Heidelberger Druckmaschinen (HDD) Q1 2026 earnings summary

Executive summary

• Sales rose 16% year-over-year to €466 million, with adjusted EBITDA margin improving to 4.4% from -2.3%, reflecting efficiency gains and strategic initiatives.

• Incoming orders reached €559 million, lower than the prior year due to the drupa effect, but the order backlog increased to €789 million, supporting stable demand.

• Strategic initiatives included the acquisition of Polar Mohr technology, entry into the defense industry via a partnership with Vincorion, and ongoing transformation of the Technology segment.

• Celebrated 175th anniversary, reinforcing employee loyalty and motivation.

Financial highlights

• Net sales increased to €466.2 million from €402.5 million year-over-year; incoming orders were €559 million, down from €701 million.

• Adjusted EBITDA improved to €20.5 million (4.4% margin) from -€9.1 million (-2.3% margin) year-over-year.

• Free cash flow improved to -€68 million from -€103 million, driven by better operating cash flow.

• Basic EPS improved to -€0.04 from -€0.13 year-over-year.

• Equity at €517 million (24% equity ratio); net financial position positive at €14 million.

Outlook and guidance

• Full-year sales guidance confirmed at around €2,350 million, with adjusted EBITDA margin guidance up to 8%.

• Sequential cost improvements expected, especially in personnel costs, supported by the "Zukunftsplan".

• Order intake of around €600 million per quarter needed to meet sales target, considered achievable.

• No significant risk from weak U.S. dollar as it is factored into planning.