Fresenius Se & Co. Kgaa · XETR:FRE

Fresenius Se & Co. Kgaa — Q2 2026 Earnings Presentation

56 slides from Fresenius Se & Co. Kgaa's earnings presentation, Aug 5, 2026

  1. Slide 1: Excellent Q2 performance demonstrates structural step-up – guidance raised

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Excellent Q2 performance demonstrates structural step-up – guidance raised Q2 2026 conference call and webcast Bad Homburg, 05 August 2026 1 © Fresenius 2026 | Q2 2026 Earnings Call | 05 August 2026

  2. Slide 2: Safe harbor statement

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Safe harbor Glossary statement This presentation contains forward-looking statements that are subject to cc At constant currency various risks and uncertainties. Future results could differ materially from those described

  3. Slide 3: Strategy and Business Update

    01 02 03 04 Strategy and Financials #FutureFresenius Appendix Business Update 3 © Fresenius 2026 | Q2 2026 Earnings Call | 05 August 2026

  4. Slide 4: Q2/26: Strong execution delivers highest returns in the decade

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Q2/26: Strong execution delivers highest returns in the decade Excellent EPS Sustainable Leverage at Fresenius Fresenius FY/26 growth: value creation: lower end of Kabi: Helios: Guidance target corridor: Based on continued

  5. Slide 5: Fresenius Kabi: Q2/26 news

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Kabi: Q2/26 news Pharma Biopharma Nutrition MedTech Pipeline enhancement vedolizumab European launch of Strong execution of with 7 new in- biosimilar candidate Pedismof® range, a Ivenix U.S. licensing deals added

  6. Slide 6: Fresenius Kabi: Biopharma growth engine

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Kabi: Biopharma growth engine tocilizumab | autoimmune ustekinumab | autoimmune denosumab | osteoporosis & oncology EU launch: Nov 2023 EU launch: Mar 2025 US launch: Jul 2025 US launch: Apr 2024 (IV), Jul 2024 (

  7. Slide 7: Fresenius Helios: Q2/26 news

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Helios: Q2/26 news Germany Spain GKV Stabilization Act Annual Research Day at approved – providing a Quirónsalud – almost 1,500 constructive framework for active clinical trials reached in continued reimbursement

  8. Slide 8: Committed to Fresenius Helios’ 10–12% structural margin band

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Committed to Fresenius Helios’ 10 – 12% structural margin band, FY/27 EBIT growth expected Fresenius Helios Strategic Indicative EBIT1 development drivers Germany • Leverage hospital network • Process optimization & utiliz

  9. Slide 9: Raising Core EPS guidance

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Raising Core EPS guidance Organic revenue Core EPS growth growth cc Previously: 5 – 10% Before special items Guidance assumes current factors and known uncertainties but does not reflect potential extreme scenarios from a

  10. Slide 10: Strategy and Business Update

    01 02 03 04 Strategy and Financials #FutureFresenius Appendix Business Update 10 © Fresenius 2026 | Q2 2026 Earnings Call | 05 August 2026

  11. Slide 11: Q2/26: Converting operational momentum into earnings strength

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Q2/26: Converting operational momentum into earnings strength Revenue EBIT EBIT Strong organic revenue growth in line with expected FY/26 phasing margin Excellent EBIT margin at 12.3%; +60bps YOY driven by both Fresenius K

  12. Slide 12: Fresenius Kabi Q2/26 financials

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Kabi Q2/26 financials Strong organic revenue growth of 7%1, at the upper end of the structural growth band (4 – 7%) 16.7% 16.7% 17.0% EBIT • Growth Vectors with excellent 12%1 organic revenue growth 16.4% 15.8% m

  13. Slide 13: Fresenius Helios Q2/26 financials

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Helios Q2/26 financials Strong organic revenue growth of 5%, in line with structural growth band (4 – 6%) 11.7% 10.5% 10.6% EBIT Strong EBIT margin of 10.6 %, well within the structural margin margin 10.0% band (

  14. Slide 14: Structurally improved Cash Flow

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Structurally improved Cash Flow Cash Flow, €m Excellent €2.8bn Operating Cash Flow in Q2/26 LTM: strong 2,819 incl. improvement through proceeds from pro- disciplined cash rata FME management -825 share sales Successful ca

  15. Slide 15: Structural step-up in our financial metrics

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Structural step-up in our financial metrics ~5.5% 2.5 – 3.0× Strong returns for CAPEX as % of revenue Leverage (Net debt/EBITDA) shareholders while investing expected in FY/26 target corridor in future growth We do not com

  16. Slide 16: Raising Core EPS guidance based on strong operational results

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Raising Core EPS guidance based on strong operational results Indications Organic revenue Core EPS Fresenius Group growth growth cc EBIT margin of around 11.5% FY/25 base: €2,595m Fresenius Kabi Mid- to high-single-digit o

  17. Slide 17: Strategy and Business Update

    01 02 03 04 Strategy and Financials #FutureFresenius Appendix Business Update 17 © Fresenius 2026 | Q2 2026 Earnings Call | 05 August 2026

  18. Slide 18: REJUVENATE in action

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix REJUVENATE in action H1/26 FY/251 Structural step-up Seizing opportunities #FutureFresenius translating Leveraging strong EBIT margin into continued earnings strength – as demonstrated operational momentum for innovation-l

  19. Slide 19: Reinforcing our ability to win

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Reinforcing our ability to win Right to play Ability to win Established healthcare platforms providing long-term structural 2.6× + opportunities Growth Vectors driving topline acceleration and profitability as strategic, i

  20. Slide 20: Strategy and Business Update

    01 02 03 04 Strategy and Financials #FutureFresenius Appendix Business Update 20 © Fresenius 2026 | Q2 2026 Earnings Call | 05 August 2026

  21. Slide 21: Fresenius Group Financial Framework

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Group Fresenius Financial Framework Fresenius Fresenius Ambitions geared Kabi Helios for substantial earnings growth EBIT margin 17 – 19% 10 – 12% Strong balance across Organic revenue growth and stable cash grow

  22. Slide 22: 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 EBIT margin 16.4% At the upper end of the 16.5 – 17.0% range Operating Companies Fresenius Heli

  23. Slide 23: Fresenius Group FY/26 indications

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Group FY/26 indications H2/26 effects Macroeconomic environment: Kabi: Consistent topline growth • Geopolitical conflicts, i.e. Middle East Kabi: Annualization of Ketosteril®1 Volume-based Procurement impact in C

  24. Slide 24: 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 Growth sensitivities 14% Currency Variation Revenue EBIT Core EPS ARS 1% U.S. Dollar +1 Cent CNY ~-10bps ~-20bps ~-25bps (USD) EURUSD 3%

  25. Slide 25: Fresenius Group: Business overview

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

  26. Slide 26: Fresenius Group Q2/26 Statement of income

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Group Q2/26 Statement of income (Summary, IFRS, unaudited) Q2/25 Q2/25 €m Q2/26 restated1 previous Growth Revenue 5,945 5,650 5,581 5% Costs of revenue -4,395 -4,189 -4,123 -5% Gross profit 1,550 1,461 1,458 6% S

  27. Slide 27: Fresenius Group H1/26 Statement of income

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Group H1/26 Statement of income (Summary, IFRS, unaudited) H1/25 H1/25 €m H1/26 restated1 previous Growth Revenue 11,764 11,356 11,232 4% Costs of revenue -8,680 -8,481 -8,363 -2% Gross profit 3,084 2,875 2,869 7

  28. Slide 28: Fresenius Group Q2/26 Reconciliation

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Group Q2/26 Reconciliation Growth rate €m Q2/26 Q2/25 Growth rate at constant currency Revenue reported (after special items) 5,945 5,650 5% 5% Legacy portfolio adjustments -5 -1 Fresenius transformation -76 -78

  29. Slide 29: Fresenius Group H1/26 Reconciliation

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Group H1/26 Reconciliation Growth rate €m H1/26 H1/25 Growth rate at constant currency Revenue reported (after special items) 11,764 11,356 4% 4% Legacy portfolio adjustments -10 -1 Fresenius transformation -146

  30. Slide 30: Indicative presentation of future disclosure of operating profit in accordance with IFRS 18

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Indicative presentation of future disclosure of operating profit in accordance with IFRS 18 IFRS 18 applied from FY/27 onwards IFRS 18 amends a number of other standards and will replace IAS 1, Presentation of Financial St

  31. Slide 31: Indicative comparison: EBIT before special items vs. operating profit

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Indicative comparison: EBIT before special items (IAS 1) vs. operating profit before special items (IFRS 18) Q1/26 Q2/26 H1/26 Q1/26 Q2/26 H1/26 €m (before special items) IAS 1 IAS 1 IAS 1 €m (before special items) IFRS 18

  32. Slide 32: Fresenius Group Q2/26 Revenue

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Group Q2/26 Revenue Revenue by region, % Revenue by business segment, % 2 5 1 6 13 38 €5.9bn €5.9bn 60 75 Europe North America Asia-Pacific Latin America Africa Fresenius Kabi Fresenius Helios Corporate/Other Bef

  33. Slide 33: Fresenius Group H1/26 Revenue

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Group H1/26 Revenue Revenue by region, % Revenue by business segment, % 2 6 1 6 38 12 €11.6bn €11.6bn 61 75 Europe North America Asia-Pacific Latin America Africa Fresenius Kabi Fresenius Helios Corporate/Other B

  34. Slide 34: Fresenius Group Q2/26 Revenue growth by business segment

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Group Q2/26 Revenue growth by business segment Currency Growth at Growth at translation constant Organic Divestitures/ €m Q2/26 Q2/25 actual rates effects rates1 growth1 Acquisitions Others Fresenius Kabi 2,244 2

  35. Slide 35: Fresenius Group H1/26 Revenue growth by business segment

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Group H1/26 Revenue growth by business segment Currency Growth at Growth at translation constant Organic Divestitures/ €m H1/26 H1/25 actual rates effects rates1 growth1 Acquisitions Others Fresenius Kabi 4,395 4

  36. Slide 36: Fresenius Group Q2/26 Corporate

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Group Q2/26 Corporate €m Q2/26 Q2/25 Corporate Revenue 94 90 thereof Corporate -77 -82 thereof FHS1 171 172 €m Q2/26 Q2/25 Corporate EBIT -37 -29 thereof Corporate -47 -37 thereof FHS1 11 8 Before special items 1

  37. Slide 37: Fresenius Group H1/26 Corporate

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Group H1/26 Corporate €m H1/26 H1/25 Corporate Revenue 186 181 thereof Corporate -151 -161 thereof FHS1 337 342 €m H1/26 H1/25 Corporate EBIT -85 -68 thereof Corporate -104 -83 thereof FHS1 19 15 Before special i

  38. Slide 38: Fresenius Group Q2/26 Calculation of noncontrolling interests

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Group Q2/26 Calculation of noncontrolling interests €m Q2/26 Q2/25 Earnings before tax and noncontrolling interests 647 569 Taxes -161 -143 Noncontrolling interests, thereof -17 -14 Fresenius Kabi -14 -12 Freseni

  39. Slide 39: Fresenius Group H1/26 Calculation of noncontrolling interests

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Group H1/26 Calculation of noncontrolling interests €m H1/26 H1/25 Earnings before tax and noncontrolling interests 1,257 1,142 Taxes -302 -286 Noncontrolling interests, thereof -25 -28 Fresenius Kabi -19 -23 Fre

  40. Slide 40: Fresenius Group Q2/26 & Q2/26 LTM Cash flow development

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Group Q2/26 & Q2/26 LTM Cash flow development Q2/26 Q2/25 €m Q2/26 Q2/25 LTM LTM OCF 344 425 2,819 2,280 thereof Kabi 272 217 1,381 1,089 thereof Helios 37 348 1,536 1,428 % OCF Margin 5.9% 7.6% 12.3% 10.3% Capex

  41. Slide 41: Fresenius Group Q2/26 & LTM Reconciliation: Adjusted Free Cash Flow for CCR

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Group Q2/26 & LTM Reconciliation: Adjusted Free Cash Flow for CCR Q2/26 Q2/25 €m LTM LTM Operating Cash Flow 2,819 2,280 Capex -996 -970 Free Cash Flow (before acquisitions, dividends, and lease liabilities) 1,82

  42. Slide 42: Fresenius Group Q2/26 Cash flow development by business segment

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Group Q2/26 Cash flow development by business segment Operating Cash Flow Capex, net Free Cash Flow1 Q2/26 Q2/25 Q2/26 % Q2/25 % Q2/26 Q2/25 €m Q2/26 Q2/25 Margin Margin Q2/26 Q2/25 rev. rev. Q2/26 Q2/25 Margin M

  43. Slide 43: Fresenius Group Q2/26 LTM Cash flow development by business segment

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Group Q2/26 LTM Cash flow development by business segment Operating Cash Flow Capex, net1 Free Cash Flow2 Q2/26 Q2/25 Q2/26 Q2/25 Q2/26 Q2/25 Q2/26 Q2/25 LTM LTM Q2/26 Q2/25 LTM LTM Q2/26 Q2/25 LTM LTM €m LTM LTM

  44. Slide 44: Fresenius Group Capital efficiency and returns

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Group Capital efficiency and returns ROIC1, % CCR1,2 Net debt / EBITDA1,3 9.0 1.3 4.0 1.2 1.2 1.2 8.0 1.2 3.5 6.9 1.1 1.1 1.1 3.2 7.0 6.8 1.1 3.1 6.6 3.0 3.0 6.3 6.1 6.2 6.2 6.2 1.0 1.0 3.0 3.0 6.0 1.0 2.7 2.6 2.

  45. Slide 45: Fresenius Kabi Q2/26 Organic revenue growth by product group

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Kabi Q2/26 Organic revenue growth by product group ΔYoY €m Q2/26 organic2 MedTech 435 11% Nutrition 613 5% Biopharma 260 38% Growth Vectors1 1,309 12% Pharma (IV Drugs & Fluids) 935 1% Corporate 0 -- Total revenu

  46. Slide 46: Fresenius Kabi H1/26 Organic revenue growth by product group

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Kabi H1/26 Organic revenue growth by product group ΔYoY €m H1/26 organic2 MedTech 828 7% Nutrition 1,223 4% Biopharma 498 36% Growth Vectors1 2,549 10% Pharma (IV Drugs & Fluids) 1,846 2% Corporate 0 -- Total rev

  47. Slide 47: Fresenius Kabi Q2/26 EBIT(DA) development

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Kabi Q2/26 EBIT(DA) development ΔYoY €m Q2/26 cc Total EBITDA 517 10% Margin 23.0% +60 bps Total EBIT 382 11% Margin 17.0% +60 bps Growth Vectors1 234 42% Margin 17.9% +360 bps Pharma (IV Drugs & Fluids) 177 -13%

  48. Slide 48: Fresenius Kabi H1/26 EBIT(DA) development

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Kabi H1/26 EBIT(DA) development ΔYoY €m H1/26 cc Total EBITDA 1,003 8% Margin 22.8% +50 bps Total EBIT 740 8% Margin 16.8% +20 bps Growth Vectors1 429 27% Margin 16.8% +200 bps Pharma (IV Drugs & Fluids) 371 -8%

  49. Slide 49: 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

  50. Slide 50: Fresenius Kabi Biosimilar portfolio and pipeline

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Kabi Biosimilar portfolio and pipeline Fresenius biosimilar portfolio & pipeline 40 Global peak branded sales of originators1, €b ~90 Fresenius ~40 mAbxience Fresenius and mAbxience ~35 ~210 28 aflibercept 6 ritu

  51. Slide 51: Fresenius Helios Q2/26 Key financials

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Helios Q2/26 Key financials ΔYoY €m Q2/26 cc Total revenue 3,526 5%1 Thereof Helios Germany 2,096 6%1 Thereof Helios Spain 1,430 3%1 Total EBIT 374 10% Margin 10.6% +60bps Thereof Helios Germany 173 16% Margin 8.

  52. Slide 52: Fresenius Helios H1/26 Key financials

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Helios H1/26 Key financials ΔYoY €m H1/26 cc Total revenue 7,027 4%1 Thereof Helios Germany 4,188 4%1 Thereof Helios Spain 2,839 4%1 Total EBIT 741 10% Margin 10.6% +70bps Thereof Helios Germany 346 13% Margin 8.

  53. Slide 53: Fresenius Helios H1/26 Key metrics

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Helios H1/26 Key metrics €m Q2/26 Q2/25 ΔYoY H1/26 H1/25 ΔYoY Helios Germany Hospitals 80 84 -5% 80 84 -5% Thereof acute care hospitals 77 81 -5% 77 81 -5% Beds 30,068 29,804 1% 30,068 29,804 1% Thereof acute car

  54. Slide 54: Helios Germany Constructive framework for continued reimbursement growth

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Helios Germany Constructive framework for continued reimbursement growth DRG Inflator Regular support from additional funds Annual price increase for reimbursement of hospital treatments Around 70% of German hospitals are

  55. Slide 55: Helios Germany Regulatory changes playing to our strengths

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Helios Germany Regulatory changes playing to our strengths Structural hospital reform1 GKV Stabilization Act1,4 Create a more quality-driven and specialized hospital sector Stabilize the statutory health insurance system (

  56. Slide 56: 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 05 Aug 2026 Q2 2026 results Open dialogues are vital to us! We have teamed up with

Fresenius Se & — Q2 2026 Earnings Presentation on 6ix