Gerresheimer, a global systems and solutions provider for the pharma, biotech, and cosmetics industries, today published its 2025 annual and consolidated financial statements, which were issued with an unqualified audit opinion. The publication had been postponed due to internal investigations regarding revenues and accounting practices in financial years 2024 and 2025. Incorrect entries have been thoroughly reviewed and corrected in the financial statements now available.
The Gerresheimer Group’s revenues rose by 16.6% to EUR 2.321 billion in financial year 2025 due to the first-time consolidation of Bormioli Pharma (2024: EUR 1.991 billion, adjusted). Adjusted EBITDA reached EUR 384.0 million (2024: EUR 388.0 million, adjusted). Taking currency adjustments into account, the adjusted EBITDA margin stood at 16.8% (2024: 19.4%, adjusted, pro forma). Compared to the combined, currency-adjusted pro forma figures from the previous year, revenue grew by 0.3%. Organic growth was driven primarily by the Plastics & Devices division, particularly by strong demand for drug delivery devices. The Primary Packaging Glass division was impacted by a decline in demand for primary packaging for cosmetics and pharmaceutical oral liquids.
“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.”
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. Adjusted EBITDA amounted to EUR 315 million (2024: EUR 320 million, adjusted, pro forma). 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%.
The Primary Packaging Glass division generated revenues of EUR 983.5 million in financial year 2025 (2024: EUR 1.052 billion, adjusted, pro forma). Adjusted EBITDA amounted to EUR 126.2 million (2024: EUR 182.0 million, adjusted, pro forma). 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 to continued subdued demand in the cosmetics business and pharmaceutical oral liquids, while demand for sterile and ready-to-use Gx RTF vials developed positively but was insufficient to offset declines.
Consolidated net income of -EUR 318.7 million (2024: EUR 84.3 million, adjusted) was impacted by non-cash depreciation, amortization, and impairments totaling approximately EUR 521.5 million (2024: EUR 199.2 million) and exceptional expenses including restructuring costs of 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. The moulded glass plant in Chicago Heights will be closed at the end of financial year 2026 as part of the Gerresheimer Transformation Program (gto). Due to the negative consolidated net income, no dividend will be paid for financial year 2025.
As a result of investigations into revenue recognition from bill and hold agreements and accounting practices, adjustments were required in accordance with IAS 8. For financial year 2024, 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. In this context, individual employees and executives violated internal guidelines and IFRS regulations. Gerresheimer has responded by refraining from recognizing revenue from bill and hold agreements going forward, taking personnel actions, revising the Code of Conduct, and strengthening the Group Compliance and Internal Audit departments.
For the current financial year 2026, Gerresheimer expects 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 free cash flow between -50 and -100 million EUR. The sales process for Centor is progressing well, with the transaction expected to close before the end of this year. The cash inflow from the sale, along with the debt refinancing planned for this year, will improve the financial situation. The detailed 2025 Annual Report is available on the Gerresheimer website at www.gerresheimer.com/en/investors/investors-and-analysts/publications/reports.
