Thank you, everyone, for joining us. Very pleased to have Stevanato Group here with us and the Chairman and CEO, Franco Stevanato, joining us today. It's always nice of you to come over and visit us here in Chicago. Two quick things for the group. The first is the breakout is going to be in Burnham A upstairs, if you'd like to join us. The second is for a complete list of our research disclosures or conflicts of interest, please visit williamblair.com. Again, very happy to have Stevanato Group here today. Franco, you can take the mic from here. Thank you. Thank you, Matt. Thank you. Good morning, good afternoon, everyone, and thanks to William Blair to hosting this very special event. I have the chance to introduce Stevanato Group. For someone who don't know you, it's a company that started in 1949, was founded by my grandfather. We start after the Second World War to produce glass container for the industry. In the last decades, we have tried to specialize Stevanato Group in what is related to the glass container for the pharmaceutical industry. Now, I'll pass through the history of Stevanato, just to see at a high level. We, as Stevanato Group, we play a mission-critical role for what is so-called the biopharmaceutical industry. We try to build a value proposition in order really to serve at the best our pharma customer worldwide. We have also a long history of success. We have been in business since more than 70 years. Over the last years, Stevanato Group was always able to deliver a steady double-digit growth. Just to give some number, at the beginning of 2000, we were a EUR 18 million company. Before the IPO, we were approximately a EUR 500 million company, and this year we guided to be close to a EUR 1.3 billion company. We grow together with our pharmaceutical company in the last years. In 2025, we deliver EUR 1.186 billion revenue. We grew 13% from 2019 to today. Even more, we have delivered more than 25% of EBITDA. This is practically the goal, really, to continue to grow in our high-value product and further increase our marginality. We also market leader in several product because our goal is to be focused, to be the partner of the biologic industry, but even more, to be always number one, number two in what we do. We are market leader worldwide on cartridges. We are market leader worldwide on vials ready-to-use. Also, we are the second player worldwide into the syringe space. I mentioned these three product because are three product that are growing double digits thanks to the growth of the biologic industry. We serve several hundred customer worldwide, but our big focus today is really to be partner with the top 25 big pharmaceutical company worldwide. This is why we have a wide global footprint in Europe, United States, and in Asia. Global leading provider of mission-critical solution is very important sentence, what is behind? The glass, the primary packaging that we sell to our pharmaceutical customer, together with the container closure, are the only one that is going to in contact with the drugs. This is going to require very high sophisticated quality and scientific requirement in term of sterility, in term of siliconization, plasma coating, and accuracy of the product. If there is any deviation, the quality of the glass, automatically, this can compromise the drugs for the patient. This is going to require a lot of scientific competitive advantage, but even more, it's going to give the benefit to Stevanato Group to be file from the very beginning into the FDA of the pharmaceutical company. That is a big competitive advantages. In Stevanato Group, we try to build a very sophisticated value proposition that last decades. We don't want to sell single product, can be cartridges, syringes, drug delivery system, engineering product. We try to serve to our pharmaceutical company, what we call end-to-end value proposition, because our customer, what is looking for a partner, a very stable supplier that can provide very high quality from the primary packaging. Even more, we are able more and more to sell what so-called the drug delivery system. Thanks to our engineering division, we can sell what is the special machine on assembly technology in order really to truly enter in the intimacy of the product. Our pharma customer today is looking for a very few reliable partner that have this global footprint, are able to serve billions on product in order to don't make any risk in their filling process, but even more to their patient when it's going to deliver to the customer. In fact, just to explain, starting from the left, we have a full set of primary packaging on glass that we are more and more converting through our high-value product, our platform, EZ-fill syringes, cartridges, and vial, where we are market leader today. More and more, we are developing our product portfolio on drug delivery system, both into auto-injector and pen. Why? Because more and more we see the growth demand on biologic is moving through injection and through self-medication. This is why we go to our customer in order really to have the full platform. On the top of this, we have our engineering segment that is providing the special machine, mostly is providing assembly technology. On the top of this, the big strengths and competitive advantage of our engineering division is the division that is providing the technology for the group. That is giving us both more flexibility and more productivity. All the technology that we have in our operation in term of glass, syringes, cartridges, and vial are developed by the internal company. You see also analytical service. We develop in the last 10 years two strong Tech Center. One is in Italy, and the second one is in Boston. Why? Because more and more we want to partner with our pharmaceutical biopharma customer at the very early stage when it's in phase II and phase III in order to build a tailor-made product, process, and service for the pharma customer. Today, we have a very rich pipeline in order really to partner at the very beginning. When the product is moving from phase II, phase III, and go commercial, automatically, together with our customer, we build the supply chain through our operation all around the world. History. I will be a little bit long in the history in order to explain the journey of Stevanato Group. We have a long history of success. We have been in business, like I mentioned to you, more than 70 years. I can say more than 75 years today. In the last decade, we have focused more and more our competence, our people, into the pharmaceutical industry. One big milestone that you can see in the slide that in 1971, we decide to develop the technology for internally. Why? Very simple. In Europe, there were 200 competitors, and only in Italy were more than 60 competitors, and we were not really able to build a competitive advantage in terms of productivity, quality, and speed to market. We decide to develop the technology in order really to be faster. If there was an opportunity with the pharma company, immediately we will customize it. We start with vial, then we change our technology into the cartridges, and then when we had the chance to enter into syringes, immediately we develop that technology. Now more and more through our R&D center, we have upgraded to what we call EZ-fill technology. This is the work today. If you look in the industry, on syringes, there are two, three player worldwide. On vial, there are two, three player worldwide. On cartridges, there are two to three player worldwide. This formula have helped Stevanato to be always in front line and to win more business. This competitive advantage is continue to be strong. Make an example. Today, there is a big increased demand of cartridges ready-to-fill. We develop internally a patent, a special process in order really to serve this increase in demand of multi-hundred million of cartridges ready-to-fill. The fact that we develop the technology in-house help us to be faster and to build a process that is able to run 24 hours, seven working day with a high level of performance. What happened? In the last 20 years, our pharmaceutical company went global. What we have done? We started to open many greenfield plants all over the world. We started to open a greenfield plant in Slovakia. We move into Mexico, then we move into China, we open in Brazil. Now we open a big greenfield plants in Fishers, Indiana, in order to become the domestic partner of the pharmaceutical company. Practically, we are mirror the supply chain of our customer. Why? Our customer, what do they want? To have one quality no matter where they are, and they want to have a very stable supply that can serve several billion of product for their patient. Another element that we have developed strongly is the research and development, because during 1970, 1980, we were strong in developing the technology for the process. More and more, we have built an R&D in order really to evolve our product. We have a full set of IP around our EZ-fill platform in term of vial, cartridge and syringe with sophisticated technology around our coating, plasma coating. We have our portfolio product on auto-injector and pen. Why? We want more and more to serve the product in order that have the pharma company, the bio customer, focus on the molecule. It's our responsibility to build the full product portfolio. We have performed some particular M&A fully dedicated to particular competence. Lastly, in 2021, we have decided to list the company in New York. Why? Because our customers were giving us a lot of opportunities to invest, to increase capacity, and we have decided to list the company. We raised more than $1.1 billion, $1.2 billion in order to reinvest, to invest in huge capacity in Europe, even more here in United States. Here you are. Rapidly. We have a global diversified manufacturing footprint. We are present through 13 sites in nine different countries. One important not negotiable role that we have in Stevanato Group, there is no compromise in quality in terms of technology. All our plants have the same quality system and the same technology in order really to enhance that our pharma customer can buy from one plant to another one without any particular difference. Today, the focus of Stevanato Group, after in particular the IPO, is to build our new facility in Fishers, Indiana. It is an investment of more than EUR 500 million in order to become domestic with the full capability United States for our U.S. customer. We continue to expand our capacity in Italy, in Latina, in particular for syringes and cartridges ready-to-fill. We are building up capacity for our drug delivery system into our plant in Germany, also our plant in Fishers. All this demand that we're putting are all in high-value solutions and are driven by a strong demand from our pharmaceutical customer. Just to capture what is the industry that we are serving is extremely healthy and is growing, they may also by some macro tailwinds. I can summarize today. In fact, the demand more and more for injection and self-medication is increasing year by year in double digit. One, macro trend is the aging population, the increase in prevalence of chronic disease, the expanding access to the healthcare all around the world. Alongside this, there is more and more growth in biologic biosimilar. This pharmaceutical company, they have the tendency more and more to outsource a big portion of their supply chain. Like washing, siliconization, crimping, assembly, in order really to find strong partner that are able to provide this type of service. Is where Stevanato is putting all our effort today in order to provide what we call our high-value product through our plants. Here we are. The market, the environmental biologic, is growing double-digit. In order to capitalize as much as we can this opportunity in the market, what we have done? We continue to expand in huge operation in Europe, United States, in order to build a huge capacity for our pharmaceutical customer. Today, the fact that we have built these greenfield plants in 2021 in Fishers, for example, is our top 30 big U.S. customer were challenging Stevanato to become domestic in United States in order to deliver EZ-fill product and also their drug delivery system. Also, we continue to increase capacity in Europe because the demand of our international customer continue to grow. We continue to increase our research and development because more and more we see in the biologic space increasing demand of sophisticated coating, large volume syringes, large volume cartridges, particular auto-injector at up to 3 ml, or pen up to 3 ml to 5 ml. This is where our R&D center is continuing to serve to increase our portfolio. Lastly, we continue to expand our capability to our Tech Center in Italy and Boston. Why? It's the best way to enter in contact with our bio customer at the early stage. It is where really we can be filing the FDA and automatically develop the best product for them. All of this is going to be a continuous improvement because we are filling 100 of new program that will represent commercial revenue next year to go. The goal in Stevanato in the BDS segment is to continue to grow in double-digit like we were able to do to deliver in the last years. Let's go to the main investment that we have done in the last five years. This is why we have decided to list the company in New York, because we were approaching a huge opportunity with our customer, and together with our customer, we have decided to build these greenfield plants, was in Europe, in Italy in particular, and the second biggest investment of history of Stevanato Group is in Fishers, Indiana. Why? Because our customer show a very important opportunity in the future, but they want, first of all, Stevanato that to be even bigger in order to have heavy capacity worldwide in order to support their growth and to secure the supply chain. Even more, to have Stevanato becoming domestic. This formula was a little brave at the beginning, but it works because this is helping more and more to be recognized like a partner for our biopharma customer. Latina is up and running, is delivering very strong marginality also. We are more or less in full potential with syringes. We will add capacity for syringes in the future. Even more, we are going to start to introduce this new increased demand of what we call cartridges ready-to-fill. In Fishers, even more, is a much complex greenfield plants because we are starting to add capacity for syringes in the range of several hundred million products. We are adding capacity for vial ready-to-fill. We are building up a huge department for one of our biggest U.S. client for producing and selling auto-injector. Also, we are starting to introduce capacity for Alba® Technology. The goal in Fishers is to build a campus able to serve all the competence and capability that the U.S. market is requiring. What you hear from me telling many times high-value product. What is the high-value product? What is the real benefit to our customer around the high-value product? What is the benefit for Stevanato? Like I mentioned to you, the pharmaceutical company is more and more looking to outsource their supply chain in order to reduce their total cost of ownership, to have superior quality because we are going to serve a product with a washing, siliconization, assembly, pre-clip, and sterilize, and ready-to-fill, and we are going to make their supply chain much more flexible. For Stevanato, what is the beauty? We can have a better partnership, stronger contract. We have few competitor when we sell EZ-fill product. Automatically, our marginality is much more accretive. We are between 40%-70% of marginality when we deliver this high-value product. Is where we are more and more investing since to 2021, the majority of investment that we are doing in Stevanato Group are going this direction. In fact, if you look in 2019, the% of revenue around high-value product were approximately 17%. Today, we are already between 47% to 48% of our total revenue. Why also the benefit of this high-value product, which is the requirement of the biologic space. Today, this pipeline of our customer, no matter for the originator or the biosimilar, they are going to have more sophisticated molecule, where they're going to require much more sophisticated glass product, sterilized condition, coating or plasma coating on particular large volume product between syringes and cartridges. Automatically, what we see, if you look at the trend of biologic space, there are several 1,000 of molecule that are launching the pharmaceutical company on the market. More than 60% of this molecule, they will be submitted to the patient through injection or self-medication. It is exactly the product portfolio that we are selling to the customer. We are developing sophisticated product because it's the market and the biologic space that is asking more and more this type of product. If you look at the trend, the revenue that we have in Stevanato Group from 2021, the year of IPO today, they move from more than 20% up to 41% of growth. Inside of this 41%, we have both the GLP-1 growth, that is representing a very strong tailwind for Stevanato Group, but also this diversified GLP-1 pipeline. Here we are. We start 2026 with also strong momentum. The BDS segment will deliver a double-digit growth, so we are talking about 30% or 60% constant currencies basis. Why? Because the demand of biologic and also the demand of GLP-1 is strong and robust. It will be robust also in the next year, in particular for syringes, cartridges, and vial ready-to-fill. All these three critical product are really growing, and more and more, we are investing capacity in order to be able to be in double-digit also the next year to come. Also, the high-value product have represented a big growth. We are 47%, we grow 22% compared to last year. The signal that we are sharing to you that the strategy that we present in 2021, where we invest a lot of money, is going to give the good result thanks also to these greenfield plans. Couple of word about the engineering. If you know, we have the engineering inside of Stevanato Group represent approximately 12% of the revenue. We have founded the Engineering division in 1997 in order to build a competitive advantage. In 2022, 2023, we have delivered record high in term of growth, in term of marginality. We're passing through a sort of period of consolidation and optimization in order really to reassess the engineering division in order really to be able to support the next future of growth. We have done a strong program of optimization plan, this is starting to translate a good result. In fact, in Q1 of this year, we have delivered a big increase of marginality inside of the engineering division. Lastly, I would like just to summarize a little bit, because I try to compress 75 years in eight slides. Is a company was founded 75 years ago. We have decided to focalize in the biologic space without having any type of distraction. We have a solid performance in the BDS segment, where we will see our core, we are putting most of our investment. Even more, what we see, the strategy that we present during the IPO to become the partner of the pharmaceutical company, is going to be through this solid execution to transform into result. The goal is to be able to double the value of Stevanato Group every five, six year, like we were able to do in the last 20 years. The organization laser focus really to become more and more the number one, number two partner when there is a new molecule through an injection or self-medication, want to be the partner of the pharmaceutical company. This is our humble goal in order to really serve the pharma company the next 10 years. Thank you. Thanks, Franco. We have a couple minutes here. Maybe I'll run through a couple questions before we head upstairs. The first would be on GLP-1, which has become a big growth driver for you. Maybe speak to a little bit how long Stevanato's been working with companies sort of in the GLP or the obesity space broadly, how much of a growth driver that's been, and maybe the conversations you have with customers around visibility long term, because obviously I think investors are very focused on the oral Wegovy and Foundayo launches, but of course, there's a big pipeline, GLP-1 more broadly. Yes. We have the opportunity to serve our insulin clients, the three major insulin clients at the beginning of 2000. Two out of these three, they engage Stevanato Group through our Tech Center approximately eight years ago in order to file, in particular for syringes, now cartridges, our product in their new GLP-1 product. We have succeeded because today we are growing together with our two big originator. We are serving more and more syringes next. We are entering also in the process to serve cartridges ready-to-fill. After many years of hard work together with our customer building up capacity, we can say with a big level of satisfaction that Stevanato, the revenue of Stevanato around GLP-1 in 2026 represent, in the first quarter, approximately 21% of our total revenue. We have done a very good job. What we are doing on GLP-1? GLP-1 today is at the beginning of the journey. The potential addressable patient worldwide the next five, 10 years is approximately a population of more than 1.5 billion patients worldwide. Today, the penetration is between 6%-8% worldwide. The goal is to maximize our validation to our two originators in terms of syringes ready-to-fill, cartridges ready-to-fill, auto-injector, but also work extremely hard because that potential 30 other biosimilars in the market between United States, Europe, Asia, Latin America, the goal of Stevanato is to be validated everywhere where there is a syringe, a cartridge, auto-injector. We want to approach the same strategy that we have done during insulin, anesthetics, vaccine market. We want to maximize the penetration to originators, but to balance in all the biosimilars in order really to capture these therapeutic drugs as much as we can. In our strategy, we think that thanks to syringes ready-to-fill, cartridges ready-to-fill, and other devices, we'll be able to enhance in GLP-1 a double-digit growth in the next year to come. It's a phenomenal opportunity. There is a lot of demand on the market. I want also to compensate the real reason, the real strategy of Stevanato, where we see the big ocean of growth opportunities on the biologic. GLP-1 is a therapeutic area where in the next five, 10 years, we are going to benefit between U.S., Asia, and Europe. Where we really want to focus and put our know-how and our operation is in this huge opportunity in biologic. Today, there are 10,000 molecules worldwide. All of these are phase II and phase III. They will be through injection self-medication, through the top 25 customer and several hundred programs. The goal of Stevanato, through our Tech Center, through our operation, to be in all of these molecule, starting from the new blockbuster of the future. This is where we want to continue to enhance the growth to diversify the portfolio. That's great. BDS revenue is sort of in the $1.1 billion range today. You referenced with the IPO, you took that and really invested in Latina and in Fishers and added a lot of capacity. Could you talk a little bit about just sort of the dollar amount of capacity that's been added, where you stand from a capacity standpoint today? I think historically you've given some metrics around return on capital. Yeah IRR for some of these investments as well. Yes. Yeah. When we've done the IPO, the reason why we have done the IPO is because we were facing this huge opportunity. The customer was very clear, say, "Stevanato, we want you to increase heavily capacity in Europe, United States." We went to the board in 2020. We showed the opportunity, say, "Okay, let's go, you need to find money." We have decided to list the company. We have done the first IPO in 2021. After two years, we have raised the money. We raised approximately $1.2 billion. 70% of this we have reinject in the company. Why? Because we face some extraordinary CapEx cycle in order to build this huge capacity. In fact, the level of investment compared to our revenue, certain point arrive more than 25% over total revenue. Today, where we are? We are past the big, like when you go on bicycle into the mountain. Now we are at 2,000 m starting to be flat. At a certain point, we will go down in order to generate free cash flow. It's nice to build plants. All of us, including myself, we love the free cash flow. The goal is now to maximize. We have space to growth in Latina, we have space to growth in Germany for devices, we have space to growth in the next year in Fishers until 2028, 2029. The goal now is to start to remodel our CapEx expenditure the next two, three years to go back to a range of 10%-12%. That is the normal ratio for a company that want to serve a pharmaceutical company. In parallel, start from 2027 to deliver a real free cash flow. Good. Then you spoke about biologics as a category, and the whole industry went through destocking over the last couple of years. For you experienced it more on the vial side. Yet frankly, Stevanato grew through most of that, continued to grow pretty strongly. Can you maybe talk about how some of the investments you've made, both footprint and capabilities, are changing your competitive position and where there are opportunities for Stevanato to continue to gain share? Sure. During the IPO, we were in the middle of COVID, and there was this opportunity for vial. Practically what we have done in Stevanato, we put particular capacity on bulk vials and also capacity for vial ready-to-fill. Fortunately and unfortunately, the COVID expired very rapidly, and we find that there was some excess capacity for bulk vials. What we have done, we have stopped investment in bulk vials because we call non-high-value product, and we continue to invest in capacity for vial ready-to-fill, because it's much more accretive in term of marginality. In the meantime, through our greenfield plants in Italy and even more in Fishers, we were starting to prepare huge capacity for syringes and cartridges ready-to-fill. The real demand between GLP-1 and now biosimilar, it will be not anymore on vial. Vial is going continue to growth, but is a little bit mature product. The big growth, the big star in the future to be syringes from 1 ml to 25, 3 ml, 5 ml, and the same is for cartridge. It is where Stevanato is extremely active. An important element to share with you that the investment we are doing on syringes, on cartridges is also a little bit flexible. Syringes can turn into cartridges, cartridge can turn in syringe, in order also to maintain the flexibility if this biologic space is moving right or left. Just on engineering, that was an area that you've done an acquisition. You grew a lot during COVID. You took on quite a bit of larger projects, complex work. It's been, as you alluded to, consolidating the last couple of years. The 10-year CAGR is still kind of in the high single digit range. Is that still an area that you believe is an attractive growth area for Stevanato? Do you feel that the issues you've had to deal with in the last couple of years generally are behind the company, or is there more work to do? Like I mentioned, 2022, 2023, we receive a record high of order in inspection machine, assembly technology. The mistake that I've done during COVID, that was more focalized in the plant of Denmark, I was not sufficiently proactive to convince the customer to use also the Italian side. This increase the complexity because we multiply the revenue up to 2.3x and there was really a big complexity. This have caused some delay into delivery to the customer. It's true that we were in the middle of COVID. There was a shortage of electronic component, result was that we make some delay, and we have caused some slowing down our revenue and delay to the customer. What we have done? We have done pass through this what we call optimization plan in order really to prepare the engineering division for the next growth. The engineering division is serving the same pharma customer that our BDS Division. The BDS segment, thanks to the EZ-fill product, high-value solutions, is a segment that can remain easily in double-digit growth in next years. For what is related to the engineering, our goal in 2027 and beyond is to be in high single-digit growth and to fly with a gross margin between 20%-22%. I want always to remember, we're talking about 10%-12% of the total revenue of the company, but the big goal of the engineering is to truly help us to enter the intimacy of the customer and to make our internal BDS segment very productive. Thank you very much. Again, for those who want to join us for the breakout, please come upstairs. Thank you, Franco. Thank you.