You should read the following discussion of our financial condition and results of operations in conjunction with our consolidated financial statements and the notes included elsewhere in this annual report. The following discussion contains forward-looking statements that involve certain risks and uncertainties including, but not limited to, those described in the “Risk Factors” section of this annual report. Our actual results could differ materially from those discussed in these statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this annual report, particularly under the “Risk Factors” and “Special Note Regarding Forward-Looking Statements” sections. Certain information required by this ITEM 5, including a discussion of the year ended December 31, 2024 compared to the year ended December 31, 2023, has been reported previously in our Annual Report on Form 20F for the year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission on March 6, 2025, under the section entitled “Operating and Financial Review and Prospects”. A.OPERATING RESULTS Overview We are a leading global provider of drug containment, drug delivery and diagnostic solutions to the pharmaceutical, biotechnology and life sciences industries. We deliver an integrated, end-to-end portfolio of products, processes and services that address customer needs across the entire drug life cycle at each of the development, clinical 69 and commercial stages. Our core capabilities in scientific research and development, our commitment to technical innovation and our engineering excellence are central to our ability to offer value added solutions to our clients. We have secured a leadership position within the drug development and delivery value chain through our investment in research and development and the expansion of our global footprint and capabilities. Over our 75-year history, we have earned a leading reputation for high quality and reliability that has enabled us to become a partner of choice for more than 700 companies globally, including 23 of the top 25 pharmaceutical companies, and six of the top ten in-vitro diagnostic companies, as measured by 2024 revenue, according to data collected by Pharmacircle and public companies’ information. We also serve seven of the top ten biotechnology companies (by market capitalization listed in the Nasdaq Biotechnology Index), and over 100 biotechnology customers in total. Our priority is to provide flexible solutions that preserve the integrity of pharmaceutical products and enable our customers to deliver safe and effective treatments to patients while reducing time to market, total cost of ownership (i.e., logistics, drug product waste, storage and personnel costs) and supply chain risk. We achieve this by developing our products in close collaboration with our customers, leveraging our scientific research capabilities, technical expertise and engineering and manufacturing excellence to meet their quality requirements. Our solutions are highly integrated with the development, production and commercialization processes of our customers. In addition to manufacturing drug containment and delivery solutions, we provide a full set of services across all stages of drug development, from pre-clinical to clinical and commercialization. We also engineer machinery and equipment for the production of drug containment and delivery systems that can be integrated into both our customers’ and our own manufacturing processes. Our involvement at each stage of a drug’s life cycle, together with the breadth of our offering, enables us to serve as a one-stop-shop for our customers, which we believe represents a significant competitive advantage. We operate across the healthcare industry and serve some of its fastest growing segments, including biologics (including GLP-1s and peptides, monoclonal antibodies and RNA-based applications), biosimilars, vaccines and molecular diagnostics. As a result of how closely integrated we are in the drug production and delivery supply chain, we believe we are well-positioned to benefit from multi-year, secular trends within our target industries, such as increases in demand resulting from pharmaceutical innovation, acceleration and expansion of vaccination programs, growth in biologics/biosimilars, self-administration of medicines, aging demographics, increasing quality standards and regulation and a shift towards outsourcing non-core functions by our customers. We believe that our total addressable market, based on our current product offering, is estimated to exceed $14 billion in terms of revenue generated by all market participants in 2025, and includes drug containment solutions, drug delivery systems, IVD solutions, and engineering. The addressable market estimation is based on data gathered by IQVIA in 2024. Within each of these markets, we operate in some of the fastest growing segments, including pre-fillable syringes, drug delivery systems, molecular diagnostics and assembly equipment. We believe there are opportunities to further expand our addressable markets, including by targeting (i) complementary containment solutions, (ii) additional delivery systems, (iii) complementary engineering solutions, and (iv) after sales support and services. We operate our business in two segments: •Biopharmaceutical and Diagnostic Solutions, which includes all the products, processes and services developed and provided in connection with the containment and delivery of pharmaceutical and biotechnology drugs and reagents, as well as the production of diagnostic consumables; and •Engineering, which includes the equipment and technologies developed and provided to support the end-to-end pharmaceutical, biotechnology and diagnostic manufacturing processes (i.e. machinery for assembly, visual inspection, packaging and serialization and glass converting). For the years ended December 31, 2025 and 2024, we generated 88% and 85% of revenue from our Biopharmaceutical and Diagnostic Solutions segment, respectively and 12% and 15% from our Engineering segment, respectively. 70 We refer to our premium products in the Biopharmaceutical and Diagnostic Solutions segment as our “high-value” solutions. High-value solutions are wholly owned, internally developed products, processes and services for which we hold intellectual property rights or have strong proprietary know-how, and that are characterized by particular complexity and high performance. Our high-value solutions deliver significant benefits to customers including higher quality, reduced time-to-market and reduced total cost of ownership. Presently, less than 5% of both the vial and cartridge markets has transitioned to a ready-to-use format, while 95% of the syringe market has transitioned to a ready-to-use pre-fillable syringes. However, we are currently experiencing a desire by customers to transition to ready-to-use formats to benefit from one or more of the above mentioned efficiencies to different extents. Among our key high-value solutions is our EZ-Fill® line of ready-to-fill injectable products, which can be customized to meet clients’ needs. For additional information on EZ-Fill® see “Business—Business Segments—Biopharmaceutical and Diagnostic Solutions— Drug Containment Solutions (DCS).” We have 13 manufacturing plants, including: (i) ten production plants for manufacturing and assembly of bio-pharma and healthcare products (in Italy, Germany, Slovakia, Brazil, Mexico, China, and the United States), and (ii) three plants for the production of machinery and equipment (in Italy and Denmark). In addition to the manufacturing plants we have two sites for analytical services (in Italy and the United States) and five commercial sites (in Italy, China, Japan, and India -the latter incorporated on February 23, 2025-). Our manufacturing facilities in Mexico (serving the U.S. market), China, Brazil and the U.S. (Indiana) are greenfield operations established by us. Our manufacturing facilities in Slovakia, Denmark, Germany and the U.S. (California) were acquired in strategic transactions over the past 20 years. Our global footprint, together with our proprietary, highly standardized manufacturing systems and processes, allow us to provide quality consistent products and services to our customers in approximately 65 countries. We are expanding our global industrial footprint with capacity expansions in Fishers, Indiana, U.S., and in Latina, Italy, primarily to add capacity in our premium EZ-fill® products to diversify our product supply and improve proximity to customers. In March 2025, the Group entered into a rent to buy agreement with a lessee for the facility located in Zhangjiagang, China, which the Group had originally acquired in 2021. The decision to dispose of the building reflects the Group’s strategic decision to slow down its EZ-fill® capacity expansion in China and to prioritize the ramp‑up of its manufacturing facilities in the United States and Italy. In the fourth quarter of 2025, the Group completed the acquisition of a new facility near Bologna, Italy, intended for use by its Engineering operations. The site is expected to undergo renovation activities and current expectations are for it to become operational in the coming quarters. 71 Highlights Consolidated Income Statement Data (Amounts in € millions, except as indicated otherwise) For the year ended December 31, Change 2025 2024 % Revenue 1,186.3 1,104.0 7.4 % Gross Profit 343.9 302.3 13.7 % Operating Profit 198.8 161.1 23.4 % Profit Before Tax 189.1 160.3 18.0 % Net Profit attributable to: Equity holders of the parent 139.8 117.8 18.7 % Non-controlling interest (0.0 ) (0.0 ) (36.1 )% Basic earnings per common share (in €) 0.51 0.43 17.9 % Diluted earnings per common share (in €) 0.51 0.43 17.9 % Dividend approved per share (in €) (1) 0.054 0.053 1.9 % Dividend approved per share (in $) 0.061 0.057 7.0 % (1)At the Annual General Meeting of the Shareholders held on May 23, 2025, the shareholders approved a dividend distribution of €0.054 per outstanding share, corresponding to a total distribution of approximately €14.7 million. This distribution was made from the net profits realized in the previous financial year. The dividend was paid on July 17, 2025 to shareholders of record at June 5, 2025. At the Annual General Meeting of the Shareholders held on May 22, 2024, the shareholders approved a dividend distribution of €0.053 per outstanding share, corresponding to a total distribution of approximately €14.5 million. This distribution was made from the net profits realized in the previous financial year. During the second half of 2024 the Company paid dividends to shareholders of record at June 4, 2024. For further information on Earnings per share calculation, see “15. Earnings per Share” in the Consolidated Financial Statements. Consolidated Statement of Financial Position Data (Amounts in € millions) At December 31, At December 31, Change 2025 2024 € Assets Total current assets 943.4 880.1 63.3 Total non-current assets 1,600.6 1,448.7 151.9 Total assets 2,544.0 2,328.8 215.2 Liabilities and equity Total current liabilities 535.9 477.5 58.4 Total non-current liabilities 521.6 447.0 74.6 Total liabilities 1,057.5 924.4 133.1 Equity 1,486.5 1,404.4 82.1 Total liabilities and equity 2,544.0 2,328.8 215.2 Major Factors Affecting Our Results of Operation Our financial condition and results of operations have been, and will continue to be, affected by a number of important factors, including the following: 72 Increasing Market Share in Growing Markets We are a key partner to leading companies in the pharmaceutical, biotechnology and life sciences industries, serving as one of the preeminent providers of drug containment, drug delivery, diagnostic and engineering solutions to these end markets. The demand for our solutions is driven, in part, by trends affecting the pharmaceutical, biotechnology and life sciences markets, such as the aging of the global population, the increasing incidence of chronic diseases (e.g., diabetes), continued innovation in biologic injectables, increasing access to advanced healthcare in developing and transitioning countries, an increasing propensity of biotechnology companies to outsource non-core competencies and growth in self-injection and combination device systems where the primary container (i.e., glass containers) is integrated into the delivery device. We believe that as a result of our global footprint and deep-rooted cooperation with our customers, we have been and will continue to be able to anticipate such market trends and adapt our products and services offering to benefit from them. Our ability to continue to grow our revenue and increase our market share will depend, in part, on our continued ability to target fast-growing market segments and to introduce new products and technologies more efficiently than our competitors. Shift in Sales Mix Towards “High Value” Solutions We continue to increase our focus on our innovation platform to extend and improve our in-house proprietary product offering. Our “high-value” solutions generate substantially higher revenues and profits than other containment and delivery solutions. We also believe that “high-value” solutions will support continued market share expansion in research use markets while enabling us to extend our product offering, through industry partners, to clinical applications. We expect to continue to devote significant resources to increase the proportion of “high-value” solutions we offer by focusing on developing innovative new products, both as part of our existing portfolio and in complementary and adjacent markets. Fiscal Year 2025 Challenges During the COVID-19 pandemic, high demand and long lead times for glass vials created an industry-wide temporary imbalance of supply and demand for glass vials, and customers stockpiled glass vials (both standard and ready-to-use) to mitigate risk and secure their supply chains. As a result of increased customer inventories for glass vials, the industry experienced a slowdown in demand for glass vials as market participants worked through their stockpiled inventories. As a consequence of our customers' inventory destocking, we experienced lower volumes and revenue attributable to glass vials throughout 2023 and 2024, which adversely impacted gross profit and operating profit margins. In 2025, the vial market stabilized in standard bulk vials and the Group's EZ-fill® ready-to-use vials returned to growth. The Group is also experiencing temporary inefficiencies tied to the ramp-up phase of its capacity expansion projects, both in Italy and in the U.S., tempering gross profit margin, operating profit margin and EBITDA margin. Such inefficiencies reflect higher costs during the initial ramp-up phase and temporary under absorption of costs as volumes and revenue begin to increase during the ramp-up phase. These costs include, without limitations, implementation of industrial processes, hiring and training of new employees, the qualification and validation activities of new production lines, as well as the time ordinarily needed by newly validated lines to progressively increase productivity to reach target level. Moreover, as anticipated, throughout the ramp-up phase depreciation of new assets has further tempered gross profit margin and operating profit margin, as the productivity of the new assets has not yet reached target level. The Group expects that as the ramp-up activities progress, and are completed, those anticipated temporary inefficiencies will gradually abate. In the third quarter of 2024, the Group's new facility in Latina became profitable at the gross profit level and the new facility in Fishers generated its first commercial revenue. The Group remains focused on the installation and ramp up of new lines in both Latina and Fishers and continues to expect that line installations and validations will continue into 2026. In Latina, the Group is preparing for the next phase of planned expansion for ready-to-use EZ-fill® cartridges and will begin line installations in 2026. The Engineering Segment experienced a period of record orders in the second half of 2022. The operations scaled up to support this large volume of work but long lead times for components created execution challenges for the Group. The challenges are predominantly isolated to its Denmark operations where the Group has experienced increased costs on certain highly customized projects in the later stages of development. In 2024, the Group implemented a business optimization plan designed to address the challenges that we were facing, to improve the overall health of the business, and position the segment to return to profitable growth. The main actions focused on 73 optimizing our engineering footprint in alignment with the product strategy and product roadmap, right sizing the operational structure as certain activities are transitioning from Denmark to Italy, and harmonizing our industrial processes. The Group believes these initiatives will help the Group achieve a more optimized operational structure to maximize efficiencies to secure the success of projects going forward, and better position the Segment for long-term success. In 2025, the Segment's operational performance improved as a result of initiatives under its optimization plan but financial performance is below the Group's expectation due to the current project mix which includes a higher proportion of revenue from the complex legacy projects in Denmark and a lower volume of new work. In 2025, the U.S. dollar weakened primarily due a variety of factors such as a shift in monetary policy and the associated expectations of lower U.S. interest rates, increased policy uncertainty, and other considerations. The Group’s 2025 reported financial results were unfavorably impacted by currency translation effects related to the consolidation of foreign subsidiaries. These movements do not reflect changes in the underlying operating performance of the business. In fiscal 2025, the Group’s revenue grew 9.1% on a constant currency basis compared with 7.4% on a reported basis. During 2025, the Group was also affected by external macroeconomic and regulatory factors that emerged in the United States. In April 2025, the Trump Administration issued an Executive Order titled “Regulating Imports With a Reciprocal Tariff to Rectify Trade Practices That Contribute to Large and Persistent Annual United States Goods Trade Deficits”. The new import tariffs increased the cost of certain materials sourced from outside the United States and also apply to a portion of the products the Group ships to U.S. customers. The tariffs for the Group primarily apply to goods shipping from Italy where the current tariff is currently set at 15%, and to a lesser extent, other European countries and Mexico. While the Group implemented targeted pricing actions and worked closely with customers to address tariff‑driven cost increases and engaged in other activities intended to mitigate the effects of tariffs, these measures only partially offset the impact, and the tariffs nevertheless tempered gross profit margin and operating profit margin. Research and Development Expenses In 2025, our research and development expenses amounted to 2.1% of our revenue, compared to 2.9% in 2024. The decrease in research and development expenses is mainly attributable to (i) lower external consultants' and lower personnel costs as the Group prioritized certain strategic activities to better align with its long-term objectives, which included right-sizing its R&D structure and selecting ongoing projects for a more focused portfolio, and (ii) the progress on projects in more advanced stages which are now generating less costs. Expenses in research and new product development are a strategic enabler for our future growth and we expect to continue to make substantial investments in this area in coming years. Through continued spending in our research and development programs, we intend to drive revenue and profit growth through processes that will improve innovation and quality of our existing products, and facilitate the shift towards “high-value” solutions, services and solutions. Our ability to leverage our recent investments in research and new product development is critical to our future performance. Our current research and development efforts are focused on the ongoing innovations in (i) advancing drug containment solutions for innovative biologic drugs, including monoclonal antibodies, ADCs (Antibody-Drug Conjugates), peptide-based therapies such as GLP1s, RNA-based applications, and cell and gene therapies, and (ii) patient-centric drug delivery systems that support the rising trend towards the self-administration of medicines. In our core drug containment solutions business, the development of new products will be targeted at maintaining the stability, potency and purity of our customers’ products prior to administration. New therapies for diabetes, obesity, cancer and autoimmune diseases are based on large, complex biological molecules which may be extremely sensitive to their storage environment. In the area of drug delivery systems, we are targeting the development of easy-to-use, accurate, reliable self-injection systems for complex pharmaceutical and biotechnology products. We have developed a portfolio of devices for this market that can be used off-the-shelf or tailored to the specific needs of the customer. We will continue developing new drug delivery device systems based on three main pillars: patient centricity, sustainability, and digitalization, all of which are core capabilities to meet our customers' need for connected health devices. 74 We apply a rigorous “stage & gate” development process to de-risk our development projects and reduce total development costs. Development timelines for new drug delivery devices typically fall into the range of four to five years to reach the start of initial production. Components of Our Results of Operations The following discussion sets forth certain components of our statements of operations as well as factors that impact those items. Results discussed in this section of the annual report are consolidated according to IFRS Accounting Standards as issued by International Accounting Standards Board and therefore does not include Company’s inter-segment items other than where we specifically note otherwise. Revenue and Segment Reporting Our business operations are divided into two segments: (i)Biopharmaceutical and Diagnostic Solutions: which includes the products, processes and services developed and provided in connection with the containment and delivery of pharmaceutical and biotechnology drugs and reagents, as well as the production of diagnostic consumables. This segment is split into two sub-categories: •“high-value” solutions; and •other containment and delivery solutions. (ii)Engineering: which includes all the equipment and technologies developed and provided to support the end-to-end biopharmaceutical and diagnostic manufacturing processes (machinery for assembly, visual inspection, packaging and serialization, glass converting, and after-sales support). We believe operating in this segment differentiates us from our competitors, and enables us to provide integrated end-to-end solutions, reduce time to market and improve the quality of our products. Revenue recognized for the years ended December 31, 2025 and 2024, amounted to €1,186.3 million and €1,104.0 million, respectively. For the years ended December 31, 2025 and 2024, the Biopharmaceutical and Diagnostic Solutions Segment represented 88% and 85% of revenue, respectively, while our Engineering Segment represented and 12% and 15% of revenue, respectively. The following tables set forth the results of our business operations for the aforementioned segments, which include inter-segment items, and the reconciliation with the consolidated figures, for the year ended December 31, 2025, and 2024. Revenue for each segment is divided into “External Customers”, representing revenue from third parties' sales, and “Inter-Segment”, representing the revenue from the sales generated from the transactions with other segments, and is then reconciled with the Consolidated Revenue which does not include inter-segment items. Gross Profit margin is calculated by dividing Gross Profit for a period by total revenue for the same period. Operating Profit margin is calculated by dividing Operating Profit for a period by total revenue for the same period. Gross Profit margin and Operating profit margin for both Biopharmaceutical and Diagnostic Solutions segment and Engineering segment include the effect of inter-segment transactions. 75 For the year ended December 31, 2025 Biopharmaceutical and Diagnostic Solutions Engineering Adjustments, eliminations and unallocated items Consolidated External Customers 1,038.2 148.1 — 1,186.3 Inter-Segment 2.2 132.9 (135.1) — Revenue 1,040.3 281.0 (135.1) 1,186.3 Gross Profit 328.1 31.0 (15.3) 343.9 Gross Profit Margin 31.5% 11.0% 29.0% Operating Profit 220.4 9.3 (31.0) 198.8 Operating Profit Margin 21.2% 3.3% 16.8% For the year ended December 31, 2024 Biopharmaceutical and Diagnostic Solutions Engineering Adjustments, eliminations and unallocated items Consolidated External Customers 933.7 170.3 — 1,104.0 Inter-Segment 4.0 187.3 (191.4) — Revenue 937.8 357.6 (191.4) 1,104.0 Gross Profit 268.8 56.2 (22.6) 302.3 Gross Profit Margin 28.7% 15.7% 27.4% Operating Profit 165.6 33.1 (37.6) 161.1 Operating Profit Margin 17.7% 9.3% 14.6% 76 Results of Operations Year ended December 31, 2025 versus year ended December 31, 2024 The following table sets forth our results of operations for the years ended December 31, 2025 and 2024. (Amounts in € millions, except as indicated otherwise) For the year ended December 31, Change Change 2025 % of revenue 2024 % of revenue € % Revenue 1,186.3 100.0% 1,104.0 100.0% 82.3 7.4% Costs of Sales 842.4 71.0% 801.7 72.6% 40.7 5.1% Gross Profit 343.9 29.0% 302.3 27.4% 41.6 13.7% Other Operating Income 8.2 0.7% 9.1 0.8% (0.9) (9.3)% Selling and Marketing Expenses 28.2 2.4% 24.9 2.3% 3.3 13.5% Research and Development Expenses 25.4 2.1% 31.7 2.9% (6.3) (19.7)% General and Administrative Expenses 99.7 8.4% 93.7 8.5% 6.0 6.3% Operating Profit 198.8 16.8% 161.1 14.6% 37.7 23.4% Finance Income 13.0 1.1% 13.5 1.2% (0.5) (3.9)% Finance Expense 22.7 1.9% 14.3 1.3% 8.4 58.0% Profit Before Tax 189.1 15.9% 160.3 14.5% 28.8 18.0% Income Taxes 49.3 4.2% 42.5 3.9% 6.8 15.9% Net Profit 139.8 11.8% 117.8 10.7% 22.1 18.7% Revenue Revenue increased by €82.3 million, or 7.4 %, to €1,186.3 for the year ended December 31, 2025 compared to €1,104.0 million for the year ended December 31, 2024. On a constant currency basis, revenue increased 9.1% for the year ended December 31, 2025. Growth was driven by a revenue increase of €104.5 million from the Biopharmaceutical and Diagnostic Solutions Segment, which offset a revenue decline of €22.2 million in the Engineering Segment. In 2025, the Group estimates that it generated revenue from GLP1s in the range of 19% to 20% of total Company revenue. For the year ended December 31, 2025, revenue from high-value solutions increased to 46.0% of our total revenue, compared with 38.3% for the year ended December 31, 2024, resulting primarily from increased customer demand for high performance syringes, and to a lesser extent EZ-fill® vials and EZ-fill® cartridges. Biopharmaceutical and Diagnostic Solutions (Amounts in € million, except as indicated otherwise) For the year ended December 31, Change Change 2025 2024 € % Type of goods or service Revenue from high-value solutions 546.4 422.3 124.1 29.4 % Revenue from other containment and delivery solutions 491.8 511.4 (19.6 ) (3.8 )% Total Revenue from Biopharmaceutical and Diagnostic Solutions 1,038.2 933.7 104.5 11.2 % 77 Revenue generated by the Biopharmaceutical and Diagnostic Solutions segment increased by €104.5 million, or 11.2%, to €1,038.2 million for the year ended December 31, 2025 compared to €933.7 million in the year ended December 31, 2024. Revenue growth on a constant currency basis was 13.1% for the year ended December 31, 2025. For the year ended December 31, 2025, a higher mix of revenue from high-value solutions offset the revenue decrease in other containment and delivery solutions. Revenue generated from our high-value solutions increased by €124.1 million, or 29.4%, to €546.4 million for the year ended December 31, 2025, compared to €422.3 million for the year ended December 31, 2024, driven primarily by high performance syringes and, to a lesser extent, EZ-fill® vials and EZ-fill® cartridges. Revenue generated by other containment and delivery solutions decreased by €19.6 million, or 3.8%, to €491.8 million for the year ended December 31, 2025, compared to €511.4 million for the year ended December 31, 2024 and such decrease mainly reflects a decrease in revenue from low-value syringes and in-vitro diagnostics, as the Group transitions to a larger portfolio of high-value projects, which was partially offset by an increase in revenue attributable to device contract manufacturing activities. On a constant currency basis, revenue generated from high-value solutions increased by €133.4 million, or 31.6%, to €555.7 million for the year ended December 31, 2025, compared to €422.3 million for the year ended December 31, 2024, and revenue generated by other containment and delivery solutions decreased by €11.2 million, or 2.2%, to €500.2 million for the year ended December 31, 2025, compared to €511.4 million for the year ended December 31, 2024. Engineering Revenue generated by the Engineering segment, decreased by €22.2 million, or 13.0%, to €148.1 million for the year ended December 31, 2025 compared to €170.3 million for the year ended December 31, 2024. The decrease was mainly driven by the lower revenue attributable to glass converting manufacturing lines and pharmaceutical visual inspection systems, which more than offset the increase in revenue attributable to after-sales activities. Revenue Breakdown by Region The following tables present revenue by geographical markets for the year ended December 31, 2025, and 2024. Revenue by geographical markets is based on the end customer location. The reported geographical markets are EMEA (Europe, Middle East, Africa), North America (United States, Canada, Mexico), South America and APAC (Asia Pacific). (Amounts in € million, except as indicated otherwise) For the year ended December 31, Change Change 2025 % on Revenue 2024 % on Revenue € % Geographical markets EMEA 690.3 58.2 % 667.8 60.5 % 22.5 3.4 % APAC 101.5 8.6 % 96.2 8.7 % 5.3 5.4 % North America 362.1 30.5 % 309.0 28.0 % 53.1 17.2 % South America 32.4 2.7 % 31.0 2.8 % 1.4 4.4 % Total Revenue 1,186.3 100.0 % 1,104.0 100.0 % 82.3 7.4 % Cost of Sales Cost of sales increased by €40.7 million, or 5.1%, to €842.4 million for the year ended December 31, 2025 compared to €801.7 million for the year ended December 31, 2024. The increase was primarily driven by (i) higher industrial costs, including labor and utilities, tied to the ongoing ramp-up of our new manufacturing plants in the U.S. and Italy, to support new sales volumes, (ii) higher industrial depreciation following the recent availability for use of the machinery installed to expand production capacity (with depreciation and amortization included in cost of goods sold amounting to €74.8 million in 2025 compared to €65.2 million in 2024) and (iii) tariffs. For the year ended December 31, 2025, cost of sales included an impairment loss of €1.2 million associated with (i) machinery that has 78 been retired from active use in our production processes and (ii) a project previously classified within assets under construction that will no longer be carried forward. For the year ended December 31, 2024, cost of sales included an impairment loss of €2.6 million resulting from the write-down of the facility in Zhangjiagang, China, to its estimated recoverable amount. In 2025, the Group reassessed the expected useful life of certain injection molding machinery used in the production of plastic parts taking into consideration the elapsed life of the assets, factors affecting their useful life, production cycles, and technical and functional obsolescence. Based on a technical appraisal, the expected useful lives for the injection molding machines were extended from a range of 6 to 11 years, depending on the specific asset, to 12 years. The change in expected useful lives was accounted for as a change in accounting estimate starting from January 1, 2025. The resulting reduction in depreciation expense for the year ended 2025 was approximately €2.5 million. In addition, in the second quarter 2024, the Group reassessed the expected useful life of certain machinery installed in the Italian facilities considering the limited impact of extraordinary maintenance performed over time on these assets, their first installation and their continuing functioning. Effective April 1, 2024, the expected useful lives for the machinery pertaining to our bulk production and to our EZ-fill® production were extended from 6.7 years to 15 years and 12 years, respectively, resulting in an estimated reduction in depreciation expense of approximately €14.5 million in 2024 and approximately €4.5 million in 2025. As a percentage of revenue, cost of sales was 71.0% for the year ended December 31, 2025 compared to 72.6% for the year ended December 31, 2024. For the year ended December 31, 2025, cost of sales included €4.9 million of start-up costs mainly related to the new facilities in Fishers, Indiana, U.S., and in Latina, Italy, compared to €12.3 million of start-up costs for the year ended December 31, 2024. These costs are primarily related to labor costs for training and travel of personnel who are in the learning and development phase and not active in the manufacturing of products. For the year ended December 31, 2025 and 2024 cost of sales included also €1.1 million and €0.5 million, respectively, of restructuring and related charges primarily consisting of severance payments and other costs related to our business optimization plan regarding our Denmark operations. Gross Profit For the year ended December 31, 2025, gross profit increased by €41.6 million, or 13.7%, to €343.9 million compared to €302.3 million for the year ended December 31, 2024. Gross profit margin increased to 29.0% for the year ended December 31, 2025 compared to 27.4% for the year ended December 31, 2024, resulting from an increase in gross profit margin from the Biopharmaceutical and Diagnostic Solutions Segment which was partially offset by a decrease in gross profit margin from Engineering Segment. For the year ended December 31, 2025, gross profit margin for the Biopharmaceutical and Diagnostic Solutions segment amounted to 31.5% compared to 28.7% for the year ended December 31, 2024. The increase in gross profit margin was driven by (i) a more favorable product mix, reflecting a higher contribution from high‑value solutions, (ii) operating improvements at the Fishers and Latina facilities as the Group continues to scale its multiyear investments, and (iii) improved profitability in vials, both in bulk and EZ‑fill® formats. These positive factors were partially offset by the impact of tariffs and unfavorable foreign exchange effects. For the year ended December 31, 2025, gross profit margin for the Engineering segment decreased to 11.0% compared to 15.7% for the year ended December 31, 2024. The decline in gross profit margin primarily reflects lower revenue and an unfavorable project mix, driven by a higher proportion of complex legacy projects, mainly within our Danish operations, and a lower intake of more accretive new work. Although the Group continued to advance its business optimization plans, and observed improving trends in its key performance operational metrics, including site acceptance tests, financial performance in the Engineering segment remains below the Group’s expectations due to these factors. Other Operating Income Other operating income decreased by €0.9 million, or 9.3%, to €8.2 million for the year December 31, 2025, compared to €9.1 million for the year ended December 31, 2024. Other operating income is a component of income which varies yearly depending on the specific agreements in place at the time and mainly includes (i) contributions 79 received from customers and other business partners under collaboration agreements related to development projects, where both parties typically share in the risks and benefits, (ii) certain insurance refunds, (iii) government grants, and (iv) lease income. Based on the assessment performed, the Group does not consider these transactions to be part of the ordinary revenue generating activities. Selling and Marketing Expenses Selling and marketing expenses increased by €3.3 million, or 13.5%, to €28.2 million for the year ended December 31, 2025 and compared to €24.9 million for the year ended December 31, 2024. The year-over-year increase primarily reflects higher personnel costs across our commercial organizations, including an increase in headcount and associated costs, and certain severance payments related to the reorganization of specific functions aimed at improving operational efficiency and strengthening customer-facing capabilities. In addition, selling and marketing expenses were impacted by a higher accrual to the bad debt provision recognized during the year. As a percentage of revenue, selling and marketing expenses was 2.4% for the year ended December 31, 2025 compared to 2.3% for the year ended December 31, 2024. For the year ended December 31, 2025 selling and marketing expenses included €0.6 million for restructuring and related charges, which contained the aforementioned severance payments. Research and Development Expenses Research and development expenses decreased by €6.3 million, or 19.7%, to €25.4 million for the year ended December 31, 2025, compared to €31.7 million for the year ended December 31, 2024. These expenses primarily relate to research and development activities aimed at advancing innovation within our high value solutions portfolio, including drug containment and drug delivery systems (such as pen-injectors, auto-injectors and on-body delivery systems) as well as amortization and depreciation of €3.7 million for the year ended December 31, 2025 (€3.4 million for the year ended December 31, 2024). The year-over-year decrease was mainly driven by lower external consultants's and personnel costs, reflecting the Group's decision to prioritize certain strategic activities and better align its R&D structure with long‑term objectives through a more focused project portfolio. The reduction also reflects the natural progression of programs currently in more advanced stages of development, which are now incurring fewer costs. In addition, research and development expenses for the year ended December 31, 2024 included €1.3 million for restructuring and related charges, including severance payments, which did not repeat for the year ended December 31, 2025. As a percentage of revenue, research and development expenses was 2.1% for the year ended December 31, 2025 compared to 2.9% for the year ended December 31, 2024. General and Administrative Expenses General and administrative expenses increased by €6.0 million, or 6.3%, to €99.7 million for the year ended December 31, 2025, compared to €93.7 million in the year ended December 31, 2024. These expenses include depreciation and amortization of €8.3 million (compared to €8.9 million for the year ended December 31, 2024). The increase in general and administrative expenses was primarily driven by (i) higher personnel recruiting costs and other personnel-related expenses incurred to support business growth, (ii) increased IT expenses, mainly related to software licenses, (iii) higher operating and property taxes, particularly for our new facility in Fishers, Indiana as construction activities progressed, and (iv) increased compensation for the Board of Directors which has been adjusted consistent with market rates. These costs were partially offset by decreased insurance costs and lower depreciation. For the year ended December 31, 2025, general and administrative expenses included €1.6 million of start-up costs primarily related to recruiting activities for the new facility in Fishers, Indiana, and €2.4 million for restructuring and related charges, including severance costs. For the year ended December 31, 2024, general and administrative expenses included €0.8 million of start-up costs principally related to the new Fishers facility, and €2.3 million for restructuring and related charges, and €0.2 million including other severance costs. As a percentage of revenue, general and administrative expenses was 8.4% for the year ended December 31, 2025 compared to 8.5% for the year ended December 31, 2024. 80 Operating Profit Operating profit increased by €37.7 million, or 23.4%, to €198.8 million for the year ended December 31, 2025, compared to €161.1 million for the year ended December 31, 2024. Operating profit margin for the year ended December 31, 2025 increased to 16.8% compared to 14.6% for the year ended December 31, 2024, mostly due to the increase of gross profit margin, as well as improved operating leverage on operating expenses. For the year ended December 31, 2025, the operating profit margin for the Biopharmaceutical and Diagnostic Solution segment was 21.2%, compared to 17.7% for the year ended December 31, 2024. The improvement in operating profit margin primarily reflects the increase in gross profit margin, as well as improved operating leverage on operating expenses. For the year ended December 31, 2025, Engineering operating profit margin was 3.3%, compared to 9.3% for the year ended December 31, 2024. The decrease in operating profit margin was mainly driven by the decrease in gross profit margin. Net Finance Expenses Finance expenses, net of finance income, increased by €8.8 million to a net expense of €9.7 million for the year ended December 31, 2025, compared to a net expense of €0.9 million for the year ended December 31, 2024. The year-over-year change was primarily driven by unfavorable exchange rate movements resulting from the devaluation of the U.S. Dollar against the Euro during the period. In addition, net finance expense reflected lower interest income from bank deposits amounted to €0.9 million for the year ended December 31, 2025, compared to €1.7 million for the year ended December 31, 2024. These effects were partially offset by a reduction in interest expense on loans and borrowings, which decreased to €5.6 million for the year ended December 31, 2025, compared to €6.1 million for the year ended December 31, 2024. Profit Before Tax Profit before taxes increased by €28.8 million, or 18.0%, to €189.1 million for the year ended December 31, 2025, compared to €160.3 million for the year ended December 31, 2024. Income Taxes Income taxes increased by €6.8 million, or 15.9%, to €49.3 million for the year ended December 31, 2025, compared to €42.5 million for the year ended December 31, 2025 as described below. The effective tax rate for the year ended December 31, 2025, decreased to 26.1% compared to 26.5% for the year ended December 31, 2024. The decrease is mainly attributable to our Italian legal entity, Nuova Ompi S.r.l., which met the requirements to qualify for a tax incentive known as “IRES premiale”. This incentive provides for a 4% reduction in the Italian statutory corporate income tax rate for fiscal year 2025 only, subject to the fulfillment of certain requirements, including investments in new equipment and increases in the labor force; regional income tax (IRAP) is not affected. This favorable impact was largely offset by a lower level of deferred tax benefits on net operating losses recognized during the year, as well as the downward remeasurement of deferred tax assets in our German subsidiary to reflect the new notional corporate income tax rate applicable in that jurisdiction. (Amounts in € millions, except as indicated otherwise) For the year ended December 31, Change 2025 2024 € Current Income Tax Current Taxes 59.2 57.7 1.5 Deferred Taxes Deferred Taxes (9.9) (15.2) 5.3 Income Tax Expenses reported in the income statement 49.3 42.5 6.8 81 Current Taxes Current taxes increased by €1.5 million, or 2.5%, to €59.2 million for the year ended December 31, 2025, compared to €57.7 million for the year ended December 31, 2024. The increase primarily reflects the higher taxable income generated by the Italian legal entities for the year ended December 31, 2025, partially mitigated by the “IRES premiale” effect. Deferred Taxes For the year ended December 31, 2025, we recorded a deferred tax benefit of €9.9 million, compared to the €15.2 million deferred tax benefit for the year ended December 31, 2024. The decrease primarily reflects the deferred tax benefit recognized in the prior year in connection with intercompany sales of certain R&D projects that did not recur in 2025. This decrease effect was partially offset by our German subsidiary, where the utilization of tax losses resulted in a deferred tax expense in the prior year, while a deferred tax benefit was recognized in 2025. Lower deferred tax benefits recognized on net operating losses in 2025 also contributed to the decrease. Net Profit Net profit increased by €22.1 million, or 18.7%, to €139.8 million (or €0.51 of Diluted EPS or €0.54 of Adjusted Diluted EPS) for the year ended December 31, 2025, compared to €117.8 million (or €0.43 of Diluted EPS or €0.48 of Adjusted Diluted EPS) for the year ended December 31, 2024. For details on "Adjusted Diluted EPS" see "Key Indicators of Performance and Financial Condition - Adjusted Operating Profit, Adjusted Operating Profit Margin, Adjusted Net Profit and Adjusted Diluted EPS" below. Year ended December 31, 2024 compared to the year ended December 31, 2023 For a discussion of our results for the year ended December 31, 2024 compared to the year ended December 31, 2023, please see “Item 5. Operating and Financial Review and Prospects - A. Operating Result - Results of Operations - Year ended December 31, 2024, versus year ended December 31, 2023” contained in our annual report on Form 20-F for the year ended December 31, 2024, filed with the SEC on March 6, 2025. B.LIQUIDITY AND CAPITAL RESOURCES We finance our operations mainly through cash generated by our operating activities, debt financing and equity financing. Our primary requirements for liquidity and capital are to finance capital expenditures, working capital (defined as the difference between current assets and current liabilities—net of current financial assets other than financial receivable related to the rent to buy agreement for our facility in Zhangjiagang (China), current financial liabilities, and cash and cash equivalents), and general corporate purposes. Our primary sources of liquidity are our cash and cash equivalents, short-term loan facilities, and medium and long-term loans from a number of financial institutions, as described below, and the equity markets. At December 31, 2025, we had cash and cash equivalents of €130.6 million (compared to €98.3 million in 2024) and other current financial assets (other than derivatives and financial receivable related to the rent to buy agreement for our facility in Zhangjiagang (China)) of €0.2 million (compared to €0.6 million in 2024). Our cash and cash equivalents primarily consist of cash at bank and highly liquid investments, such as short-term deposits, which are unrestricted from withdrawal or use, or which have original maturities of three months or less when purchased. We believe that our total available liquidity (defined as cash and cash equivalents, plus undrawn committed credit lines), in addition to funds that will be generated from operating activities, and the potential access to additional capital through the equity markets or through additional loan or debt agreements, will enable us to satisfy the requirements of our investing activities and working capital needs for at least the next 12 months and ensure an appropriate level of operating and strategic flexibility. Our total current liabilities were €535.9 million as of December 31, 2025 (compared to €477.5 million as of December 31, 2024), which primarily includes €263.3 million trade payables, €10.4 million contract liabilities, €33.4 million advances from customers, €119.1 million financial liabilities, €22.4 million tax payables, €4.4 million lease liabilities, €4.4 million current provisions, and €78.4 million other liabilities mainly relating to payables to personnel 82 and social security institutions, other tax payables, deferred income and prepayments, as well as allowance for future expected customer returns. Financing activities We employ a disciplined approach in managing our working capital and balance sheet to support our business and operations. Pricoa Private Placement On April 16, 2020 we entered into a note purchase and private shelf agreement with PGIM, Inc. and certain of its affiliates (the “Note Purchase Agreement”), pursuant to which, for a period of three years following the date of the agreement (unless terminated earlier) we had the right to issue, and PGIM, Inc. or certain of its affiliates had the right to purchase, up to $69.5 million of our notes. Pursuant to the Note Purchase Agreement, on the same date, we issued €50.0 million of our Senior Notes, Series A, due April 16, 2028 to PGIM, Inc. (the “Notes”), with an interest rate of 1.4%. Repayment of the Notes is required to be made in two tranches, €25.0 million on April 16, 2027, and the reminder at the expiration of the notes. Pursuant to the Note Purchase Agreement, Nuova Ompi S.r.l. provided to PGIM, Inc. and its affiliates a subsidiary guarantee, guaranteeing the repayment of the notes. The Note Purchase Agreement imposes certain covenants on us, including: (i) the notes must always rank at least pari passu with all other unsecured and unsubordinated indebtedness of the company and the guarantor; (ii) any covenant included in a different financing agreement which is more favorable to the lenders must apply to the Note Purchase Agreement, as well; (iii) no merger or consolidation for any guarantor unless expressly permitted by the Note Purchase Agreement; (iv) no dealings with sanctioned entities; (v) the ratio of consolidated net debt to consolidated EBITDA not to be greater than 3.50 to 1.00 with an increase of up to 4.0x once; (vi) consolidated net debt to equity not to be greater than 2 to 1; (vii) no liens in excess of a certain amount except for, among others, (a) existing ones, (b) tax liens, (c) liens in the ordinary course of business, (d) judgment liens; (viii) no sale of assets in excess of a certain amount; (ix) no subsidiary indebtedness beyond a certain basket; and (x) no segregation of assets under Italian law. As at December 31, 2025 and 2024, the Company was in compliance with all financial covenants. Additional Medium and Long-Term Loan Facilities As at December 31, 2025, we had medium and long-term loan facilities totaling €475.5 million, of which €100.0 had not yet been drawn down. The total outstanding amount was raised between 2019, 2023, 2024 and 2025. Approximately €7.5 million outstanding as at December 31, 2025 were raised in 2019 from two banks. The average term is 0.4 years. The average all-in fixed interest rate, inclusive of hedging and upfront fees, is 1.4%. These loan agreements impose certain covenants on us, including: (i) not to exceed certain consolidated net debt to consolidated EBITDA ratios (not greater than 4.0 to 1.0 in one of the loan agreements and not greater than 3.5 to 1.0, in the remaining agreements); (ii) to maintain a consolidated net debt to equity ratio equal to or lower than 2 to 1; (iii) not to sell assets having a value, or to grant liens or loans to third parties, exceeding certain amounts; (iv) to ensure that the loans always rank at least pari passu with other debt of the company; (v) not to segregate assets (as defined under Italian law); and (vi) not to distribute dividends or reserves nor to carry out extraordinary transactions resulting in the breach of financial covenants. Approximately €127.5 million outstanding as at December 31, 2025 were raised in 2023. The average term is 1.2 years. The average all-in fixed interest rate, inclusive of hedging and upfront fees, is 3.6%. These loans include covenants consistent with those described for the 2019 loans. In January and March 2024, Stevanato Group entered into two unsecured term loan agreements totaling €80.0 million to support the expansion of production capacity. The first loan agreement was financed by BPER Banca for €30.0 million and the second loan for €50.0 million was financed by Banca Intesa Sanpaolo. Both financings have a 83 five-year tenor, with two years of interest-only payments and three years of amortizing period with quarterly repayment of the installments at constant principal portion. In December 2024, Stevanato Group secured a term loan agreement financed by BPER Banca amounting to €40.0 million. The loan has a six-year tenor with two years of interest-only payments and four years of amortizing period with quarterly repayment of the installments at constant principal portion. The average term of the loans raised in 2024 is 2.1 years. The average all-in fixed interest rate, inclusive of hedging and upfront fees, is 3.0%. These loans include covenants consistent with those described for the all financial covenants are complied with. In February 2025, we entered into a loan agreement with Banca Monte dei Paschi di Siena totaling €20.0 million to support our ongoing capital investments in growth platforms. The agreement has a five-year tenor, with three years of interest-only payments and two years of amortizing period, with quarterly repayment of the installments at a constant principal portion. In the second quarter of 2025, we secured €200.0 million in financing from three of the Group’s banking partners. The first loan agreement, financed by Banco BPM and amounting to €50.0 million, has a six-year tenor, with 18 months of interest-only payments and 54 months of amortizing period, with quarterly repayment of the installments at a constant principal portion. The second and the third loan agreements were financed by Banca BNP – BNL for €100.0 million and by Cassa Depositi e Prestiti ("CDP") for €50.0 million. Both loans have a six-year tenor, with two years of interest-only payments and four years of amortizing period, with semi-annual repayment of the installments at a constant principal portion. The loan agreements with Banca Monte dei Paschi di Siena and Banco BPM were fully drawn down, while the loan granted by BNL was partially drawn down for €50.0 million in July 2025 and the loan granted by CDP has not yet been drawn down. These loans require compliance with a covenant based on the net debt to consolidated EBITDA ratio which must not exceed 3.5 for the term of the loans. The average term of the loan agreements entered into in 2025 is 3.4 years, while the average all-in floating interest rate, inclusive of upfront fees, is 2.9%. Short-Term Loan Facilities As of December 31, 2025, we had short-term facilities totaling €167.8 million in available principal, of which we had drawn down €30.0 million. These €30.0 million are entirely denominated in Euro. Capital Expenditures During the fiscal year ended December 31, 2025, capital expenditures amounted to €294.9 million. Capital expenditure for growth and capacity expansion (defined as all investments related to existing capacity increase, i.e. new industrial lines, new buildings, warehouse/production unit expansion) was €262.0 million, which included (i) €173.1 million for new EZ-Fill® production lines and related buildings expansion, principally in Fishers, U.S., (€65.6 million) and in Latina, Italy, (€100.8 million), (ii) €66.4 million for infrastructure and new machinery for high precision plastic injection molding and assembly for container in-vitro diagnostic solutions, (iii) €17.5 million for the completion of our drug containment solutions capacity expansion and molds and (iv) 5.0 million for the new facility in Bologna for Engineering operations. As at December 31, 2025 committed supplier orders related to the ongoing investments equaled approximately €94 million, net of the expected contribution from the U.S. government’s Biomedical Advanced Research and Development Authority (BARDA). Capital expenditures for maintenance, increasing quality, improving our IT systems, improving efficiency of our production processes, improving safety and energy management of our plants and production sites amounted to €26.7 million. Capital expenditures for research and development, including laboratory equipment, molds, and other related equipment, amounted to €6.2 million. 84 Cash Flow Year ended December 31, 2025 versus year ended December 31, 2024 The following table presents the summary consolidated cash flow information for the years ended December 31, 2025 and 2024. (Amounts in € millions, except as indicated otherwise) For the year ended December 31, Change 2025 2024 € Cash flows from operating activities 286.1 155.8 130.3 Cash flows used in investing activities (272.9) (310.2) 37.3 Cash flows from financing activities 22.1 183.2 (161.2) Net change in cash and cash equivalents 35.2 28.8 6.4 Cash generated from operating activities Net cash generated from operating activities was €286.1 million for the year ended December 31, 2025. For the year ended December 31, 2025 the net cash generated from operating activities primarily reflected (i) profit before taxes of €189.1 million adjusted for €88.6 million of depreciation, amortization and impairment of property, plan and equipment, and €5.7 million of net finance expense, (ii) €2.9 million from change in provisions, (iii) €91.2 million generated from the change in trade payables, contract liabilities, advances and other liabilities, (iv) €0.9 million generated from the net change in trade receivables and other assets, (v) €1.4 million of interests received, and (vi) €15.0 million net other non-cash expenses. These cash inflows were partially offset by (i) €41.5 million cash absorbed by the net change in inventories and contract assets, (ii) €59.9 million income taxes paid and (iii) €7.0 million net finance interest paid and (iv) €0.4 million related to changes in employee benefits. Net cash generated from operating activities was €155.8 million for the year ended December 31, 2024. For the year ended December 31, 2024 the net cash generated from operating activities was primarily the result of (i) profit before taxes of €160.3 million adjusted for €80.7 million of depreciation, amortization and impairment of PPE, €5.8 million of net finance expense, (ii) €3.6 million from change in provisions, (iii) €12.3 million generated from the net change in inventories and contract assets, and (iv) €1.3 million of interests received. These cash flows were partially offset by (i) €25.9 million cash absorbed from the change in trade payables, contract liabilities, advances and other liabilities, (ii) €3.8 million from the net change in trade receivables e and other assets, (iii) €6.8 million net other non-cash expenses; (iv) €64.3 million income taxes paid and (v) €7.4 million net finance interests paid. Cash used in investing activities Net cash used in investing activities was €272.9 million for the year ended December 31, 2025, as we continued to execute our strategic investment plan. These investments primarily related to capacity expansion, mainly for high value solutions to meet growing customer demand, as well as to other capital expenditures aimed at supporting future DDS commercial activities. For the year ended December 31, 2025 net cash used in purchasing property and equipment amounted to €263.8 million. In addition, net cash used in investing activities included capital expenditures of €11.3 million for intangible assets, primarily consisting of internally generated development costs and expenditures associated with the Group's ongoing digitalization initiatives and other software implementations. These cash outflows were partially offset by €1.9 million of proceeds from the sale of property, plants and equipment (mainly related the lease payments connected with the rent-to-buy agreement for our facility in Zhangjiagang, China,) and by €0.3 million of proceeds from financial asset investments. Net cash used in investing activities was €310.2 million for the year ended December 31, 2024. For the year ended December 31, 2024 net cash used in purchasing property and equipment amounted to €302.6 million net of the advance payment of approximately €5.3 million received from the U.S. Biomedical Advanced Research and Development Authority (BARDA) which reflects a partial payment for installing machinery in Fishers, Indiana, to help strengthen domestic capabilities in the U.S. for national defense readiness and preparedness programs for current and future public health emergencies. Net cash used in investing activities was also attributable to capital expenditures of €11.0 85 million for intangible assets, primarily including internally generated development costs and costs associated with the Group's ongoing digitalization efforts and other software implementations. For the year ended December 31, 2024 the net cash spent as price adjustment to acquire Perugini S.r.l. was €0.2 million. These cash outflows were partially offset by the proceeds from the sale of property, plant and equipment (primarily related the disposal of a building in Denmark) and from the investments in financial assets for a total of €3.5 million. Cash generated from financing activities Net cash flows generated from financing activities was €22.1 million for the year ended December 31, 2025. For the year ended December 31, 2025, proceeds from borrowings generated €150.0 million of cash inflows which were partially offset by (i) €106.9 million repayments of borrowings, (ii) €14.7 million dividends payment, and (iii) €6.3 million related to the repayment of the principal portion of lease liabilities. Net cash flows generated from financing activities was €183.2 million for the year ended December 31, 2024. For the year ended December 31, 2024, the net cash generated from financing activities was primarily related to the net proceeds received upon completion of our upsized follow-on underwritten public offering of ordinary shares, after deducting underwriting discounts and commissions and offering expenses, for €169.8 million and from borrowings for €190.2 million. These cash inflows were partially offset by (i) €155.8 million repayments of borrowings, (ii) €14.5 million dividends payment, and (iii) €6.5 million payment of the principal portion of lease liabilities. Net change in cash and cash equivalents The net change in cash and cash equivalents was an increase of €35.2 million for the year ended December 31, 2025, compared to an increase of €28.8 million for the year ended December 31, 2024. Off Balance Sheet Arrangements Off-balance sheet arrangements may be summarized as follows: (Amounts in € millions) At December 31, At December 31, 2025 2024 Guarantees 107.3 112.6 Total Guarantees 107.3 112.6 At December 31, 2025, we issued guarantees to third parties for €107.3 million (€112.6 million at December 31, 2024) in the ordinary course of business. Such amount includes advance payment and performance bonds as well as suretyships and letters of comfort to financial institutions on outstanding short-term facilities in favor of foreign subsidiaries. 86 Tabular Disclosure of Contractual Obligations and Commitments The following table summarizes payments due under our contractual obligations and commitments at December 31, 2025: (Amounts in € millions, except as indicated otherwise) Due within one year Due between two and three years Due between four and five years Due beyond five years Total Borrowings (1) 117.4 196.4 79.7 11.8 405.3 Notes — 49.9 — — 49.9 Lease liabilities (2) 4.4 5.7 3.3 0.4 13.8 Other financial liabilities 1.2 — — — 1.2 Trade payables 263.3 — — — 263.3 Tax payables 22.4 — — — 22.4 Other liabilities (3) 65.4 — — 1.8 67.3 Employee Benefits 1.0 1.2 1.3 3.4 6.8 Total liabilities 475.1 253.2 84.3 17.4 830.0 (1)Represents the cash flow for loan repayment obligations, including amortized cost effect and bank overdrafts for €30.0 million, relating to bank loans. The loans include provisions which may accelerate the reimbursement plan of the obligations, such as in case of breach of covenants, change of control or cross default. (2)Represents the discounted cash flow for lease obligations relating mainly to manufacturing facilities, plant and machinery and IT infrastructure, vehicles and other tangible assets. (3)Represents other liabilities reflected on our balance sheet and, in particular, payables to personnel and social security institutions, other tax payables, as well as allowance for future expected customer returns. Key Indicators of Performance and Financial Condition Non-GAAP Financial Measures We monitor and evaluate our operating and financial performance using several non-GAAP financial measures, including: Constant Currency Revenue, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Operating Profit, Adjusted Operating Profit Margin, Adjusted Income Taxes, Adjusted Net Profit, Adjusted Diluted EPS, CAPEX, Free Cash Flow, Net (Debt)/ Cash and Capital Employed. We believe that these non-GAAP financial measures provide useful and relevant information regarding our performance and improve our ability to assess our financial condition. While similar measures are widely used in the industry in which we operate, the financial measures we use may not be comparable to other similarly titled measures used by other companies, nor are they intended to be substitutes for measures of financial performance or financial position as prepared in accordance with IFRS. Constant Currency Revenue Constant Currency Revenue is defined as revenue excluding the impact of fluctuations in currency exchange rates occurring when the financial results of foreign subsidiaries are converted into the Group's functional currency (i.e., Euro). Constant Currency Revenue is presented to aid management in their analysis of the performance of the Group and to assist in the comparison of our performance with the prior periods. We believe providing constant currency information provides valuable supplemental information regarding our revenue. We calculate constant currency revenue by converting our current period local currency revenue using the prior period foreign currency average exchange rates and comparing these adjusted amounts to our prior period reported revenue. The following tables set 87 forth the calculation of Constant Currency Revenue for the fiscal year ended December 31, 2025 and provide a reconciliation to the most comparable IFRS measure, Revenue. (Amounts in € millions, except as indicated otherwise) Biopharmaceutical and Diagnostic Solutions Engineering Consolidated For the year ended December 31, 2025 High-Value Solutions Other containment and delivery solutions Total Biopharmaceutical and Diagnostic Solutions Total Engineering Total Consolidated Reported Revenue 546.4 491.8 1,038.2 148.1 1,186.3 Effect of changes in currency translation rates 9.4 8.4 17.7 — 17.7 Constant Currency Revenue 555.7 500.2 1,055.9 148.1 1,204.0 (Amounts in € millions, except as indicated otherwise) Biopharmaceutical and Diagnostic Solutions Engineering Consolidated Change in revenue at constant currency High-Value Solutions Other containment and delivery solutions Total Biopharmaceutical and Diagnostic Solutions Total Engineering Total Consolidated Constant Currency Revenue for the year ended December 31, 2025 555.7 500.2 1,055.9 148.1 1,204.0 Reported Revenue for the year ended December 31, 2024 422.3 511.4 933.7 170.3 1,104.0 Change in revenue at constant currency 133.4 (11.2 ) 122.2 (22.1 ) 100.0 % Change in revenue at constant currency 31.6 % (2.2 )% 13.1 % (13.0 )% 9.1 % EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin EBITDA is defined as net profit before income taxes, finance income, finance expense, depreciation and amortization. Adjusted EBITDA is defined as EBITDA as adjusted for certain income and costs that are unrelated to the underlying performance of the business, and that management considers not reflective of ongoing operational activities of the Company. EBITDA is presented to aid management in their analysis of the performance of the Group and to assist in the comparison of our performance with that of our competitors. Adjusted EBITDA is provided in order to present how the underlying business has performed excluding the impact of certain significant items that management considers not reflective of underlying operating activities and which may alter the underlying performance and impair comparability of results between periods. 88 The following table sets forth the calculation of EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin for the fiscal years ended December 31, 2025 and 2024 and provides a reconciliation of these non-GAAP measures to the most comparable IFRS measures, Net Profit and Net Profit Margin. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA for a period by total revenue for the same period. (Amounts in € millions, except as indicated otherwise) For the year ended December 31, Change 2025 2024 % Net Profit 139.8 117.8 18.7% Income Taxes 49.3 42.5 15.9% Finance Income 13.0 13.5 (3.9)% Finance Expenses 22.7 14.3 58.0% Operating Profit 198.8 161.1 23.4% Depreciation and amortization and impairment of PPE 88.6 80.7 9.8% EBITDA 287.4 241.8 18.8% Adjusting items 10.6 17.4 (39.0)% Adjusted EBITDA 298.0 259.2 15.0% Revenue 1,186.3 1,104.0 Net Profit Margin (Net Profit/ Revenue) 11.8% 10.7% Adjusted EBITDA Margin (Adjusted EBITDA/ Revenue) 25.1% 23.5% 89 Adjusted Operating Profit, Adjusted Operating Profit Margin, Adjusted Net Profit and Adjusted Diluted EPS Adjusted Operating Profit, Adjusted Income Taxes, Adjusted Net Profit and Adjusted Diluted EPS represent respectively Operating Profit, Income Taxes, Net Profit and Diluted EPS as adjusted for certain income and costs expected to occur infrequently, and that management considers not reflective of ongoing operational activities. Adjusted Operating Profit, Adjusted Income Taxes, Adjusted Net Profit and Adjusted Diluted EPS are provided in order to present how the underlying business has performed excluding the impact of the adjusting items, which may alter the underlying performance and impair comparability of results between the periods. The following table sets forth the reconciliation of EBITDA, Operating Profit, Income Taxes, Net Profit, Diluted EPS with Adjusted EBITDA, Adjusted Operating Profit, Adjusted Income Taxes, Adjusted Net Profit and Adjusted Diluted EPS for the fiscal years ended December 31, 2025 and 2024. (Amounts in € millions, except as indicated otherwise) For the year ended December 31, 2025 EBITDA Operating Profit Income Taxes (4) Net Profit Diluted EPS Reported 287.4 198.8 49.3 139.8 0.51 Adjusting items: Start-up costs new plants (1) 6.5 6.5 1.8 4.7 0.02 Restructuring and related charges (2) 4.1 4.1 1.0 3.1 0.01 Adjusted 298.0 209.4 52.1 147.6 0.54 (Amounts in € millions, except as indicated otherwise) For the year ended December 31, 2024 EBITDA Operating Profit Income Taxes (4) Net Profit Diluted EPS Reported 241.8 161.1 42.5 117.8 0.43 Adjusting items: Start-up costs new plants (1) 13.0 13.0 3.5 9.5 0.04 Restructuring and related charges (2) 4.0 4.0 1.0 3.0 0.01 Other severance costs (3) 0.4 0.4 0.1 0.3 0.00 Adjusted 259.2 178.5 47.1 130.6 0.48 (1)During the year ended December 31, 2025 and 2024, the Group recorded €6.5 million and €13.0 million, respectively, of start-up costs for the new plants in Fishers, Indiana, United States, and in Latina, Italy. These costs primarily reflect labor expenses for training and travel of personnel who are in the learning and development phase and not yet active in the manufacturing of products, as well as the related recruitment costs. (2)During the year ended December 31, 2025 and 2024, the Group recorded €4.1 million and €4.0 million of restructuring and related charges. These amounts mainly reflect employee related costs associated with the reorganization of certain business functions. (3)During the year ended December 31, 2024, the Group recorded €0.4 million related to personnel expenses, including other severance costs. (4)The income tax adjustment is calculated by multiplying the applicable nominal tax rate to the adjusting items. The following table sets forth the calculation of Adjusted Operating Profit Margin and provides a reconciliation of these non-GAAP measures to the most comparable IFRS measure, Operating Profit Margin. Adjusted Operating Profit margin is calculated by dividing Adjusted Operating Profit for a period by total revenue for the same period. 90 (Amounts in € millions, except as indicated otherwise) For the year ended December 31, 2025 2024 Revenue 1,186.3 1,104.0 Operating Profit Margin (Operating Profit/ Revenue) 16.8 % 14.6 % Adjusted Operating Profit Margin (Adjusted Operating Profit/ Revenue) 17.7 % 16.2 % CAPEX Capital Expenditure, or CAPEX, is the sum of investment amounts in property, plant and equipment and intangible assets during the period (excluding right-of-use assets recognized during the period in accordance with IFRS 16 Leases). These investment activities consist of acquisitions of property, plant and equipment and intangible assets, excluding the grants which may take the form of a transfer of a non-monetary asset (such as land). The following table sets forth the CAPEX for the fiscal years ended December 31, 2025 and 2024: (Amounts in € millions, except as indicated otherwise) For the year ended December 31, Change 2025 2024 € Addition to Property, plants and equipment 283.6 275.6 8.0 Addition to Intangible Assets 11.3 11.0 0.3 CAPEX 294.9 286.6 8.3 See Note 17 “Intangible Assets” and Note 18 “Property, plant and equipment” to the Consolidated Financial Statements for additional details. For further information on Capital Expenditure see “Liquidity and Capital Resources - Capital Expenditure” above. Free Cash Flow Free Cash Flow is defined as cash flows from operating activities excluding interests paid and received, less investments in property, plant and equipment and intangible assets on a paid-out cash basis. The following table sets forth the calculation of Free Cash Flow for the fiscal years ended December 31, 2025 and 2024: (Amounts in € millions, except as indicated otherwise) For the year ended December 31, Change 2025 2024 € Cash flow from operating activities 286.1 155.8 130.3 Interest paid 7.0 7.4 (0.4) Interest received (1.4) (1.3) (0.1) Purchase of property, plant and equipment (263.8) (302.6) 38.8 Proceeds from sale of property plant and equipment 1.9 3.2 (1.3) Purchase of intangible assets (11.3) (11.0) (0.3) Free Cash Flow 18.4 (148.5) 166.9 91 For further information on cash flow see “Liquidity and Capital Resources - Cash Flow” above. Net (Debt)/ Cash The following table sets forth the calculation of Net (Debt)/ Cash, a metric used by the management to assess the financial stability of our business. Net (Debt)/ Cash is calculated as the sum of our current and non-current financial liabilities, less the sum of (i) other current financial assets, excluding financial receivables related to the rent-to-buy agreement for our facility in Zhangjiagang, China, (ii) other non-current financial assets - Fair value of derivatives financial instruments and (iii) cash and cash equivalents. (Amounts in € millions, except as indicated otherwise) At December 31, At December 31, 2025 2024 Non-current financial liabilities (347.4) (317.7) Current financial liabilities (123.5) (116.9) Other non-current financial assets - Fair value of derivatives financial instruments 0.3 — Other current financial assets other than financial receivables for rent to buy agreement 2.2 1.3 Cash and cash equivalents 130.6 98.3 Net (Debt)/ Cash (337.7) (335.0) 92 Capital Employed The following table sets forth the reclassified consolidated statements of financial position, which is presented to aid management in their analysis of the Capital Employed to generate profits. Capital Employed is defined as the sum of non-current assets (excluding the fair value of derivatives financial instruments) and net working capital, less the sum of provisions and non-current liabilities (excluding non-current advances from customers). Net working capital represents the difference between current assets and current liabilities, excluding (i) current financial assets other than financial receivables related to the rent-to-buy agreement for our facility in Zhangjiagang, China, (ii) current financial liabilities and (iii) cash and cash equivalents, to which the non-current advances from customers and non-current assets held for sale are added. (Amounts in € millions, except as indicated otherwise) At December 31, At December 31, 2025 2024 - Goodwill and Other intangible assets 86.8 83.6 - Right of use assets 12.4 15.7 - Property, plant and equipment 1,391.5 1,248.4 - Financial assets - investments FVTPL 0.2 0.2 - Other non-current financial assets 5.5 5.4 - Deferred tax assets 103.9 95.3 Non-current assets excluding FV of derivative financial instruments 1,600.3 1,448.7 - Inventories 268.2 245.2 - Contract assets 180.5 168.5 - Trade receivables 302.7 296.0 - Trade payables (263.3) (231.0) - Advances from customers (33.4) (16.6) - Non-current advances from customers (98.8) (44.0) - Contract liabilities (10.4) (16.5) Trade working capital 345.4 401.6 - Tax receivables and Other receivables 50.6 70.6 - Current financial receivables - rent to buy agreement 8.6 — - Non-current assets held for sale — 0.2 - Tax payables and Other liabilities (100.8) (92.2) - Current provisions (4.4) (4.1) Net working capital 299.3 376.1 - Deferred tax liabilities (13.3) (12.6) - Employees benefits (6.8) (7.2) - Non-current provisions (3.2) (2.8) - Other non-current liabilities (52.1) (62.7) Total non-current liabilities and provisions (75.4) (85.3) Capital employed 1,824.2 1,739.4 Net (Debt)/ Cash (337.7) (335.0) Equity (1,486.5) (1,404.4) Total Equity and Net (Debt)/ Cash (1,824.2) (1,739.4) 93 C.RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES, ETC. See “Item 4. Information on the Company—B. Business Overview.” D.TREND INFORMATION Other than as disclosed elsewhere in this annual report, we are not aware of any trends, uncertainties, demands, commitments or events for the 2025 fiscal year that are reasonably likely to have a material adverse effect on our revenue, income, profitability, liquidity or capital resources, or that caused the disclosed financial information to be not necessarily indicative of future operating results or financial condition. E.CRITICAL ACCOUNTING ESTIMATES See "Significant judgments and estimates" in our Consolidated Financial Statements. 94