Gerresheimer’s packaging unit restructuring drives US$363.3M loss on US$594.5M impairments

GERMANY – Gerresheimer has recorded a consolidated net loss of €318.7 million (US$363.3 million) in fiscal 2025, driven by non-cash depreciation, amortisation and impairments of approximately €521.5 million (US$594.5 million), along with restructuring costs of about €71.8 million (US$81.9 million).

The medical and cosmetic packaging manufacturer’s result compares with adjusted net income of €84.3 million (US$96.1 million) a year earlier. 

Impairments were mainly linked to technology projects at Sensile Medical, goodwill, and assets at Gerresheimer Moulded Glass Chicago. 

The Plastics & Devices unit delivered underlying growth driven by drug delivery devices, while the Primary Packaging Glass division faced weaker demand for cosmetic and pharmaceutical oral liquid packaging.

Revenue Rises on Bormioli Consolidation but Organic Growth Stalls

Group revenue increased by 16.6% to €2.3 billion (US$2.62 billion) from €1.9 billion (US$2.17 billion) in 2024, reflecting the first-time consolidation of Bormioli Pharma. 

However, organic revenue growth was nearly flat at 0.3%. Adjusted EBITDA came to €384 million (US$437.8 million), slightly down from €388 million (US$442.3 million) in the previous year. 

The Plastics & Devices unit reported revenue of €1.3 billion (US$1.48 billion), up from €1.2 billion (US$1.37 billion), with Bormioli Pharma contributing approximately €167 million (US$190.4 million). 

In contrast, Primary Packaging Glass revenue declined to €983.5 million (US$1.12 billion) from €1.052 billion (US$1.20 billion), with Bormioli contributing €168 million (US$191.5 million) to that total. 

As a result of the negative consolidated net income, no dividend will be paid for 2025.

Management’s Cleanup and Recovery Strategy Takes Shape

Chief Financial Officer Wolf Lehmann stated that the publication of the audited 2025 financial statements sends an important positive signal to customers, financing partners and investors, with transparency and compliance being top priorities. 

The company has completed investigations into bill-and-hold accounting and other compliance matters, receiving an unqualified audit opinion. 

CEO Uwe Röhrhoff confirmed that the company has “cleaned up” and now has “two must-dos”: sell Centor and refinance its debt. 

The sale of US subsidiary Centor is progressing well, with the company expecting to close the transaction by the end of 2026. 

Gerresheimer has lowered its 2026 guidance, now expecting revenue in the lower half of the €2.3–2.4 billion (US$2.62–2.74 billion) range, an adjusted EBITDA margin of 17–18%, and free cash flow between -€50 million and -€100 million (US$-57 million to US$-114 million).

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