Gerresheimer, a systems and solutions provider for the pharma, biotech, and cosmetics industries, today published its audited 2025 annual and consolidated financial statements, which were delayed due to internal investigations into revenue recognition and accounting practices. The company reported revenues of €2.321 billion, a 16.6% increase from the prior year's adjusted figure of €1.991 billion, driven primarily by the first-time consolidation of Bormioli Pharma. However, adjusted EBITDA fell to €384 million from €388 million, with the adjusted EBITDA margin declining to 16.8% from 19.4% on a currency-adjusted pro forma basis. The company also posted a consolidated net loss of €318.7 million, impacted by non-cash impairments and restructuring expenses totaling approximately €593.3 million.
The publication marks a critical step for Gerresheimer as it seeks to restore confidence among stakeholders. “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.” The investigations, conducted by an independent law firm and a second auditing firm, uncovered incorrect revenue recognition from bill-and-hold agreements and other accounting irregularities in fiscal years 2024 and 2025, leading to adjustments totaling €44.6 million in revenues and €31.4 million in adjusted EBITDA for 2024. Gerresheimer has since decided to cease recognizing revenue from bill-and-hold agreements, taken personnel actions, revised its Code of Conduct, and strengthened its compliance and internal audit departments.
The company’s Plastics & Devices division posted revenues of €1.346 billion, up 5.2% on a currency-adjusted pro forma basis, driven by strong demand for drug delivery devices and syringes. Its adjusted EBITDA margin fell to 23.5% from 24.7%. In contrast, the Primary Packaging Glass division saw revenues decline 5.5% to €983.5 million, with adjusted EBITDA plunging 29.9% to €126.2 million, reflecting subdued demand in cosmetics and oral liquids packaging, as well as operational challenges at its Chicago Heights plant and ramp-up losses in Lohr, Germany. As part of its transformation program (gto), Gerresheimer plans to close the Chicago Heights moulded glass plant by the end of fiscal 2026.
Looking ahead, Gerresheimer expects 2026 revenues in the lower half of the €2.3 to €2.4 billion range and an adjusted EBITDA margin of 17% to 18%. The company is progressing with the sale of its U.S. subsidiary Centor, expected to close before year-end, and plans comprehensive debt refinancing. “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,” Lehmann added. The company also revised its financial calendar, with the Q1 2026 quarterly statement now due in July or August 2026 and the annual general meeting scheduled for September 1, 2026. The 2025 Annual Report is available on Gerresheimer’s website at https://www.gerresheimer.com/en/investors/investors-and-analysts/publications/reports.
