Gerresheimer, a 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 regarding revenues and accounting practices in financial years 2024 and 2025. The company reported revenues of EUR 2.321 billion for fiscal 2025, a 16.6% increase from the prior year's adjusted figure of EUR 1.991 billion, primarily driven by the first-time consolidation of Bormioli Pharma. Adjusted EBITDA reached EUR 384.0 million, compared to EUR 388.0 million in 2024 (adjusted). On a currency-adjusted pro forma basis, organic revenue grew by 0.3%, while the adjusted EBITDA margin stood at 16.8%, down from 19.4% in the prior year.
The Plastics & Devices division generated revenues of EUR 1.346 billion, up 5.2% on a combined, currency-adjusted pro forma basis, driven by strong demand for drug delivery devices. Adjusted EBITDA margin for the division was 23.5%, compared to 24.7% in the previous year. The Primary Packaging Glass division saw revenues decline by 5.5% to EUR 983.5 million, with adjusted EBITDA margin falling to 13.1% from 17.6%, due to subdued demand in cosmetics and pharmaceutical oral liquids, as well as operational challenges at the Moulded Glass plant in Chicago Heights and ramp-up losses in Lohr, Germany.
Consolidated net income was negative EUR 318.7 million, impacted by non-cash impairments of approximately EUR 521.5 million and exceptional expenses of EUR 71.8 million. Impairments primarily related to technology projects at Sensile Medical AG, goodwill, and the Chicago Heights moulded glass plant, which will be closed by the end of fiscal 2026 as part of the Gerresheimer Transformation Program (gto). No dividend will be paid for 2025 due to the negative net income.
The company conducted a comprehensive review of accounting issues, leading to adjustments under IAS 8. For fiscal 2024, total adjustments amounted to EUR 44.6 million in revenues and EUR 31.4 million in adjusted EBITDA, including EUR 17.3 million from incorrectly recognized bill-and-hold revenue. Gerresheimer has since decided to cease recognizing revenue from bill-and-hold agreements and has taken personnel actions, revised its Code of Conduct, and strengthened compliance and internal audit departments.
For fiscal 2026, Gerresheimer expects revenues in the lower half of EUR 2.3 to 2.4 billion range and an adjusted EBITDA margin of 17-18%. The sale of its U.S. subsidiary Centor is progressing, with closing expected before year-end, and the company plans comprehensive debt refinancing this year. Free cash flow is forecast between negative EUR 50 million and negative EUR 100 million, partly due to lower factoring volume. The results of operations are expected to improve in the second half of 2026, supported by the continued implementation of the gto transformation program.
The 2025 Annual Report is available for download on the Gerresheimer website: www.gerresheimer.com/en/investors/investors-and-analysts/publications/reports.
