Gerresheimer, an innovative system and solution provider and a global partner for the pharma, biotech and cosmetic industries, released preliminary results for the first quarter of 2026. The release had been postponed due to internal investigations—now completed—regarding revenues and accounting practices in financial years 2024 and 2025.
According to preliminary figures and without adjustments for the business units currently in the sales process, Gerresheimer generated revenues of €524m in the first quarter of 2026 (Q1 2025: €519m, adjusted). However, adjusted EBITDA of €66m (Q1 2025: €81m, adjusted) and the adjusted EBITDA margin of 12.6% (Q1 2025: 15.7%) were both lower than in the same quarter of the previous year.
The reason for this is that, as announced, Gerresheimer has placed a strong focus on free cash flow. Revenue growth was driven primarily by the newly formed divisions Containment & Delivery Systems and Primary Injectable Solutions. For the current financial year 2026, Gerresheimer expects a stronger second half of the year with improved earnings, in line with its guidance.
“In the first quarter of 2026, our focus was clearly on free cash flow,” explains Wolf Lehmann, CFO of Gerresheimer AG. “We achieved our best first-quarter free cash flow in five years. However, our strict cash management—including the optimisation of inventory and production volumes—had an impact on earnings. With the consistent implementation of our transformation programme, we expect earnings to improve again, particularly in the second half of the year. Furthermore, the expected cash inflows from the sale of Centor and Primary Packaging Plastics will significantly improve our financing and capital structure.”
According to preliminary figures, free cash flow in the first quarter of 2026 amounted to -€32m, compared with -€141m in the same quarter of the previous year. Gerresheimer achieved this through more selective investment planning, strict working capital management, and a lower build-up of inventory.
The Containment & Delivery Systems division, newly formed at the start of financial year 2026 and comprising the business units Primary Packaging Plastics, Centor, Medical Systems, and Advanced Technologies, generated revenues of €296m in the first quarter of 2026, according to preliminary figures (Q1 2025: €281m, adjusted). Adjusted EBITDA amounted to €61m (Q1 2025: €52m, adjusted). The adjusted EBITDA margin was 20.6%, compared with 18.5% (adjusted) in the same quarter of the previous year. In particular, strong demand for drug delivery devices had a positive impact, which Gerresheimer was able to meet through successful production ramp-ups in the US.
The new Primary Injectable Solutions division, which comprises the Syringe Systems and Tubular Glass business units, generated revenues of €101m in the first quarter of 2026, according to preliminary figures (Q1 2025: €94m, adjusted). Adjusted EBITDA amounted to €6m (Q1 2025: €7m, adjusted), and the adjusted EBITDA margin was 5.7%, down from 7.0% (adjusted) in the same quarter of the previous year. Revenue growth was driven by the Syringe Systems segment, which largely offset the somewhat weaker performance in the Tubular Glass segment in the Europe and Asia regions.
According to preliminary figures, the Moulded Glass division generated revenues of €144m in the first quarter of 2026 (Q1 2025: €160m, adjusted). Adjusted EBITDA amounted to €6m (Q1 2025: €32m, adjusted). The adjusted EBITDA margin fell to 4.5%, down from 20.1% in the previous year (adjusted).
The decline in revenue was attributable, among other things, to a production downtime due to a furnace repair at the Moulded Glass plant in Chicago Heights, which will be closed by the end of financial year 2026.
In addition, continued subdued demand in the pharmaceutical and cosmetics sectors had an impact. This was compounded by strict cash management—including planned production halts to reduce inventory levels—which also contributed to the significantly lower adjusted EBITDA.
The results of operations are expected to improve, particularly in the second half of 2026, with higher revenues and the continued consistent implementation of the Gerresheimer Transformation Offensive (gto). The financial situation will improve significantly as a result of the agreement signed at the end of July regarding the sale of the two business units, Centor and Primary Packaging Plastics, to a subsidiary of funds advised by Apax Partners LLP.
The closing of the Centor sale is expected before the end of this financial year, while the closing of the Primary Packaging Plastics sale is expected in the first half of 2027. The expected proceeds from the two transactions will significantly reduce debt and are the basis for the Group’s comprehensive refinancing, which is to take place following the closing of the Primary Packaging Plastics sale.
With the sale of these two business units, Gerresheimer is focusing even more strongly on high-quality drug delivery devices, medical devices, and primary packaging for injectable pharmaceuticals. Following the completion of these two transactions, Gerresheimer will continue to drive forward the sale of its moulded glass business as part of its portfolio strategy.
The Quarterly Statement Q1, containing the final results for the first quarter of 2026, will be published in September 2026; the 2026 Half-Year Financial Report and the Quarterly Statement Q3 are expected to be published in November 2026.
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 primary packaging solutions including closures and accessories, as well as drug delivery systems, medical devices and solutions for the health industry. The product range includes infusion, dropper and syrup bottles, tablet containers, vials, syringes, pens, auto-injectors, inhalers, ampoules, cartridges, on-body devices as well as digital solutions for therapy support.
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 production sites 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 2.3bn in 2025 and employs over 13,000 people. Gerresheimer AG is listed on the Frankfurt Stock Exchange (ISIN: DE000A0LD6E6).
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