Fresenius Medical Care Ag · XETR:FME
Fresenius Medical Care — Q3 2025 Earnings Presentation
50 slides from Fresenius Medical Care's earnings presentation, November 2025
Slide 1: Fresenius Medical Care AG Investor Presentation Q3 2025
Fresenius Medical Care AG Investor Presentation Q3 2025 November 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: FME at a glance FME segments Q3 2025 financials
1 FME at a glance 2 FME segments 3 Q3 2025 financials 4 9M 2025 financials 5 Outlook
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 ~299k ~48m ~78% kidney care services Dialysis patients worldwide1 Dialysis treatments of patients highly recommend our service1 in 20241 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 12,0% 9,5% 9,7% 10,2% 10,3% 790 Group 9,3% 8,2% 567 7,9% 8,1% 6,0% Care
Slide 8: 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 9: 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 10: FME Reignite | All segments aligned to create value
FME Reignite | All segments aligned to create value Q4 2024 Conference Call Care Delivery Value-Based Care Care Enablement Productivity and operational Taking responsibility for the Commercial excellence and excellence integrated health care of our operational efficiency to enable Improvemen
Slide 11: U.S. HVHDF opportunity | Game changer to transform the standard of care
U.S. HVHDF opportunity | Game changer to transform the standard Conference of careQ4 2024 Call and leverage FME’s vertical integration Annual 5008X production capacity of Care Enablement Planned 5008X penetration in Care Delivery clinics Production capacity Planned rollout Up to 2026e 15% - 30% 20,0
Slide 12: FME25+ | Sustainable savings of €1.05bn until 2027
FME25+ | Sustainable savings of €1.05bn until 2027 through operational Q4 2024 Conference Call efficiencies to drive sustainable earnings growth 2021–2027e FME25+ sustainable savings 2026-2027e €1,050m €260m Planned phasing of FME25+ in € million Care Delivery Supply chain optimization 2025e 2026–
Slide 13: 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 Cash generation Invest in core business 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 14: FME at a glance FME segments Q3 2025 financials
1 FME at a glance 2 FME segments 3 Q3 2025 financials 4 9M 2025 financials 5 Outlook
Slide 15: Care Delivery | We are the world's leading provider of dialysis services
Care Delivery | We are the world’s leading provider of dialysis services Q4 2024 Conference Call More than Around 65% 299,000 3,700 of dialysis centers rated 3 stars or better Patients worldwide Dialysis centers by CMS Treated Around Around 78% 37% 48m of patients would highly of all dialysis patien
Slide 16: 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 17: 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 18: 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 Value-based care ~7 Treatment 3.7 Global growth further million milli
Slide 19: 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 20: Value-Based Care | Leading renal value-based care in the U.S.
Value-Based Care | Leading renal value-based care in the U.S. Q4 2024 Conference Call Above 2,200+ 130,000 Aligned nephrologists Memberships in provider network Around All $7bn #1 10 Medical cost Renal value-based care of top 10 highest scoring under management in the U.S. kidney contracting entitie
Slide 21: Value-Based Care | Rapidly evolving market plays an important role in the industry
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 22: 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 23: Value-Based Care | Vertical integration as an advantage
Value-Based Care | Vertical integration as an advantage and enhanced Q4 2024 Conference Call 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 dialysis pa
Slide 24: Care Enablement | We are the market leading renal Medtech company
Care Enablement | We are the market leading renal Medtech company Q4 2024 Conference Call Around Around 51,000 40% machines installed share in hemodialysis in 2024 product market Around 174m Global Global Global dialyzers sold 50% #1 #1 #2 of all dialysis patients in 2024 Home HD machines In-center
Slide 25: 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 mi
Slide 26: Care Enablement | Growing our market leader position and transform kidney care
Care Enablement | Growing our market leader position and transform Q4 2024 Conference Call kidney care 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 10% FME 26% FME 30% All other Competitor 2 8%
Slide 27: FME at a glance FME segments Q3 2025 financials
1 FME at a glance 2 FME segments 3 Q3 2025 financials 4 9M 2025 financials 5 Outlook
Slide 28: 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 29: 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 30: 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 31: 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 32: 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 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 Diversified financing mix1, 2 Prudent financial policy1 Other 2% Schuldschein Loans 2% Sufficient liquidity reserve Undrawn ESG-linked Revolver Credit Facility of 2.0bn EUR USD Bonds 24% Committed
Slide 34: FME at a glance FME segments Q3 2025 financials
1 FME at a glance 2 FME segments 3 Q3 2025 financials 4 9M 2025 financials 5 Outlook
Slide 35: 9M 2025 | Acceleration in organic revenue growth and inflection in earnings
9M 2025 | Acceleration in organic revenue growth and inflection in earningsQ4 2024 Conference Call Revenue | in € million Operating income | in € million Margin in % +4.9% at cc¹ 8.0% 9.2% 10.3% 8.5% 14.251 +7.3% organic2 14.558 +2.2% as reported +17.6% at cc1 1.507 174 1.307 1.233 1.133 +15.2% at c
Slide 36: 9M 2025 | Care Delivery significantly improved profitability
9M 2025 | Care Delivery significantly improved profitability Q4 2024 Conference Call Revenue | in € million Operating income | in € million Margin in % 11.2% +5.4% 12.0% +0.5% at cc¹ at current rate 10,433 +3.7% organic2 10,229 -1.9% as reported +8.8% at cc1 87 -191 1,163 207 1,226 -40 8,542 8,550 U
Slide 37: 9M 2025 | Value-Based Care further accelerated revenue growth
9M 2025 | Value-Based Care further accelerated revenue growth Q4 2024 Conference Call Revenue | in € million Operating income | in € million Margin in % -1.7% 22.8% -1.6% +30.6% at cc¹ at current rate +30.6% organic2 1,611 +27.0% as reported 1,269 26.3% at cc1 -21 -6 3 -3 1 -26 9M 2024 Business FME2
Slide 38: 9M 2025 | Care Enablement operating income growth and margin expansion
9M 2025 | Care Enablement operating income growth and margin expansionQ4 2024 Conference Call Revenue | in € million Operating income | in € million Margin in % 5.4% +53.2% 8.2% +4.3% at cc¹ at current rate 4.020 +4.3% organic2 4.075 +1.4% as reported +54.4% at cc1 -55 334 106 -3 218 68 9M 2024 9M 2
Slide 39: FME at a glance FME segments Q3 2025 financials
1 FME at a glance 2 FME segments 3 Q3 2025 financials 4 9M 2025 financials 5 Outlook
Slide 40: Outlook 2025 | Strong earnings growth
Outlook 2025 | Strong earnings growth 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
Slide 41: 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% globally and of 2 plus % in the U.S. (2025-2035 CAGR) Fresenius 9.3% Mid-teens Medical Care Mod
Slide 42: Outlook 2025 and 2030 Aspirations | Revenue-relevant assumptions by segment
Outlook 2025 and 2030 Aspirations | Revenue-relevant assumptionsConference by Q4 2024Call segment Outlook 2025 2030 Aspirations FME Group Positive to a low-single digit percent growth at cc Broadly stable currency exchange rates Portfolio optimization: (realized in 2024 and 2025) negative impa
Slide 43: Appendix
. ad FRESENIU avi MEDICAL Se, Appendix .
Slide 44: 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 45: 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 46: 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 47: 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 48: 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 49: IR event calendar: Conferences & Roadshows
IR event calendar Q4 2024 Conference Call Date Event Reporting 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, London November 6, 2025 Q3-2025 C-Level Roadshow, Frankfurt November 11, 202
Slide 50: Fresenius Medical Care AG Investor Relations
Dr. Dominik K. Heger Ilia Kuerten Fresenius Medical Care AG Investor Relations Head of Investor Relations, Vice President Else-Kröner-Str. 1 Market and Competition, Investor Relations Sustainability | EVP 61352 Bad Homburg v. d. H. Germany ir@FreseniusMedicalCare.com +49(0) 6172-609-2525 +49(0) 61
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