Heidelberger Druckmaschinen (HDD) Q2 2026 earnings summary

Executive summary

• Net sales increased by 8% year-over-year in H1 FY2025/26 to €985 million, with strong top- and bottom-line growth despite FX headwinds, U.S. tariffs, and macroeconomic uncertainty.

• Adjusted EBITDA doubled to €63 million, margin improved to 6.4% from 3.4% year-over-year, driven by higher volumes, cost discipline, and efficiency measures.

• Free cash flow improved to -€64 million from -€102 million year-over-year, turning positive in Q2.

• Global diversification and local-for-local production, especially in China, contributed to resilience and profitability.

• Net result after taxes broke even, a significant improvement from a €-35 million loss in the prior year.

Financial highlights

• H1 FY2025/26 order intake: €1.1 billion to €1.273 billion, with strong performance in Italy and Mexico offsetting declines elsewhere.

• Net sales: €985 million (up from €915 million year-over-year).

• Adjusted EBITDA: €63 million (up from €31 million year-over-year); margin 6.4%.

• Free cash flow: -€64 million (improved from -€102 million year-over-year).

• Net financial position remained positive at €10 million, with strong liquidity and low credit facility utilization.

Outlook and guidance

• Full-year guidance confirmed: net sales of €2,350 million and adjusted EBITDA margin up to 8%.

• Margin improvement expected to be supported by ongoing cost and efficiency measures.

• Order backlog and ongoing initiatives provide confidence in achieving targets.