Heidelberg makes strong start to 2025-26 with Euro 466-mn Q1 sales

Heidelberg has kicked off the financial year 2025/26 with a strong performance, posting first-quarter sales of Euro 466mn, a 15.6% increase on the previous year’s Euro 403mn. Bolstered by a solid order backlog and buoyant demand in Europe and Asia, the company saw significant growth in its print and packaging equipment segment, which surged 42% to Euro 211-mn. Digital solutions and lifecycle sales held steady at Euro 241-mn, while the technology segment matched prior-year levels.

The adjusted Ebitda margin climbed to 4.4% (Euro 20-mn), a marked improvement from last year’s -2.3% (Euro -9-mn), driven by higher sales, better production capacity utilisation, and cost-cutting measures. Despite a negative free cash flow of Euro -68-mn, this was better than the previous year’s Euro -103-mn and ahead of expectations. The net result after taxes also improved significantly to Euro -11-mn from Euro -42-mn.

“Thanks to our global market position and an improved cost basis, we have made a good start to the new financial year,” said CEO Jurgen Otto. “Strategic measures in our core business, new options in the Technology segment, and our move into the defense sector give us cause for confidence.”

Heidelberg’s strategic pivot includes a new reporting structure effective 1 April 2025, segmenting operations into print and packaging equipment; digital solutions and lifecycle; and Heidelberg technology. The company also entered the defense market through a memorandum of understanding with Vincorion Advanced Systems, focusing on power control and distribution systems.

“Packaging printing remained a growth driver,” said chief technology and sales officer David Schmedding. “Our acquisition of Polar Mohr brand rights and technology underscores our strategy to expand as a systems integrator for packaging and label production.”

Incoming orders reached Euro 559-mn, down from Euro 701-mn last year but supported by a successful showing at China Print. Heidelberg confirmed its full-year forecast, projecting sales of Euro 2,350-mn and an adjusted Ebitda margin of up to 8%, assuming stable global economic conditions.