Fresenius Medical Care Ag · XETR:FME
Fresenius Medical Care — Q2 2026 Earnings Presentation
29 slides from Fresenius Medical Care's earnings presentation, Aug 4, 2026
Slide 1: Q2 2026 Earnings Call
Helen Giza CEO & Chair of the Management Board Martin Fischer CFO August 4, 2026 Q2 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: Q2 2026 Highlights, Business Update, Outlook
1 Q2 2026 Highlights 2 Q2 2026 Business Update 3 Outlook
Slide 4: Strong earnings growth driven by Care Delivery
Strong earnings growth driven by Care Delivery Q4 2024 Conference Call Solid organic revenue growth¹ of 5% driven by all segments Strong operating income² growth of 23% and Q2 operating income margin² expansion to 11.7% FME25+ program savings of €67 million contributed to earnings growth 2026 Share
Slide 5: Q2 2026 Highlights | Focused execution of FME Reignite strategy
Q2 2026 Highlights | Focused execution of FME Reignite strategy Q4 2024 Conference Call Care Delivery Value-Based Care Care Enablement ▪ Same market treatment growth in ▪ Continued positive operating income¹ driven by ▪ Favorable business growth from accelerating − U.S. -0.9% improvement in payer sa
Slide 6: 2026 U.S. 5008X CAREsystem rollout progressing as planned
2026 U.S. 5008X CAREsystem rollout progressing as planned Q4 2024 Conference Call Encouraging early U.S. experience with HVHDF 2026 year-to-date progress vs. plan Clinics & machines Positive experience for patients and clinicians 227 clinics converted in ▪ Patients report feeling better during and a
Slide 7: Q2 2026 Highlights, Business Update, Outlook
1 Q2 2026 Highlights 2 Q2 2026 Business Update 3 Outlook
Slide 8: Significant operating income growth and margin expansion
Q2 2026 | Significant operating income growth and margin expansion Q4 2024 Conference Call Revenue Operating income in € million in € million Margin in % 8.9% 9.9% 11.7% 9.6% +3.6% +23.5% at cc¹ at cc1 4,792 4,861 +1.4% 569 +4.9% as reported 476 +19.6% 51 466 organic2 425 at current rate -103 Q2 202
Slide 9: Step up in profitability mainly driven by Care Delivery
Q2 2026 | Step up in profitability mainly driven by Care Delivery Q4 2024 Conference Call in € million 9.9% 11.7% Margin in % 28 170 -6 -33 569 -47 -19 51 476 466 425 -103 Q2 2025 Special items Q2 2025 Care Value-Based Care Inter- Corporate Fx Q2 2026 Special items Q2 2026 operating operating Delive
Slide 10: Care Delivery accelerates profitable growth
Q2 2026 | Care Delivery accelerates profitable growth Q4 2024 Conference Call Revenue Operating income in € million in € million Margin in % 11.2% 15.1% +5.5% +45.3% at cc¹ +2.9% at cc1 +39.5% 3,381 3,478 as reported at current rate +7.4% 169 39 527 U.S. organic2 -38 -21 International 378 2,817 2,89
Slide 11: Value-Based Care delivers positive operating income
Q2 2026 | Value-Based Care delivers positive operating income Q4 2024 Conference Call Revenue Operating income in € million in € million Margin in % -1.7% 3.3% +9.0% n.a. at cc¹ +6.0% at cc1 536 as reported 4 506 18 +9.0% 25 -1 -1 organic2 -9 Q2 2025 Q2 2026 Q2 2025 Business FME25+ Inflation Fx Q2 2
Slide 12: Care Enablement grows revenue despite China business
Q2 2026 | Care Enablement grows revenue despite China business Conference Q4 2024 Call Revenue Operating income in € million in € million Margin in % 8.7% 8.1% +2.7% -4.8% at cc¹ +1.7% at cc1 -5.5% 1,348 1,371 as reported at current rate +2.7% 21 organic2 13 117 0 111 -40 Q2 2025 Q2 2026 Q2 2025 Bus
Slide 13: Strong operating cash flow growth and low leverage ratio
Q2 2026 | Strong operating cash flow growth and low leverage ratio Conference Q4 2024 Call in € million Q2 2026 Q2 2025 ∆ in % H1 2026 H1 2025 ∆ in % Key developments Operating cash flow 860 775 11 1,087 938 16 ▪ Capital expenditures, net -235 -147 61 -422 -289 46 ▪ Operating cash flow increased mai
Slide 14: Q2 2026 Highlights, Business Update, Outlook
1 Q2 2026 Highlights 2 Q2 2026 business update 3 Outlook
Slide 15: FY 2026 | 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% Between positive and negative Operating mid-single digit percent Income growth FY 2025 basis: € 2,21
Slide 16: Your questions are welcome.
Your questions are welcome.
Slide 17: Appendix
Appendix
Slide 18: Q2 2026 | Profit and Loss
Q2 2026 | Profit and Loss Q4 2024 Conference Call Q2 2026 Q2 2025 Growth Growth € million € million in % in % cc Revenue 4,861 4,792 1 4 Operating income 466 425 10 15 Operating income margin in % 9.6 8.9 Operating income excl. special items 569 476 20 23 Operating income margin excl. special items
Slide 19: H1 2026 | Profit and Loss
H1 2026 | Profit and Loss Q4 2024 Conference Call H1 2026 H1 2025 Growth Growth € million € million in % in % cc Revenue 9,473 9,673 -2 3 Operating income 752 757 -1 5 Operating income margin in % 7.9 7.8 Operating income excl. special items 1,036 933 11 17 Operating income margin excl. special item
Slide 20: Q2 2026 | Reconciliation adjustments
Q2 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 Q2 Q2 Q2 Q2 Q2 Q2 Q
Slide 21: H1 2026 | Reconciliation adjustments
H1 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 H1 H1 H1 H1 H1 H1 H
Slide 22: Debt
Debt Q4 2024 Conference Call Q2 2026 FY 2025 FY 2024 € million € million € million Debt Short-term debt 1,741 1,613 577 + Current portion of lease liabilities 584 584 641 + Long-term debt, less current portion 5,825 5,692 6,261 + Lease liabilities, less current portion 2,813 2,906 3,500 + Debt and l
Slide 23: EBITDA
EBITDA Q4 2024 Conference Call Reconciliation of adjusted EBITDA and net leverage ratio to the most directly comparable IFRS financial measures LTM Q2 2026 FY 2025 FY 2024 € million € million € million Net income 1,187 1,191 741 + Income tax expense 314 321 316 − Interest income -62 -70 -72 + Intere
Slide 24: Return on Invested Capital (ROIC)
Return on Invested Capital (ROIC) Q4 2024 Conference Call 6.6% 6.6% adj. 6.1% 5.1% 5.8% 4.5% 4.9% 3.9% 5.0% 5.0% rep. 3.6% 3.3% 3.5% 2.8% 2020 2021 2022 2023 2024 2025 Q2 2026 ▪ ROIC in 2020 excl. the impact of the Latin America impairment (special item) and in 2021 excluding FME25+ (special item) ▪
Slide 25: 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 H1 2026 FY 2025 FY 2024 Q1 Q2 Q3 Q4 Full year €:USD Period end 1.139 1.175 1.039 2026 76 78 79 79 312 Average 1.167 1.130 1.082 2025 76 78 79 80 313 2024 77 78 79 80 314 €:CNY
Slide 26: Q2 2026 | Key metrics for Care Delivery and Value-Based Care
Q2 2026 | Key metrics for Care Delivery and Value-Based Care Q4 2024 Conference Call as of June 30, as of June 30, Growth 2026 2025 in % Care Delivery Patients 289,610 300,339 -4 United States 203,177 206,259 -1 International 86,433 94,080 -8 Treatments 21,521,790 22,314,266 -4 United States 15,150,
Slide 27: 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 28: IR event calendar
IR event calendar Q4 2024 Conference Call August September October November 04 Virtual 01 Frankfurt 14 New York 01 Madrid 03 Virtual Report on Q2 2026: Earnings Commerzbank | ODDO BHF Morgan Stanley Global Berenberg Madrid Seminar Report on Q3 2026: Earnings Release and Conference Call Corporate Con
Slide 29: ir@FreseniusMedicalCare.com
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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