Fresenius Medical Care Ag · XETR:FME
Fresenius Medical Care — Q1 2026 Earnings Presentation
26 slides from Fresenius Medical Care's earnings presentation, May 5, 2026
Slide 1: Q1 2026 Earnings Call
Helen Giza CEO & Chair of the Management Board Martin Fischer CFO May 5, 2026 Q1 2026 Earnings 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: Q1 2026 Highlights
1 Q1 2026 Highlights 2 Q1 2026 Business Update 3 Outlook
Slide 4: Delivering strong operating income growth while advancing the U.S. rollout of 5008X CAREsystems
Delivering strong operating income growth while advancing the U.S.Conference rollout Q4 2024 Call of 5008X CAREsystems at speed ▪ Solid organic revenue growth¹ of 4% driven by all Q1 segments ▪ Strong operating income² growth of 10% and further operating income margin² expansion to 10.1% ▪ FME25+ pr
Slide 5: Focused execution of FME Reignite strategy
Q1 2026 Highlights | Focused execution of FME Reignite strategy Q4 2024 Conference Call Care Value-Based Care Delivery Care Enablement ▪ Same market treatment growth ▪ Continued positive operating income¹ ▪ Favorable business growth from – U.S. at -0.4% driven by improved savings rate accelerating 5
Slide 6: Q1 2026 business update
1 Q1 2026 Highlights 2 Q1 2026 business update 3 Outlook
Slide 7: Solid organic revenue and operating income growth
Q1 2026 | Solid organic revenue and operating income growth Q4 2024 Conference Call Revenue | in € million Operating income | in € million Margin in % 6.8% 9.4% 10.1% 6.2% +3.1% at cc¹ 4,881 +3.9% organic2 -5.5% as reported +9.8% at cc1 4,612 126 457 +2.2% 467 at current rate 331 286 -181 Q1 2025 Q1
Slide 8: Further profitability enhancement mainly driven by Care Delivery
Q1 2026 | Further profitability enhancement mainly driven by Care DeliveryQ4 2024 Conference Call Margin in % 9.4% 10.1% In € million 94 6 0 -19 467 126 457 -37 -34 331 286 -181 Q1 2025 Special items Q1 2025 Care Value-Based Care Inter- Corporate Fx Q1 2026 Special items Q1 2026 operating operating
Slide 9: Care Delivery delivers profitable growth
Q1 2026 | Care Delivery delivers profitable growth Q4 2024 Conference Call Revenue | in € million Operating income | in € million Margin in % 10.3% +11.6% 12.1% +5.0% at cc¹ at current rate 3,447 +6.1% organic2 3,294 -4.4% as reported +26.4% at cc1 120 28 398 2,892 2,765 356 -54 U.S. -52 Internation
Slide 10: Value-Based Care continues with positive operating income
Q1 2026 | Value-Based Care continues with positive operating income Q4 2024 Conference Call Revenue | in € million Operating income | in € million +3.0% at cc¹ Margin in % 113.5% 0.8% at current rate 1.8% 529 +3.0% organic2 -7.4% as reported 490 137.4% at cc1 -1 9 4 -1 4 3 Q1 2025 Business FME25+ In
Slide 11: Care Enablement further improves operating income margin
Q1 2026 | Care Enablement further improves operating income margin Q4 2024 Conference Call Revenue | in € million Operating income | in € million Margin in % 8.3% 8.7% +1.1% at cc¹ -1.0% at current rate 1,367 -5.0% as reported +1.1% organic2 1,299 +0.1% at cc1 18 114 113 -8 -10 -1 Q1 2025 Q1 2026 Q1
Slide 12: Operating cash flow significantly improved
Q1 2026 | Operating cash flow significantly improved Q4 2024 Conference Call in € million Q1 2026 Q1 2025 ∆ in % Key developments Operating cash flow 227 163 39 ▪ Operating cash flow strongly ▪ Capital expenditures, net -187 -142 31 increased mainly driven by favorable working capital Free cash flow
Slide 13: Outlook
1 Q1 2026 Highlights 2 Q1 2026 business update 3 Outlook
Slide 14: Outlook confirmed
FY 2026 | Outlook confirmed 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 2025 basis:
Slide 15: Your questions are welcome.
Your questions are welcome.
Slide 16: Appendix
Appendix
Slide 17: Profit and Loss
Q1 2026 | Profit and Loss Q4 2024 Conference Call Q1 2026 Q1 2025 Growth Growth € million € million in % in % cc Revenue 4,612 4,881 -6 3 Operating income 286 331 -14 -9 Operating income margin in % 6.2 6.8 Operating income excl. special items 467 457 2 10 Operating income margin excl. special items
Slide 18: Reconciliation adjustments
Q1 2026 | 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 eliminations Q1 Q1 Q1 Q1 Q1 Q1 Q
Slide 19: Debt
Debt Q4 2024 Conference Call Q1 2026 FY 2025 FY 2024 € million € million € million Debt Short-term debt 1,796 1,613 577 + Current portion of lease liabilities 593 584 641 + Long-term debt, less current portion 5,741 5,692 6,261 + Lease liabilities, less current portion 2,899 2,906 3,500 + Debt and l
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 2026 FY 2025 FY 2024 € million € million € million Net income 1,166 1,191 741 + Income tax expense 303 321 316 − Interest income -69 -70 -72 + Intere
Slide 21: Return on Invested Capital (ROIC)
Return on Invested Capital (ROIC) Q4 2024 Conference Call 6.6% 6.1% 6.2% adj. 5.1% 5.0% 4.9% rep. 5.8% 4.5% 4.9% 3.9% 3.6% 3.3% 3.5% 2.8% 2020 2021 2022 2023 2024 2025 Q1 2026 ▪ ROIC in 2020 excl. the impact of the Latin America impairment (special item) and in 2021 excluding FME25+ (special item) ▪
Slide 22: Exchange rates, U.S. dialysis days, vPPA, definitions
Exchange rates, U.S. dialysis days, vPPA, definitions Q4 2024 Conference Call Exchange rates U.S. dialysis days per quarter Q1 2026 FY 2025 FY 2024 Q1 Q2 Q3 Q4 Full year €:USD Period end 1.150 1.175 1.039 2026 76 78 79 79 312 Average 1.170 1.130 1.082 2025 76 78 79 80 313 2024 77 78 79 80 314 €:CNY
Slide 23: Key metrics for Care Delivery and Value-Based Care
Q1 2026 | Key metrics for Care Delivery and Value-Based Care Q4 2024 Conference Call as of March 31, as of March 31, Growth 2026 2025 in % Care Delivery Patients 289,923 299,358 -3 United States 203,930 205,662 -1 International 85,993 93,696 -8 Treatments 10,672,063 11,007,408 -3 United States 7,505
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: IR event calendar
IR event calendar Q4 2024 Conference Call May June September 05 Virtual 02 Paris 18 London 01 Frankfurt 21 München Report on Q1 2026: Earnings BNPP Exane CEO JP Morgan European Commerzbank | ODDO BHF Baader Investment Release and Conference Call Conference with C-Level Healthcare Conference Corporat
Slide 26: Investor Relations
Dr. Dominik Heger Ilia Kuerten Fresenius Medical Care AG Investor Relations Global Head of Investor Vice President Else-Kröner-Str. 1 Relations, Market & Investor Relations Competition, Sustainability | 61352 Bad Homburg v. d. H. EVP Germany ir@FreseniusMedicalCare.com +49(0) 6172-2685-822 +49(0)
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