Fresenius Medical Care Ag · XETR:FME
Fresenius Medical Care — Q1 2025 Earnings Presentation
27 slides from Fresenius Medical Care's earnings presentation, May 7, 2025
Slide 1: Q1 2025 IR Conference Call
Analyst Presentation Helen Giza CEO & Chair of the Management Board Martin Fischer CFO May 6, 2025 Q1 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: Execution against strategic plan, Q1 business update, Outlook
1 Execution against strategic plan 2 Q1 Business update 3 Outlook
Slide 4: Q1 2025 | Key developments at Group level
Q1 2025 | Key developments at Group level Q4 2024 Conference Call Q1 Strong organic revenue growth1 of 5% driven by Care Enablement and Care Delivery Stable U.S. same market treatment development despite impact from a severe flu season FME25 savings of EUR 68 million contributed to earnings
Slide 5: Q1 2025 Highlights | Strong organic revenue and income growth
Q1 2025 Highlights | Strong organic revenue and income growth Q4 2024 Conference Call Care Delivery Care Enablement Same market treatment growth: Solid volume growth in all geographic regions – U.S. stable, despite impact from a severe flu season, and partly Further positive pricing momentum o
Slide 6: Execution against strategic plan, Q1 business update, Outlook
1 Execution against strategic plan 2 Q1 Business update 3 Outlook
Slide 7: Q1 2025 | Strong organic revenue growth and margin expansion
Q1 2025 | Strong organic revenue growth and margin expansion Q4 2024 Conference Call Revenue | in € million Operating income | in € million Margin in % +1.2% at cc¹ 5.2% 8.5% 9.4% 6.8% +5.4% organic2 4,881 +3.3% as reported +10.9% at cc1 4,725 457 157 403 +13.4% 331 at current rate 246 -126 Q1 2024
Slide 8: Q1 2025 | Operating income and margin growth mainly driven by Care Enablement
Q1 2025 | Operating income and margin growth mainly driven by Care Q4 2024 Conference Call Enablement Margin in % 8.5% 9.4% In € million 10 11 457 37 157 403 -2 -2 331 -126 246 Q1 2024 Special items Q1 2024 Care Care Inter- Corporate Fx translation Q1 2025 Special items Q1 2025 operating operating D
Slide 9: Q1 2025 | Care Delivery with strong organic growth despite muted volumes
Q1 2025 | Care Delivery with strong organic growth despite seasonally Q4 2024 Conference Call muted U.S. volumes Revenue | in € million Operating income | in € million Margin in % 9.2% +3.6% 9.3% -0.9% at cc¹ at current rate 3,788 +4.2% organic2 3,857 +1.8% as reported -0.3% at cc1 348 360 29 14 24
Slide 10: Q1 2025 | Care Enablement continued strong momentum
Q1 2025 | Care Enablement continued strong momentum on both revenue Q4 2024 Conference Call and margins Revenue | in € million Operating income | in € million Margin in % 5.9% +50.1% 8.3% +4.9% at cc¹ at current rate +4.9% organic2 1,367 +5.4% as reported 1,297 +48.7% at cc1 114 1 -18 76 36 19 Q1 20
Slide 11: Q1 2025 | Continued strong cash flow development and improved net leverage ratio
Q1 2025 | Continued strong cash flow development and further improved Q4 2024 Conference Call net leverage ratio in € million Q1 2025 Q1 2024 ∆ in % Key developments Operating cash flow 163 127 27.9 Operating cash flow driven by seasonality of Capital expenditures, net (142) (129) 9.9 invoicing,
Slide 12: Execution against strategic plan, Q1 business update, Outlook
1 Execution against strategic plan 2 Q1 Business update 3 Outlook
Slide 13: 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 14: 2025 | Capital Markets Day
2025 | Capital Markets Day Q4 2024 Conference Call For more information and to participate, please reach out to ir@freseniusmedicalcare.com June 17, 2025 | London, UK Investor Relations │ Analyst Presentation Q1 2025 Page 14
Slide 15: Your questions are welcome.
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Slide 16: Appendix
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Slide 17: Q1 2025 | Profit and Loss
Q1 2025 | Profit and Loss Q4 2024 Conference Call Q1 2025 Q1 2024 Growth Growth € million € million in % in % cc Revenue 4,881 4,725 3 1 Operating income 331 246 35 32 Operating income margin in % 6.8 5.2 Operating income excl. special items 457 403 13 11 Operating income margin excl. special items
Slide 18: 2024 base for 2025 targets, reconciliation adjustments
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 Care Enablement Corporate eliminations € million Q1 2025
Slide 19: Debt
Debt Q4 2024 Conference Call Q1 2025 FY 2024 FY 2023 € million € million € million Debt Short-term debt from unrelated parties 95 2 457 + Current portion of long-term debt 591 575 487 + Current portion of lease liabilities from unrelated parties 603 616 593 + Current portion of lease liabilities fro
Slide 20: EBITDA
EBITDA Q4 2024 Conference Call Reconciliation of adjusted EBITDA and net leverage ratio to the most directly comparable IFRS financial measures LTM Q1 2025 FY 2024 FY 2023 € million € million € million Net income 812 741 732 + Income tax expense 338 316 301 − Interest income -71 -72 -88 + Interest e
Slide 21: Return on Invested Capital (ROIC)
Return on Invested Capital (ROIC) Q4 2024 Conference Call 12.4% rep. 8.6% 7.8% 8.0% adj. 8.0% adj. 7.1% 6.6%adj. 6.1% rep. 5.1% adj. 4.5% adj. 5.8% rep. 3.9% adj. 4.8% adj. 3.6% adj. 4.9% rep. 3.9% rep. 3.3% rep. 3.5% rep. 2.8% rep. 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1 2025 For the
Slide 22: 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 Q1 2025 FY 2024 FY 2023 2025 76 78 79 79 312 €:USD Period end 1.082 1.039 1.105 2024 77 78 79 80 314 Average 1.052 1.082 1.081 2023 77 78 79 79 313
Slide 23: Patients, treatments, clinics
Patients, treatments, clinics Q4 2024 Conference Call as of March 31, 2025 as of March 31, 2024 Patients Treatments Clinics Patients Treatments Clinics United States 205,662 7,548,182 2,623 205,610 7,630,349 2,617 Growth in % 0 -1 0 International 93,696 3,459,226 1,051 119,274 4,647,301 1,245 Growth
Slide 24: 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 25: Segment information for FY 2021, 2022, 2023 and 2024
Segment information for FY 2021, 2022, 2023 and 2024 Q4 2024 Conference Call Growth Organic Growth Organic Growth Organic € million; % change year-over-year FY 2024 Growth FY 2023 Growth FY 2022 Growth FY 2021 at cc growth at cc growth at cc growth Total Revenue 19,336 -1 0 4 19,454 0 5 4 19,398 10
Slide 26: IR event calendar
IR event calendar Q4 2024 Conference Call Date Event May 6, 2025 Report on Q1 2025: Earnings Release and Conference Call Reporting May 22, 2025 Annual General Meeting AGM & August 5, 2025 Report on Q2 2025: Earnings Release and Conference Call November 4, 2025 Report on Q3 2025: Earnings Release and
Slide 27: Fresenius Medical Care AG Investor Relations
Fresenius Medical Care AG Investor Relations Else-Kröner-Str. 1 Dr. Dominik Heger Ilia Kuerten Alicia Cahill 61352 Bad Homburg v. d. H. Head of Investor Relations Vice President Senior Director Germany and Investor Relations Investor Relations Head of Investor Relations, ir@FreseniusMedicalCare.co
Fresenius Medical Care — Q1 2025 Earnings Presentation on 6ix