Investing.com — Shares in rose more than 3% in early trading Thursday after the company reported preliminary fiscal first-quarter figures showing a sharp improvement in free cash flow, alongside guidance for a stronger second half of the year.
According to preliminary figures, and without adjustments for business units currently in the sales process, Gerresheimer generated revenue of €524 million in the first quarter of 2026, up from €519 million a year earlier on an adjusted basis.
However, adjusted EBITDA fell to €66 million from €81 million a year earlier, with the adjusted EBITDA margin narrowing to 12.6% from 15.7%. The company said the decline reflected its strong focus on free cash flow, as previously announced. Revenue growth was driven primarily by the newly formed Containment & Delivery Systems and Primary Injectable Solutions divisions.
Free cash flow improved sharply to negative €32 million, from negative €141 million in the same quarter last year, which Gerresheimer attributed to more selective investment planning, strict working capital management and a lower buildup of inventory.
“In the first quarter of 2026, our focus was clearly on free cash flow,” said Wolf Lehmann, CFO of Gerresheimer. “We achieved our best first-quarter free cash flow in five years. However, our strict cash management—including the optimization of inventory and production volumes—had an impact on earnings.”
For the full 2026 financial year, Gerresheimer said it expects a stronger second half with improved earnings, in line with its existing guidance.
“With the consistent implementation of our transformation program, we expect earnings to improve again, particularly in the second half of the year. Furthermore, the expected cash inflows from the sale of Centor and Primary Packaging Plastics will significantly improve our financing and capital structure,” Lehmann added.
