Heidelberg Druck Scraps Dividend and Warns of Net Loss as Transformation Costs Bite
19.06.2026 - 04:55:23 | boerse-global.de
Heidelberger Druckmaschinen is leaving its shareholders empty-handed and bracing for a net loss in the current year. The printing press group will propose a complete dividend suspension at its annual general meeting on July 23, despite having tripled net profit in the recently completed financial year. The stock, currently trading at €1.52, has slumped around 25% since the start of 2026.
The financial results for fiscal 2025/26 paint a contradictory picture. Revenue held steady at €2.29 billion, while net profit jumped from €5 million to €15 million — a threefold increase. Yet the adjusted EBITDA margin contracted to 6.6% from 7.1%, squeezed by accelerated investments and geopolitical headwinds. Free cash flow turned negative at minus €19 million, weighed down by lower customer prepayments, leaving no room for a shareholder payout.
The company is pushing through a radical restructuring to address its shrinking core business. More than 550 employees have accepted severance agreements as Heidelberg moves production of its Speedmaster CX 104 model entirely to China, while a new plant in North Macedonia is due to start operations this year to cut manufacturing costs for selected product groups. The traditional sheet?fed offset segment continues to decline, forcing the group to pivot toward packaging printing, industrial applications, and recurring revenues from services and consumables.
Should investors sell immediately? Or is it worth buying Heidelberger Druckmaschinen?
The most ambitious element of the overhaul is ONBERG, a joint venture aimed at building a defense business. Heidelberg has reportedly teamed up with a Ukrainian partner to produce drone?defense systems at a facility in Brandenburg. The medium?term target is at least €300 million in annual sales, though the unit currently contributes less than 2% of group revenue and is expected to add virtually nothing to results in fiscal 2026/27.
The restructuring comes with heavy upfront costs. For the current financial year, management forecasts a net loss in the low tens of millions of euros, driven by one?time expenses for severance packages and production relocations. Free cash flow is expected to stay in negative territory as defense?related investments eat into liquidity. To shore up its finances, Heidelberg has prematurely extended a €436 million syndicated credit facility, which now runs until 2030.
Investors will get a clearer read on the group’s trajectory on August 19, when first?quarter results for fiscal 2026/27 are released. That report will show whether cost?cutting programs are gaining traction — and whether the nascent defense venture is beginning to deliver measurable sales. Until then, the shares are likely to remain under pressure as the market digests the double blow of a suspended dividend and a swing to red ink.
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