Heidelberger Druckmaschinen AG Reports Strong First Half-Year 2025/2026
Despite a challenging macroeconomic climate, Heidelberger Druckmaschinen AG (HEIDELBERG) has reported robust business development and significant profitability improvements during the first half of financial year 2025/2026 (April 1 to September 30, 2025).
The company saw a 8 percent increase in sales, totaling € 985 million compared to the previous year’s figure of € 915 million. Europe and Asia were key regions driving this growth. The second quarter alone saw sales of € 519 million, a significant increase from the first quarter’s sales of € 466 million. Despite negative exchange rate effects of € 12 million compared to the same quarter last year, HEIDELBERG is expecting sales to continue to rise in the second half of the financial year.
The adjusted operating result (EBITDA) doubled from the previous year’s figure, reaching € 63 million (compared to € 31 million in the equivalent period). This resulted in an EBITDA margin of 6.4 percent, a significant improvement from the previous year’s 3.4 percent. This increase can be attributed to strict cost discipline and the implementation of measures outlined in the company’s future plan. Production costs and total working costs also saw improvement compared to the same period last year.
Incoming orders remained stable at € 1,116 million, despite the strong first half of the previous financial year due to the drupa exhibition (compared to € 1,273 million in the equivalent period). In the second quarter, incoming orders totaled € 551 million (compared to € 571 million in the previous year). While the US government’s tariff regulations caused some orders to be postponed, the company’s success at the Labelexpo trade show in September demonstrated its strong market position. With orders in the double-digit million-euro range, HEIDELBERG is showcasing the strategic importance and growth potential of its label printing business.
CEO Jürgen Otto says, “HEIDELBERG is holding up better than the competition in a very challenging market environment and is once again demonstrating that our strategy is working and bearing fruit.” He adds, “The significant improvement in our profitability is particularly encouraging – a clear sign that our measures are proving effective.”
The company’s free cash flow after six months was € -63 million, a significant improvement from the previous year’s € -102 million. Additionally, the net result after taxes for the first half of the year was € -35 million, a significant improvement from the previous year’s figure. The second quarter alone saw a positive result of € 11 million (compared to € 7 million in the equivalent quarter of the previous year).
In the Print & Packaging Equipment segment, sales increased to € 463 million (from € 395 million in the previous year). In the Digital Solutions & Lifecycle segment, sales reached € 493 million (compared to € 491 million in the previous year).
The company received a significant order from a customer in China for ten Jetfire 50 digital printing systems and multiple digital Gallus label machines. Further orders for the Gallus One digital label printing system were also placed at the Labelexpo trade show. In the Technology Solutions segment, sales totaled € 29 million (compared to € 29 million in the previous year). The partnership with VINCORION Advanced Systems GmbH in the defense sector, announced earlier this year, is on track. Adjusted EBITDA improved in all segments.
Dr. David Schmedding, Chief Technology & Sales Officer, says, “Our strategy is working, with packaging and label printing driving our core business.” He adds, “At Labelexpo in Barcelona, our digital innovations for the growth market of label printing proved a particular draw for customers, and we struck numerous deals. Our portfolio for industrial digital printing based on the Jetfire systems is also gradually becoming established in the relevant markets.”
HEIDELBERG believes that playing a leading role as a systems integrator for packaging and digital printing with hybrid printing solutions offers potential in its core business, as does the company’s software and service business in a digital ecosystem. In the Technology Solutions segment, the focus is on expanding the operation of charging infrastructure, including DC technology, and on unlocking new market segments, especially in the defense sector.
Despite the difficult economic climate, the company is confirming its forecast for financial year 2025/2026. A healthy order backlog, current efficiency measures, and the systematic implementation of the company’s strategy are expected to contribute to achieving its targets. HEIDELBERG is expecting sales of around € 2,350 million (compared to € 2,280 million in financial year 2024/2025) and an EBITDA margin adjusted for special items of up
Derick is an experienced reporter having held multiple senior roles for large publishers across Europe. Specialist subjects include small business and financial emerging markets.