Gerresheimer’s Two-Front Push: Active Ownership Deepens Stake as New Packaging Tech Debuts

Gerresheimer is attracting both activist money and product momentum at a time when its accounting troubles are far from resolved. Active Ownership Fund has raised its combined holding to 15.19% of the pharma packaging specialist, while the company simultaneously unveiled a moisture-barrier technology developed with US speciality chemicals group Milliken & Company.

A Rapid Accumulation

The Luxembourg-based activist investor executed three separate purchases between 4 and 6 May 2026. The Active Ownership Fund SICAV SIF SCS bought roughly 42,500 shares at €24.99 each on 4 May. AOC Gecko S.à r.l. followed the next day, picking up more than 112,500 shares at €25.70. On 6 May, a further 15,750 shares were acquired at €25.85. That pushed the combined stake from 14.70% to 15.19%, signalling strong conviction despite the uncertainty hanging over the Düsseldorf group.

A Productive Pivot

On the operational front, Gerresheimer used the Interpack trade fair in Düsseldorf to announce a partnership with Milliken around LeneX™ UltraGuard®, an additive technology designed to cut moisture ingress into HDPE pharmaceutical packaging by up to 40%. The solution aims to improve drug stability while also reducing material usage — a critical factor for regulators and for customers dealing with moisture-sensitive medicines. The collaboration builds on earlier work between Milliken and Bormioli Pharma, now part of Gerresheimer, for a large global pharma client. It is a clear sign that the company’s core packaging business remains active, but the market’s focus stays firmly on the balance sheet.

Should investors sell immediately? Or is it worth buying Gerresheimer?

Bafin and APAS Cast Long Shadows

The larger overhang is the ongoing regulatory scrutiny. Germany’s financial watchdog Bafin launched an examination of a Gerresheimer interim consolidated statement on 6 March 2026. The probe centres on potential misstatements: incorrectly reported lease liabilities, errors in the useful-life assumptions for capitalised development costs, and unrecorded impairments of around €196.5 million in the Advanced Technologies segment. Funding risks tied to the Bormioli acquisition are also under review. In parallel, the auditor oversight body APAS is investigating KPMG, which had signed off on the 2024 accounts without qualification despite disputed bill-and-hold transactions totalling €35 million. Gerresheimer has now brought in Grant Thornton as an additional adviser to help clean up the mess.

Centor Sale as a Financial Fix

A critical piece of the recovery puzzle is the planned disposal of the US subsidiary Centor, which makes packaging systems for prescription drugs. The process, advised by Morgan Stanley, has already attracted a double-digit number of interested parties. Centor’s book value stands at €292 million, and Gerresheimer aims to complete the sale this year. The company’s lenders and Schuldschein creditors have granted an extension for the audited annual statements until the end of September 2026, and debt covenant conditions have been temporarily waived. The audited full-year and group accounts are expected in June, with the half-year report due on 14 July and the third-quarter update on 15 October.

Operating Guidance Holds

Despite the turmoil, Gerresheimer is sticking to its 2026 forecast: revenue of €2.3?bn to €2.4?bn, an adjusted EBITDA margin of 18%–19%, and moderately positive free cash flow. For the 2025 financial year, the company expects non-cash impairments of €220?m to €240?m, mainly tied to Sensile Medical projects and assets in Chicago.

Stock Recovers but Remains Edgy

The shares closed at €26.62 on the day of the product announcement, down 7.12%, but have rebounded more than 54% in the past month. Over a 12-month horizon, however, the stock is still off by roughly 57%. The current price of €26.46 stands about 70% above the 52-week low hit in February, and annualised volatility exceeds 68%. The June audit release will be the real test: if the numbers are clean, Active Ownership’s aggressive buying looks well timed; if further corrections emerge, the stock’s recent gains may prove fragile.

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