Drägerwerk (DRW3) Investor presentation summary

Company overview

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

• Medical division leads in Europe for ventilation and neonatal care; safety division is top in gas detection and impairment check equipment.

• Focuses on R&D with €338 million spent in 2025 and 1,900 employees in R&D.

• Service and consumables business is a key sales focus, leveraging a large installed base and over 3,100 service technicians.

• Strong presence in developed markets (79% of sales), with targeted growth in developing countries (21%).

Financial performance

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

• EBIT margin improved to 6.7% in 2025, with EBIT at €233 million.

• Cash flow from operating activities reached €238 million in 2025; net financial debt reduced to €123 million.

• Equity ratio increased to 51.5% by end of 2025.

• Dividend policy targets at least 30% payout of net profit if equity ratio is above 40%.

Segment and regional performance

• Medical division net sales reached €1,996 million in 2025, with strongest growth in the Americas.

• Safety division net sales were €1,486 million in 2025, with notable growth in EMEA and Germany.

• APAC region saw a decline in both divisions, while Americas and EMEA showed positive trends.