Heidelberger Druckmaschinen AG

Latest Results (22.12.2025):

Heidelberger Druckmaschinen AG — second quarter of the 2025/2026 financial year (interim report covering April 1 to September 30, 2025): after six months the company reports higher sales and materially improved profitability but still negative free cash flow for the half‑year. Incoming orders are below the prior (drupa‑boosted) year, the adjusted EBITDA margin has roughly doubled year‑on‑year, the net result for the half‑year is break‑even and management confirms its full‑year guidance.

Key six‑month figures

6M (Apr–Sep 2025): Incoming orders €1,111m (‑12.7% vs €1,273m); net sales €985m (+7.6% vs €915m); adjusted EBITDA €63m (6.4% margin, vs €31m / 3.4% prior year); net result after taxes €0m (vs €‑35m); free cash flow €‑64m (improved from €‑102m).

Second‑quarter snapshot

Q2 (Jul–Sep 2025): Incoming orders €551m (vs €571m); sales €519m (vs €512m); adjusted EBITDA €43m (8.2% margin, vs €40m / 7.8%); net result €11m (vs €7m); free cash flow slightly positive at €4m.

Orders and backlog

Book‑to‑bill for the half year was 1.13 (prior year 1.4). Order backlog rose versus the start of the financial year to €809m (Mar 31, 2025: €652m; Sep 30, 2024: €953m). Management notes the year‑on‑year orders decline is largely explained by last year’s drupa effect and about €27m FX headwind on orders.

Profitability drivers

Adjusted EBITDA improved notably on cost and efficiency measures from the Company’s “plan for the future” (staff/cost reductions, production efficiency). Staff costs were broadly stable (€389m) and the adjusted EBITDA margin rose to 6.4% for 6M and 8.2% in Q2.

Cash, liquidity and financing

Free cash flow remains negative for the half year at €‑64m though improved; Q2 was positive. Cash and equivalents €112m, financial liabilities €102m, giving a net financial position of €10m. A €370m syndicated credit line (available to July 2028) remains largely unused.

Balance sheet and equity

Total assets €2,181m; equity €533m (equity ratio ~24.4%). Inventories increased to €713m due to the larger backlog; net working capital modestly up to €409m.

Segment performance

Print & Packaging Equipment: sales €463m, incoming orders €566m, adjusted EBITDA €41m (strong margin improvement). Digital Solutions & Lifecycle: sales €493m, incoming orders €516m, adjusted EBITDA €30m. HEIDELBERG Technology: small scale, sales/orders €29m, adjusted EBITDA loss narrowed to €‑7m.

Regional trends

EMEA: orders and sales mixed (EMEA sales rose to €523m). Asia‑Pacific: orders down ~14% YTD but less in Q2; sales €259m. Americas: orders down ~14% YTD (US impacted by tariff uncertainty), sales €202m.

People and costs

Employees (ex. trainees) 9,171 (down from 9,420 at Mar 31, 2025). Staff‑cost ratio improved (36% vs 38% prior year) as the company used measures such as flexible working and some one‑off payments in the prior year.

Outlook

Management confirms its 2025/2026 guidance: sales around €2,350m (vs €2,280m prior year) and an adjusted EBITDA margin targeted up to ~8%, supported by the order backlog and implemented efficiency measures.