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Q3/9M 2025 Results Presentation Dietmar Siemssen Wolf Lehmann
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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 performance of the Company to differ materially from the estimations expressed or implied herein. The Company does not guarantee that the assumptions underlying such forward-looking statements are free from errors nor does the Company accept any responsibility for the future accuracy of the opinions expressed in this presentation or the actual occurrence of the forecast development. No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, none of the Company or any of its parent or subsidiary undertakings or any of such person‘s officers, directors or employees accepts any liability whatsoever arising directly or indirectly from the use of this document. Due to rounding, numbers presented throughout this report may not add up precisely to the totals indicated and percentages may not precisely reflect the absolute figures for the same reason. Organic revenue and organic adjusted EBITDA include the revenue and adjusted EBITDA of Bormioli Pharma in both 2024 and 2025, which we acquired on December 10, 2024 and fully consolidate from the beginning of the financial year 2025, translated at the budgeted exchange rates for the financial year 2025. Disclaimer 10-Oct-2025 Gerresheimer AG - Q3/9M 2025 Results Presentation2
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Q3 and 9M 2025 Overview Dietmar Siemssen (CEO)
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2025 Guidance adjusted despite stronger Q4 9M/Q3 2025 – Lower than Expected Growth and Profitability 10-Oct-2025 Gerresheimer AG - Q3/9M 2025 Results Presentation4 Q3 2024 Q3 2025 579 561 Revenues (EURm) Organic growth yoy1 -1.2% Q3 2024 Q3 2025 117 103 Adjusted EBITDA (EURm) Organic growth yoy1 -9.4% 3Q 2025 Results 9M 2024 9M 2025 1,728 1,681 Revenues (EURm) Organic growth yoy1 -1.8% 9M 2024 9M 2025 341 314 Adjusted EBITDA (EURm) Organic: growth yoy1 -7.5% 9 Months YTD (9M) 2025 Results • Q3 reported sales growth of 12.5% • Q3 Results below expectations • Positive FCF development – Q3 25 of EUR 21m (vs. Q3 24 EUR -5m) • 9M reported growth of 14.6% • Financial Flexibility Expanded: • Debt Covenant Reset (Aug) • Reduced bridge loan from EUR 725m to EUR 525m (Sep) Adj. EBITDA-Margin %1 20.5% 18.8% Adj. EBITDA-Margin %1 19.9% 18.8% 1 Organically, adjusted for exchange rate effects as well as acquisitions and divestments
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People – Changes in the Leadership Team to Accelerate Transformation 10-Oct-2025 Gerresheimer AG - Q3/9M 2025 Results Presentation5 Chief Financial Officer September 2025 Wolf Lehmann Achim Schalk Member of the Executive Board November 2025 Hans-Norbert Topp • Progressing on Moulded Glass (MG) separation; hired experienced Executive Vice President Hans-Norbert Topp (August 2025) • Preparing new Business Segmentation – including MG – to be established for FY 2026; Achim Schalk joining Board in November 2025 • Establishing Transformation Office reporting to the CFO – focus on Operational, Commercial and Capital Allocation Excellence Executive Vice President Moulded Glass August 2025
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Return to operations, ramp-ups and continuous shift to high value products Contributions to Profitable Growth in Q4 and Beyond 10-Oct-2025 Gerresheimer AG - Q3/9M 2025 Results Presentation6 Skopje | Medical devicesMorganton | VialsLohr | Moulded Glass Pharma, F&B Peachtree | Medical devices Bünde | Syringes Querétaro | RTF vials Furnace upgrade completed in May 2025 Ramp up of new lines from expansion project Production qualified by key customer Ramp up in progress, contribution from Q4 Increase of Biologics customers Market shift from bulk to RTF
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Successful recognition of sustainability actions ESG Ratings 7 Gerresheimer AG - Q3/9M 2025 Results Presentation CDP A- Rating Leadership status FY 2025: First CSRD compliant sustainability report to be published; Report to be audited by BDO Top goal achieved (2022 – 2025): ecovadis GOLD ISS C+ Rating PRIME status Sustainalytics Low Risk Category MSCI AA-Rating 8.2/10 10-Oct-2025
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Financial Performance 9M and Q3 2025 Wolf Lehmann (CFO)
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Cosmetics and Oral Liquids Market Softness - Lower Demand for Bulk Vials 9M 2025 Development 10-Oct-2025 Gerresheimer AG - Q3/9M 2025 Results Presentation9 1 Organically, adjusted for exchange rate effects as well as acquisitions and divestments 15 59 9M 2024 P&D PPG 3 GAT&Cons. 9M 2025 1,728 1,681 18 9 9M 2024 P&D PPG 0 GAT&Cons. 9M 2025 341 314 9M 2024 9M 2025 3.20 2.16 Revenues (EURm) Organic growth yoy1 -1.8% Adj. EBITDA (EURm) Organic growth yoy1 -7.5% Adj. EPS (EURm) Organic growth yoy1 -32.5% • Medical Devices (EUR +36m) driven by ramp-up of major projects (autoinjectors and pens) • Plastic Packaging (EUR -12m) declined due to Oral Liquids softness • FX impact EUR -10m • Moulded Glass (EUR -44m): decline due to ongoing market weakness in Cosmetics and Oral Liquids; growth in other Pharma segments offset by decline in F&B • Tubular Glass (EUR -10m): decline in standard products, growth in high- value products, especially RTF vials • FX impact EUR -5m • Lower Oral Liquids revenues impacted our high-value Plastic Packaging business (EUR -8m) • Medical Devices (EUR -2m): revenue growth offset by US ramp-up • FX impact EUR -2m • Moulded Glass: lower revenue falling through to adj. EBITDA (EUR -11m) • Tubular Glass: adj. EBITDA increased (EUR +3m) • FX impact EUR 1m • EPS declined stronger than adj. EBITDA due to higher yoy depreciation and interest expense 2024 figures on pro-forma basis Adj. EBITDA-Margin %1 19.9% 18.8%
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9M 2024 9M 2025 136 127 9M 2024 9M 2025 241 223 Operational view on KPIs by division 9M 2025 Development 10-Oct-2025 Gerresheimer AG - Q3/9M 2025 Results Presentation10 In EURm Plastic Packaging softness partially compensated by Medical Devices ▪ Revenues: Medical Devices (EUR +36m) driven by ramp-up of major projects (autoinjectors and pens); Plastic Packaging (EUR -12m) declined due to Oral Liquids softness; FX impact EUR -10m ▪ Adj. EBITDA: Lower Oral Liquids revenues impacted our high-value Plastic Packaging business (EUR -8m); Medical Devices (EUR -2m) revenue growth offset by US ramp-up; FX impact EUR -2m +2.6% -6.6% -6.9% Revenues¹ Revenue and adj. EBITDA decline mostly due to weakness in Moulded Glass ▪ Revenues: Moulded Glass (EUR -44m) decline due to ongoing market weakness in Cosmetics and Oral Liquids; growth in other Pharma segments offset by decline in F&B; Tubular Glass (EUR -10m) decline in standard products, growth in high-value products, especially RTF vials; FX impact EUR -5m ▪ Adj. EBITDA: Moulded Glass lower revenue falling through to adj. EBITDA (EUR -11m); Tubular Glass adj. EBITDA increased (EUR +3m); FX impact EUR 1m P&D PPG -7.2% Adj. EBITDA¹ 18.0% 18.0% 1 Organically, adjusted for exchange rate effects as well as acquisitions and divestments; FY 2024 figures on pro forma basis 22.9% 25.2% 9M 2024 9M 2025 958 973 9M 2024 9M 2025 773 714 Organic yoy & margin
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Q3 with improved QoQ Free Cash Flow before M&A Cash Flow Development YTD 2025 10-Oct-2025 Gerresheimer AG - Q3/9M 2025 Results Presentation11 -28 62 86 120 -113 -60 -65 -239 Q1 2025 Q2 2025 Q3 2025 9M 2025 -141 2 21 -119 Operating Cash Flow Net CapEx Free Cash Flow before M&A • EUR 96m in P&D –mainly growth projects (EUR 65m) in Medical Devices and Syringe Systems • EUR 130m in PPG – clear majority in Moulded Glass; base capex of EUR 58m and growth capex of EUR 72m • EUR 27m in P&D – mainly for growth projects (EUR 19m) in Medical Devices and Syringe Systems • EUR 34m in PPG – clear majority in Moulded Glass with focus on base capex (EUR 21m)
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Cash Flow Walk Q3 2025 10-Oct-2025 Gerresheimer AG - Q3/9M 2025 Results Presentation12 103 85 21 30 21 10 17 18 65 Adj. EBITDA Adjustments NWC Net taxes paid Net interest paid Other Operating Cash Flow Net Capex Free Cash Flow before M&A Adjustments of EUR 30m include items related to our transformation program such as • Reorganization EUR 18m • ramp up of new capacities EUR 6m • integration of Bormioli EUR 1m Mostly related to an increase of not yet cash effective provisions, mainly restructuring- related, by EUR 14m improvement due to better payables (EUR +19m) and receivables (EUR +11m) management, partly offset by higher inventories (EUR - 9m) • EUR 28m base and EUR 37m growth capex • EUR 27m in P&D – mainly for growth projects (EUR 19m) in Medical Devices and Syringe Systems • EUR 34m in PPG – clear majority in Moulded Glass with focus on base capex (EUR 21m) • EUR 17m in Q3 of EUR 50m in 9M 25 • Q3: 4.5% average interest cost on Q3 avg. gross debt • EUR 10m in Q3; EUR 27m in 9M 25 • Q3: 31% cash tax rate
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1 Drawn portion of the RCF 2 Includes: local credit facilities/overdraft facilities/factoring liabilities 3 Excluding lease liabilities 4 As per Q3 2025 but reflecting subsequent changes in Bridge and Term Loan Financing Reset Covenants and Reduced Bridge Loan by EUR 200m Financing 10-Oct-2025 Gerresheimer AG - Q3/9M 2025 Results Presentation13 Net Financial Debt as of Q3 2025 In EURm Q3 2025 Q3 2024 Revolving credit facilities1 102 380 Bridge loan 725 n.a. Promissory loans 1,208 792 Local borrowings2 44 25 Cash + cash equivalents -146 -109 Net Financial Debt3 1,933 1,087 Adj. EBITDA Leverage (x) 4.15 2.60 Maturity Profile in EURm4 545 339 75 100 100 675 192 146 525 347 257 Liquidity Q4 25 Q4 26 Q4 27 2028 2029 2030 2031 691 339 75 882 100 1.022 192 Cash Revolver Head Room Promissory Loans Bridge Loan Term Loan Revolver
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Summary Dietmar Siemssen (CEO)
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Adjusted FY 2025 Guidance (organic; group level) Softer Q3/9M Necessitates Guidance Adjustment Despite Expected QoQ growth in Q4 FY 2025 -4% to -2% Growth 18.5%-19% Margin Revenue Old New Adjusted EBITDA Old New 1 Currency-adjusted 2 LDD% Decline = Low Double-Digit Decline ; MDD% Decline = Mid Double -Digit Decline Adj. EPS1 Old New 2 MDD% Decline2 15 • Lower Business Performance in Q3 2025, in the Cosmetics Market, and in the Area of Containment Solutions for Oral Liquid Medications • Expected QoQ growth in Q4 2025, but not Enough to Meet Full-Year Guidance • Guidance for FY 2025 Adjusted Downward; Comprehensive Transformation Program Initiated to Improve Performance and Cash Flow 10-Oct-2025 Gerresheimer AG - Q3/9M 2025 Results Presentation
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Q3 Results & Adjusted Guidance Executive Summary 10-Oct-2025 Gerresheimer AG - Q3/9M 2025 Results Presentation16 Results: continued market softness; Q3 and 9M with lower revenues and adj. EBITDA YoY; Q3 with EUR 21m positive free cash flow Guidance: FY 2025 organic revenue growth revised to -4% to -2% (prior: 0-2%); Adjusted EBITDA margin revised to 18.5% to 19% (prior: around 20%); Corresponding lower Adjusted EPS growth of mid double -digit %-decrease expected (prior: low double digit) Leadership Team: new CFO Lehmann assumed office; new EB Member Schalk to join in November; Moulded Glass separation in progress; new EVP Moulded Glass joined in August; new segmentation in preparation for FY 2026 Capital Structure: reset covenants to increase flexibility & reduced bridge loan by EUR 200m Business Transformation: establishing Transformation Office (TO) to reduce costs, increase performance and improve free cash flow
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Financial Reporting and Conferences February 26, 2026 Publication Annual Report 2025 April 16, 2026 Publication Quarterly Statement for the 1st Quarter 2026 June 3, 2026 Annual General Meeting 2026 July 14, 2026 Publication Half-year Financial Report 2026 Upcoming Events 10-Oct-2025 Gerresheimer AG - Q3/9M 2025 Results Presentation17 Financial Calendar Investor Conferences 2025 Jefferies Global Healthcare Conference 18 November – London Deutsches Eigenkapitalforum 2025, Deutsche Börse 25 November – Frankfurt 23rd Berenberg European Conference 3 December – London 28th ODDO BHF Forum 8 January – Lyon 28th German Investment Seminar ‘26, CoBa & ODDO 13 January – New York
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Appendix
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Cosmetics and Oral Liquids Market Softness - Lower Demand for Bulk Vials Q3 2025 Development 10-Oct-2025 Gerresheimer AG - Q3/9M 2025 Results Presentation19 3 20 Q3 2024 P&D PPG 1 GAT&Cons. Q3 2025 579 561 7 8 Q3 2024 P&D PPG 1 GAT&Cons. Q3 2025 117 103 Q3 2024 Q3 2025 1.20 0.77 Revenues (EURm) Organic growth yoy1 -1.2% Adj. EBITDA (EURm) Organic growth yoy1 -9.4% Adj. EPS (EURm) Organic growth yoy1 -35.8% • Medical Devices revenue growth (EUR 13m) driven by strong demand for medical devices such as autoinjectors • partly offset by lower revenues, Oral Liquids, for Plastic Packaging (EUR -5m) • FX impact EUR -6m • EPS declined stronger than adj. EBITDA due to higher yoy depreciation and interest expense 2024 figures on pro-forma basis • Moulded Glass (EUR -13m): Cosmetics and Oral Liquids segment down due to weak markets • Tubular Glass (EUR -2m): decline in standard products while growth in high value products • FX impact EUR -5m • Medical Devices (EUR -4m) down due to the ramp-up in US • Plastic Packaging EUR -1m • FX impact EUR -1m • Moulded Glass (EUR -9m): lower revenue falling through to EBITDA and Lohr ramp-up post furnace renewal • Tubular Glass (EUR 2m): adj. EBITDA increased due to higher share of high-value products • FX impact EUR -1m Adj. EBITDA-Margin %1 20.5% 18.8% 1 Organically, adjusted for exchange rate effects as well as acquisitions and divestments
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50 42 Q3 2024 Q3 2025 Q3 2024 Q3 2025 78 72 Operational view on KPIs by division Q3 2025 Development 10-Oct-2025 Gerresheimer AG - Q3/9M 2025 Results Presentation20 In EURm Ongoing weakness in Plastic Packaging ▪ Revenues: Medical Devices revenue growth (EUR 13m) driven by strong demand for medical devices such as autoinjectors; partly offset by lower revenues, Oral Liquids, for Plastic Packaging (EUR -5m); FX impact EUR -6m ▪ Adjusted EBITDA: Medical Devices (EUR -4m) down due to the ramp- up in US; Plastic Packaging EUR -1m; FX impact EUR -1m +2.5% -7.0% -5.5% Revenues¹ Revenue decline mostly due to weakness in Moulded Glass ▪ Revenues: Moulded Glass (EUR -13m) Cosmetics and Oral Liquids segment down due to weak markets; Tubular Glass (EUR -2m) decline in standard products while growth in high value products; FX impact EUR - 5m ▪ Adjusted EBITDA: Moulded Glass (EUR -9m) lower revenue falling through to EBITDA and Lohr ramp-up post furnace renewal; Tubular Glass (EUR 2m): adj. EBITDA increased due to higher share of high- value products; FX impact EUR -1m P&D PPG -13.8% Adj. EBITDA¹ 19.7% 18.0% 1 Organically, adjusted for exchange rate effects as well as acquisitions and divestments; FY 2024 figures on pro forma basis 22.2% 24.5% Q3 2024 Q3 2025 322 324 Q3 2024 Q3 2025 259 240 Organic yoy & margin
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1 Adjusted net income after non-controlling interests 2 Adjusted earnings per share, attributable to shareholders of Gerresheimer AG, based on 34.54m shares Reported and Adjusted Financials (Q3 2024 excluding Bormioli) Reconciliation Q3 2025 10-Oct-2025 Gerresheimer AG - Q3/9M 2025 Results Presentation21 In EUR m Reported Q3 2025 Adjustment Adjusted Q3 2024 Adjusted Revenues 560.7 560.7 498.5 EBITDA 73.9 29.6 103.4 104.4 Depreciation & Amortization -66.5 16.0 -50.5 -39.7 EBIT 7.4 45.5 52.9 64.7 Financial Result -22.4 2.3 -20.1 -13.2 EBT -15.0 47.8 32.8 51.5 Income Taxes 2.7 -11.2 -8.4 -10.9 Tax rate (%) 25.6 21.2 Net Income -12.3 36.7 24.4 40.6 Non-controlling interests -0.4 -0.5 Net Income after non-contr. interests 24.0 40.1 Adj. EPS1 0.69 1.16 Adj. EPS, FX Neutral2 0.77 1.20 Adjustments of EUR 30m include items related to • Reorganization • ramp up of new capacities • integration of Bormioli • etc. Adjustments of EUR 16m represent amortization of Fair Value Adjustments Adjustments of EUR 2m include items related to fees related to the refinancing of the Bormioli acquisition bridge Increase in depreciation due to the acquisition of Bormioli and investments in the most recent past Decline of the financial result due to yoy higher net debt • Less deferred tax assets on losses carried forward • More non-deductible business expenses
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1 Adjusted net income after non-controlling interests 2 Adjusted earnings per share, attributable to shareholders of Gerresheimer AG, based on 34.54m shares Reported and Adjusted Financials (9M 2024 excluding Bormioli) Reconciliation 9M 2025 10-Oct-2025 Gerresheimer AG - Q3/9M 2025 Results Presentation22 In EUR m Reported 9M 2025 Adjustment Adjusted 9M 2024 Adjusted Revenues 1,681.4 1,681.4 1,467.0 EBITDA 273.5 40.3 313.9 292.7 Depreciation & Amortization -200.4 49.6 -150.8 -114.4 EBIT 73.2 90.0 163.1 178.3 Financial Result -84.7 22.9 -61.8 -36.7 EBT -11.6 112.9 101.3 141.6 Income Taxes -0.6 -28.4 -29.0 -34.6 Tax rate (%) 28.6 24.4 Net Income -12.1 84.5 72.3 107.1 Non-controlling interests -1.6 -1.3 Net Income after non-contr. interests 70.8 105.7 Adj. EPS1 2.05 3.06 Adj. EPS, FX Neutral2 2.16 3.20 Adjustments of EUR 40m include items related to • Reorganization • ramp up of new capacities • integration of Bormioli • etc. Adjustments of EUR 50m represent amortization of Fair Value Adjustments Adjustments of EUR 23m include items related to • the redemption of the outstanding Bormioli bond (EUR 20m) in Q1 2025 • fees related to the refinancing of the Bormioli acquisition bridge (EUR 3m) Increase in depreciation due to the acquisition of Bormioli and investments in the most recent past Decline of the financial result due to yoy higher net debt • Less deferred tax assets on losses carried forward • More non-deductible business expenses