Gerresheimer, a systems and solutions provider for the pharma, biotech, and cosmetics industries, has published its 2025 annual and consolidated financial statements with an unqualified audit opinion. The publication was delayed due to internal investigations into revenue recognition and accounting practices in fiscal years 2024 and 2025, which have now been completed. The company reported revenues of EUR 2.321 billion, up 16.6% from the prior year due to the first-time consolidation of Bormioli Pharma, while adjusted EBITDA reached EUR 384.0 million, slightly down from EUR 388.0 million in 2024. Organic revenue growth was 0.3% on a currency-adjusted pro forma basis, with an adjusted EBITDA margin of 16.8%.
The Plastics & Devices division generated revenues of EUR 1.346 billion, driven by strong demand for drug delivery devices and syringes, which offset subdued demand for primary plastic packaging for oral liquids. Adjusted EBITDA for the division was EUR 315 million, with a margin of 23.5%. In contrast, the Primary Packaging Glass division faced challenges, with revenues of EUR 983.5 million and adjusted EBITDA of EUR 126.2 million, reflecting a 5.5% revenue decline and a 29.9% drop in adjusted EBITDA compared to the prior year. The decline was attributed to subdued demand in cosmetics and pharmaceutical oral liquids, as well as operational issues 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 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). Due to the negative net income, no dividend will be paid for 2025.
The company conducted a comprehensive review of revenue recognition issues, including bill and hold agreements, and made adjustments under IAS 8. For fiscal 2024, adjustments totaled EUR 44.6 million in revenues and EUR 31.4 million in adjusted EBITDA. Gerresheimer will no longer recognize 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 the EUR 2.3 to 2.4 billion range and an adjusted EBITDA margin of 17% to 18%. The sale of its U.S. subsidiary Centor is progressing well, with the transaction expected to close before year-end. Combined with planned debt refinancing, the cash inflow will improve the company's financial situation. The company also anticipates improved operations from increased revenues in the second half of 2026 and continued implementation of the gto program.
CFO Wolf Lehmann commented, 'The publication of the audited 2025 annual and consolidated financial statements sends an important positive signal to our customers, financing partners, and investors.' The 2025 Annual Report is available at Gerresheimer's website.
