Gerresheimer (GXI) Q2 2026 TU earnings summary

Executive summary

• Q2 2026 adjusted EBITDA rose over 50% quarter-on-quarter to EUR 102 million, with margin at 17.6%, driven by operational recovery and transformation initiatives.

• Q2 2026 revenue was EUR 578 million, up EUR 55 million sequentially from Q1, though down year-on-year.

• All business segments contributed positively to the quarter-on-quarter improvement.

• Major divestitures (Centor and Primary Packaging Plastics) are progressing, with Centor closing expected in October 2026 and PPP in H1 2027.

• Transformation program targets EUR 50–70 million EBITDA improvement by end of 2027/2028, focusing on operational excellence and cost efficiencies.

Financial highlights

• Q2 2026 revenue was EUR 578 million, down from EUR 614 million year-on-year, but up EUR 55 million from Q1.

• Adjusted EBITDA for Q2 was EUR 102 million, down year-on-year but up EUR 35 million from Q1.

• Free cash flow before M&A was negative EUR 92 million, mainly due to working capital movements and reduced reverse factoring.

• Net CapEx reduced to EUR 38 million, 35% below prior year, with 60% of spend on growth projects.

• Net financial debt stands slightly above EUR 2 billion, with liquidity at EUR 249 million.

Outlook and guidance

• Full-year 2026 guidance confirmed: revenue in the lower half of EUR 2.3–2.4 billion, adjusted EBITDA margin 17–18%, and negative free cash flow before M&A of EUR 50–100 million.

• Stronger second half expected, with Q4 traditionally the strongest quarter due to seasonality.

• Transformation initiatives expected to deliver full EBITDA improvement run rate from 2028.

• GLP-1 franchise targets for 2027 remain in place, supported by strong contracts.

• Management targets better H2 performance versus H1.