Gerresheimer AG: Q4'25 first take: Divisional divergence

研报英文原文证据摘录

Gerresheimer AG: Q4'25 first take: Divisional divergence

Equity Research

European Medical Technology & Services

29 June 2026

Gerresheimer AG

Q4'25 first take: Divisional

divergence

Plastics & Devices earnings outperformed cons. expectations, GXIG.DE/GXI GR UNDERWEIGHT

POSITIVEsupported by syringes and devices, which are now partly EuropeanTechnologyMedical& Services

driving the lowered 2026 outlook, as per co. Primary Price Target EUR 19.00

Packaging Glass came in well below cons, with co. Price (23-Jun-26) EUR 27.40 Potential Upside/Downside -30.7%

Source: Bloomberg, Barclays Researchhighlighting moulded glass weakness.

Gerresheimer published its Q4 2025 results today, with revenues 4% ahead of consensus European Medical Technology &

and adjusted EBITDA 16% below. It also provided restated 2024 results, lowering revenue Services

Jonathon Unwinby -€44.6m, and adj EBITDA by -€31.4m. The company acknowledged breach on internal

+44 (0)20 7773 0354

and IFRS protocol. Gerresheimer updated 2026 guidance earlier this morning (see: 2026

jonathon.unwin@barclays.com

guidance updated, 29 June), which is -7% below Bloomberg consensus adj EBITDA at the Barclays, UK

mid-point with the company pointing to a challenging economic environment, some

Hassan Al-Wakeel, CFAproject delays on the part of customers, and operational challenges. 2025 revenue of

+44 (0)20 7773 3898

€2.31bn, and 2026 updated guidance, implies Gerresheimer expects little-to-no revenue

hassan.al-wakeel@barclays.com

growth in 2026, and a ~70bps improvement in margin at the mid point. 2025 Plastic & Barclays, UK

Devices margin outperformed consensus expectations, supported by drug delivery devices

Marco Pires-Coxand syringes, whilst Primary Packaging Glass underperformed. Speaking to the company,

+44 (0)20 3134 3421