Heidelberger Druckmaschinen AG (HEIDELBERG) delivered sequential operational gains in a persistently challenging geopolitical environment. In the second quarter of financial year 2026-2027 (1 July to 30 September 2026), incoming orders rose to €604 million, up from €551 million in the previous-year quarter, driven by growth across all regions. Six-month incoming orders edged up to €1,141 million from €1,111 million a year earlier. First-half sales totalled €913 million, down from €985 million in the comparable period, while second-quarter sales held nearly flat at €509 million versus €519 million last year. Backed by its healthy order book and rising intake, the company projects significantly stronger sales and earnings in the second half of the current financial year.
In the second quarter, the adjusted EBITDA margin was up on the previous quarter at 6.4%. For the half-year, the margin stood at 3.7%, down from 6.4% in the year-earlier period, weighed down by lower sales volumes and negative product-mix effects. A deteriorating macroeconomic environment—particularly in the Middle East—also affected investment behaviour, alongside project ramp-up delays in the HEIDELBERG Technology segment. The net result after taxes for the first half-year was slightly negative at €-9 million, compared to €0 million a year earlier. In contrast, second-quarter net profit more than doubled to €24 million from €11 million in the same quarter last year, boosted by a net income gain from the acquisition of manroland sheetfed.
“Demand for our products and services remains high, which is reflected in rising incoming orders thanks to our strong market position,” says HEIDELBERG CEO Jürgen Otto. “Our profitability is being hit by the continuing market volatility and high cost pressures, and by temporary project-related expenses. We are meeting our sales target despite a difficult market environment, and our strategic measures and acquisitions will help restore our profitability.”
Driven primarily by higher net working capital during the financial year, six-month free cash flow stood at €-125 million, compared to €-64 million in the year-earlier period. Meanwhile, the HEIDELBERG Group’s shareholders’ equity rose to €596 million as of 30 September 2026, up from €568 million at the end of the previous financial year on 31 March 2026.
“The main factor influencing the free cash flow in the first half-year was the increase in net working capital,” explains HEIDELBERG CFO Christoph Burkhard. “HEIDELBERG has a solid financial structure and the necessary stability to systematically invest in line with its strategy, despite a challenging market environment.”
Focus on Strategic Priorities
In the HEIDELBERG Technology segment, operations in electromobility (Amperfied) and energy systems were key drivers of incoming orders and sales during the first half of the financial year. The segment also secured initial orders for drone defence systems through its ONBERG joint venture. Due to advance outlay for planned growth, adjusted EBITDA for the segment remained negative at €-9 million.
Strong Market Position in Core Business
In the Digital Solutions & Lifecycle segment, both incoming orders and sales rose year-on-year in the first half. Meanwhile, six-month incoming orders in the Print & Packaging Equipment segment trailed the previous-year level, though second-quarter orders climbed roughly 8% compared to the previous year.
The global integration of manroland sheetfed’s lifecycle and service operations into the HEIDELBERG organisation is progressing on schedule, generating initial orders and sales in the second quarter. Access to over 3,000 new customers and the possible addition of large-format solutions to the portfolio are helping to strengthen the market position of HEIDELBERG. The company expects to complete the integration of manroland sheetfed by the end of 2028, further expanding its business through the newly acquired customer base.
“A major packaging order from Egypt has confirmed that the Boardmaster is highly relevant for high-performance applications. The investments our customer UFlex ASEPTO has made in an international growth market demonstrate that we can benefit from the structural trends in the packaging sector,” says Dr. David Schmedding, Chief Technology and Sales Officer at HEIDELBERG. “Our new label printing press specifically for the Indian market underlines our commitment to playing a key role in India’s label and packaging market.”
Forecast for FY 2026-27
As previously announced on 29 October 2026, HEIDELBERG has adjusted its results forecast for FY 2026-27. The company now anticipates an adjusted EBITDA margin between 5.6% and 6.6% for the current financial year. Meanwhile, its full-year sales forecast remains unchanged, with group revenue expected to hold steady at the previous year’s level of €2,293 million.
