Heidelberg achieves significant improvement in profitability after nine months of FY 2025/26

Print Solutions

After nine months of financial year 2025/26 (April 1 to December 31, 2025), developments at Heidelberger Druckmaschinen AG (Heidelberg) are in line with expectations. The company has achieved a considerable improvement in its profitability and is also resolutely pressing ahead with its strategic transformation, moving into new areas of business that are enjoying strong growth.

Notwithstanding the challenging environment, sales after three quarters climbed to €1602 million – some 6.1% higher than the previous year’s figure of €1509 million – despite negative exchange rate effects amounting to around €44 million compared with the equivalent period of the previous year. Business in Europe and with packaging and label printing presses saw particularly positive development during this period. At €617 million, the sales figure for the third quarter was around 4% higher than in the equivalent quarter of the previous year and continued the quarter on quarter sales growth so far in the current financial year.

The adjusted operating result (EBITDA) after nine months increased significantly to €114 million (adjusted figure for equivalent period of previous year: €86 million) and the adjusted EBITDA margin improved considerably to 7.1% (equivalent period of previous year: 5.7%).

Implementation of the personnel and efficiency measures envisaged in the plan for the future is having a clear impact. For example, production costs and total working costs improved compared with the corresponding period of the previous year. The personnel cost ratio was lower than in the first nine months of the previous year, falling to 36% (equivalent period of previous year, adjusted for special items: 39%). The company is expecting personnel costs as a whole to remain below the previous year’s figure for the rest of financial year 2025/26.

Incoming orders after nine months totalled €1628 million (previous year: €1823 million). Allowing for the fact that drupa resulted in the previous year being very strong, they were therefore in line with expectations. During the reporting period, the company saw a significant impact from negative exchange rate effects amounting to some €46 million. Incoming orders in the third quarter stood at €517 million (corresponding quarter of previous year: €550 million). The development of incoming orders in the third quarter was particularly positive in the Americas Region, where they were up 17% on the equivalent quarter of the previous year.

Despite a market environment that remains challenging, Heidelberg is consistently pursuing its strategic transformation. Based on its strong industry and systems expertise, the company is systematically tapping into additional markets in the areas of defence, security, energy, charging infrastructure, and industrial system solutions. One key aspect of this process is combining all relevant activities under HD Advanced Technologies GmbH. This strategic further development is building Heidelberg a stronger future and opening up long-term growth opportunities.

In the technology segment, sales after nine months totaled €42million – slightly higher than the previous year’s figure of €41 million. Even though the development of sales is moderate at present, the strategic measures that have been initiated provide a basis for Heidelberg Technology to potentially make a much bigger contribution to business as a whole. In particular, the continuing strategy of tapping into new industries and the creation of new business models are raising expectations of a positive sales trend in the coming years.

‘The measures we have initiated are confirmation of our growth plan,’ said Jürgen Otto, CEO of Heidelberger Druckmaschinen AG. ‘Both strategically and operationally speaking, Heidelberg is extremely well positioned to actively hone this plan and leverage additional opportunities in dynamic future markets.’

At the same time as new areas of business are being unlocked, the company’s core business is also developing robustly. In the print and packaging equipment segment, Heidelberg is benefiting from its strong market position in packaging and label printing. In the reporting period, this segment’s sales increased to €804 million (previous year’s figure: €705 million). In the digital solutions and lifecycle segment, the company is further expanding its role as a systems integrator – with hybrid printing, software, and service solutions as part of a digital ecosystem. In this segment, the company achieved nine month sales of € 755 million (previous year’s figure: €763 million).

‘Our strength lies in the intelligent way we combine presses, software, and service operations,’ said Dr David Schmedding, chief technology and sales officer. ‘By specifically expanding our digital printing portfolio and launching new high performance systems such as the Jetfire 75, we are creating additional growth potential – both in our core business and beyond.’

The company is confirming its forecast for financial year 2025/26. A healthy order backlog, the current efficiency measures, and systematic implementation of the strategy are laying the foundations for achieving its targets.