Heidelberger Druckmaschinen (HDD) Q1 2027 earnings summary

Executive summary

• Q1 FY 2026/27 faced challenging market conditions, with order intake and net sales declining, but strategic progress in diversification, cost optimization, and integration of manroland and POLAR.

• Expansion into defense and energy storage through ONBERG and PHENOGY partnerships supports long-term growth.

• International growth was resilient in APAC and the Americas, while EMEA faced headwinds, especially Italy.

• New CFO, Christoph Burkhard, appointed to drive strategic development.

Financial highlights

• Order intake: €537 million, down 4% year-over-year; net sales: €404 million, down 13% year-over-year.

• Adjusted EBITDA margin: 0.2%, down from 4.4% in prior year; adjusted EBITDA: €0.9 million.

• Net loss: €-32.4 million for the quarter.

• Free cash flow: €-77 million, reflecting lower earnings and higher investments.

• Equity ratio: 24.3%, down from 27.2% at year-end; net financial position: €-39 million, down from €39 million at prior year-end.

Outlook and guidance

• Full-year 2026/2027 guidance confirmed: net sales expected to remain stable at €2,293 million, with a noticeable improvement in adjusted EBITDA margin.

• Print & Packaging Equipment: sales to decline, but margins to increase significantly.

• Digital Solutions & Lifecycle: slight sales growth, modest margin dilution.

• HEIDELBERG Technology: significant growth in sales and margin expected, driven by diversification and defense expansion.