Gerresheimer AG: 2026 guidance updated

研报英文原文证据摘录

Gerresheimer AG: 2026 guidance updated

Equity Research

European Medical Technology & Services

29 June 2026

Gerresheimer AG

2026 guidance updated

Adj EBITDA -7% below consensus at the mid-point, which we

expect to weigh on shares, although note publication of

results removes an overhang. We had previously highlighted GXIG.DE/GXI GR UNDERWEIGHT European Medical

Technology & Servicesdownside risk to consensus estimates and reiterate our POSITIVE

Price Target EUR 19.00

Underweight rating. Price (26-Jun-26) EUR 25.96

Potential Upside/Downside -26.8%

Source: Bloomberg, Barclays Research

Gerresheimer plans to publish its 2025 results later today (before noon CEST), but has

provided updated guidance for 2026 now expecting revenue at the lower end of €2.3bn-

€2.4bn range, and an adj EBITDA margin of 17-18% (previously 18-19%), meaning implied European Medical Technology &

adj EBITDA is -7% below Bloomberg consensus at the mid-point. Speaking to the company, Services

details on 2024 restatements will be provided with the 2025 results. Auditors have Jonathon Unwin

provided an unqualified audit opinion, but emphasised the importance of a Centor sale +44 (0)20 7773 0354

jonathon.unwin@barclays.comand restructuring of debt. In our SOTP analysis we value Centor at ~€600m (Pharma

Barclays, UK

Packaging: Upgrade Ypsomed to OW, Downgrade Gerresheimer to UW, 27 April). We expect

the updated guidance to weigh on shares, although note the absence of a further delay to Hassan Al-Wakeel, CFA

statement publication removes an overhang. We reiterate our Underweight rating on GXI, +44 (0)20 7773 3898

hassan.al-wakeel@barclays.comreflecting structural challenges, regulatory investigation, elevated leverage, and the risk

that capex and M&A do not drive meaningful earnings acceleration.