Fresenius Medical Care Ag · XETR:FME
Fresenius Medical Care — Investor Presentation (June 2025)
41 slides from Fresenius Medical Care's investor presentation, June 2025
Slide 1: Fresenius Medical Care AG Investor Presentation June 2025
Fresenius Medical Care AG Investor Presentation June 2025
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: Agenda
1 FME at a Glance 2 Markets & Growth Drivers 3 FME Reignite 4 U.S. HDF Opportunity 5 Capital Allocation 6 Outlook 2025 & 2030 Aspirations
Slide 4: We are the leading kidney care company
FME | We are the leading kidney care company Q4 2024 Conference Call Creating a future worth living. For patients. Worldwide. Every day. Care Delivery Value-Based Care Care Enablement We offer a tailored range of products and Dialysis services in our Bundled services We improve patient Dialysis prod
Slide 5: Attractive market positioning in every segment
FME | Attractive market positioning in every segment Q4 2024 Conference Call Care Delivery World’s leading provider of ~300k ~48m ~78% kidney care services Dialysis patients Dialysis treatments of patients highly worldwide1 in 20241 recommend our service1 Value-Based Care #1 in kidney value-based ca
Slide 6: Leveraging the power of vertical integration
FME | Leveraging the power of vertical integration Q4 2024 Conference Call Clinics recognize Care Care Provide customer needs to drive Delivery Enablement differentiated innovation in technology therapies to clinics €14.0bn Medical value creation €5.6bn Revenue 2024 Revenue 2024 Patient data and ins
Slide 7: Proven execution | Clear progress against key performance metrics
Proven execution | Clear progress against key performance metricsConference Q4 2024 Call MARGIN IMPROVEMENT ON TRACK FME25 SAVINGS AHEAD OF PLAN Operating income margin¹ Accumulated FME25 sustainable annual savings in € million 567 9.5% 9.7% 10.2% 9.3% Group 346 7.9% 8.1% Care Delivery 6.0% Care Ena
Slide 8: Agenda
1 FME at a Glance 2 Markets & Growth Drivers 3 FME Reignite 4 U.S. HDF Opportunity 5 Capital Allocation 6 Outlook 2025 & 2030 Aspirations
Slide 9: Growth drivers | Attractive underlying business fundamentals intact
Growth drivers | Attractive underlying business fundamentals intactConference Q4 2024 Call Extrapolation from 2020 to 2035 +60% 1/3 +40% +90% Aging global Dialysis Hypertension Diabetes population patients Global population aged 65+1 One out of three people People living with diabetes3 People on mai
Slide 10: Patient inflow | U.S. kidney care patient flow dynamics
Patient inflow | U.S. kidney care patient flow dynamics Q4 2024 Conference Call Scale of U.S. CKD/ESRD patient Complex U.S. patient population population (in million) ▪ 10-12 co-morbidities on average 10.5 – Hypertension (31%) – Diabetes (44%) – Glomerular diseases (6%) ▪ ~45% of patients “crash” in
Slide 11: Looking to the future | Accelerating growth
Looking to the future | Accelerating growth Q4 2024 Conference Call +90% Dialysis 2025-2035e CAGR Medical trends and how we patients are participating HVHDF People on maintenance Patient number U.S. treatment yield dialysis growth Treatment Value-based care 3.7 ~7 Global growth further million milli
Slide 12: Agenda
1 FME at a Glance 2 Markets & Growth Drivers 3 FME Reignite 4 U.S. HDF Opportunity 5 Capital Allocation 6 Outlook 2025 & 2030 Aspirations
Slide 13: FME Reignite | Our strategy will Reignite Value Creation
FME Reignite | Our strategy will Reignite Value Creation 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 Investor Presen
Slide 14: Care Delivery | Portfolio positioned for profitable growth
Care Delivery | Portfolio positioned for profitable growth Q4 2024 Conference Call Care Delivery U.S. Care Delivery International Dialysis clinic network treating ▪ Provides dialysis therapy in ~25 core markets >200k patients in >2,600 clinics ▪ Primarily in EMEA and APAC regions across the U.S. Pro
Slide 15: Care Delivery | Enhancing operational efficiency and strengthening realized rate
Reignite Care Delivery | Enhancing operational efficiency and strengthening Conference Q4 2024 the CoreCall realized rate to drive robust, sustainable financial performance Productivity and operational Improvements to realized excellence dialysis rates Managing payor and service mix by ensuring in-n
Slide 16: Care Delivery | Ensuring the right assets in the right markets
Reignite Care Delivery | Ensuring we have the right assets in the right Q4 2024 the Core Conference Call markets to support patients and drive financial performance Strategic divestment to Continued footprint optimization strengthen performance Continuous, systematic review of U.S. dialysis clinic f
Slide 17: Care Delivery | Unlocking volume growth through clinical quality
Reignite Care Delivery | Unlocking volume growth through clinical quality Q4 2024 Growth & Conference Call enhancements and best-in-class patient experience Innovation Clinical quality to help patients live Exceptional experience longer and healthier to retain patients Accelerated quality and Seamle
Slide 18: Care Delivery | Strategic growth drivers to accelerate growth
Reignite Care Delivery | Strategic growth drivers to accelerate growth Q4 2024 Growth & Conference Call Innovation Growth acceleration program targets four areas of clinic operations Build a culture to recruit and retain Design and pilot solutions for the future direct patient care staff to alleviat
Slide 19: Value-Based Care | Rapidly evolving market
Value-Based Care | Rapidly evolving market plays an important role Conference in theQ4 2024 Call industry and our future Renal VBC is a large and growing market Currently poised for stability and growth phase CKD 4-5 MCUM1 ESRD2 MCUM1 ▪ Value-based kidney care 11% 12% Emergence recognized as a criti
Slide 20: Value-Based Care | A leading and differentiated player in renal VBC
Value-Based Care | A leading and differentiated player in renal VBC Conference Q4 2024 Call Three unique sources of differentiation 2024 Business at a glance Connectivity to FME 25% 82% 82% of ESRD patients have access to an FME $7bn Subcap dialysis clinic 49% Medical Shared risk costs under CKCC ma
Slide 21: Value-Based Care | Vertical integration an advantage
Value-Based Care | Vertical integration an advantage and we have enhancedQ4 2024 Conference Call greater visibility into performance Benefits of vertical integration Visible value creation VBC creates value for FME Initiating new reporting segment to ▪ VBC directly improves outcomes and survival for
Slide 22: Value-Based Care | We take responsibility for integrated health care
Reignite Reignite Value-Based Care | We take responsibility for the the Core Q4 2024 Growth & Conference Call integrated health care of our patients Innovation Creating mutual value between Drive profitable growth and FME and VBC through key quality innovation and outcomes initiatives Focus on patie
Slide 23: Care Enablement | Attractive and industry-leading renal MedTech portfolio
Care Enablement | Attractive and industry-leading renal MedTech portfolio Q4 2024 Conference Call Care Enablement ▪ €5.6bn FY 2024 revenue, across three verticals: In-Center EMEA Home U.S. APAC Critical Care ▪ Globally, and in each region, in- center represents the majority of revenues ▪ In-center m
Slide 24: Care Enablement | Grow our market leader position and transform kidney care
Reignite Reignite Care Enablement | Grow our market leader position the Core Q4 2024 Growth & Conference Call and transform kidney care Innovation FY 2024 | Market share distribution In-center HD products Home products (PD & HHD) Critical care FME 40% Competitor 1 62% Competitor 1 37% Competitor 1 1
Slide 25: Care Enablement | Commercial excellence and operational efficiency
Reignite Care Enablement | Commercial excellence and operational Q4 2024 the Core Conference Call efficiency to enable robust growth and margin expansion Above-the-market growth, value- Operational excellence based pricing and share gain Geographic expansion in Restructuring of manufacturing profi
Slide 26: Agenda
1 FME at a Glance 2 Markets & Growth Drivers 3 FME Reignite 4 U.S. HDF Opportunity 5 Capital Allocation 6 Outlook 2025 & 2030 Aspirations
Slide 27: U.S. HVHDF opportunity | Addressable market
U.S. HVHDF opportunity | Addressable market Q4 2024 Conference Call Annual 5008X U.S. addressable market production capacity 90% machine market share Up to 20,000 ▪ Total U.S. in-center HD machines ~160k ▪ Current installed base of 2008T ~145k Around 15,000 66% of external disposable market share of
Slide 28: U.S. HVHDF opportunity | Transforming the standard of dialysis care
U.S. HVHDF opportunity | Transforming the standard of dialysis care Q4 2024 Conference Call in the U.S. market 5008X launch has potential to improve patient care and accelerate sustainable Care Delivery growth Key benefits to Care Delivery Innovative therapy with potential to improve patient outcome
Slide 29: U.S. HVHDF opportunity | Planned roll-out in FME clinics
U.S. HVHDF opportunity | Planned roll-out in FME clinics Q4 2024 Conference Call Improved mortality rates following HVHDF Planned 5008X penetration in FME clinics penetration ▪ Survival benefits in CONVINCE emerge after 3 months 2026e 15% - 30% ▪ 4.4% fewer deaths over 2.5 years of therapy with HVHD
Slide 30: Agenda
1 FME at a Glance 2 Markets & Growth Drivers 3 FME Reignite 4 U.S. HDF Opportunity 5 Capital Allocation 6 Outlook 2025 & 2030 Aspirations
Slide 31: Capital allocation | Clear set of priorities focus on shareholder value creation
Capital allocation | Clear set of priorities focus on shareholder valueConference Q4 2024 Call creation Invest in core business Cash generation for profitable growth Strong cash generation to further increase over time Operating cash flow of 13-15% of revenue in 2025-2030e Capital allocation Return
Slide 32: Capital allocation | New regular share buyback program
Capital allocation | New regular share buyback program Q4 2024 Conference Call Focus on attractive shareholder return and Initial share buyback program of €1bn value creation within two years ▪ Intention to acquire own shares on the stock Share buybacks to complement new dividend exchange and to can
Slide 33: Optimal capital structure | Building on sound and proven financing strategy
Optimal capital structure | Building on sound and proven financing Conference strategy Q4 2024 Call Updated, further balanced maturity profile1 Strong access to debt capital market in € million ▪ In line with our business profile, targeting both 2,000 EUR and USD bond markets is a cornerstone for ou
Slide 34: Agenda
1 FME at a Glance 2 Markets & Growth Drivers 3 FME Reignite 4 U.S. HDF Opportunity 5 Capital Allocation 6 Outlook 2025 & 2030 Aspirations
Slide 35: FME25+ | Additional €300m savings until 2027
FME25+ | Additional €300m savings until 2027 through operational Conference Q4 2024 Call efficiencies to drive sustainable earnings growth 2021–2027e FME25+ additional savings until 2027e €1,050m €300m Planned phasing of FME25+ in € million Care Delivery ▪ Supply chain optimization 2025e 2026–2027e
Slide 36: Outlook 2025 | Strong earnings growth
Outlook 2025 | Strong earnings growth Q4 2024 Conference Call FY 2025 revenue and 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 inco
Slide 37: 2030 Aspirations | Advancing to industry-leading margins
2030 Aspirations | Advancing to industry-leading margins Q4 2024 Conference Call Operating income1 margin aspirations by 2030 Assumptions to margin aspirations 2024 2030e ▪ Patient number growth of 4-5% p.a. globally and of 2 plus % in the U.S. Fresenius 9.3% Mid-teens Medical Care ▪ Moderate reimbu
Slide 38: Revenue-relevant assumptions by segment
Revenue-relevant assumptions by segment Q4 2024 Conference Call For 2025 outlook and 2030 aspirations 2025 Outlook 2030 Aspirations FME Group ▪ Positive to a low-single digit percent growth at cc ▪ Broadly stable currency exchange rates ▪ Portfolio optimization: (realized in 2024) negative impact of
Slide 39: Appendix
Appendix
Slide 40: IR event calendar
IR event calendar Q4 2024 Conference Call Date Event August 5, 2025 Report on Q2 2025: Earnings Release and Conference Call Reporting AGM November 4, 2025 Report on Q3 2025: Earnings Release and Conference Call & June 18, 2025 Citi European Healthcare Conference, London June 19, 2025 J.P. Morgan Eur
Slide 41: Contacts
Contacts Q4 2024 Conference Call Fresenius Medical Care AG Investor Relations Else-Kröner-Str. 1 61352 Bad Homburg v. d. H. Germany Dr. Dominik Heger Ilia Kuerten Alicia Cahill ir@FreseniusMedicalCare.com Head of Investor Relations Vice President Senior Director and Investor Relations Investor Rel
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