Heidelberger Druckmaschinen (HDD) investor relations material

Executive summary

• Net sales grew 6.1% year-over-year to €1,602 million after nine months, despite FX headwinds and a challenging macro environment.

• Adjusted EBITDA margin improved to 7.1%, up 140 basis points year-over-year, reflecting robust operational execution and cost discipline.

• Net result after taxes turned positive at €17 million, up from a €42 million loss in the prior year.

• Free cash flow improved to €-81 million after nine months, better than the prior year's €-97 million, though still negative.

• Strategic focus remains on efficiency, cost discipline, operational execution, and expansion into new growth markets including defense and dual-use technologies.

Financial highlights

• Order intake declined 10.7% year-over-year to €1,628 million, impacted by FX and macroeconomic pressures.

• Adjusted EBITDA rose to €114 million after nine months, up from €85.9 million the previous year.

• Net financial position improved to €-18 million from €-51 million at the end of the previous fiscal year.

• Equity ratio increased to 26.2%, with equity at €563 million.

• Operating cash flow improved by roughly 50% year-over-year, driven by stronger EBITDA and better cost structure.

Outlook and guidance

• Guidance for FY 2025/26 reaffirmed: net sales expected around €2,350 million, up from €2,280 million last year.

• Adjusted EBITDA margin anticipated at the lower end of the up-to-8% range due to FX and macroeconomic headwinds.

• Outlook remains cautious, reflecting significant FX headwinds and a persistently weak macro and trade environment.