Gerresheimer, a global partner to the pharma, biotech, and cosmetics industries, published its 2025 annual and consolidated financial statements on June 29, 2026, after a delay caused by internal investigations into revenue recognition and accounting practices. The company reported revenue of EUR 2.3 billion, adjusted EBITDA of EUR 384 million, and organic revenue growth of 0.3%. The audited statements received an unqualified audit opinion, marking a step toward restoring transparency and compliance.
The investigation, conducted by an independent law firm and a second auditing firm, identified incorrect entries related to bill and hold agreements and other accounting matters in financial years 2024 and 2025. Adjustments totaling EUR 44.6 million in revenue and EUR 31.4 million in adjusted EBITDA were recorded for 2024. Gerresheimer stated it will no longer recognize revenue from bill and hold agreements going forward. Personnel actions were taken against employees and executives who violated internal guidelines and IFRS regulations, and the company has strengthened its compliance and internal audit departments.
CFO Wolf Lehmann emphasized the importance of the publication, saying, "The publication of the audited 2025 annual and consolidated financial statements sends an important positive signal to our customers, financing partners, and investors. Transparency and compliance are our top priorities." He added that the sale of U.S. subsidiary Centor is progressing well, and the company expects to close the transaction before the end of 2026. Combined with comprehensive debt refinancing planned for this year, these measures are expected to improve Gerresheimer's financial situation.
The Plastics & Devices division generated revenue of EUR 1.346 billion and adjusted EBITDA of EUR 315 million, with strong demand for drug delivery devices driving organic growth of 5.2%. In contrast, the Primary Packaging Glass division faced challenges, with revenue declining 5.5% to EUR 983.5 million and adjusted EBITDA falling 29.9% to EUR 126.2 million, impacted by subdued demand in cosmetics and pharmaceutical oral liquids, as well as operational issues at its Chicago Heights plant and ramp-up losses in Lohr, Germany.
Consolidated net income was -EUR 318.7 million, affected by non-cash impairments of approximately EUR 521.5 million and exceptional expenses of EUR 71.8 million. Impairments related to technology projects at Sensile Medical AG, goodwill, and the Chicago Heights molded glass plant, which will be closed by the end of 2026 as part of the Gerresheimer Transformation Program (gto). No dividend will be paid for 2025 due to negative net income.
For 2026, Gerresheimer expects revenue in the lower half of EUR 2.3 to 2.4 billion, an adjusted EBITDA margin of 17-18%, and free cash flow between -EUR 50 and -EUR 100 million, factoring in lower factoring volume. The company anticipates improved results in the second half of 2026, driven by revenue growth and continued implementation of the gto program. The 2025 Annual Report is available for download on the Gerresheimer website at www.gerresheimer.com/en/investors/investors-and-analysts/publications/reports.
