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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.
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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