Drägerwerk AG & Co. KGaA Drägerwerk AG & Co. KGaA: Dräger with strong business performance in the first half of 2026

Dräger with strong business performance in the first half of 2026

• Order intake slightly above prior-year figure
• Net sales increased sharply
• Earnings improved significantly
• Forecast raised due to customs refunds
• Capital Markets Day on November 18, 2026, in Lübeck

Lübeck – Drägerwerk AG & Co. KGaA increased its order intake in the first half of 2026 by around EUR 9 million to around EUR 1,747 million (6 months 2025: EUR 1,738.0 million). Net sales rose by EUR 93 million to around EUR 1,603 million (6 months 2025: EUR 1,510.2 million). Earnings before interest and taxes (EBIT) increased by around EUR 43 million to EUR 63.8 million (6 months 2025: EUR 20.4 million). The EBIT margin improved to 4.0 percent (6 months 2025: 1.3 percent).

“In the first half of 2026, we continued our successful course. Net sales increased sharply due to the good development in the medical and safety divisions. Earnings before interest and taxes more than tripled. This was due to the strong operating momentum, but also the refund of U.S. customs. Demand for our Technology for Life is unbroken and order intake increased further. This robust development continues to make us confident,” says Stefan Dräger, Chairman of the Executive Board of Drägerwerk Verwaltungs AG.

Rising demand despite prior-year effect
Group order intake rose in the first half of 2026 by 1.8 percent (net of currency effects) to EUR 1,747.3 million (6 months 2025: EUR 1,738.0 million). Growth was driven by Germany and the Europe, Middle East, and Africa (EMEA) region. Net of currency effects, demand also increased in the Asia-Pacific (APAC) region. In the Americas region, however, order volume declined significantly. The main reason for this was the high prior-year level: In the second quarter of 2025, Dräger had received a major order for hospital infrastructure systems from Mexico.

In the medical division, order intake fell by 3.7 percent (net of currency effects) to EUR 956.5 million (6 months 2025: EUR 1,010.8 million). Excluding the major order in the prior year, it would have remained roughly stable.

In the safety division, order intake rose significantly by 9.5 percent (net of currency effects) to EUR 790.9 million (6 months 2025: EUR 727.2 million), driven by high demand in all product areas and regions.

Strong net sales growth in both divisions
Group net sales rose in the first half of 2026 by 7.7 percent (net of currency effects) to EUR 1,603.2 million (6 months 2025: EUR 1,510.2 million). A decline in the APAC region was offset by significant growth in EMEA and Americas as well as a noticeable increase in Germany.

In the medical division, net sales went up by 7.6 percent (net of currency effects) to EUR 897.5 million (6 months 2025: EUR 851.1 million). By far the largest growth driver was the Americas region, followed by EMEA and Germany. Net sales declined in the APAC region.

In the safety division, net sales rose by 7.8 percent (net of currency effects) to EUR 705.6 million (6 months 2025: EUR 659.2 million). The Americas and EMEA regions each recorded a significant increase. Net sales also rose in Germany. The APAC region recorded a decline.

Earnings significantly above the prior year
The gross margin increased by 1.7 percentage points to 46.5 percent in the first half of 2026 due to improvement in both divisions (6 months 2025: 44.8 percent).

EBIT rose in the first half of 2026 to EUR 63.8 million (6 months 2025: EUR 20.4 million). The EBIT margin also increased very significantly by 2.6 percentage points to 4.0 percent (6 months 2025: 1.3 percent). The main reasons for this were the strong net sales growth and the improvement in gross margin. Functional expenses increased by 3.6 percent to EUR 680.8 million (6 months 2025: EUR 656.9 million). The increase in costs thus remained significantly below net sales growth. In addition, EBIT included a one-off effect of EUR 7.8 million from the reimbursement of tariff payments in the second quarter. After the balance sheet date of the first half of the year, we received additional customs refunds (including interest payments) of around EUR 14.2 million in July. This one-off effect will be recognized in profit or loss in the third quarter. Dräger considers further customs refunds of around EUR 7 to EUR 9 million to be possible. However, it is currently not foreseeable whether, when, and in what actual amount corresponding refunds will be made. 

Business performance in the second quarter
In the second quarter, order intake was slightly above the prior-year figure with an increase of 0.3 percent (net of currency effects) to EUR 882.6 million (Q2 2025: EUR 877.2 million). The medical division recorded a decline of 11.5 percent (net of currency effects) to EUR 476.5 million due to the high prior-year level resulting from the major order from Mexico (Q2 2025: EUR 537.1 million). In the safety division, order intake rose significantly by 19.0 percent (net of currency effects) to EUR 406.1 million (Q2 2025: EUR 340.1 million).

Dräger’s net sales rose by 8.5 percent (net of currency effects) to EUR 847.3 million (Q2 2025: EUR 780.0 million). The gross margin increased by 2.8 percentage points to 46.6 percent (Q2 2025: 43.8 percent). EBIT more than doubled and rose to EUR 45.9 million (Q2 2025: EUR 20.0 million). The EBIT margin improved significantly by 2.9 percentage points to 5.4 percent (Q2 2025: 2.6 percent).

Forecast for 2026
For the current fiscal year, Dräger continues to expect an increase in net sales of 2.0 to 6.0 percent (net of currency effects). Due to the strong operating business performance and the customs refunds received in the second quarter and at the beginning of the third quarter, we have raised our forecast range for the EBIT margin to 6.0 to 8.0 percent (originally 5.0 to 7.5 percent).

Capital Markets Day 2026
Dräger will hold a Capital Markets Day for institutional investors and analysts at its headquarters in Lübeck on November 18, 2026. The invitations will be sent by email in the coming weeks. The event will also be broadcast via webcast. The recording and all relevant documents for the Capital Markets Day will be published afterwards on Dräger’s website.

“Now is the right time to sharpen our profile among investors and analysts and to explain our strategy, our growth drivers and the levers for further margin improvement to at least ten percent EBIT margin in 2030,” says Stefan Dräger.

Further information is available in the financial report at www.draeger.com.

Disclaimer
This press release contains statements on the future development of Dräger Group. These forward-looking statements are based on the current expectations, presumptions, and forecasts of the Executive Board as well as the information available to date. They were compiled to the best of the company’s knowledge. Dräger does not provide any warranty nor assume any responsibility for the future developments and results described above. These are dependent on a number of factors. They entail various risks and contingencies outside of the company’s influence and are based on assumptions which could prove to be incorrect. Dräger does not assume any responsibility for updating the forward-looking statements contained in this report. This does not infringe any legal stipulations on the adjustment of forecasts. Information on the financial indicators used (incl. alternative performance measures) can be found on our corporate website www.draeger.com in our Investor Relations section.

Key figures for the first six months (€ million)	6M 2026	6M 2025	Change	Net of cur- rency effects
Order intake	1,747.3	1,738.0	+0.5	+1.8
Germany	415.6	388.0	+7.1	+7.1
Europe, Middle East, and Africa	712.2	677.5	+5.1	+5.1
Americas	360.9	411.2	-12.2	-9.8
Asia-Pacific	258.6	261.3	-1.0	+3.9
Order intake, medical division	956.5	1,010.8	-5.4	-3.7
Order intake, safety division	790.9	727.2	+8.8	+9.5
Net sales	1,603.2	1,510.2	+6.2	+7.7
Germany	381.9	364.2	+4.8	+4.8
Europe, Middle East, and Africa	646.6	591.6	+9.3	+9.4
Americas	351.7	310.9	+13.1	+16.7
Asia-Pacific	223.0	243.5	-8.4	-3.6
Net sales, medical division	897.5	851.1	+5.5	+7.6
Net sales, safety division	705.6	659.2	+7.0	+7.8
EBIT	63.8	20.4
EBIT margin	4.0	1.3
Earnings after income taxes	40.2	9.5
EBIT margin, medical division	-1.6	-4.0
EBIT margin, safety division	11.1	8.2
Employees	16,682	16,609
Key figures for the second quarter (€ million)	Q2 2026	Q2 2025	Change	Net of cur- rency effects
Order intake	882.6	877.2	+0.6	+0.3
Germany	196.5	191.7	+2.5	+2.5
Europe, Middle East, and Africa	355.9	322.2	+10.4	+9.7
Americas	198.3	238.8	-17.0	-17.8
Asia-Pacific	131.9	124.5	+6.0	+7.1
Order intake, medical division	476.5	537.1	-11.3	-11.5
Order intake, safety division	406.1	340.1	+19.4	+19.0
Net sales	847.3	780.0	+8.6	+8.5
Germany	196.8	187.7	+4.9	+4.9
Europe, Middle East, and Africa	342.8	307.1	+11.6	+11.1
Americas	190.1	160.2	+18.6	+17.9
Asia-Pacific	117.6	124.9	-5.9	-4.6
Net sales, medical division	479.8	438.0	+9.6	+9.7
Net sales, safety division	367.5	342.0	+7.4	+6.9
EBIT	45.9	20.0
EBIT margin	5.4	2.6
Earnings after income taxes	28.9	11.4
EBIT margin, medical division	0.9	-1.4
EBIT margin, safety division	11.3	7.6
Employees	16,682	16,609