暫時性的影響。不過，我們已採取行動來緩解並避免對我們的 TML 造成任何影響。

This is something similar to what happened, you probably remember, in 2022 when the gas price went up to more than EUR300 for megawatt hours. Also, in that case, we have been able to mitigate the effect in talking with our customers with which we have a very long-term relationship and every time there is an external factor, not depending on our side, they are fair in sitting down and calculating the impact and adjust price accordingly.

這與你可能記得的 2022 年情況類似，當時天然氣價格一度上升到每兆瓦時超過 300 歐元。在那次情況下，我們也能透過與客戶溝通來降低影響；我們與客戶有非常長期的合作關係，每當出現非我們所能控制的外部因素時，他們都願意公平地坐下來計算影響，並相應調整價格。

About your third question, no surprises from our side. Numbers in Q1 are in line with our expectations. We had some effect of temporary effect of tariffs, approximately EUR1.7 million, if we need to quantify that. The rest from depreciation to exchange rate is exactly in line with our expectation and is embedded in our model also for future periods.

關於你的第三個問題，我們這邊沒有任何意外。第一季的數字符合我們的預期。我們有一些關稅的暫時性影響，若要量化，大約是 170 萬歐元。其餘從折舊到匯率的影響都完全符合我們的預期，並且也已納入我們的模型，用於未來期間。

Thank you very much.

非常感謝。

Kallum Titchmarsh, Morgan Stanley.

Kallum Titchmarsh，摩根士丹利。

Hi, this is Jason on for Kallum. Thank you for taking our questions. So maybe there's a question on the mid-teens GLP growth assumption embedded in the 2026 guidance. Can you just unpack that assumption just between price, volume, and product mix between syringes and cartridges? How do you see those variables comparing relative to 2025? Just want to understand that dynamic better.

嗨，我是 Jason，代 Kallum 提問。感謝讓我們提問。我想問一下 2026 年指引中隱含的 GLP 成長假設約在十幾個百分點。你能否拆解一下這個假設，分別就價格、出貨量，以及產品組合（注射器與卡匣之間）來說明？你如何看待這些變數相較於 2025 年的變化？我想更了解這個動態。

Thank you.

謝謝。

So 2025 was largely about high-value syringes. 2026, the growth is driven again by syringes. We can see, as mentioned before, also cartridges growing in both sterile configuration and bar configuration. Overall, in 2026, syringes are still playing the main role. Obviously, as you know we plan well in advance with our customers taking care of their needs. We made many times the example of the right cartridges capacity we are installing in Latina, but this is a plan we have together with our customers for the next 10 years is not for 2026.

2025 年主要是高價值注射器帶動。2026 年的成長同樣由注射器驅動。我們也看到，如先前提到的，卡匣在無菌配置與 bar 配置兩方面都在成長。整體而言，2026 年注射器仍扮演主要角色。當然，如你所知，我們會與客戶提前很久規劃，以照顧他們的需求。我們多次舉例說明我們在 Latina 安裝的合適卡匣產能，但那是我們與客戶共同制定的未來 10 年計畫，不是只針對 2026 年。

Thanks for that. And maybe just as a follow-up, I know in the past you've talked about like double-digit growth site acceptance test. That's an important leading KPI for the engineering business we're covering. I think you made those comments even like during first quarter, second quarter of 2025. So it seems like we haven't those site acceptance tests translate to revenue . I was wondering what is the typical lag that we should expect from the site acceptance test to translate into orders and then to revenue?

謝謝說明。再追問一下，我知道過去你們談到過現場驗收測試（SAT）有雙位數成長。對我們所覆蓋的工程業務而言，那是一個重要的領先 KPI。我記得你們甚至在 2025 年第一季、第二季期間也提過這些評論。但看起來我們還沒看到這些 SAT 轉化為營收。我想請問，從 SAT 到轉化為訂單、再到營收，通常會有多長的落後期？

So I apologize, you were cutting in and out, but I think the sphere of your question relates to engineering. In terms of site acceptance test statistics that we provided last year, and then following the SATs, how that translates into revenue. I'll hand the call over to Marco, but it's important to remember that the revenue recognition on these particular projects is POC, and that has an impact on how the revenue flows through.

抱歉，你剛剛訊號有點斷斷續續，但我理解你的問題是關於工程業務。就我們去年提供的現場驗收測試（SAT）統計，以及 SAT 之後如何轉化為營收而言，我先把問題交給 Marco。不過要記得，這些特定專案的營收認列是採 POC（完工百分比法），這會影響營收在各期的呈現方式。

Yeah, the SAT -- and it's very important, obviously it's the event to conclude the contract, basically with our customer, with the final test within the customer factory. So it's an important event to monitor our ability to execute. So with the acceptance of the customer, we can say the project is finished.

是的，SAT——而且非常重要——基本上是用來結束與客戶合約的事件，也就是在客戶工廠內進行最終測試。因此，這是用來監控我們執行能力的重要事件。當客戶驗收後，我們就可以說該專案已完成。

On the revenue side, yes, as Lisa said, we are recognizing revenue upon the time, so with the percentage completion method with a cost-to-cost basis. So we are progressing from the beginning, recognizing revenue in line with the accounting policies that we are in place.

在營收方面，是的，如 Lisa 所說，我們是隨時間認列營收，也就是以成本對成本為基礎的完工百分比法。因此從專案開始起，我們就依照既定的會計政策，按進度認列營收。

Appreciate the answers. Thank you.

感謝回答。謝謝。

Curtis Moiles, BNP.

Curtis Moiles，法國巴黎銀行（BNP）。

I agree. Thank you for taking my questions and my best to Franco. So I just wanted to start off on the EZ-fill vials. I know you mentioned a contribution to the high value solutions in the quarter and then also a conversion of one of those lines to cartridges. So can you share a little bit more about the dynamics you're seeing overall there? And are you seeing some still elevated under utilization after that conversion?

我同意。感謝讓我提問，也向 Franco 致意。我想先從 EZ-fill 小瓶談起。我知道你提到本季對高價值解決方案有貢獻，並且也把其中一條產線轉換為卡匣。你能否多分享一些你們目前看到的整體動態？另外，在那次轉換之後，你們是否仍看到產能利用率偏低的情況？

So, we are happy about the progresses we have been doing with vials, particularly in easy fill configuration. EZ-fill vials grew significantly in Q1 compared with the same period last year. By the way, overall vials grew mid-single-digit. What we can see today is that the acceleration in cartridges. It's the right configuration. We see growing EZ-fill vials too, but we have much more capacity installed following the pandemic.

我們對小瓶業務的進展感到滿意，特別是在 easy fill 配置方面。EZ-fill 小瓶在第一季相較去年同期大幅成長。順帶一提，整體小瓶成長為中個位數。我們目前看到的是卡匣需求加速，且是正確的配置。我們也看到 EZ-fill 小瓶在成長，但在疫情之後我們已安裝了更多產能。

So the flexibility of our engineering team is helping us to address the capacity where the demand is and is expected to be in the coming years. So we are not concerned in both cases. We are growing in easy field bias, we are growing more rapidly in sterile cartridges where we have less capacity. So that's why we decided to switch the line from bias to cartridges.

因此，我們工程團隊的彈性正在幫助我們把產能配置到需求所在、以及未來幾年預期需求所在之處。所以兩種情況我們都不擔心。我們在 easy fill 小瓶上成長，同時在無菌卡匣上成長更快，而那邊我們的產能較少。這也是為什麼我們決定把產線從小瓶切換到卡匣。

And in terms of your question regarding underutilization, when we look across the industrial footprint that we have, we see some underutilization in certain regional pockets, while in other areas, we're running at full capacity in vials. So it's a bit of a mix, but overall, as Marco mentioned, vials are up mid-single-digit.

至於你關於產能利用不足的問題，當我們檢視整體工業版圖時，會看到某些區域存在一些產能利用不足，但在其他地區，小瓶產線則是滿載運轉。因此情況有些混合；但整體而言，如 Marco 所提，小瓶仍是中個位數成長。

Great. That's helpful. Thanks. And then you also mentioned earlier that you're fully booked on CARTs through this year, and I know you have some more lines coming on in Latina next year. But do you think at this point there could be a need to further invest above and beyond that?

很好，這很有幫助，謝謝。接著你先前也提到，今年你們的卡匣（CARTs）已經滿單，我也知道你們明年在 Latina 會有更多產線上線。但你認為在此時此刻，是否可能需要在此之外再進一步投資？

I mean, at the moment, the new converted line is set for SAT to begin at the end of this week. And so we anticipate bringing that line into service, by the end of this quarter, so by the end of June. So we have taken the flexibility and agility to translate an underutilized asset into an optimization of an asset where we see clear customer demand. But at the moment, we are working on completing the RTU 400 lines and those will be going into installation in Latina, but right now that is our current plan for the expansion of capacity for those cartridges.

我的意思是，目前新轉換的那條產線預計在本週末開始進行 SAT。因此我們預期在本季末、也就是 6 月底之前，讓該產線投入服務。我們運用彈性與敏捷性，把一項利用不足的資產轉化為在我們看到明確客戶需求的領域中、對資產的最佳化。不過目前我們正著手完成 RTU 400 產線，並將在 Latina 進行安裝；就目前而言，這就是我們針對這些卡匣擴充產能的既定計畫。

(Operator Instructions) Ms. Miles, there are no more questions registered at this time. I turn the conference back to you for any closing remarks.

（接線員指示）Miles 女士，目前沒有更多已登記的問題。我把電話交回給您作結語。

Thank you. We appreciate everyone joining our call today, and we look forward to additional follow-ups. As a reminder, we will be at the Bank of America Conference next week, and then we will be at the William Blair Conference and Jeffries Conference the first week of June. Have a great day.

謝謝。我們感謝大家今天參與電話會議，也期待後續更多追蹤。提醒一下，我們下週將出席美國銀行（Bank of America）研討會，接著 6 月第一週我們也會出席 William Blair 研討會與 Jeffries 研討會。祝大家有美好的一天。