Gerresheimer, a systems and solutions provider for the pharma, biotech, and cosmetics industries, has published its 2025 annual and consolidated financial statements, which were issued with an unqualified audit opinion. The publication had been postponed due to internal investigations into revenue recognition and accounting practices in financial years 2024 and 2025. 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, and adjusted EBITDA of EUR 384.0 million, slightly down from EUR 388.0 million in 2024. On a currency-adjusted pro forma basis, organic revenue grew by 0.3%, and the adjusted EBITDA margin stood at 16.8%, down from 19.4% in the previous year.
The investigation by an independent law firm and a second auditing firm found that individual employees and executives violated internal guidelines and IFRS regulations. As a result, adjustments were made under IAS 8, totaling EUR 44.6 million in revenues and EUR 31.4 million in adjusted EBITDA for 2024, including EUR 17.3 million from incorrectly recognized bill-and-hold revenue. Gerresheimer will no longer recognize revenue from bill-and-hold agreements and has taken personnel actions, revised its Code of Conduct, and strengthened its compliance and internal audit departments.
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. Organic revenue grew 5.2% compared to combined pro forma figures, while adjusted EBITDA increased 0.2%. The Primary Packaging Glass division faced headwinds, with revenues declining 5.5% organically and adjusted EBITDA falling 29.9%, due to subdued demand in cosmetics and oral liquids, operational challenges at the Chicago Heights plant, 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 primarily related to technology projects at Sensile Medical AG, goodwill, and assets at Gerresheimer Moulded Glass Chicago Inc., which will be closed at the end of 2026 as part of the Gerresheimer Transformation Program (gto). No dividend will be paid for 2025 due to the negative net income.
For 2026, Gerresheimer expects revenues in the lower half of the EUR 2.3 to 2.4 billion range and an adjusted EBITDA margin between 17% and 18%. The company is proceeding with the sale of its U.S. subsidiary Centor, with closing expected this year, and plans comprehensive debt refinancing. These steps, along with the gto program, are intended to improve the financial situation and gradually enhance margins. The adjusted EBITDA margin guidance for 2026 suggests improvement from 2025's 16.8%, driven by expected revenue growth in the second half and cost initiatives.
The company's 2025 Annual Report is available for download on the Gerresheimer website at https://www.gerresheimer.com/en/investors/investors-and-analysts/publications/reports.
