Heidelberger Druck Stock HDD.DE
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.
AI-generated report · not investment advice · figures extracted automatically; please verify against the linked original more
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.
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).
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.
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 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
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
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
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
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
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 recorded revenue of EUR 240m in 2027-Q1 as the recurring, lifecycle-oriented revenue base 13
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
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
2027 · 4 events
2027-Q1 · Apr to Jun 2026
Sales 13 percent below prior-year quarter; incoming orders 3.9 percent below prior year at € 537 million (13)
Adjusted EBITDA margin contracted to 0.2 percent from 4.4 percent in prior-year quarter due to lower sales volume (13)
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 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 position flipped (+18.0 to -EUR 40.0 million vs 2026-Q3). 13
Operating income more than halved YoY (60.0 to EUR 10.0 million, -83%). 13
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
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
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
Established ONBERG joint venture with Ondas Autonomous Systems for drone defense systems production at Brandenburg facility 12
2026-Q3 · Oct to Dec 2025
Nine-month net result turned positive at 17 million, from a loss of €42 million in the prior-year period 11
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 debt position flipped (-10.0 to +EUR 18.0 million vs 2026-Q2). 113
Operating income more than doubled YoY (8.0 to EUR 31.0 million, +288%). 113
2026-Q2 · Jul to Sep 2025
H1 net result after taxes reached break-even from a prior-year H1 loss of €35 million 10
FY2025/2026 forecast confirmed with expected sales around €2,350 million and adjusted EBITDA margin up to 8 percent 10
Cutting and die-cutting systems business acquired from Polar Group for €11 million, completed August 31, 2025 10
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
Q1 sales rose to 466 million, up 16 percent year on year, driven by EMEA and Asia-Pacific regions 9
Net financial position turned positive at 14 million on June 30, 2025, improving from net liabilities of €34 million at March 31, 2025 9
FY2025/2026 sales guidance of around €2,350 million and adjusted EBITDA margin up to 8 percent confirmed 9
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
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
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
2025-Q4 · Jan to Mar 2025
Net debt position flipped (+50.0 to -EUR 91.0 million vs 2025-Q3). 113
Operating income more than doubled YoY (13.0 to EUR 60.0 million, +362%). 113
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
Adjusted EBITDA margin improved significantly in Q3 to 9.2 percent from 5.7 percent in the same quarter prior year 7
Forecast for the 2024/2025 financial year confirmed: sales in line with prior year and similar adjusted EBITDA margin 7
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
Net result after taxes of €-35 million for the first half, compared with €33 million positive in the prior-year period 6
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
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
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
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
Incoming orders reached €701 million in Q1, highest level since 2016, significantly exceeding expectations of around €650 million 5
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
2024-Q4 · Jan to Mar 2024
2024-Q3 · Oct to Dec 2023
Q3 incoming orders weakened to €508 million from €630 million in the same quarter of the prior year, reflecting weak macroeconomic trends 3
Adjusted EBITDA margin after nine months expanded 80 basis points to 8.0% from 7.2% in the prior year period 3
Full-year FY2023/2024 forecast confirmed despite challenging economic environment 3
2024-Q2 · Jul to Sep 2023
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
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
Packaging Solutions segment revenue grew 7% to represent 52% of Group revenue, up from 48% in the prior year 4
FY2024/2025 guidance initiated: net sales expected at the level of FY2023/2024 while implementing efficiency measures to offset cost increases 4
Adjusted EBITDA margin expanded to 7.7% from 4.6%, driven by price adjustments and product and country mix effects 1
Net financial position turned positive to €18 million from €-5 million in the prior period 1
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.
Fiscal years
| Period | Calendar quarter | Revenue | Op. income | Net income | EPS (€) | EBITDA (adj.) | OCF | Source |
|---|---|---|---|---|---|---|---|---|
| FY2026 | Q2/2025–Q1/2026 | 2,293 | 67 | 15 | 0.05 | 151 | 36 | 114 |
| FY2025 | Q2/2024–Q1/2025 | 2,280 | 61° | 5 | 0.02 | 162 | 113 | 8 |
| FY2024 | Q2/2023–Q1/2024 | 2,395 | 91 | 39 | 0.13 | 172 | – | 109 |
Quarters
| Period | Calendar quarter | Published | Revenue | Op. income | Net income | EPS (€) | EBITDA (adj.) | FCF | Cash | Net Debt | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2027-Q1* | Q2/2026 | 2026-10-07 | 466~ | -19 | -11~ | -0.11 | 1 | – | 152 | 39 | 116 |
| 2026-Q4* | Q1/2026 | 2026-10-07 | 916 | 10 | -2 | – | 37 | – | 141 | -40 | 13 |
| 2026-Q3* | Q4/2025 | 2026-10-07 | 617 | 31 | 17 | 0.06≈ | 50 | – | 109 | 18 | 113 |
| 2026-Q2* | Q3/2025 | 2025-11-12 | 519 | 24 | 11 | 0.04≈ | 43 | – | 112 | -10 | 112 |
| 2026-Q1* | Q2/2025 | 2026-10-07 | 466 | 2 | -11 | -0.04 | 20 | -68 | 116 | -14 | 9 |
| 2025-Q4* | Q1/2025 | 2025-06-03 | 771 | 60 | 47 | 0.19*≈ | 76 | – | 171 | -91 | 8 |
| 2025-Q3* | Q4/2024 | – | 594 | 8 | -7 | -0.03≈ | 55 | – | 116 | 50 | 113 |
| 2025-Q2* | Q3/2024 | 2024-11-13 | 512 | 21 | 7 | 0.02 | 40 | – | 121 | 39 | 6 |
| 2025-Q1* | Q2/2024 | – | 403 | -28 | -42 | -0.13 | -9 | -103 | 158 | 33 | 111 |
| 2024-Q4* | Q1/2024 | – | 709 | 13 | 5 | 0.02*≈ | 37 | – | 153 | -77~ | 114 |
| 2024-Q3* | Q4/2023 | – | 594 | 15 | 1 | 0.00 | 34 | -36 | 127 | 21 | 108 |
| 2024-Q2* | Q3/2023 | 2023-11-08 | 548 | 40 | 23 | 0.08 | 59 | – | 125 | -13 | 2 |
| 2024-Q1* | Q2/2023 | – | 544 | 23 | 10 | 0.03≈ | 42 | -31 | 113 | -18 | 106 |
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
| Period | Calendar quarter | Published | Cash | Debt | Net Debt | OCF | Capex | FCF | Source |
|---|---|---|---|---|---|---|---|---|---|
| FY2026 | Q2/2025–Q1/2026 | 2026-06-02 | 141 | 101 | -40 | 36 | 54 | -18 | 114 |
| FY2025 | Q2/2024–Q1/2025 | 2025-06-03 | 171 | 80 | -91 | 113 | 80 | 33 | 8 |
| FY2024 | Q2/2023–Q1/2024 | – | 153 | 76~ | -77~ | – | 65 | – | 109 |
Quarters
| Period | Calendar quarter | Published | Cash | Debt | Net Debt | OCF | Capex | FCF | Source |
|---|---|---|---|---|---|---|---|---|---|
| 2027-Q1 | Q2/2026 | 2026-10-07 | 152 | 191 | 39 | -55 | – | – | 116 |
| 2026-Q4 | Q1/2026 | 2026-10-07 | 141 | 101 | -40 | 71 | – | – | 13 |
| 2026-Q3 | Q4/2025 | 2026-10-07 | 109 | 127 | 18 | -5 | – | – | 113 |
| 2026-Q2 | Q3/2025 | 2025-11-12 | 112 | 102 | -10 | 28 | 18 | – | 112 |
| 2026-Q1 | Q2/2025 | 2026-10-07 | 116 | 102 | -14 | -58 | 10 | -68 | 9 |
| 2025-Q4 | Q1/2025 | 2025-06-03 | 171 | 80 | -91 | 179 | – | – | 8 |
| 2025-Q3 | Q4/2024 | – | 116 | 166 | 50 | 21 | – | – | 113 |
| 2025-Q2 | Q3/2024 | 2024-11-13 | 121 | 160 | 39 | 14 | 26 | – | 6 |
| 2025-Q1 | Q2/2024 | – | 158 | 191 | 33 | -101 | 2 | -103 | 111 |
| 2024-Q4 | Q1/2024 | – | 153 | 76~ | -77~ | – | – | – | 114 |
| 2024-Q3 | Q4/2023 | – | 127 | 148 | 21 | -23 | 13 | -36 | 108 |
| 2024-Q2 | Q3/2023 | 2023-11-08 | 125 | 112 | -13 | 5 | 14 | – | 2 |
| 2024-Q1 | Q2/2023 | – | 113 | 95 | -18 | -20 | 11 | -31 | 106 |
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
| Segment | Since | Period | Basis | Revenue | Growth | Source |
|---|---|---|---|---|---|---|
| Digital Solutions & Lifecycle | 2025-Q1 | 2027-Q1 | 3M | 240 | 0% | 13 |
| Print & Packaging Equipment | 2025-Q1 | 2027-Q1 | 3M | 148 | 30% | 13 |
| HEIDELBERG Technology | 2025-Q1 | 2027-Q1 | 3M | 17 | – | 13 |
| EMEA | FY2025 | FY2025 | 12M | 1,136 | 6% | 8 |
| Asia-Pacific | FY2025 | FY2025 | 12M | 637 | 7% | 8 |
| Americas | FY2025 | FY2025 | 12M | 507 | 14% | 8 |
| Packaging Solutions | 2023-Q1 | FY2025 | 12M | 1,175 | – | 8 |
| Print Solutions | 2023-Q1 | FY2025 | 12M | 1,099 | – | 8 |
| Technology Solutions | 2023-Q1 | FY2025 | 12M | 7 | – | 8 |
Products & M&A (3/29 active+recent)#
Product announcements from the reports; market launches, approvals, partnerships; with first mention (date) and source. Methodology
| Product/Line | Since | Status | Source |
|---|---|---|---|
| HD Advanced Technologies Joint Venture ONBERG | 2027-03 | Planned | 13 |
| Jetfire 75 digital printing system (B2 format) | 2026-01 | Launched | 12 |
| HD Advanced Technologies GmbH establishment | 2026 | Launched | 12 |
| Labelexpo 2025 Europe trade fair | 2025-09 | Planned | 10 |
| HEIDELBERG Jetfire | 2025-06 | Planned | 6 |
| Cartonmaster CX 145 (partnership with manroland sheetfed) | 2025-06 | Launched | 12 |
| China Print 2025 trade fair | 2025-05 | Launched | 9 |
| Wallbox charging stations (e-mobility) | 2025 | Launched | 8 |
| Hydrogen electrolyzer prototype development | 2025 | Planned | 8 |
| Gallus Five digital label printing press (2×) | 2025 | Launched | 12 |
| FoilStar Generation 4 | 2025 | Launched | 12 |
| CoatingCenter automated coating supply system | 2025 | Launched | 12 |
| Amperfied charging infrastructure expansion (SAP) | 2025 | Planned | 12 |
| Structural reduction at Wiesloch-Walldorf site | 2024-12 | Planned | 8 |
| Jetfire 50 industrial digital printing system | 2024-12 | Planned | 8 |
| Speedmaster XL 106 Gen24 | 2024-05 | Launched | 4 |
| HEIDELBERG Jetfire digital inkjet printing machine | 2024-05 | Launched | 4 |
| Versafire LP and LV systems | 2024 | Launched | 4 |
| StackStar-C robotic cobot (2×) | 2024 | Launched | 12 |
| StackStar-C collaborative robot for postpress automation | 2024 | Launched | 8 |
| Speedmaster XL 106 new generation with enhanced AI automation | 2024 | Launched | 8 |
| Prinect Touch Free workflow (2×) | 2024 | Launched | 12 |
| Jetfire family inkjet printing systems (Canon partnership) | 2024 | Launched | 8 |
| HEIDELBERG Boardmaster | 2024 | Launched | 4 |
| DryStar Combi dryer for XL 106 machines | 2024 | Planned | 8 |
| Boardmaster flexographic press barrier coating capability (Solenis partnership) | 2024 | Launched | 8 |
| Boardmaster flexographic printing system | 2023-05 | Launched | 4 |
| Wallbox Connect Solar | 2023 | Launched | 4 |
| DIN-certified barrier-free charging station | 2023 | Launched | 4 |
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
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| POLAR machines production takeover | 2026-07 | Completed | 13 |
| Acquisition of manroland sheetfed Group service and spare parts business | 2026-07 | Completed | 13 |
| Joint venture ONBERG Autonomous Systems (with Ondas) | 2026-03 | Completed | 12 |
| Polar Group cutting and die-cutting systems business acquisition (3x) | 2025-08 | Completed | 10 |
| Acquisition of Polar Mohr technology and IP | 2025 | Completed | 12 |
| Canon production printing collaboration for digital commercial printing | 2024-05 | Completed | 8 |
| Cooperation agreement with DB Bahnbau Gruppe for charging infrastructure | 2024-02 | Announced | 4 |
| E-Mobility business operations contribution to Amperfied GmbH | 2024 | Completed | 4 |
Divestitures / exits
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
| Risk | Category | First reported | Last reported |
|---|---|---|---|
| Negative exchange rate effects of approximately €4 million in Asia-Pacific region despite sales improvements | Financial | FY2025 2025-06-03 8 | 2026-10-07 9 |
| Trump administration customs and economic policies causing uncertainty and purchasing restraint in US market | Macro | 2026-10-07 9 | 2026-10-07 9 |
| Financial covenants on equity ratio, EBITDA ratios, and interest coverage in credit facilities | Financial | FY2025 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 shortages | Supply chain | FY2025 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 notice | Legal | 2026-Q4 2026-06-02 12 | 2026-Q4 2026-06-02 12 |
| Product liability cases for discontinued machinery produced by former Linotype-Hell Aktiengesellschaft | Legal | FY2024 2024-06-05 4 | 2026-Q4 2026-06-02 12 |
| Legal disputes regarding warranty cases in connection with sales of machinery | Legal | FY2024 2024-06-05 4 | 2026-Q4 2026-06-02 12 |
| Cyber incidents and ransomware attacks represent highest operational risk with potential for full IT shutdown | Technology | 2026-Q4 2026-06-02 12 | 2026-Q4 2026-06-02 12 |
| Financing commitments require compliance with financial covenants; deterioration could impact liquidity | Financial | FY2025 2025-06-03 8 | FY2025 2025-06-03 8 |
| Risk if financing partners unavailable; would force expansion of own financial commitments | Financial | FY2025 2025-06-03 8 | FY2025 2025-06-03 8 |
| Lease liabilities of €67 million with future commitments; building leases contain extension/cancellation options | Financial | FY2025 2025-06-03 8 | FY2025 2025-06-03 8 |
| Plan deficit risk exists; funding ratio volatility exposes to investment and interest rate risks | Financial | FY2025 2025-06-03 8 | FY2025 2025-06-03 8 |
| Receivables from sales financing concentrated in print media industry; Brazil represents 50% of financing receivables | Financial | FY2025 2025-06-03 8 | FY2025 2025-06-03 8 |
| €2,134 million in unrecognized tax loss carryforwards; realization uncertain | Financial | FY2025 2025-06-03 8 | FY2025 2025-06-03 8 |
| Ongoing war in Ukraine influenced European economic development and creates geopolitical uncertainty. | Geopolitics | FY2025 2025-06-03 8 | FY2025 2025-06-03 8 |
| Over 50 percent of Group sales concentrated in packaging sector | Customers | FY2025 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. | People | FY2025 2025-06-03 8 | FY2025 2025-06-03 8 |
| Planned cost reduction program cutting 450 positions at Wiesloch-Walldorf and ~150 at other German sites | People | FY2025 2025-06-03 8 | FY2025 2025-06-03 8 |
| Antitrust risks arise from market structure and HEIDELBERG's market position | Legal | FY2025 2025-06-03 8 | FY2025 2025-06-03 8 |
| Expiry of state-funded investment program in Italy decreased incoming orders by over €60 million | Macro | 2026-10-07 13 | 2026-10-07 13 |
| Changes in exchange rates could impact financial results and regional performance | Market | 2026-10-07 13 | 2026-10-07 13 |
| Significant regional variations in demand with EMEA declining 16 percent while Asia-Pacific improved 17 percent | Market | 2026-10-07 13 | 2026-10-07 13 |
| Persistently elevated input costs due to tariffs and supply chain disruptions | Financial | 2026-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 liabilities | Financial | 2026-Q4 2026-06-02 12 | 2026-Q4 2026-06-02 12 |
| Financial liabilities comprise revolving credit facility of €436 million through January 2030 | Financial | 2026-Q4 2026-06-02 12 | 2026-Q4 2026-06-02 12 |
| Pension obligations sensitive to interest rate changes; remeasurement effects could negatively impact equity ratio | Financial | FY2024 2024-06-05 4 | 2026-Q4 2026-06-02 12 |
| Weaker product mix year-on-year negatively impacts EBITDA | Financial | 2026-Q4 2026-06-02 12 | 2026-Q4 2026-06-02 12 |
| Trade payables decreased from €243 million to €217 million; supply chain finance program active | Financial | 2026-Q4 2026-06-02 12 | 2026-Q4 2026-06-02 12 |
| Ongoing geopolitical tensions and military conflicts burden markets and logistics | Geopolitics | 2026-Q4 2026-06-02 12 | 2026-Q4 2026-06-02 12 |
| Declining industrial production in Germany impacts core markets | Customers | 2026-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 orders | Customers | 2026-Q4 2026-06-02 12 | 2026-Q4 2026-06-02 12 |
| War in Middle East led to sharp decline in investment demand in Q4 | Customers | 2026-Q4 2026-06-02 12 | 2026-Q4 2026-06-02 12 |
| Supply bottlenecks and order delays from geopolitical tensions | Supply chain | 2026-Q2 2025-11-12 10 | 2026-Q4 2026-06-02 12 |
| Intense competition from China in mechanical engineering sector | Macro | 2026-Q4 2026-06-02 12 | 2026-Q4 2026-06-02 12 |
| Negative currency effects of approximately €69-71 million impact sales and orders | Macro | FY2024 2024-06-05 4 | 2026-Q4 2026-06-02 12 |
| Rising energy costs from Middle East conflict impact operations | Macro | 2026-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 disruptions | Macro | 2026-Q4 2026-06-02 12 | 2026-Q4 2026-06-02 12 |
| US tariff policy uncertainty negatively impacts global sales and supply chains | Macro | 2026-Q4 2026-06-02 12 | 2026-Q4 2026-06-02 12 |
| US protectionist policies and tariffs negatively impact international trade and customer investment willingness | Macro | FY2025 2025-06-03 8 | 2026-Q4 2026-06-02 12 |
| Contingent liabilities from sureties reduced from €9 million to €6 million | Legal | 2026-Q4 2026-06-02 12 | 2026-Q4 2026-06-02 12 |
| Contingent liabilities in connection with legal disputes are immaterial | Legal | FY2025 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 costs | Regulatory | 2026-Q4 2026-06-02 12 | 2026-Q4 2026-06-02 12 |
| Intense competitive pressure and structural changes in customer base; machinery business remains highly cyclical | Competition | 2026-Q4 2026-06-02 12 | 2026-Q4 2026-06-02 12 |
| Exchange rate effects reduced incoming orders by €27 million and sales by €23 million | Financial | 2026-Q2 2025-11-12 10 | 2026-Q2 2025-11-12 10 |
| Incoming orders in US market down 14% due to tariff-related postponements | Customers | 2026-Q2 2025-11-12 10 | 2026-Q2 2025-11-12 10 |
| Conflicts between USA/Israel with Iran and Gaza strip creating economic uncertainty | Macro | FY2024 2024-06-05 4 | 2026-Q2 2025-11-12 10 |
| US tariff policy and trade uncertainties negatively impacting demand and capital markets | Macro | 2026-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 services | Cyber | FY2025 2025-06-03 8 | FY2025 2025-06-03 8 |
| Cyberspace threats addressed through certified ISMS and continuous improvement processes | Cyber | FY2025 2025-06-03 8 | FY2025 2025-06-03 8 |
| Supply Chain Finance program impacts free cash flow measurement and could affect working capital management. | Financial | FY2025 2025-06-03 8 | FY2025 2025-06-03 8 |
| Negative exchange rate effects of approximately €6 million impacting sales | Financial | FY2025 2025-06-03 8 | FY2025 2025-06-03 8 |
| Inflation remains elevated despite recent declines; risk of further inflation from US tariff policy | Financial | FY2025 2025-06-03 8 | FY2025 2025-06-03 8 |
| Interest expenses of €37-39 million annually expose cash flow to rate changes | Financial | FY2024 2024-06-05 4 | FY2025 2025-06-03 8 |
| Order backlogs that have supported sector now fallen considerably industry-wide | Customers | FY2025 2025-06-03 8 | FY2025 2025-06-03 8 |
| Material costs ratio increased to 45.3% from 44.0%; higher costs assumed going forward | Supply chain | FY2025 2025-06-03 8 | FY2025 2025-06-03 8 |
| Risk of production downtimes or cost increases due to supplier loss or supply route interruption | Supply chain | FY2025 2025-06-03 8 | FY2025 2025-06-03 8 |
| Global supply chain disruptions and raw material availability remain operational challenges | Supply chain | FY2024 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% | Macro | 2024-Q1 1 | FY2025 2025-06-03 8 |
| Uncertain US trade policy and potential tariffs on products could necessitate price adjustments in US market. | Macro | FY2025 2025-06-03 8 | FY2025 2025-06-03 8 |
| Military conflicts in Ukraine, Middle East and other regions create unpredictable global conditions | Market | FY2025 2025-06-03 8 | FY2025 2025-06-03 8 |
| Euro zone weak growth 0.8 percent; German mechanical engineering production fell 7.2 percent | Market | FY2025 2025-06-03 8 | FY2025 2025-06-03 8 |
| Commercial, advertising and publishing printing sectors in long-term decline; overcapacities in some customer sectors | Market | FY2025 2025-06-03 8 | FY2025 2025-06-03 8 |
| Risk of production disruptions from fires, natural disasters, machinery failure or logistics problems | produktion | FY2024 2024-06-05 4 | FY2025 2025-06-03 8 |
| Systematic investigation and punishment procedures for compliance violations established | Legal | FY2025 2025-06-03 8 | FY2025 2025-06-03 8 |
| Data protection compliance across jurisdictions with global guidelines and local supplements | Regulatory | FY2025 2025-06-03 8 | FY2025 2025-06-03 8 |
| Increasing regulatory requirements for recyclability and mono-material/paper-based packaging solutions | Regulatory | FY2025 2025-06-03 8 | FY2025 2025-06-03 8 |
| Gender quota target of 30% women on supervisory board achieved (4 of 12 members) | Regulatory | FY2025 2025-06-03 8 | FY2025 2025-06-03 8 |
| NIS-2 Directive and Cyber Resilience Act increase regulatory requirements for IT security | Regulatory | FY2025 2025-06-03 8 | FY2025 2025-06-03 8 |
| Management Board remuneration system subject to regulatory compliance requirements and maximum remuneration caps. | Regulatory | FY2025 2025-06-03 8 | FY2025 2025-06-03 8 |
| Market increasingly demanding sustainable packaging solutions and reduced environmental impact | Regulatory | FY2024 2024-06-05 4 | FY2025 2025-06-03 8 |
| Uncertain income tax positions measured at most probable amount | Regulatory | FY2025 2025-06-03 8 | FY2025 2025-06-03 8 |
| Ongoing structural change in printing industry driven by digitization of society affecting traditional segments | Technology | FY2024 2024-06-05 4 | FY2025 2025-06-03 8 |
| Highly competitive markets requiring continuous innovation and cost efficiency improvements | Competition | FY2025 2025-06-03 8 | FY2025 2025-06-03 8 |
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
| Date | Period | KPI | Value / change | Source |
|---|---|---|---|---|
| 2026-10-07 | 2027-Q2 | Staff costs ratio | 38 | 13 |
| 2026-10-07 | 2027-Q2 | Order backlog | 762 (EUR € millions) | 13 |
| 2026-10-07 | 2027-Q2 | Order backlog | 789 (EUR € millions) | 9 |
| 2026-10-07 | 2027-Q2 | Order backlog | 709 (EUR in € millions) | 11 |
| 2026-10-07 | 2027-Q2 | Net working capital | 418 (EUR € millions) | 9 |
| 2026-10-07 | 2027-Q2 | Incoming orders | 537 (EUR € millions) | 13 |
| 2026-10-07 | 2027-Q2 | Equity ratio | 24.3 | 13 |
| 2026-10-07 | 2027-Q2 | Equity ratio | 24.0 | 9 |
| 2026-10-07 | 2027-Q2 | Adjusted EBITDA margin | 0.2 | 13 |
| 2026-10-07 | 2027-Q2 | Adjusted EBITDA margin | 4.4 | 9 |
| 2026-06-02 | 2026-Q4 | Net working capital | 373 (EUR millions) | 12 |
| 2026-06-02 | 2026-Q4 | Equity ratio | 27 | 12 |
| 2026-06-02 | 2026-Q4 | Equity | 568 (EUR millions) | 12 |
| 2026-06-02 | 2026-Q4 | Contingent liabilities | 6 (millions EUR) | 12 |
| 2026-06-02 | 2026-Q4 | Revaluation reserve land prior year | 160 (millions) | 12 |
| 2026-06-02 | 2026-Q4 | Revaluation reserve land | 161 (millions) | 12 |
| 2026-06-02 | 2026-Q4 | Return on equity | 2.6 (EUR percent) | 12 |
| 2026-06-02 | 2026-Q4 | R&D costs | 104 (EUR € millions) | 12 |
| 2026-06-02 | 2026-Q4 | Order backlog | 639 (EUR millions) | 12 |
| 2026-06-02 | 2026-Q4 | Net carrying amounts pensions 31-Mar-2026 | 605 (EUR millions) | 12 |
| 2026-06-02 | 2026-Q4 | Net carrying amounts pensions 31-Mar-2025 | 649 (EUR millions) | 12 |
| 2026-06-02 | 2026-Q4 | NWC | 373 (€ millions) | 12 |
| 2026-06-02 | 2026-Q4 | Incoming orders | 2,246 (EUR millions) | 12 |
| 2026-06-02 | 2026-Q4 | Foreign sales share | 88.8 | 12 |
| 2026-06-02 | 2026-Q4 | Equity ratio | 27.2 | 12 |
| 2026-06-02 | 2026-Q4 | Equity | 568 (EUR millions) | 12 |
| 2026-06-02 | 2026-Q4 | EBITDA margin | 6.3 | 12 |
| 2026-06-02 | 2026-Q4 | EBIT margin | 2.9 | 12 |
| 2026-06-02 | 2026-Q4 | Cost of materials ratio prior year | 45.3 percent | 12 |
| 2026-06-02 | 2026-Q4 | Cost of materials ratio | 46.1 percent | 12 |
| 2026-06-02 | 2026-Q4 | Adjusted EBITDA margin | 6.6 | 12 |
| 2025-11-12 | 2026-Q2 | Order Backlog | 809 (EUR in € millions) | 10 |
| 2025-11-12 | 2026-Q2 | Net Working Capital | 409 (EUR in € millions) | 10 |
| 2025-11-12 | 2026-Q2 | Incoming Orders | 1,111 (EUR in € millions) | 10 |
| 2025-11-12 | 2026-Q2 | Equity Ratio | 24.4 | 10 |
| 2025-06-03 | FY2025 | Total assets | 2,174 (EUR € millions) | 8 |
| 2025-06-03 | FY2025 | Sustainable business sales | € 6 million | 8 |
| 2025-06-03 | FY2025 | Sustainability KPI weighting | 20% | 8 |
| 2025-06-03 | FY2025 | Revolving credit facility | 370 | 8 |
| 2025-06-03 | FY2025 | return on equity | 0.9 (EUR percent) | 8 |
| 2025-06-03 | FY2025 | relative TSR weighting | 25% | 8 |
| 2025-06-03 | FY2025 | R&D percentage of sales | 8 percent | 8 |
| 2025-06-03 | FY2025 | R&D investment | 89 (EUR in € millions) | 8 |
| 2025-06-03 | FY2025 | order backlog | 722 (EUR € millions) | 8 |
| 2025-06-03 | FY2025 | operating cash flow improvement | +26 | 8 |
| 2025-06-03 | FY2025 | net working capital weighting | 25% | 8 |
| 2025-06-03 | FY2025 | Net working capital | 401 (EUR € millions) | 8 |
| 2025-06-03 | FY2025 | net result margin | 0.2 | 8 |
| 2025-06-03 | FY2025 | net financial position | 91 | 8 |
| 2025-06-03 | FY2025 | incoming orders group | 2,433 (EUR in € millions) | 8 |
| 2025-06-03 | FY2025 | foreign sales share | 87.9 | 8 |
| 2025-06-03 | FY2025 | FCF margin | 2.2 | 8 |
| 2025-06-03 | FY2025 | Equity ratio | 25.1 | 8 |
| 2025-06-03 | FY2025 | adjusted EBITDA technology solutions | – 11 (in € millions) | 8 |
| 2025-06-03 | FY2025 | adjusted EBITDA print solutions | 74 (EUR in € millions) | 8 |
| 2025-06-03 | FY2025 | adjusted EBITDA packaging solutions | 100 (EUR in € millions) | 8 |
| 2025-06-03 | FY2025 | adjusted EBITDA margin | 7.1 percent | 8 |
| 2025-06-03 | FY2025 | adjusted EBITDA margin | 7.1 | 8 |
| 2025-06-03 | FY2025 | tax loss carryforwards | 2134 (EUR millions) | 8 |
| 2025-06-03 | FY2025 | restricted cash | 55 (EUR millions) | 8 |
| 2025-06-03 | FY2025 | RTSR | 43% | 8 |
| 2025-06-03 | FY2025 | R&D ratio | 4.7 | 8 |
| 2025-06-03 | FY2025 | Present value DBO | 977 (EUR millions) | 8 |
| 2025-06-03 | FY2025 | Plan assets | 327 (EUR millions) | 8 |
| 2025-06-03 | FY2025 | Net sales | 2,286 (EUR € millions) | 8 |
| 2025-06-03 | FY2025 | NWC ratio | 17.6 | 8 |
| 2025-06-03 | FY2025 | Lease liabilities non-current | 42 (millions) | 8 |
| 2025-06-03 | FY2025 | Lease liabilities current | 26 (millions) | 8 |
| 2025-06-03 | FY2025 | Free cash flow | 27 (EUR € millions) | 8 |
| 2025-06-03 | FY2025 | Equity | 546 (EUR in € millions) | 8 |
| 2025-06-03 | FY2025 | EBT average | 66 (€ millions) | 8 |
| 2025-06-03 | FY2025 | EBITDA margin | 7.1% | 8 |
| 2025-06-03 | FY2025 | EBIT margin weighting | 30% | 8 |
| 2025-06-03 | FY2025 | Discount rate Germany | 3.46 | 8 |
| 2025-06-03 | FY2025 | Discount rate Foreign | 3.68 | 8 |
| 2025-06-03 | FY2025 | Contract liabilities | 254 (millions) | 8 |
| 2025-06-03 | FY2025 | Cash and equivalents | 171 (EUR millions) | 8 |
| 2025-06-03 | FY2025 | CO2 intensity reduction | 41% | 8 |
| – | 2025-Q3 | Order backlog | 903 (EUR millions) | 7 |
| – | 2025-Q3 | Equity ratio | 21.2 | 7 |
| – | 2025-Q3 | Equity | 469 (EUR millions) | 7 |
| – | 2025-Q3 | EBITDA margin (Q3) | 4.4 | 7 |
| – | 2025-Q3 | Adjusted EBITDA margin (Q3) | 9.2 | 7 |
| – | 2025-Q3 | Adjusted EBITDA margin (9M) | 5.7 | 7 |
| 2024-11-13 | 2025-Q2 | Order backlog | 953 (EUR in € millions) | 6 |
| 2024-11-13 | 2025-Q2 | Net working capital | 493 (EUR in € millions) | 6 |
| 2024-11-13 | 2025-Q2 | Equity ratio | 21.6 | 6 |
| 2024-11-13 | 2025-Q2 | Book-to-bill ratio | 1.08 | 6 |
| 2024-11-13 | 2025-Q2 | Adjusted EBITDA margin | 3.4 | 6 |
| – | 2025-Q1 | Order backlog | 923 (EUR € millions) | 5 |
| – | 2025-Q1 | Incoming orders | 701 (EUR € millions) | 5 |
| – | 2025-Q1 | Equity ratio | 22.7 | 5 |
| – | 2025-Q1 | Adjusted EBITDA margin | – 2.3 | 5 |
| 2024-06-05 | FY2024 | Cost of materials to total operating performance ratio | 44.0% | 4 |
| 2024-06-05 | FY2024 | prior year ratio cost of materials to total operating performance | 45.7% | 4 |
| 2024-06-05 | FY2024 | prior year future lease income | 12 (EUR millions) | 4 |
| 2024-06-05 | FY2024 | prior year fair value investment property | 10 (EUR millions) | 4 |
| 2024-06-05 | FY2024 | order backlog | 652 (EUR in € millions) | 4 |
| 2024-06-05 | FY2024 | future lease income | 8 (EUR millions) | 4 |
| 2024-06-05 | FY2024 | fair value investment property | 12 (EUR millions) | 4 |
| 2024-06-05 | FY2024 | Equity ratio | 24.9 | 4 |
| 2024-06-05 | FY2024 | adjusted EBITDA margin | 7.2 | 4 |
| 2024-06-05 | FY2024 | Return on equity | 7.4 (EUR percent) | 4 |
| 2024-06-05 | FY2024 | R&D costs | 104 (EUR € millions) | 4 |
| 2024-06-05 | FY2024 | R&D as % of sales | 4.3 | 4 |
| 2024-06-05 | FY2024 | Patent applications | 60 | 4 |
| 2024-06-05 | FY2024 | Order backlog | 652 (EUR € millions) | 4 |
| 2024-06-05 | FY2024 | Order backlog | declined significantly across the sector | 4 |
| 2024-06-05 | FY2024 | Net working capital as % of sales | 19.7 | 4 |
| 2024-06-05 | FY2024 | Net working capital | 472 (EUR € millions) | 4 |
| 2024-06-05 | FY2024 | Net Working Capital | 472 (EUR € millions) | 4 |
| 2024-06-05 | FY2024 | Foreign sales share | 87.0 | 4 |
| 2024-06-05 | FY2024 | Equity ratio | 25 | 4 |
| 2024-06-05 | FY2024 | Adjusted EBITDA margin | 7.2 | 4 |
| 2024-06-05 | FY2024 | Active patents and patent applications | 2,429 | 4 |
| – | 2024-Q3 | Order backlog | 786 (EUR in € millions) | 3 |
| – | 2024-Q3 | Net working capital to sales ratio | 24.4 | 3 |
| – | 2024-Q3 | Equity ratio | 21.8 | 3 |
| – | 2024-Q3 | Adjusted EBITDA margin | 8.0 | 3 |
| 2023-11-08 | 2024-Q2 | Order backlog | 886 (EUR in € millions) | 2 |
| 2023-11-08 | 2024-Q2 | Net working capital as % of sales | 22.8 | 2 |
| 2023-11-08 | 2024-Q2 | Net working capital | 549 (EUR in € millions) | 2 |
| 2023-11-08 | 2024-Q2 | Equity ratio | 26.0 | 2 |
| 2023-11-08 | 2024-Q2 | Book-to-bill ratio (Q2) | 1.08 | 2 |
| 2023-11-08 | 2024-Q2 | Adjusted EBITDA margin (Q2) | 10.7 | 2 |
| 2023-11-08 | 2024-Q2 | Adjusted EBITDA margin (6M) | 9.2 | 2 |
| – | 2024-Q1 | Order backlog | 877 (EUR in € millions) | 1 |
| – | 2024-Q1 | Net working capital to sales ratio | 22 | 1 |
| – | 2024-Q1 | Equity ratio | 23.2 | 1 |
| – | 2024-Q1 | Book-to-bill ratio | 1.1 | 1 |
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.
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
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
| # | Document type | Published | Link |
|---|---|---|---|
| #1 / #101 | IR-Quarter quarterly report | – | Open |
| #3 / #103 | IR-Quarter quarterly report | – | Open |
| #4 / #104 | IR-Report report | – | Open |
| #5 / #106 | IR-Quarter quarterly report | – | Open |
| #7 / #108 | IR-Quarter quarterly report | – | Open |
| #2 / #102 | IR-Quarter quarterly report | 2023-11-08 | Open |
| #6 / #107 | IR-Quarter quarterly report | 2024-11-13 | Open |
| #8 / #109 | IR-Report report | 2025-06-03 | Open |
| #10 / #112 | IR-Quarter quarterly report | 2025-11-12 | Open |
| #12 / #114 | IR-Report report | 2026-06-02 | Open |
| #9 / #111 | IR-Quarter quarterly report | 2026-10-07 | Open |
| #11 / #113 | IR-Quarter quarterly report | 2026-10-07 | Open |
| #13 / #116 | IR-Quarter quarterly report | 2026-10-07 | Open |
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.