Gerresheimer Publishes 2025 Annual Report After Internal Investigation, Highlights Stable Revenue and Strategic Refinancing

Gerresheimer, a systems and solutions provider for the pharma, biotech, and cosmetics industries, published its 2025 annual and consolidated financial statements on June 29, 2026, following a delay due to internal investigations into revenue recognition and accounting practices for fiscal years 2024 and 2025. The company reported revenues of EUR 2.321 billion, a 16.6% increase from the previous year's adjusted figure of EUR 1.991 billion, driven largely by the first-time consolidation of Bormioli Pharma. Adjusted EBITDA reached EUR 384.0 million, slightly down from EUR 388.0 million in 2024, with an adjusted EBITDA margin of 16.8% on a currency-adjusted basis. Organic revenue growth was 0.3% compared to the combined pro forma figures from the prior year.

The company's Plastics & Devices division generated EUR 1.346 billion in revenue, up 5.2% organically, fueled by strong demand for drug delivery devices. Adjusted EBITDA for the division was EUR 315 million, with a margin of 23.5%. In contrast, the Primary Packaging Glass division saw a 5.5% organic revenue decline to EUR 983.5 million, impacted by subdued demand in cosmetics and oral liquids packaging. Adjusted EBITDA for that division fell 29.9% to EUR 126.2 million, with a margin of 13.1%, due to lower volumes and operational challenges at its Chicago Heights plant and ramp-up losses in Lohr, Germany.

Consolidated net income was negative EUR 318.7 million, affected by non-cash impairments of approximately EUR 521.5 million and exceptional expenses of EUR 71.8 million. The impairments relate to technology projects at Sensile Medical AG, goodwill, and assets of the Gerresheimer Moulded Glass Chicago Inc. plant, which will close at the end of fiscal 2026 as part of the Gerresheimer Transformation Program (gto). No dividend will be paid for 2025 due to the negative net income.

The investigation, conducted by an independent law firm and a second auditing firm, identified incorrect revenue recognition from bill and hold agreements and other accounting issues, leading to adjustments under IAS 8 totaling EUR 44.6 million in revenues and EUR 31.4 million in adjusted EBITDA for 2024. Personnel actions were taken against employees who violated internal guidelines and IFRS regulations. The company has since revised its Code of Conduct, strengthened compliance and internal audit departments, and will no longer recognize revenue from bill and hold agreements.

For fiscal 2026, Gerresheimer expects revenues in the lower half of the EUR 2.3 to 2.4 billion range, an adjusted EBITDA margin of 17-18%, and free cash flow between -50 and -100 million EUR, factoring in lower factoring volume. The sale of its U.S. subsidiary Centor is progressing well, with the transaction expected to close before the end of the year. Combined with planned debt refinancing, the proceeds will improve the company's financial situation. The Gerresheimer Transformation Offensive (gto) is expected to drive margin improvements.

Due to the delayed publication, the company has adjusted its financial calendar: the Q1 2026 quarterly statement will be released in July/August 2026, the Annual General Meeting is set for September 1, 2026, and the half-year report will follow in September/October 2026. The 2025 Annual Report is available on Gerresheimer's website at gerresheimer.com.