Gerresheimer: Revenue Slightly Higher in First Quarter – Free Cash Flow Significantly Improved

Gerresheimer generated revenue of EUR 524 million in the first quarter of fiscal year 2026, according to preliminary figures. Compared with the adjusted prior-year figure of EUR 519 million, this represents slight growth. Adjusted EBITDA, however, declined from EUR 81 million to EUR 66 million. The adjusted EBITDA margin decreased from 15.7% to 12.6%.

Publication of the quarterly figures had been postponed due to internal investigations into revenue recognition and accounting practices in fiscal years 2024 and 2025, which have since been completed. In the first quarter, Gerresheimer said it placed a stronger operational focus on improving free cash flow. Free cash flow improved by more than EUR 100 million year on year, reaching minus EUR 32 million compared with minus EUR 141 million in the prior-year quarter. Contributing factors included more selective investment planning, stricter working capital management and a lower build-up of inventories.

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The newly formed Containment & Delivery Systems division, which comprises Primary Packaging Plastics, Centor, Medical Systems and Advanced Technologies, increased revenue from an adjusted EUR 281 million to EUR 296 million. Adjusted EBITDA rose from EUR 52 million to EUR 61 million, while the margin increased from 18.5% to 20.6%. Growth was driven in particular by drug delivery systems, with production being ramped up at US sites.

Primary Injectable Solutions, comprising Syringe Systems and Tubular Glass, generated revenue of EUR 101 million, compared with an adjusted EUR 94 million in the prior-year quarter. Adjusted EBITDA declined from EUR 7 million to EUR 6 million. The syringe systems business performed particularly well, partially offsetting weaker developments in tubular glass in Europe and Asia.

The Moulded Glass business performed significantly weaker. Revenue declined from an adjusted EUR 160 million to EUR 144 million, while adjusted EBITDA fell from EUR 32 million to EUR 6 million. The margin decreased from 20.1% to 4.5%. Factors weighing on performance included production downtime following a furnace repair at the Chicago Heights plant, continued subdued demand from the pharmaceutical and cosmetics industries, and planned production interruptions aimed at reducing inventories. The Chicago Heights plant is scheduled to close by the end of fiscal year 2026.

Gerresheimer expects higher revenue and improved earnings in the second half of the fiscal year. In addition, the already agreed sale of Centor and Primary Packaging Plastics to a subsidiary of funds advised by Apax Partners is intended to reduce debt. Completion of the Centor sale is still expected during the current fiscal year, while the sale of Primary Packaging Plastics is scheduled to be completed in the first half of 2027. At the same time, Gerresheimer continues to pursue the planned sale of its Moulded Glass business.

Gerresheimer plans to publish its final figures for the first quarter in September 2026. The half-year report and the third-quarter statement are scheduled for November.

More information: www.gerresheimer.com

Gerresheimer AG, Düsseldorf

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