Gerresheimer ETR: GXI said it has completed a broad review of compliance and accounting matters, published its audited 2025 annual report and is now focused on selling Centor, refinancing debt and improving cash generation.
Chief Executive Officer Uwe Röhrhoff, who returned to the company in November, said the new management board’s focus “right from day one” has been on governance, cleanup and transformation. He said investigations into bill-and-hold accounting and other compliance and controllership concerns, including forensic work, have been completed and reflected in the financial statements.
“We have cleaned up,” Röhrhoff said, adding that the company received an unqualified audit opinion for 2025. He noted, however, that the auditor’s report included an emphasis of matter and said Gerresheimer has “two must-dos: sell Centor and refinance our debt.”
Restatement Reduces 2024 Revenue and EBITDA
Chief Financial Officer Wolf Lehmann said corrections to 2024 had a net impact of negative 2%, or €45 million, on restated revenue and negative 7%, or €31 million, on EBITDA. That impact was slightly larger than the interim update the company provided in February, when it had estimated a €35 million revenue impact and a €24 million EBITDA impact.
Lehmann said Gerresheimer also recorded €258 million of impairments, above the previously indicated range of €220 million to €240 million. The impairments were mainly related to selected development projects at Sensile Medical AG, part of the Advanced Technologies business unit, and assets at the Chicago plant.
The company continues to cooperate with Germany’s BaFin, Lehmann said. Gerresheimer has received three information requests from BaFin related to year-end 2024 and one related to the first half of 2025, and expects additional requests. Lehmann said all findings from the completed investigations have been shared transparently with auditors KPMG and with BaFin.
2025 Results Show Bormioli Contribution but Pressure in Glass
On an as-reported basis, Gerresheimer’s 2025 revenue rose to €2.3 billion, up about €330 million, with the increase driven by the acquisition of Bormioli Pharma. Organic revenue growth was approximately flat at 0.3%.
Lehmann said organic growth varied by segment. Plastics and Devices grew 5%, helped by syringes, including GLP-1-related sales. That was largely offset by a roughly 6% revenue decline in Primary Packaging Glass, where oral liquids and cosmetics remained weak.
Adjusted EBITDA was approximately flat year over year and slightly lower by €4 million, despite an approximately €60 million contribution from Bormioli. Lehmann cited lower molded glass volumes, operational issues at the Chicago Heights plant and ramp-up challenges at the Lohr glass plant. Gerresheimer has decided to close the Chicago Heights plant in 2026.
On a pro forma basis including Bormioli in both 2024 and 2025, revenue declined from about €2.34 billion to €2.32 billion. The company reported an adjusted EBITDA margin of 16.8%, within its guided range of 16.5% to 17.5%, and earnings per share of negative €1.65.
Segment Performance Mixed
In Plastics and Devices, revenue rose by about €50 million to just under €1.35 billion. Adjusted EBITDA declined by €5 million to €315 million, and the margin fell to 23.5%.
- Syringes contributed €32 million of revenue growth and €8 million of EBITDA growth.
- Medical devices grew revenue by €25 million, supported by projects including auto-injectors and pens, but EBITDA declined by €2 million as the Peachtree facility ramp-up added costs before sufficient incremental revenue.
- Primary packaging plastics revenue fell by €8 million, mainly due to oral liquids, while EBITDA declined by €10 million.
- Centor showed “pretty stable” year-over-year trends, according to management.
Primary Packaging Glass revenue fell by about €70 million to €983 million, while adjusted EBITDA declined by €56 million to €126 million. The margin dropped to 13%. Röhrhoff said the segment’s performance was “not at an acceptable level.” Molded Glass accounted for most of the decline, with lower cosmetics and oral liquids revenue, operational problems at Chicago Heights and ramp-up inefficiencies at Lohr. Tubular glass revenue also declined, though a better product mix helped keep EBITDA flat year over year.
Cash Flow, Leverage and Guidance
Gerresheimer reported adjusted EBITDA of €384 million and operating cash flow of €210 million, a 55% conversion rate. Free cash flow before M&A was negative €86 million after €295 million of capital expenditures. Lehmann said financial leverage stood at 4.95 times adjusted EBITDA at year-end, while the leverage covenant is suspended through the third quarter of 2026.
For 2026, Gerresheimer now expects revenue in the lower half of its €2.3 billion to €2.4 billion range, adjusted EBITDA margin of about 17% to 18%, and free cash flow before M&A of negative €50 million to negative €100 million. Lehmann cited a challenging economic environment, customer project delays and operational challenges tied to production ramp-ups.
In the Q&A, Lehmann said the free cash flow outlook excludes proceeds from a Centor sale but includes Centor’s operational cash flow. He said the change in free cash flow guidance is mainly driven by lower expected factoring volumes, particularly reduced availability of reverse factoring programs.
Transformation Program and Portfolio Review
Management said Gerresheimer’s Transformation Offensive, or GTO, has been refocused on fast payback and cash conversion until Centor is sold and refinancing is completed. The company expects the program to contribute €10 million to €20 million of EBITDA in 2026, equal to 50 to 100 basis points of margin improvement, with greater potential over the medium term.
The initiative includes operations, staffing and SG&A efficiency, procurement bundling and cash optimization through stricter capital spending discipline, collections, supplier terms and inventory reduction. Management said the program is fully staffed and will continue through 2027 and into 2028.
Gerresheimer also outlined its new reporting structure for fiscal 2026: Containment and Delivery Systems, Primary Injectable Solutions and Molded Glass. Management said Centor is being prepared for sale, while the timing of a Molded Glass divestiture has not yet been decided. Röhrhoff said the company is continuing a broader strategic portfolio review with the supervisory board.
About Gerresheimer ETR: GXI
Gerresheimer AG, together with its subsidiaries, manufactures and sells medicine packaging, drug delivery devices, and solutions in Germany and internationally. It operates through three divisions: Plastics & Devices, Primary Packaging Glass, and Advanced Technologies. The company offers prefillable syringes, plastic and glass packaging solutions, vials, glass cartridges and ampoules, bottles and containers, and glass bottles and jars, as well as caps, closures, applicators, and accessories; development, industrialization and contract manufacturing of drug delivery programs; project and quality management; and drug delivery systems, including inhalers, injection/auto injectors, pen injectors, infusion systems, and inhalation assessment, autoinjector, and other services.
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