Gerresheimer AG

Thank you, operator. First of all, I would like to impress a thank you, a very big thank you for your continuous support of Becker Refrainer. We have not had an earnings call for quite some time that we fully focused on completing our investigations and ensuring clean, robust, and especially compliant set of 2025 financials. This was accomplished today and we were able to publish our audited 2025 annual report. Our management board will explain our results in more detail. First on the disclaimer. Please let me remind you that the disclaimer you can find in our full year 2025 slide deck will apply throughout this earnings call and we assume your consent to this. I will therefore not read it out loud. Please allow me some selected clarification. Due to rounding, numbers presented throughout this report may not add up precisely to the totals indicated and percentages may not precisely reflect the absolute figures for the same. Organic revenue and organic adjusted EVGA include the revenues and adjusted EVGA of Bormioli Pharma in both 2024 and 2025, which we acquired in December 10, 2024 and fully consolidate from the beginning of the financial year 2025. Translated at the budgeted exchange rates for the financial year 2025. Thank you. And now let me introduce today's speakers on page. I'm glad that we have all three members of the new management board with us today. Our CEO, Uwe Röhrhoff, our CFO, Wolf Uwe Lehmann, and Achim Schalk, the third member of our executive board. Our new management board is setting the tone from the top with a clear focus on governance, disciplined execution, and Transformation. Please note that the Q&A session will be opened at the end of the presentation. Now let me turn over to Uwe Röhrhoff, CEO of Gelsheimer, who returned to Gelsheimer in November of last year. Uwe?

Thank you, Guido. Good afternoon, everybody. Please turn to page four of the presentation. I can only echo what Guido mentioned. As the new management board, Our main focus, right from day one, has been on governance, cleaning up and driving transformation. It took quite some time and resources to complete all compliance investigations very thoroughly, whether on bill and hold or various investigations on different compliance controllership concerns, including extensive forensic investigations. We shared progress transparently as acquired along the way in our ad hocs. Please note, all findings have also been shared transparently with our auditors, KPMG, as well as with the authorities, BaFin. All investigations are now completed, fully booked and reflected in the financials we filed earlier today. Our banks, our creditors recognized We needed some extra time. They clearly acknowledged our efforts and supported us broadly. They have given us time up to Q4 26 before the leverage covenant becomes effective again. We are using this time rigorously to sell Centaur and refinance the debt of the company. We are on track to sign and close Centaur in our financial year 2026, latest by November 26. On the refinancing, we are working together with our advisor Lazar and of course our supporting banking partners. Selling Centaur and refinancing goes hand in hand and it's vital to improve our capital structure. So far, We have a dedicated page coming up. Let me turn it over to Wolf to tell you more about the findings and corresponding corrections.

Thank you, Uwe. Let's turn to page 5 on the corrections of 2024, our 2024 restatement. All corrections have a net impact on 2024 restated revenue of minus 2%, or 45 million euros, and EBITDA of minus 7%, or 31 million euros. This is slightly higher impact compared to the prior announced interim status update of 35 million revenue and 24 million EBITDA impact back on 10th of February. Findings from all investigations are included. Bill and Hol supported with external specialists, various investigations also including forensic investigation as well as our own findings. Similarly, We had already communicated we would impair selected assets for around 220 to 240 million, mainly stemming from impairing certain development projects of Sensile Medical AG, that is our business unit advanced technologies, as well as assets of our Chicago plant. The final amount is 258 million Euro, also a slightly higher final amount as we completed the analysis. Note for parts of this complex impairment analysis, especially around Sensile, we hired an external accounting expert to get an appraisal to ensure we state the accounts correctly. We truly took matters seriously, invested time and resources to get matters right. On the BaFin investigation, we continue to fully cooperate with the authorities. We work very transparently and have shared and are sharing the results of the now completed investigations and our final accounts. We have received three requests from BaFin for information around year end 2024 and one on first half 25 so far. Yet to expect a fourth and second request respectively, which makes sense to us to push progress towards closure. Again, we fully and transparently cooperate with the BaFin authorities. Next to correcting 2024, We focus on ensuring 2025 is correct and we provide our annual accounts to the highest standards. Please move to page six, the corrected as reported numbers for 2024 as well as 2025. Please remember, Bormioli was acquired in December 2024, the month of financial year 2025. Remember, we are one month ahead, which means 2024 is shown excluding Bomioli and 2025 including the acquisition. Also, numbers are shown with the foreign exchange assets, actual. On revenues, as reported, we grew sales to 2.3 billion euros, up by around 330 million. The top-line growth is net-net driven by the acquisition of Bomioli. The organic growth was approximately flat, up 0.3%. The growth by segment varied. Organic growth of up plus 5% in plastics and devices was largely offset through around 6% lower revenues in primary packaging glass, The positive revenue trend did not fall through to EBITDA. The results, including the acquisition, was approximately flat year-over-year, slightly down 4 million. In primary packaging glass, molded glass volumes were down. At our Chicago plant, we had operational issues running the furnace. As you know, This year, 2026, we made the decision to close the plant at Chicago Heights. Also, at our largest class plant at Lohr, we faced challenges during the ramp-up period for the new furnace, causing inefficiencies. In plastics and devices, EBITDA in most business units was flattish, yet syringe sales increased, including GLP-1-related sales that were offset by primary packaging plastics with a decrease two to lower oral liquid volumes, which we have explained before. These downsides, mainly at primary packaging glass, offset the roughly 60 million contribution coming from the addition of Bormioli. Let's move onto page eight with the pro forma 2024 numbers, including Bormioli already in 2024, to get closer to an apples to apples view similar to the basis for our guidance. Upfront, let me cover how results came in versus our last guidance for 2025. Organic revenue growth, we expected negative 2 to negative 4%. We came in quite flat, up 0.3% organically, thus on a normalized F-planned FX rate basis. Adjusted EBITDA margin we guided towards 16.5% to 13.5%. And our final results are 16.8% within the range. On earnings per share, EPS, we had estimated high double-digit decline or negative earnings per share. And finally, we are at a negative 1.65 earnings per share. On the next two pages, we will go in more details referring the revenue on Evita drivers by segment. Yet quickly, on the overall company. Revenue reduced from approximately 2,340,000,000 to 2,320,000,000, with plastics and devices up around 50,000,000 and primary packaging glass down around 70,000,000. for a net decrease of around 20 million. EBITDA year-over-year pro forma, primary packaging glass down 56 million, and plastics and devices and gas combined down 10 million year-over-year. For transparency, as 2025 is the first year of the acquisition of Bomioli Pharma, We show the year-over-year trend of Bomioli pro forma marked in the dotted line area. Revenue decreased for Bomioli pharma pro forma from 349 to 331 million, down 18 million, mainly on the plastics packaging side. EBITDA quite flat from 62 to 61 adjusted EBITDA. Please note, Omioli is split up and fully integrated into our segments as such. We show this one time for transparency reasons, but we won't do this going forward. Let's talk about the results by section.