The transformation at Heidelberger Druckmaschinen is gathering pace on two fronts. The SDax-listed company is simultaneously moving the manufacture of its flagship printing press to China, establishing a new plant in North Macedonia, and deepening its involvement in the defence sector through a drone partnership with a Ukrainian specialist. The strategy is already winning approval from investors, even as management warns of a net loss in the current financial year.
The core print business has been losing momentum, prompting the board to seek fresh revenue streams. To cut costs, the entire production of the Speedmaster CX 104 will now be handled in China, while a new facility in North Macedonia is being built to relieve pressure on German sites. Meanwhile, the newly created HD Advanced Technologies unit will bundle projects in energy, security and defence.
The most eye-catching move is the expansion of ONBERG Autonomous Systems, a joint venture in which Heidelberg holds 49%. ONBERG has signed a memorandum of understanding with Skyeton, a Ukrainian developer of the Raybird reconnaissance drone platform. The aim is to mass-produce NATO-compliant unmanned aircraft by marrying Skyeton’s airframe with Heidelberg’s precision manufacturing expertise. The company has set a medium-term revenue target of €300 million for its defence activities alone.
The financial rationale for the overhaul is clear from the latest annual figures. Revenue edged up to roughly €2.3 billion, while net profit tripled from €5 million to €15 million. Yet the adjusted EBITDA margin slipped to 6.6% and operating cashflow shrank to €36 million, which management attributed to lower customer prepayments and high transformation costs. A bright spot was the net financial position, which stood at a solid €39 million at the end of March.
Should investors sell immediately? Or is it worth buying Heidelberger Druckmaschinen?
Investors have cheered the strategic shift. The stock closed last week at €1.567, a gain of around 14% on the week, and has since added further ground to trade at €1.60. That lift pushed the shares above their 50-day moving average of €1.47, breaking the downtrend that had been in place since April. Over the past seven days the advance stands at nearly 17%.
Analysts are taking notice. Warburg Research raised its price target from €1.40 to €1.60, while mwb research trimmed its fair value slightly to €2.50 but reiterated a buy recommendation, describing the Skyeton cooperation as a key building block for European defence capability. Despite the recent rally, the stock still sits more than 21% below its January high of €2.54.
The road ahead, however, is far from smooth. For the current 2026/2027 fiscal year, the board has flagged heavy one-off costs for severance packages and factory relocations, leading it to forecast a net loss in the low double-digit millions. That makes it all the more important for management to deliver concrete production plans at a technology industry conference on 22 June 2026. If convincing targets are presented, the rally could extend. Shareholders will get a further update at the annual general meeting on 23 July 2026, where the board must flesh out the full details of its future plan.
Ad
Heidelberger Druckmaschinen Stock: Buy or Sell?! New Heidelberger Druckmaschinen Analysis from June 15 delivers the answer:
The latest Heidelberger Druckmaschinen figures speak for themselves: Urgent action needed for Heidelberger Druckmaschinen investors. Is it worth buying or should you sell? Find out what to do now in the current free analysis from June 15.
Heidelberger Druckmaschinen: Buy or sell? Read more here...
