Drägerwerk (DRW3) Investor presentation summary

Company overview

• Operates globally in medical and safety technology, with 2025 net sales of €3.5 billion and 16,687 employees.

• Medical division leads in Europe for anaesthesia and ventilation, and is #2 in the US for anaesthesia workstations.

• Safety division holds top global positions in gas detection and impairment check equipment.

• Focuses on both developed and emerging markets, with 21% of 2025 sales from newly industrialized countries.

• Service and consumables business is a key sales focus, leveraging a large installed base and global service network.

Financial performance

• Net sales grew 3.3% in 2025 to €3,482 million, with a 5.3% increase net of currency effects.

• EBIT margin improved to 6.7% in 2025, up from 5.8% in 2024.

• Cash flow from operating activities rose 42.4% to €238 million in 2025.

• Equity ratio increased to 51.5% and net financial debt/EBITDA decreased to 0.3 in 2025.

• Dividend payout policy targets at least 30% of net profit, with 2025 dividends at €1.74 (common) and €1.80 (preferred) per share.

Segment and regional performance

• Medical division sales rose 5.0% to €1,995.6 million, with EBIT margin at 2.9%.

• Safety division sales increased 1.0% to €1,486.3 million, with EBIT margin at 11.9%.

• EMEA region led growth with a 6.6% sales increase, while APAC saw a slight decline.