Gerresheimer's Rebound Accelerates Past 60% as Short Sellers Retreat and June Audit Looms
12.05.2026 - 14:22:39 | boerse-global.de
Gerresheimer shares have staged a blistering recovery, climbing more than 64% over the past 30 days to trade at €28.38. The rally, which has even outpaced the 61.5% gain recorded through Monday’s close of €27.88, is being fuelled by a potent mix of short covering, bargain hunting and speculation that the worst of the packaging group’s accounting crisis may be priced in.
Short sellers are beginning to blink. Despite still having over 11% of the company’s shares on loan, a handful of major players have trimmed their positions. Acadian Asset Management pared its net short exposure early this week, following a similar move by Connor, Clark & Lunn. The retreat has added momentum to what some market participants see as the early stages of a short squeeze.
Underlying the stock’s surge, however, is a deep and unresolved auditing scandal. Germany’s financial regulator BaFin is investigating irregularities in Gerresheimer’s financial statements, focusing on revenue recognition and inventory accounting. The probe has already forced the company to delay its 2025 annual report and triggered an unscheduled ejection from the SDAX index in April.
The issue runs deeper than the BaFin investigation alone. The Abschlussprüferaufsichtsstelle (APAS), the country’s audit oversight body, is examining KPMG’s role in signing off on the 2024 accounts. Regulators suspect the auditor gave an unqualified opinion despite what are now considered clear violations of IFRS rules. Gerresheimer prematurely booked €35 million in revenue from bill?and?hold transactions. BaFin is also scrutinising potential misstatements in leasing liabilities and capitalised development costs.
Should investors sell immediately? Or is it worth buying Gerresheimer?
To shore up the current audit process, management has brought in Grant Thornton as a second audit firm. The hope is that a clean, unqualified opinion can be delivered by June 2026, when the group must present a certified annual report. That document is not just a regulatory formality — it is a prerequisite for extending the company’s bank credit lines.
Creditors have already given Gerresheimer some breathing room. Lenders waived covenants on an €870 million Schuldschein loan and extended its maturity to September 2026. The reprieve buys time, but it also ties the company’s future to the auditor’s verdict.
Meanwhile, management is pushing ahead with the sale of the profitable U.S. subsidiary Centor. Morgan Stanley is managing the process, and interest is strong — sources report a double?digit number of bidders. A deal is expected to close before the end of 2026. Proceeds will be used to reduce debt and could give Gerresheimer the financial flexibility to navigate its accounting troubles.
Gerresheimer at a turning point? This analysis reveals what investors need to know now.
If the audit clears, the company’s own revenue forecast of up to €2.4 billion stands on firmer ground. But with energy costs for glass production rising sharply and margin targets under pressure, the path to a full recovery remains narrow. Until the June deadline arrives, investors should brace for more volatility — and perhaps more short covering.
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Gerresheimer Stock: New Analysis - 12 May
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