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Heidelberger Druck Stock HDD.DE

Heidelberger Druckmaschinen AG · IR documents · Reporting currency EUR · Quarterly reporting · Figures as of Q1 FY2027 (Apr to Jun 2026) · updated 2026-10-09 · checked 2026-10-08 · ISIN DE0007314007

Heidelberger Druck stock (HDD.DE): Quarterly and annual results since 2024 from Quarterly Report and IR documents: revenue, earnings, balance sheet, cash flow and management guidance, every figure with its source. As of 10/2026, quarterly reporting. Stock analysis by NadirAlpha. Revenue Q1 FY2027 (Apr to Jun 2026): EUR 466 million (+0% year on year). Latest reading: Margin compressing, Net cash to net debt, Acquisition, Revenue decelerating.

Margin compressing Net cash to net debt strategy: Acquisition Revenue decelerating ◦

NadirAlpha editorial team · About us · Methodology

The new quarter, monitored by AI. · NadirAlpha follows every stock through its original filings: the latest figures against their history, guidance against actuals; neutral, continuously updated, every figure clickable with its source.
AI-generated report · not investment advice · figures extracted automatically; please verify against the linked original more
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Not investment adviceNeutral financial information, no recommendation, no investment research within the meaning of MiFID II.
Verify yourselfFigures are extracted automatically, errors are possible. Every figure is clickable with its source; the issuer's original documents are always authoritative.
EditorialThe texts (business model, current status, development and others) are written AI-editorially from the original reports alone, cross-checked automatically and backed with sources; the company's own account, no assessment of our own. Methodology
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Business Model#

What the company does and how it earns its money; written AI-editorially, exclusively from the company's original reports, without any assessment of our own. Methodology

Heidelberger Druckmaschinen AG is a Germany-based manufacturer of sheetfed offset printing presses, systems, and related equipment, serving commercial print, packaging, and label customers worldwide. The company generates revenue through the sale of printing machinery and systems alongside aftermarket products and services, including spare parts, consumables, software, maintenance contracts, and technical training. HEIDELBERG maintains a global sales and service organization spanning EMEA, the Americas, and Asia-Pacific, with a fiscal year running from April 1 to March 31.

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Current Status#

Summary of the most recent reporting period: core figures, drivers and management statements; written editorially from the current original report, every figure backed by a source number. Methodology

Assessment by NadirAlpha, as of Q1 FY2027 (Apr to Jun 2026).

Heidelberger Druckmaschinen AG reported revenue of 466 million in the first quarter of fiscal year 2026/2027 116, with sales of €404 million, 13 percent below the same period of the prior year, and incoming orders of €537 million, 3.9 percent below the prior-year quarter 13. Operating income was -19 million for the period 116. Agreements were completed for the acquisition of the global service and spare parts business of the manroland sheetfed Group and the takeover of POLAR machines and systems production, both effective July 1, 2026, alongside the commencement of the ONBERG joint venture for HD Advanced Technologies 13. The group confirmed its full-year 2026/2027 forecast, supported by an order backlog of €762 million as of June 30, 2026, compared with €639 million at the beginning of the financial year 13.
Management commentary on the 2026-Q4 results (IR-Report, 2026-06-02):
“Because we can. We have the technical capabilities and industrial power to enter new fields using our existing resources.” Jürgen Otto 12
“Behind this technical term lies our approach to not only supply individual machines in the future, but to offer turnkey end-to-end solutions that span the entire value chain of packaging production.” David Schmedding 12
Revenue · 2027-Q1466€m+0.0 % vs. 2026-Q1
Net profit · 2027-Q1-11€m+0.0 % vs. 2026-Q1
EPS · 2027-Q1-0.11€−175.0 % vs. 2026-Q1
Revenue trend
Profitability
Operating income was -19 million for the quarter 116. The group net result after taxes was negative at €-32 million, compared with a loss of €-11 million in the prior-year quarter 13. Free cash flow was negative at €-77 million after three months 13.
Leverage
Net debt stood at 39 million at the end of the quarter 116, compared with a net cash position of 40 million at the close of the prior fiscal year. Cash and cash equivalents were 152 million at period end 116. No Net-Debt/EBITDA ratio was stated in the available inputs for this quarter.
Management view
The group confirmed its full-year 2026/2027 forecast, citing the solid order backlog, efficiency measures, and strategic initiatives as the basis for achieving targets 13. Incoming orders for the quarter contributed to a backlog of €762 million as of June 30, 2026, up from €639 million at the beginning of the financial year, providing revenue visibility into subsequent quarters 13. The joint venture ONBERG for HD Advanced Technologies commenced operations during the quarter, establishing a new platform for advanced technology development within the group 13.
Change
Sales of €404 million were 13 percent below the same period of the prior year, and incoming orders of €537 million were 3.9 percent below the prior-year quarter 13. The adjusted EBITDA margin contracted significantly to 0.2 percent from 4.4 percent in the prior-year period, with lower sales volume cited as the primary driver 13. Regional demand diverged during the quarter, with certain markets recording year-on-year declines while Asia-Pacific registered improvement 13.
Risks (current)
The expiry of a state-funded investment program in Italy reduced incoming orders by over €60 million in the quarter, and regional demand was uneven, with EMEA declining 16 percent while Asia-Pacific improved 17 percent year on year 13. Negative exchange rate effects of approximately €4 million were recorded in the Asia-Pacific region despite improved sales there, and exchange rate movements carry the potential to affect financial results and regional performance more broadly 9 13. Supply chain disruptions, raw material availability, and energy shortages represent ongoing production risks, financial covenants on equity ratio, EBITDA ratios, and interest coverage apply to existing credit facilities, and open legal matters include product liability cases for discontinued machinery produced by former Linotype-Hell Aktiengesellschaft as well as warranty disputes in connection with machinery sales 12.
New this reporting period
On July 1, 2026, HEIDELBERG completed the acquisition of the global service and spare parts business of the manroland sheetfed Group, an organization comprising approximately 35 country organizations and 600 employees, extending the company's aftermarket service reach 13. On the same date, an agreement to take over production of POLAR machines and systems became effective, integrating POLAR's manufacturing scope into HEIDELBERG's operations 13. The joint venture ONBERG for HD Advanced Technologies also began operations during the quarter, launching a new organizational vehicle for advanced technology development within the group 13.
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Price & Chart#

Interactive price chart (TradingView) and the trend of key figures from the core tables. Methodology

Daily candles with news and earnings markers. Loads only on click.

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Share-Price Drivers#

Factors the company itself names as material for its business development (IR-based); reproduced neutrally, no price forecast and no assessment of our own. Methodology

Print & Packaging Equipment demand and the shift toward digitalised, automated sheetfed and packaging production
Print & Packaging Equipment is the largest active equipment segment, with revenue of EUR 148m in 2027-Q1 and growth of 30% reported for the segment, making core equipment demand the swing factor for group revenue of EUR 466 million 13
Print & Packaging Equipment (core sheetfed/packaging machines)
Segment revenue of EUR 148m in 2027-Q1 with segment growth of 30% reported; Speedmaster XL 106 new generation with enhanced AI automation and Prinect Touch Free workflow extend the equipment line 13 8
Digital inkjet printing (Jetfire family, Canon partnership)
Jetfire family launched from the final quarter of 2024/2025, Jetfire 50 planned and Jetfire 75 in B2 format launched in January 2026, built on the strategic Canon production-printing collaboration 8 12
Label and packaging converting (Gallus portfolio)
Gallus Five digital label press and Gallus Alpha entry-level press launched, alongside participation in Labelexpo 2025; Cartonmaster CX 145 added with manroland sheetfed 12
Portfolio expansion via acquisitions and partnerships
Polar Group cutting and die-cutting business acquired (completed) with POLAR machine production taken over from 2026-07-01, plus acquisition of manroland sheetfed service and spare-parts business 13 10
Autonomous systems / HD Advanced Technologies and the ONBERG joint venture
HD Advanced Technologies established in early 2026 and the ONBERG Autonomous Systems joint venture with Ondas is planned, representing a newer diversification whose traction is not yet established 12 13
Digital Solutions & Lifecycle (services, software, consumables)
Digital Solutions & Lifecycle recorded revenue of EUR 240m in 2027-Q1 as the recurring, lifecycle-oriented revenue base 13
E-mobility charging infrastructure (Amperfied)
Wallbox charging stations and Amperfied charging-infrastructure expansion continue, but remain a smaller, planned-stage contribution 8 12

Sector trend: Printing-equipment demand is directed toward automation, AI-supported workflows and digital inkjet, with HEIDELBERG reporting regional FY2025 growth of 14% in the Americas, 7% in Asia-Pacific and 6% in EMEA; profitability remains volatile, with operating income swinging from EUR 60m in 2025-Q4 to EUR -19 million in 2027-Q1 as the seasonally weak first quarter and integration costs weigh on margins 8 13

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Event Timeline#

This timeline collects the material events from the original reports: guidance changes, revenue and margin signals, strategy shifts, product and M&A announcements. Methodology

Overview: one dot per event · click jumps to the period
earningsrevenuemarginguidancestrategyfinancials2024-Q12024-Q22024-Q32024-Q4FY20242025-Q12025-Q22025-Q32025-Q4FY20252026-Q12026-Q22026-Q32026-Q42027-Q1
2027 · 4 events

2027-Q1 · Apr to Jun 2026

Revenue decelerating ◦ 2026-10-07
Sales 13 percent below prior-year quarter; incoming orders 3.9 percent below prior year at € 537 million (13)
Margin compressing 2026-10-07
Adjusted EBITDA margin contracted to 0.2 percent from 4.4 percent in prior-year quarter due to lower sales volume (13)
Acquisition 2026-10-07
Acquisition of manroland sheetfed Group's global service and spare parts business (approx. 35 country organizations, 600 employees) completed July 1, 2026; POLAR machine production takeover and ONBERG joint venture for HD Advanced Technologies also initiated (13)
Net cash to net debt 2026-10-07
Net debt position flipped (-40.0 to +EUR 39.0 million vs 2026-Q4). 116
2026 · 22 events

2026-Q4 · Jan to Mar 2026

Net debt to net cash 2026-10-07
Net debt position flipped (+18.0 to -EUR 40.0 million vs 2026-Q3). 13
Operating income halved 2026-10-07
Operating income more than halved YoY (60.0 to EUR 10.0 million, -83%). 13
Revenue accelerating 2026-10-07
Revenue growth accelerated to +18.8% YoY (prior period +3.9%). 13
Operating cash flow turned positive 2026-10-07
Operating cash flow turned positive on a half-year basis (2026-H1: -30.0 to 2026-H2: +EUR 66.0 million, aggregated from reported quarters where needed). 13
revenue 2026-06-02
Incoming orders declined to €2,246 million from €2,433 million (currency-adjusted: €2,317 million), reflecting softer investment demand and absence of the prior-year drupa trade fair effect 12
Margin compressing 2026-06-02
Full-year adjusted EBITDA margin reached 6.6 percent, declining from 7.1 percent in the prior year and falling below the guidance range of up to 8 percent 12
New market 2026-06-02
Established ONBERG joint venture with Ondas Autonomous Systems for drone defense systems production at Brandenburg facility 12

2026-Q3 · Oct to Dec 2025

earnings 2026-10-07
Nine-month net result turned positive at 17 million, from a loss of €42 million in the prior-year period 11
Guidance confirmed 2026-10-07
Full-year forecast confirmed but adjusted EBITDA margin now expected at the lower end of the up to 8 percent range due to exchange rate effects and uncertain macroeconomic conditions 11
Net cash to net debt 2026-10-07
Net debt position flipped (-10.0 to +EUR 18.0 million vs 2026-Q2). 113
Operating income doubled 2026-10-07
Operating income more than doubled YoY (8.0 to EUR 31.0 million, +288%). 113

2026-Q2 · Jul to Sep 2025

Net income turned positive 2025-11-12
H1 net result after taxes reached break-even from a prior-year H1 loss of €35 million 10
Guidance confirmed 2025-11-12
FY2025/2026 forecast confirmed with expected sales around €2,350 million and adjusted EBITDA margin up to 8 percent 10
Acquisition 2025-11-12
Cutting and die-cutting systems business acquired from Polar Group for €11 million, completed August 31, 2025 10
Revenue decelerating 2025-11-12
Revenue growth decelerated to +1.4% YoY (prior period +15.6%). 112
Cash flow inflection 2025-11-12
Operating cash flow reached EUR 28.0 million vs EUR 14.0 million in 2025-Q2 (×2.0). 112

2026-Q1 · Apr to Jun 2025

“At the same time, our success at drupa demonstrated that HEIDELBERG continues to take a leading role in our sector.” Jürgen Otto, Chief Executive Officer 8
Revenue accelerating 2026-10-07
Q1 sales rose to 466 million, up 16 percent year on year, driven by EMEA and Asia-Pacific regions 9
financials 2026-10-07
Net financial position turned positive at 14 million on June 30, 2025, improving from net liabilities of €34 million at March 31, 2025 9
Guidance confirmed 2026-10-07
FY2025/2026 sales guidance of around €2,350 million and adjusted EBITDA margin up to 8 percent confirmed 9
revenue 2025-06-03
Net sales declined 5 percent to 2,280 million; adjusted EBITDA margin maintained at 7.1 percent through cost discipline and efficiency measures despite lower volumes 8
Strategic pivot 2025-06-03
Structural cost reduction launched: more than 450 positions to be cut at Wiesloch-Walldorf and approximately 150 at other German sites; new three-segment structure effective April 2025 8
Guidance initiated 2025-06-03
FY2026 guidance initiated: net sales of approximately €2,350 million and improved adjusted EBITDA margin of up to 8 percent 8
2025 · 16 events

FY2025 · Apr 2024 to Mar 2025

Net income halved 2025-06-03
Net income more than halved YoY (39.0 to EUR 5.0 million, -87%). 114

2025-Q4 · Jan to Mar 2025

Net debt to net cash 2025-06-03
Net debt position flipped (+50.0 to -EUR 91.0 million vs 2025-Q3). 113
Operating income doubled 2025-06-03
Operating income more than doubled YoY (13.0 to EUR 60.0 million, +362%). 113
Net income doubled 2025-06-03
Net income more than doubled YoY (5.0 to EUR 47.0 million, +840%). 113
Operating cash flow turned positive 2025-06-03
Operating cash flow turned positive on a half-year basis (2025-H1: -87.0 to 2025-H2: +EUR 200.0 million, aggregated from reported quarters where needed). 113

2025-Q3 · Oct to Dec 2024

Margin expanding 2024-06-30
Adjusted EBITDA margin improved significantly in Q3 to 9.2 percent from 5.7 percent in the same quarter prior year 7
Guidance confirmed 2024-06-30
Forecast for the 2024/2025 financial year confirmed: sales in line with prior year and similar adjusted EBITDA margin 7
Strategic pivot 2024-06-30
Company presented growth strategy with medium-term sales potential of more than €300 million and agreed staff cost reduction package with social partners 7

2025-Q2 · Jul to Sep 2024

earnings 2024-11-13
Net result after taxes of €-35 million for the first half, compared with €33 million positive in the prior-year period 6
revenue 2024-11-13
Incoming orders for the first half reached €1,273 million, around 7.4 percent higher than prior year, driven primarily by orders placed at the drupa trade fair 6
Guidance confirmed 2024-11-13
Full-year 2024/2025 forecast confirmed: net sales in line with prior year at €2,395 million and adjusted EBITDA margin similar to prior year at 7.2 percent 6
Net income halved 2024-11-13
Net income more than halved YoY (23.0 to EUR 7.0 million, -70%). 112
Strategic pivot 2024-06-05
Jürgen Otto appointed Chairman of the Management Board effective July 1, 2024, succeeding Dr. Ludwin Monz who stepped down effective June 30, 2024 4

2025-Q1 · Apr to Jun 2024

Revenue decelerating 2024-06-30
Net sales declined to 403 million from €544 million in Q1 prior year due to customer wait-and-see attitude ahead of the drupa trade fair 5
revenue 2024-06-30
Incoming orders reached €701 million in Q1, highest level since 2016, significantly exceeding expectations of around €650 million 5
Margin compressing 2024-06-30
Adjusted EBITDA margin turned negative at -2.3 percent versus 7.7 percent in the prior year due to lower sales and reduced capacity utilization 5
2024 · 15 events

FY2024 · Apr 2023 to Mar 2024

Net income halved
Net income more than halved YoY (91.0 to EUR 39.0 million, -57%). 109

2024-Q4 · Jan to Mar 2024

Net income halved
Net income more than halved YoY (37.0 to EUR 5.0 million, -86%). 114
Revenue decelerating
Revenue growth decelerated to -28.3% YoY (prior period -2.5%). 114

2024-Q3 · Oct to Dec 2023

Revenue decelerating 2023-06-30
Q3 incoming orders weakened to €508 million from €630 million in the same quarter of the prior year, reflecting weak macroeconomic trends 3
Margin expanding 2023-06-30
Adjusted EBITDA margin after nine months expanded 80 basis points to 8.0% from 7.2% in the prior year period 3
Guidance confirmed 2023-06-30
Full-year FY2023/2024 forecast confirmed despite challenging economic environment 3
Net cash to net debt
Net debt position flipped (-13.0 to +EUR 21.0 million vs 2024-Q2). 108
Net income halved
Net income more than halved YoY (10.0 to EUR 1.0 million, -90%). 108

2024-Q2 · Jul to Sep 2023

Revenue decelerating 2023-11-08
H1 net sales declined 2.5% year-on-year to €1,092 million, broadly at prior year level after adjusting for exchange rate effects 2
Margin expanding 2023-11-08
H1 adjusted EBITDA margin increased to 9.2% from 8.2% in the prior year period, benefiting from product and country mix effects and price adjustments 2

2024-Q1 · Apr to Jun 2023

“Innovations are a basic prerequisite for more sustainable packaging.” Dr. Ludwin Monz, CEO 4
Revenue accelerating ◦ 2024-06-05
Packaging Solutions segment revenue grew 7% to represent 52% of Group revenue, up from 48% in the prior year 4
Guidance initiated 2024-06-05
FY2024/2025 guidance initiated: net sales expected at the level of FY2023/2024 while implementing efficiency measures to offset cost increases 4
Margin expanding 2023-06-30
Adjusted EBITDA margin expanded to 7.7% from 4.6%, driven by price adjustments and product and country mix effects 1
financials 2023-06-30
Net financial position turned positive to €18 million from €-5 million in the prior period 1
Net income doubled
Net income more than doubled YoY (5.0 to EUR 10.0 million, +100%). 106
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Key Figures (€m)#

The company's core financial figures in three views, one below the other: fiscal years (as reported; after restatements the table shows the most recent filing version, marked), half-years (6-month basis, H2 = second half on its own) and quarters (3-month basis, not cumulative). All values are extracted automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. Methodology

All figures serve only to support your own investment decision and are not a recommendation; the company's original reports are authoritative.

Revenue (€m) · annual basis, as reported
FY2024FY2024: 2,3952,395FY2025FY2025: 2,2802,280FY2026FY2026: 2,2932,293
Net income (€m) · annual basis, as reported
FY2024FY2024: 3939FY2025FY2025: 55FY2026FY2026: 1515
EPS (€) · annual basis, as reported
FY2024FY2024: 0.130.13FY2025FY2025: 0.020.02FY2026FY2026: 0.050.05
Revenue (€m) · quarterly basis, as reported
2025-Q22025-Q2: 5125122025-Q32025-Q3: 5945942025-Q42025-Q4: 7717712026-Q12026-Q1: 4664662026-Q22026-Q2: 5195192026-Q32026-Q3: 6176172026-Q42026-Q4: 9169162027-Q12027-Q1: 466466
Net income (€m) · quarterly basis, as reported
2025-Q22025-Q2: 772025-Q32025-Q3: -7-72025-Q42025-Q4: 47472026-Q12026-Q1: -11-112026-Q22026-Q2: 11112026-Q32026-Q3: 17172026-Q42026-Q4: -2-22027-Q12027-Q1: -11-11
EPS (€) · quarterly basis, as reported
2025-Q22025-Q2: 0.020.022025-Q32025-Q3: -0.03-0.032025-Q42025-Q4: 0.190.192026-Q12026-Q1: -0.04-0.042026-Q22026-Q2: 0.040.042026-Q32026-Q3: 0.060.062026-Q42027-Q12027-Q1: -0.11-0.11
Operating cash flow (€m) · quarterly basis, as reported
2025-Q22025-Q2: 14142025-Q32025-Q3: 21212025-Q42025-Q4: 1791792026-Q12026-Q1: -58-582026-Q22026-Q2: 28282026-Q32026-Q3: -5-52026-Q42026-Q4: 71712027-Q12027-Q1: -55-55
Cash (€m) · annual basis, as reported
FY2024FY2024: 153153FY2025FY2025: 171171FY2026FY2026: 141141
Debt (€m) · annual basis, as reported
FY2024FY2024: 7676FY2025FY2025: 8080FY2026FY2026: 101101
Net Debt (€m) · annual basis, as reported
FY2024FY2024: -77-77FY2025FY2025: -91-91FY2026FY2026: -40-40
Capex (€m) · annual basis, as reported
FY2024FY2024: 6565FY2025FY2025: 8080FY2026FY2026: 5454
Cash (€m) · quarterly basis, as reported
2025-Q22025-Q2: 1211212025-Q32025-Q3: 1161162025-Q42025-Q4: 1711712026-Q12026-Q1: 1161162026-Q22026-Q2: 1121122026-Q32026-Q3: 1091092026-Q42026-Q4: 1411412027-Q12027-Q1: 152152
Debt (€m) · quarterly basis, as reported
2025-Q22025-Q2: 1601602025-Q32025-Q3: 1661662025-Q42025-Q4: 80802026-Q12026-Q1: 1021022026-Q22026-Q2: 1021022026-Q32026-Q3: 1271272026-Q42026-Q4: 1011012027-Q12027-Q1: 191191
Net Debt (€m) · quarterly basis, as reported
2025-Q22025-Q2: 39392025-Q32025-Q3: 50502025-Q42025-Q4: -91-912026-Q12026-Q1: -14-142026-Q22026-Q2: -10-102026-Q32026-Q3: 18182026-Q42026-Q4: -40-402027-Q12027-Q1: 3939
Capex (€m) · quarterly basis, as reported
2025-Q22025-Q2: 26262025-Q32025-Q42026-Q12026-Q1: 10102026-Q22026-Q2: 18182026-Q32026-Q42027-Q1
Shown: the most recent fiscal years. Full history since FY2023 is on record.

Fiscal years

Amounts in €m · EPS in € per share · as reported
PeriodCalendar quarterRevenueOp. incomeNet incomeEPS (€)EBITDA (adj.)OCFSource
FY2026Q2/2025–Q1/20262,29367150.0515136114
FY2025Q2/2024–Q1/20252,28061°50.021621138
FY2024Q2/2023–Q1/20242,39591390.13172–109

Quarters

Amounts in €m · EPS in € per share · as reported
PeriodCalendar quarterPublishedRevenueOp. incomeNet incomeEPS (€)EBITDA (adj.)FCFCashNet DebtSource
2027-Q1*Q2/20262026-10-07466~-19-11~-0.111–15239116
2026-Q4*Q1/20262026-10-0791610-2–37–141-4013
2026-Q3*Q4/20252026-10-0761731170.06≈50–10918113
2026-Q2*Q3/20252025-11-1251924110.04≈43–112-10112
2026-Q1*Q2/20252026-10-074662-11-0.0420-68116-149
2025-Q4*Q1/20252025-06-0377160470.19*≈76–171-918
2025-Q3*Q4/2024–5948-7-0.03≈55–11650113
2025-Q2*Q3/20242024-11-135122170.0240–121396
2025-Q1*Q2/2024–403-28-42-0.13-9-10315833111
2024-Q4*Q1/2024–7091350.02*≈37–153-77~114
2024-Q3*Q4/2023–5941510.0034-3612721108
2024-Q2*Q3/20232023-11-0854840230.0859–125-132
2024-Q1*Q2/2023–54423100.03≈42-31113-18106
* derived: values with formula provenance (hover); Q4 = FY − 9M · H2 = FY − H1 · EPS via implied shares · net debt = financial debt − cash · FCF = OCF − |capex|.
Columns not reported in this reporting cadence are hidden: Op. income (adj.), EPS adj. (not reported in any source for these periods).
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Balance Sheet & Cash Flow (€m)#

Point-in-time balance sheet items (e.g. cash, financial debt) and cash flow items (operating cash flow, investments/capex) per fiscal year, half-year and quarter. All values are extracted automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. Methodology

Fiscal years

Amounts in €m · as reported
PeriodCalendar quarterPublishedCashDebtNet DebtOCFCapexFCFSource
FY2026Q2/2025–Q1/20262026-06-02141101-403654-18114
FY2025Q2/2024–Q1/20252025-06-0317180-9111380338
FY2024Q2/2023–Q1/2024–15376~-77~–65–109

Quarters

Amounts in €m · as reported
PeriodCalendar quarterPublishedCashDebtNet DebtOCFCapexFCFSource
2027-Q1Q2/20262026-10-0715219139-55––116
2026-Q4Q1/20262026-10-07141101-4071––13
2026-Q3Q4/20252026-10-0710912718-5––113
2026-Q2Q3/20252025-11-12112102-102818–112
2026-Q1Q2/20252026-10-07116102-14-5810-689
2025-Q4Q1/20252025-06-0317180-91179––8
2025-Q3Q4/2024–1161665021––113
2025-Q2Q3/20242024-11-13121160391426–6
2025-Q1Q2/2024–15819133-1012-103111
2024-Q4Q1/2024–15376~-77~–––114
2024-Q3Q4/2023–12714821-2313-36108
2024-Q2Q3/20232023-11-08125112-13514–2
2024-Q1Q2/2023–11395-18-2011-31106
Debt = long-term + current · Net debt = debt − cash · FCF = OCF − capex.
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Revenue by Type (as of 2027-Q1 · EURm · 3/9)#

Revenue split by segment or product type, exactly as the company itself reports it. Methodology

SegmentSincePeriodBasisRevenueGrowthSource
Digital Solutions & Lifecycle2025-Q12027-Q13M2400%13
Print & Packaging Equipment2025-Q12027-Q13M14830%13
HEIDELBERG Technology2025-Q12027-Q13M17–13
EMEAFY2025FY202512M1,1366%8
Asia-PacificFY2025FY202512M6377%8
AmericasFY2025FY202512M50714%8
Packaging Solutions2023-Q1FY202512M1,175–8
Print Solutions2023-Q1FY202512M1,099–8
Technology Solutions2023-Q1FY202512M7–8
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Products & M&A (3/29 active+recent)#

Product announcements from the reports; market launches, approvals, partnerships; with first mention (date) and source. Methodology

Product/LineSinceStatusSource
HD Advanced Technologies Joint Venture ONBERG2027-03Planned13
Jetfire 75 digital printing system (B2 format)2026-01Launched12
HD Advanced Technologies GmbH establishment2026Launched12
Labelexpo 2025 Europe trade fair2025-09Planned10
HEIDELBERG Jetfire2025-06Planned6
Cartonmaster CX 145 (partnership with manroland sheetfed)2025-06Launched12
China Print 2025 trade fair2025-05Launched9
Wallbox charging stations (e-mobility)2025Launched8
Hydrogen electrolyzer prototype development2025Planned8
Gallus Five digital label printing press (2×)2025Launched12
FoilStar Generation 42025Launched12
CoatingCenter automated coating supply system2025Launched12
Amperfied charging infrastructure expansion (SAP)2025Planned12
Structural reduction at Wiesloch-Walldorf site2024-12Planned8
Jetfire 50 industrial digital printing system2024-12Planned8
Speedmaster XL 106 Gen242024-05Launched4
HEIDELBERG Jetfire digital inkjet printing machine2024-05Launched4
Versafire LP and LV systems2024Launched4
StackStar-C robotic cobot (2×)2024Launched12
StackStar-C collaborative robot for postpress automation2024Launched8
Speedmaster XL 106 new generation with enhanced AI automation2024Launched8
Prinect Touch Free workflow (2×)2024Launched12
Jetfire family inkjet printing systems (Canon partnership)2024Launched8
HEIDELBERG Boardmaster2024Launched4
DryStar Combi dryer for XL 106 machines2024Planned8
Boardmaster flexographic press barrier coating capability (Solenis partnership)2024Launched8
Boardmaster flexographic printing system2023-05Launched4
Wallbox Connect Solar2023Launched4
DIN-certified barrier-free charging station2023Launched4
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M&A (13)#

All recorded acquisitions (purchases) and divestitures/exits with date, short description and source; deliberately including smaller transactions that summaries often miss. Methodology

Acquisitions · 8Divestitures/exits · 5
20252026

Acquisitions

Transaction / stakeDateTypeSource
POLAR machines production takeover2026-07Completed13
Acquisition of manroland sheetfed Group service and spare parts business2026-07Completed13
Joint venture ONBERG Autonomous Systems (with Ondas)2026-03Completed12
Polar Group cutting and die-cutting systems business acquisition (3x)2025-08Completed10
Acquisition of Polar Mohr technology and IP2025Completed12
Canon production printing collaboration for digital commercial printing2024-05Completed8
Cooperation agreement with DB Bahnbau Gruppe for charging infrastructure2024-02Announced4
E-Mobility business operations contribution to Amperfied GmbH2024Completed4

Divestitures / exits

Transaction / stakeDateTypeSource
Liquidation of Zaikio GmbH2025Divested8
Zaikio business division discontinuation2024Divested4
Sale of Heidelberg Printed Electronics GmbH2024Divested8
Sale and leaseback transaction for St. Gallen building2024Divested4
Printed Electronics GmbH divestiture2024Divested4
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Risks (73 since the annual report of 2025-06-03, 137 tracked in total)#

Risk factors the company itself names in its reports, merged by topic across periods, with category, first and last mention and source. Methodology

RiskCategoryFirst reportedLast reported
Negative exchange rate effects of approximately €4 million in Asia-Pacific region despite sales improvementsFinancialFY2025
2025-06-03 8
2026-10-07 9
Trump administration customs and economic policies causing uncertainty and purchasing restraint in US marketMacro2026-10-07 92026-10-07 9
Financial covenants on equity ratio, EBITDA ratios, and interest coverage in credit facilitiesFinancialFY2025
2025-06-03 8
2026-Q4
2026-06-02 12
Risk of disruptions to production due to supply chain issues, raw material availability and energy shortagesSupply chainFY2025
2025-06-03 8
2026-Q4
2026-06-02 12
Agreement with manufacturer for digital printing systems sale contains change-of-control clause with 3-month noticeLegal2026-Q4
2026-06-02 12
2026-Q4
2026-06-02 12
Product liability cases for discontinued machinery produced by former Linotype-Hell AktiengesellschaftLegalFY2024
2024-06-05 4
2026-Q4
2026-06-02 12
Legal disputes regarding warranty cases in connection with sales of machineryLegalFY2024
2024-06-05 4
2026-Q4
2026-06-02 12
Cyber incidents and ransomware attacks represent highest operational risk with potential for full IT shutdownTechnology2026-Q4
2026-06-02 12
2026-Q4
2026-06-02 12
Financing commitments require compliance with financial covenants; deterioration could impact liquidityFinancialFY2025
2025-06-03 8
FY2025
2025-06-03 8
Risk if financing partners unavailable; would force expansion of own financial commitmentsFinancialFY2025
2025-06-03 8
FY2025
2025-06-03 8
Lease liabilities of €67 million with future commitments; building leases contain extension/cancellation optionsFinancialFY2025
2025-06-03 8
FY2025
2025-06-03 8
Plan deficit risk exists; funding ratio volatility exposes to investment and interest rate risksFinancialFY2025
2025-06-03 8
FY2025
2025-06-03 8
Receivables from sales financing concentrated in print media industry; Brazil represents 50% of financing receivablesFinancialFY2025
2025-06-03 8
FY2025
2025-06-03 8
€2,134 million in unrecognized tax loss carryforwards; realization uncertainFinancialFY2025
2025-06-03 8
FY2025
2025-06-03 8
Ongoing war in Ukraine influenced European economic development and creates geopolitical uncertainty.GeopoliticsFY2025
2025-06-03 8
FY2025
2025-06-03 8
Over 50 percent of Group sales concentrated in packaging sectorCustomersFY2025
2025-06-03 8
FY2025
2025-06-03 8
Transition of Chief Executive Officer and Chief Financial Officer roles during financial year creates execution risk.PeopleFY2025
2025-06-03 8
FY2025
2025-06-03 8
Planned cost reduction program cutting 450 positions at Wiesloch-Walldorf and ~150 at other German sitesPeopleFY2025
2025-06-03 8
FY2025
2025-06-03 8
Antitrust risks arise from market structure and HEIDELBERG's market positionLegalFY2025
2025-06-03 8
FY2025
2025-06-03 8
Expiry of state-funded investment program in Italy decreased incoming orders by over €60 millionMacro2026-10-07 132026-10-07 13
Changes in exchange rates could impact financial results and regional performanceMarket2026-10-07 132026-10-07 13
Significant regional variations in demand with EMEA declining 16 percent while Asia-Pacific improved 17 percentMarket2026-10-07 132026-10-07 13
Persistently elevated input costs due to tariffs and supply chain disruptionsFinancial2026-Q4
2026-06-02 12
2026-Q4
2026-06-02 12
Exposure to foreign currency and interest rate risks due to global operations and variable-rate liabilitiesFinancial2026-Q4
2026-06-02 12
2026-Q4
2026-06-02 12
Financial liabilities comprise revolving credit facility of €436 million through January 2030Financial2026-Q4
2026-06-02 12
2026-Q4
2026-06-02 12
Pension obligations sensitive to interest rate changes; remeasurement effects could negatively impact equity ratioFinancialFY2024
2024-06-05 4
2026-Q4
2026-06-02 12
Weaker product mix year-on-year negatively impacts EBITDAFinancial2026-Q4
2026-06-02 12
2026-Q4
2026-06-02 12
Trade payables decreased from €243 million to €217 million; supply chain finance program activeFinancial2026-Q4
2026-06-02 12
2026-Q4
2026-06-02 12
Ongoing geopolitical tensions and military conflicts burden markets and logisticsGeopolitics2026-Q4
2026-06-02 12
2026-Q4
2026-06-02 12
Declining industrial production in Germany impacts core marketsCustomers2026-Q4
2026-06-02 12
2026-Q4
2026-06-02 12
Significantly reduced advance payments and weak order backlog due to reluctance to invest and declining incoming ordersCustomers2026-Q4
2026-06-02 12
2026-Q4
2026-06-02 12
War in Middle East led to sharp decline in investment demand in Q4Customers2026-Q4
2026-06-02 12
2026-Q4
2026-06-02 12
Supply bottlenecks and order delays from geopolitical tensionsSupply chain2026-Q2
2025-11-12 10
2026-Q4
2026-06-02 12
Intense competition from China in mechanical engineering sectorMacro2026-Q4
2026-06-02 12
2026-Q4
2026-06-02 12
Negative currency effects of approximately €69-71 million impact sales and ordersMacroFY2024
2024-06-05 4
2026-Q4
2026-06-02 12
Rising energy costs from Middle East conflict impact operationsMacro2026-Q4
2026-06-02 12
2026-Q4
2026-06-02 12
Military conflicts in Ukraine, Middle East and territorial disputes globally create economic uncertainty and supply chain disruptionsMacro2026-Q4
2026-06-02 12
2026-Q4
2026-06-02 12
US tariff policy uncertainty negatively impacts global sales and supply chainsMacro2026-Q4
2026-06-02 12
2026-Q4
2026-06-02 12
US protectionist policies and tariffs negatively impact international trade and customer investment willingnessMacroFY2025
2025-06-03 8
2026-Q4
2026-06-02 12
Contingent liabilities from sureties reduced from €9 million to €6 millionLegal2026-Q4
2026-06-02 12
2026-Q4
2026-06-02 12
Contingent liabilities in connection with legal disputes are immaterialLegalFY2025
2025-06-03 8
2026-Q4
2026-06-02 12
Increasing legal and regulatory requirements globally including NIS2 Directive and Cyber Resilience Act require implementation costsRegulatory2026-Q4
2026-06-02 12
2026-Q4
2026-06-02 12
Intense competitive pressure and structural changes in customer base; machinery business remains highly cyclicalCompetition2026-Q4
2026-06-02 12
2026-Q4
2026-06-02 12
Exchange rate effects reduced incoming orders by €27 million and sales by €23 millionFinancial2026-Q2
2025-11-12 10
2026-Q2
2025-11-12 10
Incoming orders in US market down 14% due to tariff-related postponementsCustomers2026-Q2
2025-11-12 10
2026-Q2
2025-11-12 10
Conflicts between USA/Israel with Iran and Gaza strip creating economic uncertaintyMacroFY2024
2024-06-05 4
2026-Q2
2025-11-12 10
US tariff policy and trade uncertainties negatively impacting demand and capital marketsMacro2026-Q2
2025-11-12 10
2026-Q2
2025-11-12 10
Cyber incidents identified as top business risk; loss event could shut down IT systems or impair servicesCyberFY2025
2025-06-03 8
FY2025
2025-06-03 8
Cyberspace threats addressed through certified ISMS and continuous improvement processesCyberFY2025
2025-06-03 8
FY2025
2025-06-03 8
Supply Chain Finance program impacts free cash flow measurement and could affect working capital management.FinancialFY2025
2025-06-03 8
FY2025
2025-06-03 8
Negative exchange rate effects of approximately €6 million impacting salesFinancialFY2025
2025-06-03 8
FY2025
2025-06-03 8
Inflation remains elevated despite recent declines; risk of further inflation from US tariff policyFinancialFY2025
2025-06-03 8
FY2025
2025-06-03 8
Interest expenses of €37-39 million annually expose cash flow to rate changesFinancialFY2024
2024-06-05 4
FY2025
2025-06-03 8
Order backlogs that have supported sector now fallen considerably industry-wideCustomersFY2025
2025-06-03 8
FY2025
2025-06-03 8
Material costs ratio increased to 45.3% from 44.0%; higher costs assumed going forwardSupply chainFY2025
2025-06-03 8
FY2025
2025-06-03 8
Risk of production downtimes or cost increases due to supplier loss or supply route interruptionSupply chainFY2025
2025-06-03 8
FY2025
2025-06-03 8
Global supply chain disruptions and raw material availability remain operational challengesSupply chainFY2024
2024-06-05 4
FY2025
2025-06-03 8
Global economy forecasted to grow only 2.5%; Germany expected to decline 2%; emerging economies slow to 3.7%Macro2024-Q1
1
FY2025
2025-06-03 8
Uncertain US trade policy and potential tariffs on products could necessitate price adjustments in US market.MacroFY2025
2025-06-03 8
FY2025
2025-06-03 8
Military conflicts in Ukraine, Middle East and other regions create unpredictable global conditionsMarketFY2025
2025-06-03 8
FY2025
2025-06-03 8
Euro zone weak growth 0.8 percent; German mechanical engineering production fell 7.2 percentMarketFY2025
2025-06-03 8
FY2025
2025-06-03 8
Commercial, advertising and publishing printing sectors in long-term decline; overcapacities in some customer sectorsMarketFY2025
2025-06-03 8
FY2025
2025-06-03 8
Risk of production disruptions from fires, natural disasters, machinery failure or logistics problemsproduktionFY2024
2024-06-05 4
FY2025
2025-06-03 8
Systematic investigation and punishment procedures for compliance violations establishedLegalFY2025
2025-06-03 8
FY2025
2025-06-03 8
Data protection compliance across jurisdictions with global guidelines and local supplementsRegulatoryFY2025
2025-06-03 8
FY2025
2025-06-03 8
Increasing regulatory requirements for recyclability and mono-material/paper-based packaging solutionsRegulatoryFY2025
2025-06-03 8
FY2025
2025-06-03 8
Gender quota target of 30% women on supervisory board achieved (4 of 12 members)RegulatoryFY2025
2025-06-03 8
FY2025
2025-06-03 8
NIS-2 Directive and Cyber Resilience Act increase regulatory requirements for IT securityRegulatoryFY2025
2025-06-03 8
FY2025
2025-06-03 8
Management Board remuneration system subject to regulatory compliance requirements and maximum remuneration caps.RegulatoryFY2025
2025-06-03 8
FY2025
2025-06-03 8
Market increasingly demanding sustainable packaging solutions and reduced environmental impactRegulatoryFY2024
2024-06-05 4
FY2025
2025-06-03 8
Uncertain income tax positions measured at most probable amountRegulatoryFY2025
2025-06-03 8
FY2025
2025-06-03 8
Ongoing structural change in printing industry driven by digitization of society affecting traditional segmentsTechnologyFY2024
2024-06-05 4
FY2025
2025-06-03 8
Highly competitive markets requiring continuous innovation and cost efficiency improvementsCompetitionFY2025
2025-06-03 8
FY2025
2025-06-03 8
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Reported KPIs (as disclosed) (130)#

Figures the company discloses itself in addition to the standard financials; order intake, recurring revenue, user or unit counts, adjusted measures. Methodology

Company-specific KPIs verbatim from the filings (English, as disclosed; not normalised). Balance-sheet and boilerplate items filtered.
DatePeriodKPIValue / changeSource
2026-10-072027-Q2Staff costs ratio3813
2026-10-072027-Q2Order backlog762 (EUR € millions)13
2026-10-072027-Q2Order backlog789 (EUR € millions)9
2026-10-072027-Q2Order backlog709 (EUR in € millions)11
2026-10-072027-Q2Net working capital418 (EUR € millions)9
2026-10-072027-Q2Incoming orders537 (EUR € millions)13
2026-10-072027-Q2Equity ratio24.313
2026-10-072027-Q2Equity ratio24.09
2026-10-072027-Q2Adjusted EBITDA margin0.213
2026-10-072027-Q2Adjusted EBITDA margin4.49
2026-06-022026-Q4Net working capital373 (EUR millions)12
2026-06-022026-Q4Equity ratio2712
2026-06-022026-Q4Equity568 (EUR millions)12
2026-06-022026-Q4Contingent liabilities6 (millions EUR)12
2026-06-022026-Q4Revaluation reserve land prior year160 (millions)12
2026-06-022026-Q4Revaluation reserve land161 (millions)12
2026-06-022026-Q4Return on equity2.6 (EUR percent)12
2026-06-022026-Q4R&D costs104 (EUR € millions)12
2026-06-022026-Q4Order backlog639 (EUR millions)12
2026-06-022026-Q4Net carrying amounts pensions 31-Mar-2026605 (EUR millions)12
2026-06-022026-Q4Net carrying amounts pensions 31-Mar-2025649 (EUR millions)12
2026-06-022026-Q4NWC373 (€ millions)12
2026-06-022026-Q4Incoming orders2,246 (EUR millions)12
2026-06-022026-Q4Foreign sales share88.812
2026-06-022026-Q4Equity ratio27.212
2026-06-022026-Q4Equity568 (EUR millions)12
2026-06-022026-Q4EBITDA margin6.312
2026-06-022026-Q4EBIT margin2.912
2026-06-022026-Q4Cost of materials ratio prior year45.3 percent12
2026-06-022026-Q4Cost of materials ratio46.1 percent12
2026-06-022026-Q4Adjusted EBITDA margin6.612
2025-11-122026-Q2Order Backlog809 (EUR in € millions)10
2025-11-122026-Q2Net Working Capital409 (EUR in € millions)10
2025-11-122026-Q2Incoming Orders1,111 (EUR in € millions)10
2025-11-122026-Q2Equity Ratio24.410
2025-06-03FY2025Total assets2,174 (EUR € millions)8
2025-06-03FY2025Sustainable business sales€ 6 million8
2025-06-03FY2025Sustainability KPI weighting20%8
2025-06-03FY2025Revolving credit facility3708
2025-06-03FY2025return on equity0.9 (EUR percent)8
2025-06-03FY2025relative TSR weighting25%8
2025-06-03FY2025R&D percentage of sales8 percent8
2025-06-03FY2025R&D investment89 (EUR in € millions)8
2025-06-03FY2025order backlog722 (EUR € millions)8
2025-06-03FY2025operating cash flow improvement+268
2025-06-03FY2025net working capital weighting25%8
2025-06-03FY2025Net working capital401 (EUR € millions)8
2025-06-03FY2025net result margin0.28
2025-06-03FY2025net financial position918
2025-06-03FY2025incoming orders group2,433 (EUR in € millions)8
2025-06-03FY2025foreign sales share87.98
2025-06-03FY2025FCF margin2.28
2025-06-03FY2025Equity ratio25.18
2025-06-03FY2025adjusted EBITDA technology solutions– 11 (in € millions)8
2025-06-03FY2025adjusted EBITDA print solutions74 (EUR in € millions)8
2025-06-03FY2025adjusted EBITDA packaging solutions100 (EUR in € millions)8
2025-06-03FY2025adjusted EBITDA margin7.1 percent8
2025-06-03FY2025adjusted EBITDA margin7.18
2025-06-03FY2025tax loss carryforwards2134 (EUR millions)8
2025-06-03FY2025restricted cash55 (EUR millions)8
2025-06-03FY2025RTSR43%8
2025-06-03FY2025R&D ratio4.78
2025-06-03FY2025Present value DBO977 (EUR millions)8
2025-06-03FY2025Plan assets327 (EUR millions)8
2025-06-03FY2025Net sales2,286 (EUR € millions)8
2025-06-03FY2025NWC ratio17.68
2025-06-03FY2025Lease liabilities non-current42 (millions)8
2025-06-03FY2025Lease liabilities current26 (millions)8
2025-06-03FY2025Free cash flow27 (EUR € millions)8
2025-06-03FY2025Equity546 (EUR in € millions)8
2025-06-03FY2025EBT average66 (€ millions)8
2025-06-03FY2025EBITDA margin7.1%8
2025-06-03FY2025EBIT margin weighting30%8
2025-06-03FY2025Discount rate Germany3.468
2025-06-03FY2025Discount rate Foreign3.688
2025-06-03FY2025Contract liabilities254 (millions)8
2025-06-03FY2025Cash and equivalents171 (EUR millions)8
2025-06-03FY2025CO2 intensity reduction41%8
–2025-Q3Order backlog903 (EUR millions)7
–2025-Q3Equity ratio21.27
–2025-Q3Equity469 (EUR millions)7
–2025-Q3EBITDA margin (Q3)4.47
–2025-Q3Adjusted EBITDA margin (Q3)9.27
–2025-Q3Adjusted EBITDA margin (9M)5.77
2024-11-132025-Q2Order backlog953 (EUR in € millions)6
2024-11-132025-Q2Net working capital493 (EUR in € millions)6
2024-11-132025-Q2Equity ratio21.66
2024-11-132025-Q2Book-to-bill ratio1.086
2024-11-132025-Q2Adjusted EBITDA margin3.46
–2025-Q1Order backlog923 (EUR € millions)5
–2025-Q1Incoming orders701 (EUR € millions)5
–2025-Q1Equity ratio22.75
–2025-Q1Adjusted EBITDA margin– 2.35
2024-06-05FY2024Cost of materials to total operating performance ratio44.0%4
2024-06-05FY2024prior year ratio cost of materials to total operating performance45.7%4
2024-06-05FY2024prior year future lease income12 (EUR millions)4
2024-06-05FY2024prior year fair value investment property10 (EUR millions)4
2024-06-05FY2024order backlog652 (EUR in € millions)4
2024-06-05FY2024future lease income8 (EUR millions)4
2024-06-05FY2024fair value investment property12 (EUR millions)4
2024-06-05FY2024Equity ratio24.94
2024-06-05FY2024adjusted EBITDA margin7.24
2024-06-05FY2024Return on equity7.4 (EUR percent)4
2024-06-05FY2024R&D costs104 (EUR € millions)4
2024-06-05FY2024R&D as % of sales4.34
2024-06-05FY2024Patent applications604
2024-06-05FY2024Order backlog652 (EUR € millions)4
2024-06-05FY2024Order backlogdeclined significantly across the sector4
2024-06-05FY2024Net working capital as % of sales19.74
2024-06-05FY2024Net working capital472 (EUR € millions)4
2024-06-05FY2024Net Working Capital472 (EUR € millions)4
2024-06-05FY2024Foreign sales share87.04
2024-06-05FY2024Equity ratio254
2024-06-05FY2024Adjusted EBITDA margin7.24
2024-06-05FY2024Active patents and patent applications2,4294
–2024-Q3Order backlog786 (EUR in € millions)3
–2024-Q3Net working capital to sales ratio24.43
–2024-Q3Equity ratio21.83
–2024-Q3Adjusted EBITDA margin8.03
2023-11-082024-Q2Order backlog886 (EUR in € millions)2
2023-11-082024-Q2Net working capital as % of sales22.82
2023-11-082024-Q2Net working capital549 (EUR in € millions)2
2023-11-082024-Q2Equity ratio26.02
2023-11-082024-Q2Book-to-bill ratio (Q2)1.082
2023-11-082024-Q2Adjusted EBITDA margin (Q2)10.72
2023-11-082024-Q2Adjusted EBITDA margin (6M)9.22
–2024-Q1Order backlog877 (EUR in € millions)1
–2024-Q1Net working capital to sales ratio221
–2024-Q1Equity ratio23.21
–2024-Q1Book-to-bill ratio1.11
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Development#

A condensed summary per reporting period as running text: what changed operationally, which drivers management names, how earnings and cash flow developed. Methodology

FY2027

Heidelberger Druckmaschinen AG opened fiscal year 2026/2027 with first-quarter revenue of EUR 466 million, an operating loss of EUR 19 million, and a net result of EUR -11 million, as sales came in lower than in the prior-year period due to reduced volumes (116, 13). The adjusted EBITDA margin contracted to 0.2 percent from 4.4 percent in the prior-year quarter, driven by the lower sales volume (13). Free cash flow was EUR -55 million over the first three months, and net debt stood at EUR 39 million as of June 30, 2026 (116). On the strategic front, the company acquired the global service and spare parts business of manroland sheetfed Group, agreed to take over production of POLAR machines and systems, and launched the ONBERG joint venture for HD Advanced Technologies, with the first two measures taking effect July 1, 2026 (13). Management confirmed the full-year forecast, supported by an order backlog that increased to € 762 million by quarter-end (13).

FY2026

In fiscal year 2025/2026, Heidelberger Druckmaschinen AG generated revenue of 2,293 million, marginally above the prior year's €2,280 million, with growth in EMEA and Americas offset by a decline in Asia-Pacific 12. Operating income reached 67 million for the full year, while the adjusted EBITDA margin of 6.6 percent came in below the guidance range of up to 8 percent, affected by exchange rate headwinds and uncertain macroeconomic conditions 11 12. Incoming orders declined to €2,246 million from €2,433 million (currency-adjusted: €2,317 million), reflecting softer investment sentiment and the absence of the prior-year drupa trade fair effect 12. The group completed a structural reorganisation into three product-oriented segments, Print & Packaging Equipment, Digital Solutions & Lifecycle, and HEIDELBERG Technology, effective April 1, 2025, and established the ONBERG joint venture with Ondas Autonomous Systems for drone defense systems 12. Full-year free cash flow was negative at 18 million, while the net financial position remained positive at 40 million at year-end 12.

FY2025

Heidelberger Druckmaschinen AG reported net sales of 2,280 million in FY2025, down 5 percent from the prior year, with the first half heavily impacted by customer restraint ahead of the drupa trade fair held in May and June 2024 8. Incoming orders increased 6 percent to €2,433 million, supported by the drupa trade fair and new product innovations, and the year-end order backlog expanded 11 percent to €722 million, providing forward visibility 8. The adjusted EBITDA margin was maintained at 7.1 percent despite lower revenue, with cost discipline and efficiency measures offsetting the volume shortfall 8. Operating cash flow improved 26 percent to 113 million, and the net financial position reached a net cash position of 91 million 8. The company launched a structural cost reduction program targeting more than 450 positions at its main Wiesloch-Walldorf site and approximately 150 at other German facilities, alongside a strategic partnership with Canon for digital commercial printing 8.

FY2024

Heidelberger Druckmaschinen AG reported FY2023/2024 net sales of 2,395 million, a decline of 2% year-on-year as lower machinery, consumables and Wallbox revenues outweighed growth in service income 4. The Packaging Solutions segment expanded its share of Group revenue to 52% with 7% growth year-on-year, while full-year incoming orders declined 6% to €2,288 million and the order backlog fell 23% to €652 million 4. Despite revenue headwinds, the adjusted EBITDA margin remained stable at 7.2%, supported by the Unboxing Value value creation program and inventory optimization, though reported net income declined to 39 million from €91 million in the prior year, reflecting higher interest and tax expenses 4. Operating cash flow improved significantly to €90 million from €33 million in the prior year, and the net financial position strengthened to 77 million positive at year-end 4. Dr. Ludwin Monz stepped down as CEO effective June 30, 2024, with Jürgen Otto succeeding as Chairman of the Management Board on July 1, 2024, and the company guided for FY2024/2025 net sales at the prior year level 4.

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Glossary#

  • Revenue: Revenue from contracts with customers, net of sales deductions, as the company itself reports it; not total output, gross revenue, GMV or order intake.
  • Op. income: The operating line of the income statement; EBIT only as a marked fallback, never pre-tax or ordinary income.
  • EBITDA (adj.): Adjusted EBITDA, verbatim and company-defined (non-GAAP), never derived.
  • Net income: Net income attributable to the shareholders of the parent, after discontinued operations; not the result including minority interests, not comprehensive income.
  • EPS: Diluted earnings per share attributable to the shareholders of the parent; a printed figure always beats a calculated one, calculated values are marked.
  • FCF: Free cash flow = operating cash flow minus capital expenditure on property, plant and equipment; the company's own free cash flow figure is shown separately.
  • OCF: Cash flow from operating activities as reported; IFRS companies may show interest paid in financing cash flow, so the figure is not always comparable.
  • Cash: Cash and cash equivalents, without securities unless the company reports them as part of the position.
  • Net Debt: Net debt = financial debt excluding lease liabilities minus cash at the same reporting date; the company's own net position may differ.
  • *: derived, the formula is in the hover
  • ≈: calculated, approximation
  • ~: uncertain; the value stays visible, verdicts do not use it
  • °: repaired by a targeted query against the document, or curated with documentary evidence
  • EBIT: EBIT as a fallback: the income statement carries no operating line
  • basic: basic earnings per share as a fallback when diluted is missing
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Sources: quarterly reports, annual reports and investor relations documents#

All original documents NadirAlpha used for this report, with type (quarterly report, half-year report, annual report, earnings release), publication date and a direct link to the filing (EDINET/SEC/IR). Methodology

13 documents · 2023 to 2026 · IR
#Document typePublishedLink
#1 / #101IR-Quarter quarterly report–Open
#3 / #103IR-Quarter quarterly report–Open
#4 / #104IR-Report report–Open
#5 / #106IR-Quarter quarterly report–Open
#7 / #108IR-Quarter quarterly report–Open
#2 / #102IR-Quarter quarterly report2023-11-08Open
#6 / #107IR-Quarter quarterly report2024-11-13Open
#8 / #109IR-Report report2025-06-03Open
#10 / #112IR-Quarter quarterly report2025-11-12Open
#12 / #114IR-Report report2026-06-02Open
#9 / #111IR-Quarter quarterly report2026-10-07Open
#11 / #113IR-Quarter quarterly report2026-10-07Open
#13 / #116IR-Quarter quarterly report2026-10-07Open

FAQ#

Where can I find the official investor relations documents of Heidelberger Druckmaschinen AG?

NadirAlpha links all 26 original filings used (IR documents) in the sources chapter: quarterly report, report, each with type, publication date and a direct link; every figure in the report carries a source number.

More reports by NadirAlpha#

All reports · German Stocks (31)

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