Gerresheimer Ag · XETR:GXI
Gerresheimer — Q2 2026 Earnings Presentation
33 slides from Gerresheimer's earnings presentation, Sep 30, 2026
Slide 1: Q2 2026 – Preliminary Results Presentation
Q2 2026 – Preliminary Results Presentation September 30, 2026
Slide 2: Disclaimer
Disclaimer This presentation may contain certain forward-looking statements, including assumptions, opinions and views of the Company or cited from third party sources. Various known and unknown risks, uncertainties and other factors could cause the actual results, financial position, development or
Slide 3: Q2 2026 Preliminary Overview
Q2 2026 Preliminary Overview
Slide 4: Q2 at EUR 102m Adj. EBITDA up >50% QoQ or +EUR 35m vs. Q1
Q2 at EUR 102m Adj. EBITDA up >50% QoQ or +EUR 35m vs. Q1 Centor: Closing Preparations for October Are in Their Final Stages Roadmap unchanged – progressing on execution Q2 Adj. EBITDA at EUR 102m, margin at 17.6%; Solid recovery after low Q1; targeting better H2 vs. H1 Signed divestitures on 29 Jul
Slide 5: Q2 2025 Effects from Adjustments Resulted in Revenues +2% and EBITDA +6%
Q2 2025 Effects from Adjustments Resulted in Revenues +2% and EBITDA +6% Q2 25 revenues EUR +13m, adj. EBITDA EUR +7m Revenues Adj. EBITDA (EURm)* (EURm)* 601 614 126 13 Δ13 119 Δ7 -17 19.8% 20.5% Corrections Bill and Hold 15 7 consist of 3 3 Other -2 Q2 2025 Q2 2025 Q2 2025 Q2 2025 Revenues Adj. ol
Slide 6: Q2 Revenues EUR -36m, Adj. EBITDA EUR -24m Year-on-Year; Cash Flow EUR -92m
Q2 Revenues EUR -36m, Adj. EBITDA EUR -24m Year-on-Year; Cash Flow EUR -92m Mainly due to ~ 60m Lower Payables from Reduced Reverse Factoring >50% quarterly EBITDA improvement versus Q1 2026 Revenues* (EURm) Adj. EBITDA* (EURm) FCF before M&A* (EURm) 614 126 2 578 Organically, 102 adj. for Fx effect
Slide 7: Revenues Improved by EUR +55m and Adj. EBITDA by EUR +35m Quarter on Quarter
Revenues Improved by EUR +55m and Adj. EBITDA by EUR +35m Quarter on Quarter All segments contributing to recovery Revenues* (EURm) Adj. EBITDA* (EURm) FCF before M&A* (EURm) 578 102 523 67 -30 12.8% 17.6% -92 Q1 2026 prel. Q2 2026 Q1 2026 prel. Q2 2026 Q1 2026 prel. Q2 2026 All segments contributed
Slide 8: Preliminary Q2 2026 Financial Performance
Preliminary Q2 2026 Financial Performance
Slide 9: Containment and Delivery Systems – Peachtree Ramp-Up Coming Through
Containment and Delivery Systems – Peachtree Ramp-Up Coming Through Revenues and adj. EBITDA growth mainly driven by successful Peachtree ramp-up in Medical Devices In EURm Revenues* 308 Revenues 303 ▪ Continued ramp-up of the Peachtree site in the US supported growth; more than offset timing of rev
Slide 10: Primary Injectable Solutions – Revenue Shortfall vs. Prior Year
Primary Injectable Solutions – Revenue Shortfall vs. Prior Year Topline decline in both Syringe Systems and Tubular Glass; focus on restructuring at TG Europe In EURm Revenues* 147 Revenues 111 ▪ YoY down by EUR 36m, up EUR 10m QoQ ▪ Revenue decline 3/4 driven by syringe systems; 1/4 due to Tubular
Slide 11: Moulded Glass – Tripled Adj. EBITDA QoQ
Moulded Glass – Tripled Adj. EBITDA QoQ from EUR 8m to EUR 25m Topline flattish YoY; closure Chicago Heights proceeding as planned In EURm Revenues* 167 Revenues 165 ▪ Revenues ~ flat YoY; up EUR 21m QoQ ▪ Lower pharma revenues mainly in parenteral type 1 (Chicago Heights) partially offset by growth
Slide 12: Main Cash Flow Drivers: Less Reverse Factoring, Higher QoQ Revenue, Rigorous Capex
Main Cash Flow Drivers: Less Reverse Factoring (Payables), Higher QoQ Revenue (Receivables), Continuing to Manage Capex Rigorously 102 Note: Q2 25 at EUR Q2 25 at EUR 2m; 60m; Q2 26 1/3rd lower EUR -94m YoY 20 driven by: Minor EUR 8m inventory build-up By Type in Q2 26: EUR -64m higher -EUR ~15m bas
Slide 13: Financing as of Prel. Q2 2026 – Solid Liquidity and Refinancing in Process
Financing as of Prel. Q2 2026 – Solid Liquidity and Refinancing in Process Solid liquidity in Q2 2026; leverage covenant suspended up and including Q3; fulsome debt refinancing at ~3x leverage in process aligned with timing of Centor & PPP closing Net Financial Debt as of Preliminary Q2 2026 Maturit
Slide 14: Q1 2026 Final & Upcoming Events
Q1 2026 Final -&- Upcoming Events
Slide 15: Q1 2026 Revenues, Adj. EBITDA and FCF ~ Unchanged from Prelims
Q1 2026 Revenues, Adj. EBITDA and FCF ~ Unchanged from Prelims; Finalized Quarterly Impairment Analysis and IFRS5 “Divestiture” Accounting Continuing controllership rigor Q1/26 Revenues EUR 523m, Adjusted EBITDA EUR 67m, Free Cash Flow EUR -30m ~unchanged from preliminary financials (EURm 524 / 66 /
Slide 16: Centor Classified as “Held for Sale” (IFRS5)
Centor Classified as “Held for Sale” (IFRS5) Key figures H1 2026 (preliminary) Gerresheimer Continued Group Centor1) in EURm operations2) with Centor Results of operations H1 2026 H1 2026 H1 2026 Revenues 1,113.3 97.6 1,015.7 Adjusted EBITDA 169.6 33.6 136.0 Financial position May 31, 2026 May 31, 2
Slide 17: Upcoming Events
Upcoming Events Financial Reporting and Conferences Financial Calendar Investor Conferences 2026 Publication Half-year Berenberg Madrid Seminar End of November 2026 Financial Report 2026 October 1, Madrid Publication Quarterly Berenberg European Conference 2026 December 2026 Statement Q3 2026 Decemb
Slide 18: Closing Remarks and Next Steps
Closing Remarks and Next Steps Executing Roadmap to profitable High Value Primary Packaging and Drug Delivery Solutions Provider • Deliver better H2 vs. H1 in 2026 • Centor Divestiture: Closing preparations for October are in their final stages; PPP Divestiture: progressing towards H1 27 closing • A
Slide 19: Appendix – H1 26
Appendix – H1 26
Slide 20: 2025 Effects from Restatements Resulted in Revenues +2% and EBITDA +7%
2025 Effects from Restatements Resulted in Revenues +2% and EBITDA +7% H1 25 impact of corrections referring revenues and adjusted EBITDA (EURm) Revenues* Adj. EBITDA* 1,121 1,144 224 24 Δ24 210 Δ14 -17 14 18.8% 19.6% Corrections Bill and Hold 26 consist of 8 6 Other -2 H1 2025 H1 2025 H1 2025 H1 20
Slide 21: H1 EBITDA and FCF Drivers: Less Revenue, Less Inventory Build, Less Reverse Factoring
EBITDA driven by ~EUR 40m less Revenue and ~EUR 35m less Inventory Build; FCF Impacted by ~EUR 80m less Reverse Factoring vs. Managing CapEx @Half of Prior Year As reported revenues, adjusted EBITDA and cash flow; FX as is Revenues* (EURm) Adj. EBITDA* (EURm) FCF before M&A* (EURm) 1,144 Organically
Slide 22: Containment and Delivery Systems – Peachtree Ramp Up Coming Through
Containment and Delivery Systems – Peachtree Ramp Up Coming Through Revenues and Adj. EBITDA growth mainly driven by successful Peachtree Ramp Up in Medical Devices In EURm Revenues* 604 Revenues ▪ Increase driven by Medical Systems (MDS) with ramp-up of 591 Peachtree Site in the US delivering resul
Slide 23: Primary Injectable Solutions – Focusing on TG Europe Restructuring
Primary Injectable Solutions – Focusing on TG Europe Restructuring Revenue decline 50/50 driven by Syringes Systems and Tubular Glass In EURm Revenues* 246 Revenues 212 ▪ Revenue in Syringe Systems YoY down in H1; expecting stronger H2 contributing to moderate full year growth ▪ Revenue decline in T
Slide 24: Moulded Glass – Lower Revenue Combined with Inventory Reduction
Moulded Glass – Lower Revenue Combined with Inventory Reduction Led to Low Asset Utilization Impacting EBITDA Q2 with EUR 25m EBITDA ~3x Q1; Chicago Heights plant closure on track In EURm Revenues* 327 Revenues ▪ Lower revenues in parenteral type 1 (Chicago Heights 309 furnace repair) and type 3 pha
Slide 25: FCF in H1 26 impacted by reduction of reverse factoring
FCF in H1 26 impacted by reduction of reverse factoring > EUR 80m (AP); managed Capex to ~ half of last year 168 H1 25 at EUR -139m; Managed inventory build-up to Note: H1 25 at EUR EUR +17m YoY 28 EUR +13m only vs. EUR +46m last 174m = 1.9x improvement year; YoY EUR +34m swing By Type in H1 26: dri
Slide 26: Appendix – Final Q1 26
Appendix – Final Q1 26
Slide 27: 2025 Effects from Adjustments Resulted in Revenues +2% and EBITDA +8%
2025 Effects from Adjustments Resulted in Revenues +2% and EBITDA +8% Q1 25 impact of corrections revenues and adjusted EBITDA (in EURm) Revenues* Adj. EBITDA* 520 531 99 10 Δ10 91 Δ7 -17 7 17.6% 18.6% Corrections Bill and Hold 11 consist of 5 2 -1 Other Q1 2025 Q1 2025 Q1 2025 Q1 2025 Revenues Adj.
Slide 28: Best Q1 FCF before M&A since 2019
Best Q1 FCF before M&A since 2019; Reducing CapEx to Half and Avoiding > EUR 40m Inventory Build-up YoY – yet (EUR 32m) lower EBITDA As reported revenues, adjusted EBITDA and cash flow; FX as is Revenues* (EURm) Adj. EBITDA* (EURm) FCF before M&A* (EURm) 531 99 523 Organically, adj. for Fx effects:
Slide 29: Almost no Changes Compared to Preliminary Q1 26
Almost no Changes Compared to Preliminary Q1 26 Presented on Aug 27th As reported revenues, adjusted EBITDA and cash flow; FX as is Revenues* (EURm) Adj. EBITDA* (EURm) FCF before M&A* (EURm) 524 523 66 67 Organically, adj. for Fx effects: 526m Organically, adj. for Fx 12.6% 12.8% effects: 13.3% -32
Slide 30: Cash Rigor Paid Off: Best Q1 FCF since 2019
Cash Rigor Paid Off: Best Q1 FCF since 2019! with EUR -30m; EUR +111m YoY Main drivers: Less inventory build-up through extended production halts and reducing capex to half Note: Q1 25 at EUR Q1 25 at EUR -141m; 67 EUR +111m YoY 113m = 2.1x improvement 9 By Type in Q1 26: driven by: -EUR ~21m base E
Slide 31: innovating for a better life
innovating for a better life
Slide 32: New Segmentation Q1 Onwards – Divestitures Accelerating Progress
New Segmentation Q1 Onwards – Divestitures Accelerating Progress Towards High Value Primary Packaging and Drug Delivery Solutions Next: Preparing Moulded Glass Containment & Primary Injectable Moulded Glass* Delivery Systems Solutions Divestitures PPP Centor Medical Device Systems Advanced Technolog
Slide 33: Guidance Gerresheimer Group – Unchanged
Guidance Gerresheimer Group – Unchanged* FY 2026 Guidance (organic; before M&A) Revenues Adjusted EBITDA Free Cashflow Lower Half of ~17-18% EUR -50m FY 2026 EUR 2.3- 2.4bn Margin to -100m • Revenues for the full year with moderate to flattish growth over 2025 Level – adjusting towards lower half of