Heidelberger Druckmaschinen: Charging as a Service and Defense Ambitions Test Investor Patience
20.06.2026 - 14:17:01 | boerse-global.de
The transformation at Heidelberger Druckmaschinen is picking up speed on two fronts, but the market is still gauging whether either pivot can deliver. Shares changed hands at €1.52 on Friday, a 25% decline since the start of the year, even as the group pushes deeper into electric-vehicle charging infrastructure and defence manufacturing.
The latest move comes from subsidiary Amperfied, which has launched a subscription-based model dubbed PerformancePRIME. Rather than simply selling charging hardware, Amperfied now offers planning, installation, round-the-clock service and performance guarantees for a monthly fee — irrespective of whose hardware sits at the site. The model splits into packages: UptimePRIME focuses on charging-point availability, while BusinessPRIME targets additional revenue streams for operators. Crucially, the service works with both Amperfied’s own equipment and third-party chargers.
That pitch already has backing from two blue-chip clients. At SAP, Amperfied began migrating 1,720 charging points onto its cloud backend in the second quarter of 2025, with plans to expand to around 3,700. At Siemens Energy, it manages roughly 200 AC charging points across twelve German sites. Whether such references can convince investors that this is a scalable profit centre rather than a strategic talking point will become clearer when first-quarter figures land on 19 August 2026.
Amperfied will showcase PerformancePRIME at the Power2Drive Europe trade fair in Munich from 23 to 25 June, just a day after the parent company’s management makes its first public appearance since the annual results. On 22 June, the board presents at the mwb research Industrial Technology conference, where the focus will be on turning the defence narrative into hard numbers.
Should investors sell immediately? Or is it worth buying Heidelberger Druckmaschinen?
That defence pivot is now physically taking shape. Heidelberger Druck has set up HD Advanced Technologies GmbH, located in a 30,000-square-metre facility in Brandenburg an der Havel that once produced precision parts for printing presses. Up to 200 employees are shifting to the defence unit, where drone and related manufacturing has already begun. The company is also moving production of a key Speedmaster model entirely to China and establishing a new plant in North Macedonia, while over 550 severance agreements have been signed in Germany.
Yet the defence business remains embryonic: AI functions have been announced with neither revenue targets nor margin goals. The valuation of that future stream is still absent from analyst estimates. Warburg Research recently lifted its price target to €1.60, barely above the current share price. mwb research holds a more optimistic view at €2.50, arguing the defence story is not yet priced in, and maintains a buy recommendation.
The financial backdrop remains mixed. For the 2025/26 fiscal year, revenue held steady at €2.29 billion while net profit tripled to €15 million from €5 million a year earlier. The adjusted EBITDA margin came in at 6.6%, with management targeting at least 7% for 2026/27. But free cash flow swung to minus €19 million, chewed up by restructuring payouts and new technology investments. As a result, a zero dividend will be put to shareholders at the virtual annual general meeting on 23 July.
The stock has at least shown some resilience over the past month, climbing nearly 9%, and now sits just above its 50-day moving average. It remains about 13% below the 200-day average of €1.74, and 40% shy of the 52-week high of €2.54. Until either the charging subscriptions or the defence contracts start feeding the bottom line in a meaningful way, the market is likely to stay cautious. The AGM in July and the August quarterly report will be the next key checkpoints.
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