Heidelberger Druckmaschinen (HDD) Q4 2026 TU earnings summary

Executive summary

• Fiscal year 2025/2026 featured strategic realignment, cost discipline, and resilience amid geopolitical and macroeconomic volatility, including the Iran conflict.

• Net sales rose 1% year-over-year to €2,293m despite adverse currency effects and macroeconomic challenges.

• Strategic expansion into security & defense and digital business reduced reliance on core print business.

• Operational quality improved through structural cost measures and digitalization initiatives.

• Positive net income of €15m, up from €5m the previous year.

Financial highlights

• Order intake reached €2.2 billion (currency-adjusted €2.3 billion), stable year-on-year, but reported as €2,433m, down 3% year-over-year due to normalization and FX headwinds.

• Net sales totaled €2.3 billion, stable year-on-year despite €69 million FX headwinds.

• Adjusted EBITDA margin at 6.6%, with adjusted EBITDA of €151m–€162m.

• Net financial position positive at €39m; equity ratio improved to 27.2%.

• Free cash flow was -€19m, down from previous year, mainly due to lower customer down payments and higher restructuring outflows.

Outlook and guidance

• Strategic and financial guidance to be detailed at the June 10, 2026 press conference.

• Ongoing focus on security and defense, digitalization, and operational efficiency for sustainable growth.

• Macroeconomic challenges and currency headwinds expected to persist.