Heidelberger Druckmaschinen cuts FY2026/27 EBITDA margin guidance

Heidelberger Druckmaschinen has lowered its adjusted EBITDA margin guidance for financial year 2026/27 to 5.6-6.6 per cent, having previously expected an improvement on the prior year's 6.6 per cent. The company cited a weaker global economic environment, cost pressure, an unfavourable product mix linked to Middle East developments, and delays in its Technologies segment, while keeping its forecast of stable group sales unchanged. Full first-half results are due on 12 November 2026.

Why this mattersHeidelberg's margin cut, despite higher order intake, shows cost pressure, Middle East mix effects and project delays squeezing a leading printing-press maker.

• Adjusted EBITDA margin guidance for FY2026/27 cut to 5.6-6.6 per cent, from an expected improvement on the prior year's 6.6 per cent
• H1 FY2026/27 adjusted EBITDA margin fell to 3.7 per cent from 6.4 per cent a year earlier, though it recovered to 6.4 per cent in Q2 alone
• H1 sales were EUR 913m, down from EUR 985m a year earlier; Q2 sales were EUR 509m versus EUR 519m
• H1 net result after tax was EUR -9m versus EUR 0m a year earlier; free cash flow was EUR -125m versus EUR -64m
• Incoming orders rose to EUR 1,141m in H1 from EUR 1,111m a year earlier
• Full FY2026/27 group sales are still expected to be stable versus the prior year's EUR 2,293m (USD 2,560m)

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