Gerresheimer (GXI) Q2 2025 earnings summary

Executive summary

• Q2 2025 reported revenue rose 19.6% year-over-year to EUR 691 million, with adjusted EBITDA up 10.8% to EUR 119 million, mainly due to the Bormioli Pharma acquisition and strong order book, despite headwinds in cosmetics and oral liquids.

• Organic revenue growth was 1.9% year-over-year, with organic adjusted EBITDA down 4.1% due to lower fixed cost absorption and market headwinds.

• H1 2025 was soft, but H2 is expected to be stronger, supported by resumed production, new line ramp-ups, and a growing share of high-value solutions for biologics.

• Integration of Bormioli Pharma is progressing, with synergies being realized and a strategic review of the molded glass business ongoing.

• Net income and adjusted EPS were impacted by exceptional items, including restructuring and acquisition costs, resulting in a 27.9%–28.9% decline in adjusted EPS.

Financial highlights

• Q2 2025 revenue: EUR 691 million (+19.6% YoY); organic growth 1.9%.

• Adjusted EBITDA: EUR 119 million (+10.8% YoY); margin down 120 bps to 19.9%.

• Adjusted EPS dropped from EUR 1.24 to EUR 0.90, a 27.9% decline FX-neutral.

• Free cash flow before M&A improved to EUR -60.3 million in Q2 2025 from EUR -76.7 million in Q2 2024.

• Net financial debt rose to EUR 1.943 billion due to the Bormioli acquisition; leverage at 4.03x.

Outlook and guidance

• Organic revenue growth for FY 2025 guided at 0%-2%, with organic adjusted EBITDA margin around 20%.

• Adjusted EPS expected to decline in the low double-digit percentage range.

• Midterm guidance targets 6%-9% organic revenue CAGR and margin expansion to 23%-25%, with adjusted EPS growth of at least 10%+.

• H2 2025 expected to show stronger growth, driven by resumed production, new product lines, and high-value solutions.

• Free cash flow expected to be not more negative than minus EUR 100 million in 2025, with a goal to be cash flow positive in 2026.