Heidelberger, a global provider of printing and packaging solutions, has reported a 2.5% decrease in net sales, amounting to €1.68bn ($1.81bn) for the first nine months (9M) of financial year 2023/24 (FY23/24), compared to €1.729bn in the previous financial year.  

The company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) also saw a decrease to €135m during the period, from €144m in the same period a year ago. 

Despite the drop in net sales, Heidelberger’s adjusted EBITDA showed an improvement from the previous year, with the figure after three quarters reaching €135m, up from €125m in 9M FY22/23.  

The adjusted EBITDA margin increased to 8.0% in 9M FY23/24, compared to 7.2% in the same period the previous year. 

However, the net result after taxes remained positive at €34m, though this was lower than the previous year’s €54m, impacted by higher tax expenditure, increased pension-related interest costs, and the absence of positive special items. 

Its earnings per share also declined to €0.11, down from €0.18 in the first nine months of the previous financial year.  

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In the third quarter (Q3) of FY23/24, Heidelberger’s net sales were €594m, a slight decrease from €609m a year earlier.  

The company’s EBITDA for Q3 was €34m, down from €41m in the same quarter of the previous financial year. 

Heidelberger CFO Tania von der Goltz said: “Heidelberger is facing up to the changed underlying conditions, acting quickly to counter rising costs and the weaker order situation. What’s more, the value creation programme will already make a positive contribution to free cash flow amounting to around €60m in this financial year.” 

The company maintains its forecast for FY23/24 as published on 14 June 2023, with sales and adjusted EBITDA margin to remain at the previous year’s level of €2.435bn and 7.2%, respectively.