VINCORION SE

Heidelberger Druckmaschinen Aktiengesellschaft is pursuing a strategy to expand beyond its traditional print and packaging equipment business while maintaining its full-year guidance following a first quarter marked by lower sales and profitability. Speaking at an mwb conference, Head of Investor Relations Marc Schellenberger said the company's "Driving High-Tech" strategy aims to apply its existing capabilities in mechanics, electronics, software, automation, manufacturing, service and systems integration to areas including defense, energy storage and e-mobility alongside its established printing operations. In its core Print & Packaging Equipment business, Heidelberg recently completed the acquisition of manroland sheetfed, which adds more than 3,000 customers and is expected to contribute a stable annual sales contribution of more than €100 million and an annual EBIT contribution of roughly €10 million to €15 million after a two-year integration period. The company also completed the acquisition of POLAR, a post-press systems specialist, and plans to relocate POLAR production activities to North Macedonia as part of a broader cost-optimization effort. In defense, Heidelberg signed a memorandum of understanding with Vincorion in July 2025 to develop, industrialize and build energy control and distribution systems, and the partnership has generated its first revenues. The company also signed a memorandum of understanding with Ondas in December 2025 for autonomous counter-drone solutions targeting critical infrastructure, with Heidelberg holding a 49% stake in the ONBERG joint venture and Ondas holding 51%. In energy storage, Heidelberg partnered with PHENOGY to pursue a European industrial platform for sodium-ion battery technology, with the companies considering a 50/50 joint venture if a testing period concludes positively. For the first quarter of fiscal 2026/2027, Heidelberg reported a 4% decline in order intake to €537 million, reflecting the end of an Italian incentive program, while its order backlog rose to €762 million and the book-to-bill ratio was approximately 1.3. Net sales declined 30% to €404 million, adjusted EBITDA margin fell to 2.0% from 4.4% a year earlier, and free cash flow was negative €77 million. Heidelberg confirmed its full-year guidance, citing its order backlog, cost discipline and demand momentum in China and the U.S.

VINCORION SE was officially listed on the SDAX of the Frankfurt Stock Exchange on June 22, 2026, just three months after its initial public offering on March 20, 2026. The inclusion makes the company one of the 70 largest and most liquid publicly traded companies in Germany below the MDAX. CFO Dieter Holst called the listing another important milestone that will broaden visibility among institutional and passive investors. The move reflects rapid capital-market acceptance and growing market capitalization for the defense and aviation power-solutions specialist, which generated approximately 240 million euros in revenue in fiscal 2025 with around 900 employees.