The crisis at Gerresheimer is escalating on multiple legal and financial fronts. What began as an accounting irregularity has now drawn in Germany’s audit oversight body, the APAS, which has opened proceedings against KPMG — the auditor that signed off on the company’s flawed 2024 financial statements. The move comes alongside a widening BaFin investigation and mounting pressure from shareholder activists.
KPMG Under Fire for Clean Audit on Faulty Books
The APAS probe targets KPMG’s approval of Gerresheimer’s 2024 annual accounts, which contained €35 million in improperly recognized revenue. The irony is sharp: KPMG had only replaced Deloitte as auditor in 2024, and immediately certified a set of books that later proved to contain systematic violations of IFRS rules. The errors stemmed from so-called bill-and-hold arrangements, where Gerresheimer invoiced customers for goods but delayed delivery — booking revenue prematurely.
An independent law firm has confirmed the scale of the misconduct: €35 million in overstated revenue and €24 million in inflated adjusted EBITDA. The DSW, Germany’s shareholder protection association, has commissioned a legal opinion on the liability of former executives, including ex-CEO Dietmar Siemssen and ex-CFO Bernd Metzner, as well as certain supervisory board members. DSW managing director Marc Tüngler signaled that a litigation funder could become involved as the claims become clearer. Grant Thornton is separately reviewing the books for 2024 and 2025.
BaFin Widens Its Net
The financial regulator launched its initial probe in September 2025 and expanded it in early March 2026 to cover three additional problem areas: €65.5 million in incorrectly recorded lease liabilities, misleading disclosures on development costs, and unrecognized impairment charges in the Advanced Technologies segment. The BaFin has said it will publish its findings, though no timeline has been set.
The impairment issue is particularly significant. For the 2025 financial year, Gerresheimer expects non-cash writedowns of €220 million to €240 million, primarily tied to Sensile Medical AG and Gerresheimer Moulded Glass Chicago Inc. The company is also closing a glass plant in Chicago Heights by the end of fiscal 2026.
Centor Sale as a Lifeline
Management’s most tangible response has been to push ahead with the sale of Centor Inc., a US subsidiary specializing in packaging systems for prescription drugs. Morgan Stanley is running the process, and a double-digit number of interested parties have emerged. The deal is expected to close this year.
Should investors sell immediately? Or is it worth buying Gerresheimer?
Centor carried a book value of €292 million at the end of 2024 and generates above-average margins — meaning its sale will further pressure profitability that is already under strain. Proceeds are earmarked to stabilize the company’s capital structure.
Creditors Grant Breathing Room
On the financing side, Gerresheimer has secured a critical reprieve. Schuldschein holders representing 96% of the €870 million total volume agreed to extend maturities until the end of September 2026. Key leverage covenants have been waived through the third quarter of 2026.
The reporting calendar remains frozen. The audited 2025 annual report is now expected in June 2026, with the first-quarter 2026 statement to follow shortly after. The half-year report is scheduled for July 14, 2026. Until these documents are published, institutional investors are likely to stay on the sidelines.
Market Sentiment Remains Fragile
The stock has recovered roughly 38% from its February low but still trades at €21.52 — a 60% decline from its 52-week high of €64.40. For 2026, management has guided for revenue of €2.3 billion to €2.4 billion and an adjusted EBITDA margin of 18% to 19%.
The pivotal moment comes in June 2026, when Gerresheimer must present a clean audited statement and simultaneously prove that its credit lines are secure. If the BaFin’s findings prove damaging, the hard-won stabilization could quickly unravel — and any lingering takeover scenarios would remain blocked.
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