What is happening at Gerresheimer? Almonty Industries and Rheinmetall are booming again!

Gerresheimer – Between systemic strength and acute BaFin concerns

Gerresheimer has long since moved away from being a pure packaging manufacturer. The Company now supplies solutions such as insulin pens and special vials for cancer drugs for the pharmaceutical and biotech industries. The advantage here is the packaging, which not only protects the active ingredients but also enables precise dosing. It is precisely this role in sensitive value chains that makes the Company so important. The global healthcare market is growing steadily, driven by demographic change and the increase in chronic diseases.

However, this strategic positioning is currently overshadowed by considerable uncertainty. BaFin is auditing the 2024 annual financial statements, specifically the booking of revenues from so-called bill-and-hold agreements. The question arises as to whether revenues may have been booked before the actual delivery. It is important to note in this context that the dispute involves an amount in the low double-digit million range - less than 1% of total revenue. The mere announcement of the audit has severely shaken investor confidence and led to massive share price losses. The real concern is not so much the financial impact as the potential damage to the Company's reputation.

Despite the acute uncertainty, the medium-term fundamentals remain intact. Management is sticking to its ambitious targets, including annual revenue growth of 6–9%. The recent acquisition of Bormioli Pharma strengthens the portfolio in the promising biopharmaceutical systems segment. For investors, the question is whether the current valuations offer an opportunity to enter a fundamentally healthy business model, or whether governance concerns and a potentially lengthy audit will continue to hold back recovery. The coming quarters will set the course. The share is currently trading at EUR 35.54.

Almonty Industries – Unique in the Western world

Almonty Industries has long been a familiar name to investors who focus on critical raw materials. The Company's tungsten serves essential value chains in key sectors. Due to its hardness and heat resistance, this metallic raw material is indispensable for the defense industry, from armor to guidance systems. The aerospace, semiconductor, and electromobility industries also rely on this critical raw material. Almonty's role as a supplier from politically stable regions is gaining additional strategic importance against the backdrop of tense trade relations and dependence on China.

On September 23, the Company attracted attention with an important operational announcement. It launched a large-scale drilling program at its Sangdong site in South Korea, this time focusing on molybdenum. This metal, whose price is also performing well, improves the heat resistance of alloys and is in demand for future technologies. The drilling is intended to provide data to update the technical report and start production as quickly as possible. The urgency is underscored by supply bottlenecks in South Korea, which highlights the potential significance of the project for regional raw material security. A corresponding purchase agreement with a South Korean SpaceX supplier, including a minimum price, is already in place.

Almonty received significant external recognition in early September. The Company was included in the Toronto Stock Exchange's TSX30 ranking, which lists the 30 best growth stocks of the last three years. This honor reflects the Company's successful transformation, including its recent Nasdaq listing and the progress made on its flagship Sangdong project. Together with strategic off-take agreements and political recognition of its role in strengthening supply chains, this underscores a long-term growth narrative that extends beyond pure tungsten production. It is therefore not surprising that the stock is trading near its all-time high and is currently available on the NASDAQ at USD 5.93.

To learn more, register ii-forum.com/speaker/lewis-black-ceo-almonty-industries-inc for free for the upcoming virtual International Investment Forum (IIF) taking place on October 8, 2025.

Rheinmetall – The backbone of European defense

Rheinmetall positions itself as much more than just an arms manufacturer. The Company is a strategic architect of essential value chains that are indispensable for national and European security. Its influence ranges from the procurement of critical raw materials such as rare earths and antimony, which are indispensable for high-tech weapon systems and ammunition, to the development of complete defense systems. In order to break away from global dependencies, especially on China, the group is systematically establishing alternative sources of supply, thereby securing long-term delivery capabilities. This control over the entire chain, from material procurement to logistics, makes Rheinmetall a fundamental pillar of the defense infrastructure.

In September, Rheinmetall stepped on the gas again and reinforced its expansion strategy with a real bang. The Company snapped up the NVL marine division from the Lürssen Group, including the legendary Blohm+Voss shipyard. Provided the antitrust authorities give the green light, the deal is expected to go through in early 2026. This move marks the DAX giant's entry into shipbuilding. Suddenly, the pure land systems specialist has become a cross-domain systems provider, now sailing in entirely new waters. The integration of NVL creates a German powerhouse for surface vessels and opens up completely new business areas in the maritime sector.

Parallel to its entry into the naval sector, Rheinmetall is pushing ahead with internationalization. The list of major projects also includes the construction of a new ammunition factory in Latvia, which is planned as a joint venture. From 2026, the plant, which will cost around EUR 275 million, is expected to produce tens of thousands of artillery shells every year. This will not only strengthen the Baltic states' defense capabilities, but also enable Rheinmetall to significantly expand its global production network. Together with the planned projects in the US and other European countries, the group is underlining its growing role: it is increasingly becoming the central guarantor for the supply of ammunition technology to NATO partners. Rheinmetall's share price is once again approaching the EUR 2,000 mark and is currently trading at EUR 1,995.00.

In uncertain times, companies with critical supply chains prove their worth. Gerresheimer, despite an ongoing BaFin audit, continues to provide system-relevant pharmaceutical solutions with an apparently intact business model. Almonty Industries is solidifying its role as a strategic supplier of rare metals and driving forward its expansion through a new drilling program. Rheinmetall, meanwhile, is increasingly shaping itself into an indispensable, cross-domain system house for European defense through acquisitions such as NVL. Their common denominator is resilience, which is becoming increasingly important today.