Heidelberger Druckmaschinen stock: Q2 orders rise, margin outlook holds

Published on 11/15/2026 at 13:14 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Heidelberger Druckmaschinen stock follows stronger Q2 orders. Sales fell in the first half, while adjusted EBITDA guidance stands at 5.6% to 6.6%.

Orders Improve, Profitability Remains Under Pressure

The second quarter benefited from stronger incoming orders across all regions.
Higher working capital weighed on free cash flow in the first half.
The manroland sheetfed integration generated initial orders and sales.

Heideldruck, DE0007314007, Illustration mit AI erstellt.

Heidelberger Druckmaschinen AG reported stronger incoming orders in the second quarter of fiscal 2026/2027 on November 12, while lower first-half sales and negative cash flow kept profitability under pressure. The figures were published in an ANSA press release distributed by news aktuell.

Orders Gain in the Second Quarter

Incoming orders reached 604 million euros in the second quarter, up from 551 million euros a year earlier. Orders for the first six months totaled 1.141 billion euros, compared with 1.111 billion euros in the prior-year period, with growth across all regions.

Second-quarter sales were 509 million euros, versus 519 million euros a year earlier. First-half sales fell to 913 million euros from 985 million euros, although the company expects sales and results to improve significantly in the second half on the back of stronger orders.

Margin Guidance Remains Narrow

The adjusted EBITDA margin reached 6.4% in the second quarter, but the first-half margin was 3.7%, compared with 6.4% in the comparable period. Heidelberger Druckmaschinen said the weaker first-half performance reflected lower sales volumes, negative product mix effects, a tougher macroeconomic environment and delayed projects in its technology segment.

The company confirmed its fiscal 2026/2027 outlook after adjusting the results forecast on October 29. It expects full-year sales to remain stable against the prior year's 2.293 billion euros and an adjusted EBITDA margin between 5.6% and 6.6%.

Cash Flow and Manroland Integration

Free cash flow for the first six months was negative at 125 million euros, compared with negative 64 million euros a year earlier, mainly because of higher net working capital. The first-half net result was negative at 9 million euros, while the second-quarter result benefited from a gain related to the acquisition of manroland sheetfed.

The integration of manroland sheetfed's lifecycle and service business is progressing as planned and generated initial orders and sales in the second quarter. The company said the integration is expected to be completed by the end of 2028.

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