Gerresheimer : Quarterly Statement 1st Quarter 2021

Quarterly Statement for Q1 2021

 December 1, 2020, to February 28, 2021

Gerresheimer enjoys positive start to the new financial year 2021

• Organic revenue growth of 3.1 % in core business
• High Value Solutions start the new financial year very positively, focus on Biological Solutions pays off
• Adjusted EBITDA increases organically by 7.0 % in core business
• Adjusted earnings per share rise by approximately 33 % to EUR 0.57
• Forecast confirmed for the financial year 2021

Contents

2	IFRS figures for the Gerresheimer Group
3	Revenues, adjusted EBITDA and financial position
5	Forecast for 2021
6	Financial Information
11	Additional Information

Gerresheimer AG QUARTERLY STATEMENT FOR Q1 2021

2

IFRS figures for the

Gerresheimer Group

						Change in %6)
In EUR m		Q1 2021		Q1 2020	Actual	Organic
Results of operations
Revenues		302.8		303.9		-0.3			3.7
Adjusted EBITDA1)		54.2	51.1		6.1			9.6
Adjusted EBITDA margin in %		17.9		16.8		110 bps
Revenues in core business2)		301.7	304.5		-0.9			3.1
Adjusted EBITDA in core business		57.4		55.3		3.8			7.0
Adjusted EBITDA margin in core business in %		19.0		18.2		80 bps
Adjusted net income3)		18.5	13.6		36.7
Earnings per share in euros		0.29		0.13		> 100.0
Adjusted earnings per share4) in euros		0.57		0.43		32.6
Financial position		Q1 2021		Q1 2020
Cash flow from operating activities		-23.8	-45.1		-47.1
Cash flow from investing activities		-35.6		-32.8		8.6
Free cash flow before M&A activities		-59.4		-77.9		-23.7
Net assets position		Feb. 28, 2021		Nov. 30, 2020
Equity		897.3	899.7		-0.3
Equity ratio in %		34.5		34.4		10 bps
Net working capital		249.4		197.9		26.0
Net financial debt		1,024.2	961.2		6.5
Adjusted EBITDA leverage5)		3.2		3.0		-
Employees		Feb. 28, 2021		Nov. 30, 2020
Employees		9,904		9,880		0.2

1. Adjusted EBITDA: Net income before income taxes, financial result, amortization/impairment losses of fair value adjustments, depreciation and amortization, impairment losses, restructuring expenses, and one-off income and expenses.
2. Including intercompany revenues.
3. Adjusted net income: Net income before amortization/impairment losses of fair value adjustments, restructuring expenses, portfolio adjustments, the balance of one-off income and expenses and related tax effects.
4. Adjusted earnings per share, attributable to shareholders of Gerresheimer AG, divided by 31.4m shares.
5. Adjusted EBITDA leverage: The relation of net financial debt to adjusted EBITDA of the last twelve months according to the credit agreement currently in place.
6. The change has been calculated on a EUR k basis.

Gerresheimer AG QUARTERLY STATEMENT FOR Q1 2021

3

Revenues, adjusted EBITDA and financial position

Revenues and adjusted EBITDA by division

Plastics & Devices

						Change in %2)
In EUR m		Q1 2021		Q1 2020		Actual		Organic
Revenues1)		155.3	158.0		-1.7	3.0
Adjusted EBITDA		34.2	31.4		8.9	12.6
Adjusted EBITDA
margin in %		22.0		19.9		210 bps		-

Revenues in the Plastics & Devices Division amounted to EUR 155.3m, which was slightly lower than the level reached in the prior-year quarter. On an organic basis - meaning without exchange rate effects - revenues increased by 3.0 %.

Compared with the prior-year quarter, the demand for plastic packaging and the syringes business developed positively. This positive development made a considerable contribution to the rise in adjusted EBITDA. The North America and Europe regions in particular recorded a year-on-year increase.

Primary Packaging Glass

							Change in %2)
In EUR m			Q1 2021		Q1 2020		Actual		Organic
Revenues1)			146.5	146.5		-	3.2
Adjusted EBITDA			26.3	29.5		-10.8	-8.8
Adjusted EBITDA
margin in %			18.0		20.1		-210 bps		-

The demand environment continued to be challenging, but the Primary Packaging Glass Division still generated revenues on a par with the prior-year quarter. Adjusted for exchange rate effects, revenues were up by 3.2 % year on year. Excluding the Moulded Glass cosmetics business, which has been particularly hard hit by the Covid-19 pandemic, organic growth in the division was 8.1 %.

Development in the individual business units varied greatly.

Demand­ in the cosmetics business was lower than the prior-year quarter due to the Covid-19 pandemic. The pharma and food business was able to continue to grow year on year. The pharma business benefited particularly strongly from the growing demand for our biopharmaceutical solutions.

Adjusted EBITDA fell year on year by EUR 3.2m. This was mainly due to the planned and executed furnace construction at our plant in Lohr, which resulted in a temporary decline in EBITDA in the mid single-digit million range. Higher energy costs also had a negative impact on income. As in the prior-year quarter, an insurance reimbursement was made in the low single-digit million range in the first quarter of 2021 for the financial losses incurred in connection with the furnace damage at our plant in the US.

1. Revenues by division include intercompany revenues.
2. The change has been calculated on a EUR k basis.

Gerresheimer AG QUARTERLY STATEMENT FOR Q1 2021

4

Advanced Technologies

							Change in %2)
In EUR m			Q1 2021		Q1 2020		Actual		Organic
Revenues1)			1.8	0.8		> 100.0		> 100.0
Adjusted EBITDA			-3.2	-4.2		23.8	23.9
Adjusted EBITDA
margin in %			-		-		-		-

In the Advanced Technologies Division, the increase in revenues was mainly due to the growing business with micro pump systems for the treatment of Parkinson's disease.

The development of adjusted EBITDA is to a certain extent also the consequence of the continuation of the development projects as planned.

Reconciliation of adjusted EBITDA

						Change in %2)
In EUR m		Q1 2021		Q1 2020		Actual		Organic
Plastics & Devices		34.2	31.4		8.9	12.6
Primary Packaging
Glass		26.3	29.5		-10.8	-8.8
Head office/­
consolidation		-3.1	-5.6		-44.6		-
Core business		57.4	55.3		3.8	7.0
Advanced
Technologies		-3.2	-4.2		-23.8	23.9
Adjusted EBITDA		54.2		51.1		6.1		9.6

The change in the "Head office/consolidation" item is mainly influenced by the positive result from the sale of leasehold land in Germany.

Financial Position

Free cash flow before acquisitions and divestments

In EUR m	Q1 2021		Q1 2020		Change
Cash flow from
operating activities	-23.8	-45.1	21.3
Net capital expenditure in
intangible assets, property,
plant and equipment as
well as fully consolidated
companies and other equity
investments	-35.6	-32.8	-2.8
Free cash flow before
M&A activities	-59.4		-77.9		18.5

The improvement in cash flow from operating activities was mainly due to the lower year-on-year cash outflow for current trade payables.

In addition to the scheduled higher capital expenditure in the Primary Packaging Glass Division for the modernization and automation of the production facilities, the net capital expenditure also includes the capital expenditure in capacity expansion of syringe production at our sites in Germany and in the Republic of North Macedonia.

1. Revenues by division include intercompany revenues.
2. The change has been calculated on a EUR k basis.

Gerresheimer AG QUARTERLY STATEMENT FOR Q1 2021

5

Forecast for 2021

For the financial year 2021, we continue to anticipate:

Key performance indicator

Revenues in core business

Adjusted EBITDA margin in core business

Adjusted earnings per share in euros

Forecast 2021 currency-adjusted

Mid single-digit growth

22 % to 23 %

Increase by at least 10 %

Duesseldorf, Germany, April 7, 2021

The Management Board