Transcript 0800 138 2636 | conferencingservice@netroadshow.com www.incommglobal.com Stevanato Earnings Call Monday, 10 May 2021 Lisa Miles Good morning, and thank you for joining us. With me today is Franco Stevanato, ex

Lisa Miles Good morning, and thank you for joining

us. With me today is Franco Stevanato, executive chairman; Franco Moro, chief executive officer; and Marco Dal Lago, chief financial officer.

I d like to remind everyone that a number of statements being made today will be forward-looking in nature. Please remember that such statements

are only predictions. Actual events and results may differ materially as a result of risks we face, including those discussed in Item 3d entitled risk factors in the company s annual report on Form 20-F/A

for the fiscal year ended 31 December 2021 filed with the SEC.

We encourage you to review the information contained in our earnings release

today in conjunction with our associated SEC filings and our latest Form 20-F/A. The company does not assume any obligation to revise or update these forward-looking statements to reflect subsequent events or

circumstances, except as required by law.

Today s presentation may contain non-GAAP financial

information. Management uses this information in its internal analysis of results and believes this information may be informative to investors in gauging the quality of our financial performance, identifying trends in our results and providing

meaningful period-to-period comparisons. For a reconciliation of the non-GAAP measures presented in this document, please see the

company s most recent earnings press release. And with that, I ll hand the call over to Franco Stevanato for opening remarks.

Stevanato, Executive Chairman: Thank you, Lisa. We are pleased to post another quarter of strong financial results as we foster a track record of consistent performance. Our management team is executing against our multi-year strategic plan to

drive sustainable organic growth and increase adoption of high value solutions as we aim to expand EBITDA margins over the long-term.

building upon an already solid foundation, guided by our philosophy that customers and patients are at the heart of everything we do. Our focus on science and technology, together with our history of pioneering new trends to enhance the integrity of

medicines, has helped us become one of the global leaders of integrated capabilities in the primary packaging space.

In fact, Sanofi, one of our

top customer partners, recently nominated Stevanato Group to its distinguished 2022 Supplier Hall of Fame in recognition of our Collaboration Mindset. Stevanato Group was the only glass supplier included on the list. Our inclusion speaks to the

value we bring to our customers and our team s commitment to advancing pharmaceutical innovation to help improve people s lives every day.

Lastly, I am proud to announce that the board has recommended the approval of an annual cash dividend of

13.5 million, subject to shareholder approval at the annual general meeting on June 1st. On behalf of the entire board, this proposal affirms our confidence in management, the strength of

the underlying fundamentals of the business and the favorable multi-year secular trends and robust demand we see in the market.

call to Franco Moro and Marco Dal Lago to discuss this quarter s results.

Franco Moro, Chief Executive

Officer Thank you, Franco.

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Starting on slide 7, our solid first quarter performance gives us good momentum, and this keeps us on

track to achieve our full year guidance. For the first quarter of 2022, we delivered double digit revenue growth, grew high value solutions, and increased order intake compared to last year.

Our mix of high value solutions increased to 29% of total revenue for the first quarter. We remain on course to hit our target mix by 2026 which

is revenue from high value solutions in the mid thirty percent range.

Favorable demand trends continue to underpin the steady flow of incoming

orders. For the first quarter of 2022, new order intake increased 29% to approximately 324 million, which led to a committed backlog of approximately

992 million up from 665 million last year.

As illustrated on slide 8, we started fiscal year 2022 on solid footing. We are executing our strategic and operational priorities to drive sustainable

growth and expand EBITDA margin. Under the main pillars of our plan, our efforts are squarely concentrated on advancing the build out of our new EZ-fill regional hubs in the U.S. and China and adding

incremental capacity in Italy. This broadens our production footprint, increases capacity in premium products, and anchors operations in these strategic markets growing the mix of high value solutions and rapidly responding to customer demand for

premium containment and ready-to-use platforms. The adoption of high value solutions is driven by customers needs to match more complex and sensitive treatments

like biologics, monoclonal antibodies and mRNA applications with the right containment solution. Our ready-to-use formats reduce a customers total cost of

ownership, while offering greater flexibility and higher quality driving innovation through investments in Research and Development. Our R&D efforts are focused in premium primary packaging and drug delivery systems to accelerate our

market-leading position, strengthen our IP, and develop new technologies to advance patient care.

Building a multi-year pipeline of new

opportunities as emerging therapies create a growing demand for high-performance products like Nexa and Alba. In addition, as patient care advances beyond the laboratory to a point of care model, we are developing opportunities to increase our

presence in drug delivery systems.

Moving onto slide 9. We announced an exclusive partnership agreement with Owen Mumford, a global leader

specializing in the design, development, and manufacture of auto-injectors. The auto-injector space is one of the fastest growing markets within drug delivery systems, with strong demand driven by increasing self-administration trends and new

The new agreement supports the Aidaptus auto-injector, a next generation platform that is compatible with glass prefillable

syringes and accommodates a range of fill volumes designed to deliver subcutaneous injections with a patient-centric design.

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The partnership underscores the power of our integrated solutions across both Segments. We are the

exclusive manufacturing and engineering partner for Owen Mumford, and we will supply sub-assembly and final assembly equipment to customers. Customers have the option to use a range of our EZ-Fill glass syringes as part of a completely integrated auto-injector solution. We will market the Aidaptus auto-injector directly to customers supporting their combination product programs.

We also announced the expansion of our agreement with Bexson to more therapeutic areas beyond pain management. Bexson is using a customized version of

our patient-friendly wearable SG EZ-be Pod for the advancement of new therapeutics to treat a wide range of mental health conditions, including treatment-resistant depression and PTSD.

These agreements follow on the heels of our expanded agreement with Haselmeier for the Alina Pen Injector. Collectively, these efforts mark another key

step in broadening our integrated capabilities, diversifying our portfolio, and growing our presence in the drug delivery space of Pen Injectors, Auto Injectors and Wearable pods.

Turning to slide 10, the cornerstone of our long-term strategic growth plan is building capacity for high value solutions to meet robust customer

demand. We are making meaningful progress on our capital projects in the U.S. and China to better serve our customers.

In North America, we remain

on track with the build out of our EZ-Fill hub in Indiana where commercial operation and revenue generation are still targeted to begin sometime between late 2023 to early 2024.

We are in the design phase of our new regional hub in China, where work has continued despite the lockdowns. Our new hub will house production for EZ-fill syringes and vials, and the standard formats. We continue to expect that revenue generation will begin in the second half of 2024. Within our existing production in China, we implemented a closed-loop

management system which allowed us to continue production during the lockdown, and today, we are back to normal operations.

These priority projects

expand our industrial footprint in the fastest growing markets and add capacity amid rising demand. As you know, our modular approach allows us to maximize our capital investments with the flexibility to match our capacity buildout to demand trends.

Turning to slide 11. While Inflation and supply chains remain challenging, we continue to actively manage to mitigate the impacts. We are working

in partnership with our customers, and they understand the inflationary dynamics and the associated cost increases.

As you may know, unprecedented

demand for electrical components, coupled with lockdowns in China, has further impacted already tight supply chains. While this has caused a temporary disruption for manufacturing parts we use, we pivoted our efforts to optimize production in high

value solutions, where demand is strong. We are also sourcing from multiple suppliers, ordering materials further in advance, and keeping more raw materials and inventory on hand.

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Over the last two years, we took actions to reduce the downstream effects from the pandemic and we

continue to find practical solutions as the challenges evolve. Manufacturing innovation and operational efficiencies are helping to counterbalance both inflation and tight supply chains. We are successfully managing our global supply chain and

working closely with our suppliers and customers in this challenging environment. We believe these business challenges will persist throughout 2022 and our guidance considers this.

In summary, the first quarter was a good start to the fiscal year. We are advancing progress on all fronts with a sharp focus on execution against our

strategic priorities to drive durable organic growth in the coming years under the backdrop of a favorable demand environment. I will now hand the call over to Marco.

Thanks, Franco. Starting on slide 13,

we are pleased with the overall performance in the quarter, and financial results came in largely as expected. Revenue for the first quarter of 2022 grew 10% (or 8% on a constant currency basis) to

212.1 million, driven by growth in both of our segments. I want to point out that the first quarter of last year included a

5.5 million revenue benefit in our BDS segment from a licensing agreement all of which dropped to the bottom line and bolstered margins, net profit, and earnings in the first quarter

of 2021. Excluding the favorable impact of currency translation and the 5.5 million revenue benefit, year-over-year revenue growth would have been approximately 12%.

For the first quarter of 2022, revenue related to Covid represented approximately 10% of revenue, compared to 14% for the same period last year.

Excluding Covid, revenue from the base business grew 14% in the first quarter compared to last year.

As Franco noted, the mix of high value

solutions increased to 29% of revenue in the first quarter, up from 23% last year.

Gross profit margin in the first quarter of 2022 was 31.8% and

benefitted from a higher mix of high value solutions which was offset by a temporary slowdown in production due to the higher absenteeism during the month of January and February related to Covid-19, and, to a

lesser extent, inflationary costs. While we have been successful in recovering the majority of our cost increases, the steep rise in natural gas tempered margin, which we expect to recover in future periods through price adjustments.

For the first quarter, operating profit margin was 17.9% and 18.3% on an adjusted basis. Operating profit margin reflects higher operational expenses in

R&D as we boost our efforts in this area as well as increased G&A mostly related to public company costs.

This resulted in a net profit of 27.8 million or 0.10 cents of diluted earnings per share. As expected, the number of weighted average shares outstanding were higher in the

first quarter of 2022 compared to Q1 last year. Adjusted net profit was 28.6 million; and adjusted diluted EPS were 0.11 cents. For

the first quarter adjusted EBITDA was 54 million and adjusted EBITDA margin was 25.5%.

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Please turn to Slide 14 for Segment results. For the first quarter, BDS Segment revenue increased 7%

(or 5% on a constant currency basis) over last year to 172.4 million. As a reminder, the prior-year period included a 5.5 million

benefit from a licensing agreement.

Revenue growth for the BDS Segment in the first quarter was driven by our high value solutions which increased