HEIDELBERG sees sequential improvement in business performance in a challenging geopolitical environment
Heidelberger Druckmaschinen AG has reported a sequential improvement in its business performance for the second quarter of the 2026/2027 financial year, despite a challenging geopolitical environment.
Incoming orders for the second quarter of the 2026/2027 financial year improved to €604 million, up from €551 million in the same period of the previous year.
Sales for the first six months totaled €913 million, a decrease from €985 million in the same period of the previous year, though the Q2 figure of €509 million was roughly stable.
The company expects its sales and result figures in the second half of the financial year to be significantly higher than in the first half-year.
Profitability and challenges
The adjusted EBITDA margin for the second quarter was 6.4 percent, up on the previous quarter, but the half-year figure was 3.7 percent, down from 6.4 percent in the previous year.
This decline was mainly due to lower sales volume and negative product-mix effects, exacerbated by a worsening macroeconomic situation, particularly in the Middle East.
The net result after taxes for the first half-year was slightly negative at €-9 million, compared to €0 million in the previous year.
Demand for our products and services remains high, which is reflected in rising incoming orders thanks to our strong market position
The company is focusing on strategic priorities, including the integration of manroland sheetfed, which contributed a gain of €24 million to net income in Q2.
However, profitability is being hit by continuing market volatility, high cost pressures, and temporary project-related expenses.
Financial outlook
The free cash flow after the first six months was €-125 million, compared to €-64 million in the previous year, primarily due to an increase in net working capital.
Despite the challenges, the company's shareholder's equity stood at €596 million on September 30, 2026, up from €568 million at the end of the previous financial year.
HEIDELBERG has a solid financial structure and the necessary stability to systematically invest in line with its strategy, despite a challenging market environment
For the full financial year 2026/2027, Heidelberger Druckmaschinen AG forecasts stable sales and an adjusted EBITDA margin of between 5.6 and 6.6 percent.
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