Gerresheimer, a systems and solutions provider for pharma, biotech, and cosmetics industries, published its 2025 annual and consolidated financial statements on June 29, 2026, after a delay due to internal investigations. The report, issued with an unqualified audit opinion, reveals revenue of EUR 2.3 billion, adjusted EBITDA of EUR 384 million, and an organic revenue growth of 0.3%. The adjusted EBITDA margin stood at 16.8%, down from 19.4% in the previous year. The publication marks a step toward transparency, as the company corrected accounting errors from prior years.
The investigations focused on revenue recognition from bill and hold agreements and other accounting practices in financial years 2024 and 2025. Adjustments under IAS 8 totaled EUR 44.6 million in revenues and EUR 31.4 million in adjusted EBITDA for 2024. Gerresheimer has since decided to refrain from recognizing revenue from bill and hold agreements and has taken personnel actions, strengthened compliance, and revised its Code of Conduct. The company emphasized that transparency and compliance are top priorities.
Operationally, the Plastics & Devices division saw organic revenue growth of 5.2% and adjusted EBITDA growth of 0.2%, driven by strong demand for drug delivery devices. In contrast, the Primary Packaging Glass division experienced a 5.5% revenue decline and a 29.9% drop in adjusted EBITDA, impacted by subdued demand in cosmetics and oral liquids, as well as operational challenges at its Chicago Heights plant. The company recorded impairments and restructuring expenses totaling approximately EUR 521.5 million in non-cash charges and EUR 71.8 million in exceptional expenses, leading to a consolidated net loss of EUR 318.7 million. No dividend will be paid for 2025.
Looking ahead, Gerresheimer expects 2026 revenues in the lower half of EUR 2.3 to 2.4 billion, an adjusted EBITDA margin of 17-18%, and free cash flow between -50 and -100 million EUR. The sale of its U.S. subsidiary Centor is progressing well, with closing expected before year-end. Proceeds from the sale, along with planned debt refinancing, are expected to improve the financial situation. The company’s transformation program (gto) aims for gradual margin improvement. The 2025 Annual Report is available at www.gerresheimer.com/en/investors/investors-and-analysts/publications/reports.
