“The publication of the audited 2025 annual and consolidated financial statements sends an important positive signal to our customers, financing partners, and investors,” said Wolf Lehmann, CFO of Gerresheimer AG. “Transparency and compliance are our top priorities. We have thoroughly reviewed the issues and reflected them in the financial statements. With the sale of our U.S. subsidiary Centor proceeding well, the planned refinancing, and the continued consistent implementation of our transformation program, we will also be improving our financial situation step by step in the coming months.”
Plastics & Devices: Continued High Demand for Drug Delivery Devices
The Plastics & Devices division generated revenues of EUR 1.346 billion in financial year 2025 (2024: EUR 1.294 billion, adjusted, pro-forma). Bormioli Pharma contributed approximately EUR 167 million to this total. Adjusted EBITDA amounted to EUR 315 million (2024: EUR 320 million, adjusted, pro-forma), with EUR 30 million of that amount attributable to Bormioli Pharma. Taking currency adjustments into account, the adjusted EBITDA margin was 23.5%, down from 24.7% (adjusted, pro forma) in the previous year.
Compared to the combined, currency-adjusted pro forma figures from the previous year, revenues grew by 5.2% and adjusted EBITDA by 0.2%. Strong demand for drug delivery devices and syringes offset subdued demand in the area of primary plastic packaging for oral liquids.
Primary Packaging Glass: Subdued demand in the cosmetics and oral liquids segments
The Primary Packaging Glass division generated revenues of EUR 983.5 million in financial year 2025 (2024: EUR 1.052 billion, adjusted, pro-forma). Bormioli Pharma contributed revenues of EUR 168 million to this total. Adjusted EBITDA amounted to EUR 126.2 million (2024: EUR 182.0 million, adjusted, pro-forma), of which Bormioli Pharma contributed EUR 31 million. Taking currency adjustments into account, the adjusted EBITDA margin fell to 13.1%, down from 17.6% in the previous year (adjusted, pro forma).
Compared to the combined, currency-adjusted pro forma figures from the previous year, revenues declined by 5.5% and adjusted EBITDA by 29.9%. The decline in revenue was attributable, among others, to continued subdued demand in the cosmetics business as well as in pharmaceutical primary packaging for oral liquids in the Moulded Glass business. By contrast, demand for sterile and ready-to-use Gx RTF vials developed positively, though this was not sufficient to offset the decline in ampoules, vials, and cartridges. The decline in the adjusted EBITDA margin is primarily attributable to lower revenues in the Moulded Glass segment, as well as operational challenges at the Moulded Glass plant in Chicago Heights, U.S., and ramp-up losses following the new furnace construction and expansion project in Lohr, Germany.
Impairments and Restructuring Expenses
Consolidated net income of -318.7 million EUR (2024: 84.3 million EUR, adjusted) was impacted by non-cash depreciation, amortization, and impairments totaling approximately 521,5 million EUR (2024: EUR 199.2 million) and exceptional expenses, including restructuring costs, totaling approximately EUR 71.8 million (2024: adjusted EUR 27.7 million). The impairment losses mainly relate to technology and development projects at Sensile Medical AG, goodwill, and the assets of Gerresheimer Moulded Glass Chicago Inc., Chicago, USA. The moulded glass plant in Chicago Heights will be closed at the end of the financial year 2026 as part of the Gerresheimer Transformation Program (gto). In addition, regular depreciation and amortization expenses increased due to the first-time consolidation of Bormioli Pharma. Due to the negative consolidated net income, which is partially reflected in the separate financial statements of Gerresheimer AG, no dividend will be paid for financial year 2025.
Comprehensive review of the issues and adjustments in accordance with IAS 8
As a result of an investigation by an independent law firm into revenue recognition from bill and hold agreements with customers and an investigation by a second auditing firm into revenue recognition and accounting practices in financial years 2024 and 2025, adjustments were required in accordance with IAS 8. For the financial year 2024, the total adjustments amounted to EUR 44.6 million in revenues and EUR 31.4 million in adjusted EBITDA. EUR 17.3 million related to incorrectly recognized revenue from bill and hold agreements, while EUR 27.4 million related to other adjustments, including inventory valuation and other matters. In this context, individual employees and executives violated internal guidelines and IFRS regulations. Of the corrections to adjusted EBITDA, EUR 5.5 million were attributable to bill-and-hold and EUR 25.9 million to other adjustments. Revenues of EUR 24.5 million, which had previously been recognized in financial year 2024 — including EUR 11.4 million from bill and hold agreements — have now been recognized in financial year 2025. The legal assessment of the facts and responsibilities regarding potential claims for damages is ongoing.
Measures Taken
Gerresheimer has responded to the identified issues. Going forward, the company will refrain from recognizing revenue from bill and hold agreements. Personnel actions were taken in response to violations of internal guidelines and IFRS regulations. The Code of Conduct was revised and brought back into focus through a global internal information campaign and training measures. The Group Compliance and Internal Audit departments have also been strengthened with additional staff.
Guidance for 2026: Improved Earnings and Financial Situation
For the current financial year 2026, Gerresheimer expects, before M&A and refinancing activities, revenues in the lower half of the EUR 2.3 to 2.4 billion range, an adjusted EBITDA margin of approximately 17 to 18%, and, taking into account amongst others a lower factoring volume, free cash flow between -50 and -100 million EUR. The sales process for Centor is progressing well. Gerresheimer expects to close the transaction before the end of this year. The cash inflow from the sale, along with the debt refinancing planned for this year, will once again improve the financial situation. The results of operations will improve, in particular, due to an expected increase in revenues in the second half of 2026 and the continued consistent implementation of the Gerresheimer Transformation Offensive (gto).
Adjusted Financial Calendar
Due to the later publication of the annual and consolidated financial statements, the dates for the Quarterly Statement Q1 2026, the 2026 Annual General Meeting, and the 2026 Half-Year Financial Report have also been postponed:
Quarterly Statement Q1 2026: July / August 2026
2026 Annual General Meeting: September 1, 2026
2026 Half-Year Financial Report: September/October 2026
Quarterly Statement Q3 2026: October, 2026
The 2025 Annual Report is available for download on the Gerresheimer website:
www.gerresheimer.com/en/investors/investors-and-analysts/publications/reports
