Fresenius Medical Care Ag · XETR:FME
Fresenius Medical Care — Annual Press Conference 2026
22 slides from Fresenius Medical Care's conference presentation, Feb 24, 2026
Slide 1: Annual Press Conference 2026
Fresenius Medical Care Helen Giza CEO & Chair of the Management Board February 24, 2026 Annual Press Conference 2026
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: The world's leading provider of kidney care products and services
Fresenius Medical Care | The world’s leading provider of kidney care products Q4 2024 and services Conference Call Kidney care at a global How we create value 2025 a milestone year scale ▪ ~292,000 patients treated ▪ Industry-leading scale in Care ▪ Significant step-up in Delivery profitability worl
Slide 4: FME Reignite: Three strategic priorities with one clear goal
FME Reignite I Three strategic priorities with one clear goal Q4 2024 Conference Call Reignite Reignite Reignite the Core Growth & Innovation our Culture Drive profitable Develop together and Strengthen core growth and strengthen our operations innovation culture € Reignite Value Creation Annual Pre
Slide 5: Achievements
1 Achievements
Slide 6: 2025 | The milestone year
2025 | The milestone year Q4 2024 Conference Call New Value- Soft launch of Step-up in Based Care 5008X U.S. operating segment roll-out income margin Further refinement of Select pilot programs Supported by all 3 operating model, in FME clinics to segments and enhancing reporting introduce 5008X and
Slide 7: Exceptional financial performance
2025 | Exceptional financial performance Q4 2024 Conference Call ▪ Strong organic revenue growth¹ of 8% driven by all FY operating segments ▪ Reported operating income grew by 31%, reported net income³ by 82% ▪ Driven by an exceptional Q4, full year operating income² growth of 27% reached top end of
Slide 8: 2025 Highlights | Strong execution accelerates operational improvements
2025 Highlights | Strong execution accelerates operational improvements Q4 2024 Conference Call Care Value-Based Care Delivery Care Enablement ▪ Same market treatment growth: ▪ Positive operating income¹ driven by ▪ Overall positive pricing contribution – U.S. broadly flat favorable savings rate, br
Slide 9: 2025 mid-term financial targets | Committed. Delivered.
2025 mid-term financial targets | Committed. Delivered. Q4 2024 Conference Call Key financial target 2025 mid-term target2 vs. actuals 2022 2025 Group Operating income margin1 % Group target 10-14% 7.9% 11.3% Operating income margin1 Care Delivery target 11-15% 9.5% 13.1% Care Delivery2 Care Enablem
Slide 10: 2025 mid-term financial targets | Committed. Delivered.
2025 mid-term financial targets | Committed. Delivered. Q4 2024 Conference Call Key strategic initiative 2025 target vs. actuals Accumulated sustainable savings of € 750 million FME25+ ▪ 2025 mid-term target of €750 million by 2025 transformation program ▪ Exceeded: €804 million Exit international m
Slide 11: 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
Slide 12: 2026 | Largest product launch in FME history
2026 | 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 clinics and
Slide 13: Financials
2 Financials
Slide 14: 2025 | Strong organic growth and step-up in profitability achieved
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
Slide 15: 2025 | 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.
Slide 16: 2025 | 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 % n.a.% +33.9% organic2 2,247 +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
Slide 17: 2025 | 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
Slide 18: Outlook
3 Outlook
Slide 19: FY 2026 | Outlook & 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
Slide 20: 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
Slide 21: Closing | Delivering today – building tomorrow
Closing | Delivering today – building tomorrow Q4 2024 Conference Call Create a future worth living – for patients. Worldwide. Every day. Annual Press Conference Feb 2026 Page 21
Slide 22: Thank you.
Thank you. Your questions are welcome.
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