Gerresheimer AG

Latest Results (23.05.2026):

Gerresheimer AG — Q3 / 9M 2025: Reported group revenue grew (Q3 +12.5% reported; 9M +14.6%) driven by acquisition consolidation, but organic performance weakened: Q3 organic revenue -1.2% YoY and 9M organic -1.8% YoY. Q3 2025 revenue was EUR 561m (Q3 2024: EUR 579m pro‑forma) with adjusted EBITDA EUR 103m (Q3 2024: EUR 117m), and 9M 2025 revenue EUR 1,681m (9M 2024 pro‑forma: EUR 1,728m) with adjusted EBITDA EUR 314m (9M 2024: EUR 341m). Margins contracted (Q3 adj. EBITDA margin 18.8% vs 20.5% prior year; 9M 18.8% vs 19.9%). Cash flow improved in Q3 (free cash flow before M&A EUR +21m vs EUR -5m prior year) while net financial debt and leverage remain elevated (Net financial debt ~EUR 1.93bn; adj. EBITDA leverage ~4.15x). Management lowered FY 2025 organic guidance and launched a transformation program while progressing financing covenant resets and reducing the bridge loan.

Headline Q3 / 9M financials

Q3 2025: Revenue EUR 561m, adjusted EBITDA EUR 103m, adj. EBITDA margin 18.8%. 9M 2025: Revenue EUR 1,681m, adjusted EBITDA EUR 314m, adj. EBITDA margin 18.8%. Reported growth (incl. acquisitions/FX) was positive; organic results declined YoY.

Organic vs reported performance

Reported growth reflects consolidation (notably Bormioli Pharma). Organic trends: Q3 organic revenue -1.2% YoY and Q3 organic adjusted EBITDA -9.4% YoY; 9M organic revenue -1.8% and adjusted EBITDA -7.5% — indicating weaker underlying demand in key segments.

Drivers by division

Weakness concentrated in Moulded Glass (Cosmetics and Oral Liquids) and Plastic Packaging (oral liquids/cosmetics). Offsets: Medical Devices strong from ramp‑ups (autoinjectors/pens) and Tubular Glass growth in high‑value RTF vials.

Cash flow, capex and financing

Q3 free cash flow before M&A improved to EUR +21m (vs EUR -5m prior year) supported by working‑capital management. YTD capex remains significant (growth and base projects across divisions). Net financial debt reported ~EUR 1.93bn and leverage ~4.15x at Q3 2025. Company reduced the bridge loan from EUR 725m to EUR 525m and agreed covenant resets to expand financial flexibility.

Guidance and outlook

FY 2025 organic revenue guidance revised down to -4% to -2% (previous 0–2%). Adjusted EBITDA margin guidance lowered to 18.5%–19% (prior: around 20%). Adjusted EPS now expected to decline by mid double‑digit % (previously low double‑digit decline). Management expects QoQ improvement in Q4 but not enough to meet prior targets.

Management actions and governance

New CFO Wolf Lehmann in office; Achim Schalk joining Executive Board in Nov 2025; Hans‑Norbert Topp appointed EVP Moulded Glass. A Transformation Office reporting to the CFO was set up to drive operational, commercial and capital allocation improvements and to accelerate a planned separation of Moulded Glass.

Other notable points

Q3 reported free cash flow improvement and operational ramp‑ups (Lohr furnace upgrade, new lines qualified) are cited as contributors to recovery. ESG ratings and reporting progress were highlighted (e.g., CDP A‑, MSCI AA‑rating, Ecovadis Gold; first CSRD compliant sustainability report planned for FY 2025).