Fresenius Medical Care Ag · XETR:FME
Fresenius Medical Care — Q2 2025 Earnings Presentation
30 slides from Fresenius Medical Care's earnings presentation, Aug 5, 2025
Slide 1: Q2 2025 IR Conference Call Analyst Presentation
Analyst Presentation Helen Giza CEO & Chair of the Management Board Martin Fischer CFO August 5, 2025 Q2 2025 IR Conference Call
Slide 2: Safe harbor statement
Safe harbor statement: In this Safe harbor statement, “the Company” and “Fresenius Medical Care” refer to Fresenius Medical Care AG & Co. KGaA, a German partnership limited by shares, prior to its conversion of legal form, and to Fresenius Medical Care AG, a German stock corporation, after its conve
Slide 3: Q2 Highlights, Q2 2025 Business update, Outlook 2025
1 Q2 Highlights 2 Q2 2025 Business update 3 Outlook 2025
Slide 4: Key developments at Group level
Q2 2025 | Key developments at Group level Q4 2024 Conference Call ▪ Strong organic revenue growth1 of 7% supported by all operating segments Q2 ▪ FME25+ savings of EUR 58 million contributed to earnings ▪ Operating income2 grew by 13% at constant currency, further driving margin expansion ▪ Operatin
Slide 5: Further improving operational performance
Q2 2025 Highlights | Further improving operational performance Q4 2024 Conference Call Care Value-Based Care Delivery Care Enablement ▪ Same market treatment growth: ▪ Further enhanced reporting ▪ Solid volume growth continued – U.S. stable, as accelerating patient transparency ▪ Positive pricing mo
Slide 6: Growing patient inflow offset by higher-than-expected patient outflow
Q2 2025 Highlights | Growing patient inflow was offset by higher-than- Q4 2024 Conference Call expected patient outflow Key developments in Q2 2025 ▪ Accelerated number of patient referrals and new starts ▪ Severe flu season in the U.S. in the first months of the year resulted in − Significantly inc
Slide 7: Q2 2025 Business update
1 Q2 Highlights 2 Q2 2025 Business update 3 Outlook 2025
Slide 8: Strong organic revenue growth and double-digit operating income growth
Q2 2025 | Strong organic revenue growth and double-digit operatingConference income Q4 2024 Call growth Revenue | in € million Operating income | in € million Margin in % +5.0% at cc¹ 8.9% 9.1% 9.9% 8.9% 4,766 +6.7% organic2 4,792 +0.5% as reported +12.9% at cc1 476 425 11 436 425 +9.2% -51 at curre
Slide 9: Group Operating income and margin bridge
Q2 2025 | Group Operating income and margin bridge Q4 2024 Conference Call Margin in % 9.1% 9.9% In € million 54 476 20 -1 -14 425 11 436 -16 425 -3 -51 Q2 2024 Special items Q2 2024 Care Value-Based Care Inter- Corporate Fx Q2 2025 Special items Q2 2025 operating operating Delivery Care Enablement
Slide 10: Care Delivery operating income and margin improvement despite flat U.S. volumes
Q2 2025 | Care Delivery operating income and margin improvement Conference despiteQ4 2024 Call flat U.S. volumes Revenue | in € million Operating income | in € million Margin in % 10.9% -0.3% 11.2% +1.3% at cc¹ at current rate 3,481 +3.6% organic2 3,381 -2.9% as reported +5.3% at cc1 76 25 2,867 379
Slide 11: Value-Based Care revenue growth driven by member months
Q2 2025 | Value-Based Care revenue growth driven by member months Q4 2024 Conference Call Revenue | in € million Operating income | in € million Margin in % +28.4% at cc¹ 506 -44.4% +28.4% organic2 +22.0% as reported -1.5% at current rate -1.7% 415 -43.2% at cc1 -6 -3 1 -1 0 -9 Q2 2024 Business FME2
Slide 12: Care Enablement operating income and margin significantly up
Q2 2025 | Care Enablement operating income and margin significantly upQ4 2024 Conference Call Revenue | in € million Operating income | in € million Margin in % 4.9% +75.7% 8.7% +3.4% at cc¹ at current rate 1,363 +3.4% organic2 1,348 -1.1% as reported +79.4% at cc1 34 117 37 -17 -3 66 Q2 2024 Q2 202
Slide 13: Strong cash flow development and improved leverage ratio
Q2 2025 | Strong cash flow development and improved leverage ratio Q4 2024 Conference Call in € million Q2 2025 Q2 2024 ∆ in % H1 2025 H1 2024 ∆ in % Key developments Operating cash flow 775 442 75 938 570 65 ▪ Operating cash flow improved ▪ Capital expenditures, net -147 -153 -4 -289 -283 2 strongl
Slide 14: Outlook 2025
1 Q2 Highlights 2 Q2 2025 Business update 3 Outlook 2025
Slide 15: FY 2025 Outlook confirmed
FY 2025 | Outlook confirmed Q4 2024 Conference Call FY 2025 Revenue & Operating Income Positive to a low-single digit Revenue percent growth FY 2024 basis: EUR 19,336 million Implied Group operating income margin around 11% to 12% High-teens to high-twenties Operating percent growth income FY 2024 b
Slide 16: Your questions are welcome
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Slide 17: Appendix
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Slide 18: Q2 2025 Profit and Loss
Q2 2025 | Profit and Loss Q4 2024 Conference Call Q2 2025 Q2 2024 Growth Growth € million € million in % in % cc Revenue 4,792 4,766 1 5 Operating income 425 425 0 3 Operating income margin in % 8.9 8.9 Operating income excl. special items 476 436 9 13 Operating income margin excl. special items in
Slide 19: H1 2025 Profit and Loss
H1 2025 | Profit and Loss Q4 2024 Conference Call H1 2025 H1 2024 Growth Growth € million € million in % in % cc Revenue 9,673 9,491 2 3 Operating income 757 671 13 13 Operating income margin in % 7.8 7.1 Operating income excl. special items 933 838 11 12 Operating income margin excl. special items
Slide 20: Q2 2025 2024 base for 2025 targets, reconciliation adjustments
Q2 2025 | 2024 base for 2025 targets, reconciliation adjustments Q4 2024 Conference Call Reconciliation of non-IFRS financial measures to the most directly comparable IFRS financial measures for comparison with outlook Inter-segment Group Care Delivery Value-Based Care Care Enablement Corporate elim
Slide 21: H1 2025 2024 base for 2025 targets, reconciliation adjustments
H1 2025 | 2024 base for 2025 targets, reconciliation adjustments Q4 2024 Conference Call Reconciliation of non-IFRS financial measures to the most directly comparable IFRS financial measures for comparison with outlook Inter-segment Group Care Delivery Value-Based Care Care Enablement Corporate elim
Slide 22: Debt
Debt Q4 2024 Conference Call Q2 2025 FY 2024 FY 2023 € million € million € million Debt Short-term debt from unrelated parties 24 2 457 + Current portion of long-term debt 990 575 487 + Current portion of lease liabilities from unrelated parties 564 616 593 + Current portion of lease liabilities fro
Slide 23: EBITDA
EBITDA Q4 2024 Conference Call Reconciliation of adjusted EBITDA and net leverage ratio to the most directly comparable IFRS financial measures LTM Q2 2025 FY 2024 FY 2023 € million € million € million Net income 844 741 732 + Income tax expense 317 316 301 − Interest income -75 -72 -88 + Interest e
Slide 24: Return on Invested Capital (ROIC)
Return on Invested Capital (ROIC) Q4 2024 Conference Call 12.4% 8.6% 7.8% 8.0% 8.0% 7.1% 6.6% 6.1% 5.1% 4.5% 5.0% adj. 5.8% 3.9% 4.9% 3.6% 3.9% rep. 3.3% 3.5% 2.8% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q2 2025 ▪ For the years 2015-17 ROIC as reported within the Form 20-F. ▪ ROIC adjusted
Slide 25: Exchange rates, U.S. dialysis days per quarter, definitions
Exchange rates, U.S. dialysis days per quarter, definitions Q4 2024 Conference Call Exchange rates U.S. dialysis days per quarter Q1 Q2 Q3 Q4 Full year H1 2025 FY 2024 FY 2023 2025 76 78 79 79 312 €:USD Period end 1.172 1.039 1.105 2024 77 78 79 80 314 Average 1.092 1.082 1.081 2023 77 78 79 79 313
Slide 26: Key metrics for Care Delivery and Value-Based Care
Key metrics for Care Delivery and Value-Based Care Q4 2024 Conference Call Care Delivery as of June 30, 2025 as of June 30, 2024 Patients Treatments Clinics Patients Treatments Clinics United States 206,259 15,327,129 2,627 206,306 15,412,884 2,628 Growth in % 0 -1 0 International 94,080 6,987,137 1
Slide 27: Continuous monitoring of clinical performance to enhance care
Continuous monitoring of clinical performance to enhance care Q4 2024 Conference Call Quality index components Dialysis effectiveness Measures how sufficiently the body is cleansed of waste substances Vascular access Quality index Measures the share of patients who do not receive dialysis via a dial
Slide 28: Segment information for FY 2021, 2022, 2023 and 2024
Segment information for FY 2021, 2022, 2023 and 2024 Q4 2024 Conference Call € million; % change year-over-year FY 2024 Growth Growth at cc Organic growth FY 2023 FY 2022 FY 2021 Total Revenue 19,336 -1 0 4 19,454 19,398 17,619 Operating income 1,392 2 3 1,369 1,512 1,852 Operating income excl. spec
Slide 29: IR event calendar
IR event calendar Q4 2024 Conference Call Date Event Reporting August 5, 2025 Report on Q2 2025: Earnings Release and Conference Call November 4, 2025 Report on Q3 2025: Earnings Release and Conference Call February 24, 2026 Report on Q4/FY 2025: Earnings Release and Conference Call August 6, 2025 Q
Slide 30: Investor Relations contacts
Dr. Dominik K. Heger Ilia Kuerten Fresenius Medical Care AG Investor Relations Head of Investor Relations, Vice President Else-Kröner-Str. 1 Strategic Development & Investor Relations Communications | EVP 61352 Bad Homburg v. d. H. Germany ir@FreseniusMedicalCare.com +49(0) 6172-609-2525 +49(0) 61
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