Fresenius Medical Care Ag · XETR:FME
Fresenius Medical Care — Q3 2025 Earnings Presentation
31 slides from Fresenius Medical Care's earnings presentation, Nov 4, 2025
Slide 1: Q3 2025 IR Conference Call
Analyst Presentation Helen Giza CEO & Chair of the Management Board Martin Fischer CFO November 4, 2025 Q3 2025 IR Conference Call
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: Q3 Highlights
1 Q3 Highlights 2 Q3 2025 Business update 3 Outlook 2025
Slide 4: Q3 2025 | Key developments at Group level
Q3 2025 | Key developments at Group level Q4 2024 Conference Call ▪ Strong organic revenue growth1 of 10% driven by all operating segments Q3 ▪ Positive U.S. same market treatment of +0.1% in line with expectations ▪ Accelerated operating income² growth of 28% at constant currency ▪ Step-change in o
Slide 5: ASN Kidney Week 2025 | FME highlights real-world advances in HVHDF and AI
ASN Kidney Week 2025 | FME highlights real-world advances in Q4 2024 Conference Call HVHDF and AI FME to present new research on: Reduced risk of cardiovascular ▪ How hemodiafiltration (HDF) is and fluid-related hospitalization associated with improved outcomes for Highlighting how HDF may lower the
Slide 6: Care Delivery | Enhancing quality and patient safety to Reignite Growth
Care Delivery | Enhancing quality and patient safety to Reignite Growth Q4 2024 Conference Call Patient growth through leading clinical outcomes Progress on quality and patient safety initiatives in U.S. Treatment adherence Alignment between physicians, patients, and clinicians drove improvement in
Slide 7: Q3 2025 Highlights | Strong execution accelerates operational improvements
Q3 2025 Highlights | Strong execution accelerates operational Q4 2024 Conference Call improvements Care Value-Based Care Delivery Care Enablement ▪ Same market treatment growth: ▪ Higher number of member months due ▪ Volume growth continued – U.S. slightly positive at +0.1% to continued contracting
Slide 8: Q3 2025 Business update
1 Q3 Highlights 2 Q3 2025 Business update 3 Outlook 2025
Slide 9: Q3 2025 | Acceleration in organic revenue growth and inflection in earnings
Q3 2025 | Acceleration in organic revenue growth and inflection in earningsQ4 2024 Conference Call Revenue | in € million Operating income | in € million Margin in % +8.3% at cc¹ 9.7% 9.9% 11.7% 9.8% 4,760 +9.7% organic2 4,885 +2.6% as reported +27.6% at cc1 574 463 6 469 477 +22.4% at current rate
Slide 10: Q3 2025 | Group operating income and margin bridge
Q3 2025 | Group operating income and margin bridge Q4 2024 Conference Call Margin in % 9.9% 11.7% In € million 19 29 0 574 66 15 -24 463 6 469 477 -97 Q3 2024 Special items Q3 2024 Care Value-Based Care Inter- Corporate Fx Q3 2025 Special items Q3 2025 operating operating Delivery Care Enablement se
Slide 11: Q3 2025 | Care Delivery significantly improved profitability
Q3 2025 | Care Delivery significantly improved profitability Q4 2024 Conference Call Revenue | in € million Operating income | in € million Margin in % 13.2% +7.4% 14.5% +3.6% at cc¹ at current rate 3,471 +5.6% organic2 3,402 -2.0% as reported +14.4% at cc1 90 32 459 493 2,881 2,842 -56 -32 U.S. Int
Slide 12: Q3 2025 | Value-Based Care further accelerated revenue growth
Q3 2025 | Value-Based Care further accelerated revenue growth Q4 2024 Conference Call Revenue | in € million Operating income | in € million Margin in % +42.1% at cc¹ 576 +41.4% +42.1% organic2 +33.7% as reported -8.5% at current rate -3.7% 431 +39.5% at cc1 2 -1 1 14 -21 -37 Q3 2024 Business FME25+
Slide 13: Q3 2025 | Care Enablement operating income growth and margin expansion
Q3 2025 | Care Enablement operating income growth and margin expansionQ4 2024 Conference Call Revenue | in € million Operating income | in € million Margin in % 5.6% +36.4% 7.6% +4.6% at cc¹ at current rate 1,359 +4.6% organic2 1,361 0.1% as reported +38.1% at cc1 36 103 12 -19 75 -1 Q3 2024 Q3 2025
Slide 14: Q3 2025 | Lower net financial debt and further improved leverage ratio
Q3 2025 | Lower net financial debt and further improved leverage ratio Q4 2024 Conference Call in € million Q3 2025 Q3 2024 ∆ in % 9M 2025 9M 2024 ∆ in % Key developments Operating cash flow 742 985 -25 1,679 1,554 8 ▪ Operating cash flow declined compared to prior year, which was ▪ Capital expendit
Slide 15: Outlook 2025
1 Q3 Highlights 2 Q3 2025 Business update 3 Outlook 2025
Slide 16: FY 2025 | Outlook confirmed
FY 2025 | Outlook confirmed Q4 2024 Conference Call FY 2025 Revenue & Operating Income Positive to a low-single digit Revenue percent growth FY 2024 basis: EUR 19,336 million Implied Group operating income margin around 11% to 12% High-teens to high-twenties Operating percent growth income FY 2024 b
Slide 17: Your questions are welcome.
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Slide 18: Appendix
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Slide 19: Q3 2025 | Profit and Loss
Q3 2025 | Profit and Loss Q4 2024 Conference Call Q3 2025 Q3 2024 Growth Growth € million € million in % in % cc Revenue 4,885 4,760 3 8 Operating income 477 463 3 8 Operating income margin in % 9.8 9.7 Operating income excl. special items 574 469 22 28 Operating income margin excl. special items in
Slide 20: 9M 2025 | Profit and Loss
9M 2025 | Profit and Loss Q4 2024 Conference Call 9M 2025 9M 2024 Growth Growth € million € million in % in % cc Revenue 14,558 14,251 2 5 Operating income 1,233 1,133 9 11 Operating income margin in % 8.5 8.0 Operating income excl. special items 1,507 1,307 15 18 Operating income margin excl. speci
Slide 21: Q3 2025 | 2024 base for 2025 targets, reconciliation adjustments
Q3 2025 | 2024 base for 2025 targets, reconciliation adjustments 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 elim
Slide 22: 9M 2025 | 2024 base for 2025 targets, reconciliation adjustments
9M 2025 | 2024 base for 2025 targets, reconciliation adjustments 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 elim
Slide 23: Debt
Debt Q4 2024 Conference Call Q3 2025 FY 2024 FY 2023 € million € million € million Debt Short-term debt from unrelated parties 67 2 457 + Current portion of long-term debt 476 575 487 + Current portion of lease liabilities from unrelated parties 568 616 593 + Current portion of lease liabilities fro
Slide 24: EBITDA
EBITDA Q4 2024 Conference Call Reconciliation of adjusted EBITDA and net leverage ratio to the most directly comparable IFRS financial measures LTM Q3 2025 FY 2024 FY 2023 € million € million € million Net income 907 741 732 + Income tax expense 276 316 301 − Interest income -77 -72 -88 + Interest e
Slide 25: Return on Invested Capital (ROIC)
Return on Invested Capital (ROIC) Q4 2024 Conference Call 12.4% 8.6% 7.8% 8.0% 8.0% 7.1% 6.6% 6.1% 5.1% 4.5% 5.4% adj. 5.8% 3.9% 4.9% 3.6% 4.1% rep. 3.3% 3.5% 2.8% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q3 2025 ▪ For the years 2015-17 ROIC as reported within the Form 20-F. ▪ ROIC adjusted
Slide 26: Exchange rates, U.S. dialysis days per quarter, definitions
Exchange rates, U.S. dialysis days per quarter, definitions Q4 2024 Conference Call Exchange rates U.S. dialysis days per quarter Q1 Q2 Q3 Q4 Full year 9M 2025 FY 2024 FY 2023 2025 76 78 79 79 312 €:USD Period end 1.174 1.039 1.105 2024 77 78 79 80 314 Average 1.119 1.082 1.081 2023 77 78 79 79 313
Slide 27: Key metrics for Care Delivery and Value-Based Care
Key metrics for Care Delivery and Value-Based Care Q4 2024 Conference Call Care Delivery as of September 30, 2025 as of September 30, 2024 Patients Treatments Clinics Patients Treatments Clinics United States 205,846 23,183,666 2,621 205,942 23,299,461 2,629 Growth in % 0 0 0 International 87,774 10
Slide 28: 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
Slide 29: Segment information for FY 2021, 2022, 2023 and 2024
Segment information for FY 2021, 2022, 2023 and 2024 Q4 2024 Conference Call € million; % change year-over-year FY 2024 Growth Growth at cc Organic growth FY 2023 FY 2022 FY 2021 Total Revenue 19,336 -1 0 4 19,454 19,398 17,619 Operating income 1,392 2 3 1,369 1,512 1,852 Operating income excl. spec
Slide 30: IR event calendar: Conferences and Roadshows
IR event calendar Q4 2024 Conference Call Date Event Reporting November 4, 2025 Report on Q3 2025: Earnings Release and Conference Call February 24, 2026 Report on Q4/FY 2025: Earnings Release and Conference Call May 21, 2026 Annual General Meeting 2026 November 5, 2025 Q3-2025 C-Level Roadshow, Lon
Slide 31: Investor Relations contacts
Dr. Dominik K. Heger Ilia Kuerten Fresenius Medical Care AG Investor Relations Head of Investor Relations, Vice President Else-Kröner-Str. 1 Strategic Development & Investor Relations Communications | EVP 61352 Bad Homburg v. d. H. Germany ir@FreseniusMedicalCare.com +49(0) 6172-609-2525 +49(0) 61
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