Heidelberg Druck Maschinen: The Print Giant's Electric and Military Makeover
20.06.2026 - 14:02:01 | boerse-global.de
Heidelberger Druckmaschinen is embarking on a high-risk corporate transformation that reaches far beyond its traditional printing presses. While the core business bleeds cash, the company is simultaneously pouring resources into two entirely new arenas: electric vehicle charging infrastructure and defense technology. The question for shareholders, who face a zero-dividend year and a net loss, is whether either gambit will deliver before the balance sheet buckles.
The cost of the overhaul is stark. Management has already signed more than 550 severance agreements, with the production of its Speedmaster CX 104 model shifting entirely to China. A new manufacturing site in North Macedonia is slated to come online before the end of 2026. These moves are designed to cut costs, but they come at a heavy upfront price: the board now expects a net loss in the double-digit millions for the current financial year, driven largely by the expensive entry into the defense sector via the ONBERG joint venture. In Brandenburg, the company is partnering with a Ukrainian firm to build drone defense systems, targeting €300 million in revenue within a few years — though that area currently contributes less than two percent of total sales.
The financial picture of the past year offers little comfort. Revenue held steady at just under €2.3 billion, and net profit ticked up to €15 million. But order intake slid noticeably to €2.2 billion, signaling softening demand. The free cash flow has turned deeply negative, forcing management to scrap any dividend payout. Shareholders will hear the full explanation at the annual general meeting on July 23, 2026.
Should investors sell immediately? Or is it worth buying Heidelberger Druckmaschinen?
On the brighter side, the company’s Amperfied subsidiary is pushing into a different growth market with a new service model called PerformancePRIME. Rather than simply selling charging hardware, Amperfied now offers end-to-end planning, installation, and round-the-clock operation — regardless of the hardware brand. Clients pay monthly fees instead of large upfront sums, with performance guarantees tied to uptime and revenue potential. The approach has already won two marquee references: SAP migrated 1,720 charging points to Amperfied’s cloud backend in the second quarter of 2025, with plans to expand to around 3,700 points, while Siemens Energy has contracted Amperfied to manage about 200 AC charging points across twelve German sites.
Investors remained unconvinced by either pivot as of Friday’s close. The shares ended the week at €1.52, down roughly 25 percent since the start of the year and more than 40 percent below the 52-week high of €2.54. On a thirty-day view, the stock has gained nearly nine percent and is trading just above its 50-day moving average, but it still sits about 13 percent below the 200-day average of €1.74. Warburg Research sees a silver lining, raising its price target to €1.60, but the medium-term downtrend remains intact.
A flurry of events will test the narrative in the coming weeks. Amperfied debuts PerformancePRIME at the Power2Drive Europe trade show in Munich from June 23 to 25, 2026. The shareholder meeting on July 23 will be the stage for management to defend the radical strategy. And on August 19, the first-quarter results for the 2026/2027 financial year will reveal whether either new division is starting to move the needle on the group’s income statement. Until then, the market is pricing in a lot of hope — and a lot of risk.
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