Heidelberg reports strong half-year performance

Despite a challenging macroeconomic environment, Heidelberg reported strong business performance and improved profitability in the first half of the financial year 2025–2026 (April 1 to September 30, 2025). Sales rose 8% to EUR 985-mn from EUR 915-mn a year earlier, with Europe and Asia showing particularly strong momentum. Second-quarter sales reached EUR 520-mn, up from EUR 466-mn in Q1, despite negative exchange-rate effects of about EUR 12-mn.

The company expected sales in the second half of the financial year to exceed those of the first half, supported by a healthy order pipeline. Adjusted EBITDA doubled year-on-year to EUR 63-mn from EUR 31-mn, translating to a margin of 6.4%, compared to 3.4% previously. Heidelberg credited the improvement to strict cost discipline and efficiencies under its ‘plan for the future’, which continued to reduce production and working costs.

Incoming orders remained steady at EUR 1,116-mn, following an exceptional first half in the previous year due to drupa (EUR 1,273-mn). Orders in Q2 stood at EUR 557-mn, roughly in line with the prior year. Despite delays linked to US tariff rules, Heidelberg’s strong showing at Labelexpo 2025 reinforced confidence in its label-printing segment, with new deals in the double-digit mn-euro range.

Multiple Gallus digital label machines orders contributes to Heidelberg’s growth

CEO Jurgen Otto said Heidelberg continued to outperform peers in a tough market. “We are holding up better than the competition, and our strategy is clearly bearing fruit,” he said. “The significant improvement in our profitability shows that our measures are proving effective.” Free cash flow improved to EUR –63-mn from EUR –102-mn a year earlier, while the net result after taxes broke even, compared with a EUR –35-mn loss previously. The second quarter posted a profit of EUR 11-mn.

In the print and packaging equipment segment, half-year sales rose to EUR 463-mn from EUR 395-mn. Digital solutions and lifecycle recorded EUR 493-mn, slightly up from EUR 491-mn. A major order from China for ten Jetfire 50 digital printing systems and multiple Gallus digital label machines contributed to the growth. The technology solutions segment maintained sales at EUR 29-mn, driven by its partnership with Vincorion advanced systems in defence.

Dr David Schmedding, chief technology and sales officer, said the company’s strategic focus on packaging and label printing was paying off. “At Labelexpo in Barcelona, our digital innovations drew significant attention and resulted in numerous deals,” he said. Heidelberg saw long-term potential in hybrid printing, software and services, and digital infrastructure, including DC-based charging systems.

The company reaffirmed its full-year outlook, projecting FY 2025–2026 sales of about EUR 2,350-mn (FY 2024–2025: EUR 2,280-mn) and an adjusted EBITDA margin of up to 8%, compared with 7.1% in the previous year.