Gerresheimer AG

Gerresheimer AG reported a slight revenue increase of EUR5 million year-over-year in Q1 2026, while adjusted EBITDA fell by EUR15 million to EUR66 million. The company achieved its best first-quarter free cash flow since 2019, improving by almost EUR110 million to minus EUR32 million, driven by disciplined working capital management and a 50% reduction in capital expenditures to EUR56 million. Segment performance was mixed: Containment and Delivery Systems revenue grew to EUR296 million with 8.8% organic growth, and Primary Injectable Solutions revenue rose to EUR101 million with 14.2% organic growth, but Moulded Glass revenue declined to EUR144 million from EUR160 million, with adjusted EBITDA dropping to EUR6 million from EUR32 million. Gerresheimer signed agreements to sell Centor and Primary Packaging Plastics for an enterprise value of approximately EUR1.5 billion, expected to reduce net debt—currently close to EUR2 billion—and achieve leverage below 3x net debt-to-EBITDA. The company maintains liquidity of EUR342 million and expects Q1 to be its lowest quarter, with stronger results in the second half.

Gerresheimer reported a consolidated net loss of €318.7 million for financial year 2025, compared with an adjusted net income of €84.3 million a year earlier. The loss was driven by non-cash depreciation, amortisation and impairments of around €521.5 million, plus exceptional charges including restructuring costs of approximately €71.8 million. Group revenue rose 16.6% to €2.3 billion on an adjusted basis, reflecting the first-time consolidation of Bormioli Pharma. Adjusted EBITDA came to €384 million, slightly below the prior year's adjusted figure of €388 million. No dividend will be paid for 2025 due to the negative consolidated net income.