Heidelberger Druckmaschinen (HDD) Q2 2027 earnings summary

Executive summary

• Q2 sales rose to €509m from €404m in Q1, while adjusted EBITDA margin improved to 6.4% from 0.2%; the margin was down 180 bps year over year.

• H1 order intake increased to €1,141m, but sales fell to €913m and adjusted EBITDA to €33m; backlog reached €839m, supporting higher H2 sales.

• FY 2026/27 adjusted EBITDA margin guidance was revised to 5.6%–6.6%; sales guidance remained stable at the prior-year level of €2,293m.

Financial highlights

• Q2 order intake rose 9.6% year over year to €604m; net sales were €509m, down 1.8% year over year.

• H1 adjusted EBITDA was €33m versus €63m; lower volume and capacity utilization reduced EBITDA by €28m, partly offset by €9m from product margin and €7m from operating-cost measures.

• H1 EBIT was €14.9m versus €25.6m, and net result after taxes was -€8.8m versus €0m; Q2 net result was €23.6m versus €10.9m.

Outlook and guidance

• FY 2026/27 net sales guidance was confirmed at the FY 2025/26 level of €2,293m; higher H2 sales than H1 are expected as backlog converts.

• Adjusted EBITDA margin guidance was revised to 5.6%–6.6%, reflecting cost inflation, adverse product and regional mix, and softer macroeconomic conditions.

• H2 priorities include backlog conversion, cost and margin discipline, and stronger cash generation.