Gerresheimer remains on track in the first half of the Fiscal Year 2024. Revenues reached EUR 968.5 million (1H 2023: EUR 957.4 million), adjusted EBITDA EUR 188.2 million (1H 2023: EUR 185.2 million). Revenue growth was 1.7 percent and adjusted EBITDA growth was 2.9 percent in organic terms. The adjusted EBITDA margin was 19.4 percent. The margin expansion reflects a favourable product mix change with a higher share of innovative and customized solutions.
For the second half year 2024, Gerresheimer expects a significant upturn in business owing to new production lines ramping up and destocking effects fading out. The Management Board has confirmed its forecast for FYs 2024 and 2025, as well as the mid-term outlook. In 2024 Gerresheimer expects to generate organic revenue growth of between 5 and 10 percent, as well as adjusted EBITDA of between EUR 430 and 450 million.
“The results of the 1st half year 2024 underpin the resilience of our business model,” said Dietmar Siemssen, CEO of Gerresheimer AG. “With our broad portfolio, we can offset market fluctuations in certain areas. By increasing capacity for long-term customer projects and expanding our portfolio, we will continue our profitable growth in the second half of 2024 and the years ahead.”
Adjusted EBITDA grew dynamically, reaching EUR 138.1m (1H 2023: EUR 116.3 million). Organic growth was 18.3 percent year-on-year. The adjusted EBITDA margin rose by 200 basis points to 25.5 percent (1H 2023: 23.5 percent).
The margin expansion reflects a favorable product mix change with a higher proportion of specially tailored solutions, for example for biopharmaceuticals, including GLP-1 applications for the treatment of obesity.
Primary Packaging Glass: pharma business impacted by destocking effects
In the 1st half year 2024, revenues in the Primary Packaging Glass division were EUR 426.5 million (1H 2023: EUR 461.7 million), a decline of 6.9 percent year-on-year in organic terms. The decrease in revenues here is mainly due to the drop in demand in the pharma business as a result of customer destocking effects.
The adjusted EBITDA was EUR 74.3 million (1H 2023: EUR 90.1 million). In organic terms, the adjusted EBITDA equated to a year-on-year decrease of 14.8 percent. The adjusted EBITDA margin fell by 210 basis points year-on-year from 19.5 percent to 17.4 percent in the 1st half year 2024.