Gerresheimer, an innovative systems and solutions provider for pharma, biotech, and cosmetics industries, today published its 2025 annual and consolidated financial statements, which were issued with an unqualified audit opinion after a delay due to internal investigations. The company reported revenue of EUR 2.3 billion, adjusted EBITDA of EUR 384 million, and organic revenue growth of 0.3%. The adjusted EBITDA margin stood at 16.8%, down from 19.4% in the prior year on a pro forma basis.
The publication had been postponed because of investigations into revenue and accounting practices for fiscal years 2024 and 2025. The review, conducted by an independent law firm and a second auditing firm, identified incorrect entries related to bill-and-hold agreements and other accounting matters. Adjustments were made in accordance with IAS 8, totaling EUR 44.6 million in revenues and EUR 31.4 million in adjusted EBITDA for 2024. Individual employees and executives were found to have violated internal guidelines and IFRS regulations. Gerresheimer has since implemented measures including ceasing revenue recognition from bill-and-hold agreements, personnel actions, a revised Code of Conduct, and strengthened compliance and internal audit departments. The legal assessment regarding potential claims for damages is ongoing.
Wolf Lehmann, CFO of Gerresheimer AG, commented, 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. We have thoroughly reviewed the issues and reflected them in the financial statements. 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.
The Plastics & Devices division generated revenues of EUR 1.346 billion, up 5.2% on a currency-adjusted pro forma basis, driven by strong demand for drug delivery devices and syringes. Adjusted EBITDA margin was 23.5%. The Primary Packaging Glass division saw a 5.5% revenue decline to EUR 983.5 million, with adjusted EBITDA margin falling to 13.1%, impacted by subdued demand in cosmetics and oral liquids segments, as well as operational challenges at the 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 about 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 fiscal 2026. No dividend will be paid for 2025 due to negative net income.
For fiscal 2026, Gerresheimer expects revenue in the lower half of the EUR 2.3 to 2.4 billion range, an adjusted EBITDA margin of 17-18%, and free cash flow between -EUR 50 million and -EUR 100 million. The sale of Centor is expected to close this year, and the company plans comprehensive debt refinancing. The Gerresheimer Transformation Offensive (gto) is expected to gradually improve margins. The 2025 Annual Report is available on the Gerresheimer website.
