Heidelberg reported a 30% year-over-year decline in net sales to €404 million for the first quarter of fiscal 2026/27, while order intake fell 4% to €537 million. Adjusted EBITDA margin narrowed to 2% from 4.4% in the prior-year period, reflecting weaker demand and integration costs tied to recent acquisitions.
Regional performance varied, with Asia-Pacific order intake up 17% and sales up 3%, supported by strength in China. The Americas saw broadly stable order intake but a 9% drop in sales, while EMEA experienced a 16% decline in orders and a 23% fall in sales, partly due to the expiration of an Italian incentive program. Order backlog stood at €762 million, with a book-to-bill ratio of approximately 1.3 times.
The company’s adjusted free cash flow remained negative at €77 million, driven by seasonal inventory rebuilding and investments in acquisitions and strategic projects. Staff costs decreased by €12 million to €196 million, aided by a 2% reduction in headcount. Heidelberg’s equity totaled €536 million at the end of June, translating to an equity ratio of 24.3%, while its net financial position declined to €39 million. Approximately €300 million remained available under its revolving credit facility.
Heidelberg highlighted progress in its diversification strategy beyond traditional printing. The acquisition of manroland sheetfed, completed in July 2025, added over 3,000 customers and roughly 600 employees across 35 countries, with an expected annual sales contribution exceeding €100 million and EBIT contribution of €10-15 million upon full integration. The purchase of POLAR, a post-press systems specialist, further strengthened Heidelberg’s packaging and labeling capabilities, with production to relocate to North Macedonia.
The company’s HEIDELBERG Industrial Solutions facility in North Macedonia became operational in early 2026, with production ramp-up underway and a target to reach full capacity by 2028. The site is positioned to achieve cost competitiveness comparable to Heidelberg’s Chinese operations, supported by government incentives for capital and operational expenditures. More than 11,000 connected machines worldwide now provide data for automation, service optimization, and product development.
Heidelberg outlined expansion into adjacent high-tech sectors, including defense, critical infrastructure, energy storage, and e-mobility. In July 2025, the company signed a memorandum of understanding with Vincorion to develop energy control and distribution systems, with first revenues already recorded in the prior fiscal year. Partnerships with Ondas and PHENOGY aim to advance autonomous counter-drone solutions and a European sodium-ion battery platform, respectively. Heidelberg’s e-mobility subsidiary, Amperfied, reported organic growth of over 10% annually, serving corporate clients such as SAP and Siemens Energy, and plans to launch a direct-current charging product in the second half of the fiscal year.
