Heidelberger Druckmaschinen Aktiengesellschaft (ETR:HDD) said it is pursuing a strategy to expand beyond its traditional print and packaging equipment business while maintaining its full-year guidance following a first quarter marked by lower sales and profitability.
Speaking at an mwb conference, Head of Investor Relations Marc Schellenberger said Heidelberg’s “Driving High-Tech” strategy is designed to build on the company’s existing capabilities in mechanics, electronics, software, automation, manufacturing, service and systems integration. The company aims to apply those capabilities in areas including defense, energy storage and e-mobility alongside its established printing operations.
Print Business Acquisitions and International Expansion
In its core Print & Packaging Equipment business, Heidelberg recently completed the acquisition of manroland sheetfed. Schellenberger said the transaction adds more than 3,000 customers and is intended to support service, spare-parts and lifecycle revenue growth. manroland sheetfed operates in 35 countries and has about 600 employees.
Following a planned two-year integration period, Heidelberg targets a stable annual sales contribution of more than €100 million from the combined operations and an annual EBIT contribution of roughly €10 million to €15 million.
The company also completed the acquisition of POLAR, a post-press systems specialist and longtime Heidelberg partner. Heidelberg plans to integrate POLAR’s machines and systems into its organization and relocate POLAR production activities to North Macedonia as part of a broader cost-optimization effort.
Heidelberg Industrial Solutions, a new entity in North Macedonia, has been operational since the beginning of 2026 and began assembling post-press equipment during the year, according to Schellenberger. The site is expected to reach full capacity by 2028. The company said the location offers a cost position comparable with China and includes government support for capital expenditures and operating expenses.
Regionally, Heidelberg highlighted growth opportunities in China, Japan, Vietnam, India, Africa, Brazil and Mexico. Sales in Brazil more than doubled in the first quarter, supported by packaging demand, Schellenberger said.
Defense, Energy and Charging Initiatives
Heidelberg is developing HD Advanced Technologies as a second growth pillar. Schellenberger said roughly 80% of the technology and competencies required for the new activities already exist within Heidelberg’s core business.
In defense, Heidelberg signed a memorandum of understanding with Vincorion in July 2025 to develop, industrialize and build energy control and distribution systems. The partnership has generated its first revenues, Schellenberger said.
The company also signed a memorandum of understanding with Ondas in December 2025 for autonomous counter-drone solutions targeting critical infrastructure. Schellenberger said Ondas opened a live demonstration hub in Brandenburg in April, where integrated counter-UAS technologies can be demonstrated in real-world scenarios.
Heidelberg has a 49% stake in the ONBERG joint venture, while Ondas holds 51%, Schellenberger said in response to a question on investment requirements. He said the company is making initial investments in partnerships generally in the “low teens” of millions of euros or low-double-digit millions of euros, depending on their structure.
In energy storage, Heidelberg partnered with PHENOGY to pursue a European industrial platform for sodium-ion battery technology. The companies are considering a 50/50 joint venture if a testing period concludes positively, Schellenberger said. Heidelberg plans to contribute procurement, production, installation, service and maintenance capabilities.
Its Amperfied subsidiary is also expanding charging-infrastructure operations. The business provides operating-management services for corporate customers including SAP and Siemens Energy, manages public charging and logistics sites, and offers services for third-party charging hardware. Amperfied plans to introduce its own DC charging product in the second half of the fiscal year.
First-Quarter Results and Outlook
For the first quarter of fiscal 2026/2027, Heidelberg reported a 4% decline in order intake to €537 million, reflecting the end of an Italian incentive program. Its order backlog rose to €762 million, while the book-to-bill ratio was approximately 1.3.
- Net sales declined 30% to €404 million.
- Adjusted EBITDA margin fell to 2.0% from 4.4% a year earlier.
- Free cash flow was negative €77 million, reflecting lower earnings, seasonal inventory rebuilding and investments in manroland sheetfed, POLAR, defense and energy projects.
- Headcount declined 2%, while staff costs fell €12 million year over year to €196 million.
- The contribution-margin ratio improved to 32.6%, up 110 basis points year over year.
EMEA order intake declined 16% and sales fell 23%, primarily due to Italy. Asia-Pacific order intake increased 17% and sales rose 3%, led by China. In the Americas, order intake was broadly stable, while U.S. net sales declined 9% year over year.
Equity stood at €536 million at the end of June, representing an equity ratio of 24.3%. Heidelberg said roughly €300 million remained undrawn under its revolving credit facility. Schellenberger said the company’s technology business generated €60 million in revenue in the prior year and is targeted to grow at a mid-double-digit percentage rate this year, though he said it would not be a “game changer” for a group with approximately €2.3 billion in sales.
Heidelberg confirmed its full-year guidance, citing its order backlog, cost discipline and demand momentum in China and the U.S.
About Heidelberger Druckmaschinen Aktiengesellschaft (ETR:HDD)
Heidelberger Druckmaschinen Aktiengesellschaft, together with its subsidiaries, engages in manufacture, sale, and dealing of printing presses and other print media industry products in Europe, the Middle East, Africa, Asia/Pacific, Eastern Europe, North America, and South America. The company operates through Print Solutions, Packaging Solutions, and Technology Solutions segments. It offers printing machines, including digital, offset, narrow web, screen, and inline-flexo printing, as well as remarketed equipment; and finishing equipment comprising cutting, die-cutting and embossing, folding, inspection, folding carton gluing, hot foil stamping, and shingled folding.
