Gerresheimer is navigating one of the most turbulent periods in its history, caught between a punishing accounting scandal and a desperate need to restructure its balance sheet. The Düsseldorf-based packaging and medical-device specialist has seen its stock shed roughly 60 percent over the past twelve months, culminating in its ejection from the SDAX in April. Yet beneath the surface, there are flickers of a turnaround — if the company can deliver on its promises.
The root of the crisis lies in so-called bill-and-hold arrangements, where Gerresheimer invoiced customers for goods but delayed delivery, booking revenue prematurely in violation of IFRS standards. An independent law firm confirmed the irregularities, which have tainted €35 million in revenue and €24 million in adjusted EBITDA. Germany’s financial regulator, BaFin, launched a probe into the company’s interim consolidated financial statements on March 6, 2026, with a particular focus on lease liabilities, capitalized development costs, and assets in the Advanced Technologies segment — where impairment charges may have been improperly recorded. Adding to the pressure, the audit oversight body APAS has initiated professional disciplinary proceedings against KPMG, which took over as auditor from Deloitte in 2024 and issued an unqualified opinion on the 2024 financial statements despite the systematic nature of the IFRS errors.
A Lifeline from Creditors
The company secured a critical breathing space in mid-April when holders of its Schuldschein loans — totalling around €870 million — voted overwhelmingly in favour of extending the deadline for submitting the missing financial reports. Management now has until the end of September 2026 to present the overdue accounts. The market greeted the news with a sigh of relief, pushing the stock up nearly 23 percent over the past month and lifting it well clear of the February trough at €15.57. The shares now trade around €23.80, still more than 60 percent below the 52-week high of €64.40.
But the reprieve came with a cost. The absence of audited annual and consolidated statements for 2025 prompted Deutsche Börse to remove Gerresheimer from the SDAX, replacing it with smart-home specialist Shelly. The index exit cuts the company off from institutional capital flows tied to benchmark mandates, and the 30-day volatility reading of roughly 94 percent underscores persistent jitters among traders.
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The Centor Exit Strategy
To tackle its debt burden, Gerresheimer is pushing ahead with the sale of its US subsidiary Centor Inc., which manufactures packaging systems for prescription drugs. Morgan Stanley is advising on the transaction, and a double-digit number of interested parties have entered the fray. The company expects the deal to close before the end of 2026, with proceeds earmarked to strengthen the capital structure. A successful sale could help narrow the valuation discount that has weighed on the stock, though much depends on what happens next with the accounting.
Management is sticking to its operational guidance for 2026, forecasting revenue of €2.3 billion to €2.4 billion and an adjusted EBITDA margin of 18 to 19 percent. Order books remain solid. Yet the legacy costs are far from settled. For the 2025 financial year, Gerresheimer expects non-cash impairment charges of €220 million to €240 million, hitting projects at Sensile Medical AG and the glass plant in Chicago Heights, which is slated for closure at the end of 2026.
The June Milestone
The financial calendar remains a blank page. Neither a first-quarter report nor an annual general meeting has been scheduled. Internal investigations into transactions from 2024 and 2025 have delayed the annual accounts. The company now aims to present the audited 2025 financial statements in June 2026, followed by the half-year report on July 14. A clean audit opinion — free of further surprises — would be the prerequisite for institutional investors to even consider returning. Without it, even a successful Centor sale risks being little more than a temporary Band-Aid.
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