The German packaging specialist Gerresheimer finds itself navigating a perfect storm of accounting scandals, regulatory pressure, and a liquidity crunch. The latest development sees the auditor oversight body APAS initiating a professional misconduct procedure against KPMG. The regulator alleges KPMG issued an unqualified audit opinion for the 2024 financial statements despite the presence of systematic violations of accounting rules, a situation now confirmed by an independent law firm. Germany’s financial watchdog, BaFin, is conducting a parallel investigation.
At the heart of the accounting debacle are so-called “bill-and-hold” transactions, where revenue was booked before goods were physically shipped. This practice forced a correction of adjusted EBITDA by 24 million euros. Furthermore, the company anticipates impairment charges between 220 and 240 million euros for fiscal 2025. These are primarily linked to technology and development projects at Sensile Medical AG and assets of the Gerresheimer Moulded Glass Chicago Inc. subsidiary.
With its certified annual report for 2025 still missing, Gerresheimer has breached contractual reporting obligations to its lenders, placing it in technical default. Interim CEO Uwe Röhrhoff is engaged in intense negotiations to secure deadline extensions and prevent creditors from calling in loans. The company’s failure to publish the audited accounts by March 31st also triggered its expulsion from the SDAX index on April 10th, with Shelly Group SE taking its place.
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In a bid to stabilize its financial position and appease creditors, management has launched a drastic restructuring program. Investment bank Morgan Stanley has been tasked with selling the US subsidiary Centor Inc., a leading provider of packaging systems for prescription drugs, which was last valued on the balance sheet at 292 million euros. Concurrently, Gerresheimer is shuttering its Moulded Glass plant in Chicago Heights and shifting production capacity to Italy and India.
All eyes are now fixed on a critical deadline in June 2026. By that point, the company must finally deliver its certified financial statements and conclude the BaFin review. Only if these conditions are met does the company’s financial forecast for 2026—targeting revenues of 2.3 to 2.4 billion euros with an adjusted EBITDA margin of around 18 percent—remain viable.
The stock market reflects the profound uncertainty. Shares recently traded at 17.46 euros, marking a 37 percent decline for the year and sitting approximately 73 percent below their 52-week high. The Relative Strength Index (RSI) reading of 25.6 indicates a technically oversold condition, though this offers little comfort amid the unresolved fundamental crisis. Market chatter, including unconfirmed speculation about takeover interest from US competitor Silgan Holdings, underscores the high-stakes environment. For Gerresheimer, reaching a swift agreement with its banks has become the most critical bridge to any future.
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