#1SG Stevanato Group (NYSE: STVN) Investor Presentation March 2024#2Safe Harbor Statement Forward-Looking Statements This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect the current views of Stevanato Group S.p.A. ("we", "our", "us", "Stevanato Group" or the "Company") and which involve known and unknown risks, uncertainties and assumptions because they relate to events and depend on circumstances that will occur in the future whether or not outside the control of the Company. These forward-looking statements include, or may include words such as "will," "rising," "growth," "driving," "increasing," "objectives," "expanded," "guidance," "acceleration," "expect," "expansion," "advance," "expanding," "future," "trends" and other similar terminology. Forward-looking statements contained in this presentation include, but are not limited to, statements about: our future financial performance, including our revenue, operating expenses and our ability to maintain profitability and operational and commercial capabilities; our ability to capitalize on opportunities, drive long term organic growth, leverage our product portfolio and build shareholder value; our expectations regarding the development of our industry and the competitive environment in which we operate; the expansion of our plants and our expectations to increase production capacity; the global supply chain and our committed orders; the continued global response to COVID-19 and our role in it; developments in demographic trends; expansions of vaccinations programs and access to healthcare in developing countries; our geographical and industrial footprint; our goals and capital expenditures projects and our strategies and investment plans. These statements are neither promises nor guarantees but involve known and unknown risks, uncertainties and other important factors and circumstances that may cause Stevanato Group's actual results, performance or achievements to be materially different from its expectations expressed or implied by the forward-looking statements, including, but not limited to the following: (i) our product offerings are highly complex, and, if our products do not satisfy applicable quality criteria, specifications and performance standards, we could experience lost sales, delayed or reduced market acceptance of our products, increased costs and damage to our reputation; (ii) we must develop new products and enhance existing products, adapt to significant technological and innovative changes and respond to introductions of new products by competitors to remain competitive; (iii) our backlog might not accurately predict our future revenue, and we might not realize all or any part of the anticipated revenue reflected in our backlog; (iv) if we fail to maintain and enhance our brand and reputation, our business, results of operations and prospects may be materially and adversely affected; (v) we are highly dependent on our management and employees. Competition for our employees is intense, and we may not be able to attract and retain the highly skilled employees that we need to support our business and our intended future growth; (vi) our business, financial condition and results of operations depend upon maintaining our relationships with suppliers and service providers; (vii) our business, financial condition and results of operations depend upon the availability and price of high-quality materials and energy supply and our ability to contain production costs; (viii) significant interruptions in our operations could harm our business, financial condition and results of operations; (ix) as a consequence of the COVID-19 pandemic, global sales of syringes and vials to and for vaccination programs had increased, resulting in a revenue growth acceleration. The demand for such products may continue to shrink if the need for COVID-19 related solutions continues to decline; (x) our manufacturing facilities are subject to operating hazards which may lead to production curtailments or shutdowns and have an adverse effect on our business, results of operations, financial condition or cash flows; (xi) our business, financial condition and results of operations may be impacted by our ability to successfully expand capacity to meet customer demand; (xii) the loss of a significant number of customers or a reduction in orders from a significant number of customers, including through destocking initiatives or lack of transparency of our products held by customers, could reduce our sales and harm our financial performance; (xiii) we may face significant competition in implementing our strategies for revenue growth in light of actions taken by our competitors; (xiv) our global operations are subject to international market risks that may have a material effect on our liquidity, financial condition, results of operations and cash flows; (xv) we are required to comply with a wide variety of laws and regulations and are subject to regulation by various federal, state and foreign agencies; (xvi) given the relevance of our activities in the healthcare sector, investments by non-Italian entities in the Company, as well as certain asset disposals by the Company, may be subject to the prior authorization of the Italian Government (so called "golden powers"); (xvii) if relations between China and the United States deteriorate, our business in the United States and China could be materially and adversely affected; (xviii) cyber security risks and the failure to maintain the confidentiality, integrity and availability of our computer hardware, software and internet applications and related tools and functions, could result in damage to our reputation, data integrity and/or subject us to costs, fines or lawsuits under data privacy or other laws or contractual requirements; (xix) our trade secrets may be misappropriated or disclosed, and confidentiality agreements with directors, employees and third parties may not adequately prevent disclosure of trade secrets and protect other proprietary information; (xx) if we are unable to obtain and maintain patent protection for our technology, products and potential products, or if the scope of the patent protection obtained is not sufficiently broad, we may not be able to compete effectively in our markets; (xxi) we depend in part on proprietary technology licensed from others. If we lose our existing licenses or are unable to acquire or license additional proprietary rights from third parties, we may not be able to continue developing our potential products; (xxii) we are obligated to maintain proper and effective internal control over financial reporting. Our internal controls were not effective for the year ended December 31, 2023, and in the future may not be determined to be effective, which may adversely affect investor confidence in us and, as a result, the value of our ordinary shares; and any other risk described under the headings "Risk Factors", "Operating and Financial Review and Prospects" and "Business" in our most recent Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission. This list is not exhaustive. We caution you therefore against relying on these forward-looking statements and we qualify all of our forward-looking statements by these cautionary statements. These forward-looking statements speak only as at their dates. The Company undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible to predict all of these factors. Further, the Company cannot assess the impact of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statements. For a description of certain additional factors that could cause the Company's future results to differ from those expressed in any such forward-looking statements, refer to the risk factors discussed in our most recent Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission. Non-IFRS Financial Information This presentation contains non-IFRS measures. Please refer to the tables included in this presentation for a reconciliation of non-IFRS measures. Management monitors and evaluates our operating and financial performance using several non-IFRS financial measures, including Constant Currency Revenue, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Operating Profit, Adjusted Operating Profit Margin, Adjusted Net Profit Margin, Adjusted Income Taxes, Adjusted Net Profit, Adjusted Diluted EPS, Capital Employed, Net (Debt) / Cash, Free Cash Flow and CAPEX. We believe that these non-IFRS 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. Accordingly, you should not place undue reliance on any non-IFRS financial measures contained in this presentation. This presentation contains references to trademarks, trade names and service marks belonging to other entities. Solely for convenience, trademarks, trade names and service marks referred to herein may appear without the Ⓡ or TM symbols, but such references are not intended to indicate, in any way, that the applicable licensor will not assert, to the fullest extent under applicable law, its rights to these trademarks and trade names. We do not intend our use or display of other companies' trade names, trademarks or service marks to imply a relationship with, or endorsement or sponsorship of us by, any other companies. Websites or external links included in this presentation are not incorporated into and are not a part of this presentation. SG, Stevanato Group Stevanato Group Investor Presentation, March 2024 2#3Company Overview SG, Stevanato Group Stevanato Group Investor Presentation, March 2024#4Stevanato Group - 70 years of Operational Excellence Leading Provider of Mission-Critical Solutions for the Biopharma Industry Track Record of Growth Global Partner of Choice ~5,600 ~700 Top 25 € 1,085M + 10% employees globally customers in 2023 pharma companies² FY23 Revenue yoy Revenue Growth Market Leader³ #1 #1 #2 26.9% FY23 adj. EBITDA margin¹, ~ € 945M YE23 Backlog Ready-to-Use Vials Pen Cartridges Pre-Filled Syringes +670bps vs 2019 SG, Stevanato Group ¹Adjusted operating profit margin, adjusted net profit, adjusted DEPS, adjusted EBITDA and adjusted EBITDA margin, Net Debt, CapEx, Free Cash Flow are non-GAAP financial measures. Please refer to slides 37 to 46 for a reconciliation of non-GAAP measures. 2 As measured by 2022 revenue, according to data collected by Pharmacircle and public companies' information 3 Estimated market position in 2022, based on available market data and internal estimates and assumptions of peer CAGR increasing at or below the market rate. Stevanato Group Investor Presentation, March 2024 4#5Seven Decades of Delivering Innovation and Value Glass forming Pharma specialization Integrated systems and technologies across the value chain 1949 1971 1993-2005 2007 2008 2008-2012 2016 2017-2019 2020 2021 2023 and beyond... Stevanato founded New plants: Italy & Slovakia Glass converting 1 Providing Analytical Services since 2016 with SG Lab. SG, Stevanato Group Visual inspection EZ-fill® patented AlbaⓇ launch STVN IPO SG Stevanato Group New plant: Brazil New plants: China & Mexico - Plant expansion: Italy - - Plastic injection molding Assembly & packaging Analytical Services (U.S. & EMEA TEC)¹ New plants: Latina (Italy) - Fishers (U.S.) Stevanato Group Investor Presentation, March 2024 5#6Global Footprint with Investments Underway to Fuel Growth Offering Supply Security with a Single Quality Standard U.S. - Boston (MA) - Ontario (CA) - Fishers (IN) Newtown (PA) GERMANY Bad Oeynhausen Допо TE DENMARK - Brabrand l¸ - Silkeborg | Donl SLOVAKIA - Bratislava JAPAN Nagoya Commercial DCS and DDS Engineering O Analytical Services Office Production plant R&D investments underway SG, Stevanato Group MEXICO Monterrey y ITALY Piombino Dese (HQ) Latina - Bologna - Milan TE BRAZIL Sete Lagoas 16 Sites in 9 countries for a global reach Don CHINA Zhangjiagang 3 Sites with investments underway Stevanato Group Investor Presentation, March 2024 6#7Strong Secular Tailwinds Driving Customer Demand Increasing Populations & Aging Demographics Self-Administration of Medicines Growth in Biologics & Pharmaceutical Innovation Outsourcing Non-Core Capabilities (Biopharma & IVD) 08 SG, Stevanato Group Stevanato Group Investor Presentation, March 2024 Expanded Healthcare Access in Developing Countries Expansion of Vaccination Programs 7#8Track Record of Excellence Sets the Stage for Sustainable Growth ● Strong business fundamentals with 70-year history of delivering against objectives • Unique value proposition with differentiated product set provides competitive advantage • • Secular tailwinds in high growth end markets Demand-driven capacity expansion to support sustainable organic growth Double-digit revenue growth Increasing mix of High Value Solutions (HVS) Expanding margins SG, Stevanato Group Ideally positioned to capitalize on opportunities, drive long-term organic growth and build shareholder value Stevanato Group Investor Presentation, March 2024 8#9Business Overview SG, Stevanato Group Stevanato Group Investor Presentation, March 2024#10Mission Critical Role in the Pharmaceutical Value Chain Supporting Customers From Drug Development through Life-Cycle Management DRUG SUBSTANCE DRUG PRODUCT E API Drug Finished SG SG Manufacturing Formulation Product B iQii SG Device & Container Drug Discovery concept, design & testing Device & Container manufacturing Fill & Automated Finish SG Line Machinery and Equipment development and manufacturing Visual Inspection Packaging & Marketing & Assembly Distribution Across the Full Drug Development Cycle: from Early Development through Delivery and Life-Cycle Management Pre-Clinical Clinical: Phase I to Phase III Commercial Post-Marketing/Phase IV & Life-Cycle Management SG, Stevanato Group Stevanato Group Investor Presentation, March 2024 10#11Single Value Proposition Delivered Through Two Segments Integrated End-to-End Offering Across Both Segments Stevanato Group's Offering Engineering Biopharmaceutical & Diagnostic Solutions 2023 Revenue: € 879 M (81%) 2023 Revenue: € 206 M (19%) Drug Containment Solutions (DCS) Ready-To-Use EZ-fill® & Bulk SG Pre-filled Vials Cartridges Drug Delivery Systems (DDS) In-Vitro Diagnostics (IVD) Assembly Visual Inspection Packaging & Serialization Glass Converting Market Syringes Leader SG, Stevanato Group Jo Analytical Services Stevanato Group Investor Presentation, March 2024 11#12Unique Integrated Offering Delivers High Value to Customers Key Differentiator and Competitive Advantage 1 2 Products Services SG 0 Processes 3 Merck-Serono Customer Case Study 1 Developed custom testing protocols ② Provided high-quality containment solution: SG NEXAⓇ Developed state-of-the-art automated assembly equipment to manufacture three different pen injector configurations ...and since, providing SG's integrated offering SG, Stevanato Group Stevanato Group Investor Presentation, March 2024 More info: https://www.ondrug delivery.com/meeting-quality-demands- through-integrated-products-and-services/ 12#13Successful Progression against our Strategic and Operational Priorities to Capitalize on Macro Trends Global Expansion HVS Growth R&D Multi-Year Innovation Pipeline SG, Stevanato Group Stevanato Group Investor Presentation, March 2024 In H 13#14Maximizing Industrial Footprint to Meet Global Demand for High- Value Solutions → $ 2023 Q1 Q2 Q3 Piombino Dese Commercial production started in Q1 2023 SG, Stevanato Group <- Q4 Q1 Q2 Latina $ Validation activities 2024 2025 Q3 Q4 Q1 Q2 Q3 Q4 Fishers, IN Commercial production started in Q4 2023 Validation activities ongoing. Commercial production exp. mid to second half of 2024 Stevanato Group Investor Presentation, March 2024 Zhangjiagang Commercial production RENDERING China expansion project paused 14#15High-Value Solutions: High-Performance, Best-in-Class Technologies Key Value for Customers Reduced Total Cost of Ownership (TCO) Superior Quality & Performance Faster Speed to Market Reduced Supply Chain Risk HVS Revenue Share (HVS as % of Total Revenue, rounded) 34% 35% to 37% 30% 17% HA 2019 2022 2023 2024 Guidance SG, Stevanato Group Stevanato Group Investor Presentation, March 2024 15#16High-Value Solutions Address Unique Storage & Packaging Requirements for Biologics Pharmaceutical innovation is driving advancements in more complex biologics, often administered by injection Biologics are challenging to stabilize and administer due to complexity, sensitivity, and viscosity Stevanato is present in three of the four potential blockbusters¹ approved in 2022 by FDA, all of which were biologics Ideally suited HVS with superior mechanical and physiochemical characteristics EZ-fill NexaⓇ EZ-fill AlbaⓇ Share of BDS Revenue from Biologics, Excluding Covid-19 (% of BDS Revenue excl. Covid-19) 16% FY 2021 28% 19% FY 2022 FY 2023 Share of BDS revenue from biologics including revenue related to Covid-19 can be found in the Company's Annual Report on Form 20-F filed with the SEC for the fiscal years ended December 31, 2023, 2022 and 2021. - Strong secular tailwinds in biologics - including rising interest for GLP-1s – are increasing demand for HVS. We expect that continued advancements in biologics will drive durable, organic growth 1Source: IQVIA SG, Stevanato Group Stevanato Group Investor Presentation, March 2024 16#17Serving Large Direct Markets with Integrated Solutions $ 15+ Billion Total Addressable Market Across Two Business Segments Biopharma and Diagnostics Solutions Segment Drug Containment Solutions¹ Drug Delivery Systems¹ Engineering Segment IVD Solutions¹ Assembly, Converting, Inspection¹ $ 3.8B $ 2.1B $ 8B $1.6B ~ 7-8% 2022-27 CAGR > 10% 2022-27 CAGR ~ 5-6% ~ 6% 2022-27 CAGR 2022-27 CAGR SG, Core Market SG, Stevanato Group 1Sources: IQVIA; Markets & Markets; Evaluate Pharma; Roots Analysis, Alira Health, Analyst Reports, Expert interviews; SG Internal Data. $15+B in terms of revenue generated by all market participants. Rounded figures. Stevanato Group Investor Presentation, March 2024 17#18Biologic Drugs are the Primary Growth Driver Within Injectables Market Segment Biopharmaceutical Injectables In-Vitro Diagnostics End Market Biologics Vaccines Insulin Small Molecules & Generics Molecular Diagnostic Other Market Volume Growth¹ 15%+ 6% to 8% 1% to 2% ~2% ~10% ~6% 2022-27 CAGR GLP-1 Antibodies & Proteins mRNA LDD² LDD2 Sub-segment Volume Growth HDD2 SG, Stevanato Group 1Source: IQVIA, Alira Health 2 LDD: Low double-digit HDD: High double-digit Bulk of the current market Stevanato Group Investor Presentation, March 2024 Cell & Gene Therapies HDD2 18#19Financial Update SG, Stevanato Group Stevanato Group Investor Presentation, March 2024#20Building Track Record of Excellence with Bright Outlook for Sustained Future Growth Double-digit revenue growth FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 Revenue (€M) 537 662 844 984 1,085 yoy growth +23% +27% +17% +10% Increasing HVS share of Revenues 17% 22% 25% 30% 34% mix of HVS Expanding margins Gross profit margin yoy growth Adj. EBITDA¹ (€M) Adj. EBITDA margin¹ yoy growth 25.7% 29.3% 31.4% 32.5% 31.3% +360 bps +210 bps +110 bps -120bps 108 160 218 264 291 20.2% 24.2% 25.9% 26.8% 26.9%2 +400 bps +170 bps +90 bps +10 bps ¹Adjusted operating profit margin, adjusted net profit, adjusted DEPS, adjusted EBITDA and adjusted EBITDA margin, Net Debt, CapEx, Free Cash Flow are non-GAAP financial measures. Please refer to slides 37 to 46 for a reconciliation of non-GAAP measures. 2 Might not add due to rounding SG, Stevanato Group Stevanato Group Investor Presentation, March 2024 20#21FY 2023: Financial Highlights FY 2023 Revenue (€ Million) 984 Non HVS HVS +10% 93 Base business Covid-19 headwind 1.085 366 (34%) +25% 11% revenue growth on a CC basis driven by growth in both segments, higher volumes and the mix shift to high value solutions. ● Record revenue from HVS, representing 34% of total revenue Excluding Covid-19 (estimated to be ~2% of total revenue), revenue grew 22% yoy Gross profit margin decline due to lower EZ-FillⓇ vial volumes, temporary inefficiencies tied to start-up, higher depreciation, FX, and short-term underutilization on some vial lines 293 (30%) FY 2022 FY 2023 Margins Gross Profit Margin Operating Profit Margin SG, Stevanato Group FY 2023 Operating profit decrease due to lower gross profit and other income On the bottom line: • Net profit of € 145.7M (+2% yoy), or € 0.55 of diluted EPS Adjusted net profit¹ of € 154.7M (+5% yoy), or € 0.58 of adjusted diluted EPS¹ FY 2023 FY 2022 31.3% 32.5% 18.5% 19.6% Adjusted EBITDA¹ of € 291.5M (+11% yoy); adjusted EBITDA margin¹ of 26.9% (+10 bps yoy) ¹Adjusted operating profit margin, adjusted net profit, adjusted DEPS, adjusted EBITDA and adjusted EBITDA margin, Net Debt, CapEx, Free Cash Flow are non-GAAP financial measures. Please refer to slides 37 to 46 for a reconciliation of non-GAAP measures. Stevanato Group Investor Presentation, March 2024 21#22FY 2023 Segment Performance Biopharmaceutical and Diagnostic Solutions Segment (BDS)¹ REVENUE* (€ Million) GROSS PROFIT MARGIN (%) +10% 800 879 FY 2022 FY 2023 34.3 32.9 FY 2022 FY 2023 Revenue increased 11% on a CC basis driven by growth in core Drug Containment Solutions business, despite €93M drop in revenue related to Covid-19 and industry-wide destocking headwinds • HVS revenue grew 25%, representing 34% of total revenue • Revenue from other containment and delivery solutions grew 1% Gross profit margin decreased due to lower EZ-fillⓇ vial volumes, temporary inefficiencies tied to start-up, higher depreciation, FX, and short-term underutilization on some vial lines Engineering Segment¹ +12% REVENUE (€ Million) 184 206 FY 2022 FY 2023 GROSS PROFIT MARGIN (%) SG, Stevanato Group 21.6 FY 2022 21.0 Revenue increased 12% driven by higher sales in visual inspection systems, assembly and packaging machines and after-sales support services. Gross profit margin decrease due to lower marginality on specific projects in process → managing through a large volume of work in progress. Our main priority for 2024 is execution and shortening lead times FY 2023 All comparisons refer to FY 2022 unless otherwise specified. Rounded figures Stevanato Group Investor Presentation, March 2024 22#23CapEx Trajectory and Breakdown - Growth Platforms Remain Top Priority Ongoing CapEx cycle with multiple expansion projects in parallel, as planned at the time of IPO Moved past CapEx cycle peak in FY 2023 ... (CapEx as % of Revenue) 14% 14% 14% 31% 42% 25% to 28% Maintenance, R&D and others: € 453M Growth execution: 93% 7% Return to HSD to LDD ...and executing growth plan at normalized CapEx level 2019 2020 2021 2022 2023 2024 Guidance 2027 Maintenance, R&D and others: HSD to LDD Growth execution: ~70% ~30% SG, Stevanato Group Stevanato Group Investor Presentation, March 2024 23#24Attractive Return Profile with Carefully Managed Investment Risk Exp. metrics from our EZ-fillⓇ facilities • Risk-mitigating levers • Strong commercial visibility on future demand € 1 € 1 • Invested CapEx Revenue generated annually when fully ramped-up Margin-accretive Revenue Project Internal Rate of Return (IRR): over 20% (consistent with Piombino Dese, Italy expansion project) Strong management alignment as Executives and Directors are remunerated on return target achievement at company level (e.g., ROIC) Anchor customers Wide set of commercial opportunities; low customer and therapeutic area concentration Differentiated product portfolio Modular approach to investments SG, Stevanato Group Stevanato Group Investor Presentation, March 2024 24#25Balance Sheet and Cash Flow As of December 31, 2023 € 324.4M Net Debt¹ € 69.6M Total Cash and Cash Equivalents For Fiscal Year Ended December 31, 2023 (€ 333.9M) € 105.2M Free Cash Flow¹ Net Cash Generated from Operations € 453.3M CapEx¹ SG, Stevanato Group ¹Adjusted operating profit margin, adjusted net profit, adjusted DEPS, adjusted EBITDA and adjusted EBITDA margin, Net Debt, CapEx, Free Cash Flow are non-GAAP financial measures. Please refer to slides 37 to 46 for a reconciliation of non-GAAP measures. Stevanato Group Investor Presentation, March 2024 25#262024 Guidance and Mid-term Outlook Revenue Revenue Growth HVS Share of Revenue Adjusted EBITDA¹ Adjusted EBITDA Margin¹ Adjusted DEPS¹ FY 2024 Guidance € 1.180B to € 1.210B 9% to 12% 35% to 37% € 314.1M to € 329.5M Outlook to 2027 For Q1 2024 we expect LDD 2025 to 2027 • 40% to 45% in 2027 26.9% (midpoint) ~30% in 2027 € 0.62 to € 0.66 • Consistent with prior years, revenue step down in Q1 24 vs Q4 23 Q1 total revenue flat to slightly down compared with Q1 23 • BDS to grow mid-single digit vs Q1 23 • Revenue decline in Engineering compared to Q1 23 SG, Stevanato Group ¹Adjusted operating profit margin, adjusted net profit, adjusted DEPS, adjusted EBITDA and adjusted EBITDA margin, Net Debt, CapEx, Free Cash Flow are non-GAAP financial measures. Please refer to slides 37 to 46 for a reconciliation of non-GAAP measures. Stevanato Group Investor Presentation, March 2024 26#27Paving the Way for the Future Global partner of choice to biopharma customers, positioned to meet increasing demand for end-to-end solutions from drug development through life-cycle management MANAGING COMPLEXITY, DELIVERING VALUE SG, Stevanato Group Stevanato Group Investor Presentation, March 2024 27#28SG, Stevanato Group (NYSE: STVN) Thank You#29Backup SG, Stevanato Group Stevanato Group Investor Presentation, March 2024#30Expanding Margins in the Medium Term Construct for margin expansion towards 2027 ILLUSTRATIVE Ramp-up inefficiencies Adj. EBITDA Mix (shift to HVS) Depreciation Gross margin & EBIT 2023 • Gross margin • Adj. EBITDA (26.9% in FY 2023) ⚫ EBIT 2025 Gross margin Adj. EBITDA EBIT SG, Stevanato Group Mix (shift to HVS) Stevanato Group Investor Presentation, March 2024 Scale (leverage fixed costs) Operational Efficiencies 2027 Gross margin Adj. EBITDA: ~30% EBIT 30#31HVS Expansion Designed to Meet Rising Customer Demand • Latina, Italy Successfully launched commercial PFS production in Q4 23 Expect steady ramp over the coming years Installing RTU cartridge capacity to support a customer's transition from bulk to RTU configuration; these lines expected to supply commercial volumes in 2026 SG, Stevanato Group Fishers (IN), U.S. SG • • Customer validation activities ongoing and will continue into 2026, as planned On track to launch commercial production later in 2024; do not anticipate meaningful revenue contribution until 2025 when production ramps for GLP1s and other biologics Expected to hit full productivity mid to late 2028 Stevanato Group Investor Presentation, March 2024 31#32Leveraging Engineering to Power SG Product & Services Portfolio Benefits to Customer (SG, Benefits to Stevanato CUSTOMER Biopharma & Diagnostic Solutions Glass Converting Assembly, Packaging and Visual Inspection • Higher quality containment solutions • Shorter lead-times • Optimizes industrial setup: higher yield and greater flexibility · • Easy single supplier management Optimizes processing parameters which streamlines scale-up, lowers risk and supports future expansion Supports custom & tailored solutions . • Combined expertise to drive • continued product innovation High commercial visibility working with clients in the planning of their manufacturing capabilities SG, Stevanato Group Stevanato Group Investor Presentation, March 2024 Upside for Product Offerings (DCS & DDS) Upside for Services Offerings 32#33Factors Impacting the Engineering Segment Trajectory Convergence of factors impacting segment • Very strong demand for machinery over the last two years • Facing challenges on timely execution - Persistent long lead times for electronic components And the time needed to shore-up the necessary resources to deliver on the outsized demand · . On the right path to better balance resources with demand, but it will take some additional time Execution is main focus in 2024 for Engineering Segment - May negatively impact segment growth in the short term, but we believe this action will better position the business for long-term success SG, Stevanato Group Engineering Third-Party Revenue (€ million) +26% 184 206 150 81 97 2019 2020 2021 2022 2023 Stevanato Group Investor Presentation, March 2024 33#34Increasing Adoption of RTU Vial and Cartridge Filling Lines is a Key Enabler and Leading Indicator of Potential Future RTU Conversion Global Vial RTU filling line market (# of lines) +32% Global Cartridge RTU filling line market (# of lines) +32% 595 595 452 RTU Lines able 452 175 RTU Lines able 322 to process RTU cartridges +42% to process RTU vials +32% 123 244 RTU Lines not able RTU Lines not able 273 208 to process RTU vials (only processing PFS, cartridges) +31% 2022 and before 2023 2022 and before 2023 420 to process RTU cartridges 329 (only processing PFS, vials) +28% End Market Vial Volume CAGR 2022-27: +1-3% SG, Stevanato Group End Market Cartridge Volume CAGR 2022-27: +2% Source: SG internal database tracking global RTU filling lines, IQVIA - Note: Market includes installed and ordered lines (2023) Stevanato Group Investor Presentation, March 2024 34#35Adoption of RTU Containers by Biopharma Manufacturers Helps Simplify Compliance and Reduce Burden of EU-GMP Annex 1 Regulation Revised Principles And Main Impacts By ANNEX 1 Impacted by RTU containers Premises and Barriers Systems Out-of-scope for RTU containers G= G= G= Quality Risk Management (QRM) Ꮑ RTU containers simplify compliance to ANNEX 1 Optimized investments to align existing filling lines with new regulation Reduced risk of particle generation during F&F process Contamination Control Strategy (CCS) Pre-use Post-Sterilization Integrity Testing Container Closure Integrity Testing Source: https://www.pda.org/pda-letter-portal/home/full-article/pda-annex-1-workshop-six-key-takeaways-from-the-final-annex-1 SG, Stevanato Group Stevanato Group Investor Presentation, March 2024 Simplifying QRM; RTU containers prevent contamination Externalizing part of the Contamination Control Strategy (CCS) responsibilities to RTU suppliers 35#36Return on Invested Capital Expected to Steadily Grow from 2025, as we Go Past the Peak of the ongoing CapEx Cycle Expected ROIC Trajectory • Expected temporary decline driven by strong growth capex cycle: lowest point expected in 2024 ROIC Strong accretion trajectory from 2025, as new capacity comes online Strong management alignment as Executives and Directors are remunerated on ROIC target achievement SG, Stevanato Group Stevanato Group Investor Presentation, March 2024 ILLUSTRATIVE time 2024 36#37Reconciliation of Non-GAAP Financial Measures This presentation contains non-GAAP financial measures. Please refer to the tables included in this presentation for a reconciliation of non-GAAP measures. Management monitors and evaluates 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, Capital Employed, Net (Debt) / Cash, Free Cash Flow, and CapEx. 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. SG, Stevanato Group Stevanato Group Investor Presentation, March 2024#38Reconciliation of Non-GAAP Financial Measures (1/9) Reconciliation of Revenue to Constant Currency Revenue (Amounts in € millions) Three months ended December 31, 2023 Reported Revenue (IFRS GAAP) Effect of changes in currency translation rates Organic Revenue (Non-IFRS GAAP) Biopharmaceutical and Diagnostic Solutions Engineering 260.0 3.8 263.8 60.6 0.1 60.7 Year ended December 31, 2023 Reported Revenue (IFRS GAAP) Effect of changes in currency translation rates Organic Revenue (Non-IFRS GAAP) Biopharmaceutical and Diagnostic Solutions SG, Stevanato Group Stevanato Group Investor Presentation, March 2024 Engineering 879.3 8.2 206.1 0.2 887.5 206.3 38#39Reconciliation of Non-GAAP Financial Measures (2/9) Net Profit Income Taxes Finance Income Finance Expenses Operating Profit Depreciation and Amortization EBITDA Reconciliation of EBITDA (Amounts in € millions) For the three months Change ended December 31, For the years ended December 31, Change 2023 2022 % 2023 2022 % 45.2 48.3 (6.4)% 13.6 15.5 (12.5)% (4.3) (7.8) (44.8)% 145.7 43.9 (20.3) 143.0 1.9% 44.6 (1.7)% (25.0) (19.2)% 9.5 7.1 34.6% 31.4 29.8 5.3% 64.0 63.1 1.5% 200.7 192.4 4.3% 20.1 17.0 18.0% 78.5 64.8 84.1 80.2 4.9% 279.2 257.3 21.1% 8.5% Calculation of Net Profit margin, Operating Profit Margin, Adjusted EBITDA Margin and Adjusted Operating Profit Margin (Amounts in € millions) Revenue Net Profit Margin (Net Profit/ Revenue) Operating Profit Margin (Operating Profit/ Revenue) Adjusted EBITDA Margin (Adjusted EBITDA/ Revenue) Adjusted Operating Profit Margin (Adjusted Operating Profit/ Revenue) SG, Stevanato Group For the three months ended December 31, For the year ended December 31, 2023 2022 2023 2022 320.6 292.1 1,085.4 983.7 14.1% 16.5% 13.4% 14.5% 20.0% 21.6% 18.5% 19.6% 27.0% 28.0% 26.9% 26.8% 20.8% 22.2% 19.6% 20.2% Stevanato Group Investor Presentation, March 2024 39#40Reconciliation of Non-GAAP Financial Measures (3/9) Reconciliation of Reported and Adjusted EBITDA, Operating Profit, Income Taxes, Net Profit, and Diluted EPS (Amounts in € millions, except per share data) Three months ended December 31, EBITDA 2023 Operating Profit Income Taxes (3) Net Profit Diluted EPS Operating Income Diluted Year ended December 31, 2023 EBITDA Profit Taxes (3) Net Profit EPS Reported 279.2 200.7 43.9 145.7 0.55 Reported 84.1 64.0 13.6 45.2 0.17 Adjusting items: Adjusting items: Start-up costs new plants (1) 12.0 12.0 3.2 8.8 0.03 Start-up costs new plants (1) 2.6 2.6 0.7 1.9 0.01 Restructuring and related charges (2) 0.3 0.3 0.1 0.2 0.00 Adjusted 86.7 66.6 14.3 47.1 0.18 Adjusted 291.5 213.0 47.2 154.7 0.58 Adjusted Margin 27.0% 20.8% Adjusted Margin 26.9% 19.6% Three months ended December 31, EBITDA 2022 Operating Profit Income Taxes (3) Net Profit Diluted EPS Operating Income Diluted Year ended December 31, 2022 EBITDA Net Profit Profit Taxes (3) EPS Reported 80.2 63.1 15.5 48.3 0.18 Reported 257.3 192.4 44.6 143.0 0.54 Adjusting items: Adjusting items: Start-up costs U.S. plant (1) 1.6 1.6 0.4 1.2 0.01 Start-up costs U.S. plant (1) 6.2 6.2 1.6 4.6 0.02 Restructuring and related charges (2) Adjusted 0.1 0.1 0.1 0.00 Restructuring and related charges (2) 0.1 0.1 0.1 0.00 Adjusted Margin 81.9 28.0% 64.8 22.2% 15.9 49.6 0.19 Adjusted Adjusted Margin 263.6 198.7 46.2 147.7 0.56 26.8% 20.2% (1) During the three months and the year ended December 31, 2023, the Group recorded €2.6 million and €12.0 million, respectively, of start-up costs for the new plants in Fishers, Indiana, United States, and in Latina, Italy. These costs are primarily related to labor costs incurred prior to the start-up of commercial operations that are associated with the training and travel of personnel who are employed in the production of our products which require specialized knowledge. During the three months and the year ended December 31, 2022, the Group recorded €1.6 million and €6.2 million, respectively, of start-up costs for the new plants in Fishers, Indiana, United States, in Zhangjiagang, China, and in Latina, Italy. (2) During the year ended December 31, 2023, the Group recorded €0.3 million of restructuring and related charges among general and administrative expenses. These are mainly employee costs related to the reorganization of some business functions. During the three months and the year ended December 31, 2022, the Group recorded €0.1 million in restructuring and related charges for the merger of Innoscan A/S into SVM Automatik A/S. (3) The income tax adjustment is calculated by multiplying the applicable nominal tax rate to the adjusting items. SG, Stevanato Group Stevanato Group Investor Presentation, March 2024 40#41Reconciliation of Non-GAAP Financial Measures (4/9) SG, Stevanato Group Reconciliation of Reported and Adjusted EBITDA, and Adjusted EBITDA Margin for 2019, Reported EBITDA Adjusting items: 2020, 2021, 2022, 2023 (Amounts in € millions) 2019 2020 2021 2022 2023 108.4 157.2 218.6 257.3 279.2 Start-up costs new plants 1.1 6.2 12.0 Incentive Plans Settlement (9.9) IPO costs 0.2 0.8 Out-of-cycle bonus to personnel 6.5 Litigation costs 2.8 Restructuring and related charges 1.2 0.1 .3 Adjusted EBITDA Adjusted EBITDA Margin 108.4 160.2 218.3 263.6 20.2% 24.2% 25.9% 26.8% 291.5 26.9% Stevanato Group Investor Presentation, March 2024 41#42Reconciliation of Non-GAAP Financial Measures (5/9) SG, Stevanato Group Capital Employed (Amounts in € millions) As of December 31, 2023 - Goodwill and Other intangible assets - Right of Use assets - Property, plant and equipment - Financial assets - investments FVTPL - Other non-current financial assets - Deferred tax assets Non-current assets excluding FV of derivative financial instruments - Inventories - Contract Assets - Trade receivables - Trade payables - Advances from customers - Non-current advances from customers - Contract Liabilities Trade working capital - Tax receivables and Other receivables - Tax payables and Other liabilities - Current Provisions Net working capital - Deferred tax liabilities - Employees benefits - Non-Current Provisions - Other non-current liabilities Total non-current liabilities and provisions Capital employed Net (debt)/ net cash Equity Total equity and net debt Stevanato Group Investor Presentation, March 2024 As of December 31, 2022 81.0 18.2 79.4 19.3 1,028.5 641.4 0.7 0.8 4.5 1.0 76.3 69.2 1,209.2 811.1 255.3 213.3 172.6 103.4 301.8 212.7 (277.8) (239.2) (22.9) (26.6) (39.4) (22.3) (14.8) 367.2 248.8 58.2 54.0 (107.0) (111.2) (1.1) 317.4 191.7 (9.6) (21.0) (7.4) (8.3) (4.0) (5.5) (48.5) (18.1) (69.5) (52.9) 1,457.1 949.9 (324.4) 46.0 (1,132.6) (995.9) (1,457.1) (949.9) 42#43Reconciliation of Non-GAAP Financial Measures (6/9) Non-current financial liabilities Current financial liabilities Other non-current financial assets - Derivatives Other current financial assets Cash and cash equivalents Net (Debt)/ Net Cash Net (Debt) / Net Cash (Amounts in € millions) As of December 31, 2023 SG, Stevanato Group Stevanato Group Investor Presentation, March 2024 (255.6) (143.3) 0.6 4.4 69.6 (324.4) As of December 31, 2022 (148.4) (70.7) 2.8 33.6 228.7 46.0 43#44Reconciliation of Non-GAAP Financial Measures (7/9) For the three months CAPEX (Amounts in € millions) ended December 31, 2023 2022 Change € Addition to Property, plants and equipment (1) Addition to Intangible Assets 89.6 5.1 99.9 0.3 (10.3) 4.8 CAPEX 94.7 100.2 (5.5) 2023 For the year ended December 31, 2022 444.6 294.5 8.7 8.1 453.3 302.6 Change € 150.1 0.6 150.7 SG, Stevanato Group Stevanato Group Investor Presentation, March 2024 44#45Reconciliation of Non-GAAP Financial Measures (8/9) Cash Flow from Operating Activities Interest paid Interest received Purchase of property, plant and equipment Proceeds from sale of property, plant and equipment Purchase of intangible assets Free Cash Flow SG, Stevanato Group Free Cash Flow (Amounts in € millions) For the three months ended December 31, 2023 10.2 2022 For the years ended December 31, 2023 59.7 105.2 0.7 1.0 3.1 (0.3) (0.3) (0.9) (82.0) (67.9) (433.2) 0.5 (0.4) 0.6 (5.1) (0.3) (8.7) (76.0) (8.2) (333.9) 2022 103.3 3.5 (0.8) (235.0) 0.1 (8.1) (137.0) Stevanato Group Investor Presentation, March 2024 45#46Reconciliation of Non-GAAP Financial Measures (9/9) SG, Stevanato Group Reported Adjusting items: Start-up costs new plants Adjusted Reconciliation of 2024 Guidance (Updated) Reported and Adjusted EBITDA, Operating Profit, Net Profit, Diluted EPS (Amounts in € millions, except per share data) Revenue EBITDA 1,180.0 1,210.0 302.8 318.2 Operating Profit 217.7 233.0 Net Profit 155.0 166.6 Diluted EPS 0.58 0.63 11.3 1,180.0 1,210.0 314.1 329.5 11.3 228.9 244.3 8.5 163.5 - 175.1 0.03 0.62 - 0.66 Stevanato Group Investor Presentation, March 2024 46