Gerresheimer’s revenue has remained stable after a difficult financial year.

The company closed the 2025 financial year with a revenue of €2.3 billion and adjusted EBITDA of €384 million.

For the current financial year, Gerresheimer expects revenues to be in the lower half of the €2.3 to 2.4 billion range and an adjusted EBITDA margin between 17 and 18%.

Gerresheimer’s revenue rose by 16.6% from the previous year, which recorded a revenue of €1.991 billion in 2024.

The company stated this increase in revenue was due to the first-time consolidation of Bormioli Pharma.

It published its annual and consolidated financial statements for 2025 last week, which also showed organic revenue growth of +0.3%, as well as an adjusted EBITDA margin at 16.8%.

Breakdown of divisions

Gerresheimer stated that organic growth was driven primarily by the Plastics and Devices division, specifically by strong demand for drug delivery devices.

The division generated €1.346 billion in revenue in 2025, an increase of €52 million from 2024.

Bormioli Pharma contributed approximately €167 million to the total revenue, and €30 million of the €315 million adjusted EBITDA.

Taking currency adjustments into account, the adjusted EBITDA margin was 23.5%, down from 24.7% in the previous year.

However, the Primary Packaging Glass division was impacted by decreasing demand for primary packaging for cosmetics and pharmaceutical oral liquids, with organic revenue and adjusted EBITDA declining from the previous year.

The division generated revenue of €983.5 million in 2025, a decrease of €68.5 million, with Bormioli Pharma contributing €168 million.

Other factors contributing to the division’s decline in the adjusted EBITDA margin included lower revenues in the moulded glass segment, as well as operational challenges at the moulded glass plant in Chicago Heights, U.S., and ramp-up losses following the new furnace construction and expansion project in Lohr, Germany.

Delay of reports

The publication of the report had been postponed due to now completed internal investigations regarding revenues and accounting practices in 2024 and 2025.

Previously discovered incorrect entries have been reviewed and corrected.

Wolf Lehmann, CFO of Gerresheimer AG, said: “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.”

In accordance with IAS 8, adjustments were required, with total adjustments amounting to €44.6 million in revenues and €31.4 million in adjusted EBITDA in 2024.

€17.3 million of revenue adjustment related to incorrectly recognised revenue from bill and hold agreements, while €27.4 million related to other adjustments, including inventory valuation and other matters.

Individual employees and executives were also found to have violated internal guidelines and IFRS regulations.

The company stated that going forward, it will refrain from recognising revenue from bill and hold agreements, with personnel actions taken in response to violations of internal guidelines and IFRS regulations.

The Code of Conduct was also revised and brought back into focus through a global internal information campaign and training measures, and the Group Compliance and Internal Audit departments were strengthened with additional staff.

Restructuring

Gerresheimer also reported that its consolidated net income of €-318.7 million was impacted by non-cash depreciation, amortisation, and impairments of approximately €521.5 million.

Income was also impacted by exceptional expenses, including restructuring costs, costing approximately €71.8 million, up from €27.7 million in 2024.

The impairment losses mainly related to technology and development projects at Sensile Medical AG, goodwill, and the assets of Gerresheimer’s moulded glass plant in Chicago, USA.

The moulded glass plant will be closed at the end of the financial year as part of the Gerresheimer Transformation Program (gto).

The company also reported that the dates for the report of Q1 in 2026, the 2026 annual general meeting, and the 2026 half-year report have also been postponed.