Heidelberg Druck Loses a Buy Rating and Wins Two Press Orders in the Same Week
Published on 11/06/2026 at 14:21 | Editorial boerse-global.de
Heidelberger Druckmaschinen has spent the past several days collecting customer wins in Brazil and India while absorbing a downgrade and a thinner profit outlook at home. The German press manufacturer confirmed on Tuesday that Brazilian packaging specialist Macron Indústria Gráfica has ordered a Speedmaster CX 104-6+L. According to Heidelberg, the cooperation between its own team and manroland sheetfed's staff helped sway a customer that had previously bought from manroland sheetfed. Macron had already been running a ROLAND 700 Evolution Speed, the company noted.
Two Boardmasters for India, a Decade of Prinect in Germany
India's UFlex is also putting money into Heidelberg kit, taking two Boardmaster machines — another packaging client betting on the group's equipment. Closer to home, Druckhaus Waitkewitsch drew praise on Wednesday for ten years of running the Prinect Production Workflow, which the printer has used as the digital backbone of its operations since 2016.
Those order announcements sit alongside the guidance cut Heidelberg issued roughly a week ago. For fiscal 2026/27 the company now projects an adjusted EBITDA margin of 5.6% to 6.6%, having previously expected a noticeable improvement on the prior-year level. Management pointed to the global economic climate, persistent cost pressure and adverse product-mix effects, particularly linked to the Middle East. Project delays in the Technologies segment added to the drag. The sales target, by contrast, was left untouched: Heidelberg still expects revenue broadly flat year on year, at around EUR 2.3 billion.
Should investors sell immediately? Or is it worth buying Heidelberger Druckmaschinen?
MPCM Cuts Target and Rating
Analysts reacted quickly. MPCM lowered its price target on the stock from EUR 1.80 to EUR 1.20 and stripped the shares of their buy recommendation, moving to hold, according to media reports. The change was a double blow — a lower valuation and a weaker rating — rather than a target adjustment alone.
First-half figures already give a sense of the pressure. Incoming orders reached EUR 1,141 million, revenue came in at EUR 913 million and the adjusted EBITDA margin stood at 3.7%. Free cash flow was negative at EUR -125 million.
Ahead of the bell on Thursday the stock slipped 0.6%, with traders marking time before the full second-quarter and first-half report, scheduled for 12 November 2026. That release will be the first detailed look at the books since the margin guidance came down, and the market's next chance to judge whether the order momentum from Brazil and India can be converted into profit.
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