Heidelberger Druckmaschinen orders rise to 604 million euros in second quarter
Key Facts
Orders received by Heidelberger Druckmaschinen totaled 604 million euros in the second quarter of its 2026/2027 fiscal year, which ran from July 1 to September 30, 2026, compared with 551 million euros in the year-earlier quarter. In a statement published on November 12, the company said orders continued to improve and rose in all regions during the quarter. This reinforces the picture of demand for the company’s products and services, with Chief Executive Jürgen Otto saying, "Demand for our products and services remains high." But the increase in orders has not yet translated into sales growth in the first half. Sales in the second quarter and first half were below year-earlier levels, while the adjusted first-half margin also remained lower.
In the six months to September 30, orders reached 1,141 million euros, compared with 1,111 million euros in the year-earlier period, a slight increase, or about 3%, the statement said. This improvement followed first-quarter orders of 537 million euros in the current fiscal year, compared with 559 million euros in the year-earlier first quarter. In fiscal 2025/2026, orders totaled 2,246 million euros, down from 2,433 million euros the previous year. The company attributed the high comparison base in that year partly to the Drupa trade fair, held in May and June 2024, which boosted orders at the time. This background provides context for the current order trend without removing the contrast between higher second-quarter orders and weaker revenue in the first half.
First-half sales totaled 913 million euros, compared with 985 million euros a year earlier, while second-quarter sales were 509 million euros versus 519 million euros in the year-earlier quarter. The company described quarterly sales as close to the year-earlier level, but the six-month total remained clearly lower. Adjusted EBITDA margin rose to 6.4% in the second quarter compared with the previous quarter. However, the first-half margin was 3.7%, against 6.4% in the year-earlier period. The company attributed the decline mainly to lower sales volumes and an adverse product mix, showing that improved demand has not eased pressure on performance for the period as a whole.
The after-tax net result was a loss of 9 million euros in the first half, compared with zero in the year-earlier period. In the second quarter alone, the company posted a net result of 24 million euros, double the 11 million euros recorded in the year-earlier quarter. It said the higher quarterly result reflected a gain from the acquisition of Manroland Sheetfed’s operations. Meanwhile, free cash flow widened to minus 125 million euros in the first half, from minus 64 million euros a year earlier. The company attributed this mainly to an increase in net working capital during the fiscal year, leaving cash generation as a separate measure from improved orders and the quarterly result.
The company also pointed to a deterioration in the macroeconomic environment, particularly in the Middle East, saying it affected investment behavior. It added that project launches in the Heidelberg Technology segment were delayed. Management also linked pressure on profitability to market volatility, cost pressures and temporary project-related expenses. Otto said higher orders reflected the company’s strong market position, while profitability was facing the effects of these pressures. Together, these factors combine weaker sales volumes and product mix on one hand with a deteriorating economic environment and delayed projects on the other.
The company expects sales and results in the second half to be clearly higher than in the first half, citing a good order backlog and higher incoming orders. It left its 2026/2027 fiscal-year sales forecast unchanged, based on stable group sales compared with 2,293 million euros in the previous fiscal year. It also expects an adjusted EBITDA margin of between 5.6% and 6.6% for the current fiscal year. The outlook therefore depends on second-half improvement being sufficient to offset a start to the year marked by lower sales and a weaker half-year margin. The statement did not mention any change to the forecast for stable annual sales.
On the acquisition, the company said the integration of Manroland Sheetfed’s lifecycle and service businesses was proceeding as planned, and that the businesses generated initial orders and sales in the second quarter. Heidelberger Druckmaschinen aims to complete the integration by the end of fiscal 2028. The company included the acquisition gain among the reasons for the higher second-quarter net result, while the operational effects of the integration remain at an early stage, according to the statement. The company is scheduled to publish its third-quarter 2026/2027 fiscal-year figures on February 16, 2027. The next results will provide a further reading on second-half sales and profitability, in line with the disclosure date set by its investor relations calendar.