Gerresheimer (GXI) Q3 2025 TU earnings summary

Executive summary

• Q3 and 9M 2025 results were below expectations, with organic revenues down 1.2% in Q3 and 1.8% in 9M, and adjusted EBITDA down 9.4% in Q3 and 7.5% in 9M, mainly due to market weakness in cosmetics and oral liquids.

• Reported revenue and EBITDA growth in 9M 2025 were driven by the Bormioli Pharma acquisition, but organic performance declined.

• Free cash flow was positive at EUR 21 million in Q3 2025, a significant improvement over the prior year.

• Leadership changes include a new CFO, new Executive Board member, and new EVP for Moulded Glass; a Transformation Office was established to drive cost and performance improvements.

• Strategic focus remains on high-value solutions, biologics, and the integration of Bormioli Pharma to strengthen market position.

Financial highlights

• Q3 2025 organic revenue declined 1.2% to EUR 579 million; adjusted EBITDA fell 9.4% to EUR 117 million, with margin at 18.8%.

• 9M 2025 organic revenue declined 1.8% to EUR 1,728 million; adjusted EBITDA dropped 7.5% to EUR 341 million, margin at 18.8%.

• Adjusted EPS in Q3 2025 declined 35.8% year-over-year; 9M 2025 adjusted EPS down 32.5%.

• Free cash flow in Q3 2025 was EUR 21 million.

• Leverage at quarter-end was 4.15x, compliant with debt covenants.

Outlook and guidance

• FY 2025 guidance revised: organic revenue decline of -4% to -2%, adjusted EBITDA margin of 18.5%-19%, and mid-double-digit percent decrease in adjusted EPS.

• Q4 2025 expected to be stronger, but not enough to offset earlier weakness; market recovery in cosmetics and oral liquids not expected before 2026.

• No new midterm guidance for 2026 and beyond as budget planning is ongoing.