Gerresheimer, an innovative systems and solutions provider and global partner to 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 — now completed — 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 2.321 billion euros in financial year 2025 due to the first-time consolidation of Bormioli Pharma. Adjusted EBITDA reached 384.0 million EUR. Taking currency-adjustments into account, the adjusted EBITDA margin stood at 16.8%. 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, and within that division, particularly by strong demand for drug delivery devices. The Primary Packaging Glass division, on the other hand, was impacted by a decline in demand for primary packaging for cosmetics and pharmaceutical oral liquids.
For the current financial year 2026, Gerresheimer expects revenues to be in the lower half of the EUR 2.3 to 2.4 billion range and an adjusted EBITDA margin between 17 and 18%.
“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. Bormioli Pharma contributed approximately EUR 167 million to this total. Adjusted EBITDA amounted to EUR 315 million. Taking currency adjustments into account, the adjusted EBITDA margin was 23.5%, down from 24.7% 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.
The Primary Packaging Glass division generated revenues of EUR 983.5 million in financial year 2025. Bormioli Pharma contributed revenues of EUR 168 million to this total. Adjusted EBITDA amounted to EUR 126.2 million. Taking currency adjustments into account, the adjusted EBITDA margin fell to 13.1%, down from 17.6% in the previous year. 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.
Consolidated net income of -318.7 million EUR was impacted by non-cash depreciation, amortization, and impairments totaling approximately 521.5 million EUR and exceptional expenses, including restructuring costs, totaling approximately EUR 71.8 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). Due to the negative consolidated net income, no dividend will be paid for financial year 2025.
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. 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.
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.
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 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 2025 Annual Report is available for download on the Gerresheimer website: https://www.gerresheimer.com/en/investors/investors-and-analysts/publications/reports.
