Earnings release
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10/08/2025 Gerresheimer: Business performance and slower market growth require guidance adjustment Duesseldorf, October 8, 2025. Gerresheimer, an innovative system and solution provider and global partner for the pharma, biotech, and cosmetics industries, is adjusting its guidance for the 2025 financial year in light of the preliminary results for the third quarter of 2025 and slower-than-expected market growth. According to preliminary figures, revenues in the third quarter of 2025 declined organically by -1.2% compared to the same period last year, with an organic adjusted EBITDA margin of 18.8%. According to preliminary results, Gerresheimer generated positive free cash flow of EUR 21 million in the third quarter of 2025. Revenue growth and the adjusted EBITDA margin for the first nine months of the 2025 financial year are lower than expected overall. Although the company expects the fourth quarter to be stronger than the third quarter due to production ramp-ups for drug delivery systems, revenues for the full year Preliminary results for 9M 2025: Revenues +14.6%, Adjusted EBITDA +7.2% Organic development: Revenues -1.8%, Adjusted EBITDA -7.5% Subdued demand in the cosmetics and oral liquids segment continues Separation of Moulded Glass progressing according to plan; independent division within new segmentation from 2026 Updated guidance for 2025: Organic revenue decline of -2% to -4%, adjusted EBITDA margin around 18.5 to 19% Transformation program initiated to increase performance and reduce costs
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2025 are now expected to decline organically between -4% and -2% (previously organic revenue growth 0 to 2%), and the adjusted EBITDA margin is expected to be around 18.5% to 19% (previously around 20%). In the first nine months of the 2025 financial year, preliminary figures show that revenues rose by 14.6% to EUR 1,681.4 million (9M 2024: EUR 1,467.0 million), while adjusted EBITDA rose by 7.2% to EUR 313.9 million (9M 2024: EUR 292.7 million). Organic development compared with the pro forma figures for the same period last year continued to show significant market influences, including subdued demand in the cosmetics market and in the area of containment solutions for oral liquids. According to preliminary results, organic revenues declined by 1.8% in the first nine months, while adjusted EBITDA fell by 7.5%. The organic adjusted EBITDA margin was 18.8% (9M 2024: 19.9%). In view of slower market growth and business development in 2025, Gerresheimer has initiated a transformation program to reduce costs and improve performance. "The operative performance of our business in the first nine months is clearly below our expectations," said Dietmar Siemssen, CEO of Gerresheimer AG. "Our goal is to grow faster than the overall market again in the medium and long term. The expansion of our product portfolio to include systems and solutions for biologics and the implementation of our growth projects will contribute considerably to this." Plastics & Devices: High demand for drug delivery systems According to preliminary figures, the Plastics & Devices division generated revenues of EUR 972.6 million in the first nine months of the 2025 financial year (9M 2024: EUR 820.1 million). In absolute terms, revenues rose by 18.6% mainly due to the inclusion of Bormioli Pharma. Organic revenues also grew by 2.6% compared to the pro forma figures for the same period of the previous year. Strong demand for drug delivery systems compensated for the market weakness in plastic containment solutions for oral liquids. Adjusted EBITDA grew by 6.8% to EUR 222.6 million (9M 2024: EUR 208.5 million). In organic terms, adjusted EBITDA was 6.6% below the pro forma figures for the same period of the previous year. The organic adjusted EBITDA margin of 22.9% (9M 2024: 25.2%) reflects lower capacity utilization at Oral Liquids and start-up costs for the ramp-up of new production lines for drug delivery systems. Primary Packaging Glass: Subdued demand for cosmetics and oral liquids continues According to preliminary figures, the Primary Packaging Glass division generated revenues of EUR 714.4 million in the first nine months of the 2025 financial year (9M 2024: EUR 648.0 million). In absolute terms,
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revenues rose by 10.3% due to the inclusion of Bormioli Pharma. Organically, revenues declined by 6.9% compared with the pro forma figures for the same period of the previous year. The organic decline in revenues was due, among other things, to continued subdued demand in the cosmetics business and in the oral liquid business in the pharmaceuticals sector. Demand for our Gx RTF vials developed positively. Adjusted EBITDA rose by 6.2% to EUR 127.2 million (9M 2024: EUR 119.7 million). In organic terms, adjusted EBITDA was 7.2% below the pro forma figures for the same period of the previous year. The decline in adjusted EBITDA is primarily attributable to a decrease in demand in the Moulded Glass business segment. The organic adjusted EBITDA margin remained unchanged at 18.0% (9M 2024: 18.0%). Stronger Q4 expected compared to Q3 2025, 2025 guidance adjusted Gerresheimer expects a stronger fourth quarter 2025 compared to the third quarter 2025, mainly due to planned production ramp-ups for drug delivery systems. However, organic growth in the fourth quarter will not be able to fully compensate for the business performance of the first nine months of 2025. Based on the business performance to date and slower market growth, the company is therefore adjusting its guidance for the 2025 financial year. Revenues are expected to decline organically by between -4% and -2% (previously organic revenues growth of 0-2%), and the adjusted EBITDA margin is expected to be around 18.5 to 19% (previously around 20%). Separation of Moulded Glass is progressing – separate division from 2026 As part of the integration of Bormioli Pharma into the Gerresheimer Group, Gerresheimer has already begun to establish the combined Moulded Glass business as a global, independent unit. Hans-Norbert Topp, an internationally experienced manager with a proven track record, has been appointed to head the business unit. In August 2025, Gerresheimer announced its intention to separate the Moulded Glass business and subsequently initiate a sales process in order to position itself in the future as a system and solution provider purely for the pharma and biotech industries. The separation process is progressing according to plan. From the 2026 financial year, the Moulded Glass business will be managed as a separate division as part of a new segmentation. The sale process is being prepared for 2026. Transformation program launched Against the backdrop of slower market growth and adjusted guidance for the 2025 financial year, Gerresheimer has already initiated measures to reduce costs, increase performance, and improve free cash flow. The comprehensive transformation program that Gerresheimer will now implement includes even more selective investment planning with a clear focus on free cash flow, measures to increase operational and sales excellence, and optimization of the global production network. A newly
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created Transformation Office reporting directly to the CFO will drive the program forward. The quarterly report for the third quarter of 2025 with the final results will be published on October 10 on the Gerresheimer website here. About Gerresheimer Gerresheimer is an innovative systems and solutions provider and a global partner for the pharma, biotech and cosmetic industries. The Group offers a comprehensive portfolio of drug containment solutions including closures and accessories, as well as drug delivery systems, medical devices and solutions for the health industry. The product range includes digital solutions for therapy support, medication pumps, syringes, pens, auto- injectors and inhalers as well as vials, cartridges, ampoules, tablet containers, infusion, dropper and syrup bottles and more. Gerresheimer ensures the safe delivery and reliable administration of drugs to the patient. Gerresheimer supports its customers with comprehensive services along the value chain and in addressing the growing demand for enhanced sustainability. With over 40 production sites in 16 countries in Europe, America and Asia, Gerresheimer has a global presence and produces locally for regional markets. Together with Bormioli Pharma, the Group generated revenues of around EUR 2.4bn in 2024 and currently employs around 13,600 people. Gerresheimer AG is listed in the MDAX on the Frankfurt Stock Exchange (ISIN: DE000A0LD6E6). Contact Gerresheimer AG