Interim report
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Quarterly Statement January 1 to September 30, 2025 Dräger Group
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The Dräger Group over the past five years Nine months 2025 2024 2023 2022 2021 Order intake € million 2,594.1 2,420.5 2,403.3 2,424.2 2,237.0 Net sales € million 2,343.5 2,295.1 2,320.9 2,027.0 2,402.9 Gross profit € million 1,056.7 1,018.5 1,021.7 820.8 1,163.0 Gross profit / net sales % 45.1 44.4 44.0 40.5 48.4 EBITDA 1 € million 175.2 178.6 182.7 -43.1 354.3 EBIT 2 € million 77.1 80.1 76.9 -148.3 257.0 EBIT 2/ net sales % 3.3 3.5 3.3 -7.3 10.7 Interest result € million -10.4 -12.1 -16.0 -13.4 -16.6 Income taxes € million -21.2 -18.7 -13.8 49.0 -69.8 Net profit € million 45.5 49.4 47.1 -112.7 170.6 Earnings per share 3 per preferred share € 2.42 2.61 2.45 -5.99 7.96 per common share € 2.37 2.56 2.40 -6.04 7.91 DVA 4, 5 € million 49.1 29.5 24.2 -238.1 325.0 Equity 6 € million 1,509.7 1,436.7 1,382.1 1,320.5 1,254.6 Equity ratio 6 % 49.8 47.8 46.0 44.4 39.7 Capital employed 6, 7 € million 1,589.0 1,550.7 1,619.9 1,669.7 1,441.6 EBIT 2, 4 / capital employed 6, 7 (ROCE) % 12.0 10.9 8.4 -8.0 29.5 Net financial debt 6, 8, 9 € million 221.9 230.6 301.7 354.3 95.2 Headcount as at September 30 16,684 16,556 16,260 16,252 15,883 1 EBITDA = Earnings before net interest result, income taxes, depreciation and amortization; prior-year figure 2024 adjusted 2 EBIT = Earnings before net interest result and income taxes 3 The dividend premium of EUR 0.06 on preferred shares is recognized pro rata on a quarterly basis. 4 Value of the last twelve months 5 Dräger Value Added = EBIT less cost of capital of average capital employed 6 Value as at reporting date 7 Capital employed = Total assets less deferred tax assets, securities, cash and cash equivalents, non-interest bearing liabilities and other non-operating items 8 Accrued interest is a component of net financial debt. The prior-year figure 2024 was adjusted accordingly. 9 For the years 2021 and 2022, including the payment obligations from the termination of the participation certificates
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3 Quarterly Statement Dräger Group Q3 2025 Business performance of the Dräger Group Quarterly Statement Dräger Group Q3 2025 Business performance of the Dräger Group The first nine months of 2025 at a glance Dräger reports strong demand, noticeable net sales growth, and very good earnings performance − Order intake significantly increased − Net sales growth in both divisions and all regions − EBIT up substantially excluding positive one-off effects in the prior year − Considerable increase in net sales and earnings in the third quarter − Annual forecast: net sales and EBIT margin expected to be in the upper half of the range “Demand for our ‘ Technology for Life’ was significantly higher in the first nine months of 2025 than the high level of the prior year. The last time we had such a strong order intake after three quarters was in our record year of 2020,” said Stefan Dräger, Chairman of the Executive Board of Drägerwerk Verwaltungs AG. “ Net s ales have also increased noticeably. Our earnings have also performed very well. Despite the absence of positive one-off effects and headwinds due to US tariffs and unfavorable exchange rates, we almost matched the prior year’s result. This shows that we are making progress in improving our profitability. The excellent order development and increasing net sales momentum make us optimistic about business for the remainder of this year,” says Stefan Dräger. Possible rounding differences in this report may lead to slight discrepancies. This report has been set up in German and English language. In case of any discrepancy between the German and English version, the German version shall prevail.
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4 Quarterly Statement Dräger Group Q3 2025 Business performance of the Dräger Group Business performance of the Dräger Group Business performance of the Dräger Group Business performance of the Dräger Group Third quarter Nine months 2025 2024 Change in % 2025 2024 Change in % Order intake € million 856.1 816.2 +4.9 2,594.1 2,420.5 +7.2 Net sales € million 833.3 774.6 +7.6 2,343.5 2,295.1 +2.1 Gross profit € million 380.1 337.0 +12.8 1,056.7 1,018.5 +3.8 Gross profit / net sales 1 % 45.6 43.5 +2.1 pp 45.1 44.4 +0.7 pp EBITDA 2 € million 89.9 57.2 +57.0 175.2 178.6 -1.9 EBIT 3 € million 56.7 24.4 > +100 77.1 80.1 -3.8 EBIT 3 / net sales 1 % 6.8 3.1 +3.7 pp 3.3 3.5 -0.2 pp Net profit € million 35.9 15.3 > +100 45.5 49.4 -7.9 Earnings per share 4 per preferred share € 1.92 0.79 > +100 2.42 2.61 -7.2 per common share € 1.90 0.77 > +100 2.37 2.56 -7.3 DVA 5, 6 € million 49.1 29.5 +66.6 49.1 29.5 +66.6 R&D expenses € million 79.6 85.8 -7.1 249.1 250.3 -0.5 Equity ratio 1, 7 % 49.8 47.8 +2.0 pp 49.8 47.8 +2.0 pp Cash flow from operating activities € million 74.8 62.7 +19.2 92.6 57.2 +61.8 Net financial debt 7, 8 € million 221.9 230.6 -3.8 221.9 230.6 -3.8 Investments € million 31.5 26.2 +20.2 93.5 78.9 +18.5 Capital employed 7, 9 € million 1,589.0 1,550.7 +2.5 1,589.0 1,550.7 +2.5 Net working capital 7, 10 € million 721.4 698.5 +3.3 721.4 698.5 +3.3 Working capital 11, 12 € million 999.6 997.8 +0.2 999.6 997.8 +0.2 Days working capital (DWC) 13 days 106.7 108.8 +1.9 106.7 108.8 +1.9 EBIT 3, 5 / capital employed 7, 9 (ROCE) 1 % 12.0 10.9 +1.1 pp 12.0 10.9 +1.1 pp Net financial debt 7, 8 / EBITDA 2, 5 Factor 0.66 0.74 0.66 0.74 Gearing 14 Factor 0.15 0.16 0.15 0.16 Headcount as at September 30 16,684 16,556 +0.8 16,684 16,556 +0.8 1 pp = Percentage points 2 EBITDA = Earnings before net interest result, income taxes, depreciation and amortization; prior-year figures adjusted 3 EBIT = Earnings before net interest result and income taxes 4 The dividend premium of EUR 0.06 on preferred shares is recognized pro rata on a quarterly basis. 5 Value of the last twelve months 6 Dräger Value Added = EBIT less cost of capital of average capital employed 7 Value as at reporting date 8 Accrued interest is a component of net financial debt. The prior-year figures were adjusted accordingly. 9 Capital employed = Total assets less deferred tax assets, securities, cash and cash equivalents, non-interest bearing liabilities and other non-operating items 10 Net working capital = Trade receivables and inventories less trade payables, customer prepayments, short-term operating provisions and other short-term operating items 11 Working capital = Trade receivables, contract assets, notes receivables and inventories less trade payables, notes payables and contract liabilities 12 Average balance of the last twelve months 13 DWC = average reach of working capital of the last twelve months 14 Gearing = Net financial debt / equity
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5 Quarterly Statement Dräger Group Q3 2025 Business performance of the Dräger Group Order intake Order intake Third quarter Nine months in € million 2025 2024 Change in % Net of currency effects in % 2025 2024 Change in % Net of currency effects in % Medical division 484.7 468.4 +3.5 +5.4 1,495.5 1,368.5 +9.3 +11.6 Safety division 371.4 347.8 +6.8 +8.8 1,098.6 1,052.1 +4.4 +5.7 Total 856.1 816.2 +4.9 +6.9 2,594.1 2,420.5 +7.2 +9.0 thereof Germany 199.8 201.1 -0.6 -0.7 587.8 586.7 +0.2 +0.2 thereof EMEA 352.9 309.9 +13.9 +14.3 1,030.4 923.6 +11.6 +11.5 thereof Americas 180.3 172.2 +4.7 +7.9 591.6 521.8 +13.4 +19.1 thereof APAC 123.1 133.0 -7.4 -0.5 384.4 388.5 -1.1 +2.9 Thanks to strong demand in both divisions and all regions, our order intake rose by nine percent ( net of currency effects) in the first nine months of 2025. The main growth drivers were the regions Europe, Middle East, and Africa (EMEA) and Americas. In the third quarter, the order intake increased by roughly seven percent overall (net of currency effects). The slight decline in Germany and Asia-Pacific (APAC) was more than offset by the growth in the other regions. In the medical division, order intake increased by 11.6% (net of currency effects) during the first nine months. All regions contributed to this positive development. Demand saw particularly strong growth in EMEA and Americas, where we received a major order for hospital infrastructure systems from Mexico in April. The order volume is in the mid double-digit million euro range and will be realized over several years. Initial revenues are expected to be recognized as early as in the fourth quarter of 2025. Even without this order, however, demand was higher than in the first nine months of the prior year. Third -quarter order intake increased by 5.4% ( net of currency effects ). A decline in APAC was offset by significant growth in EMEA. The other regions also saw an increase. In the safety division, order intake increased by 5.7% (net of currency effects) during the first nine months. The EMEA and Americas regions achieved significant growth, while demand in Germany and APAC declined. In the third quarter, order intake increased by 8.8% (net of currency effects) . In addition to the significant increase in EMEA and Americas, growth in APAC also contributed to this trend. Demand in Germany was below the prior- year level. Net sales Net sales Third quarter Nine months in € million 2025 2024 Change in % Net of currency effects in % 2025 2024 Change in % Net of currency effects in % Medical division 471.3 439.1 +7.3 +10.2 1,322.3 1,285.3 +2.9 +4.7 Safety division 362.0 335.5 +7.9 +9.9 1,021.2 1,009.7 +1.1 +2.4 Total 833.3 774.6 +7.6 +10.1 2,343.5 2,295.1 +2.1 +3.7 thereof Germany 195.4 189.6 +3.1 +3.1 559.7 536.1 +4.4 +4.4 thereof EMEA 334.9 287.3 +16.6 +17.2 926.5 904.4 +2.4 +2.4 thereof Americas 181.8 169.1 +7.5 +12.8 492.8 499.6 -1.4 +2.9 thereof APAC 121.1 128.6 -5.8 +0.9 364.6 355.1 +2.7 +6.7 Our net sales increased by 3.7% (net of currency effects) in the first nine months of 2025. In the third quarter, it rose sharply by more than ten percent (net of currency effects). Both divisions and all regions contributed to growth in both reporting periods. The positive development in the third quarter was driven in particular by the significant increase in net sales in EMEA and Americas.
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6 Quarterly Statement Dräger Group Q3 2025 Business performance of the Dräger Group Earnings In the first nine months of 2025, our gross profit rose by 3.8% to EUR 1,056.7 million ( 9 months 2024: EUR 1,018.5 million) due to the positive net sales development. The gross margin increased by 0.7 percentage points to 45.1% (9 months 2024: 44.4%). The improvement in margins was more pronounced in the medical division than in the safety division. In the third quarter, gross profit rose significantly by 12.8% to EUR 380.1 million (Q3 2024: EUR 337.0 million). This was driven by significant revenue growth and an increase in the gross margin, which rose by 2.1 percentage points to 45.6% (Q3 2024: 43.5%) due, among other things, to the positive product - country mix. Our functional expenses in the first nine months of 2025 were 5.7% (net of currency effects ; nominal: 4.4%) above the prior-year figure. The main reason for this were positive one -off effects of around EUR 30 million in the prior year: In the second quarter of 2024, Dräger sold a non-strategic business unit in the Netherlands and a plot of land in the US for a total of around EUR 20 million; in addition, a building in Spain was sold for around EUR 10 million in the third quarter of 2024. Furthermore, personnel expenses rose, among other things due to tariff increases in Germany and the increase in personnel . In the medical division, functional expenses rose more sharply (net of currency effects: 6.0%; nominal: 4.5%) than in the safety division (net of currency effects: 5.2%; nominal: 4.2%) due to the positive one-off effects in the prior year and higher headcount. In the third quarter, the increase in functional expenses was 4.7% (net of currency effects; nominal: 2.8%) due to the base effect mentioned above. Excluding the above-mentioned positive one-off effects, the increase in the first nine months amounted to 2.4% ( net of currency effects; nominal: 1.2%); in the third quarter, functional expenses rose by 1.5% net of currency effects and declined by 0.4% in nominal terms. Expenditure on research and development (R&D) increased by 0.2 % (net of currency effect s) in the first nine months of 2025; in nominal terms, however, R&D expenses decreased by 0.5%. The share of R&D expenses to net sales (R&D ratio) was slightly below the prior-year level at 10.6% (9 months 2024: 10.9%). The financial result (before interest result) amounted to EUR 0.1 million (9 months 2024: EUR 0.0 million). At EUR 77.1 million, our consolidated earnings before interest and taxes (EBIT) did not reach the prior- year figure (9 months 2024: EUR 80.1 million), but this was primarily due to the one -off effects mentioned above in the prior year. In addition, currency effects and tariffs had a negative impact on earnings in the first nine months of 2025. The EBIT margin came to 3.3% (9 months 2024: 3.5%). In the third quarter of 2025, we were able to more than double our earnings despite the opposing effects. EBIT rose to EUR 56.7 million (Q3 2024: EUR 24.4 million). The main reason was the significant growth in net sales, which was offset only by a moderate increase in costs. The EBIT margin also increased significantly by 3.7 percentage points to 6.8% (Q3 2024: 3.1%). The interest result improved by EUR 1.6 million to EUR -10.4 million in the first nine months of 2025 (9 months 2024: EUR -12.1 million). This was due to lower interest expenses. Investments In the first nine months of 2025, the investment volume was EUR 93.5 million, 18.5% above the prior- year figure (9 months 2024: EUR 78.9 million). We invested EUR 56.4 million in property, plant and equipment (9 months 2024: EUR 45.2 million), EUR 3.8 million in intangible assets (9 months 2024: EUR 2.1 million), and EUR 33.3 million in capitalized right-of-use assets from long -term lease and rental agreements pursuant to IFRS 16 (9 months 2024: EUR 31.6 million). Depreciation and amortization amounted to EUR 98.1 million in the first nine months of 2025 (9 months 2024: EUR 98.5 million). Total investment amounted to 95.3% of depreciation and amortization, resulting in a decrease in non-current assets of EUR 4.6 million.
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7 Quarterly Statement Dräger Group Q3 2025 Business performance of the Dräger Group Equity The Dräger Group’s equity decreased by EUR 27.1 million to EUR 1,509.7 million in the first nine months of 2025. The equity ratio was 49.8% as at September 30, 2025 and thus above the figure of 49.7% as at December 31, 2024. The total assets fell by EUR 61.8 million to EUR 3,031.6 million. Two factors were primarily responsible for the decline in equity. Firstly, the negative exchange rate environment had a negative impact of EUR 52.6 million on the adjustment item from the currency translation of foreign subsidiaries, thereby reducing other components of equity. Secondly, the dividend of EUR 37.5 million approved at the annual shareholder’s meeting on May 9, 2025 was paid out in May and directly reduced equity. The earnings after income taxes of EUR 45.5 million and a positive net effect of EUR 21.7 million from the remeasurement of defined benefit pension plans only partially offset these negative effects. Dräger Value Added Our value-oriented key management figure, Dräger Value Added (DVA), increased significantly in the 12 months to September 30, 2025, compared with the same period of the prior year, by EUR 19.6 million to EUR 49.1 million (12 months to September 30, 2024: EUR 29.5 million). The increase in DVA was mainly due to higher rolling EBIT, which rose by EUR 21.4 million year -on-year to EUR 191.0 million. The medical division recorded a significant improvement in DVA and rolling EBIT, while the safety division showed a slight downturn in both areas. With a slight growth in average capital employed (EUR +19.3 million) and an unchanged weighted average cost of capital of 9%, the cost of capital employed rose by EUR 1.7 million compared to the same period of the prior year. Compared to the same period of the prior year, average working capital remained virtually stable, while rolling net sales increased significantly. As a result, days working capital (range of working capital) decreased by 2.1 days to 106.7 days compared to the prior-year figure.
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8 Quarterly Statement Dräger Group Q3 2025 Business performance of the medical division Business performance of the medical division Business performance of the medical division Business performance of the medical division Third quarter Nine months 2025 2024 Change in % Net of currency effects in % 2025 2024 Change in % Net of currency effects in % Order intake € million 484.7 468.4 +3.5 +5.4 1,495.5 1,368.5 +9.3 +11.6 thereof Germany € million 105.7 103.9 +1.7 +1.7 318.3 304.9 +4.4 +4.4 Net sales € million 471.3 439.1 +7.3 +10.2 1,322.3 1,285.3 +2.9 +4.7 thereof Germany € million 105.8 101.8 +3.9 +3.9 306.3 291.6 +5.0 +5.0 EBITDA 1 € million 27.2 12.0 > +100 24.9 19.1 +30.0 EBIT 2 € million 11.0 -4.0 > +100 -22.7 -28.1 +19.5 EBIT 2/ net sales 3 % 2.3 -0.9 +3.2 pp -1.7 -2.2 +0.5 pp Capital employed 4, 5 € million 889.0 866.1 +2.6 889.0 866.1 +2.6 EBIT 2, 6/ capital employed 4, 5 (ROCE) 3 % 3.8 1.3 +2.5 pp 3.8 1.3 +2.5 pp DVA 6, 7 € million -45.2 -67.7 +33.2 -45.2 -67.7 +33.2 1 EBITDA = Earnings before net interest result, income taxes, depreciation and amortization; prior-year figures adjusted 2 EBIT = Earnings before net interest result and income taxes 3 pp = Percentage points 4 Capital employed = Total assets less deferred tax assets, securities, cash and cash equivalents, non-interest bearing liabilities and other non-operating items 5 Value as at reporting date 6 Value of the last twelve months 7 Dräger Value Added = EBIT less cost of capital of average capital employed Order intake Order intake Third quarter Nine months in € million 2025 2024 Change in % Net of currency effects in % 2025 2024 Change in % Net of currency effects in % Germany 105.7 103.9 +1.7 +1.7 318.3 304.9 +4.4 +4.4 EMEA 187.5 164.4 +14.0 +14.6 527.0 472.2 +11.6 +11.6 Americas 118.0 116.6 +1.2 +3.4 408.6 352.2 +16.0 +22.3 APAC 73.6 83.5 -11.9 -5.1 241.6 239.2 +1.0 +4.9 Total 484.7 468.4 +3.5 +5.4 1,495.5 1,368.5 +9.3 +11.6 Our order intake in the medical division increased by 11.6% (net of currency effects) in the first nine months of 2025. This trend was mainly driven by the high demand for our ventilation and anesthesia machines, services, and consumables. In addition, we received a major multi -year order for hospital infrastructure systems from Mexico, which significantly supported the above -average growth in the Americas region. Demand also developed positively in the other regions, particularly EMEA. Third-quarter order intake increased by 5.4% ( net of currency effects). A decline in APAC was offset by significant growth in EMEA. The other regions also recorded growth.
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9 Quarterly Statement Dräger Group Q3 2025 Business performance of the medical division Net sales Net sales Third quarter Nine months in € million 2025 2024 Change in % Net of currency effects in % 2025 2024 Change in % Net of currency effects in % Germany 105.8 101.8 +3.9 +3.9 306.3 291.6 +5.0 +5.0 EMEA 176.1 148.4 +18.7 +19.6 473.0 455.7 +3.8 +3.9 Americas 117.3 110.4 +6.3 +11.6 318.4 319.8 -0.4 +3.9 APAC 72.1 78.5 -8.1 -1.2 224.7 218.2 +3.0 +6.8 Total 471.3 439.1 +7.3 +10.2 1,322.3 1,285.3 +2.9 +4.7 Our net sales in the medical division increased by 4.7% (net of currency effects) in the first nine months of 2025. All regions were able to grow. In the third quarter, net sales increased significantly by more than ten percent (net of currency effects), driven by strong growth in the EMEA and Americas regions. Net sales also increased in Germany. In the APAC region it was just below the prior-year level (net of currency effects). Earnings Our gross profit in the medical division increased by 5.7% during the first nine months of 2025. The main reasons were higher net sales and lower quality costs. Despite adverse currency effects and higher customs duties, the gross margin improved by 1.1 percentage points due to a favorable product and country mix. In the third quarter, gross profit recorded a significant increase of 15.0%. The gross margin increased by 2.9 percentage points. In addition to significant growth in net sales, a good product and country mix, as well as lower quality costs also had a positive impact here. Functional expenses increased by 6.0% (net of currency effects; nominal: 4.5%) in the first nine months of 2025 and by 7.8% (net of currency effects ; nominal: 5.7%) in the third quarter. Excluding the proportionate positive one -off effects from the sale of real estate in the prior year, the increase amounted to 4.3% (net of currency effects ; nominal: 2.9%) in the first nine months of the year and 4.1% (net of currency effects ; nominal: 2.0%) in the third quarter. EBIT in the medical division stood at EUR -22.7 million after the first nine months of 2025 (9 months 2024: EUR -28.1 million). The EBIT margin came to -1.7% (9 months 2024: -2.2%). In the third quarter, EBIT rose significantly by EUR 15.0 million to EUR 11.0 million (Q3 2024: EUR -4.0 million). The EBIT margin improved to 2.3% (Q3 2024: -0.9%). Dräger Value Added increased by EUR 22.5 million to EUR -45.2 million year on year as at September 30, 2025 (12 months to September 30, 2024: EUR -67.7 million). This improvement resulted from a corresponding increase in rolling EBIT, while the cost of capital remained unchanged.
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10 Quarterly Statement Dräger Group Q3 2025 Business performance of the safety division Business performance of the safety division Business performance of the safety division Business performance of the safety division Third quarter Nine months 2025 2024 Change in % Net of currency effects in % 2025 2024 Change in % Net of currency effects in % Order intake € million 371.4 347.8 +6.8 +8.8 1,098.6 1,052.1 +4.4 +5.7 thereof Germany € million 94.1 97.2 -3.2 -3.2 269.4 281.8 -4.4 -4.4 Net sales € million 362.0 335.5 +7.9 +9.9 1,021.2 1,009.7 +1.1 +2.4 thereof Germany € million 89.6 87.8 +2.1 +2.1 253.4 244.5 +3.7 +3.7 EBITDA 1 € million 62.6 45.3 +38.3 150.3 159.5 -5.7 EBIT 2 € million 45.8 28.3 +61.4 99.8 108.3 -7.9 EBIT 2/ net sales 3 % 12.6 8.4 +4.2 pp 9.8 10.7 -1.0 pp Capital employed 4, 5 € million 700.0 684.5 2.3 700.0 684.5 2.3 EBIT 2, 6/ capital employed 4, 5 (ROCE) 3 % 22.5 23.1 -0.7 pp 22.5 23.1 -0.7 pp DVA 6, 7 € million 94.3 97.2 -3.0 94.3 97.2 -3.0 1 EBITDA = Earnings before net interest result, income taxes, depreciation and amortization; prior-year figures adjusted 2 EBIT = Earnings before net interest result and income taxes 3 pp = Percentage points 4 Capital employed = Total assets less deferred tax assets, securities, cash and cash equivalents, non-interest bearing liabilities and other non-operating items 5 Value as at reporting date 6 Value of the last twelve months 7 Dräger Value Added = EBIT less cost of capital of average capital employed Order intake Order intake Third quarter Nine months in € million 2025 2024 Change in % Net of currency effects in % 2025 2024 Change in % Net of currency effects in % Germany 94.1 97.2 -3.2 -3.2 269.4 281.8 -4.4 -4.4 EMEA 165.4 145.4 +13.7 +14.0 503.4 451.4 +11.5 +11.5 Americas 62.4 55.7 +12.0 +17.5 183.0 169.6 +7.9 +12.5 APAC 49.5 49.5 +0.1 +7.3 142.7 149.3 -4.4 -0.3 Total 371.4 347.8 +6.8 +8.8 1,098.6 1,052.1 +4.4 +5.7 The safety division continued to see growth in orders in the first nine months of 2025. Order intake increased by 5.7% (net of currency effects). The largest growth drivers were gas detection, respiratory and personal protection products, and engineered solutions. The order volume for occupational safety equipment returned to normal levels following the large order for NBC protection filters in the same period of the prior year. As a result, order intake in Germany also normalized. Order volume increased significantly in the EMEA and Americas regions. The APAC region recorded a decline. In the third quarter, order intake increased by 8.8% (net of currency effects). In addition to the significant increase in the EMEA and Americas regions, growth in APAC also contributed to this trend. Demand in Germany was below the prior-year level.
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11 Quarterly Statement Dräger Group Q3 2025 Business performance of the safety division Net sales Net sales Third quarter Nine months in € million 2025 2024 Change in % Net of currency effects in % 2025 2024 Change in % Net of currency effects in % Germany 89.6 87.8 +2.1 +2.1 253.4 244.5 +3.7 +3.7 EMEA 158.9 138.9 +14.4 +14.8 453.5 448.6 +1.1 +1.0 Americas 64.5 58.7 +9.9 +15.1 174.4 179.8 -3.0 +1.1 APAC 49.0 50.1 -2.2 +4.2 139.9 136.8 +2.2 +6.4 Total 362.0 335.5 +7.9 +9.9 1,021.2 1,009.7 +1.1 +2.4 In the safety division, our net sales increased by 2.4% (net of currency effects) during the first nine months of 2025. In the third quarter, it rose sharply by roughly ten percent (net of currency effects). All regions grew in both reporting periods. Growth in the third quarter was driven in particular by the significant increases in the EMEA and Americas regions. Earnings Our gross profit in the safety division increased by 1.6% during the first nine months of 2025. The main reason for this was the positive net sales development. Despite the negative impact of currency effects and tariffs, the gross margin improved by 0.2 percentage points due to a better product mix. In the third quarter, gross profit increased by 10.3% as a result of significant growth in net sales. The gross margin increased by 1.0 percentage points. Positive mix effects also contributed to the improved margin during this period. Functional expenses in the first nine months of 2025 were 5.2% (net of currency effects; nominal: 4.2%) higher than in the same period of the prior year. The main reasons for this were special revenues in the same period of the prior year from the sale of our fire alarm systems business in the Netherlands and pro rata special revenues from the disposal of real estate. In addition, higher marketing expenses had a negative effect on functional expenses. In the third quarter, functional expenses were 0. 3% higher net of currency effects and 1.4% lower in nominal terms than the prior-year figure. Excluding the aforementioned special revenues, functional expenses declined by 0.3% (net of currency effects; nominal: -1.2%) in the first nine months; in the third quarter, functional expenses would have fallen by 2.4% (net of currency effects; nominal: -4.0%). EBIT in the safety division stood at EUR 99.8 million after the first nine months of 2025 (9 months 2024: EUR 108.3 million). The EBIT margin came to 9.8% (9 months 2024: 10.7%). In the third quarter, EBIT improved significantly to EUR 45.8 million (Q3 2024: EUR 28.3 million). The EBIT margin improved increased to 12.6% (Q3 2024: 8.4%). Dräger Value Added decreased by EUR 2.9 million to EUR 94.3 million year on year as at September 30, 2025 (12 months to September 30, 2024: EUR 97.2 million). Rolling EBIT decreased by EUR 1.2 million compared to the prior year. Capital costs rose by EUR 1.7 million due to higher capital employed.
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12 Quarterly Statement Dräger Group Q3 2025 Outlook Outlook Outlook Future situation of the Company The following section should be read in conjunction with the “Outlook” section in the management report of the 2024 annual report (pages 68 et seq.), which describes our expectations for 202 5 in detail. The following table provides an overview of the current expectations regarding the development of various forecast figures. The forecast horizon comprises one fiscal year. Expectations for fiscal year 2025 Results achieved for fiscal year 2024 Forecast for fiscal year 2025 Current forecast Net sales (net of currency effects) 0.5% 1.0 to 5.0% 3.0 to 5.0% EBIT margin 5.8% 3.5 to 6.5% 4.5 to 6.5% DVA EUR 54.3 million EUR -30 to 80 million EUR 10 to 80 million Gross margin 44.9% 44.0 to 46.0% confirmed Research and development costs EUR 333.1 million EUR 330 to 350 million confirmed Net financial debt EUR 165.0 million EUR 180 to 210 million confirmed Investment volume 1 EUR 76.0 million EUR 110 to 130 million EUR 90 to 110 million Net interest result EUR -18.6 million EUR -17 to -23 million confirmed Days Working Capital (DWC) 108.2 days 105 to 110 days confirmed 1 Excluding company acquisitions, investments in financial assets, and the capitalization of right-of-use assets pursuant to IFRS 16 Due to the very good business performance and the continued high order intake in the first nine months, we now expect growth in net sales of 3.0 to 5.0 % net of currency effects (previously 1.0 to 5.0 % net of currency effects) and an EBIT margin of 4.5 to 6.5 % (previously 3.5 to 6.5 %) for the fiscal year 2025. Furthermore, we now expect a DVA of EUR 10 to 80 million (previously EUR -30 to 80 million) and an investment volume of EUR 90 to 110 million (previously EUR 110 to 130 million). All other forecast figures are confirmed. Forward-looking statements This document contains forward -looking statements. The statements are based on the current expectations, presumptions, and forecasts of the Executive Board of Drägerwerk Verwaltungs AG, as well as the information available to it to date. The forward -looking statements do not provide any guarantee of the future developments and results contained therein. Rather, the future developments and results are dependent on a number of factors; they entail various risks and uncertainties and are based on assumptions that could prove to be incorrect. Dräger does not assume any responsibility for updating the forward-looking statements made in this report. This document constitutes a quarterly statement pursuant to Section 51a of the exchange rules for the Frankfurt Stock Exchange. Lübeck, October 28, 2025 The general partner Drägerwerk Verwaltungs AG, represented by its Executive Board Stefan Dräger Stefanie Hirsch Rainer Klug Gert-Hartwig Lescow Dr. Reiner Piske Anton Schrofner
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13 Further financial information Consolidated income statement of the Dräger Group Further financial information Consolidated income statement of the Dräger Group Further financial information Consolidated income statement of the Dräger Group in € thousand Third quarter 2025 Third quarter 2024 Nine months 2025 Nine months 2024 Net sales 833,272 774,570 2,343,520 2,295,063 Cost of sales -453,149 -437,618 -1,286,828 -1,276,589 Gross profit 380,122 336,952 1,056,692 1,018,475 Research and development expenses -79,635 -85,766 -249,147 -250,293 Marketing and selling expenses -175,131 -178,036 -534,281 -535,897 General administrative expenses -67,175 -58,380 -198,412 -184,665 Impairment losses and gains on financial assets and contract assets -167 -994 -806 -634 Other operating income 167 10,825 4,577 35,654 Other operating expenses -850 -1,587 -1,656 -2,552 Functional expenses -322,791 -313,939 -979,725 -938,387 Result from net exposure from monetary items -184 510 -1,261 638 Result from associates accounted for using the equity method - 586 776 586 Result from other investments - 10 3 -813 Other financial result -408 234 618 -363 Financial result (before interest result) -592 1,339 136 47 EBIT 1 56,739 24,352 77,102 80,136 Interest and similar income 2,219 3,064 5,925 6,511 Interest and similar expenses -5,623 -6,351 -16,326 -18,562 Interest result -3,405 -3,287 -10,402 -12,051 Earnings before income taxes 53,334 21,066 66,701 68,085 Income taxes -17,409 -5,764 -21,237 -18,705 Earnings after income taxes 35,925 15,301 45,464 49,380 Earnings after income taxes 35,925 15,301 45,464 49,380 Earnings to non-controlling interests 248 640 613 1,000 Earnings attributable to shareholders 35,677 14,662 44,851 48,380 Undiluted earnings per share 2 per preferred share (in €) 1.92 0.79 2.42 2.61 per common share (in €) 1.90 0.77 2.37 2.56 Diluted earnings per share 2 per preferred share (in €) 1.92 0.79 2.42 2.61 per common share (in €) 1.90 0.77 2.37 2.56 1 EBIT = Earnings before net interest result and income taxes 2 The dividend premium of EUR 0.06 on preferred shares is recognized pro rata on a quarterly basis.
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14 Further financial information Consolidated statement of comprehensive income of the Dräger Group Consolidated statement of comprehensive income of the Dräger Group Consolidated statement of comprehensive income of the Dräger Group in € thousand Nine months 2025 Nine months 2024 Earnings after income taxes 45,464 49,380 Items that cannot be reclassified into the income statement Remeasurements of defined benefit pension plans 31,601 23,764 Deferred taxes on remeasurements of defined benefit pension plans -9,940 -7,480 Items that may be reclassified into the income statement in the future Currency translation adjustment for foreign subsidiaries -52,756 -4,876 Changes in the fair value of the cash flow hedge reserve recognized directly in equity -790 1,333 Deferred taxes on changes in the fair value of the cash flow hedge reserve recognized directly in equity 249 -389 Other comprehensive income (after taxes) -31,635 12,352 Total comprehensive income 13,828 61,732 thereof attributable to non-controlling interests 416 1,093 thereof earnings attributable to shareholders 13,412 60,639
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15 Further financial information Consolidated balance sheet of the Dräger Group Consolidated balance sheet of the Dräger Group Consolidated balance sheet of the Dräger Group in € thousand September 30, 2025 December 31, 2024 Assets Intangible assets 340,836 342,848 Property, plant and equipment 419,700 433,145 Right-of-use assets 108,545 115,836 Investments in associates 829 801 Non-current trade receivables 5,532 4,936 Other non-current financial assets 60,435 29,398 Deferred tax assets 257,630 258,301 Other non-current assets 52,049 23,405 Non-current assets 1,245,554 1,208,669 Inventories 738,585 662,585 Trade receivables 614,003 788,446 Contract assets 84,664 52,886 Other current financial assets 37,531 51,770 Cash and cash equivalents 188,279 230,599 Current income tax refund claims 36,309 31,013 Other current assets 86,696 67,465 Current assets 1,786,067 1,884,765 Total assets 3,031,621 3,093,435 Equity and liabilities Capital stock 48,026 48,026 Capital reserves 306,885 307,890 Reserves retained from earnings, including group result 1,213,418 1,184,379 Treasury shares -4,818 -2,535 Other comprehensive income -55,710 -2,609 Total equity of shareholders of Drägerwerk AG & Co. KGaA 1,507,801 1,535,150 Non-controlling interests 1,880 1,646 Equity 1,509,681 1,536,796 Provisions for pensions and similar obligations 171,396 180,419 Non-current personnel provisions 36,369 36,566 Other non-current provisions 15,477 15,673 Non-current note loans 50,000 100,000 Non-current liabilities to banks 103,866 104,354 Other non-current financial liabilities 80,740 87,382 Non-current income tax liabilities 2,134 2,257 Deferred tax liabilities 1,338 1,637 Other non-current liabilities 45,500 49,869 Non-current liabilities 506,822 578,157 Current personnel provisions 101,711 121,310 Other current provisions 132,607 145,189 Current note loans 50,684 - Current liabilities to banks 91,021 67,394 Trade payables 213,896 230,648 Other current financial liabilities 97,664 103,966 Current income tax liabilities 47,384 45,144 Other current liabilities 280,152 264,831 Current liabilities 1,015,119 978,481 Total equity and liabilities 3,031,621 3,093,435
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16 Further financial information Consolidated cash flow statement of the Dräger Group Consolidated cash flow statement of the Dräger Group Consolidated cash flow statement of the Dräger Group in € thousand Third quarter 2025 Third quarter 2024 Nine months 2025 Nine months 2024 Operating activities Earnings after income taxes 35,925 15,301 45,464 49,380 + Write-down/write-up of non-current assets 33,172 32,971 98,160 98,351 + Interest result 3,405 3,287 10,402 12,051 + Income taxes 17,409 5,764 21,237 18,705 +/- Increase/decrease in provisions 21,934 29,460 -34,977 -27,481 + Other non-cash expenses 2,593 6,904 15,229 18,722 +/- Loss/gain from the disposal of non-current assets 388 -8,979 201 -28,051 - Increase in inventories -28,314 -34,342 -109,054 -101,523 - Increase in leased equipment -3,759 -2,220 -10,061 -6,423 +/- Decrease/increase in trade receivables -8,191 9,655 103,259 97,874 +/- Decrease/increase in other assets 10,687 5,045 -11,399 -25,172 +/- Increase/decrease in trade payables 11,073 4,587 -10,950 -14,588 +/- Increase/decrease in other liabilities -10,597 7,413 21,234 11,431 + Dividends received - 596 615 672 - Cash outflow for income taxes -9,125 -11,310 -40,143 -39,359 - Cash outflow for interest -4,012 -4,457 -12,494 -13,853 + Cash inflow from interest 2,219 3,064 5,925 6,511 Cash inflow from operating activities 74,804 62,739 92,648 57,247 Investing activities - Cash outflow for investments in intangible assets -1,382 -452 -3,949 -1,703 + Cash inflow from disposals of intangible assets - 0 - 2 - Cash outflow for investments in property, plant and equipment -15,958 -12,968 -44,209 -37,900 + Cash inflow from disposals of property, plant and equipment 1,851 2,010 2,564 7,582 - Cash outflow for investments in financial assets -820 -35 -30,695 -5,473 + Cash inflow from disposals of financial assets 1 - 138 - + Cash inflow from disposals of subsidiaries and business areas - - - 15,350 Cash outflow from investing activities -16,308 -11,445 -76,152 -22,142 Financing activities - Distribution of dividends - - -37,473 -33,158 - Cash outflow from the acquisition of treasury shares for the employee share program -1,826 - -5,900 - + Cash inflow from the transfer of treasury shares from the employee share program - - 2,612 - + Cash provided by raising loans 3,569 1,870 10,324 3,551 - Cash used to redeem loans -5,228 -3,537 -13,890 -7,589 +/- Net balance of other liabilities to banks -30,202 -46,635 28,470 -51,023 - Repayment of lease liabilities -12,859 -12,023 -36,282 -34,412 - Profit distributed to non-controlling interests - - -182 -1,155 Cash outflow from financing activities -46,546 -60,324 -52,322 -123,786 Change in cash and cash equivalents in the reporting period 11,950 -9,030 -35,825 -88,681 - Effect of exchange rates on cash and cash equivalents -1,077 -1,903 -6,495 -3,472 + Cash and cash equivalents at the beginning of the reporting period 177,406 190,737 230,599 271,956 Cash and cash equivalents at the end of the reporting period 188,279 179,804 188,279 179,804
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17 Further financial information Business performance of the segments Business performance of the segments Business performance of the segments Nine months Medical division Safety division Dräger Group 2025 2024 2025 2024 2025 2024 Order intake € million 1,495.5 1,368.5 1,098.6 1,052.1 2,594.1 2,420.5 thereof Germany € million 318.3 304.9 269.4 281.8 587.8 586.7 thereof EMEA € million 527.0 472.2 503.4 451.4 1,030.4 923.6 thereof Americas € million 408.6 352.2 183.0 169.6 591.6 521.8 thereof APAC € million 241.6 239.2 142.7 149.3 384.4 388.5 Net sales € million 1,322.3 1,285.3 1,021.2 1,009.7 2,343.5 2,295.1 thereof Germany € million 306.3 291.6 253.4 244.5 559.7 536.1 thereof EMEA € million 473.0 455.7 453.5 448.6 926.5 904.4 thereof Americas € million 318.4 319.8 174.4 179.8 492.8 499.6 thereof APAC € million 224.7 218.2 139.9 136.8 364.6 355.1 EBITDA 1 € million 24.9 19.1 150.3 159.5 175.2 178.6 Depreciation/amortization € million -47.5 -47.3 -50.6 -51.2 -98.1 -98.5 EBIT 2 € million -22.7 -28.1 99.8 108.3 77.1 80.1 thereof other significant income and expense items Income from the disposal of a business area € million - - - 15.4 - 15.4 Income from the disposal of real estate € million - 9.2 - 5.0 - 14.2 Income from the adjustment of a put option € million - 4.2 - - - 4.2 Other significant income and expense items € million - - - -1.9 - -1.9 € million 0 13.4 0 18.5 0 31.9 Capital employed 3, 4 € million 889.0 866.1 700.0 684.5 1,589.0 1,550.7 EBIT 2 / net sales % -1.7 -2.2 9.8 10.7 3.3 3.5 EBIT 2, 5 / capital employed 3, 4 (ROCE) % 3.8 1.3 22.5 23.1 12.0 10.9 DVA 5, 6 € million -45.2 -67.7 94.3 97.2 49.1 29.5 1 EBITDA = Earnings before net interest result, income taxes, depreciation and amortization; prior-year figures adjusted 2 EBIT = Earnings before net interest result and income taxes 3 Capital employed = Total assets less deferred tax assets, securities, cash and cash equivalents, non-interest bearing liabilities and other non-operating items 4 Value as at reporting date 5 Value of the last twelve months 6 Dräger Value Added = EBIT less cost of capital of average capital employed
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18 Further information Financial calendar / imprint Further information Financial calendar / imprint Financial calendar Report as of September 30, 2025, conference call October 29, 2025 Publication of 2025 fiscal year figures, analysts’ conference March 24, 2026 Report as of March 31, 2026, conference call April 30, 2026 Annual shareholders’ meeting, Lübeck, Germany May 8, 2026 Report as of June 30, 2026, conference call July 30, 2026 Report as of September 30, 2026, conference call October 29, 2026 Imprint Drägerwerk AG & Co. KGaA Moislinger Allee 53 – 55 23558 Lübeck, Germany www.draeger.com www.facebook.com/DraegerGlobal www.linkedin.com/company/draeger www.youtube.com/Draeger www.instagram.com/draeger.global Communications Tel. + 49 451 882 – 3202 Fax + 49 451 882 – 3944 Investor Relations Tel. + 49 451 882 – 2685 Fax + 49 451 882 – 3296