Half-yearly financial report January 1 to June 30, 2025 Dräger Group

The Dräger Group over the past five years

						Six months
		2025	2024	2023	2022	2021
Order intake	€ million	1,738.0	1,604.3	1,596.6	1,647.6	1,477.4
Net sales	€ million	1,510.2	1,520.5	1,532.4	1,302.4	1,633.4
Gross profit	€ million	676.6	681.5	674.9	526.3	802.1
Gross profit / net sales	%	44.8	44.8	44.0	40.4	49.1
EBITDA 1	€ million	85.3	121.3	118.4	-41.8	273.3
EBIT 2	€ million	20.4	55.8	47.7	-111.7	209.2
EBIT 2/ net sales	%	1.3	3.7	3.1	-8.6	12.8
Interest result	€ million	-7.0	-8.8	-10.2	-8.2	-12.2
Income taxes	€ million	-3.8	-12.9	-9.0	42.1	-57.2
Net profit	€ million	9.5	34.1	28.6	-77.9	139.8
Earnings per share 3
per preferred share	€	0.51	1.81	1.50	-4.13	6.50
per common share	€	0.48	1.78	1.47	-4.16	6.47
DVA 4, 5	€ million	17.1	33.4	-41.6	-150.4	402.9
Equity 6	€ million	1,466.5	1,442.0	1,341.4	1,326.3	1,210.7
Equity ratio 6	%	49.1	47.6	45.1	44.9	38.2
Capital employed 6, 7	€ million	1,594.2	1,600.4	1,611.4	1,590.0	1,466.1
EBIT 2, 4 / capital employed 6, 7 (ROCE)	%	9.9	10.9	4.4	-3.1	34.4
Net financial debt 6, 8, 9	€ million	269.1	272.5	326.7	257.0	147.6
Headcount as at June 30		16,609	16,390	16,219	16,043	15,795

¹ EBITDA = Earnings before net interest result, income taxes, depreciation and amortization

² EBIT = Earnings before net interest result and income taxes

³ The dividend premium of EUR 0.06 on preferred shares is recognized pro rata on a quarterly basis.

⁴ Value of the last twelve months

⁵ Dräger Value Added = EBIT less cost of capital of average capital employed

⁶ Value as at reporting date

⁷ Capital employed = Total assets less deferred tax assets, securities, cash and cash equivalents, non-interest bearing liabilities and other non-operating items

⁸ Accrued interest is a component of net financial debt, prior-year figure 2024 has been adjusted.

⁹ For the years 2021 and 2022, including the payment obligations from the termination of the participation certificates

Shareholder information	4
Letter from the Executive Chairman	4
The Dräger shares	5
Interim management report of the Dräger Group for the first half of 2025	7
General economic conditions	7
Business performance of the Dräger Group	9
Financial management	13
Business performance of the medical division	15
Business performance of the safety division	17
Research and development	19
Personnel	21
Outlook	23
Interim financial statements of the Dräger Group as of June 30, 2025	26
Consolidated income statement of the Dräger Group	26
Consolidated statement of comprehensive income of the Dräger Group	27
Consolidated balance sheet of the Dräger Group	28
Consolidated cash flow statement of the Dräger Group	29
Consolidated statement of changes in equity of the Dräger Group	30
Notes of the Dräger Group as of June 30, 2025 (condensed)	31
Further Information	41
Financial Calendar / Legal Note / Imprint	41

Possible rounding differences in this report may lead to slight discrepancies.

This report has been set up in German and English language. In case of any discrepancy between the German and English version, the German version shall prevail.

Shareholder information Letter from the Executive Chairman

Shareholder information Letter from the Executive Chairman

With stable net sales and a positive operating result, our business performed solidly overall in the first half of 2025. Net sales were slightly below the prior-year level in nominal terms and slightly above net of currency effects. However, earnings before interest and taxes failed to reach the prior-year figure. This was mainly due to positive one-off effects in the prior year: In the second quarter of 2024, we sold a non-strategic business field in the Netherlands and a plot of land in the US, effects which are not present in the result reported here. Furthermore, currency effects and customs duties had a negative impact on earnings.

However, our order development makes us optimistic about the future course of business. Demand for our "Technology for Life" increased significantly in the first six months of 2025. Despite the difficult economic conditions caused by US tariff policy, we were able to grow in both divisions and all regions and even achieved the highest order intake for a first half-year since the record half-year in 2020. This means that the conditions for future growth in net sales are in place.

Our shares also performed very well. The price of common shares has risen by more than a third, while the price of preferred shares has increased by more than 40%. In May, the preferred shares listed on the SDAX were also included in the TecDAX, which will increase out visibility among tech investors.

Our goal remains improving profitability. To this end, we will continue to take targeted measures to increase our efficiency and strengthen our resilience. This may also mean that we will divest further unprofitable or non-strategic business activities. In addition, we are focusing on strengthening our innovative capabilities and expanding our expertise in the areas of interoperability and systems business.

In medical technology, we are driving forward the marketing of SDC-enabled devices (SDC: Service-oriented Device Connectivity), among other things. This manufacturer-independent ISO/IEEE 11073 standard for networking medical devices is becoming increasingly important as it enables new functionalities that offer our customers real added value. In the second half of the year, we are launching the Silent Care Package, the world's first interoperable multimodal system based on the SDC standard. This system can significantly reduce noise pollution in intensive care units by reliably relaying alarms while the connected devices in the patient's room remain silent. The result is not only improved patient care, but also streamlined work processes.

In the safety division we are consistently investing in new business opportunities, for example in the areas of cleantech, defense, and safety. One priority is to expand our market position as a partner and solution provider within the framework of strategic defense programs. In order to achieve this, we will systematically develop our trusted relationships with key military equipment manufacturers, defense authorities, and public-sector customers, and leverage our unique capabilities in this growing business area.

Our outlook remains unchanged: Based on the positive order development, we continue to expect net sales growth net of currency effects of 1.0 to 5.0% and an EBIT margin of 3.5 to 6.5% for 2025.

On behalf of the entire Executive Board, I would like to express my sincere thanks for your trust.

Best regards,

Stefan Dräger

Shareholder information The Dräger shares

The Dräger shares

The capital market was marked by severe turbulence in the first half of 2025. Nevertheless, Dräger shares recorded significant gains. The preferred shares listed on the SDAX were also included in the TecDAX and, like the common shares, significantly outperformed both indices.

In mid-January, the SDAX initially fell to its lowest level in the first half of the year of around 13,602 points, before rising significantly in the weeks that followed. At the beginning of March the index slumped due to fears of a global trade war. However, the prospect of a billion-euro financial package for the German economy caused it to rise again. From mid-March to early April, the SDAX fell sharply due to the consolidation of stock markets and the announcement of US import tariffs. It then continued its recovery until mid-June, driven by an easing in the trade dispute and well-received quarterly reports. Afterwards, the index fell again due to renewed consolidation and the military conflict between Israel and Iran. At the end of June, the SDAX rose again and reached its highest level of around 17,563 points on the last trading day of the first half of the year, which corresponds to an increase of around 28.1% compared to the end of 2024. The TecDAX closed at around 3,877 points, up around 13.5%.

Dräger shares rose significantly in the first weeks of trading this year, mainly due to the preliminary figures for the 2024 fiscal year published in mid-January and the forecast for 2025. In February, Dräger shares remained flat. In the second half of March, their prices rose again significantly in line with the positive market sentiment. Following the announcement of US tariffs and the publication of preliminary first-quarter results in April, Dräger shares lost a large portion of their gains. They then picked up again at the end of the month as the stock markets calmed down. On May 9, the preferred shares were included in the TecDAX, the index comprising the 30 largest technology companies in the Prime Standard. The preferred shares reached their highest level in the first half of the year at EUR 72.40 in mid-June. The common shares rose to as high as EUR 59.60.

As of the reporting date of June 30, 2025, the common shares were quoted at EUR 57.00 in Xetra trading. They were thus around 38.3% higher than at the end of 2024. Preferred shares were trading at EUR 67.20, representing an increase of around 44.5%.

Shareholder information The Dräger shares

Dräger shares – Basic figures

	Common shares	Preferred shares
International Securities Identification Number (ISIN)	555060/DE0005550602	555063/DE0005550636
Ticker symbol / Reuters / Bloomberg	DRW8/DRWG.DE/DRW8	DRW3/DRWG_p.DE/DRW3
Main stock exchange	Frankfurt/Xetra	Frankfurt/Xetra
Market segment	Prime Standard	Prime Standard
Index	-	SDAX, TecDAX
Initial listing	2010	1979

Dräger shares indicators

	Six months 2025	Six months 2024
Common shares
No. of shares as at the reporting date	10,160,000	10,160,000
High (in €)	59.60	47.70
Low (in €)	39.30	40.10
Share price on the reporting date (in €)	57.00	44.30
Average daily trading volume 1	3,247	1,794
Earnings per common share (in €)	0.48	1.78
Preferred shares
No. of shares as at the reporting date	8,600,000	8,600,000
High (in €)	72.40	52.90
Low (in €)	44.85	45.95
Share price on the reporting date (in €)	67.20	49.70
Average daily trading volume 1	15,958	9,706
Earnings per preferred share (in €)	0.51	1.81
Market capitalization (in € thousand)	1,157,040	877,508

¹All German stock exchanges (source: designated sponsor)

In order to implement an employee participation program, Dräger began the buyback of its own preferred shares on the capital market on June 3, 2025. The buyback had not been completed by the end of the first half of the year. As of the reporting date on June 30, 2025, Dräger recognized 42,989 repurchased preferred shares as treasury shares in the amount of EUR 2,992 thousand in the balance sheet.

Interim management report of the Dräger Group for the first half of 2025

General economic conditions

US tariff policy slows growth

Interim management report of the Dräger Group for the first half of 2025

General economic conditions

The general economic conditions deteriorated overall in the first half of 2025. According to the International Monetary Fund (IMF), the global economy appears to be stabilizing, but low growth rates remain unconvincing. In addition, uncertainties have increased significantly due to the US' aggressive tariff policy. Global economic growth is therefore likely to slow down.

The IMF expects growth in the global economy of 2.8% and 3.0% in 2025 and 2026, respectively. These forecasts are 0.5 and 0.3 percentage points lower than those of January 2025.

Stable interest rates in the US – lower interest rates in Europe

The US Federal Reserve did not change its key interest rate in the first half of 2025, leaving it in the range of 4.25% to 4.5% that has been in place since December 2024. It justified this decision in particular with the increased uncertainty resulting from US tariff policy. The European Central Bank on the other hand, continued its loose monetary policy and lowered its interest rate by a total of one percentage point to 2.0% by June 2025 due to slowing inflation.

Inflation rates continue to decline – exchange rates highly volatile

Inflation rates fell in the first half of 2025. In the eurozone, the inflation rate was 2.0% in June 2025, which is below the June 2024 figure (2.5%). In Germany, the inflation rate was 2.0% in June 2025 (June 2024: 2.2%). The main reason for this trend was the decline in energy prices.

Measured against the prior year's exchange rates, the euro appreciated significantly against most currencies which are relevant to us. In the first half of 2025, we therefore experienced exceptionally unfavorable exchange rate movements, which had a negative impact on the Group's net sales and earnings.

Market and industry performance

Medical division

According to the German Medical Technology Association (BVMed), the German market for medical technology was under pressure in the first half of 2025. The main reasons were high energy prices and taxes, the high burden of bureaucracy and regulation, and the sluggish pace of digitalization. The high costs of implementation of the EU Medical Device Regulation (MDR) and the unfavorable climate for innovation also weighed heavily on the market.

According to Germany Trade and Invest – Gesellschaft für Außenwirtschaft und Standortmarketing mbH (GTAI), the market for medical technology developed positively overall in the Europe, Middle East, and Africa (EMEA) region. However, the picture in Europe was mixed. The UK market for medical technology grew because the government continued its course of investments. In France, however, the unstable government and austerity measures hampered the industry's planning security. The medical technology market in the Gulf states, on the other hand, developed positively, with the market being characterized by digital solutions and rising budgets.

According to GTAI, the American market for medical technology also developed positively. In the US, demand for medical products increased. Rising patient numbers and investments in the healthcare sector increased demand, especially for outpatient treatment. Digital healthcare applications were also used more frequently. Demand for medical technology also rose in Latin America.

Interim management report of the Dräger Group for the first half of 2025 General economic conditions

According to the GTAI, the Asia-Pacific (APAC) region developed positively overall, albeit with some reservations. Protectionist tendencies in China slowed growth and increasingly worsened market conditions for imported medical technology products. Demand rose in the important APAC countries of Indonesia and Thailand. The same was true for India, as healthcare provision continued to expand. However, tighter regulatory measures also led to disadvantages for foreign manufacturers in India and Indonesia. In Australia, demand for medical technology developed positively due to the aging population and the resulting increase in healthcare spending; the country also saw growth in the telemedicine market.

Safety division

The market for safety technology in Germany was characterized by uncertainty in the first half of 2025. According to the industry association VCI, production in the chemical industry in the period from January to April was 1.1% below the prior-year level. Neither were there signs of improvement in terms of international competitiveness. Persistently high energy prices, stifling bureaucracy, overly rigid regulations, and high taxes and levies continue to be a burden on the industry. In addition, the unpredictable US tariff policy is negatively affecting the export business.

In the EMEA region, the market for safety technology developed unevenly. According to the VCI, chemical industry production was down in the European Union. As reported by the GTAI, the industry struggled with unfavorable location factors. The UK chemical industry also suffered from weak industrial activity, where competitiveness was hampered by high energy prices and increased labor costs. The Gulf states recorded higher investments in both the chemical industry and the oil and gas industry.

The American market for safety technology developed positively to a limited extent. According to the GTAI, the North American chemical industry returned to its growth trajectory. However, the US government's unpredictable tariff policy poses risks for demand. According to the VCI, the Brazilian chemical industry performed well, with production rising in the first quarter of 2025. As per the GTAI, the US oil and gas industry benefited from the change of administration in the White House. On his first day as the new US president, Donald Trump signed several executive orders to promote the industry, leading to increased investment in the sector.

In the APAC region, the market for safety technology recorded stable development. As reported by the VCI, the chemical industry in Asia increased its production in the period from January to April. However, growth in India was weak. In addition, according to GTAI, overcapacity had a negative impact on prices in China.

According to the International Technical Committee for Preventive Fire Protection and Fire Fighting (CTIF), the global firefighting market, which is strongly characterized by local structures, was stable overall in the first half of 2025.

Overall assessment of the underlying conditions

The general economic conditions worldwide deteriorated overall in the first half of 2025. This was due in particular to the effects of US policy on tariffs and currencies.

The market for medical technology was under pressure in Germany in the first half of 2025. By contrast, it developed positively in the EMEA and Americas regions. The same was true of the APAC region, despite the continuing difficult market conditions in China. The market for safety technology in Germany was also characterized by uncertainty. In the EMEA region, however, it developed very differently depending on the subregion. The Americas region recorded a fundamentally positive development. The market in the APAC region remained stable.

Business performance of the Dräger Group

		Second quarter				Six months
		2025	2024	Change in %	2025	2024	Change in %
Order intake	€ million	877.2	793.5	+10.5	1,738.0	1,604.3	+8.3
Net sales	€ million	780.0	784.7	-0.6	1,510.2	1,520.5	-0.7
Gross profit	€ million	342.0	347.9	-1.7	676.6	681.5	-0.7
Gross profit / net sales 1	%	43.8	44.3	-0,5 pp	44.8	44.8	0.0 pp
EBITDA 2	€ million	52.0	73.7	-29.5	85.3	121.3	-29.7
EBIT 3	€ million	20.0	40.7	-51.0	20.4	55.8	-63.5
EBIT 3 / net sales 1	%	2.6	5.2	-2,6 pp	1.3	3.7	-2.3 pp
Net profit	€ million	11.4	26.5	-57.0	9.5	34.1	-72.0
Earnings per share 4
per preferred share	€	0.61	1.43	-57.3	0.51	1.81	-71.8
per common share	€	0.60	1.42	-57.7	0.48	1.78	-73.0
DVA 5, 6	€ million	17.1	33.4	-48.9	17.1	33.4	-48.9
R&D expenses	€ million	85.9	83.6	+2.8	169.5	164.5	+3.0
Equity ratio1, 7	%	49.1	47.6	+1,5 pp	49.1	47.6	+1.5 pp
Cash flow from operating activities	€ million	-38.1	-39.0	+2.4	17.8	-5.5	> +100
Net financial debt 7, 8	€ million	269.1	272.5	-1.3	269.1	272.5	-1.3
Investments	€ million	33.1	29.9	+10.7	61.9	52.6	+17.7
Capital employed 7, 9	€ million	1,594.2	1,600.4	-0.4	1,594.2	1,600.4	-0.4
Net working capital 7, 10	€ million	738.9	739.1	-0.0	738.9	739.1	-0.0
Working capital 11, 12	€ million	996.6	1,005.3	-0.9	996.6	1,005.3	-0.9
Days working capital (DWC) 13	days	108.2	109.2	+0.8	108.2	109.2	+0.8
EBIT 3, 5 / capital employed 7, 9 (ROCE) 1	%	9.9	10.9	-1,0 pp	9.9	10.9	-1.0 pp
Net financial debt 7, 8 / EBITDA 2, 5	Factor	0.89	0.86	0	0.89	0.86
Gearing14	Factor	0.18	0.19	0	0.18	0.19
Headcount as at June 30		16,609	16,390	+1.3	16,609	16,390	+1.3

¹ pp = Percentage points

² EBITDA = Earnings before net interest result, income taxes, depreciation and amortization

³ EBIT = Earnings before net interest result and income taxes

⁴ The dividend premium of EUR 0.06 on preferred shares is recognized pro rata on a quarterly basis.

⁵ Value of the last twelve months

⁶ Dräger Value Added = EBIT less cost of capital of average capital employed

⁷ Value as at reporting date

⁸ Accrued interest is a component of net financial debt, prior-year figures 2024 have been adjusted.

⁹ Capital employed = Total assets less deferred tax assets, securities, cash and cash equivalents, non-interest bearing liabilities and other non-operating items ¹⁰ Net working capital = Trade receivables and inventories less trade payables, customer prepayments, short-term operating provisions and other short-term operating items

¹¹ Working capital = Trade receivables, contract assets, notes receivables and inventories less trade payables, notes payables and contract liabilities

¹² Average balance of the last twelve months

¹³ DWC = average reach of working capital of the last twelve months

¹⁴ Gearing = Net financial debt / equity

Order intake

		Second quarter
in € million	2025	2024	Change in %	Net of currency effects in %	2025	2024	Change in %	Six months Net of currency effects in %
Medical division	537.1	446.4	+20.3	+25.5	1,010.8	900.1	+12.3	+14.8
Safety division	340.1	347.1	-2.0	-0.1	727.2	704.3	+3.3	+4.2
Total	877.2	793.5	+10.5	+14.3	1,738.0	1,604.3	+8.3	+10.1
thereof Germany	191.7	173.5	+10.4	+10.4	388.0	385.7	+0.6	+0.6
thereof EMEA	322.2	301.7	+6.8	+7.0	677.5	613.7	+10.4	+10.1
thereof Americas	238.8	189.1	+26.3	+38.2	411.2	349.5	+17.7	+24.7
thereof APAC	124.5	129.1	-3.6	+1.6	261.3	255.5	+2.3	+4.7

Thanks to good demand in both divisions and all regions, our order intake rose by more than ten percent in the first half of 2025 net of currency effects. The Americas region was the largest growth driver with an increase of around 25%. Demand also increased in the Europe, Middle East, and Africa (EMEA) and Asia-Pacific (APAC) regions. In Germany, the order volume was slightly above the prior-year level. In the second quarter, order intake increased by 14.3% net of currency effects. All regions posted significant gains, led by the Americas with growth of around 38%.

In the medical division, order intake rose by almost 15% net of currency effects in the first half of the year and by around 25% in the second quarter. All regions contributed to this positive development. Demand grew particularly strongly in the Americas after we received a major order for hospital infrastructure systems from Mexico in April. The order volume is in the mid double-digit million euro range and will be realized over several years. Even without this order, however, demand was higher than in the comparable periods.

In the safety division, order intake climbed by 4.2% in the first half of the year (net of currency effects). The EMEA and Americas regions achieved significant growth, while demand in Germany and APAC declined. In the second quarter, order intake was almost at the prior year's level with a decline of 0.1% (net of currency effects). The increase in Germany and EMEA almost completely offset the decline in APAC and the Americas.

Net sales

Net sales
		Second quarter Six months
in € million	2025	2024	Change in %	Net of currency effects in %	2025	2024	Change in %	Net of currency effects in %
Medical division	438.0	428.8	+2.1	+5.0	851.1	846.3	+0.6	+1.8
Safety division	342.0	355.8	-3.9	-2.0	659.2	674.2	-2.2	-1.4
Total	780.0	784.7	-0.6	+1.8	1,510.2	1,520.5	-0.7	+0.4
thereof Germany	187.7	176.4	+6.4	+6.4	364.2	346.4	+5.1	+5.1
thereof EMEA	307.1	315.3	-2.6	-2.5	591.6	617.1	-4.1	-4.5
thereof Americas	160.2	174.0	-7.9	-0.8	310.9	330.5	-5.9	-2.2
thereof APAC	124.9	119.0	+5.0	+10.3	243.5	226.5	+7.5	+9.9

Our net sales increased by 0.4% (net of currency effects) during the first half of 2025. In the second quarter, they increased by 1.8% net of currency effects. In both reporting periods, a decline in the EMEA and Americas regions was offset by significant growth (net of currency effects) in the APAC region and a noticeable increase in Germany.

Earnings

During the first half of 2025, our gross profit declined by 0.7% to EUR 676.6 million (6 months 2024: EUR 681.5 million). The gross margin remained unchanged at 44.8%. The slight decline in margins in the safety division was offset by a slight increase in margins in the medical division. In the second quarter, gross profit of EUR 342.0 million was 1.7% lower than in the prior year (Q2 2024: EUR 347.9 million). The gross margin fell by 0.5 percentage points to 43.8% (Q2 2024: 44.3%).

Our functional expenses in the first half of 2025 were 6.1% above the prior-year figure net of currency effects (nominal: 5.2%). This was mainly due to a base effect: In the same period of the prior year, positive one-off effects of around EUR 20 million had eased the second quarter (other operating income); this relief is now no longer present. In addition, personnel expenses rose, partly due to a one-off payment to employees in Germany in accordance with collective agreements. In the safety division, functional expenses rose more sharply due to the base effect (net of currency effects: 7.8%; nominal: 7.1%) than in the medical division, where functional expenses increased mainly due to higher headcount (net of currency effects: 5.1%; nominal: 4.0%). In the second quarter, the increase net of currency effects in functional expenses was 7.6% (nominal: 5.4%) due to the base effect mentioned above. Excluding the above-mentioned positive one-off effects, the increase net of currency effects was 2.9% (nominal: 2.0%) in the first half of the year and 1.2% (nominal: -0.9%) in the second quarter.

Expenditure on research and development (R&D) increased by 3.4% net of currency effects in the first half of 2025 (nominal: 3.0%). The share of R&D expenses to net sales (R&D ratio) was slightly above the prior-year level at 11.2% (6 months 2024: 10.8%). The higher R&D ratio was due to the decrease in net sales combined with an increase in personnel expenses.

The financial result (excluding interest result) amounted to EUR 0.7 million (6 months 2024: EUR -1.3 million).

Our consolidated earnings before interest and taxes (EBIT) of EUR 20.4 million in the first half of 2025 did not reach the prior-year figure (6 months 2024: EUR 55.8 million). The EBIT margin came to 1.3% (6 months 2024: 3.7%). In the second quarter, EBIT came to EUR 20.0 million (Q2 2024: EUR 40.7 million). The EBIT margin was 2.6% (Q2 2024: 5.2%). The main reasons for the decline in earnings in both reporting periods were the positive one-off effects in the prior year: In the second quarter of 2024, we sold a local business unit in the Netherlands that was not part of our core business and a property in the US for a total of around EUR 20 million. Furthermore, currency effects and customs duties had a negative impact on earnings.

The interest result improved by EUR 1.8 million to EUR -7.0 million in the first half of 2025 (6 months 2024: EUR -8.8 million). This was due to lower interest expenses coupled with higher interest income.

Investments

During the first half of 2025, the investment volume of EUR 61.9 million was 17.7% higher than in the prior year (6 months 2024: EUR 52.6 million). We invested EUR 35.5 million in property, plant, and equipment (6 months 2024: EUR 27.4 million), EUR 2.4 million in intangible assets (6 months 2024: EUR 1.5 million), and EUR 24.1 million was attributable to capitalized rights of use from long-term rental and lease agreements in accordance with IFRS 16 (6 months 2024: EUR 23.8 million). Depreciation and amortization amounted to EUR 64.9 million in the first half of 2025 (6 months 2024: EUR 65.5 million). Investments amounted to 95.4% of depreciation and amortization, meaning that this effect reduced non-current assets by EUR 3.0 million.

Cash flow statement¹

In the first six months of fiscal year 2025, the Dräger Group generated cash flow from operating activities of EUR 17.8 million (6 months 2024: cash outflow of EUR 5.5 million), although earnings after income taxes decreased by EUR 24.5 million to EUR 9.5 million compared to the same period of the prior year. The main reasons for the positive development of cash inflows from operating activities was the EUR 27.8 million increase in growth in other liabilities and the EUR 23.2 million increase in reduction in trade receivables to EUR 111.4 million. In addition, the noncash result, together with the results from the sale of assets reported in cash flow from investing activities, increased

¹ Due to the elimination of exchange rate effects, the underlying changes recognized in the cash flow statement cannot be directly reconciled with the items of the published balance sheet.

by a total of EUR 19.7 million to EUR 12.5 million. In contrast, cash outflow from the increase in inventories rose by EUR 13.6 million to EUR 80.7 million.

Cash outflow from investing activities stood at EUR 59.8 million in the first six months of the fiscal year (6 months 2024: cash outflow of EUR 10.7 million). The cash outflow increased due to a supplier loan of EUR 20.0 million and an investment of EUR 9.5 million in other investments. In addition, the cash outflow in the prior year was affected by offsetting inflows of EUR 14.8 million from the sale of subsidiaries and business units.

Free cash flow – the sum of the change in cash flow from operating and investing activities – amounted to EUR -42.0 million in the first half of 2025 (6 months 2024: EUR -16.2 million).

Cash outflow from financing activities fell by EUR 57.7 million to EUR 5.8 million compared to the same period of the prior year. In the first six months of the current fiscal year, there was a net-balance cash inflow of EUR 56.8 million from bank loans and current account liabilities, compared with a net-balance cash outflow of EUR 6.8 million in the same period of the prior year.

Cash and cash equivalents of EUR 177.4 million as of June 30, 2025 (December 31, 2024: EUR 230.6 million) consisted exclusively of cash and cash equivalents; these were subject to restrictions on their use amounting to EUR 5.8 million (December 31, 2024: EUR 7.1 million).

Interim management report of the Dräger Group for the first half of 2025 Financial management

Financial management

Borrowing

Financial management

To secure our liquidity, we have concluded a master credit agreement with our core banks in the amount of EUR 540.0 million. Under this agreement, cash credit lines of EUR 375.0 million are in place with a term until November 30, 2026. In addition, there are currently guarantee credit lines of EUR 165.0 million under the framework credit agreement. These credit lines were utilized as sureties in Germany and abroad and as cash facilities.

In addition to the framework credit agreement, there are a further bilateral guarantee credit lines with DZ Bank for EUR 5.0 million and with Euler Hermes (Allianz) for EUR 20.0 million.

As at June 30, 2025, there were also promissory note loans totaling EUR 100.0 million and a long-term investment loan commitment from the European Investment Bank (EIB) amounting to EUR 150.0 million. We also concluded a loan agreement with the EIB for EUR 100.0 million in March 2025, from which no payments had been made as at June 30, 2025.

Net assets

The Dräger Group's equity decreased by EUR 70.3 million to EUR 1,466.5 million in the first six months of 2025. The equity ratio was 49.1% as at June 30, 2025 and thus below the figure of 49.7% as at December 31, 2024. The total assets fell by EUR 106.1 million to EUR 2,987.3 million.

Two main factors were responsible for the decline in equity. Firstly, the negative exchange rate environment had a negative impact on the adjustment item from the currency translation of foreign subsidiaries and therefore reduced other equity components by around EUR 50 million. Secondly, the dividend of around EUR 37 million approved at the annual shareholder's meeting on May 9, 2025 was paid out as planned in May and directly reduced equity. Earnings after income taxes of EUR 9.5 million and a positive net effect of EUR 9.4 million from the remeasurement of defined benefit pension plans could only partially offset these negative effects.

On the assets side, non-current assets increased by EUR 22.9 million. Other non-current financial assets increased by EUR 30.6 million and other non-current assets by EUR 10.3 million. This was mainly offset by reductions in property, plant and equipment due to systematic depreciation.

Current assets fell by EUR 129.0 million. This was primarily due to the reduction in trade receivables (EUR -165.9 million), cash and cash equivalents (EUR -53.2 million) and other current financial assets (EUR -10.3 million). By contrast, inventories (EUR +51.1 million), contractual assets (EUR +19.2 million), active prepaid expenses (EUR +19.2 million) and current refund claims for income taxes and other taxes (EUR +12.3 million) increased.

The change on the liabilities side results from the reduction in equity by EUR 70.3 million and the decrease in noncurrent liabilities by EUR 68.0 million. This was offset by an increase in current liabilities of EUR 32.2 million.

The decrease in non-current liabilities is mainly due to the reclassification of a loan from non-current to current liabilities to banks (EUR -50.0 million) and lower provisions for pensions and similar obligations (EUR -8.3 million).

The increase in current liabilities is primarily due to the change in bank liabilities. These are comprised of the drawing of credit lines (EUR +65.6 million) and the reclassification of a loan from non-current liabilities to banks (EUR +50.0 million). Contractual liabilities also increased by EUR 27.9 million. Conversely, current personnel provisions (EUR -41.7 million) and other current provisions (EUR -13.1 million) decreased; these changes are mainly due to the interim view – there is a pro rata build-up until the end of the year. Trade payables fell by EUR 26.9 million. Current income tax liabilities recorded a decrease of EUR 13.9 million.

Interim management report of the Dräger Group for the first half of 2025 Financial management

Dräger Value Added

Dräger's value-based key management figure, Dräger Value Added (DVA), fell by EUR 16.3 million to EUR 17.1 million year on year in the 12 months to June 30, 2025 (12 months to June 30, 2024: EUR 33.4 million). Our rolling EBIT fell by EUR 15.9 million year-on-year to EUR 158.6 million. A slight increase in DVA and rolling EBIT in the medical division was offset by a decline in the safety division.

With a slight growth in average capital employed (EUR +4.9 million) and an unchanged weighted average cost of capital of nine percent, the cost of capital employed rose by EUR 0.4 million compared to the same period of the prior year.

Average working capital was reduced compared to the same period of the prior year, while rolling net sales remained almost stable. As a result, days working capital (range of working capital) decreased by 0.9 days to 108.2 days compared to the prior-year figure.

Business performance of the medical division

					Second quarter				Six months
		2025	2024	Change in %	Net of currency effects in %	2025	2024	Change in %	Net of currency effects in %
Order intake	€ million	537.1	446.4	+20.3	+25.5	1,010.8	900.1	+12.3	+14.8
thereof Germany	€ million	107.0	92.9	+15.3	+15.3	212.6	201.0	+5.8	+5.8
Net sales	€ million	438.0	428.8	+2.1	+5.0	851.1	846.3	+0.6	+1.8
thereof Germany	€ million	101.2	95.0	+6.6	+6.6	200.5	189.8	+5.6	+5.6
EBITDA 1	€ million	9.5	2.8	> +100		-2.4	7.2	> -100
EBIT 2	€ million	-5.9	-12.9	+54.3		-33.7	-24.2	-39.3
EBIT 2/ net sales 3	%	-1.4	-3.0	+1.7 pp		-4.0	-2.9	-1.1 pp
Capital employed 4, 5	€ million	884.6	896.8	-1.4		884.6	896.8	-1.4
EBIT 2, 6/ capital employed 4, 5 (ROCE) 3	%	2.1	1.7	+0.4 pp		2.1	1.7	+0.4 pp
DVA 6, 7	€ million	-59.9	-64.4	+7.1		-59.9	-64.4	+7.1

¹ EBITDA = Earnings before net interest result, income taxes, depreciation and amortization

² EBIT = Earnings before net interest result and income taxes

³ pp = Percentage points

Business performance of the medical division

⁴ Capital employed = Total assets less deferred tax assets, securities, cash and cash equivalents, non-interest bearing liabilities and other non-operating items

⁵ Value as at reporting date

⁶ Value of the last twelve months

⁷ Dräger Value Added = EBIT less cost of capital of average capital employed

Order intake

	Second quarter
in € million	2025	2024	Change in %	Net of currency effects in %	2025	2024	Change in %	Net of currency effects in %
Germany	107.0	92.9	+15.3	+15.3	212.6	201.0	+5.8	+5.8
EMEA	163.5	148.3	+10.2	+10.8	339.5	307.7	+10.3	+10.0
Americas	185.7	128.7	+44.3	+58.4	290.6	235.6	+23.3	+31.7
APAC	80.8	76.5	+5.6	+11.1	168.1	155.7	+7.9	+10.3
Total	537.1	446.4	+20.3	+25.5	1,010.8	900.1	+12.3	+14.8

Our order intake in the medical division rose by almost 15% in the first half of 2025 (net of currency effects). The main driver was the high demand for our ventilators and anesthesia machines, services and consumables. In addition, we received a major multi-year order for hospital infrastructure systems from Mexico, which significantly supported the above-average growth in the Americas region. The EMEA and APAC regions also recorded significant growth, while growth in Germany was somewhat lower.

In the second quarter, order intake rose by around 25% (net of currency effects) due to the significant growth in all regions. The order volume in the Americas increased by almost 60% as a result of the major order.

Interim management report of the Dräger Group for the first half of 2025 Business performance of the medical division

Net sales

		Second quarter
in € million	2025	2024	Change in %	Net of currency effects in %	2025	2024	Change in %	Six months Net of currency effects in %
Germany	101.2	95.0	+6.6	+6.6	200.5	189.8	+5.6	+5.6
EMEA	153.7	155.0	-0.8	-0.4	296.9	307.3	-3.4	-3.7
Americas	106.4	108.5	-2.0	+5.7	201.1	209.4	-4.0	-0.2
APAC	76.6	70.4	+8.9	+14.0	152.6	139.8	+9.2	+11.4
Total	438.0	428.8	+2.1	+5.0	851.1	846.3	+0.6	+1.8

Our net sales in the medical division increased by just under 2% in the first half of 2024 (net of currency effects). The significant growth in the APAC region and the positive development in Germany more than offset the decline in the other regions.

In the second quarter, net sales increased by 5.0% (net of currency effects), driven by significant growth in the APAC region. Net sales also increased in Germany and the Americas. In the EMEA region, net sales were almost on par with the prior-year level.

Earnings

In the medical division, gross profit rose by 1.0% in the first half of 2025. This was driven by higher net sales and lower quality costs. Despite opposing currency effects and higher customs expenses, the gross margin improved slightly by 0.2 percentage points due to a favorable country mix. In the second quarter, gross profit amounted to EUR 187.5 million, up 5.0% on the prior-year figure (6 months 2024: EUR 178.5 million). The gross margin increased by 1.2 percentage points. In addition to a good country mix, lower quality costs also had a positive effect here.

Functional expenses increased by 5.1% (nominal: 4.0%) in the first half of 2025 (net of currency effects) and by 4.4% (nominal: 1.9%) in the second quarter (net of currency effects). Excluding the proportionate positive one-off effects from the sale of the property in the USA, the increase amounted to 4.4% (nominal: 3.3%) in the first half of the year and 3.0% (nominal: 0.6%) in the second quarter (net of currency effects).

EBIT in the medical division stood at EUR -33.7 million after the first half of 2025 (6 months 2024: EUR -24.2 million). The EBIT margin decreased by 1.1 percentage points to -4.0% (6 months 2024: 2.9%). In the second quarter, EBIT improved by EUR 7.0 million to EUR -5.9 million (Q2 2024: EUR -12.9 million). The EBIT margin was -1.4% (Q2 2024: - 3.0%).

Dräger Value Added increased by EUR 4.6 million to EUR -59.9 million year on year as at June 30, 2025 (12 months to June 30, 2024: EUR -64.4 million). Rolling EBIT increased by EUR 3.2 million compared to the prior year. Capital costs decreased by EUR 1.3 million on account of the lower capital employed.

Business performance of the safety division

					Second quarter				Six months
		2025	2024	Change in %	Net of currency effects in %	2025	2024	Change in %	Net of currency effects in %
Order intake	€ million	340.1	347.1	-2.0	-0.1	727.2	704.3	+3.3	+4.2
thereof Germany	€ million	84.6	80.7	+4.9	+4.9	175.4	184.6	-5.0	-5.0
Net sales	€ million	342.0	355.8	-3.9	-2.0	659.2	674.2	-2.2	-1.4
thereof Germany	€ million	86.4	81.5	+6.1	+6.1	163.8	156.6	+4.6	+4.6
EBITDA 1	€ million	42.5	70.9	-40.0		87.7	114.2	-23.2
EBIT 2	€ million	25.9	53.7	-51.8		54.0	79.9	-32.4
EBIT 2/ net sales 3	%	7.6	15.1	-7.5 pp		8.2	11.9	-3.7 pp
Capital employed 4, 5	€ million	709.6	703.6	0.8		709.6	703.6	0.8
EBIT 2, 6/ capital employed 4, 5 (ROCE) 3	%	19.7	22.6	-2.9 pp		19.7	22.6	-2.9 pp
DVA 6, 7	€ million	76.9	97.8	-21.4		76.9	97.8	-21.4

¹ EBITDA = Earnings before net interest result, income taxes, depreciation and amortization

² EBIT = Earnings before net interest result and income taxes

³ pp = Percentage points

Business performance of the safety division

⁴ Capital employed = Total assets less deferred tax assets, securities, cash and cash equivalents, non-interest bearing liabilities and other non-operating items

⁵ Value as at reporting date

⁶ Value of the last twelve months

⁷ Dräger Value Added = EBIT less cost of capital of average capital employed

Order intake

		Second quarter				Six months
in € million	2025	2024	Change in %	Net of currency effects in %	2025	2024	Change in %	Net of currency effects in %
Germany	84.6	80.7	+4.9	+4.9	175.4	184.6	-5.0	-5.0
EMEA	158.7	153.4	+3.5	+3.3	338.0	306.0	+10.5	+10.3
Americas	53.1	60.4	-12.0	-4.8	120.6	113.9	+5.9	+10.1
APAC	43.6	52.6	-17.1	-12.2	93.2	99.8	-6.6	-4.0
Total	340.1	347.1	-2.0	-0.1	727.2	704.3	+3.3	+4.2

The safety division continued to see growth in orders in the first half of 2025. Order intake rose by more than four percent (net of currency effects). The biggest growth drivers were customer-specific solutions, respiratory and personal protection products, and gas detection technology. The order volume for occupational safety equipment returned to normal levels following the large order from the German Armed Forces for NBC protection filters in the same period last year. As a result, order intake in Germany also normalized. Order volume increased significantly in the EMEA and Americas regions. The APAC region recorded a decline.

In the second quarter, order intake was almost at the prior year's level with a decline of 0.1% (net of currency effects). Growth in the EMEA and Germany regions was offset by a decline in the APAC and Americas regions.

Interim management report of the Dräger Group for the first half of 2025 Business performance of the safety division

Net sales

		Second quarter				Six months
in € million	2025	2024	Change in %	Net of currency effects in %	2025	2024	Change in %	Net of currency effects in %
Germany	86.4	81.5	+6.1	+6.1	163.8	156.6	+4.6	+4.6
EMEA	153.4	160.3	-4.3	-4.4	294.7	309.7	-4.9	-5.2
Americas	53.8	65.5	-17.8	-11.4	109.9	121.1	-9.3	-5.7
APAC	48.4	48.6	-0.5	+4.9	90.9	86.7	+4.8	+7.6
Total	342.0	355.8	-3.9	-2.0	659.2	674.2	-2.2	-1.4

Net sales in the safety division were 1.4% below the prior year's figure in the first half of the year (net of currency effects) and 2% below the prior year's figure in the second quarter (net of currency effects). This was due in each case to the decline in the EMEA and Americas regions, which was not fully offset by growth in the Germany and APAC regions.

Earnings

Our gross profit in the safety division declined by 2.6% in the first half of 2025. This was mainly due to the decrease in net sales. The gross margin was 0.2 percentage points below the prior year's level. Gross profit fell by 8.8% in the second quarter. The gross margin decreased by 2.4 percentage points. The gross margin was affected in particular by currency effects and customs duties.

Functional expenses in the first half of 2025 were 7.8% higher than in the same period of the prior year (net of currency effects; 7.1% in nominal terms). This was mainly due to extraordinary income from the sale of our fire alarm systems business in the Netherlands and pro rata extraordinary income from the sale of a property in the USA in the second quarter of the prior year. However, higher marketing expenses also had a negative effect. In the second quarter, functional expenses rose by 12.9% (net of currency effects; 11.2% in nominal terms) due to the aforementioned base effect. Excluding the aforementioned extraordinary income, the increase in the first half of the year amounted to 0.8% (net of currency effects; 0.2% in nominal terms); in the second quarter, functional expenses would have decreased by 1.5% (net of currency effects; -3.0% in nominal terms).

EBIT in the safety division amounted to EUR 54.0 million in the first half of 2025 (6 months 2024: EUR 79.9 million). The EBIT margin amounted to 8.2% (6 months 2024: 11.9%). In the second quarter, EBIT stood at EUR 25.9 million (Q2 2024: EUR 53,7 million). The EBIT margin was 7.6% (Q2 2024: 15.1%).

Dräger Value Added decreased by EUR 20.9 million to EUR 76.9 million year on year as at June 30, 2025 (12 months ended June 30, 2024: EUR 97.8 million). Rolling EBIT decreased by EUR 19.1 million compared to the prior year. Capital costs rose by EUR 1.8 million due to higher capital employed.

Interim management report of the Dräger Group for the first half of 2025 Research and development

Research and development

In the first half of 2025, we invested EUR 169.5 million in Research and Development (R&D), which was slightly more than in the same period of the prior year (6 months 2024: EUR 164.5 million). The R&D expenses amounted to 11.2% of net sales in the first six months of the reporting year (6 months 2024: 10.8%).

Medical division

Research and development

Our R&D activities continue to focus on expanding our product portfolio for intensive care medicine and operating rooms. The development of system solutions remains at the center of this.

Our most important new products in the first half of 2025 included the Dräger Polaris surgical light. It uses the latest LED and camera technologies and enables surgeons to individually adjust the light to the requirements of the surgical procedure while illuminating the operating field in a way that is gentle on the eyes. Polaris' 3D shadow compensation ensures uniform lighting, even when surgeons bend over the operating field. Polaris generates significantly less heat than conventional surgical lights, which makes work much more pleasant for the surgical team.

Also in the first half of the year, we released a new software version for the Dräger Connectivity Converter CC300, which enables seamless data integration of Dräger therapy devices into hospital information systems. The converter uses the SDC standard (ISO/IEEE 11073) for the interoperability of medical devices. This allows data to be exported directly and securely from the therapy device to the electronic patient file, among other things. The Connectivity Converter CC300 supports anesthesia machines, ventilators and heat therapy devices from Dräger, for example the Atlan, Evita and Babyroo product ranges.

In addition, we have released the fundamentally revised version 4.0 of the Dräger SmartPilot View software for our anesthesia machines. SmartPilot View calculates and visualizes the complex synergies of various anesthetic drugs based on pharmacodynamic models for both the current status and the further course of anesthesia. The software therefore supports well-founded decisions for more precise and patient-specific dosing of anesthetics. The new version 4.0 of SmartPilot View is compatible with most new models from well-known syringe pump manufacturers and can now also be installed on a server.

Safety division

The focus of innovation in the safety business is on expanding the Dräger product portfolio and developing systems to deliver complete solutions for customers.

In the first half of 2025, we launched the Dräger Sensor XD-IR CO2 for our mobile multi-gas detector Dräger X-am 5800. With its extremely low drift and humidity sensitivity as well as its low detection limit, it is ideally suited for measuring carbon dioxide both indoors and for monitoring CO² in the workplace. Due to its design, the sensor is very robust and insensitive to shock loads. Its low power consumption means that the Dräger X-am 5800 has a battery life of up to 50 hours. In addition, the sensor is characterized by low maintenance requirements, high long-term stability and poison resistance. As its measuring principle is independent of oxygen, it can also be used for measurements in an inert atmosphere.

Another new product in the first half of the year was the Dräger respiratory protection starter set for target groups with little experience of using personal protective equipment. Among other things, it includes a half mask, full-face goggles as well as bayonet filters, FFP2 masks, cleaning cloths and earplugs. The set is supplied in a robust and reusable box for easy storage and transport.

We have also introduced the Dräger FireGround system for monitoring the respiratory protection for firefighters. The system transmits vital information in real time, giving the team leader more time for tactical decisions. This increases safety. FireGround creates a closed-circuit network that is independent of existing communication networks and power supplies. The system comprises a portable HUB, an app, a web application and a repeater. The HUB connects our PSS AirBoss Connect and BG ProAir respiratory protection devices to the app and to the web application via LTE. This means that FireGround can be used both on-site and remotely from the operations control center. The repeater increases the range between the PSS AirBoss and the HUB over longer distances.

Interim management report of the Dräger Group for the first half of 2025 Research and development

The Dräger FPS-Com Voice communication unit for our FPS 7000 full-face respirator mask was also one of the innovations in the first half of the year. Attached to the mask, it significantly improves voice communication in respiratory protection operations through optimized voice recording and output. The communication unit is easy to operate, uncomplicated to retrofit to the mask and completely maintenance-free.

We have also introduced DiveSorb 100, another soda lime for professional divers. DiveSorb 100 absorbs acid gases such as carbon dioxide from the breathing air. It was developed for use in closed and semi-closed rebreathers and is characterized by its high CO² absorption rate and abrasion resistance.

Interim management report of the Dräger Group for the first half of 2025 Personnel

Personnel

Workforce trend

		June 30, 2025	December 31, 2024	June 30, 2024
Germany		7,707	7,722	7,690
Other countries		8,902	8,876	8,700
Dräger Group total		16,609	16,598	16,390
Turnover of employees worldwide 1
(Basis: average of the past 12 months)	%	11.3	8.8	5.3
Turnover of employees in Germany 1
(Basis: average of the past 12 months)	%	4.4	3.4	3.2
Sick days of work days in Germany
(Basis: average of the past 12 months)	%	6.1	6.2	6.5

¹ For the first half of 2025, employee turnover includes natural and voluntary departures. In 2024, only voluntary departures were recorded. The comparative figure according to this definition was 9.5% as at June 30, 2025.

As at June 30, 2025, the Dräger Group employed 16,609 people worldwide. This is 219 employees more than in the prior year (June 30, 2024: 16,390), an increase of 1.3%. The number of employees in Germany increased by 17, while the number of employees abroad was 202 more than in the prior year. As at June 30, 2025, 53.6% of our employees were working outside Germany.

In Germany, the number of employees rose particularly in General Administration (+54). In sales-related functions, primarily in Marketing, we employed 16 more people than in the prior year. We reduced the number of employees in Research and Development by four. In Production, Quality Assurance, Logistics and Purchasing, we employed 49 fewer people.

Outside Germany, the increase in personnel largely related to sales-related areas: In Sales, Service and Marketing, the number of employees rose by 156. The increase was mainly spread across the locations in Europe, the Middle East, Africa and South America. The number of employees in General Administration also increased (+42). In Production, we employed 13 fewer people than in the prior year.

Of the 16,609 employees worldwide, 59.1% (June 30, 2024: 58.8%) worked in Sales, Marketing, and Service, 17.8% (June 30, 2024: 18.5%) in Production, Quality Assurance, Logistics, and Purchasing, 11.0% (June 30, 2024: 11.1%) in Research and Development, and 12.1% (June 30, 2024: 11.7%) in General Administration.

Personnel expenses 1
in € thousand	Six months 2025	Six months 2024
Wages and salaries	577,235	560,989
Social security contributions and related employee benefits	111,890	104,572
Pension expenses	15,138	15,117
	704,264	680,678

¹ Personnel expenses include the remuneration of the members of the Executive Board of the general partner Drägerwerk Verwaltungs AG, Lübeck.

Personnel expenses within the Group increased by 3.5% (net of currency effects: 4.1%) to EUR 704.3 million in the first half of the year. This is due to both the higher number of employees and the higher average cost per employee. Costs per employee rose by an average of 2.4% (net of currency effects: 3.0%). This was due to the collective agreement wage increase in the metal and electrical industries in Germany, including a contractual one-off payment, as well as higher wage and salary expenses abroad. The personnel cost ratio came to 46.6% in the first half of 2025 (6 months 2024: 44.8%).

Interim management report of the Dräger Group for the first half of 2025 Personnel

Risks to future development

The material risks to our net assets, financial position, and results of operations, as well as the structure of our risk management system, are outlined in the annual report 2024 on pages 53 et seq. The annual report may be downloaded online at www.draeger.com.

In the reporting period, no significant changes arose for the forecast period compared to those presented in the 2024 annual report.

Dräger has not currently identified any individual or aggregated risks that could have a material impact on the Company's continued existence as a going concern.

Outlook

Future market environment

The global economy is expected to grow more slowly in 2025 and 2026 than in 2024. In its April 2025 forecast, the International Monetary Fund (IMF) expects global gross domestic product (GDP) to grow by 2.8% in the current year. In 2026, growth is predicted to rise to 3.0%. The forecasts for both years are therefore 0.5 and 0.3 percentage points lower, respectively, than assumed in January 2024. The main reason for this is the high level of uncertainty surrounding US customs policy.

According to the IMF, there is a risk that trade tensions will continue to escalate and inflation will rise again. Therefore, trade agreements must be reached that are beneficial to all parties. Furthermore, a forward-looking monetary policy is necessary, which can be loosened or tightened depending on the situation of the countries affected. The IMF also cites the challenges of dealing with high currency fluctuations and high government debt, as well as the implementation of growth-promoting measures.

IMF forecast from April 2025 on gross domestic product (GDP) growth

in %	2024	2025	2026
Global economy	3.3	2.8	3.0
U.S.	2.8	1.8	1.7
Eurozone	0.9	0.8	1.2
Germany	-0.2	0.0	0.9
China	5.0	4.0	4.0

Future market and segment situation

Medical division

Germany as a medical technology location will continue to be under considerable pressure in the future. This is primarily due to ongoing cost increases. However, the slow pace of digitalization, the lack of data utilization, and low levels of investment are also causing problems for the industry in Germany.

According to forecasts by Germany Trade and Invest – Gesellschaft für Außenwirtschaft und Standortmarketing mbH (GTAI), the market for medical technology in the Europe, Middle East, and Africa (EMEA) region will continue to develop positively over the remainder of the year. In the Middle East, the industry is benefiting from technological advances and increasing digitalization. The growing population is also increasing demand for medical devices.

According to GTAI, the outlook for medical technology in the Americas region is also positive. This also applies to the US submarket. Rising healthcare expenditures, the growing number of elderly people and extensive investment in hospital projects are increasing demand for equipment. Telemedicine and AI are expected to help manage the rising costs due to an aging population. In Latin America, the aging population, as well as the increase in chronic diseases and the expansion of public healthcare will also boost demand for medical technology. According to experts, e-health applications will gain in importance there. A small but progressive private healthcare sector also offers good sales opportunities. However, volatile currencies and unstable political conditions in countries such as Ecuador and Venezuela are having a negative impact on the business environment for medical technology providers.

The Asia-Pacific (APAC) region will develop heterogeneously. In China, according to GTAI, the centralized procurement process is pushing down prices, making it even more difficult for imported products. Tensions between the EU and the Chinese government have recently escalated. China has restricted the participation of EU medical devices in public tenders with a volume of EUR 5.35 million or more. The Indian medical technology market is expected to grow. The expansion of hospital infrastructure and population growth are boosting demand there. However, regulatory measures are also creating considerable uncertainty here. Industry experts believe, for example, that price caps could apply to more products in the future. They fear that this will disadvantage foreign manufacturers who cannot produce locally at low cost. In Australia, demand for medical technology is expected to Interim management report of the Dräger Group for the first half of 2025 Outlook

develop positively. The need for AI-supported solutions will grow rapidly, driven by investment and the growing acceptance of healthcare innovations.

Safety division

According to the German Chemical Industry Association (VCI), the mood in German industry has recently brightened. Therefore, the chemical industry, as a supplier to key industrial value chains, could benefit early on from rising domestic demand. According to the VCI, this requires the implementation of economic policy measures by the German federal government. If this happens, the chances of an upturn in the industry next year are very good.

According to GTAI, the chemical industry in the EMEA region will develop heterogeneously. The important European markets of France and Great Britain are looking to the future with concern. The industry is struggling with competitive pressure, weak demand, and high energy prices. In the Middle East, on the other hand, the chemical industry is expected to develop positively according to GTAI, primarily due to the high level of investment in capacity expansion. Growth will accelerate here. The oil and gas industry in the Gulf States will also develop positively. These countries expect a growing demand for fossil fuels in the medium and long term and intend to further expand their oil and gas industries.

There are also signs of a favorable trend for safety technology in the Americas region. According to GTAI, stable production increases are expected for all major segments of the US chemical industry in 2025. Demand for chemical products is increasing in key customer industries such as manufacturing and the construction industry. At the same time, the industry is counting on regulatory relief under President Trump. However, his unpredictable customs policy is creating demand risks. After a few weak years, the chemical industry in Brazil is once again looking more positively toward the future. Many factors indicate that production and investment are picking up again and that demand for chemical products is growing. The oil and gas industry in the USA is expected to develop favorably. Production and exports of oil, and especially gas, are expected to increase significantly there in the long term. With support from the White House, investment in the sector is likely to increase substantially. In Latin America, the oil and gas industry is also looking positively toward the future with billions of dollars being invested in new oil and gas fields and LNG terminals.

The market for safety technology in the APAC region will develop moderately. According to GTAI, the outlook for the Chinese chemical industry is moderate and the challenges for the chemical industry there will increase. Overcapacity will further intensify price competition.

According to the market research institute SkyQuest, the global market for fire protection equipment, on the other hand, will grow steadily and will benefit in the future, among other things, from the advances and increasing spread of wireless sensor networks.

Future situation of the Company

The following section should be read in conjunction with the "Outlook" section in the management report of the 2024 annual report (page 68 et seq.), which describes our expectations for 2025 in detail. The following table provides an overview of the expectations regarding the development of various forecast figures. The forecast period comprises one fiscal year.

Interim management report of the Dräger Group for the first half of 2025 Outlook

Expectations for fiscal year 2025

	Results achieved for fiscal year 2024	Forecast for fiscal year 2025
Net sales (net of currency effects)	0.5%	1.0 to 5.0%
EBIT margin	5.8%	3.5 to 6.5%
DVA	EUR 54.3 million	EUR -30 to 80 million
Gross margin	44.9%	44.0 to 46.0%
Research and development expenses	EUR 333.1 million	EUR 330 to 350 million
Net financial debt	EUR 165.0 million	EUR 180 to 210 million
Investment volume 1	EUR 76.0 million	EUR 110 to 130 million
Interest result	EUR -18.6 million	EUR -17 to -23 million
Days working capital (DWC)	108.2 days	105 to 110 days

¹ Excluding company acquisitions, investments in financial assets, and the capitalization of right-of-use assets pursuant to IFRS 16

Based on the business performance in the first half of the year, we confirm our forecast for the fiscal year 2025.

Dräger management estimate

For the 2025 fiscal year, we continue to expect stronger net sales growth net of currency effects than in the prior year. This assumption is based in particular on the very strong order development in the first half of the year. In addition, a large portion of Dräger's net sales are only generated in the second half of the year. We therefore expect to make up the net sales shortfall over the course of the fiscal year and thus achieve the forecast net sales increase of 1.0 to 5.0% as well as an EBIT margin within the forecast range of 3.5 to 6.5%.

Forward-looking statements

This interim management report contains forward-looking statements. The statements are based on the current expectations, presumptions, and forecasts of the Executive Board of Drägerwerk Verwaltungs AG, as well as the information available to it to date. The forward-looking statements do not provide any guarantee of the future developments and results contained therein. Rather, the future developments and results are dependent on a number of factors; they entail various risks and uncertainties and are based on assumptions that could prove to be incorrect. Dräger does not assume any responsibility for updating the forward-looking statements made in this report.

Lübeck, July 28, 2025

The general partner Drägerwerk Verwaltungs AG, represented by its Executive Board

Stefan Dräger Stefanie Hirsch Rainer Klug Gert-Hartwig Lescow Dr. Reiner Piske Anton Schrofner

Interim financial statements of the Dräger Group as of June 30, 2025 Consolidated income statement of the Dräger Group

Interim financial statements of the Dräger Group as of June 30, 2025

Consolidated income statement of the Dräger Group

		Second quarter	Second quarter	Six months	Six months
in € thousand	Notes	2025	2024	2025	2024
Net sales		779,987	784,675	1,510,248	1,520,494
Cost of sales		-438,015	-436,789	-833,679	-838,971
Gross profit		341,971	347,887	676,569	681,523
Research and development expenses		-85,947	-83,605	-169,512	-164,527
Marketing and selling expenses		-179,055	-182,876	-359,150	-357,862
General administrative expenses		-61,596	-64,031	-131,237	-126,285
Impairment losses and gains on financial assets and contract assets		125	750	-639	361
Other operating income		3,743	23,882	4,409	24,829
Other operating expenses		-514	-751	-806	-964
Functional expenses		-323,245	-306,630	-656,934	-624,448
Result from net exposure from monetary items		-375	26	-1,077	128
Result from associates accounted for using the equity method		776	0	776	0
Result from other investments		0	-862	3	-823
Other financial result		829	294	1,026	-596
Financial result (before interest result)	5	1,231	-542	728	-1,291
EBIT 1		19,957	40,715	20,363	55,783
Interest and similar income		1,635	2,036	3,706	3,447
Interest and similar expenses		-5,351	-6,271	-10,703	-12,211
Interest result	5	-3,716	-4,234	-6,997	-8,764
Earnings before income taxes		16,242	36,481	13,366	47,019
Income taxes	6	-4,828	-9,939	-3,828	-12,941
Earnings after income taxes		11,413	26,542	9,538	34,079
Earnings after income taxes		11,413	26,542	9,538	34,079
Earnings to non-controlling interests		153	-94	365	360
Earnings attributable to shareholders		11,260	26,636	9,173	33,718
Undiluted earnings per share 2
per preferred share (in €)		0.61	1.43	0.51	1.81
per common share (in €)		0.60	1.42	0.48	1.78
Diluted earnings per share 2
per preferred share (in €)		0.61	1.43	0.51	1.81
per common share (in €)		0.60	1.42	0.48	1.78

¹ EBIT = Earnings before net interest result and income taxes

² The dividend premium of EUR 0.06 on preferred shares is recognized pro rata on a quarterly basis.

Consolidated statement of comprehensive income of the Dräger Group

in € thousand	Six months 2025	Six months 2024
Earnings after income taxes	9,538	34,079
Items that cannot be reclassified into the income statement
Remeasurements of defined benefit pension plans	13,761	32,723
Deferred taxes on remeasurements of defined benefit pension plans	-4,325	-10,297
Items that may be reclassified into the income statement in the future
Currency translation adjustment for foreign subsidiaries	-49,729	9,000
Changes in the fair value of the cash flow hedge reserve recognized directly in equity	-693	2,294
Deferred taxes on changes in the fair value of the cash flow hedge reserve recognized directly in equity	218	-692
Other comprehensive income (after taxes)	-40,767	33,029
Total comprehensive income	-31,228	67,108
of which attributable to non-controlling interests	138	394
thereof earnings attributable to shareholders	-31,366	66,713

Consolidated balance sheet of the Dräger Group

in € thousand	Notes	June 30, 2025	December 31, 2024
Assets

Intangible assets	7	340,581	342,848
Property, plant and equipment	7	421,769	433,145
Right-of-use assets	7	111,888	115,836
Investments in associates		829	801
Non-current trade receivables	9	5,132	4,936
Other non-current financial assets		59,968	29,398
Deferred tax assets		257,668	258,301
Other non-current assets	10	33,730	23,405
Non-current assets		1,231,564	1,208,669
Inventories	8	713,668	662,585
Trade receivables	9	622,515	788,446
Contract assets	9	72,121	52,886
Other current financial assets		41,501	51,770
Cash and cash equivalents		177,406	230,599
Current income tax refund claims		34,708	31,013
Other current assets	10	93,821	67,465
Current assets		1,755,740	1,884,765
Total assets		2,987,304	3,093,435

Equity and liabilities
Capital stock		48,026	48,026
Capital reserves		306,885	307,890
Reserves retained from earnings, including group result		1,165,515	1,184,379
Treasury shares		-2,992	-2,535
Other comprehensive income	11	-52,585	-2,609
Total equity of shareholders of Drägerwerk AG & Co. KGaA		1,464,849	1,535,150
Non-controlling interests		1,602	1,646

Equity		1,466,450	1,536,796
Provisions for pensions and similar obligations		172,117	180,419
Non-current personnel provisions		35,711	36,566
Other non-current provisions	12	15,524	15,673
Non-current note loans		50,000	100,000
Non-current liabilities to banks		104,203	104,354
Other non-current financial liabilities	13	83,976	87,382
Non-current income tax liabilities		2,163	2,257
Deferred tax liabilities		1,554	1,637
Other non-current liabilities	14	44,900	49,869
Non-current liabilities		510,148	578,157
Current personnel provisions		79,620	121,310
Other current provisions	12	132,065	145,189
Current note loans		50,451	-
Current liabilities to banks		122,647	67,394
Trade payables		203,728	230,648
Other current financial liabilities	13	104,160	103,966
Current income tax liabilities		31,275	45,144
Other current liabilities	14	286,759	264,831
Current liabilities		1,010,706	978,481
Total equity and liabilities		2,987,304	3,093,435

Consolidated cash flow statement of the Dräger Group

		Second quarter	Second quarter	Six months	Six months
	in € thousand	2025	2024	2025	2024
	Operating activities
	Earnings after income taxes	11,413	26,542	9,538	34,079
+	Write-down/write-up of non-current assets	32,065	32,527	64,989	65,380
+	Interest result	3,716	4,234	6,997	8,764
+	Income taxes	4,828	9,939	3,828	12,941
-	Decrease in provisions	-49,980	-40,277	-56,911	-56,941
+	Other non-cash expenses	7,013	6,723	12,636	11,818
-	Gain from the disposal of non-current assets	-108	-19,012	-186	-19,072
-	Increase in inventories	-20,420	-16,427	-80,740	-67,180
-	Increase in leased equipment	-2,765	-2,044	-6,302	-4,203
+/-	Decrease/increase in trade receivables	-5,329	-3,251	111,450	88,219
+/-	Decrease/increase in other assets	9,940	-2,419	-22,085	-30,217
+/-	Increase/decrease in trade payables	-4,522	1,853	-22,022	-19,175
+/-	Increase/decrease in other liabilities	743	-15,737	31,831	4,018
+	Dividends received	613	38	615	77
-	Cash outflow for income taxes	-23,074	-19,347	-31,018	-28,048
-	Cash outflow for interest	-3,844	-4,402	-8,482	-9,396
+	Cash inflow from interest	1,635	2,036	3,706	3,447
	Cash inflow/outflow from operating activities	-38,075	-39,025	17,844	-5,492
	Investing activities
-	Cash outflow for investments in intangible assets	-1,404	-787	-2,567	-1,251
+	Cash inflow from disposals of intangible assets	-	0	-	2
-	Cash outflow for investments in property, plant and equipment	-15,065	-12,235	-28,251	-24,932
+	Cash inflow from disposals of property, plant and equipment	342	5,274	712	5,571
-	Cash outflow for investments in financial assets	-19,917	-293	-29,875	-5,438
+	Cash inflow from disposals of financial assets	137	-	137	-
+	Cash inflow from the disposal of subsidiaries and business parts	-	15,350	-	15,350
	Cash outflow/inflow from investing activities	-35,907	7,309	-59,844	-10,697
	Financing activities
-	Distribution of dividends	-37,473	-33,158	-37,473	-33,158
-	Cash outflow from the acquisition of treasury shares for the employee share program	-2,992	-	-4,074	-
+	Cash inflow from the transfer of treasury shares from the employee share program	-	-	2,612	-
+	Cash provided by raising loans	4,958	1,241	6,755	1,680
-	Cash used to redeem loans	-6,875	-1,924	-8,662	-4,052
+/-	Net balance of other liabilities to banks	60,264	57,369	58,672	-4,388
-	Repayment of lease liabilities	-11,372	-10,570	-23,424	-22,389
-	Profit distributed to non-controlling interests	-182	-1,155	-182	-1,155
	Cash outflow/inflow from financing activities	6,328	11,803	-5,776	-63,462
	Change in cash and cash equivalents in the reporting period	-67,655	-19,913	-47,775	-79,651
-	Effect of exchange rates on cash and cash equivalents	-4,521	-1,049	-5,418	-1,569
+	Cash and cash equivalents at the beginning of the reporting period	249,583	211,698	230,599	271,956
	Cash and cash equivalents at the end of the reporting period	177,406	190,737	177,406	190,737

Consolidated statement of changes in equity of the Dräger Group

Reserves retained from Capital Capital earnings incl. Treasury in € thousand stock reserves group result shares	Other compre hensive income	Total equity of share holders of Drägerwerk AG & Co. KGaA	Non controlling interests	Equity
January 1, 2024 48,026 307,035 1,071,284 0	-19,566	1,406,778	2,457	1,409,235
Earnings after income taxes - - 33,718 -	-	33,718	360	34,079
Other comprehensive income - - 22,427 -	10,568	32,995	34	33,029
Total comprehensive income 0 0 56,145 0	10,568	66,713	394	67,108
Distributions - - -33,158 -	-	-33,158	-1,155	-34,313
Miscellaneous - - 10 -	0	10	-	10
June 30, 2024 48,026 307,035 1,094,281 0	-8,998	1,440,344	1,696	1,442,040
January 1, 2025 48,026 307,890 1,184,379 -2,535	-2,609	1,535,150	1,646	1,536,796
Earnings after income taxes - - 9,173 -	-	9,173	365	9,538
Other comprehensive income - - 9,436 -	-49,976	-40,539	-227	-40,767
Total comprehensive income 0 0 18,610 0	-49,976	-31,366	138	-31,228
Distributions - - -37,473 -	-	-37,473	-182	-37,655
Acquisition of treasury shares - - - -4,074	-	-4,074	-	-4,074
Employee share program - -1,005 - 3,617	-	2,612	-	2,612
June 30, 2025 48,026 306,885 1,165,515 -2,992	-52,585	1,464,849	1,602	1,466,450

Notes of the Dräger Group as of June 30, 2025 (condensed)

Notes of the Dräger Group as of June 30, 2025 (condensed)

1 Basis of preparation of the interim Group financial statements

Drägerwerk AG & Co. KGaA, Lübeck, Germany ("Dräger"), has prepared its Group financial statements for fiscal year 2024 unchanged in accordance with the International Financial Reporting Standards (IFRS) as defined by the International Accounting Standards Boards (IASB) and the interpretations of the IFRS Interpretations Committee (IFRS IC). In fiscal year 2025, the interim financial statements of the Dräger Group have therefore also been prepared in accordance with IFRS, and the interim report in compliance with IAS 34 as well as German Accounting Standard No. 16 (GAS 16—Interim Financial Reporting) of the Accounting Standards Committee of Germany (ASCG).

The interim report should be read in connection with the disclosures in the Dräger IFRS annual report as at December 31, 2024. It was not audited or reviewed by an auditor.

The interim report was prepared in euros. Unless otherwise stated, all figures were disclosed in thousands of euros (EUR thousand). As a result, differences may occur due to rounding.

2 Accounting policies

Basically, the same accounting principles were applied in preparing the interim financial statements and calculating the comparative figures as in the Group financial statements for 2024. A detailed description of these methods and information on the introduction of Pillar 2 legislation are published in the notes to the Group financial statements in the 2024 annual report in notes 8 and 17.

The annual report may also be downloaded online at www.draeger.com.

In preparing the interim financial statements, the Group opted to present condensed financial statements with selected explanatory notes. In general, greater use was made of estimates in determining carrying values than at fiscal year-end.

Accruals and deferrals were recognized where claims or obligations partially arose in the period under review.

The financial statements and comparative figures of economically independent foreign subsidiaries operating in a hyperinflationary environment and reporting in a currency of a hyperinflationary economy are remeasured by Dräger.

The following amendments to an existing standard published by the IASB, which has already been adopted in EU law, is to be applied for the first time in fiscal year 2025, in the event that transactions fall within the respective scope of application:

− In "Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (issued August 2023)", the IASB adapts IAS 21 in the event of a long-term lack of exchangeability of a currency. The amendments include rules for determining the exchangeability of currencies and how a company determines the exchange rate to be applied when a currency is not exchangeable. The information to be disclosed is also specified. This does not materially impact Dräger's Group financial statements.

Further new mandatory standards or amendments of standards that apply only to fiscal years beginning on or after January 1, 2026, and/or that have not yet been endorsed, as well as their impact, can be found in the Dräger IFRS annual report as at December 31, 2024.

3 Changes in the scope of consolidation

In June 2025, Dräger Safety Belgium NV, Wemmel, Belgium, was merged into Dräger Medical Belgium NV, Wemmel, Belgium.

In addition, the shares in the associate MultiSensor Scientific, Inc., Somerville, USA, were sold in June 2025.

4 Segment report

Business performance of the segments

2025 Order intake € million 1,010.8 thereof Germany € million 212.6 thereof EMEA € million 339.5 thereof Americas € million 290.6 thereof APAC € million 168.1 Net sales € million 851.1 thereof Germany € million 200.5 thereof EMEA € million 296.9 thereof Americas € million 201.1 thereof APAC € million 152.6	Medical division 2024 900.1 201.0	2025 727.2	Safety division 2024	2025	Dräger Group 2024

			704.3	1,738.0	1,604.3
		175.4	184.6	388.0	385.7
	307.7	338.0	306.0	677.5	613.7
	235.6	120.6	113.9	411.2	349.5
	155.7	93.2	99.8	261.3	255.5
	846.3	659.2	674.2	1,510.2	1,520.5
	189.8	163.8	156.6	364.2	346.4
	307.3	294.7	309.7	591.6	617.1
	209.4	109.9	121.1	310.9	330.5
	139.8	90.9	86.7	243.5	226.5
EBITDA 1 € million -2.4	7.2	87.7	114.2	85.3	121.3
Depreciation/amortization € million -31.3	-31.3	-33.7	-34.2	-64.9	-65.5
EBIT 2 € million -33.7	-24.2	54.0	79.9	20.4	55.8
thereof other significant income and expense items
Income from the disposal of business areas € million -	-	-	15.4	-	15.4
Income from the disposal of real estate € million -	2.5	-	1.5	-	4.0
Income from the adjustment of a put option € million -	4.2	-	-	-	4.2
Other significant income and expense items € million -	-	-	-3.0	-	-3.0
€ million 0	6.7	0	13.9	0	20.6
Capital employed 3, 4 € million 884.6	896.8	709.6	703.6	1,594.2	1,600.4
EBIT 2 / net sales % -4.0	-2.9	8.2	11.9	1.3	3.7
EBIT 2, 5 / capital employed 3, 4 (ROCE) % 2.1
DVA5, 6 € million -59.9	1.7	19.7	22.6	9.9	10.9

¹ EBITDA = Earnings before net interest result, income taxes, depreciation and amortization

² EBIT = Earnings before net interest result and income taxes

³ Capital employed = Total assets less deferred tax assets, securities, cash and cash equivalents, non-interest bearing liabilities and other non-operating items ⁴ Value as at reporting date

⁵ Value of the last twelve months

⁶ Dräger Value Added = EBIT less cost of capital of average capital employed

The key figures from the segment report are as follows:

EBIT
in € million	Six months 2025	Six months 2024
Earnings after income taxes	9.5	34.1
+ Interest result	7.0	8.8
+ Income taxes	3.8	12.9
EBIT	20.4	55.8

Calculation of capital employed

in € million	June 30, 2025	June 30, 2024
Total assets	2,987.3	3,031.2
less non-interest bearing and non-operating liabilities
thereof income tax liabilities	-33.4	-87.6
thereof non-current and current provisions for personnel and other provisions	-262.9	-275.6
thereof trade payables	-203.7	-194.9
thereof from other financial liabilities	-64.0	-59.0
thereof from other liabilities	-331.7	-321.1
less non-operating assets
thereof investment in associates	-0.8	-8.2
thereof from other financial assets	-58.4	-32.4
thereof non-current assets held for sale	0.0	0.0
less securities	-3.1	-3.5
less deferred tax assets	-257.7	-257.7
less cash and cash equivalents	-177.4	-190.7
Capital employed	1,594.2	1,600.4

DVA

in € million	June 30, 2025	June 30, 2024
EBIT (of the last 12 months)	158.6	174.5
- Cost of capital
(basis: average of capital employed in the past 12 months)	-141.5	-141.1
DVA	17.1	33.4

The business performance of the individual divisions is detailed in the management report accompanying these interim financial statements.

Services rendered between the divisions follow the "arm's length principle".

5 Financial result

Interest and similar expenses include interest from expenses for pension provisions.

6 Income taxes

Income taxes for the first half of 2025 were calculated on the basis of an anticipated Group tax rate, excluding effects from the prior year, of 28.7% (6 months 2024: 27.7%).

Notes of the Dräger Group as of June 30, 2025 (condensed)

7 Intangible assets / property, plant and equipment / right-of-use assets

Intangible assets / property, plant and equipment / right-of-use assets

in € thousand	Carrying amount January 1, 2025	Additions	Disposals / other changes	Depreciation / amortization	Carrying amount June 30, 2025
Intangible assets	342,848	2,351	-2,014	-2,604	340,581
Property, plant and equipment	433,145	35,512	-8,348	-38,540	421,769
Right-of-use assets	115,836	24,081	-4,236	-23,793	111,888
from land and buildings	76,716	9,121	-2,987	-11,013	71,837
from other plant, factory and office equipment	39,120	14,960	-1,249	-12,780	40,051

Pursuant to IAS 36, checks were performed as at the half-year reporting date to establish whether there are any indications that assets may be impaired, known as triggering events. The asset impairment tests performed for cashgenerating units resulted in no need for impairment for the first half of 2025.

8 Inventories

Inventories
in € thousand	June 30, 2025	December 31, 2024
Finished goods and merchandise	383,935	340,115
Work in progress	95,974	77,590
Raw materials, consumables and supplies	225,853	236,636
Prepayments made	7,906	8,244
	713,668	662,585

9 Trade receivables and contract assets

		June 30, 2025			December 31, 2024
in € thousand	Current	Non-current	Total	Current	Non-current	Total
Trade receivables	664,081	5,132	669,213	833,001	4,936	837,937
less risk provisions	-41,566	-	-41,566	-44,555	-	-44,555
	622,515	5,132	627,647	788,446	4,936	793,382

Contract assets
-----------------	--

Trade receivables

		June 30, 2025			December 31, 2024
in € thousand	Current	Non-current	Total	Current	Non-current	Total
Contract assets	72,252	-	72,252	52,982	-	52,982
less risk provisions	-131	-	-131	-96	-	-96
	72,121	0	72,121	52,886	0	52,886

10 Other assets

Other assets

	June 30, 2025		December 31, 2024
in € thousand	Current	Non-current	Total	Current	Non-current	Total
Prepaid expenses	56,634	-	56,634	37,476	-	37,476
Other tax refund claims	32,462	-	32,462	23,864	-	23,864
Fund assets from pension plans	-	24,282	24,282	-	13,537	13,537
Receivables from grants	3,983	-	3,983	4,589	-	4,589
Income tax deferrals	191	-	191	-	-	0
Sundry	550	9,448	9,999	1,537	9,868	11,405
	93,821	33,730	127,551	67,465	23,405	90,870

The increase in prepaid expenses is largely attributable to deferred expenses in the current reporting period. Other tax refund claims primarily included VAT claims. Fund assets relating to pension plans contained the available excess of plan assets.

11 Equity

Changes in other comprehensive income

in Tsd. €	Currency translation adjustment	Cash flow hedge reserve	Total
January 1, 2024	-19,958	392	-19,566
Other comprehensive income	8,966	1,602	10,568
June 30, 2024	-10,992	1,995	-8,998
January 1, 2025	-3,131	522	-2,609
Other comprehensive income	-49,501	-474	-49,976
June 30, 2025	-52,633	47	-52,585

12 Other provisions

Other provisions as at June 30, 2025, also included monthly accruals and mainly consisted of provisions for outstanding invoices of EUR 51,622 thousand (December 31, 2024: EUR 48,753 thousand) and warranty provisions of EUR 47,975 thousand (December 31, 2024: EUR 54,018 thousand).

13 Other financial liabilities

Other financial liabilities primarily included non-current lease liabilities to be recognized in accordance with IFRS 16 amounting to EUR 79,386 thousand (December 31, 2024: EUR 82,574 thousand) and current lease liabilities amounting to EUR 40,232 thousand (December 31, 2024: EUR 41,258 thousand).

14 Other liabilities

Other liabilities

	June 30, 2025			December 31, 2024
in € thousand	Current	Non-current	Total	Current	Non-current	Total
Contractual liabilities	197,871	38,628	236,500	169,967	43,572	213,539
Deferred other income	519	5,830	6,348	603	5,830	6,433
Other tax liabilities	45,491	-	45,491	52,440	-	52,440
Other liabilities to employees and for social security	42,002	-	42,002	40,872	-	40,872
Remaining other liabilities	876	442	1,318	948	468	1,416
	286,759	44,900	331,659	264,831	49,869	314,700

Contractual liabilities included accrued net sales of EUR 125,768 thousand (December 31, 2024: EUR 111,350 thousand) and prepayments received of EUR 110,731 thousand (December 31, 2024: EUR 102,189 thousand).

15 Financial instruments

In the following table, the carrying amounts of financial assets and liabilities not regularly recognized at fair value are compared with their fair values.

Financial instruments – assets 2025
					June 30, 2025
	Carrying amount				Fair value
in € thousand		Level 1	Level 2	Level 3	Total
Financial assets – at amortized cost
Trade receivables 1	627,647	-	-	-	627,647
Other financial assets 1	53,792	-	-	-	53,792
Cash and cash equivalents 1	177,406	-	-	-	177,406
	858,845	0	0	0	858,845
Financial assets – not to be allocated to any category under IFRS 9
Derivatives (with hedging relation)	4,864	-	4,864	-	4,864
Finance lease receivables (lessor)	8,947	-	8,947	-	8,947
	13,811	0	13,811	0	13,811
Financial assets – at fair value through profit and loss
Derivatives (without hedging relation)	5,250	-	5,250	-	5,250
Other investments	25,559	-	-	25,559	25,559
Debt instruments	3,056	3,056	-	-	3,056
	33,866	3,056	5,250	25,559	33,866
	906,522	3,056	19,061	25,559	906,522

¹ The valuation of these financial instruments is not assigned to any fair value level.

Financial instruments – assets 2024

					December 31, 2024
	Carrying amount				Fair value
in € thousand		Level 1	Level 2	Level 3	Total
Financial assets – at amortized cost
Trade receivables 1	793,382	-	-	-	793,382
Other financial assets 1	43,879	-	-	-	43,879
Cash and cash equivalents 1	230,599	-	-	-	230,599
	1,067,861	0	0	0	1,067,861
Financial assets – not to be allocated to any category under IFRS 9
Derivatives (with hedging relation)	5,865	-	5,865	-	5,865
Finance lease receivables (lessor)	7,402	-	7,389	-	7,389
	13,267	0	13,254	0	13,254
Financial assets – at fair value through profit and loss
Derivatives (without hedging relation)	4,557	-	4,557	-	4,557
Other investments	15,997	-	-	15,997	15,997
Debt instruments	3,468	3,468	-	-	3,468
	24,023	3,468	4,557	15,997	24,023
	1,105,150	3,468	17,811	15,997	1,105,137

¹ The valuation of these financial instruments is not assigned to any fair value level.

Financial instruments – equity and liabilities 2025

					June 30, 2025
	Carrying amount				Fair value
in € thousand		Level 1	Level 2	Level 3	Total
Financial liabilities – at amortized cost
Trade payables 1	203,728	-	-	-	203,728
Loans and liabilities to banks	327,301	-	327,730	-	327,730
Other financial liabilities 1	45,705	-	-	-	45,705
	576,734	0	327,730	0	577,163
Financial liabilities – not to be allocated to any category under IFRS 9
Derivatives (with hedging relation)	710	-	710	-	710
Lease liabilities	119,618	-	121,604	-	121,604
Other financial liabilities	12,081	-	12,081	-	12,081
	132,409	0	134,395	0	134,395
Financial liabilities – at fair value through profit and loss
Derivatives (without hedging relation)	10,023	-	10,023	-	10,023
	10,023	0	10,023	0	10,023
	719,166	0	472,148	0	721,581

¹ The valuation of these financial instruments is not assigned to any fair value level.

Financial instruments – equity and liabilities 2024

					December 31, 2024
	Carrying amount				Fair value
in € thousand		Level 1	Level 2	Level 3	Total
Financial liabilities – at amortized cost
Trade payables 1	230,648	-	-	-	230,648
Loans and liabilities to banks	271,749	-	259,809	-	259,809
Other financial liabilities 1	47,276	-	-	-	47,276
	549,672	0	259,809	0	537,733
Financial liabilities – not to be allocated to any category under IFRS 9
Derivatives (with hedging relation)	3,907	-	3,907	-	3,907
Lease liabilities	123,832	-	120,897	-	120,897
Other financial liabilities	14,399	-	14,399	-	14,399
	142,138	0	139,203	0	139,203
Financial liabilities – at fair value through profit and loss
Derivatives (without hedging relation)	1,934	-	1,934	-	1,934
	1,934	0	1,934	0	1,934
	693,744	0	400,947	0	678,871

¹ The valuation of these financial instruments is not assigned to any fair value level.

Valuation level 1:

Fair value is measured using prices in active markets for identical financial assets or financial liabilities. The fair values of non-current securities are based on current stock market prices.

Valuation level 2:

Fair value is measured using largely observable input factors that can be directly (i.e., price) or indirectly (i.e., derived from prices) observed for financial assets or financial liabilities; these do not include any listed prices taken into consideration in level 1.

Dräger applies the discounted cash flow method when measuring derivatives. Expected cash flows are determined on the basis of secured prices and/or interest rates and the observable closing rates and/or interest rates, which are then discounted using an interest rate that takes into account Dräger's company-specific risks.

The fair values of level 2 financial assets and liabilities measured at amortized cost are determined using the discounted cash flow method by replacing the interest rates used in the initial calculation of non-current financial assets and liabilities with interest rates derived from current company-related interest rate curves on the balance sheet date.

Valuation level 3:

Fair value is measured using factors not based on observable market data for the measurement of the financial asset or the financial liability (unobservable input factors). These are already classified as level 3 when there is an unobservable input factor present that significantly influences the measurement. Within the Dräger Group, only equity instruments are allocated to level 3. When measuring equity instruments, Dräger applies the discounted cash flow method including all material parameters.

No significant reclassifications between the levels were carried out in the past two fiscal years.

16 Related-party transactions

Services were rendered for Stefan Dräger and companies and persons related to Stefan Dräger, the Dräger Foundation and the Dräger Family Foundation during the first half of 2025 totaling EUR 4 thousand (6 months 2024: EUR 4 thousand). Receivables in this respect amounted to EUR 1 thousand as at June 30, 2025 (June 30, 2024: EUR 1 thousand).

Due to the relationship with a Supervisory Board member of Drägerwerk AG & Co. KGaA, SW34 Gastro GmbH, Stuttgart, is classified as a related party. Expenses for services of SW34 Gastro GmbH, Stuttgart, amount to EUR 11 thousand in the first half of 2025 (6 months 2024: EUR 9 thousand). Liabilities from this amounted to less than EUR 1 thousand as at both reporting dates.

Services in the amount of EUR 507 thousand were rendered for joint operations in the first half of 2025 (6 months 2024: EUR 0 thousand). Receivables from this amounted to EUR 361 thousand as at June 30, 2025. As at June 30, 2024, there was a liability from an advance payment received in the amount of EUR 291 thousand.

Group companies rendered rental services and other services totaling EUR 81 thousand (6 months 2024: EUR 65 thousand) for the associate MAPRA Assekuranzkontor GmbH in the first half of 2025. Receivables in this respect amounted to EUR 1 thousand as at June 30, 2025 (June 30, 2024: EUR 12 thousand). There were no liabilities as at either reporting date.

A convertible loan of CAD 1,500 thousand was granted by Dräger Safety AG & Co. KGaA to associate Focus Field Solutions Inc., St. John's, Canada, in fiscal year 2020. This was disbursed in three tranches totaling CAD 1,500 thousand (EUR 936 thousand in total) in the fiscal years 2020 to 2021. The interest rate is 5.5%. In the fiscal year 2023, the term of this loan was extended by four years. No conversion was carried out. In fiscal year 2022, a further loan of CAD 2,600 thousand was granted by Dräger Safety AG & Co. KGaA. The tranches totaling CAD 2,600 thousand (EUR 1,622 thousand in total) were disbursed in the fiscal years 2022 to 2024. The interest rate is 8.55%. The interest is due at the point at which the loan is fully repaid on December 31, 2027. There were no liabilities as at the balance sheet date of the current and prior year. Expenses for services rendered by Focus Field Solutions Inc. amounted to EUR 176 thousand in the first half of 2025 (6 months 2024: EUR 164 thousand).

With the sale of the associate MultiSensor Scientific Inc., Somerville, USA, in the first half of 2025, there are no loan receivables. No trade receivables or payables in relation to MultiSensor Scientific Inc. existed as at June 30, 2025. No services were provided in the first half of 2025 either.

Impairment losses of EUR 4,686 thousand (June 30, 2024: EUR 4,925 thousand) were recognized on the carrying amount of associates and loans to associates.

The remuneration of the employee representatives on the Supervisory Board for work performed in addition to the Supervisory Board activities was concluded at arm's length terms and conditions. Overall, remuneration is of immaterial importance for the Dräger Group.

Drägerwerk Verwaltungs AG is the general partner of Drägerwerk AG & Co. KGaA (parent company of the Dräger Group) and holds 0% of the capital. Only a few transactions are conducted with the general partner, as it only exercises administrative functions. The general partner is entitled to compensation for all expenses incurred in association with the management of Drägerwerk AG & Co. KGaA. This includes the contractually agreed remuneration for its executive bodies. These expenses comprise the remuneration of the Executive Board, the remuneration of its Supervisory Board, liability remuneration, and other expenses.

As at June 30, 2025, there were liabilities to Drägerwerk Verwaltungs AG in the amount of EUR 5,159 thousand (June 30, 2024: EUR 4,179 thousand), mainly resulting from cash management and management remuneration. Expenses for Drägerwerk Verwaltungs AG services amounted to EUR 2,138 thousand in the first half of 2025 (6 months 2024: EUR 2,269 thousand). These expenses mainly consisted of management remuneration services of EUR 1,502 thousand (6 months 2024: EUR 1,339 thousand) and pension expenses of EUR 635 thousand (6 months 2024: EUR 617 thousand). Services in the amount of EUR 19 thousand (6 months 2024: EUR 9 thousand) were rendered for Drägerwerk Verwaltungs AG in the first half of 2025. There are no receivables from this as at June 30, 2025 (June 30, 2024: EUR 4 thousand).

All transactions with related parties were conducted at arm's length terms and conditions.

17 Subsequent events

On July 11th, 2025, the German Federal Council approved the reduction of the corporate tax rate from 15% to 10% over a period of five years starting in 2028. The effects, in particular on the measurement of the deferred tax asset surplus, is currently being assessed and are not yet published at the current reporting date due to their complexity and short-term nature.

In addition, there were no significant changes between the end of the first six months of 2025 and the time this interim financial report was prepared.

Lübeck, July 28, 2025

The general partner Drägerwerk Verwaltungs AG, represented by its Executive Board

Stefan Dräger Stefanie Hirsch Rainer Klug Gert-Hartwig Lescow Dr. Reiner Piske Anton Schrofner

Management compliance statement

We confirm to the best of our knowledge that, in accordance with the applicable financial reporting framework, the Group interim financial statements give a true and fair view of the net assets, financial position, and results of operations of the Group, the Group interim management report presents business performance including business results and the situation of the Group so as to give a true and fair view, and that the material opportunities and risks relating to the Group's development in the remainder of the fiscal year have been described.

Lübeck, July 28, 2025

The general partner Drägerwerk Verwaltungs AG, represented by its Executive Board

Stefan Dräger Stefanie Hirsch Rainer Klug Gert-Hartwig Lescow Dr. Reiner Piske Anton Schrofner

Further Information Financial Calendar / Legal Note / Imprint

Financial calendar

Further Information Financial Calendar / Legal Note / Imprint

Report as of June 30, 2025, conference call	July 29, 2025
Report as of September 30, 2025, conference call	October 29, 2025
Publication of 2025 fiscal year figures, analysts' conference	March 24, 2026
Report as of March 31, 2026, conference call	April 30, 2026
Annual shareholders' meeting, Lübeck, Germany	May 8, 2026
Report as of June 30, 2026, conference call	July 30, 2026
Report as of September 30, 2026, conference call	October 29, 2026

Legal Note:

Some articles provide information on products and their possible applications in general. They do not constitute any guarantee that a product has specific properties or of its suitability for any specific purpose. All specialist personnel are required to make use exclusively of the skills they have acquired through their education and training and through practical experience. Not all of the products named in this report are available worldwide. Equipment packages can vary from country to country. We reserve the right to make changes to products.

Imprint

Drägerwerk AG & Co. KGaA Moislinger Allee 53 – 55 23558 Lübeck, Germany www.draeger.com

www.facebook.com/DraegerGlobal www.linkedin.com/company/draeger www.youtube.com/Draeger www.instagram.com/draeger.global

Communications Tel. + 49 451 882 – 3202 Fax + 49 451 882 – 3944

Investor Relations Tel. + 49 451 882 – 2685 Fax + 49 451 882 – 3296

AI Terminal

Draegerwerk AG & Co. KGaA

122_rns_2025-07-29_f21307dd-afef-400f-ab84-8e469332ce20.pdf

Half-yearly financial report January 1 to June 30, 2025 Dräger Group

The Dräger Group over the past five years

The Dräger shares

Shareholder information The Dräger shares

Dräger shares – Basic figures

Dräger shares indicators

Interim management report of the Dräger Group for the first half of 2025

General economic conditions

US tariff policy slows growth

Stable interest rates in the US – lower interest rates in Europe

Inflation rates continue to decline – exchange rates highly volatile

Market and industry performance

Medical division

Safety division

Overall assessment of the underlying conditions

Business performance of the Dräger Group

Business performance of the Dräger Group

Order intake

Order intake

Net sales

Earnings

Investments

Cash flow statement1

Financial management

Borrowing

Net assets

Dräger Value Added

Business performance of the medical division

Business performance of the medical division

Order intake

Order intake

Net sales

Net sales

Earnings

Business performance of the safety division

Business performance of the safety division

Order intake

Order intake

Net sales

Net sales

Earnings

Research and development

Medical division

Safety division

Personnel

Workforce trend

Risks to future development

Outlook

Future market environment

IMF forecast from April 2025 on gross domestic product (GDP) growth

Future market and segment situation

Medical division

Safety division

Future situation of the Company

Expectations for fiscal year 2025

Dräger management estimate

Forward-looking statements

Interim financial statements of the Dräger Group as of June 30, 2025

Consolidated income statement of the Dräger Group

Consolidated statement of comprehensive income of the Dräger Group

Consolidated balance sheet of the Dräger Group

Consolidated cash flow statement of the Dräger Group

Consolidated statement of changes in equity of the Dräger Group

Notes of the Dräger Group as of June 30, 2025 (condensed)

1 Basis of preparation of the interim Group financial statements

2 Accounting policies

3 Changes in the scope of consolidation

4 Segment report

Business performance of the segments

Calculation of capital employed

DVA

5 Financial result

6 Income taxes

7 Intangible assets / property, plant and equipment / right-of-use assets

Intangible assets / property, plant and equipment / right-of-use assets

8 Inventories

9 Trade receivables and contract assets

Cash flow statement¹