Fresenius Medical Care Ag · XETR:FME

Fresenius Medical Care — Investor Presentation (February 2026)

49 slides from Fresenius Medical Care's investor presentation, February 2026

  1. Slide 1: Fresenius Medical Care AG Investor Presentation FY 2025

    Fresenius Medical Care AG Investor Presentation FY 2025

  2. 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

  3. Slide 3: Positioned to drive long-term value creation

    FME | Positioned to drive long-term value creation Q4 2024 Conference Call Highly cash generative business with clear commitment to 2030 industry-leading shareholder returns while maintaining investment grade group margin aspiration Mid-teens Supportive underlying drivers within a growing chronic di

  4. Slide 4: FME at a glance

    1 FME at a glance 2 FME segments 3 FY 2025 financials 4 Outlook

  5. Slide 5: We are the leading kidney care company

    FME | We are the leading kidney care company Q4 2024 Conference Call Creating a future worth living. For patients. Worldwide. Every day. Care Delivery Value-Based Care Care Enablement We offer a tailored range of products and Dialysis services in our Bundled services We improve patient Dialysis prod

  6. Slide 6: Market-leading assets with strong and competitive positioning

    FME | Market-leading assets with strong and competitive positioning Q4 2024 Conference Call Care Delivery Value-Based Care Care Enablement A leading provider of kidney #1 in U.S. renal value-based #1 Global leading renal care services care MedTech company ~290k patients, incl. ~205k in U.S. ~€6.8bn

  7. Slide 7: Leveraging the power of vertical integration

    FME | Leveraging the power of vertical integration Q4 2024 Conference Call Clinics recognize Care Care Provide customer needs to drive Delivery Enablement differentiated innovation in technology therapies to clinics €13.7bn Medical value creation €5.5bn Revenue 2025 Revenue 2025 Patient data and ins

  8. Slide 8: Market growth: attractive underlying business fundamentals intact

    Market growth | Attractive underlying business fundamentals intactConference Q4 2024 Call Extrapolation from 2020 to 2035 +60% 1/3 +40% +90% Aging global Dialysis Hypertension Diabetes population patients Global population aged 65+1 One out of three people People living with diabetes3 People on main

  9. Slide 9: Proven execution and clear progress in key performance metrics

    FME | Proven execution and clear progress in key performance metrics Q4 2024 Conference Call MARGIN TARGETS ACHIEVED FME25+ SAVINGS ACCELERATED Operating income margin¹ Accumulated FME25+ sustainable annual savings in € million 13,1% 804 9,7% 10,2% 11,3% Group 9,5% Care Delivery 567 9,3% 8,1% 7,9% 8

  10. Slide 10: FME Reignite: our strategy will Reignite Value Creation

    FME Reignite | Our strategy will Reignite Value Creation Q4 2024 Conference Call Reignite Reignite Growth & Reignite the Core Innovation our Culture Drive profitable Develop together and Strengthen core growth and strengthen our operations innovation culture € Reignite Value Creation Investor Presen

  11. Slide 11: U.S. HVHDF: game changer to transform the standard of care

    U.S. HVHDF | Game changer to transform the standard of care and leverageQ4 2024 Conference Call FME’s vertical integration Annual 5008X production capacity of Care Enablement Planned 5008X penetration in Care Delivery clinics Production capacity Planned rollout Up to Up to 2026e ~20% 20,000 20,000 A

  12. Slide 12: FME25+: accelerating and extending sustainable savings until 2027

    FME25+ | Accelerating and extending sustainable savings until 2027Conference Q4 2024 Call 2021–2027e Sustainable savings in 2026-2027e Planned phasing of FME25+ savings €1,200m €400m in € million Care Delivery  Supply chain optimization 2025 2026e 2027e ~30% ~40%  Clinic footprint optimization  E

  13. Slide 13: Capital allocation: clear set of priorities focus on shareholder value

    Capital allocation | Clear set of priorities focus on shareholder valueConference Q4 2024 Call creation Cash generation Invest in core business for profitable growth Strong cash generation to further increase over time Operating cash flow of 13-15% of revenue in 2025-2030e Capital allocation Return

  14. Slide 14: FME segments

    1 FME at a glance 2 FME segments 3 FY 2025 financials 4 Outlook

  15. Slide 15: FME segments: aligned for value creation

    FME segments | Aligned for value creation Q4 2024 Conference Call Care Delivery Value-Based Care Care Enablement  Productivity and operational  Taking responsibility for the  Commercial excellence and excellence integrated health care of our operational efficiency to enable patients robust growth

  16. Slide 16: Care Delivery: world's leading provider of dialysis services

    Care Delivery | We are the world’s leading provider of dialysis services Q4 2024 Conference Call Around Around 65% 290,000 3,600 of dialysis centers rated 3 stars or better Patients worldwide Dialysis centers by CMS¹ Treated Around Around 79% 37% 45m of patients would highly of all dialysis patients

  17. Slide 17: Care Delivery: portfolio positioned for profitable growth

    Care Delivery | Portfolio positioned for profitable growth Q4 2024 Conference Call Care Delivery U.S. Care Delivery International Dialysis clinic network treating  Provides dialysis therapy in 34 markets ~205k patients in ~2,600 clinics  Primarily in EMEA and APAC regions across the U.S. Provides

  18. Slide 18: Care Delivery: largest product launch in FME history

    Care Delivery | Largest product launch in FME history Q4 2024 Conference Call 2026 will be pivotal transition year to execute large-scale 5008X launch in the U.S. FME U.S. clinic conversion Around 20% Up to 17.3m  Large-scale launch of 5008X of machines to units of consumables CAREsystem in FME cli

  19. Slide 19: Patient numbers: accelerating growth

    Patient numbers | Accelerating growth Q4 2024 Conference Call +90% Dialysis 2025-2035e CAGR Medical trends and how we patients are participating HVHDF People on maintenance Patient number U.S. treatment yield dialysis growth Value-based care ~7 Treatment 3.7 Global growth further million million +4-

  20. Slide 20: Patient inflow: U.S. kidney care patient flow dynamics

    Patient inflow | U.S. kidney care patient flow dynamics Q4 2024 Conference Call Scale of U.S. CKD/ESRD patient Complex U.S. patient population population (in million)  10-12 co-morbidities on average 10,5 – Hypertension (31%) – Diabetes (44%) – Glomerular diseases (6%)  ~45% of patients “crash” in

  21. Slide 21: Value-Based Care: leading renal value-based care in the U.S.

    Value-Based Care | Leading renal value-based care in the U.S. Q4 2024 Conference Call Around 2,300+ 160,000 Aligned nephrologists Memberships in provider network Around Around All 1.8m €6.8bn #1 10 Member months Medical cost Renal value-based care of top 10 highest scoring under management in the U.

  22. Slide 22: Value-Based Care: a leading and differentiated player in renal VBC

    Value-Based Care | A leading and differentiated player in renal VBC Conference Q4 2024 Call Three unique sources of differentiation Business at a glance 2025 Connectivity to FME 31% 85% 85% of ESRD patients have access to an FME Subcap 39% ~€6.8bn Shared risk dialysis clinic Medical costs under CKCC

  23. Slide 23: Value-Based Care: vertical integration as an advantage

    Value-Based Care | Vertical integration as an advantage and enhanced Q4 2024 Conference Call visibility into performance Benefits of vertical integration Visible value creation VBC creates value for FME Initiating new reporting segment to  VBC directly improves outcomes and survival for dialysis pa

  24. Slide 24: Value-Based Care: rapidly evolving market plays important role

    Value-Based Care | Rapidly evolving market plays an important roleConference in theQ4 2024 Call industry and our future Renal VBC is a large and growing market Currently poised for stability and growth phase CKD 4-5 MCUM1 ESRD2 MCUM1  Value-based kidney care 11% 12% Emergence recognized as a critic

  25. Slide 25: Care Enablement: market leading renal Medtech company

    Care Enablement | We are the market leading renal Medtech company Q4 2024 Conference Call Around Around 56,000 40% machines installed share in hemodialysis in 2025 product market Around 171m Global Global Global dialyzers sold 50% #1 #1 #2 of all dialysis patients in 2025 Home HD machines In-center

  26. Slide 26: Care Enablement: attractive and industry-leading renal MedTech portfolio

    Care Enablement | Attractive and industry-leading renal MedTech portfolio Q4 2024 Conference Call Care Enablement  €5.5bn FY 2025 revenue, across three verticals: In-Center EMEA Home U.S. APAC Critical Care  Globally, and in each region, in-center represents the majority of revenues  In-center mi

  27. Slide 27: Care Enablement: growing our market leader position

    Care Enablement | Growing our market leader position and transform Q4 2024 Conference Call kidney care Market share distribution¹ In-center HD products Home products (PD & HHD) Critical care FME 40% Competitor 1 62% Competitor 1 37% Competitor 1 10% FME 26% FME 30% All other Competitor 2 8% <3% each

  28. Slide 28: FY 2025 financials

    1 FME at a glance 2 FME segments 3 FY 2025 financials 4 Outlook

  29. Slide 29: FY 2025: a milestone year marked by outstanding profitability gains

    FY 2025 | A milestone year marked by outstanding profitability gainsConference Q4 2024 Call FY  Strong organic revenue growth¹ of +7.6% driven by all operating segments  Significant operating income² growth of 27% and operating income margin² step up to 11.3%  FME25+ program savings of €238 milli

  30. Slide 30: Strong cash generation drives capital return to shareholders

    2025 | Strong cash generation drives capital return to shareholders Conference Q4 2024 Call Capital allocation Capital return to shareholders Invested €0.9bn in core business for profitable growth Dividend1 €1.49 +3% or 33% of adjusted net income in Shareholder line with dividend policy of 30-40% €2

  31. Slide 31: 2025: strong organic growth and step-up in profitability

    2025 | Strong organic growth and step-up in profitability achieved Q4 2024 Conference Call Revenue | in € million Operating income | in € million Margin in % +5.4% at cc¹ 7.2% 9.3% 11.3% 9.3% 19,336 +7.6% organic2 19,628 +1.5% as reported +27.2% at cc1 2,212 405 1,797 1,827 +23.1% 1,392 at current r

  32. Slide 32: Significant operating income growth driven by all segments

    FY 2025 | Significant operating income growth driven by all segments Q4 2024 Conference Call Margin in % 9.3% 11.3% In € million 112 28 21 2,212 296 31 -73 405 1,797 1,827 -385 1,392 FY 2024 Special items FY 2024 Care Value-Based Care Inter- Corporate Fx FY 2025 Special items FY 2025 operating opera

  33. Slide 33: Care Delivery delivers highly profitable growth

    2025 | Care Delivery delivers highly profitable growth Q4 2024 Conference Call Revenue | in € million Operating income | in € million Margin in % 11.4% +13.0% 13.1% +1.8% at cc¹ at current rate 14,003 13,736 -1.9% as reported +4.7% organic2 +18.5% at cc1 482 113 1,801 11,526 11,507 1,593 -299 -88 U.

  34. Slide 34: Value-Based Care achieves positive operating income

    2025 | Value-Based Care achieves positive operating income Q4 2024 Conference Call Revenue | in € million Operating income | in € million +33.9% at cc¹ Margin in % 2,247 n.a.% +33.9% organic2 +28.2% as reported -1.6% at current rate +0.1% 1,752 n.a. at cc1 3 5 -4 0 30 -28 FY 2024 Business FME25+ Inf

  35. Slide 35: Care Enablement further improved operating income margin

    2025 | Care Enablement further improved operating income margin Conference Q4 2024 Call Revenue | in € million Operating income | in € million Margin in % 6.0% +31.5% 8.1% +2.2% at cc¹ at current rate 5,557 +2.2% organic2 5,476 -1.4% as reported +33.3% at cc1 148 442 37 -73 336 -6 FY 2024 FY 2025 FY

  36. Slide 36: Strong operating cash-flow, low end of leverage target corridor

    FY 2025 | Strong operating cash-flow | low end of leverage target corridor Q4 2024 Conference Call in € million Q4 2025 Q4 2024 ∆ in % FY 2025 FY 2024 ∆ in % Key developments Operating cash flow 1,002 832 20 2,681 2,386 12  Operating cash flow strongly increased compared to prior year mainly driven

  37. Slide 37: Optimal capital structure

    Optimal capital structure | Building on sound and proven financing Conference strategy Q4 2024 Call Diversified financing mix1, 2 Prudent financial policy1 Other 1²% Schuldschein Loans 2% Sufficient liquidity reserve  Undrawn ESG-linked Revolver Credit Facility of €2.0bn USD Bonds 24%  Committed b

  38. Slide 38: Outlook

    1 FME at a glance 2 FME segments 3 FY 2025 financials 4 Outlook

  39. Slide 39: FY 2026: outlook and margin assumptions

    FY 2026 | Outlook & margin assumptions Q4 2024 Conference Call FY 2026 Revenue and operating income Revenue Broadly flat growth FY 2025 basis: € 19,628 million Implied Group operating income margin 10.5 – 12.0 percent Operating Between positive and negative income mid-single digit percent growth FY

  40. Slide 40: FY 2026: outlook assumptions

    FY 2026 | Outlook assumptions Q4 2024 Conference Call Revenue assumptions Operating income assumptions Care Delivery Operating income drivers in € million − Normal flu season with same market treatment growth in the U.S. Headwind Tailwind broadly flat and in International with solid growth − Moderat

  41. Slide 41: Aspirations: industry-leading growth and margins

    Aspirations | Industry-leading growth and margins Q4 2024 Conference Call 2028 Aspirations 2030 Aspirations Revenue Care Delivery | low- to mid-single digit percent growth Care Enablement | mid-single digit percent 3 to 7 percent CAGR Excluding Value-Based Care 2025-2030 Group | Mid-teens Operating

  42. Slide 42: Appendix

    Appendix

  43. Slide 43: 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

  44. Slide 44: FY 2025: Profit and Loss

    FY 2025 | Profit and Loss Q4 2024 Conference Call FY 2025 FY 2024 Growth Growth € million € million in % in % cc Revenue 19,628 19,336 2 5 Operating income 1,827 1,392 31 36 Operating income margin in % 9.3 7.2 Operating income excl. special items 2,212 1,797 23 27 Operating income margin excl. spec

  45. Slide 45: Reconciliation adjustments and 2025 base for 2026 outlook

    FY 2025 | Reconciliation adjustments and 2025 base for 2026 outlook 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 e

  46. Slide 46: Return on Invested Capital (ROIC)

    Return on Invested Capital (ROIC) Q4 2024 Conference Call 6.6% 6.1% adj. 5.1% 5.8% 4.5% 5.0% rep. 4.9% 3.9% 3.6% 3.3% 3.5% 2.8% 2020 2021 2022 2023 2024 2025  ROIC in 2020 excl. the impact of the Latin America impairment (special item) and in 2021 excluding FME25+ (special item)  ROIC for 2020 and

  47. Slide 47: Segment information of past five years

    FME | Segment information of past five years Q4 2024 Conference Call € million; % change year-over-year FY 2025 Growth Growth at cc Organic growth FY 2024 FY 2023 FY 2022 FY 2021 Total Revenue 19,628 2 5 8 19,336 19,454 19,398 17,619 Operating income 1,827 31 36 1,392 1,369 1,512 1,852 Operating inc

  48. Slide 48: Investor Relations event calendar

    FME | Investor Relations event calendar Q4 2024 Conference Call February March April May June 24 Virtual 02 London 14–15 Hong Kong 05 Virtual 02 Paris HSBC Global Report on Q1 2026: Earnings BNPP Exane CEO Report on Q4/FY 2025: Earnings Morgan Stanley European Investment Summit Release and Conferenc

  49. Slide 49: Investor Relations contact

    Dr. Dominik Heger Ilia Kuerten Fresenius Medical Care AG Investor Relations Global Head of Investor Vice President Else-Kröner-Str. 1 Relations, Market & Investor Relations Competition, Sustainability | 61352 Bad Homburg v. d. H. EVP Germany  ir@FreseniusMedicalCare.com +49(0) 6172-2685-822 +49(0)

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