Gerresheimer (GXI) Q2 2025 TU earnings summary

Executive summary

• 2025 financial guidance was revised downward due to weaker-than-expected organic sales and earnings, despite the positive impact and ongoing integration of the Bormioli Pharma acquisition.

• Organic growth slowed due to subdued demand in cosmetics and oral liquid medications, with deferred syringe revenues and production issues now resolved; a stronger H2 is anticipated, supported by resumed production and a solid order book.

• Q2 2025 saw low single-digit organic revenue growth and an adjusted EBITDA margin of around 19%, both below prior expectations.

• Long-term growth prospects remain positive, especially for biologics, GLP-1, and high-value solutions.

Financial highlights

• Q2 2025 delivered low single-digit organic revenue growth and an adjusted EBITDA margin of approximately 19%.

• Full-year 2025 guidance: organic revenue growth of 1%-2% and adjusted EBITDA margin of around 20%, both revised down from previous expectations.

• Adjusted EPS for 2025 is projected to decline in a low double-digit percentage range year-over-year.

• H1 2025 softness is weighing on full-year results, with H2 expected to be stronger but not fully offsetting H1.

Outlook and guidance

• FY 2025 revenue growth guidance revised from 3-5% to 1-2% (organic, group level), and adjusted EBITDA margin guidance lowered from ~22% to ~20%.

• Adjusted EPS guidance changed from high single-digit growth to low double-digit decline.

• Growth expected to pick up in H2 2025, driven by resumed production and new product launches, but not enough to offset weak H1.

• GLP-1 and biologics remain key growth drivers.

• Midterm guidance and full Q2/H1 results will be updated on July 10, 2025.