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Drägerwerk (DRW3) investor relations material

Drägerwerk Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary29 Jul, 2025

Executive summary

  • Net sales for H1 2025 were €1,510 million, stable year-over-year, with gross margin at 44.8%.

  • Order intake reached €1.74 billion, the highest H1 since 2020, with strong growth in Americas and EMEA, including a major Mexico order.

  • EBIT dropped to €20.4 million from €55.8 million, mainly due to prior-year one-offs and FX/tariff headwinds.

  • Operating cash flow improved to €17.8 million from a negative €5 million in the prior year.

  • Share prices surged, with preferred shares up over 40% and admitted to TecDAX.

Financial highlights

  • H1 net sales increased 0.4% year-over-year to €1.5 billion; Q2 net sales up 1.8% after a Q1 decline.

  • Gross margin held at 44.8%, with Medical division gains offsetting Safety division declines.

  • Free cash flow was negative €42 million, down from negative €16 million a year ago, due to higher investing activities.

  • Investment volume increased to €61.9 million, up 17.7% year-over-year.

  • Net financial debt stable at €269.1 million; equity ratio at 49.1%.

Outlook and guidance

  • Full-year 2025 guidance confirmed: net sales growth of 1–5% (currency-adjusted) and EBIT margin of 3.5–6.5%.

  • DVA expected between minus €30 million and plus €80 million.

  • Management expects stronger H2 sales due to robust order backlog and seasonality.

  • R&D expenses projected at €330–350 million; investment volume at €180–210 million.

  • Margin guidance includes anticipated headwinds from tariffs and currency effects.

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Frequently asked questions

Drägerwerk AG & Co. KGaA, commonly referred to as Dräger, is a company active in the fields of medical devices and safety technology. It specializes in developing, producing, and marketing system solutions, equipment, and services across the acute point of care (APOC) process chain. This includes areas such as emergency care, perioperative care, critical care, perinatal care, and home care. Beyond its medical technology portfolio, Dräger also provides professional diving equipment, alcohol and drug detection devices, and a range of safety equipment and system solutions for personal protection, stationary and mobile gas detection, as well as integrated hazard management. Drägerwerk is headquartered in Lübeck, Germany, and its shares are listed on the Frankfurt Stock Exchange.

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