Heidelberger Druckmaschinen Ag · XETR:HDD
Heidelberger Druckmaschinen — Q3 FY2025/26 Earnings Presentation
28 slides from Heidelberger Druckmaschinen's earnings presentation, Feb 5, 2026
Slide 1: Q3 FY2025/26 Analysts' and Investors' Conference
Experience ∙ Evolution ∙ Excellence Heidelberger Druckmaschinen AG – Q3 FY2025/26 Analysts’ and Investors’ conference Jürgen Otto, CEO/CFO | Dr. David Schmedding, CTO/CSO | Volker Herdin, Head of Finance | February 05, 2026
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
HIGHLIGHTS FINANCIAL REVIEW OUTLOOK FY2025/26 Heidelberger Druckmaschinen © Heidelberger DruckmaschinenAG AG 3
Slide 4: HEIDELBERG in figures 9m FY2025/26
HEIDELBERG in figures 9m FY2025/26 Performance Report fx-adj. -8.1% fx-adj. +9.0% -11% +6% +140 bps -3% 9,398 1,823 1,602 7.1% -17% 5.7% 9,107 1,628 1,509 -81 -97 Employees Order intake Net sales Adj. EBITDA-margin FCF in €m in €m in % of Net sales in €m Still strong despite headwinds – Net sales &
Slide 5: Strategic Progress
Resilient today, accelerating tomorrow Core business to strengthen further; positioning for new growth path Positioning for new growth path End-to-end industrial competence Strategic enables access to additional growth markets Strong core Progress Strengthened core business with dedicated topline me
Slide 6: Revolving Credit Facility (RCF)
Revolving Credit Facility (RCF) Early RCF extension and € 436m increase bolster HEIDELBERG’s financial flexibility Syndicated credit line arranged in 2023 2024 2025 2026 2027 2028 2029 2030 2031 early extended to 2030, increased to € 436m, with slightly revised banking syndicate - strengthening the
Slide 7: 9m FY2025/26 Book-to-bill remains >1.0
9m FY2025/26 Book-to-bill remains >1.0 in €m Book-to-bill ratio Book-to-bill at 1.02, confirming continued 1.00 1.21 1.02 demand despite macroeconomic uncertainty & FX headwinds. Decent revenue visibility going forward Global diversification of HEIDELBERG remains differentiating factor with strong c
Slide 8: HEIDELBERG expands hybrid portfolio
HEIDELBERG expands hybrid portfolio Jetfire momentum continues Hybrid advantage – unique market position End-to-end hybrid ecosystem; Pre-press Press Postpress Prinect enables seamless digital & offset Commercial Packaging production NEW Offset Die cutter Computer-to-plate Jetfire 75 launch (Jan 202
Slide 9: HEIDELBERG Saphira
HEIDELBERG Saphira System integration for efficiency & sustainable customer retention HEIDELBERG Saphira Experience Day Plug-and-play consumables platform driving lock-in and recurring value End-to-end system integration across machines, services and consumables Clear signal for the future of print:
Slide 10: Second engine: HD Advanced Technologies
HEIDELBERG endeavors to establish second engine proceeding according to plan Bundling defense and dual-use activities under the name “HD Advanced Technologies” to establish a dedicated approach to the market Further dual-use HD Advanced Technologies opportunities Targeting new markets (security, def
Slide 11: Financial Review
VH xxx. xx … HIGHLIGHTS FINANCIAL REVIEW OUTLOOK FY2025/26 Heidelberger Druckmaschinen © Heidelberger DruckmaschinenAG AG 11
Slide 12: HEIDELBERG in figures Q3 FY2025/26
HEIDELBERG in figures Q3 FY2025/26 Performance Report fx-adj. -2.5% fx-adj. +7.4% +4% -100bps -6% -513% 550 617 9.2% 4 8.2% 517 594 -17 Order intake Net sales Adj. EBITDA-margin FCF in €m in €m in % of Net sales in €m Net sales up y/y, delivered despite FX headwinds – positive underlying momentum Ad
Slide 13: HEIDELBERG Segments 9m FY2025/26
HEIDELBERG Segments 9m FY2025/26 Performance Report in €m 9m FY2024/25 9m FY2025/26 Order intake Net sales Adj. EBITDA-margin in €m in €m in % of Net sales Currency headwinds weigh on ytd results -18% +14% +140bps Order intake down y/y, due to tough market Print & Packaging 965 804 8.2% 9.6% conditi
Slide 14: HEIDELBERG Regions 9m FY2025/26
HEIDELBERG Regions 9m FY2025/26 Performance Report in €m 9m FY2024/25 9m FY2025/26 Order intake Net sales EMEA in €m in €m Strong Italian Order intake with earlier machine -11% +13% shipments, boosted by a subsidy program. EMEA fx-adj. -11.4% fx-adj. +12.7% Service, Parts & Consumables showed soft (
Slide 15: EBITDA bridge (9m FY2025/26)
EBITDA bridge (9m FY2025/26) Profitability doubles to € 114m after nine months in €m 9m FY2024/25 Adjustments for structural personnel cost improvement, as reported EBITDA 57 announced in December 2024 (provision built in Q3 FY 2024/25) Non-recurring items 29 + Increased sales volume along with stro
Slide 16: Operating Cash Flow (9m FY2025/26)
Operating Cash Flow (9m FY2025/26) Significantly stronger EBITDA supports an operating CF improvement of roughly 50% in €m EBITDA significantly improved, mainly due to higher Adj. EBITDA to Operating Cash Flow 9m FY2025/26 Change y/y excl. non-rec. items volume and better cost structure Tax & intere
Slide 17: Free Cash Flow (9m FY2025/26)
Free Cash Flow (9m FY2025/26) Investing cash flow reflects Polar acquisition; Free Cash Flow up y/y in €m Operating to Free Cash Flow 9m FY2025/26 Change y/y excl. non-rec. items Operating Cash Flow -35 31 Investments -58 -7 Polar acquisition in the low double-digit million range with impact on cash
Slide 18: Balance Sheet (Q3 FY2025/26)
Balance Sheet (Q3 FY2025/26) Positive after-tax result supports equity; negative FCF weighs on net financial position in €m Equity (Equity ratio in %) Net financial position1 25.1% 26.2% Increase from Net income Net financial position change (€ 17m); higher pension primarily driven by negative 563 d
Slide 19: Key takeaways 9m FY2025/26 Financials
Key takeaways 9m FY 2025/26 Financials Still 6% y/y Net sales growth Adjusted EBITDA-margin “Zukunftsplan” initiatives and despite FX headwinds and a strengthened by 140 bps y/y, ongoing efficiency programs tough market environment reflecting robust operational are starting to materially execution s
Slide 20: Outlook FY2025/26
JO xxx. xx … HIGHLIGHTS FINANCIAL REVIEW OUTLOOK FY2025/26 Heidelberger Druckmaschinen © Heidelberger DruckmaschinenAG AG 20
Slide 21: Guidance FY2025/26
Guidance FY2025/26 Guidance reaffirmed despite challenging market environment Guidance confirmed 9m FY 2024/25 9m FY 2025/26 Guidance Net sales expected at around € 2,350m Net sales € 1,509m € 1,602m € 2,350m Δ y/y +6.1% Adj. EBITDA margin likely at the lower end of the targeted improvement to up to
Slide 22: Key takeaways
Keytakeaways Key takeaways Continued strategic focus on “Zukunftsplan” remains fully Bundling defense and dual- our core business, on track, with ongoing efforts use activities under the name strengthening our position as a to optimize our cost base – “HD Advanced system integrator in packaging part
Slide 23: Publications, Roadshow and Conferences
Publications, Roadshow and Conferences Looking forward to continuing the conversation Financial calendar 2025/2026 Roadshow & Conferences February 5, 2026 Upcoming participation under review Publication of Third Quarter Figures 2025/2026 June 10, 2026 Press Conference, Analysts’ and Investors’ Confe
Slide 24: 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 Website IR Website © Heidelberger Druckma
Slide 25: Financials Key figures
Financials Key figures Figures in € millions 9M Q3 2024/2025 2025/2026 2024/2025 2025/2026 Results of operations Incoming orders 1,822.5 1,627.7 549.9 517.0 Order backlog1) 902.9 708.7 902.9 708.7 Net sales 1,508.8 1,601.6 593.8 616.9 Adjusted EBITDA2) 85.9 113.6 54.8 50.5 in percent of sales 5.7 7.
Slide 26: Financials Balance sheet
Financials Balance sheet Assets Equity and Liabilities Figures in € millions 31-Mar-2025 31-Dec-2025 Figures in € millions 31-Mar-2025 31-Dec-2025 Equity Non-current assets Issued capital 779.1 779.1 Intangible assets 218.1 230.2 Capital reserves, retained earnings and other reserves -238.8 -232.8 P
Slide 27: Financials P&L
Financials P&L Income statement 9M Q3 Figures in € millions 2024/2025 2025/2026 2024/2025 2025/2026 Net sales 1,508.8 1,601.6 593.8 616.9 Change in inventories/other own work capitalized 163.9 75.0 63.3 -33.0 Total operating performance 1,672.7 1,676.6 657.1 583.8 Other operating income and expenses
Slide 28: Financials Segments
Financials Segments Print & Packaging Equipment Figures in € millions 9M Q3 2024/20251) 2025/2026 2024/20251) 2025/2026 Incoming orders 965.1 794.0 257.5 228.0 Order backlog 614.1 418.5 614.1 418.5 Sales 704.5 803.9 310.0 340.4 Adjusted EBITDA2) 57.9 77.2 36.1 36.5 EBITDA2) 35.8 77.2 14.0 36.5 Digit
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