The half-year results published by Heidelberg for the 2025/2026 financial year show a clear improvement in profitability, even though the economic environment remains unstable. Sales for the first half, ending September 30, 2025, amounted to ?985 million, up around 8% on the previous year.
This growth for the manufacturer of printing presses was mainly driven by the resilience of European and Asian markets. Second-quarter sales, in particular, were higher than in the first quarter, at 519 million euros, despite unfavorable currency effects estimated at 12 million euros.
Significant rise in EBITDA
The most striking indicator is adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), which reached 63 million euros, almost doubling the level of the first half of the previous year (31 million).
EBITDA margin was 6.4%, compared with 3.4% a year earlier. This productivity gain reflects the effects of the cost-cutting measures undertaken as part of the German group's strategic plan. Production and operating costs have been reduced compared with the previous year, and this momentum is set to continue over the coming quarters.
Labels and digital technology support order-taking
On the order intake side, the manufacturer recorded 1.111 billion euros, a stable level if we take into account last year's exceptional peak due to the Drupa 2024 trade show (1.273 billion euros).
Second-quarter orders totaled 551 million euros.
While complex tariff regulations in the United States delayed some business, Heidelberg's presence at Labelexpo (last September in Barcelona) was deemed positive, with several orders in digital label printing systems.
In China, the Group has signed an order for ten Jetfire 50 systems with Shengda Printing Technology. This industrial inkjet equipment completes a previous installation and illustrates Heidelberg's growing presence in digital printing.
Equipment, Services and Technology segments all grow
In the print & Packaging Equipment division sales totaled 463 million euros, up significantly on the previous year (395 million).
Visit digital Solutions & Lifecycle segment remained stable at 493 million euros.
Finally, the technology Solutions segment which includes charging infrastructure and defense applications, maintained sales of 29 million euros.
Management also highlights the commercial performance of the Gallus One printing system, designed for the label market, which attracted interest at Labelexpo. These systems are part of a broader strategy to position the company as an integrator of hybrid packaging and digital solutions.
Targets confirmed for fiscal 2025/2026
Despite a macroeconomic environment deemed uncertain, Heidelberg is maintaining its annual sales forecast at around ?2.350 billion (versus ?2.280 billion in 2024/2025). Adjusted EBITDA margin should rise to 8%, compared with 7.1% last year.
The Group maintains that the order book, combined with the implementation of efficiency measures and a strategy focused on the most buoyant segments, provides a solid basis for achieving these objectives.
