Heidelberger Druckmaschinen Ag · XETR:HDD
Heidelberger Druckmaschinen — Q2 FY2025/26 Earnings Presentation
30 slides from Heidelberger Druckmaschinen's earnings presentation, Nov 12, 2025
Slide 1: Q2 FY2025/26 Analysts' and Investors' Conference
Experience ∙ Evolution ∙ Excellence Heidelberger Druckmaschinen AG – Q2 FY2025/26 Analysts’ and Investors’ conference Jürgen Otto, CEO/CFO | Dr. David Schmedding, CTO/CSO | Volker Herdin, Head of Finance | November 12, 2025
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: Highlights, Financial Review, Outlook FY2025/26
xxx. xx … HIGHLIGHTS FINANCIAL REVIEW OUTLOOK FY2025/26 Heidelberger Druckmaschinen © Heidelberger DruckmaschinenAG AG 3
Slide 4: HEIDELBERG in figures Half-Year FY2025/26
HEIDELBERG in figures Half-Year FY2025/26 Performance Report fx-adj. -10.6% fx-adj. +10.1% -13% +8% +300 bps -3% 9,420 1,273 985 6.4% 9,171 1,111 915 3.4% +37% -102 -64 Employees Order intake Net sales Adj. EBITDA-margin FCF in €m in €m in % of Net sales in €m Solid H1 delivery – Strong top- and bot
Slide 5: Book-to-bill momentum drives confidence
H1 FY2025/26 Book-to-bill momentum drives confidence in €m Book-to-bill ratio HEIDELBERG is holding up well with a book-to-bill ratio of 1.13 1.08 1.39 1.13 Global diversification pays off as we are able to leverage on growth dynamics in dedicated markets beyond Germany (e.g. Italy and Mexico) Again
Slide 6: HEIDELBERG in China
HEIDELBERG in China Strong partnership, unique presence Year of Anniversaries 10 years of strategic partnership with China’s leading packaging systems provider MK Masterwork; ~1,500 systems installed globally – transforming packaging production 20 years of HEIDELBERG in Shanghai – from a small start
Slide 7: Landmark deal in China
DS Landmark deal in China Largest web-to-print provider invests strongly in HEIDELBERG digital solutions Shengda Printing Technology, China’s largest Web-to- Print provider, invests in ten Jetfire 50 inkjet systems and ten Gallus One/ Five “Shengda’s investment emphasizes the strength of our industr
Slide 8: Compelling digital offering for label market
Compelling digital offering for label market Strong momentum at Labelexpo Europe Launch of Gallus Five, Gallus Alpha and the Gallus Print Academy are cornerstones to expand the technological leadership in inkjet market Sales momentum exceeds expectations for both new and existing systems, with order
Slide 9: Cooperation with Schubert Packaging
Cooperation with Schubert Packaging Expanding packaging services Schubert manufactures packaging systems for filling operations, primarily in the food and beverage, cosmetics, and pharmaceutical sectors HEIDELBERG takes charge of customer service in Brazil – first step in full partner service integr
Slide 10: Amperfied wins third big landmark project
Amperfied wins third big landmark project Further proof of our business model transformation Amperfied takes over the operational management of SIEMENS energy's charging infrastructure in Germany Contract covers migration, consolidation, and operation of around 200 AC charging points at 12 German lo
Slide 11: Strategic partnership with VINCORION
Strategic partnership with VINCORION Partnership under way & in plan VINCORION: 60 years of expertise in power systems for safety-critical industries Our goal: full value-chain coverage from R&D to service as an end-to-end system partner R&D activities ongoing with initial financial contribution thi
Slide 12: Personnel and efficiency gains will significantly contribute to profitability
Personnel and efficiency gains will significantly contribute to profitability Personnel measures in Germany contractually backed up by now giving high visibility on future savings in €m Savings contractually backed up “Zukunftsplan” – set of measure that ~80 reduce costs at our locations by € 80m ~7
Slide 13: How to improve our EBITDA
How to improve our EBITDA Entrance into high-margin business and dedicated cost management Gaining traction Target range Growing into high-margin business ambition 9-10 areas, e.g. defense, automation & technology, will drive margin expansion Adj. Group-wide “Zukunftsplan” EBITDA-margin (in % of Net
Slide 14: Highlights, Financial Review, Outlook FY2025/26
xxx. xx … HIGHLIGHTS FINANCIAL REVIEW OUTLOOK FY2025/26 Heidelberger Druckmaschinen © Heidelberger DruckmaschinenAG AG 14
Slide 15: HEIDELBERG in figures Q2 FY2025/26
HEIDELBERG in figures Q2 FY2025/26 Performance Report fx-adj. -1.4% fx-adj. +3.5% +1% +40 bps +107% -4% 571 519 8.2% 4 7.8% 551 512 2 Order intake Net sales Adj. EBITDA-margin FCF in €m in €m in % of Net sales in €m Notable y/y gains in Net sales, profitability, and Free Cash Flow “Zukunftsplan” mea
Slide 16: HEIDELBERG Segments Half-Year FY2025/26
HEIDELBERG Segments Half-Year FY2025/26 Performance Report in €m H1 FY2024/25 H1 FY2025/26 Order intake Net sales Adj. EBITDA-margin in €m in €m in % of Net sales Currency headwinds weigh on H1 results -20% +17% +330bps Order intake lower vs. elevated prior year Print & Packaging 708 463 8.8% driven
Slide 17: HEIDELBERG Regions Half-Year FY2025/26
HEIDELBERG Regions Half-Year FY2025/26 Performance Report in €m H1 FY2024/25 H1 FY2025/26 Order intake Net sales in €m in €m EMEA Strong Italian Order intake, boosted by a -11% +15% EMEA subsidy program fx-adj. -11.2% fx-adj. +15.3% (including Eastern Europe) 634 563 453 523 Asia-Pacific Strong FX h
Slide 18: EBITDA bridge (H1 FY2025/26)
EBITDA bridge (H1 FY2025/26) EBITDA strengthened by volume growth and effective efficiency measures in €m H1 FY2024/25 reported EBITDA 31 No adjustments in H1 FY2024/25 Non-recurring items 0 H1 FY2024/25 + Increased sales volume along with stronger 31 Adjusted EBITDA corresponding capacity utilizati
Slide 19: Operating Cash Flow (H1 FY2025/26)
Operating Cash Flow (H1 FY2025/26) EBITDA uplift strengthens Operating Cash Flow in €m Adj. EBITDA to Operating Cash Flow H1 FY2025/26 Change y/y EBITDA significantly improved, mainly due to higher excl. non-rec. items volume and better cost structure EBITDA 63 32 Tax & interest result in line y/y (
Slide 20: Free Cash Flow (H1 FY2025/26)
Free Cash Flow (H1 FY2025/26) Investing CF impacted by Polar acquisition; FCF up y/y in €m Operating to Free Cash Flow H1 FY2025/26 Change y/y excl. non-rec. items Operating Polar acquisition in the low double-digit Cash Flow -30 57 million range with impact on cash flow Investments -39 -11 Absence
Slide 21: Balance Sheet (Q2 FY2025/26)
Balance Sheet (Q2 FY2025/26) Equity impacted by currency effects; Net financial position low due to negative FCF in €m Equity (Equity ratio in %) Net financial position1 25.1% 24.4% Lower after tax result Net financial position remains combined with currency positive at € 10m. Y/y change 546 transla
Slide 22: Key takeaways H1 Financials
Key takeaways H1 Financials Despite a challenging market Profitability with key focus; “Zukunftsplan” environment, HEIDELBERG’s Adj. EBITDA doubled y/y Cost and efficiency Net sales grew by 8% y/y measures starting to show impact on profitability Heidelberger Druckmaschinen © Heidelberger Druckmasch
Slide 23: Highlights, Financial Review, Outlook FY2025/26
xxx. xx … HIGHLIGHTS FINANCIAL REVIEW OUTLOOK FY2025/26 Heidelberger Druckmaschinen © Heidelberger DruckmaschinenAG AG 23
Slide 24: Guidance FY2025/26
Guidance FY2025/26 HEIDELBERG to report solid progress, both strategically and margin-wise FY2024/25A FY2025/26 € 2,280m Guidance € 2,350m Guidance confirmed H1 H2 Net sales € 2,350m Adj. EBITDA-margin up to 8.0% +49.2% +38.5% +7.7% Supported by: Solid order situation and ongoing 1,365 ~ 1,365 Net s
Slide 25: Key takeaways
Keytakeaways Key takeaways H1 FY2025/26 came in with Order backlog and cost/ We maintain our strong promised improvements in efficiency measures pave the market position worldwide Net sales and adj. EBITDA- way for achieving our and lead the way into new margin FY2025/26 guidance business fields Hei
Slide 26: Publications, Roadshow and Conferences
Publications, Roadshow and Conferences Looking forward to continuing the conversation Financial calendar 2025/2026 Roadshow & Conferences February 5, 2026 November 25/26, 2025 Publication of Third Quarter Figures 2025/2026 Deutsches Eigenkapitalforum (EKF), Frankfurt am Main June 10, 2026 December 1
Slide 27: How to contact us
How to contact us Looking forward to continuing the conversation Contact External Data Platforms/ Research Portals Investor Relations Curation Connect mwb_research Tel.: +49-6222-82 67120 investorrelations@heidelberg.com Investor Resources Investor Relations Webside IR Website © Heidelberger Druckma
Slide 28: Financials: Balance sheet
Financials Balance sheet Assets Equity and Liabilities Figures in € millions 31-Mar-2025 30-Sep-2025 Figures in € millions 31-Mar-2025 30-Sep-2025 Equity Non-current assets Issued capital 779.1 779.1 Intangible assets 218.1 228.7 Property, plant and equipment 675.3 664.7 Capital reserves, retained e
Slide 29: Financials: P&L
Financials P&L Income statement Figures in € millions 6M Q2 2024/2025 2025/2026 2024/2025 2025/2026 Net sales 915.0 984.7 512.5 518.5 Change in inventories/ other own work capitalized 100.7 108.0 2.0 22.2 Total operating performance 1,015.6 1,092.7 514.4 540.8 Other operating income and expenses 148
Slide 30: Financials: Segments
Financials Segments Print & Packaging Equipment Figures in € millions 6M Q2 2024/2025¹⁾ 2025/2026 2024/2025¹⁾ 2025/2026 Incoming orders 707.6 566.0 291.3 264.8 Order backlog 668.9 529.9 668.9 529.9 Sales 394.6 463.4 245.9 252.2 Adjusted EBITDA2) 21.8 40.7 32.8 28.1 EBITDA2) 21.8 40.7 32.8 28.1 Digit
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