Based on preliminary figures, Heidelberg is on track to meet its projected revenue target for the 2025/26 fiscal year on a currency-adjusted basis. Order intake also continued the trend seen in the final quarters of previous years. In addition, Heidelberg continues to successfully implement the personnel and efficiency measures it has initiated and is achieving its fiscal year targets with regard to operating costs.
The adjusted EBITDA margin, however, remains under sustained pressure and, according to preliminary, unaudited figures, is expected at around 6.6%. In early February, in the context of the Q3 2025/26 report, the annual forecast for the adjusted EBITDA margin was adjusted to the lower end of the projected increase. At that time, the primary reasons were negative currency effects and weakening investment demand resulting from a macroeconomic environment increasingly characterized by global uncertainty.
Geopolitical situation impacts operating performance toward the end of the fiscal year
Investment demand weakened sharply once again with the outbreak of the Iran conflict on 28 February 2026, along with persistently stable and thus continuously negative currency effects. A product mix that was weaker year-over-year, as well as initial, accelerated investments in new, promising activities outside the core business (primarily defense), has, based on the current preliminary status, led to a deviation in operating earnings compared to the original expectations at the start of the fiscal year on 1 April 2025. The magnitude of this deviation increased sharply, particularly in March 2026.
Furthermore, Heidelberg’s efforts to establish a second pillar of business through the HD Advanced Technologies (HDAT) division are resulting in accelerated and rising initial expenses, particularly due to the successful launch in the defense sector. In this way, the company aims to benefit, among others, from the defense market, which is expected to grow strongly in the future.
Heidelberg will publish the final, audited financial results for the 2025/2026 fiscal year on 10 June 2026.
