Gerresheimer, an innovative systems and solutions provider and global partner to the pharma, biotech, and cosmetics industries, today released preliminary results for the third quarter of 2026 and the first nine months of financial year 2026.
Revenue, including the business units currently in the sales process, rose by 8% year-over-year to Euros 605 million in the third quarter of 2026 (Q3 2025: Euros 560 million, adjusted). Adjusted EBITDA reached Euros 103 million (Q3 2025: Euros 106 million, adjusted), remaining stable at the same level as in the previous year’s quarter. In the first nine months of the financial year, revenue, based on preliminary figures, was approximately at the previous year’s level at Euros 1.7 billion (9M 2025: Euros 1.7 billion, adjusted).
Adjusted EBITDA, at Euros 272 million (9M 2025: Euros 331 million, adjusted), fell short of the previous year’s period due to inventory reductions and weaker performance in the
Tubular Glass Eurosope and Moulded Glass business
With an adjusted EBITDA margin of 17.1% in the third quarter of 2026 (Q3 2025: 19.0%, adjusted), the adjusted EBITDA margin for the first nine months totaled 15.9% (9M 2025: 19.4%, adjusted). Revenue performance in the third quarter and the first nine months of 2026 was positively influenced primarily by the Containment & Delivery Systems division, driven by higher demand for drug delivery devices.
Looking ahead to the remainder of financial year 2026, Gerresheimer expects a stronger fourth quarter with further earnings improvement, in line with its guidance. Following the successful completion of the Centor sale, Gerresheimer is now moving forward with the completion of the sale of the Primary Packaging Plastics business (PPP). The closing preparations are progressing well. As a result, the transaction is currently expected to close already in the first quarter of 2027.
“Revenue growth in the third quarter of 2026, stable adjusted EBITDA compared to the same quarter last year, and a substantial improvement in our financial situation resulting from the successful completion of the Centor sale in October demonstrate the progress of our transformation,” said Wolf Lehmann, CFO of Gerresheimer AG. “The next milestones will be the closing of the sale of the Primary Packaging Plastics business and a comprehensive refinancing.”
Containment & Delivery Systems: Drug Delivery Devices Drive Growth
The Containment & Delivery Systems division increased revenue and earnings in both the third quarter and the first nine months of 2026. According to preliminary figures and including the business units currently in the sales process, revenue in the first nine months of 2026 totaled approximately 917 million Euros (9M 2025: 876 million Euros, adjusted), of which the third quarter of 2026 contributed approximately 313 million Euros (Q3 2025: Euros 286 million, adjusted).
Adjusted EBITDA rose to Euros 211 million in the first nine months of 2026 (9M 2025: Euros 194 million, adjusted), with the third quarter of 2026 contributing approximately Euros 77 million (Q3 2025: Euros 64 million, adjusted). The adjusted EBITDA margin was 23.9% in the first nine months (9M 2025: 22.2%, adjusted). The adjusted EBITDA margin of 24.5% in the third quarter (Q3 2025: 22.3%) contributed substantially to this improvement. The division benefited from rising demand for drug delivery devices. In recent years, Gerresheimer had invested in expanding production capacity in this division. The ramp-up of production is now leading to increasing revenue and earnings contributions.
Primary Injectable Solutions: Business stabilized in Q3
According to preliminary figures, the Primary Injectable Solutions division generated revenues of Euros 335 million in the first nine months of 2026 (9M 2025: Euros 360 million, adjusted), of which Euros 123 million was generated in the third quarter of 2026 (Q3 2025: Euros 114 million, adjusted). Adjusted EBITDA amounted to Euros 32 million (9M 2025: Euros 69 million, adjusted), of which the division generated Euros 15 million in the third quarter of 2026 (Q3 2025: Euros 19 million, adjusted).
The adjusted EBITDA margin for the first nine months of 2026 totaled 9.5% due to the significantly weaker first half of the year (9M 2025: 19.3%, adjusted). Here, too, the third quarter of 2026, with an adjusted EBITDA margin of 12.5% (Q3 2025: 16.8%, adjusted) demonstrated the stabilization of the business, even though revenue, earnings, and the adjusted EBITDA margin for the first nine months were collectively below the previous year’s period. As part of the transformation program, measures are currently underway to improve capacity utilization and competitiveness in the Tubular Glass business.
Moulded Glass: Revenue stabilized in Q3; earnings impacted by inventory reduction
According to preliminary figures, the Moulded Glass division generated revenues of Euros 479 million in the first nine months of 2026 (9M 2025: Euros 492 million, adjusted), of which Euros 169 million was generated in the third quarter of 2026 (Q3 2025: Euros 165 million, adjusted). Adjusted EBITDA amounted to Euros 52 million (9M 2025: Euros 91 million, adjusted), of which the division generated Euros 17 million in the third quarter of 2026 (Q3 2025: Euros 29 million, adjusted).
The adjusted EBITDA margin totaled 10.9% in the first nine months of 2026 (9M 2025: 18.6%, adjusted), whereby the adjusted EBITDA margin in the third quarter at 10.2% (Q3 2025: 17.4%, adjusted) was below the overall margin. In a weaker market environment, the Moulded Glass division reported lower revenue.
In addition, inventory levels were reduced as part of cash management initiatives, which further lowered capacity utilization and had a negative impact on adjusted EBITDA. In this division as well, Gerresheimer has initiated measures to improve performance as part of its transformation program. For example, the Moulded Glass plant in Chicago Heights, USA, was closed in September 2026.
Gerresheimer expects to publish its Q3 Quarterly Statement, containing the final figures for the third quarter and the first nine months of financial year 2026, in December 2026.
