Drägerwerk (DRW3) Q3 2025 earnings summary

Executive summary

• Achieved strong business performance in the first nine months of 2025, with significant increases in order intake, net sales, and earnings despite challenging economic conditions and headwinds from exchange rates and tariffs.

• Order intake reached €2,594.1 million, the highest since 2020, and net sales rose to €2,344 million, supported by robust demand across all regions and divisions.

• EBIT for the first nine months was €77.1 million, nearly matching the prior year despite the absence of €30 million in one-off gains and negative currency and tariff effects.

• Operating cash flow improved significantly to €92.6 million, an increase of over €35 million year-over-year.

• Share prices rose sharply, with preferred shares up 63% and common shares up 41% year-to-date.

Financial highlights

• Order intake up 9% year-over-year to €2,594.1 million, with strong growth in EMEA and Americas.

• Net sales increased 3.7% fx-adjusted to €2,344 million in the first nine months; Q3 net sales up over 10%.

• Gross profit margin improved by 0.7 percentage points to 45.1%, with medical segment showing greater improvement.

• EBIT margin for 9M at 3.3%, down 0.2pp year-over-year; Q3 EBIT more than doubled to €57 million.

• Operating cash flow increased to €92.6 million; free cash flow at €17 million, down from €35 million due to higher investing outflows.

Outlook and guidance

• FY 2025 guidance raised: net sales growth (fx-adjusted) now expected at 3.0–5.0% and EBIT margin at 4.5–6.5%.

• EBIT expected in the range of €10–80 million; DVA forecast improved to €10–80 million.

• Margin expected to normalize in Q4 after a strong Q3; cautious on FX headwinds for 2026.