Heidelberg Druck: Printing Giant Goes Rogue – China Factories and Drone Defense Lift Stock 15%
13.06.2026 - 18:13:15 | boerse-global.de
Heidelberger Druckmaschinen is rewriting its identity. The printing press manufacturer has spent the past week winning back investors after laying out a sweeping restructuring plan that marries offshore production with an audacious foray into drone defense. The stock closed Friday at €1.58, a near-15% jump in seven days. But beneath the rally lies a company caught between a shrinking core and a promise-laden new arm.
The numbers from the last fiscal year paint a mixed picture. Revenue inched up to €2.293 billion, and net profit tripled to €15 million. Yet the adjusted EBITDA margin slipped to 6.6%, dragged down by upfront investments in future businesses and a punishing geopolitical backdrop. Operating cash flow tumbled to €36 million as customer prepayments dwindled and energy costs soared, exacerbated by supply chain snarls and the fallout from the Iran conflict.
Management is moving decisively to address the margin erosion. The company is relocating production of its Speedmaster CX 104 press entirely to China and building a new facility in North Macedonia to cut manufacturing costs. On the personnel front, Heidelberg has already signed over 550 severance agreements. Some 200 employees are shifting into the new defense unit, keeping their expertise within the group but deploying it in entirely different markets.
Should investors sell immediately? Or is it worth buying Heidelberger Druckmaschinen?
The centerpiece of that shift is HD Advanced Technologies, a subsidiary that bundles defense, security, energy, and industrial systems. Its most concrete project to date: the Onberg joint venture with US-Israeli firm Ondas, focused on autonomous counter-drone systems. Earlier, at the ILA Berlin Air Show, Onberg signed a memorandum of understanding with a Ukrainian company – a move that resonates powerfully with investors hunting for exposure to defense themes.
Still, revenue from the drone business is not expected to materialize until the end of 2026. Management targets operating breakeven roughly twelve months after production ramps up. Meanwhile, the traditional printing division will shrink, though the aim is to make it more profitable.
The market has responded with enthusiasm but not blind euphoria. Technically, the share now sits above both its 50-day moving average at €1.47 and its 100-day average at €1.50. The relative strength index of 63.1 suggests solid momentum without overheating. Yet the longer-term picture is sobering: the stock remains 22% in the red year-to-date and almost 38% below its 52-week high of €2.54. Annualized volatility above 42% underscores the high-stakes nature of the transformation.
For the current fiscal year, Heidelberg forecasts stable revenue and a visibly improved margin. Two dates will test whether that guidance holds substance: the annual general meeting on July 23 and the first-quarter results on August 19. Until then, the old business still shoulders the load, the new business still lives on promise, and the stock – for all its weekly fireworks – remains a bet on a turnaround that has yet to deliver hard earnings.
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