Drägerwerk Ag & . Kgaa Stock Earnings Reports

Key points for investors: Dräger delivered a strong performance in Q3 2025 and the first 9 months: order intake rose ~9% to ~€2.6bn (highest after 3 quarters since 2020), net sales grew to ~€2.3bn, and Q3 EBIT more than doubled to ~€57m (EBIT margin 6.8%). Operating cash flow improved by ~€35m to ~€93m; free cash flow was ~€17m. The Medical division returned to positive EBIT in Q3 (from -€4m to +€11m) and Safety remained robust (Q3 EBIT ~€46m, margin 12.6%). Rolling 12-month EBITDA and ROCE improved; net financial leverage remains conservative (~0.7x). Management tightened guidance: they now expect net sales growth of 3.0%–5.0% (currency-adjusted) and an EBIT margin of 4.5%–6.5% (EBIT €10m–€18m), i.e., the upper half of the prior range. Major headwinds: FX and higher tariffs materially reduced EBIT (management cites roughly €22m FX drag YTD) and they warn of a potential additional ~1 percentage point margin headwind from FX at current rates going into planning for 2026. Key risks/opportunities: execution in Q4 (seasonal quarter) will determine whether results hit the bottom or top of the guidance range; China demand remains volatile; supply-chain/chip tensions seen as manageable; market consolidation in ventilators is viewed as a net long-term benefit for remaining suppliers. Overall message: solid operational momentum and cash-flow improvement, but currency/tariff effects and regional volatility (China, Germany capex cycles) are key watch items for investors.