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Draegerwerk AG & Co. KGaA
Quarterly Report • Oct 29, 2025
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Quarterly Report
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Quarterly Statement January 1 to September 30, 2025 Dräger Group
The Dräger Group over the past five years
| Nine months | ||||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2023 | 2022 | 2021 | ||
| Order intake | € million | 2,594.1 | 2,420.5 | 2,403.3 | 2,424.2 | 2,237.0 |
| Net sales | € million | 2,343.5 | 2,295.1 | 2,320.9 | 2,027.0 | 2,402.9 |
| Gross profit | € million | 1,056.7 | 1,018.5 | 1,021.7 | 820.8 | 1,163.0 |
| Gross profit / net sales | % | 45.1 | 44.4 | 44.0 | 40.5 | 48.4 |
| EBITDA 1 | € million | 175.2 | 178.6 | 182.7 | -43.1 | 354.3 |
| EBIT 2 | € million | 77.1 | 80.1 | 76.9 | -148.3 | 257.0 |
| EBIT 2 / net sales |
% | 3.3 | 3.5 | 3.3 | -7.3 | 10.7 |
| Interest result | € million | -10.4 | -12.1 | -16.0 | -13.4 | -16.6 |
| Income taxes | € million | -21.2 | -18.7 | -13.8 | 49.0 | -69.8 |
| Net profit | € million | 45.5 | 49.4 | 47.1 | -112.7 | 170.6 |
| Earnings per share 3 | ||||||
| per preferred share | € | 2.42 | 2.61 | 2.45 | -5.99 | 7.96 |
| per common share | € | 2.37 | 2.56 | 2.40 | -6.04 | 7.91 |
| DVA 4, 5 | € million | 49.1 | 29.5 | 24.2 | -238.1 | 325.0 |
| Equity 6 | € million | 1,509.7 | 1,436.7 | 1,382.1 | 1,320.5 | 1,254.6 |
| Equity ratio 6 | % | 49.8 | 47.8 | 46.0 | 44.4 | 39.7 |
| Capital employed 6, 7 | € million | 1,589.0 | 1,550.7 | 1,619.9 | 1,669.7 | 1,441.6 |
| EBIT 2, 4 / capital employed 6, 7 (ROCE) | % | 12.0 | 10.9 | 8.4 | -8.0 | 29.5 |
| Net financial debt 6, 8, 9 | € million | 221.9 | 230.6 | 301.7 | 354.3 | 95.2 |
| Headcount as at September 30 | 16,684 | 16,556 | 16,260 | 16,252 | 15,883 |
1 EBITDA = Earnings before net interest result, income taxes, depreciation and amortization; prior-year figure 2024 adjusted
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. The prior-year figure 2024 was adjusted accordingly.
9 For the years 2021 and 2022, including the payment obligations from the termination of the participation certificates
The first nine months of 2025 at a glance
Dräger reports strong demand, noticeable net sales growth, and very good earnings performance
- − Order intake significantly increased
- − Net sales growth in both divisions and all regions
- − EBIT up substantially excluding positive one-off effects in the prior year
- − Considerable increase in net sales and earnings in the third quarter
- − Annual forecast: net sales and EBIT margin expected to be in the upper half of the range
"Demand for our 'Technology for Life' was significantly higher in the first nine months of 2025 than the high level of the prior year. The last time we had such a strong order intake after three quarters was in our record year of 2020," said Stefan Dräger, Chairman of the Executive Board of Drägerwerk Verwaltungs AG. "Net sales have also increased noticeably. Our earnings have also performed very well. Despite the absence of positive one-off effects and headwinds due to US tariffs and unfavorable exchange rates, we almost matched the prior year's result. This shows that we are making progress in improving our profitability. The excellent order development and increasing net sales momentum make us optimistic about business for the remainder of this year," says Stefan Dräger.
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.
Business performance of the Dräger Group
| Business performance of the Dräger Group | |||||||
|---|---|---|---|---|---|---|---|
| Third quarter | Nine months | ||||||
| 2025 | 2024 | Change in % |
2025 | 2024 | Change in % |
||
| Order intake | € million | 856.1 | 816.2 | +4.9 | 2,594.1 | 2,420.5 | +7.2 |
| Net sales | € million | 833.3 | 774.6 | +7.6 | 2,343.5 | 2,295.1 | +2.1 |
| Gross profit | € million | 380.1 | 337.0 | +12.8 | 1,056.7 | 1,018.5 | +3.8 |
| Gross profit / net sales 1 | % | 45.6 | 43.5 | +2.1 pp | 45.1 | 44.4 | +0.7 pp |
| EBITDA 2 | € million | 89.9 | 57.2 | +57.0 | 175.2 | 178.6 | -1.9 |
| EBIT 3 | € million | 56.7 | 24.4 | > +100 | 77.1 | 80.1 | -3.8 |
| EBIT 3 / net sales 1 | % | 6.8 | 3.1 | +3.7 pp | 3.3 | 3.5 | -0.2 pp |
| Net profit | € million | 35.9 | 15.3 | > +100 | 45.5 | 49.4 | -7.9 |
| Earnings per share 4 | |||||||
| per preferred share | € | 1.92 | 0.79 | > +100 | 2.42 | 2.61 | -7.2 |
| per common share | € | 1.90 | 0.77 | > +100 | 2.37 | 2.56 | -7.3 |
| DVA 5, 6 | € million | 49.1 | 29.5 | +66.6 | 49.1 | 29.5 | +66.6 |
| R&D expenses | € million | 79.6 | 85.8 | -7.1 | 249.1 | 250.3 | -0.5 |
| Equity ratio1, 7 | % | 49.8 | 47.8 | +2.0 pp | 49.8 | 47.8 | +2.0 pp |
| Cash flow from operating activities | € million | 74.8 | 62.7 | +19.2 | 92.6 | 57.2 | +61.8 |
| Net financial debt 7, 8 | € million | 221.9 | 230.6 | -3.8 | 221.9 | 230.6 | -3.8 |
| Investments | € million | 31.5 | 26.2 | +20.2 | 93.5 | 78.9 | +18.5 |
| Capital employed 7, 9 | € million | 1,589.0 | 1,550.7 | +2.5 | 1,589.0 | 1,550.7 | +2.5 |
| Net working capital 7, 10 | € million | 721.4 | 698.5 | +3.3 | 721.4 | 698.5 | +3.3 |
| Working capital 11, 12 | € million | 999.6 | 997.8 | +0.2 | 999.6 | 997.8 | +0.2 |
| Days working capital (DWC) 13 | days | 106.7 | 108.8 | +1.9 | 106.7 | 108.8 | +1.9 |
| EBIT 3, 5 / capital employed 7, 9 (ROCE) 1 | % | 12.0 | 10.9 | +1.1 pp | 12.0 | 10.9 | +1.1 pp |
| Net financial debt 7, 8 / EBITDA 2, 5 | Factor | 0.66 | 0.74 | 0.66 | 0.74 | ||
| Gearing14 | Factor | 0.15 | 0.16 | 0.15 | 0.16 | ||
| Headcount as at September 30 | 16,684 | 16,556 | +0.8 | 16,684 | 16,556 | +0.8 |
1 pp = Percentage points
2 EBITDA = Earnings before net interest result, income taxes, depreciation and amortization; prior-year figures adjusted
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. The prior-year figures were adjusted accordingly.
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
| Order intake | ||||||||
|---|---|---|---|---|---|---|---|---|
| Third quarter | Nine months | |||||||
| in € million | 2025 | 2024 | Change in % |
Net of currency effects in % |
2025 | 2024 | Change in % |
Net of currency effects in % |
| Medical division | 484.7 | 468.4 | +3.5 | +5.4 | 1,495.5 | 1,368.5 | +9.3 | +11.6 |
| Safety division | 371.4 | 347.8 | +6.8 | +8.8 | 1,098.6 | 1,052.1 | +4.4 | +5.7 |
| Total | 856.1 | 816.2 | +4.9 | +6.9 | 2,594.1 | 2,420.5 | +7.2 | +9.0 |
| thereof Germany | 199.8 | 201.1 | -0.6 | -0.7 | 587.8 | 586.7 | +0.2 | +0.2 |
thereof EMEA 352.9 309.9 +13.9 +14.3 1,030.4 923.6 +11.6 +11.5 thereof Americas 180.3 172.2 +4.7 +7.9 591.6 521.8 +13.4 +19.1 thereof APAC 123.1 133.0 -7.4 -0.5 384.4 388.5 -1.1 +2.9
Thanks to strong demand in both divisions and all regions, our order intake rose by nine percent (net of currency effects) in the first nine months of 2025. The main growth drivers were the regions Europe, Middle East, and Africa (EMEA) and Americas. In the third quarter, the order intake increased by roughly seven percent overall (net of currency effects). The slight decline in Germany and Asia-Pacific (APAC) was more than offset by the growth in the other regions.
In the medical division, order intake increased by 11.6% (net of currency effects) during the first nine months. All regions contributed to this positive development. Demand saw particularly strong growth in EMEA and Americas, where 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. Initial revenues are expected to be recognized as early as in the fourth quarter of 2025. Even without this order, however, demand was higher than in the first nine months of the prior year. Third-quarter order intake increased by 5.4% (net of currency effects). A decline in APAC was offset by significant growth in EMEA. The other regions also saw an increase.
In the safety division, order intake increased by 5.7% (net of currency effects) during the first nine months. The EMEA and Americas regions achieved significant growth, while demand in Germany and APAC declined. In the third quarter, order intake increased by 8.8% (net of currency effects). In addition to the significant increase in EMEA and Americas, growth in APAC also contributed to this trend. Demand in Germany was below the prior-year level.
Net sales
| Nine months |
|---|
| Net of Change currency in % effects in % |
| +2.9 +4.7 |
| +1.1 +2.4 |
| +3.7 |
| +4.4 |
| +2.4 |
| +2.9 |
| +6.7 |
| +2.1 +4.4 +2.4 -1.4 +2.7 |
Our net sales increased by 3.7% (net of currency effects) in the first nine months of 2025. In the third quarter, it rose sharply by more than ten percent (net of currency effects). Both divisions and all regions contributed to growth in both reporting periods. The positive development in the third quarter was driven in particular by the significant increase in net sales in EMEA and Americas.
Earnings
In the first nine months of 2025, our gross profit rose by 3.8% to EUR 1,056.7 million (9 months 2024: EUR 1,018.5 million) due to the positive net sales development. The gross margin increased by 0.7 percentage points to 45.1% (9 months 2024: 44.4%). The improvement in margins was more pronounced in the medical division than in the safety division. In the third quarter, gross profit rose significantly by 12.8% to EUR 380.1 million (Q3 2024: EUR 337.0 million). This was driven by significant revenue growth and an increase in the gross margin, which rose by 2.1 percentage points to 45.6% (Q3 2024: 43.5%) due, among other things, to the positive productcountry mix.
Our functional expenses in the first nine months of 2025 were 5.7% (net of currency effects; nominal: 4.4%) above the prior-year figure. The main reason for this were positive one-off effects of around EUR 30 million in the prior year: In the second quarter of 2024, Dräger sold a non-strategic business unit in the Netherlands and a plot of land in the US for a total of around EUR 20 million; in addition, a building in Spain was sold for around EUR 10 million in the third quarter of 2024. Furthermore, personnel expenses rose, among other things due to tariff increases in Germany and the increase in personnel. In the medical division, functional expenses rose more sharply (net of currency effects: 6.0%; nominal: 4.5%) than in the safety division (net of currency effects: 5.2%; nominal: 4.2%) due to the positive one-off effects in the prior year and higher headcount. In the third quarter, the increase in functional expenses was 4.7% (net of currency effects; nominal: 2.8%) due to the base effect mentioned above. Excluding the above-mentioned positive one-off effects, the increase in the first nine months amounted to 2.4% (net of currency effects; nominal: 1.2%); in the third quarter, functional expenses rose by 1.5% net of currency effects and declined by 0.4% in nominal terms.
Expenditure on research and development (R&D) increased by 0.2% (net of currency effects) in the first nine months of 2025; in nominal terms, however, R&D expenses decreased by 0.5%. The share of R&D expenses to net sales (R&D ratio) was slightly below the prior-year level at 10.6% (9 months 2024: 10.9%).
The financial result (before interest result) amounted to EUR 0.1 million (9 months 2024: EUR 0.0 million).
At EUR 77.1 million, our consolidated earnings before interest and taxes (EBIT) did not reach the prior-year figure (9 months 2024: EUR 80.1 million), but this was primarily due to the one-off effects mentioned above in the prior year. In addition, currency effects and tariffs had a negative impact on earnings in the first nine months of 2025. The EBIT margin came to 3.3% (9 months 2024: 3.5%).
In the third quarter of 2025, we were able to more than double our earnings despite the opposing effects. EBIT rose to EUR 56.7 million (Q3 2024: EUR 24.4 million). The main reason was the significant growth in net sales, which was offset only by a moderate increase in costs. The EBIT margin also increased significantly by 3.7 percentage points to 6.8% (Q3 2024: 3.1%).
The interest result improved by EUR 1.6 million to EUR -10.4 million in the first nine months of 2025 (9 months 2024: EUR -12.1 million). This was due to lower interest expenses.
Investments
In the first nine months of 2025, the investment volume was EUR 93.5 million, 18.5% above the prior-year figure (9 months 2024: EUR 78.9 million). We invested EUR 56.4 million in property, plant and equipment (9 months 2024: EUR 45.2 million), EUR 3.8 million in intangible assets (9 months 2024: EUR 2.1 million), and EUR 33.3 million in capitalized right-of-use assets from long-term lease and rental agreements pursuant to IFRS 16 (9 months 2024: EUR 31.6 million). Depreciation and amortization amounted to EUR 98.1 million in the first nine months of 2025 (9 months 2024: EUR 98.5 million). Total investment amounted to 95.3% of depreciation and amortization, resulting in a decrease in non-current assets of EUR 4.6 million.
Equity
The Dräger Group's equity decreased by EUR 27.1 million to EUR 1,509.7 million in the first nine months of 2025. The equity ratio was 49.8% as at September 30, 2025 and thus above the figure of 49.7% as at December 31, 2024. The total assets fell by EUR 61.8 million to EUR 3,031.6 million.
Two factors were primarily responsible for the decline in equity. Firstly, the negative exchange rate environment had a negative impact of EUR 52.6 million on the adjustment item from the currency translation of foreign subsidiaries, thereby reducing other components of equity. Secondly, the dividend of EUR 37.5 million approved at the annual shareholder's meeting on May 9, 2025 was paid out in May and directly reduced equity. The earnings after income taxes of EUR 45.5 million and a positive net effect of EUR 21.7 million from the remeasurement of defined benefit pension plans only partially offset these negative effects.
Dräger Value Added
Our value-oriented key management figure, Dräger Value Added (DVA), increased significantly in the 12 months to September 30, 2025, compared with the same period of the prior year, by EUR 19.6 million to EUR 49.1 million (12 months to September 30, 2024: EUR 29.5 million). The increase in DVA was mainly due to higher rolling EBIT, which rose by EUR 21.4 million year-on-year to EUR 191.0 million. The medical division recorded a significant improvement in DVA and rolling EBIT, while the safety division showed a slight downturn in both areas.
With a slight growth in average capital employed (EUR +19.3 million) and an unchanged weighted average cost of capital of 9%, the cost of capital employed rose by EUR 1.7 million compared to the same period of the prior year.
Compared to the same period of the prior year, average working capital remained virtually stable, while rolling net sales increased significantly. As a result, days working capital (range of working capital) decreased by 2.1 days to 106.7 days compared to the prior-year figure.
Business performance of the medical division
Business performance of the medical division
| Third quarter | Nine months | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | Change in % |
Net of currency effects in % |
2025 | 2024 | Change in % |
Net of currency effects in % |
||
| Order intake | € million | 484.7 | 468.4 | +3.5 | +5.4 | 1,495.5 | 1,368.5 | +9.3 | +11.6 |
| thereof Germany | € million | 105.7 | 103.9 | +1.7 | +1.7 | 318.3 | 304.9 | +4.4 | +4.4 |
| Net sales | € million | 471.3 | 439.1 | +7.3 | +10.2 | 1,322.3 | 1,285.3 | +2.9 | +4.7 |
| thereof Germany | € million | 105.8 | 101.8 | +3.9 | +3.9 | 306.3 | 291.6 | +5.0 | +5.0 |
| EBITDA 1 | € million | 27.2 | 12.0 | > +100 | 24.9 | 19.1 | +30.0 | ||
| EBIT 2 | € million | 11.0 | -4.0 | > +100 | -22.7 | -28.1 | +19.5 | ||
| EBIT 2 / net sales 3 |
% | 2.3 | -0.9 | +3.2 pp | -1.7 | -2.2 | +0.5 pp | ||
| Capital employed 4, 5 | € million | 889.0 | 866.1 | +2.6 | 889.0 | 866.1 | +2.6 | ||
| EBIT 2, 6/ capital employed 4, 5 (ROCE) 3 | % | 3.8 | 1.3 | +2.5 pp | 3.8 | 1.3 | +2.5 pp | ||
| DVA 6, 7 | € million | -45.2 | -67.7 | +33.2 | -45.2 | -67.7 | +33.2 |
1 EBITDA = Earnings before net interest result, income taxes, depreciation and amortization; prior-year figures adjusted
Order intake
| Order intake | ||||||||
|---|---|---|---|---|---|---|---|---|
| Third quarter | Nine months | |||||||
| in € million | 2025 | 2024 | Change in % |
Net of currency effects in % |
2025 | 2024 | Change in % |
Net of currency effects in % |
| Germany | 105.7 | 103.9 | +1.7 | +1.7 | 318.3 | 304.9 | +4.4 | +4.4 |
| EMEA | 187.5 | 164.4 | +14.0 | +14.6 | 527.0 | 472.2 | +11.6 | +11.6 |
| Americas | 118.0 | 116.6 | +1.2 | +3.4 | 408.6 | 352.2 | +16.0 | +22.3 |
| APAC | 73.6 | 83.5 | -11.9 | -5.1 | 241.6 | 239.2 | +1.0 | +4.9 |
| Total | 484.7 | 468.4 | +3.5 | +5.4 | 1,495.5 | 1,368.5 | +9.3 | +11.6 |
Our order intake in the medical division increased by 11.6% (net of currency effects) in the first nine months of 2025. This trend was mainly driven by the high demand for our ventilation 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. Demand also developed positively in the other regions, particularly EMEA.
Third-quarter order intake increased by 5.4% (net of currency effects). A decline in APAC was offset by significant growth in EMEA. The other regions also recorded growth.
2 EBIT = Earnings before net interest result and income taxes
3 pp = Percentage points
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
Net sales
| Net sales | ||||||||
|---|---|---|---|---|---|---|---|---|
| Third quarter | Nine months | |||||||
| in € million | 2025 | 2024 | Change in % |
Net of currency effects in % |
2025 | 2024 | Change in % |
Net of currency effects in % |
| Germany | 105.8 | 101.8 | +3.9 | +3.9 | 306.3 | 291.6 | +5.0 | +5.0 |
| EMEA | 176.1 | 148.4 | +18.7 | +19.6 | 473.0 | 455.7 | +3.8 | +3.9 |
| Americas | 117.3 | 110.4 | +6.3 | +11.6 | 318.4 | 319.8 | -0.4 | +3.9 |
| APAC | 72.1 | 78.5 | -8.1 | -1.2 | 224.7 | 218.2 | +3.0 | +6.8 |
| Total | 471.3 | 439.1 | +7.3 | +10.2 | 1,322.3 | 1,285.3 | +2.9 | +4.7 |
Our net sales in the medical division increased by 4.7% (net of currency effects) in the first nine months of 2025. All regions were able to grow. In the third quarter, net sales increased significantly by more than ten percent (net of currency effects), driven by strong growth in the EMEA and Americas regions. Net sales also increased in Germany. In the APAC region it was just below the prior-year level (net of currency effects).
Earnings
Our gross profit in the medical division increased by 5.7% during the first nine months of 2025. The main reasons were higher net sales and lower quality costs. Despite adverse currency effects and higher customs duties, the gross margin improved by 1.1 percentage points due to a favorable product and country mix. In the third quarter, gross profit recorded a significant increase of 15.0%. The gross margin increased by 2.9 percentage points. In addition to significant growth in net sales, a good product and country mix, as well as lower quality costs also had a positive impact here.
Functional expenses increased by 6.0% (net of currency effects; nominal: 4.5%) in the first nine months of 2025 and by 7.8% (net of currency effects; nominal: 5.7%) in the third quarter. Excluding the proportionate positive one-off effects from the sale of real estate in the prior year, the increase amounted to 4.3% (net of currency effects; nominal: 2.9%) in the first nine months of the year and 4.1% (net of currency effects; nominal: 2.0%) in the third quarter.
EBIT in the medical division stood at EUR -22.7 million after the first nine months of 2025 (9 months 2024: EUR -28.1 million). The EBIT margin came to -1.7% (9 months 2024: -2.2%). In the third quarter, EBIT rose significantly by EUR 15.0 million to EUR 11.0 million (Q3 2024: EUR -4.0 million). The EBIT margin improved to 2.3% (Q3 2024: -0.9%).
Dräger Value Added increased by EUR 22.5 million to EUR -45.2 million year on year as at September 30, 2025 (12 months to September 30, 2024: EUR -67.7 million). This improvement resulted from a corresponding increase in rolling EBIT, while the cost of capital remained unchanged.
Business performance of the safety division
| Third quarter | Nine months | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | Change in % |
Net of currency effects in % |
2025 | 2024 | Change in % |
Net of currency effects in % |
||
| Order intake | € million | 371.4 | 347.8 | +6.8 | +8.8 | 1,098.6 | 1,052.1 | +4.4 | +5.7 |
| thereof Germany | € million | 94.1 | 97.2 | -3.2 | -3.2 | 269.4 | 281.8 | -4.4 | -4.4 |
| Net sales | € million | 362.0 | 335.5 | +7.9 | +9.9 | 1,021.2 | 1,009.7 | +1.1 | +2.4 |
| thereof Germany | € million | 89.6 | 87.8 | +2.1 | +2.1 | 253.4 | 244.5 | +3.7 | +3.7 |
| EBITDA 1 | € million | 62.6 | 45.3 | +38.3 | 150.3 | 159.5 | -5.7 | ||
| EBIT 2 | € million | 45.8 | 28.3 | +61.4 | 99.8 | 108.3 | -7.9 | ||
| EBIT 2 / net sales 3 |
% | 12.6 | 8.4 | +4.2 pp | 9.8 | 10.7 | -1.0 pp | ||
| Capital employed 4, 5 | € million | 700.0 | 684.5 | 2.3 | 700.0 | 684.5 | 2.3 | ||
| EBIT 2, 6/ capital employed 4, 5 (ROCE) 3 | % | 22.5 | 23.1 | -0.7 pp | 22.5 | 23.1 | -0.7 pp | ||
| DVA 6, 7 | € million | 94.3 | 97.2 | -3.0 | 94.3 | 97.2 | -3.0 |
1 EBITDA = Earnings before net interest result, income taxes, depreciation and amortization; prior-year figures adjusted
Order intake
| Order intake | ||||||||
|---|---|---|---|---|---|---|---|---|
| Third quarter | Nine months | |||||||
| in € million | 2025 | 2024 | Change in % |
Net of currency effects in % |
2025 | 2024 | Change in % |
Net of currency effects in % |
| Germany | 94.1 | 97.2 | -3.2 | -3.2 | 269.4 | 281.8 | -4.4 | -4.4 |
| EMEA | 165.4 | 145.4 | +13.7 | +14.0 | 503.4 | 451.4 | +11.5 | +11.5 |
| Americas | 62.4 | 55.7 | +12.0 | +17.5 | 183.0 | 169.6 | +7.9 | +12.5 |
| APAC | 49.5 | 49.5 | +0.1 | +7.3 | 142.7 | 149.3 | -4.4 | -0.3 |
| Total | 371.4 | 347.8 | +6.8 | +8.8 | 1,098.6 | 1,052.1 | +4.4 | +5.7 |
The safety division continued to see growth in orders in the first nine months of 2025. Order intake increased by 5.7% (net of currency effects). The largest growth drivers were gas detection, respiratory and personal protection products, and engineered solutions. The order volume for occupational safety equipment returned to normal levels following the large order for NBC protection filters in the same period of the prior 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 third quarter, order intake increased by 8.8% (net of currency effects). In addition to the significant increase in the EMEA and Americas regions, growth in APAC also contributed to this trend. Demand in Germany was below the prior-year level.
2 EBIT = Earnings before net interest result and income taxes
3 pp = Percentage points
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
Net sales
| Net sales | ||||||||
|---|---|---|---|---|---|---|---|---|
| Third quarter | Nine months | |||||||
| in € million | 2025 | 2024 | Change in % |
Net of currency effects in % |
2025 | 2024 | Change in % |
Net of currency effects in % |
| Germany | 89.6 | 87.8 | +2.1 | +2.1 | 253.4 | 244.5 | +3.7 | +3.7 |
| EMEA | 158.9 | 138.9 | +14.4 | +14.8 | 453.5 | 448.6 | +1.1 | +1.0 |
| Americas | 64.5 | 58.7 | +9.9 | +15.1 | 174.4 | 179.8 | -3.0 | +1.1 |
| APAC | 49.0 | 50.1 | -2.2 | +4.2 | 139.9 | 136.8 | +2.2 | +6.4 |
| Total | 362.0 | 335.5 | +7.9 | +9.9 | 1,021.2 | 1,009.7 | +1.1 | +2.4 |
In the safety division, our net sales increased by 2.4% (net of currency effects) during the first nine months of 2025. In the third quarter, it rose sharply by roughly ten percent (net of currency effects). All regions grew in both reporting periods. Growth in the third quarter was driven in particular by the significant increases in the EMEA and Americas regions.
Earnings
Our gross profit in the safety division increased by 1.6% during the first nine months of 2025. The main reason for this was the positive net sales development. Despite the negative impact of currency effects and tariffs, the gross margin improved by 0.2 percentage points due to a better product mix. In the third quarter, gross profit increased by 10.3% as a result of significant growth in net sales. The gross margin increased by 1.0 percentage points. Positive mix effects also contributed to the improved margin during this period.
Functional expenses in the first nine months of 2025 were 5.2% (net of currency effects; nominal: 4.2%) higher than in the same period of the prior year. The main reasons for this were special revenues in the same period of the prior year from the sale of our fire alarm systems business in the Netherlands and pro rata special revenues from the disposal of real estate. In addition, higher marketing expenses had a negative effect on functional expenses. In the third quarter, functional expenses were 0.3% higher net of currency effects and 1.4% lower in nominal terms than the prior-year figure. Excluding the aforementioned special revenues, functional expenses declined by 0.3% (net of currency effects; nominal: -1.2%) in the first nine months; in the third quarter, functional expenses would have fallen by 2.4% (net of currency effects; nominal: -4.0%).
EBIT in the safety division stood at EUR 99.8 million after the first nine months of 2025 (9 months 2024: EUR 108.3 million). The EBIT margin came to 9.8% (9 months 2024: 10.7%). In the third quarter, EBIT improved significantly to EUR 45.8 million (Q3 2024: EUR 28.3 million). The EBIT margin improved increased to 12.6% (Q3 2024: 8.4%).
Dräger Value Added decreased by EUR 2.9 million to EUR 94.3 million year on year as at September 30, 2025 (12 months to September 30, 2024: EUR 97.2 million). Rolling EBIT decreased by EUR 1.2 million compared to the prior year. Capital costs rose by EUR 1.7 million due to higher capital employed.
Outlook
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 (pages 68 et seq.), which describes our expectations for 2025 in detail. The following table provides an overview of the current expectations regarding the development of various forecast figures. The forecast horizon comprises one fiscal year.
| Expectations for fiscal year 2025 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Results achieved for fiscal year 2024 |
Forecast for fiscal year 2025 |
Current forecast | ||||||
| Net sales (net of currency effects) | 0.5% | 1.0 to 5.0% | 3.0 to 5.0% | |||||
| EBIT margin | 5.8% | 3.5 to 6.5% | 4.5 to 6.5% | |||||
| DVA | EUR 54.3 million | EUR -30 to 80 million | EUR 10 to 80 million | |||||
| Gross margin | 44.9% | 44.0 to 46.0% | confirmed | |||||
| Research and development costs | EUR 333.1 million | EUR 330 to 350 million | confirmed | |||||
| Net financial debt | EUR 165.0 million | EUR 180 to 210 million | confirmed | |||||
| Investment volume 1 | EUR 76.0 million | EUR 110 to 130 million | EUR 90 to 110 million | |||||
| Net interest result | EUR -18.6 million | EUR -17 to -23 million | confirmed | |||||
| Days Working Capital (DWC) | 108.2 days | 105 to 110 days | confirmed |
1 Excluding company acquisitions, investments in financial assets, and the capitalization of right-of-use assets pursuant to IFRS 16
Due to the very good business performance and the continued high order intake in the first nine months, we now expect growth in net sales of 3.0 to 5.0% net of currency effects (previously 1.0 to 5.0% net of currency effects) and an EBIT margin of 4.5 to 6.5% (previously 3.5 to 6.5%) for the fiscal year 2025. Furthermore, we now expect a DVA of EUR 10 to 80 million (previously EUR -30 to 80 million) and an investment volume of EUR 90 to 110 million (previously EUR 110 to 130 million). All other forecast figures are confirmed.
Forward-looking statements
This document 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.
This document constitutes a quarterly statement pursuant to Section 51a of the exchange rules for the Frankfurt Stock Exchange.
Lübeck, October 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 financial information
| Consolidated income statement of the Dräger Group | ||||
|---|---|---|---|---|
| in € thousand | Third quarter 2025 |
Third quarter 2024 |
Nine months 2025 |
Nine months 2024 |
| Net sales | 833,272 | 774,570 | 2,343,520 | 2,295,063 |
| Cost of sales | -453,149 | -437,618 | -1,286,828 | -1,276,589 |
| Gross profit | 380,122 | 336,952 | 1,056,692 | 1,018,475 |
| Research and development expenses | -79,635 | -85,766 | -249,147 | -250,293 |
| Marketing and selling expenses | -175,131 | -178,036 | -534,281 | -535,897 |
| General administrative expenses | -67,175 | -58,380 | -198,412 | -184,665 |
| Impairment losses and gains on financial assets and contract assets | -167 | -994 | -806 | -634 |
| Other operating income | 167 | 10,825 | 4,577 | 35,654 |
| Other operating expenses | -850 | -1,587 | -1,656 | -2,552 |
| Functional expenses | -322,791 | -313,939 | -979,725 | -938,387 |
| Result from net exposure from monetary items | -184 | 510 | -1,261 | 638 |
| Result from associates accounted for using the equity method | - | 586 | 776 | 586 |
| Result from other investments | - | 10 | 3 | -813 |
| Other financial result | -408 | 234 | 618 | -363 |
| Financial result (before interest result) | -592 | 1,339 | 136 | 47 |
| EBIT 1 | 56,739 | 24,352 | 77,102 | 80,136 |
| Interest and similar income | 2,219 | 3,064 | 5,925 | 6,511 |
| Interest and similar expenses | -5,623 | -6,351 | -16,326 | -18,562 |
| Interest result | -3,405 | -3,287 | -10,402 | -12,051 |
| Earnings before income taxes | 53,334 | 21,066 | 66,701 | 68,085 |
| Income taxes | -17,409 | -5,764 | -21,237 | -18,705 |
| Earnings after income taxes | 35,925 | 15,301 | 45,464 | 49,380 |
| Earnings after income taxes | 35,925 | 15,301 | 45,464 | 49,380 |
| Earnings to non-controlling interests | 248 | 640 | 613 | 1,000 |
| Earnings attributable to shareholders | 35,677 | 14,662 | 44,851 | 48,380 |
| Undiluted earnings per share 2 | ||||
| per preferred share (in €) | 1.92 | 0.79 | 2.42 | 2.61 |
| per common share (in €) | 1.90 | 0.77 | 2.37 | 2.56 |
| Diluted earnings per share 2 | ||||
| per preferred share (in €) | 1.92 | 0.79 | 2.42 | 2.61 |
| per common share (in €) | 1.90 | 0.77 | 2.37 | 2.56 |
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 Nine months 2025 Nine months 2024 Earnings after income taxes 45,464 49,380 Items that cannot be reclassified into the income statement Remeasurements of defined benefit pension plans 31,601 23,764 Deferred taxes on remeasurements of defined benefit pension plans -9,940 -7,480 Items that may be reclassified into the income statement in the future Currency translation adjustment for foreign subsidiaries -52,756 -4,876 Changes in the fair value of the cash flow hedge reserve recognized directly in equity -790 1,333 Deferred taxes on changes in the fair value of the cash flow hedge reserve recognized directly in equity 249 -389 Other comprehensive income (after taxes) -31,635 12,352 Total comprehensive income 13,828 61,732 thereof attributable to non-controlling interests 416 1,093 thereof earnings attributable to shareholders 13,412 60,639
| in € thousand | September 30, 2025 | December 31, 2024 |
|---|---|---|
| Assets | ||
| Intangible assets | 340,836 | 342,848 |
| Property, plant and equipment | 419,700 | 433,145 |
| Right-of-use assets | 108,545 | 115,836 |
| Investments in associates | 829 | 801 |
| Non-current trade receivables | 5,532 | 4,936 |
| Other non-current financial assets | 60,435 | 29,398 |
| Deferred tax assets | 257,630 | 258,301 |
| Other non-current assets | 52,049 | 23,405 |
| Non-current assets | 1,245,554 | 1,208,669 |
| Inventories | 738,585 | 662,585 |
| Trade receivables | 614,003 | 788,446 |
| Contract assets | 84,664 | 52,886 |
| Other current financial assets | 37,531 | 51,770 |
| Cash and cash equivalents | 188,279 | 230,599 |
| Current income tax refund claims | 36,309 | 31,013 |
| Other current assets | 86,696 | 67,465 |
| Current assets | 1,786,067 | 1,884,765 |
| Total assets | 3,031,621 | 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 | 1,213,418 | 1,184,379 |
| Treasury shares | -4,818 | -2,535 |
| Other comprehensive income | -55,710 | -2,609 |
| Total equity of shareholders of Drägerwerk AG & Co. KGaA | 1,507,801 | 1,535,150 |
| Non-controlling interests | 1,880 | 1,646 |
| Equity | 1,509,681 | 1,536,796 |
| Provisions for pensions and similar obligations | 171,396 | 180,419 |
| Non-current personnel provisions | 36,369 | 36,566 |
| Other non-current provisions | 15,477 | 15,673 |
| Non-current note loans | 50,000 | 100,000 |
| Non-current liabilities to banks | 103,866 | 104,354 |
| Other non-current financial liabilities | 80,740 | 87,382 |
| Non-current income tax liabilities | 2,134 | 2,257 |
| Deferred tax liabilities | 1,338 | 1,637 |
| Other non-current liabilities | 45,500 | 49,869 |
| Non-current liabilities | 506,822 | 578,157 |
| Current personnel provisions | 101,711 | 121,310 |
| Other current provisions | 132,607 | 145,189 |
| Current note loans | 50,684 | - |
| Current liabilities to banks | 91,021 | 67,394 |
| Trade payables | 213,896 | 230,648 |
| Other current financial liabilities | 97,664 | 103,966 |
| Current income tax liabilities | 47,384 | 45,144 |
| Other current liabilities Current liabilities |
280,152 1,015,119 |
264,831 |
| 978,481 |
| Third | Third | Nine | Nine | ||
|---|---|---|---|---|---|
| quarter | quarter | months | months | ||
| in € thousand | 2025 | 2024 | 2025 | 2024 | |
| Operating activities | |||||
| Earnings after income taxes | 35,925 | 15,301 | 45,464 | 49,380 | |
| + | Write-down/write-up of non-current assets | 33,172 | 32,971 | 98,160 | 98,351 |
| + | Interest result | 3,405 | 3,287 | 10,402 | 12,051 |
| + | Income taxes | 17,409 | 5,764 | 21,237 | 18,705 |
| +/- | Increase/decrease in provisions | 21,934 | 29,460 | -34,977 | -27,481 |
| + | Other non-cash expenses | 2,593 | 6,904 | 15,229 | 18,722 |
| +/- | Loss/gain from the disposal of non-current assets | 388 | -8,979 | 201 | -28,051 |
| - | Increase in inventories | -28,314 | -34,342 | -109,054 | -101,523 |
| - | Increase in leased equipment | -3,759 | -2,220 | -10,061 | -6,423 |
| +/- | Decrease/increase in trade receivables | -8,191 | 9,655 | 103,259 | 97,874 |
| +/- | Decrease/increase in other assets | 10,687 | 5,045 | -11,399 | -25,172 |
| +/- | Increase/decrease in trade payables | 11,073 | 4,587 | -10,950 | -14,588 |
| +/- | Increase/decrease in other liabilities | -10,597 | 7,413 | 21,234 | 11,431 |
| + | Dividends received | - | 596 | 615 | 672 |
| - | Cash outflow for income taxes | -9,125 | -11,310 | -40,143 | -39,359 |
| - | Cash outflow for interest | -4,012 | -4,457 | -12,494 | -13,853 |
| + | Cash inflow from interest | 2,219 | 3,064 | 5,925 | 6,511 |
| Cash inflow from operating activities | 74,804 | 62,739 | 92,648 | 57,247 | |
| Investing activities | |||||
| - | Cash outflow for investments in intangible assets | -1,382 | -452 | -3,949 | -1,703 |
| + | Cash inflow from disposals of intangible assets | - | 0 | - | 2 |
| - | Cash outflow for investments in property, plant and equipment | -15,958 | -12,968 | -44,209 | -37,900 |
| + | Cash inflow from disposals of property, plant and equipment | 1,851 | 2,010 | 2,564 | 7,582 |
| - | Cash outflow for investments in financial assets | -820 | -35 | -30,695 | -5,473 |
| + | Cash inflow from disposals of financial assets | 1 | - | 138 | - |
| + | Cash inflow from disposals of subsidiaries and business areas | - | - | - | 15,350 |
| Cash outflow from investing activities | -16,308 | -11,445 | -76,152 | -22,142 | |
| Financing activities | |||||
| - | Distribution of dividends | - | - | -37,473 | -33,158 |
| - | Cash outflow from the acquisition of treasury shares for the employee | ||||
| share program | -1,826 | - | -5,900 | - | |
| + | Cash inflow from the transfer of treasury shares from the employee share | ||||
| program | - | - | 2,612 | - | |
| + | Cash provided by raising loans | 3,569 | 1,870 | 10,324 | 3,551 |
| - | Cash used to redeem loans | -5,228 | -3,537 | -13,890 | -7,589 |
| +/- | Net balance of other liabilities to banks | -30,202 | -46,635 | 28,470 | -51,023 |
| - - |
Repayment of lease liabilities | -12,859 | -12,023 | -36,282 | -34,412 |
| Profit distributed to non-controlling interests | - | - | -182 | -1,155 | |
| Cash outflow from financing activities | -46,546 | -60,324 | -52,322 | -123,786 | |
| Change in cash and cash equivalents in the reporting period | 11,950 | -9,030 | -35,825 | -88,681 | |
| - | Effect of exchange rates on cash and cash equivalents | -1,077 | -1,903 | -6,495 | -3,472 |
| + | Cash and cash equivalents at the beginning of the reporting period | 177,406 | 190,737 | 230,599 | 271,956 |
| Cash and cash equivalents at the end of the reporting period | 188,279 | 179,804 | 188,279 | 179,804 |
Business performance of the segments
| Nine months | |||||||
|---|---|---|---|---|---|---|---|
| Medical division | Safety division | Dräger Group | |||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||
| Order intake | € million | 1,495.5 | 1,368.5 | 1,098.6 | 1,052.1 | 2,594.1 | 2,420.5 |
| thereof Germany | € million | 318.3 | 304.9 | 269.4 | 281.8 | 587.8 | 586.7 |
| thereof EMEA | € million | 527.0 | 472.2 | 503.4 | 451.4 | 1,030.4 | 923.6 |
| thereof Americas | € million | 408.6 | 352.2 | 183.0 | 169.6 | 591.6 | 521.8 |
| thereof APAC | € million | 241.6 | 239.2 | 142.7 | 149.3 | 384.4 | 388.5 |
| Net sales | € million | 1,322.3 | 1,285.3 | 1,021.2 | 1,009.7 | 2,343.5 | 2,295.1 |
| thereof Germany | € million | 306.3 | 291.6 | 253.4 | 244.5 | 559.7 | 536.1 |
| thereof EMEA | € million | 473.0 | 455.7 | 453.5 | 448.6 | 926.5 | 904.4 |
| thereof Americas | € million | 318.4 | 319.8 | 174.4 | 179.8 | 492.8 | 499.6 |
| thereof APAC | € million | 224.7 | 218.2 | 139.9 | 136.8 | 364.6 | 355.1 |
| EBITDA 1 | € million | 24.9 | 19.1 | 150.3 | 159.5 | 175.2 | 178.6 |
| Depreciation/amortization | € million | -47.5 | -47.3 | -50.6 | -51.2 | -98.1 | -98.5 |
| EBIT 2 | € million | -22.7 | -28.1 | 99.8 | 108.3 | 77.1 | 80.1 |
| thereof other significant income and expense items |
|||||||
| Income from the disposal of a business area | € million | - | - | - | 15.4 | - | 15.4 |
| Income from the disposal of real estate | € million | - | 9.2 | - | 5.0 | - | 14.2 |
| Income from the adjustment of a put option | € million | - | 4.2 | - | - | - | 4.2 |
| Other significant income and expense items | € million | - | - | - | -1.9 | - | -1.9 |
| € million | 0 | 13.4 | 0 | 18.5 | 0 | 31.9 | |
| Capital employed 3, 4 | € million | 889.0 | 866.1 | 700.0 | 684.5 | 1,589.0 | 1,550.7 |
| EBIT 2 / net sales | % | -1.7 | -2.2 | 9.8 | 10.7 | 3.3 | 3.5 |
| EBIT 2, 5 / capital employed 3, 4 (ROCE) | % | 3.8 | 1.3 | 22.5 | 23.1 | 12.0 | 10.9 |
| DVA5, 6 | € million | -45.2 | -67.7 | 94.3 | 97.2 | 49.1 | 29.5 |
1 EBITDA = Earnings before net interest result, income taxes, depreciation and amortization; prior-year figures adjusted
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
| Financial calendar | |||||
|---|---|---|---|---|---|
| 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 |
Imprint
Drägerwerk AG & Co. KGaA Moislinger Allee 53 – 55 23558 Lübeck, Germany www.draeger.com
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Investor Relations
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