Gerresheimer (GXI) Q1 2026 earnings summary

Executive summary

• Signed agreements to sell Centor and Primary Packaging Plastics (PPP) to Apax, with closings targeted for end of FY 2026 and H1 2027, supporting significant deleveraging and portfolio focus on high-value packaging and drug delivery solutions.

• Q1 2026 prioritized cash and working capital discipline, halving CapEx and limiting inventory build, resulting in best Q1 free cash flow since 2019 despite lower EBITDA.

• Transformation initiatives targeting EUR 50–70 million annualized EBITDA improvement by 2028 through operational excellence and footprint optimization.

• Management transition with Uwe Röhrhoff stepping down as Interim CEO; supervisory board leading CEO search.

• Internal investigations into prior years' revenues and accounting practices have been completed.

Financial highlights

• Q1 2026 revenue grew slightly by EUR 5 million year-over-year to EUR 524 million, with organic growth of 4.4%.

• Adjusted EBITDA declined by EUR 15 million to EUR 66 million, margin down to 12.6% from 15.7% in Q1 2025.

• Free cash flow before M&A improved by nearly EUR 110 million year-over-year to EUR -32 million, best Q1 cash flow since 2019.

• CapEx reduced to EUR 56–57 million from EUR 113–130 million in Q1 2025; two-thirds allocated to growth projects.

• Net financial debt close to EUR 2 billion; liquidity at EUR 342 million, compliant with covenants.

Outlook and guidance

• Guidance for the full year remains unchanged; Q1 is expected to be the lowest quarter, with improvements anticipated in the second half.

• Transformation savings of EUR 50–70 million expected to deliver 200–400 basis points margin improvement on a reduced portfolio.

• Full refinancing targeted upon closing of Centor and PPP sales, expected by first half 2027.

• Final Q1 financials, including impairment assessment, to be published in September.

• Transformation initiatives to deliver full run-rate impact by 2028.