Heidelberger Druckmaschinen Ag · XETR:HDD
Heidelberger Druckmaschinen — Q2 FY2024/25 Earnings Presentation
32 slides from Heidelberger Druckmaschinen's earnings presentation, Nov 13, 2024
Slide 1: Q2 FY 2024/25 Analyst and Investor conference
Tradition ∙ Innovation ∙ Change Heidelberger Druckmaschinen AG – Q2 FY 2024/25 Analyst and Investor conference Jürgen Otto, CEO | Tania von der Goltz, CFO | Dr. David Schmedding, CSO | November, 13th 2024
Slide 2: Disclaimer
Disclaimer This release contains forward-looking statements based on assumptions and estimations by the Management Board of Heidelberger Druckmaschinen Aktiengesellschaft. Even though the Management Board is of the opinion that those assumptions and estimations are realistic, the actual future devel
Slide 3: 6m FY 2024/25 at a glance
6m FY 2024/25 at a glance Segments and regions Financial review Strategic framework Outlook 3 © Heidelberger Druckmaschinen AG
Slide 4: Orders received up by 7.5% outperforming mechanical engineering sector
6m FY 2024/25. Orders received up by 7.5% outperforming mechanical engineering sector (-8%). Orders up on prev. year: Book-to-bill ratio indicating H2 sales growth Key takeaways: in million € 1,39 Book-to-bill ratio Mechanical engineering sector: Decrease of 8% in orders received, 1,08 according to
Slide 5: Sufficient backlog: Sales & adj. EBITDA expected to increase significantly in H2
6m FY 2024/25. Sufficient backlog: Sales & adj. EBITDA expected to increase significantly in H2. Guidance confirmed: Strong H2 expected Key takeaways: in million € H1 H2 Net sales expected to increase backed by strong order backlog, weekly working hours in production ~ >+500m€ increased by ~14% to p
Slide 6: Guidance confirmed – analysts still expect a resilient performance
Guidance confirmed – analysts still expect a resilient performance. SDAX & peer group with a significant decline in expected EPS vs 6m ago. Expected earnings per share for 2024 today vs 6m ago in percent Key takeaways: in % 0,5 HEIDELBERG is on track to reach HEIDELBERG the full-year guidance aiming
Slide 7: Segments and regions
6m FY 2024/25 at a glance Segments and regions Financial review Strategic framework Outlook 7 © Heidelberger Druckmaschinen AG
Slide 8: Packaging Solutions. Attractive growth dynamics based on global megatrends
Packaging Solutions. Attractive growth dynamics based on global megatrends. Packaging end-markets offer resilient structural growth Key growth drivers Pharmaceuticals Food/Beverages Consumer Goods Substitution of plastics by paper- board expected to yield additional growth over the next decades Glob
Slide 9: Segment split (6m FY2024/25)
Segment split (6m FY2024/25). Ongoing strong order trend in Packaging, loss in Technology Solutions halved. in million € 6m FY 2023/24 6m FY 2024/25 Orders received Net sales Adj. EBITDA in % Key takeaways: +9.7% Strong development in Orders received: Q2 with -18.2% -3.6 pps y/y growth, 6m up by alm
Slide 10: Regions (6m FY2024/25) – global setup yields orders growth
Regions (6m FY2024/25) – global setup yields orders growth. Asia-Pacific with ongoing strong momentum. in million € 6m FY 2023/24 6m FY 2024/25 change y/y Key takeaways: Orders 601 Orders received: Strong performance after 6m, weaker trend in Q2 +5.6% received 634 fx-adj. 5.1% after strong drupa-qua
Slide 11: Financial review
6m FY 2024/25 at a glance Segments and regions Financial review Strategic framework Outlook 11 © Heidelberger Druckmaschinen AG
Slide 12: Key performance indicators (Q2 FY2024/25)
Key performance indicators (Q2 FY2024/25). Sales and adjusted EBITDA in line with expected seasonality – FCF slightly positive. Key takeaways: in million € Q2 FY 2023/24 Q2 FY 2024/25 change y/y 594 Adjusted for fx-effects at €577m. Given the outstanding strong Q1, // Orders received -3.7% orders re
Slide 13: EBITDA bridge (6m FY2024/25)
EBITDA bridge (6m FY2024/25). Sales seasonality impacted EBITDA after 6m – focus on cost control pays off. in million € Key takeaways: 6m FY 2023/24 reported EBITDA 101 Non-recurring items 0 No adjustments in 6m FY 2023/24. 6m FY 2023/24 101 adjusted EBITDA Δ Sales volume & capacity y/y -66 Expected
Slide 14: EBITDA to EBT (6m FY2024/25)
EBITDA to EBT (6m FY2024/25). Financial expenses below prior year, which included non-recurring financing items. 6m 6m in million € FY 2023/24 FY 2024/25 // Breakdown Net financial result: // Reported EBITDA 100.9 31.1 in million € ∑ -18.4 ∑ -17.0 Financing related expenses 6m FY 2023/24 6m FY 2024/
Slide 15: EBT to Earnings per share (6m FY2024/25)
EBT to Earnings per share (6m FY2024/25). Tax expenses on prior years level, despite negative EBT. 6m 6m in million € FY 2023/24 FY 2024/25 Breakdown Tax result: in million € ∑ -11.8 ∑ -11.4 // EBT 44.8 -23.5 6m FY 2023/24 6m FY 2024/25 Effective tax expenses on income* Tax result* -11.8 -11.4 (-exp
Slide 16: Operating Cashflow (6m FY2024/25)
Operating Cashflow (6m FY2024/25) – second quarter slightly positive. 6m impacted by EBITDA seasonality, NWC with improved performance. Adj. EBITDA to Operating Cashflow 6m FY 2024/25 Change y/y Comments on y/y changes: in million € Temporary decline in adj. EBITDA, due to EBITDA 31 -70 y/y lower sa
Slide 17: Free Cashflow (6m FY2024/25)
Free Cashflow (6m FY2024/25) – second quarter slightly positive. 6m impacted by EBITDA seasonality, NWC with improved performance. Change y/y Operating to Free Cashflow 6m FY 2024/25 excl. non-rec. items Comments on y/y changes: in million € Operating -87 -72 Cashflow Investments -28 -2 Investments
Slide 18: Balance Sheet (6m FY2024/25)
Balance Sheet (6m FY2024/25). Equity ratio remains on a solid level, net financial position almost balanced. Equity (equity ratio in %) Net financial position1 24,9% 21,6% in million € Net loss in the first quarter in million € Negative FCF and non- 527 causing a decline in equity 77 cash increase i
Slide 19: Key takeaways
Key takeaways. Q2 in line with the expected and communicated seasonality, being on track to achieve our full-year guidance. Free Cashflow will improve to a positive figure at year-end, based by strong upswing in Sales & adj. EBITDA in H2. Ongoing financial discipline will be the basis for implementi
Slide 20: Strategic framework
6m FY 2024/25 at a glance Segments and regions Financial review Strategic framework Outlook 20 © Heidelberger Druckmaschinen AG
Slide 21: Strategic framework. Strategy process is on track
Strategic framework. Strategy process is on track, first tangible initiatives to be announced. Holistic vision & strategy assessment initiated Collected more than 350 Annual General Meeting ideas, set of key in July initiatives defined Set of boundaries for a HEIDELBERG strategy presented 2025 2024
Slide 22: Strategic framework. Rebalancing growth dynamics and cost basis
Strategic framework. Rebalancing growth dynamics and cost basis simultaneously. What we build on… …and what is needed Very strong market position in An addressable market beyond offset, with China, Europe and the US regional focus extending to emerging markets Global sales & service footprint Gainin
Slide 23: Strategic framework. Three topics emerge as priorities
Strategic framework. Three topics emerge as priorities over the next quarters. Technologies Service New activities Print & Packaging Solutions HEIDELBERG E-Mobility Industries Sheetfed Offset Flexographic Inkjet Service Financial Portfolio for growth Beyond competitiveness Global Sales Network © Hei
Slide 24: Portfolio for growth
Portfolio for growth. New Packaging markets, Inkjet and Service are big chances for HEIDELBERG. Additional sales The opportunity potential (in m€) Our approach Accelerated growth in Packaging Flexographic printing to enter new segments, …benefiting from plastic substitution, low triple general focus
Slide 25: Beyond – HEIDELBERG Industries
Beyond – HEIDELBERG Industries. Our domestic industrial capacities are unique and attractive for partners. #1 Innovative engineering capabilities …combining hardware, software and electronics for high precision products to autonomous systems. #2 High precision manufacturing …operating with 20 μm tol
Slide 26: Outlook
6m FY 2024/25 at a glance Segments and regions Financial review Strategic framework Outlook 26 © Heidelberger Druckmaschinen AG
Slide 27: Guidance FY 2024/25
Guidance FY 2024/25. On track after 6m – outstanding strong H2 backed by solid order backlog. Net Sales and adj. EBITDA will improve quarter by quarter Key takeaways: ~1450m€ ∑ ~prior years level Net Sales 915m€ Guidance confirmed: Net Sales expected to be at prior years level (€~2.395m). Continuous
Slide 28: Key takeaways
Key takeaways. Q2 came in with the promised sequential improvement in Net sales and adjusted EBITDA-margin. Our solid order book and our focus on cost discipline will pave the way for achieving our guidance. Setting the course: Strategic framework defined, first tangible results ahead. © Heidelberge
Slide 29: P&L
P&L. Figures in € millions 6m 6m Change in Q2 Q2 Change in 2023/2024 2024/2025 m€ 2023/2024 2024/2025 m€ Net sales 1.091,9 915,0 -176,9 547,6 512,5 -35,2 Change in inventories/other own work capitalized 86,8 100,7 13,9 36,5 2,0 -34,5 Total operating performance 1.178,7 1.015,6 -163,1 584,1 514,4 -69
Slide 30: Reported to adjusted EBITDA
Reported to adjusted EBITDA. Figures in € millions TOTAL TOTAL Change in Q2 Q2 Change in 2024/2025 2023/2024 % 2024/2025 2023/2024 % Reported EBITDA 31,1 100,9 -69,2% 40,2 58,8 -31,7% Reported EBITDA in % of Net sales 3,4% 9,2% -5,8pps 7,8% 10,7% -2,9pps Acquisition-related special effects 0,0 0,0 -
Slide 31: Segments: Quarterly overview
Segments: Quarterly overview. Figures in € millions y/y Q1 Q2 TOTAL Q1 Q2 TOTAL Change 2024/2025 2024/2025 2024/2025 2023/2024 FY 2023/24 2023/2024 in m€ Orders received 701,3 571,4 1.272,7 590,9 593,5 1.184,4 88,2 Print Solutions 335,5 258,7 594,2 277,2 286,1 563,4 30,9 Packaging Solutions 364,1 31
Slide 32: Balance Sheet
Balance Sheet. Assets Equity and Liabilities Assets – Figures in € millions 31.3.2024 30.09.2024 Equity and liabilities – Figures in € millions 31.3.2024 30.09.2024 Non-current assets Equity Intangible assets 217,4 216,9 Issued capital 779,1 779,1 Property, plant and equipment 664,9 653,2 Capital re
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