Heidelberger Druckmaschinen (HDD) Q2 2026 (Media) earnings summary

Executive summary

• Achieved robust business development and significantly improved profitability in H1 FY 2025/26, with sales rising 7.6%–8% year-over-year to €985 million–€1,111 million, despite a challenging market and industry order declines.

• EBITDA nearly doubled to €63 million (6.4% margin), driven by higher volumes, cost discipline, and efficiency measures.

• Net income after tax reached break-even, a significant improvement from a €35 million loss in the prior year.

• Free cash flow improved to minus €63–€64 million from minus €102 million year-over-year.

• Outperformed industry peers in Germany, maintaining stability despite a 19% industry order decline.

Financial highlights

• Revenue for the first half rose 7.6%–8% year-over-year to €985 million–€1,111 million; Q2 revenue was €519 million, up from €466 million in Q1.

• Adjusted EBITDA margin improved to 6.4% from 3.4% year-over-year.

• EBIT reached €26 million, up from €-6 million year-over-year.

• Order intake for six months was €985 million–€1,116 million, with some sources noting a 12.7%–13% year-over-year decline.

• Free cash flow improved to minus €63–€64 million from minus €102 million year-over-year.

Outlook and guidance

• Expects second-half revenue to exceed the first half, supported by a solid order backlog and ongoing efficiency measures.

• Full-year sales expected at approximately €2,350 million, with adjusted EBITDA margin forecasted to improve to up to 8%.

• Full-year guidance for 2025/26 confirmed despite economic headwinds.