Drägerwerk AG & Co. KGaA

In the first half of 2026, order intake was around EUR 1.75 billion, slightly above the prior-year level, and net sales increased by more than EUR 90 million to around EUR 1.6 billion. EBIT more than tripled to around EUR 64 million, with the EBIT margin rising to 4.0%; in Q2, EBIT was around EUR 46 million and the margin was 5.4%. Gross margin improved to 46.5% in the first 6 months, and free cash flow rose to around EUR 16 million from minus EUR 42 million. For the full year 2026, Dräger expects net sales growth of 2% to 6% net of currency effects and an EBIT margin between 6% and 8%.

Stefan Dräger said the first half was “very successful” and emphasized that the company’s longer-term shift from net sales growth to earnings growth is supporting resilience. He said the strong operating business and the usually stronger second half make management optimistic, and he reiterated the ambition to improve EBIT margin by 1 percentage point per year toward 10% by 2030. He also framed the upcoming Capital Markets Day as a chance to sharpen the equity story and showcase markets, growth, and margin progress.

Gert-Hartwig Lescow highlighted that order intake rose 1.8% in the first half, while net sales grew 7.7% and Q2 sales rose 8.5%. He pointed to gross margin expansion of 1.7 percentage points to 46.5%, functional expense growth of 4.8% in the half year, and EBIT rising from around EUR 20 million to around EUR 64 million. He also noted operating cash flow improved by around EUR 43 million to around EUR 60 million, free cash flow improved by EUR 58 million, net financial debt fell by around EUR 79 million to around EUR 190 million, and the net debt/EBITDA ratio improved to 0.5.

Analyst Oliver Reinberg asked whether Safety’s strong momentum and margin level are sustainable, how much cost inflation and geopolitical tensions are affecting Dräger, and whether changes in the anesthesia/monitoring market were pressuring Medical demand. Management said Safety’s profitability and sales growth are sustainable, though some markets like chemicals are weaker and defense is picking up. On costs, Stefan Dräger said Middle East disruptions are increasing air and sea freight costs, with an expected full-year impact of up to EUR 10 million, while also saying Medical markets remain intact and the company’s connectivity and assisted-therapy offerings are being well received.