Fresenius SE & Co. KGaA · XETR:FRE
Fresenius SE & Co. KGaA — Q3 2026 Earnings Presentation
60 slides from Fresenius SE & Co. KGaA's earnings presentation, Nov 4, 2026
Slide 1: Scaling the Growth Vectors, Core EPS Guidance improved
Content Click below to navigate through the document 1 Strategy and Business Update 2 Financials 3 #FutureFresenius 4 Appendix Scaling the Growth Vectors, Core EPS Guidance improved Q3 2026 conference call and webcast Bad Homburg, 4 November 2026 © Fresenius 2026 | Q3 2026 Earnings Call | 4 November
Slide 2: Safe harbor statement and Glossary
Content Click below Safe harbor Glossary to navigate through the document statement 1 Strategy and Business Update This presentation contains forward-looking statements that are subject to cc At constant currency 2 Financials various risks and uncertainties. Future results could differ materially fr
Slide 3: Strategy and Business Update
Content Click below 01 02 03 04 to navigate through the document 1 Strategy and Business Update 2 Financials 3 #FutureFresenius Strategy and Financials #FutureFresenius Appendix 4 Appendix Business Update 3 © Fresenius 2026 | Q3 2026 Earnings Call | 4 November 2026
Slide 4: Q3/26: Core EPS Guidance improved
Content Q3/26: Core EPS Guidance improved Click below to navigate through the document 1 Strategy and Business Update Healthy Raising FY/26 Excellent Return focus Substantially FY/26 2 Financials organic Group margin bottom-line: pays off: improved Cash Guidance 3 #FutureFresenius growth: indication
Slide 5: Fresenius Kabi: Q3/26 news
Content Fresenius Kabi: Click below Q3/26 news to navigate through the document 1 Strategy and Business Update Nutrition MedTech Biopharma Pharma 2 Financials Advancing innovation Ivenix momentum Expanding U.S. Expanding European 3 #FutureFresenius agenda: further accelerated: direct-to-payer- produ
Slide 6: Fresenius Kabi: Biopharma growth engine
Content Fresenius Kabi: Click below Biopharma growth engine to navigate through the document 1 Strategy and Business Update Market shares, by molecule Tyenne 2 Financials 3 #FutureFresenius EU5: 39% • 45% volume increase in Q3/26 4 Appendix (YOY) • Additional supply secured to U.S.: 20% address stro
Slide 7: Fresenius Kabi: Quality firmly embedded across all operations
Content Fresenius Kabi: Click below Quality firmly embedded across all operations to navigate through the document 1 Strategy and Business Update Rigorous execution on quality Melrose Park: 2 Financials management and process A specific and manageable 3 #FutureFresenius enhancements is part of the s
Slide 8: Fresenius Helios: Q3/26 news
Content Fresenius Helios: Click below Q3/26 news to navigate through the document 1 Strategy and Business Update Germany Spain 2 Financials Constructive reimburse- Peer-reviewed research 3 #FutureFresenius ment environment in confirms benefits of 4 Appendix FY/27: “Scribe”: • DRG inflator at 4.85%1
Slide 9: Building a vertically-integrated Bio powerhouse
Content Building a vertically-integrated Bio powerhouse Click below to navigate through the document 1 Strategy and Business Update 2 Financials 3 #FutureFresenius 100% ownership WuXi Biologics exclusive 4 Appendix in mAbxience development agreement Ambition to achieve Full control over scalable, co
Slide 10: Scaling the Growth Vectors for innovation-led growth
Content Scaling the Growth Vectors Click below for innovation-led growth to navigate through the document 1 Strategy and Business Update Fresenius Kabi EBIT Growth Vectors margin1 Growth Vectors1 2 Financials Pharma 3 #FutureFresenius 4 Appendix 17.3% 9.3% 48% 45% 33% 30% 55% of Group EBIT Q3/26 LTM
Slide 11: Financials
Content Click below 01 02 03 04 to navigate through the document 1 Strategy and Business Update 2 Financials 3 #FutureFresenius Strategy and Financials #FutureFresenius Appendix 4 Appendix Business Update 11 © Fresenius 2026 | Q3 2026 Earnings Call | 4 November 2026
Slide 12: Q3/26: Excellent EPS growth fueled by strong operating performance
Content Q3/26: Excellent EPS growth fueled Click below by strong operating performance to navigate through the document 1 Strategy and Revenue EBIT EBIT Organic Revenue growth of 5%, driven by both Fresenius Kabi Business Update and Fresenius Helios 2 Financials margin EBIT margin of 11.0% (+50bps Y
Slide 13: Fresenius Kabi Q3/26 financials
Content Fresenius Kabi Click below Q3/26 financials to navigate through the document 1 Strategy and Consistent Organic Revenue growth of 6%, in the upper half Business Update of the structural growth band (4 – 7%) 2 Financials 16.7% 16.7% 17.0% 17.0% EBIT • Growth Vectors with strong 9%1 Organic gro
Slide 14: Fresenius Helios Q3/26 financials
Content Fresenius Helios Click below Q3/26 financials to navigate through the document 1 Strategy and Strong Organic Revenue growth of 5%, in line with structural Business Update growth band (4 – 6%) 2 Financials 11.7% 3 #FutureFresenius 10.5% 10.6% Excellent EBIT margin of 8.6% (+110bp YOY), reflec
Slide 15: Free Cash Flow more than doubled year-on-year
Content Free Cash Flow more than doubled Click below year-on-year to navigate through the document 1 Strategy and Business Update Cash Flow, €m Strong Operating Cash ~€720m cash Flow and cash 2 Financials incl. proceeds outflow from conversion: 3 #FutureFresenius from FME mAbxience Q3/26 LTM CCR2: 1
Slide 16: Biopharma transactions: Retaining strategic control, flexibility and economic ownership
Content Biopharma transactions: Retaining strategic control, Click below flexibility and economic ownership to navigate through the document 1 Strategy and Business Update We allocate capital to most We maintain 2 Financials 3 #FutureFresenius compelling opportunities strategic flexibility 4 Appendi
Slide 17: Core EPS growth expected in upper half of Guidance range
Content Core EPS growth expected in upper half of Guidance Click below range, raising Group EBIT margin indication to navigate through the document 1 Strategy and Business Update Indications 2 Financials 3 #FutureFresenius 4 Appendix Organic revenue Core EPS Fresenius Group growth growth cc EBIT mar
Slide 18: #FutureFresenius
Content Click below 01 02 03 04 to navigate through the document 1 Strategy and Business Update 2 Financials 3 #FutureFresenius Strategy and Financials #FutureFresenius Appendix 4 Appendix Business Update 18 © Fresenius 2026 | Q3 2026 Earnings Call | 4 November 2026
Slide 19: REJUVENATE in action
Content REJUVENATE in action Click below to navigate through the document 1 Strategy and Business Update 2 Financials Q1-3/26 FY/251 3 #FutureFresenius 4 Appendix Structural step-up Seizing opportunities #FutureFresenius translating Converting strong EBIT margin into continued earnings strength oper
Slide 20: Meet the Management Nutrition Virtual event
Content Click below to navigate through the document 1 Strategy and Business Update 2 Financials 3 #FutureFresenius 4 Appendix 10 December 2026 Meet the Management Nutrition Virtual event 20 © Fresenius 2026 | Q3 2026 Earnings Call | 4 November 2026
Slide 21: Appendix
Content Click below 01 02 03 04 to navigate through the document 1 Strategy and Business Update 2 Financials 3 #FutureFresenius Strategy and Financials #FutureFresenius Appendix 4 Appendix Business Update 21 © Fresenius 2026 | Q3 2026 Earnings Call | 4 November 2026
Slide 22: Capital allocation priorities
Content Fresenius Group Click below Capital allocation priorities to navigate through the document 1 Strategy and Business Update Profitable Attractive Strong 2 Financials 3 #FutureFresenius Growth shareholder returns balance sheet 4 Appendix Disciplined CAPEX – Distribution of 30 – 40% Leverage wit
Slide 23: Fresenius Financial Framework
Content Fresenius Group Click below Fresenius Financial Framework to navigate through the document 1 Strategy and Business Update Fresenius Fresenius Ambitions geared for 2 Financials 3 #FutureFresenius Kabi Helios substantial earnings 4 Appendix growth EBIT margin 17 – 19% 10 – 12% Strong balance a
Slide 24: FY/26 indications
Content Fresenius Group Click below FY/26 indications to navigate through the document 1 Strategy and Business Update €m FY/25 FY/26 indication 2 Financials Fresenius Kabi 3 #FutureFresenius Organic revenue growth 7% Mid- to high-single-digit 4 Appendix EBIT margin 16.4% At the upper end of the 16.5
Slide 25: FY/26 indications: Q4/26 effects and macro environment
Content Fresenius Group Click below FY/26 indications to navigate through the document 1 Strategy and Business Update Q4/26 effects Macroeconomic 2 Financials 3 #FutureFresenius environment: Kabi: Consistent topline growth 4 Appendix Geopolitical conflicts, i.e. Middle East Kabi: Annualization of Ke
Slide 26: Currency sensitivities & exposure
Content Fresenius Group Click below Currency sensitivities & exposure to navigate through the document 1 Strategy and Business Update FY/26 currency sensitivities 2 Financials Other 3 #FutureFresenius Growth sensitivities 14% 4 Appendix Currency Variation Revenue EBIT Core EPS ARS 1% U.S. Dollar +1
Slide 27: Fresenius Group: Business overview
Content Fresenius Group: Click below Business overview to navigate through the document 1 Strategy and Business Update Fresenius Strong underlying, Driving growth, Fresenius 2 Financials Helios sustained leadership accelerating performance Kabi 3 #FutureFresenius 4 Appendix Germany Spain Pharma Nutr
Slide 28: Q3/26 Statement of income
Content Fresenius Group Click below Q3/26 Statement of income (Summary, IFRS, unaudited) to navigate through the document 1 Strategy and Q3/25 Q3/25 Business Update €m Q3/26 restated1 previous Growth 2 Financials Revenue 5,884 5,556 5,485 6% 3 #FutureFresenius Costs of revenue -4,351 -4,252 -4,185 -
Slide 29: Q1-3/26 Statement of income
Content Fresenius Group Click below Q1-3/26 Statement of income (Summary, IFRS, unaudited) to navigate through the document 1 Strategy and Q1-3/25 Q1-3/25 Business Update €m Q1-3/26 restated1 previous Growth 2 Financials Revenue 17,648 16,912 16,717 4% 3 #FutureFresenius Costs of revenue -13,030 -12
Slide 30: Q3/26 Reconciliation
Content Fresenius Group Click below Q3/26 Reconciliation to navigate through the document 1 Strategy and Growth rate Business Update €m Q3/26 Q3/25 Growth rate at cc Revenue reported (after special items) 5,884 5,556 6% 4% 2 Financials Legacy portfolio adjustments -9 - 3 #FutureFresenius Fresenius t
Slide 31: Q1-3/26 Reconciliation
Content Fresenius Group Click below Q1-3/26 Reconciliation to navigate through the document 1 Strategy and Growth rate Business Update €m Q1-3/26 Q1-3/25 Growth rate at cc 2 Financials Revenue reported (after special items) 17,648 16,912 4% 4% Legacy portfolio adjustments -19 -1 3 #FutureFresenius F
Slide 32: Indicative presentation of future disclosure of operating profit in accordance with IFRS 18
Content Indicative presentation of future disclosure of Click below operating profit in accordance with IFRS 18 to navigate through the document 1 Strategy and IFRS 18 applied from 2027 onwards Business Update 2 Financials IFRS 18 amends a number of other standards and will replace IAS 1, Presentati
Slide 33: Indicative comparison: EBIT (IAS 1) vs. operating profit (IFRS 18)
Content Indicative comparison: EBIT before special items (IAS 1) Click below vs. operating profit before special items (IFRS 18) to navigate through the document 1 Strategy and Q1/26 Q2/26 Q3/26 Q1-3/26 Q1/26 Q2/26 Q3/26 Q1-3/26 Business Update €m (before special items) IAS 1 IAS 1 IAS 1 IAS 1 €m (b
Slide 34: Q3/26 Revenue
Content Fresenius Group Click below Q3/26 Revenue to navigate through the document 1 Strategy and Business Update Revenue by region, % Revenue by business segment, % 2 Financials 3 #FutureFresenius 6 1 1 4 Appendix 7 13 40 €5.8bn €5.8bn 59 73 Europe North America Asia-Pacific Latin America Africa Fr
Slide 35: Q1-3/26 Revenue
Content Fresenius Group Click below Q1-3/26 Revenue to navigate through the document 1 Strategy and Business Update Revenue by region, % Revenue by business segment, % 2 Financials 3 #FutureFresenius 2 4 Appendix 12 38 7 €17.4bn €17.4bn 74 6 1 60 Europe North America Asia-Pacific Latin America Afric
Slide 36: Q3/26 Revenue growth by business segment
Content Fresenius Group Click below Q3/26 Revenue growth by business segment to navigate through the document 1 Strategy and Business Update Growth at Currency Growth at % of 2 Financials actual translation constant Organic Acqui- Divestitures total €m Q3/26 Q3/25 rates effects rates 1 growth1 sitio
Slide 37: Q1-3/26 Revenue growth by business segment
Content Fresenius Group Click below Q1-3/26 Revenue growth by business segment to navigate through the document 1 Strategy and Business Update Growth at Currency Growth at % of 2 Financials actual translation constant Organic Acqui- Divestitures total €m Q1-3/26 Q1-3/25 rates effects rates 1 growth1
Slide 38: Q3/26 Corporate
Content Fresenius Group Click below Q3/26 Corporate to navigate through the document 1 Strategy and Business Update €m Q3/26 Q3/25 2 Financials Corporate Revenue 93 96 3 #FutureFresenius thereof Corporate -68 -86 4 Appendix thereof FHS1 161 182 €m Q3/26 Q3/25 Corporate EBIT -45 -26 thereof Corporate
Slide 39: Q1-3/26 Corporate
Content Fresenius Group Click below Q1-3/26 Corporate to navigate through the document 1 Strategy and Business Update €m Q1-3/26 Q1-3/25 2 Financials Corporate Revenue 279 277 3 #FutureFresenius thereof Corporate -219 -247 4 Appendix thereof FHS1 498 524 €m Q1-3/26 Q1-3/25 Corporate EBIT -130 -94 th
Slide 40: Q3/26 Calculation of noncontrolling interests
Content Fresenius Group Click below Q3/26 Calculation of noncontrolling interests to navigate through the document 1 Strategy and Business Update €m Q3/26 Q3/25 2 Financials Earnings before tax and noncontrolling interests 563 493 3 #FutureFresenius Taxes -143 -122 4 Appendix Noncontrolling interest
Slide 41: Q1-3/26 Calculation of noncontrolling interests
Content Fresenius Group Click below Q1-3/26 Calculation of noncontrolling interests to navigate through the document 1 Strategy and Business Update €m Q1-3/26 Q1-3/25 2 Financials Earnings before tax and noncontrolling interests 1,820 1,635 3 #FutureFresenius Taxes -446 -408 4 Appendix Noncontrollin
Slide 42: Q3/26 & Q3/26 LTM Cash flow development
Content Fresenius Group Click below Q3/26 & Q3/26 LTM Cash flow development to navigate through the document 1 Strategy and Business Update Q3/26 Q3/25 2 Financials €m Q3/26 Q3/25 LTM LTM 3 #FutureFresenius OCF 633 758 2,694 2,260 4 Appendix thereof Kabi 462 443 1,400 1,158 thereof Helios 284 332 1,
Slide 43: Q3/26 & LTM Reconciliation: Adjusted Free Cash Flow for CCR
Content Fresenius Group Click below Q3/26 & LTM Reconciliation: Adjusted Free Cash Flow for CCR to navigate through the document 1 Strategy and Q3/2026 Q3/2025 Business Update €m LTM LTM 2 Financials Operating Cash Flow 2,694 2,260 3 #FutureFresenius Capex -952 -973 4 Appendix Free Cash Flow 1,742 1
Slide 44: Q3/26 Cash flow development by business segment
Content Fresenius Group Click below Q3/26 Cash flow development by business segment to navigate through the document 1 Strategy and Business Update Operating Cash Flow Capex Free Cash Flow1 2 Financials Q3/26 Q3/25 Q3/26 Q3/25 Q3/26 Q3/25 3 #FutureFresenius €m Q3/26 Q3/25 Margin Margin Q3/26 Q3/25 %
Slide 45: Q3/26 LTM Cash flow development by business segment
Content Fresenius Group Click below Q3/26 LTM Cash flow development by business segment to navigate through the document 1 Strategy and Business Update Operating Cash Flow Capex Free Cash Flow 2 Financials Q3/26 Q3/25 Q3/26 Q3/25 Q3/26 Q3/25 3 #FutureFresenius Q3/26 Q3/25 LTM LTM Q3/26 Q3/25 LTM LTM
Slide 46: Capital efficiency and returns
Content Fresenius Group Click below Capital efficiency and returns to navigate through the document 1 Strategy and Business Update ROIC1, % CCR1,2 Net debt / EBITDA1,3 2 Financials 3 #FutureFresenius 9.0 1,3 4.0 4 Appendix 1,2 1,2 8.0 1,2 3.5 6,9 7,0 1,1 1.1 1.1 6,8 1,1 3.1 7.0 6,6 1,1 3.0 3.0 6,2 6
Slide 47: Fresenius Kabi Q3/26 Organic revenue growth by product group
Content Fresenius Kabi Click below Q3/26 Organic revenue growth by product group to navigate through the document 1 Strategy and Business Update ΔYoY 2 Financials €m Q3/26 organic2 3 #FutureFresenius MedTech 428 6% 4 Appendix Nutrition 646 4% Biopharma 296 29% Growth Vectors1 1,370 9% Pharma (IV Dru
Slide 48: Fresenius Kabi Q1-3/26 Organic revenue growth by product group
Content Fresenius Kabi Click below Q1-3/26 Organic revenue growth by product group to navigate through the document 1 Strategy and Business Update ΔYoY 2 Financials €m Q1-3/26 organic2 3 #FutureFresenius MedTech 1,256 7% 4 Appendix Nutrition 1,869 4% Biopharma 793 33% Growth Vectors1 3,918 10% Pharm
Slide 49: Fresenius Kabi Q3/26 EBIT(DA) development
Content Fresenius Kabi Click below Q3/26 EBIT(DA) development to navigate through the document 1 Strategy and Business Update ΔYoY 2 Financials €m Q3/26 cc Total EBITDA 520 5% 3 #FutureFresenius 4 Appendix Margin 22.6% -10 bps Total EBIT 391 8% Margin 17.0% +30 bps Growth Vectors1 251 27% Margin 18.
Slide 50: Fresenius Kabi Q1-3/26 EBIT(DA) development
Content Fresenius Kabi Click below Q1-3/26 EBIT(DA) development to navigate through the document 1 Strategy and Business Update ΔYoY 2 Financials €m Q1-3/26 cc Total EBITDA 1,523 7% 3 #FutureFresenius 4 Appendix Margin 22.7% +20 bps Total EBIT 1,131 8% Margin 16.9% +30 bps Growth Vectors1 680 27% Ma
Slide 51: Global biosimilars portfolio and pipeline value
Content Fresenius Kabi Click below Global biosimilars portfolio and pipeline value to navigate through the document 1 Strategy and Business Update Molecules by stage of clinical development, peak branded originator sales (€bn)1 2 Financials 3 #FutureFresenius 9 5 8 44 66 4 Appendix molecules adalimu
Slide 52: Marketed biosimilars portfolio
Content Fresenius Kabi Click below Marketed biosimilars portfolio to navigate through the document 1 Strategy and Launch1 Therapy Area Brand (Molecule) Reference Product Region Potential Revenue Business Update Contribution 2 Financials Oncology 3 #FutureFresenius 2025 Izamby/Denbrayce (denosumab)2
Slide 53: Global biosimilars pipeline: approved / in registration / clinical
Content Fresenius Kabi: Global biosimilars pipeline Click below Molecules approved / in registration / clinical/ process validation to navigate through the document 1 Strategy and Status Therapy Area Reference Product Originator Peak Loss of Exclusivity3 Potential Revenue Business Update (Molecule)
Slide 54: Global biosimilars pipeline: early-stage development
Content Fresenius Kabi: Global biosimilars pipeline Click below Disclosed molecules in early-stage development to navigate through the document 1 Strategy and Therapy Area Reference Product (Molecule) Originator Peak Sales (€bn)1 Loss of Exclusivity2 Business Update 2 Financials Immunology Skyrizi®
Slide 55: Fresenius Helios Q3/26 Key financials
Content Fresenius Helios Click below Q3/26 Key financials to navigate through the document 1 Strategy and Business Update ΔYoY 2 Financials €m Q3/26 cc 3 #FutureFresenius Total revenue 3,405 5%1 4 Appendix Thereof Helios Germany 2,099 5%1 Thereof Helios Spain 1,307 5%1 Total EBIT 293 19% Margin 8.6%
Slide 56: Fresenius Helios Q1-3/26 Key financials
Content Fresenius Helios Click below Q1-3/26 Key financials to navigate through the document 1 Strategy and Business Update ΔYoY 2 Financials €m Q1-3/26 cc 3 #FutureFresenius Total revenue 10,433 5%1 4 Appendix Thereof Helios Germany 6,287 5%1 Thereof Helios Spain 4,146 4%1 Total EBIT 1,034 13% Marg
Slide 57: Fresenius Helios Q1-3/26 Key metrics
Content Fresenius Helios Click below Q1-3/26 Key metrics to navigate through the document 1 Strategy and Business Update €m Q3/26 Q3/25 ΔYoY Q1-3/26 Q1-3/25 ΔYoY 2 Financials Helios Germany 3 #FutureFresenius Hospitals 80 84 -5% 80 84 -5% 4 Appendix Thereof acute care hospitals 77 81 -5% 77 81 -5% B
Slide 58: Helios Germany: Constructive framework for continued reimbursement growth
Content Helios Germany Click below Constructive framework for continued reimbursement growth to navigate through the document 1 Strategy and Business Update DRG Inflator Regular support from additional funds 2 Financials Annual price increase for reimbursement of hospital treatments Around 70% of Ge
Slide 59: Helios Germany: Regulatory changes playing to our strengths
Content Helios Germany Click below Regulatory changes playing to our strengths to navigate through the document 1 Strategy and Business Update Structural hospital reform1 GKV Stabilization Act1,4 2 Financials Create a more quality-driven and specialized hospital sector Stabilize the statutory health
Slide 60: Financial Calendar & Contact
Content Financial Calendar & Contact Click below to navigate through the document 1 Strategy and Business Update Financial Calendar Please note that these dates could be subject to change. Investor Feedback and Social Media 2 Financials 10 Dec 2026 Meet the Management Nutrition (virtual) Open dialog
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