Gerresheimer's €676 Million Goodwill Probe Deepens as DSW Targets Former Executives
13.06.2026 - 19:33:10 | boerse-global.de
The regulatory spotlight on Gerresheimer is intensifying. Germany's financial watchdog, BaFin, has widened its investigation to include €676 million in goodwill on the specialty packaging group's books. That adds a fresh layer of uncertainty to an already tangled accounting scandal that has gripped the company for months.
At the heart of the original crisis are so-called bill-and-hold transactions, which Gerresheimer booked prematurely in violation of IFRS rules. An independent law firm confirmed the systematic errors, which inflated reported revenue by €35 million and knocked €24 million off adjusted operating profit. The audit oversight body APAS is now also examining the conduct of longtime auditor KPMG, further undermining market confidence.
The Deutsche Schutzvereinigung fĂĽr Wertpapierbesitz (DSW), a powerful shareholder protection association, is gearing up for legal action against former CEO Dietmar Siemssen and former CFO Bernd Metzner over their roles in the misstated accounts. The group sees the BaFin probe as ammunition for potential claims. The company's annual report for 2025 remains unissued, with the planned June release date having come and gone in silence.
Should investors sell immediately? Or is it worth buying Gerresheimer?
Creditors have offered a temporary lifeline. Holders of Schuldschein loans totaling around €870 million agreed to extend the repayment deadline until the end of September 2026. Key covenants on leverage ratios are suspended until then. But the reprieve is conditional: Gerresheimer must deliver a signed, audited set of accounts. If the testat remains absent through the autumn, the credit agreements could collapse.
To shore up liquidity, the company is pressing ahead with the sale of its U.S. subsidiary Centor Inc. Morgan Stanley is running the process, and management reports a double-digit number of interested parties. Centor was valued at €292 million at the end of 2024 and boasts above-average margins — a painful trade-off, since divesting it will reduce debt but dent the profitability of the remaining group. At the same time, Gerresheimer is trying to look beyond its packaging roots: a new partnership with Newel Health targets digital health data collection for GLP-1 drugs and Parkinson's therapies.
Despite the turmoil, the board has not abandoned its 2026 targets. Management is still guiding for up to €2.4 billion in revenue and an adjusted operating margin just shy of 20 percent — but only if BaFin's findings are positive. Large investors are positioning for that outcome. In May, activist Active Ownership crossed the 10 percent voting threshold, and Goldman Sachs expanded its stake in June.
The share price tells a different story. At Friday's close of €25.14, the stock has shed roughly 47 percent over the past twelve months. It is trading just 2 percent below its 200-day moving average of €25.64, and annualized volatility remains extreme at 44 percent. Until the audited financials are published, that churn is likely to persist — and the countdown to the next creditor deadline has already begun.
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Gerresheimer Stock: New Analysis - 13 June
Fresh Gerresheimer information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
