SHERIDAN, WYOMING - December 2, 2025 - Heidelberger Druckmaschinen AG (HEIDELBERG) is reporting a significantly more profitable first half of its 2025/2026 financial year, with revenue growth, a doubling of EBITDA and improving cash flow underscoring the impact of its restructuring program and strategic focus on packaging, label and digital print.
Stronger top line and sharply improved margins
In the six months from April 1 to September 30, 2025, HEIDELBERG grew revenue to €985 million, around 8% above the prior-year period's €915 million. Europe and Asia were the main regional growth engines, while the second quarter contributed €519 million, up from €466 million in the first quarter despite negative currency effects of roughly €12 million versus the prior-year quarter.
The improvements are even more pronounced at the operating level. Adjusted EBITDA doubled to €63 million from €31 million a year earlier, lifting the EBITDA margin to 6.4% compared to 3.4% in the prior-year half. Management attributes the gain to strict cost discipline and the ongoing "Zukunftsplan" transformation program, which is lowering production and functional costs and is expected to yield further savings in coming quarters and years.
Order intake holds up after drupa spike, labels provide momentum
Against a tough comparison with the drupa-driven prior year, order intake of €1.111 billion after six months (previous year: €1.273 billion) is described as stable. In the second quarter, HEIDELBERG booked €551 million in orders, only slightly below last year's €571 million despite complex U.S. customs rules that caused some order shifts.
Label and packaging print continue to stand out as structural growth areas. At Labelexpo in September, HEIDELBERG secured orders in the double-digit million-euro range, reinforcing the strategic importance and growth potential of its label business. The company sees itself increasingly in a leading role as system integrator for hybrid packaging and digital print solutions, supported by software and lifecycle services in a connected ecosystem.
Segment performance highlights packaging and digital print engine
In the Print & Packaging Equipment segment, revenue rose to €463 million in the first half, up from €395 million in the prior-year period, reflecting sustained investment in packaging presses and systems. Digital Solutions & Lifecycle, which bundles digital printing, software and services, generated €493 million, slightly above the prior-year €491 million.
Key wins included a follow-up order from Chinese printing group Shengda Printing Technology for ten Jetfire 50 industrial inkjet systems and additional digital label presses from Gallus. The Gallus One digital label system also secured more orders at Labelexpo, while the new Gallus Five drew strong customer interest. Technology Solutions contributed €29 million in revenue, flat year-on-year, with the partnership with VINCORION Advanced Systems in the Defense segment progressing as planned. Adjusted EBITDA improved across all three segments.
Cash flow recovery and earnings swing toward positive territory
Free cash flow remained negative at -€63 million after six months, as expected, but improved markedly from -€102 million in the prior-year half. Net result after taxes was break-even for the first half, a clear improvement from a loss of €35 million a year earlier. In the second quarter alone, HEIDELBERG posted net income of €11 million, up from €7 million in the prior-year quarter, signaling increasing earnings resilience as efficiency gains take hold.
Outlook: guidance confirmed despite macro headwinds
Despite a challenging global economic environment and continued currency headwinds, HEIDELBERG is confirming its guidance for the full 2025/2026 financial year. Based on a solid order backlog, ongoing efficiency measures and consistent execution of its strategy, the company expects revenue of around €2.35 billion, up from €2.28 billion in 2024/2025, assuming global growth does not fall materially below current forecasts.
The adjusted EBITDA margin is targeted to rise to up to 8%, compared with 7.1% in the prior year, reflecting the full-year effect of cost measures and a favorable mix shift toward higher-margin packaging, label and digital solutions, as well as software, service and consumables. In Technology Solutions, HEIDELBERG is also pushing growth in high-precision industrial systems, including EV charging infrastructure with DC technology and new industrial and defense-related applications.
For industry stakeholders, the half-year results suggest that HEIDELBERG's 175-year engineering brand is leveraging its global footprint in roughly 170 countries, 9,500 employees and production sites in Europe, China and the U.S. to build a more profitable, packaging- and digitally-led business model in print and beyond.
For more information on HEIDELBERG's financial performance, product portfolio and strategic initiatives, visit https://www.heidelberg.com.