Revenue growth of 9% at constant currency was primarily propelled by a 29% surge in High-Value Solutions (HVS), which now constitutes 46% of total company revenue.

The Nexa syringe platform emerged as the fastest-growing product line, specifically optimized for the mechanical demands of auto-injectors within the GLP-1 market.

Management is actively pivoting away from non-high-value product categories to reallocate resources toward premium biologic and diagnostic applications.

GLP-1 revenues grew over 50% in 2025, representing approximately 19% to 20% of total revenue, establishing the company as a critical supply chain partner for originators.

Operational improvements in the Engineering segment led to a doubling of site acceptance rates, though financial recovery is lagging due to slower order conversion.

The company realized a 40% increase in customers utilizing premium Alba and Nexa platforms for non-GLP biologic applications, diversifying the growth base.

Fiscal 2026 guidance assumes GLP-1 revenue growth will moderate to the mid-teens as the market moves from an initial supply chain surge to a normalization phase.

Management expects HVS to reach 47% to 48% of total revenue in 2026, acting as the primary engine for a projected 150 basis point expansion in adjusted EBITDA margin.

The Engineering segment is forecasted to decline by mid-single to low double digits in 2026 due to lower historical order intake and extended technical sales cycles.

Capacity expansion in Latina and Fishers remains a priority, with commercial activities for a major U.S. device program expected to commence in late 2026 or early 2027.

The company models breakeven to positive free cash flow of approximately EUR 20 million for 2026, supported by disciplined capital expenditure between EUR 240 million and EUR 260 million.

Foreign currency translation is identified as a significant headwind, with an expected EUR 18 million impact on 2026 revenue, primarily concentrated in the first quarter.

New facility ramp-ups in Fishers and Latina remain dilutive to corporate margins in the near term due to high depreciation and initial scaling costs.

The Engineering segment underwent a rightsizing and consolidation of offices in Denmark and Italy to improve execution and access technical talent in Bologna.

Management noted that while tariffs created a EUR 4 million headwind in 2025, they expect limited impact in 2026 as costs are successfully transferred to customers.

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Management characterized the shift from 50% growth in 2025 to mid-teens in 2026 as a transition from supply chain preparation to steady-state commercial execution.

They emphasized that the total patient pool continues to expand, supporting a long-term tailwind despite the year-over-year percentage deceleration.

Management maintains that injectables will retain approximately 70% of the market share, with orals serving about 30% for specific patient needs.

They do not observe cannibalization, noting that both formats are targeting different patient segments within a rapidly growing total market.

The decline in engineering revenue is attributed to longer technical sales cycles rather than a lack of market demand.

Management is shifting the segment's focus toward more standardized 'textbook' contracts to improve margins and reduce the risks associated with highly customized projects.

The company operated at near-full capacity for Nexa syringes and EZ-fill cartridges in 2025.

New capacity coming online in 2026 is expected to be absorbed quickly by robust demand for both GLP-1 and other biologic applications.

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