Gerresheimer (GXI) Q3 2026 TU earnings summary

Executive summary

• Q3 revenue rose 8% YoY to €605m; adjusted EBITDA was €103m versus €106m adjusted in Q3 2025, with margin at 17.1% versus 19.0%.

• 9M revenue was €1.7bn; adjusted EBITDA declined to €272m from €331m, reflecting inventory reductions and weaker Tubular Glass and Moulded Glass performance.

• Q3 and 9M revenue growth was supported primarily by Containment & Delivery Systems and higher demand for drug delivery devices.

• Priorities include FY26 guidance delivery, cash and inventory management, divestitures, debt reduction and operational transformation.

Financial highlights

• Q3 revenue was €605m, up €46m YoY and €26m QoQ; adjusted EBITDA was €103m.

• Q3 free cash flow before M&A was -€20m versus €21m in Q3 2025; net CapEx was €56m versus €64m.

• Inventory fell €20m in Q3 versus a €14m build in Q3 2025, weighing on comparative EBITDA.

• 9M free cash flow before M&A was -€141m versus -€119m; net CapEx was €149m versus €237m.

Outlook and guidance

• FY26 guidance remains unchanged: revenue €2.3bn–€2.35bn, organic adjusted EBITDA margin 17%–18%, and free cash flow before M&A of -€50m to -€100m.

• Stronger Q4 trading and customary customer and supplier settlements are expected to support EBITDA and positive free cash flow before M&A.

• No significant further inventory reduction is anticipated in Q4; most of the Moulded Glass inventory impact is considered past.

• FY27 energy costs are expected to be a headwind, especially in Moulded Glass; hedging is ~80% for 2026 and below 50% for 2027, with efficiency and pricing actions as mitigations.

• GTO targets €50m–€70m annualized EBITDA improvement, with implementation in 2026–27 and full run-rate impact expected in 2028.