Heidelberger Druckmaschinen (HDD) Q3 2025 earnings summary

Executive summary

• Orders increased 7.7% year-over-year to EUR 1.82 billion for the nine-month period, with Q3 orders up 8.3%, outperforming the broader German mechanical engineering sector which saw an 8% decline.

• Over 85% of business generated outside Germany, with Asia-Pacific and Americas showing strong order growth; EMEA also saw increased orders due to trade fair activity.

• Adjusted EBITDA margin improved to 9.2% in Q3, up from 5.7% in the prior year, reflecting strong cost management and capacity utilization.

• EUR 25 million in cost savings achieved by Q3, with cumulative savings of nearly EUR 100 million targeted by FY 2027/28.

• Strategic focus on software automation, power electronics, high-precision manufacturing, and innovation in packaging, inkjet, and lifecycle solutions.

Financial highlights

• Q3 net sales were EUR 594 million, flat year-over-year; nine-month net sales totaled EUR 1,509 million, down from EUR 1,685.6 million prior year.

• Adjusted EBITDA for Q3 was EUR 55 million (prior year: EUR 34 million); nine-month adjusted EBITDA was EUR 86 million (prior year: EUR 135 million).

• Free cash flow turned positive in Q3 at EUR 4 million, but remained negative at EUR -97 million for the nine-month period.

• Net result after taxes for nine months was EUR -42 million (prior year: EUR 34 million); Q3 net result was EUR -7 million.

• Equity at EUR 469 million, with an equity ratio of 21.2%.

Outlook and guidance

• Full-year guidance confirmed: sales expected at EUR 2.395 billion and adjusted EBITDA margin at 7.2%.

• Next fiscal year, adjusted EBITDA margin expected to improve to around 8% due to ongoing cost savings.

• Sales for next year expected to be at least stable, with growth from digital initiatives and recovery in Americas and Asia.

• Large order backlog and price increases planned to support margins.