175 years of mechanical engineering expertise, a shrinking core business and a joint venture for autonomous weapon systems: Heidelberger Druckmaschinen is currently writing new history.
• Joint venture expands business to include drone defense
• Restructuring and relocation of production in the core business
• Change in strategy attracts attention on the stock market
The Heidelberger Druckmaschinen share rose by 11.81 percent to 1.61 euros on XETRA on Thursday at its daily high. Later, the shares were up 2.71 percent at 1.48, continuing the recovery from the previous day. There has been a decline of around 24 percent since the beginning of the year. The driving force behind the price movement is not a strong quarter, but a strategic change of course, which management further fleshed out at the most recent annual press conference.
The years: solid surface, difficult interior
The company recently presented solid figures: sales rose slightly to 2.293 billion euros in the 2025/2026 financial year after 2.280 billion euros in the previous year. Earnings after taxes improved from five to 15 million euros. But the operational quality was disappointing: the adjusted EBITDA margin fell from 7.1 to 6.6 percent. At 36 million euros, operating cash flow was significantly below the previous year, caused by the decline in margins and lower customer advance payments. However, the figures had largely been priced into the market since the profit warning in April.
The new mainstay: autonomous drone defense
What makes investors sit up and take notice is the restructuring beneath the surface. Under the umbrella of the newly structured HD Advanced Technologies GmbH division, Heidelberger Druckmaschinen pursues a dual-use approach and uses its industrial expertise for new fields. Specifically: HD Advanced Technologies and the American-Israeli company Ondas Autonomous Systems have started the ONBERG Autonomous Systems joint venture in Brandenburg an der Havel, which develops and operates autonomous drone defense systems. The joint venture is building an integrated approach to drone defense, from development and system integration to industrial series production, embedded in European supply chains. Target customers are operators of critical infrastructure such as airports, Bundeswehr-Locations and energy suppliers, operational entry will initially take place in Germany and Ukraine.
Classic business: costs out, production relocated
At the same time, the company is consistently shrinking its traditional printing press business. More than 550 termination agreements have been concluded, production of the Speedmaster CX 104 has moved entirely to China, and construction of a new location in North Macedonia is scheduled to begin in 2026. CEO Jürgen Otto justifies the move by saying that products that are too expensive to produce in Germany would otherwise be lost entirely. The Print and Packaging Equipment segment is expected to lose sales in the current 2026/27 financial year, but become significantly more profitable.
How far can the rally take the stock?
The price movement primarily reflects fantasy, not guaranteed returns. The drone defense division will not contribute any significant sales in the foreseeable future, and the core business remains under structural pressure. The decline of around 24 percent since the beginning of the year shows how low trust in the classic business transaction has recently fallen: the share was recently around 20 percent below its 200-day average and almost 44 percent below the 52-week high of 2.54 euros from last July.
The current recovery hardly touches these dimensions. For the 2026/27 financial year, management forecasts stable sales at the previous year’s level and a noticeable improvement in the adjusted EBITDA margin through a strict cost and efficiency program. The coming months will show whether the transformation course is successful.
Claudia Stephan, editorial team at finanzen.net
This text is for informational purposes only and does not constitute an investment recommendation. finanzen.net GmbH excludes any claims for recourse.
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