Fresenius Se & Co. Kgaa · XETR:FRE

Fresenius Se & Co. Kgaa — Q1 2026 Earnings Presentation

47 slides from Fresenius Se & Co. Kgaa's earnings presentation, May 7, 2026

  1. Slide 1: REJUVENATE in Action: Q1 2026 results

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix REJUVENATE in Action: Excellent start to the year – demonstrating continued strength and resilient performance Q1 2026 results Conference call and webcast for investors and analysts Bad Homburg, 06 May 2026

  2. Slide 2: Safe Harbor Statement

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Safe Harbor Statement This presentation contains forward-looking statements that are subject to various risks and uncertainties. Future results could differ materially from those described in these forward-looking statemen

  3. Slide 3: Strategy and Business Update

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Strategy and Business Update 01 01 Financials 02 Strategy and Business Update #FutureFresenius 03 Appendix 04

  4. Slide 4: Q1/26: Excellent start to the year

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Q1/26: Excellent start to the year Excellent bottom-line momentum: Core EPS growth at constant currency of 13%, driven by operating strength and operating leverage Leverage improved further: Net debt / EBITDA improved to 2

  5. Slide 5: FY/26 guidance: Delivering continued performance

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix FY/26 guidance: Delivering continued performance ORGANIC REVENUE GROWTH 4 – 7% FY/25 base: €22,554m Q1/26 result: +5% CORE EPS GROWTH CC 5 – 10% FY/25 base: €2.87 Q1/26 result: +13% Before special items Guidance assumes cu

  6. Slide 6: Fresenius Kabi Q1/26 highlights

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Kabi Q1/26 highlights PHARMA BIOPHARMA NUTRITION MEDTECH Generic drugs and biosimilars remain largely exempt from Two new global Multi-year contract U.S. tariffs after conclusion of Section 232 investigation prod

  7. Slide 7: Driving Biopharma ramp-up

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Driving Biopharma ramp-up TYENNE 40% EU5 market share tocilizumab | autoimmune 27% U.S. market share EU launch: Nov 2023 U.S.: COVID-19 indication-specific US launch: Apr 2024 (IV) billing codes issued by CMS Jul 2024 (SC)

  8. Slide 8: Fresenius Helios Q1/26 highlights

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Helios Q1/26 highlights HELIOS GERMANY QUIRÓNSALUD Innovative program for early Solidifying reputation as detection of lung cancer: healthcare benchmark: Screening of high-risk individuals 14 hospitals included i

  9. Slide 9: Helios Germany: strong positioning as market and quality leader

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Helios Germany: strong positioning as market and quality leader GERMAN HEALTHCARE SYSTEM FRESENIUS HELIOS’ POSITIONING Systemic inefficiencies require more digitalization, stronger focus on medical outcomes and incentives

  10. Slide 10: Middle East conflict: Well-prepared to navigate a volatile macroeconomic environment

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Middle East conflict: Well-prepared to navigate a volatile macroeconomic environment Resilient set-up POTENTIAL IMPLICATIONS Stronger organization: more agile and innovative Stronger financials provide increased strategic

  11. Slide 11: Resilient against digital and geopolitical disruption

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Resilient against digital and geopolitical disruption FRESENIUS KABI FRESENIUS HELIOS Embedded in highly relevant healthcare Providing critical infrastructure as lea- ecosystems, with broad portfolio and sta- ding private

  12. Slide 12: Financials

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Strategy and Business Update 01 02 Financials 02 Financials #FutureFresenius 03 Appendix 04

  13. Slide 13: Q1/26: Excellent bottom-line and Cash Flow

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Q1/26: Excellent bottom-line and Cash Flow €5.7bn €678m 11.8% €460m Solid organic revenue growth in line with expected FY/26 phasing +5%1 org. +6% cc +13% cc Strong EBIT growth driven by both Fresenius Kabi and Revenue EBI

  14. Slide 14: Fresenius Kabi Q1/26 highlights

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Kabi Q1/26 highlights FINANCIALS Strong organic revenue growth of 6 %1, in the upper half of EBIT the structural growth band (4 – 7%) 16.8% 16.4% 16.7% 16.7% 15.8% MARGIN ▪ Growth Vectors with strong 8%1 organic

  15. Slide 15: Fresenius Helios Q1/26 highlights

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Helios Q1/26 highlights FINANCIALS Solid organic revenue growth of 4% against strong prior- 11.7% year base (Q1/25: 8%) EBIT 10.5% MARGIN Strong EBIT margin of 10.5 %, at the upper end of the FY/26 9.8% 10.0% ind

  16. Slide 16: Excellent Operating Cash Flow

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Excellent Operating Cash Flow CASH FLOW Excellent €2.9b Operating Cash €m Flow in Q1/26 LTM: continuous Supported by improvement through disciplined cash FY/24 dividend 2,900 incl. management suspension proceeds from 2,045

  17. Slide 17: Financial resilience: Strong Balance Sheet enabling growth investments

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Financial resilience: Strong Balance Sheet enabling growth investments NET DEBT1 €b Significantly improved -3.5 interest line following -26% substantial debt reduction 13.3 13.3 Strong progress acknowledged in recently 3.8

  18. Slide 18: A leaner, more agile, and well-managed company

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix A leaner, more agile, and well-managed company Operating Disciplined Leverage cash management Strong operating cash Proven ability flow generation to drive structural productivity and deliver Delivering on Cash business ex

  19. Slide 19: FY/26 guidance: Accelerated performance momentum

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix FY/26 guidance: Accelerated performance momentum ORGANIC REVENUE INDICATIONS GROWTH FRESENIUS GROUP 4 – 7% EBIT margin of around 11.5% FY/25 base: €2,595m FY/25 base: €22,554m €22,554m Q1/26 result: +5% FRESENIUS KABI Mid-

  20. Slide 20: #FutureFresenius

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Strategy and Business Update 01 03 Financials 02 #FutureFresenius #FutureFresenius 03 Appendix 04

  21. Slide 21: REJUVENATE IN ACTION

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix REJUVENATE IN ACTION Navigating macro environment Excellent Delivered on twice upgraded FY/25 Guidance despite significant headwinds, i.e. FX effects, Q1/26 FY/251 Keto VBP, U.S. tariffs, absence of energy relief Building

  22. Slide 22: Why Fresenius, why now? Disciplined growth on scalable platforms

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Why Fresenius, why now? – Disciplined growth on scalable platforms Durable growth Capital Allocation Execution Three established platforms, Two operating entities, Quarter-after-quarter primed for innovation-led growth one

  23. Slide 23: Appendix

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Strategy and Business Update 01 04 Financials 02 Appendix #FutureFresenius 03 Appendix 04

  24. Slide 24: Fresenius Group: Capital allocation priorities

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Group: Capital allocation priorities Profitable Attractive Strong Growth shareholder returns Balance Sheet Disciplined CAPEX – Distribution of Leverage focus on investments in 30 – 40% of Core net within self-imp

  25. Slide 25: Fresenius Group: Fresenius Financial Framework

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Group: Fresenius Financial Framework Ambitions geared for substantial EBIT MARGIN 17 – 19% 10 – 12% earnings growth ORGANIC REVENUE GROWTH 4 – 7% 4 – 6% Strong balance across growth and CAPITAL EFFICIENCY CAPITAL

  26. Slide 26: Fresenius Group: FY/26 indications

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Group: FY/26 indications €m FY/25 FY/26 indication Fresenius Kabi Organic revenue growth 7% Mid- to high-single-digit Operating EBIT margin 16.4% 16.5 – 17.0% Companies Fresenius Helios Organic revenue growth 7%

  27. Slide 27: Fresenius Group: FY/26 indications

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Group: FY/26 indications EARNINGS EFFECTS Macroeconomic H1/26 H2/26 environment: KABI: Ramp-up of product launches and roll-outs ▪ Geopolitical conflicts, i.e. Middle East KABI: Annualization of Ketosteril®1 Volu

  28. Slide 28: Fresenius Group: Currency sensitivities & exposure

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Group: Currency sensitivities & exposure FY/26 CURRENCY SENSITIVITIES Other Currency Variation Growth sensitivities 14% Revenue EBIT Core EPS ARS 1% CNY U.S. Dollar +1 Cent (USD) EURUSD ~-10bps ~-20bps ~-25bps 3%

  29. Slide 29: Strong businesses set for accelerated performance

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Group: Strong businesses set for accelerated performance Strong underlying, Driving growth, sustained leadership accelerating performance Germany Spain Pharma Nutrition MedTech Biopharma Leader in Vertically- WHE

  30. Slide 30: Q1/26 Statement of income

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Q1/26 Statement of income (Summary, IFRS, unaudited) Q1/25 Q1/25 €m Q1/26 restated1 previous Growth Revenue 5,819 5,706 5,651 2% Costs of revenue -4,284 -4,292 -4,240 0% Gross profit 1,534 1,414 1,411 8% Selling, general a

  31. Slide 31: Q1/26 Reconciliation

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Q1/26 Reconciliation Growth rate at constant €m Q1/26 Q1/25 Growth rate currency Revenue reported (after special items) 5,819 5,706 2% 4% Legacy portfolio adjustments -5 - Fresenius transformation -70 -75 Revenue (before s

  32. Slide 32: Q1/26 Revenue

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Q1/26 Revenue REVENUE BY REGION REVENUE BY BUSINESS SEGMENT in % in % 6 1 2 6 11 37 €5.7b €5.7b 61 76 Europe North America Asia-Pacific Latin America Africa Fresenius Kabi Fresenius Helios Corporate/Other Before special it

  33. Slide 33: Q1/26 Revenue growth by business segment

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Q1/26 Revenue growth by business segment Growth at Currency Growth at actual translation constant Organic Divestitures/ €m Q1/26 Q1/25 rates effects rates1 growth1 Acquisitions Others Fresenius 2,150 2,146 0% -5% 5% 6% 0%

  34. Slide 34: Q1/26 Corporate

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Q1/26 Corporate €m Q1/26 Q1/25 Corporate Revenue 92 91 thereof Corporate -74 -79 thereof FHS1 166 170 Corporate EBIT -48 -39 thereof Corporate -56 -46 thereof FHS1 8 7 Before special items 1 Fresenius Health Services: hosp

  35. Slide 35: Q1/26 Calculation of noncontrolling interests

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Q1/26 Calculation of noncontrolling interests €m Q1/26 Q1/25 Earnings before tax and noncontrolling interests 610 573 Taxes -142 -143 Noncontrolling interests, thereof -9 -14 Fresenius Kabi -5 -11 Fresenius Helios -3 -2 Co

  36. Slide 36: Q1/26 & Q1/26 LTM Cash flow development

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Q1/26 & Q1/26 LTM Cash flow development €m Q1/26 Q1/25 Q1/26 Q1/25 LTM LTM OCF 389 95 2,900 2,611 thereof Kabi 157 110 1,326 1,131 thereof Helios 232 -8 1,847 1,684 % OCF Margin 6.8% 1.7% 12.8% 11.9% Capex, net -184 -178 -

  37. Slide 37: Q1/26 LTM Reconciliation: Adjusted Free Cash Flow for CCR

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Q1/26 LTM Reconciliation: Adjusted Free Cash Flow for CCR Q1/26 Q1/25 €m LTM LTM Operating Cash Flow 2,900 2,611 Capex -9901 -904 Free Cash Flow 1,910 1,707 (before acquisitions, dividends, and lease liabilities) Special i

  38. Slide 38: Q1/26 Cash Flow development by business segment

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Q1/26 Cash Flow development by business segment Operating Cash Flow Capex, net Free Cash Flow1 Q1/26 Q1/25 Q1/26 Q1/25 Q1/26 Q1/25 Q1/26 Q1/25 Q1/26 Q1/25 Q1/26 Q1/25 €m Margin Margin % rev. % rev. Margin Margin 157 110 7.

  39. Slide 39: Q1/26 LTM Cash Flow development by business segment

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Q1/26 LTM Cash Flow development by business segment Operating Cash Flow Capex, net1 Free Cash Flow2 Q1/26 Q1/25 Q1/26 Q1/25 Q1/26 Q1/25 Q1/26 Q1/25 Q1/26 Q1/25 Q1/26 Q1/25 €m LTM LTM LTM LTM LTM LTM LTM LTM LTM LTM LTM LTM

  40. Slide 40: Capital efficiency and returns

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Capital efficiency and returns ROIC 1 CCR 1,2 NET DEBT/EBITDA 1,3 4.0 4,0 x 9% 2,2 2.2 1.9 1,9 3.4 8% 3.5 3,5 x 1.6 1,6 3.2 6.8 3.1 7% 6.6 1.2 1.2 3.0 3.0 3.0 1,3 1.3 1.1 1.1 1.1 1.1 6.2 6.2 6.2 6.3 3.0 3,0 x 1.0 1.0 6.0 6

  41. Slide 41: Q1/26 Organic revenue growth by product group

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Q1/26 Organic revenue growth by product group Δ YoY €m Q1/26 organic2 MedTech 392 3% Nutrition 610 4% Biopharma 238 34% Growth Vectors1 1,240 8% Pharma 911 3% (IV Drugs & Fluids) Corporate 0 -- Total revenue 2,150 6% 1 Con

  42. Slide 42: Q1/26 EBIT(DA) development

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Q1/26 EBIT(DA) development €m Q1/26 Δ YoY cc Total EBITDA 486 6% Margin 22.6% +30 bps Total EBIT 358 4% Margin 16.7% -10 bps Growth Vectors1 195 14% Margin 15.7% +40 bps Pharma (IV Drugs & Fluids) 194 -3% Margin 21.3% -160

  43. Slide 43: Fresenius Kabi biosimilar portfolio and pipeline

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Kabi Biosimilar portfolio and pipeline Candidate & TA Pre-clinical Clinical trials Approval Launch Adalimumab EU: Apr 2019 / US: Dec 2022 EU: May 2019 / US: Jul 2023 Autoimmune Pegfilgrastim EU: Mar 2022 / US: Se

  44. Slide 44: Competitive and focused biosimilar portfolio and pipeline

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Competitive and focused biosimilar portfolio and pipeline Biosimilar market: ~6×until 20353 Current biosimilar portfolio & pipeline Global peak branded sales of originators1, in €b 40 Fresenius ~90 mAbxience Fresenius and

  45. Slide 45: Q1/26 Key financials

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Q1/26 Key financials €m Q1/26 Δ YoY cc Total revenue 3,501 4%1 Thereof Helios Germany 2,092 3%1 Thereof Helios Spain 1,409 4%1 Total EBIT 368 10% Margin 10.5% +70 bps Thereof Helios Germany 173 10% Margin 8.3% +60 bps Ther

  46. Slide 46: Fresenius Helios: Key Metrics

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Helios: Key Metrics Q1/26 Q1/25 ∆yoy Helios Germany1 Hospitals 81 81 0% - Acute care hospitals 78 78 0% Beds 30,246 29,495 +3% - Acute care hospitals 29,680 28,929 +3% Admissions 1,353,972 1,415,410 -4% - patient

  47. Slide 47: Financial Calendar & Contact

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Financial Calendar & Contact Financial Calendar Please note that these dates could be subject to change. Investor Feedback and Social Media 06 May 2026 Q1 2026 results Open dialogues are vital to us! We have teamed up with

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