Gerresheimer delivers solid results in the financial year 2024 despite market headwinds

• Organic growth: revenue +2.9%, adjusted EBITDA +4.1%
• Destocking in vial business partially offset by strong growth in medical devices
• Growth strategy execution: capacity expansions and higher revenue share from solutions for biologics
• Bormioli Pharma to boost revenues and adjusted EBITDA from 2025 with integration well underway

Duesseldorf, February 26, 2025: Gerresheimer, an innovative systems and solutions provider and global partner for the pharma, biotech and cosmetics industries, achieved solid results and continued to grow profitably in financial year 2024. Revenues reached EUR 2,035.9m (2023: EUR 1,990.5m), while adjusted EBITDA amounted to EUR 419.4m (2023: EUR 404.5m). Organic sales grew by +2.9% and adjusted EBITDA by +4.1%. The adjusted EBITDA margin improved to 20.6% (2023: 20.3%). The Plastics & Devices Division benefited from the strong growth in medical devices, partially offsetting the destocking effects in the vial business in the Primary Packaging Glass Division. The first signs of a market recovery in the vial business were seen in the fourth quarter of 2024, but destocking effects at customers weighed on the results of the Primary Packaging Glass Division in the full year 2024. Bormioli Pharma will contribute significantly to the Group’s revenues and Adjusted EBITDA from the financial year 2025 while the integration into the Gerresheimer Group is well underway. For the financial year 2025, the combined group of companies including Bormioli Pharma now expects organic revenue growth of 3-5% compared to combined pro forma figures of the previous year. The adjusted EBITDA margin is expected to improve further to around 22%. The Group anticipates profitable growth in the coming years through the consistent execution of its growth strategy.

"2024 was characterized by temporary market effects in one of our submarkets," says
Dietmar Siemssen, CEO of Gerresheimer AG. "Our long-term growth prospects remain positive. We are growing strongly in systems and solutions for large-molecule biologics for which we are systematically expanding our production capacities. With the acquisition of Bormioli Pharma, we have expanded our product portfolio and created the basis for new, integrated high value plastic solutions. All of this will help us to continue our profitable growth in the coming years.”

Plastics & Devices: Significant growth with improved margin
The Plastics & Devices Division generated revenue of EUR 1,141.3m in the financial year 2024 (2023: EUR 1,065.1m). Organic revenue growth amounted to 8.0%. The main driver of this positive development was the strong demand for drug delivery systems. Demand for plastic containment solutions also remained at a high level. Adjusted EBITDA reached EUR 293.7m (2023: EUR 270.0m). Adjusted EBITDA grew organically by 8.8% compared to the same period of the previous year. The division also increased its Adjusted EBITDA margin to 25.7% (2023: 25.3%). The positive development was driven by a higher proportion of specially tailored solutions for biologics, including GLP-1 products for the treatment of obesity.

Primary Packaging Glass: Destocking effects moderating
The first signs of a market recovery became visible in the fourth quarter of 2024, but business development in the Primary Packaging Glass Division in the financial year 2024 was still significantly influenced by destocking effects at pharmaceutical customers, particularly in the area of standard vials ("bulk vials"). Sales revenues reached EUR 898.6 million (2023: EUR 927.3 million). In organic terms, they were thus 2.6% below the same period of the previous year. Adjusted EBITDA amounted to EUR 177.2m (2023: EUR 182.5m). In organic terms, adjusted EBITDA was 2.4% below the prior-year period. The adjusted EBITDA margin remained stable at 19.7% (2023: 19.7%). Gerresheimer expects that destocking effects for standard vials will continue to moderate in the course of 2025.

High dividend continuity - dividend proposal of EUR 1.25
Gerresheimer's adjusted net income increased to EUR 164.6m in the financial year 2024 (2023: EUR 158.0m). Adjusted EPS at constant currency rose to EUR 4.67 (2023: EUR 4.62). The Executive Board and Supervisory Board will therefore once again propose a dividend of EUR 1.25 per share for the financial year 2024 at the Annual General Meeting. This corresponds to a payout ratio of 26.0%. The proposed dividend is therefore within the payout range of 20% to 30%.

Bormioli Pharma - new category of high value plastic solutions through system integration

At the beginning of December 2024, Gerresheimer successfully completed the acquisition of the Bormioli Pharma Group. Bormioli Pharma will thus be fully consolidated in the Gerresheimer Group from the financial year 2025. The integration of the company is one of Gerresheimer's focus topics of the financial year 2025 in order to seize the opportunities of the expanded product portfolio and the possibilities of system integration for new high-value plastic solutions. The acquisition also enables the formation of a stand-alone global moulded glass powerhouse.

Profitable growth expected in subsequent years

In view of the strong growth in systems and solutions for biologics, the successful execution of the growth projects in this area and the expanded portfolio of high value solutions, Gerresheimer expects profitable growth in the coming years.

Guidance for FY 2025 (organic)

• Revenue growth: 3-5%
• Adjusted EBITDA margin: around 22%
• Adjusted EPS growth: high single-digit percentage range

Mid-term guidance (organic)

• Revenue growth: 8-10 % CAGR
• Adjusted EBITDA margin: 23 - 25%
• Adjusted EPS growth: ≥ 10% CAGR

https://www.gerresheimer.com/en/company/investor-relations/reports

About Gerresheimer
Gerresheimer is an innovative systems and solutions provider and a global partner for the pharma, biotech and cosmetic industries. The Group offers a comprehensive portfolio of drug containment solutions including closures and accessories, as well as drug delivery systems, medical devices and solutions for the health industry. The product range includes digital solutions for therapy support, medication pumps, syringes, pens, auto-injectors and inhalers as well as vials, cartridges, ampoules, tablet containers, infusion, dropper and syrup bottles and more. Gerresheimer ensures the safe delivery and reliable administration of drugs to the patient. Gerresheimer supports its customers with comprehensive services along the value chain and in addressing the growing demand for enhanced sustainability. With over 40 production sites in 16 countries in Europe, America and Asia, Gerresheimer has a global presence and produces locally for regional markets.  Together with Bormioli Pharma 2024, the Group generated revenues of around EUR 2.4bn and currently employs around 13,400 people. Gerresheimer AG is listed in the MDAX on the Frankfurt Stock Exchange (ISIN: DE000A0LD6E6).
www.gerresheimer.com

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