Fresenius Se & Co. Kgaa · XETR:FRE
Fresenius Se & Co. Kgaa — Q4 2024 Earnings Presentation
49 slides from Fresenius Se & Co. Kgaa's earnings presentation, Feb 26, 2025
Slide 1: #FutureFresenius: REJUVENATE for next level performance
#FutureFresenius: REJUVENATE for next level performance Full Year and Q4 2024 results Conference call and webcast for investors and analysts Bad Homburg, 26 February 2025
Slide 2: Safe Harbor Statement
Strategy and Business Update Financials #FutureFresenius Appendix Safe Harbor Statement This presentation contains forward-looking statements that are subject to various risks and uncertainties. Future results could differ materially from those described in these forward-looking statements due to ce
Slide 3: Strategy and Business Update
Strategy and Business Update Financials #FutureFresenius Appendix 01 01 Strategy and Business Update Financials 02 Strategy and Business Update #FutureFresenius 03 Appendix 04
Slide 4: REVITALIZE: Structural and financial progression delivered
Strategy and Business Update Financials #FutureFresenius Appendix REVITALIZE: Structural and financial progression delivered 2022 2023 2024 2025 2026 2027 2030+ RESET REVITALIZE REJUVENATE REIMAGINE OPTIMIZED PORTFOLIO AND REFINED OPERATING MODEL FMC Renewed deconsolidation management team Increased
Slide 5: Consistent financial performance: Upgraded FY/24 outlook achieved
Strategy and Business Update Financials #FutureFresenius Appendix Consistent financial performance: Upgraded FY/24 outlook achieved FY/22 (INCL. FMC) FY/24 FY/24 OUTLOOK Revenue growth org +3% +8% 6–8% EBIT growth cc -11% +10% 8–11% EBIT margin 9.8% 11.6% Earnings per share1 -13% +14% Leverage Net d
Slide 6: #FutureFresenius creating long-term value
Strategy and Business Update Financials #FutureFresenius Appendix #FutureFresenius creating long-term value SHARE PRICE DIVIDEND PROPOSAL FOR FY/24: 01 OCT 2022 | 15 FEB 2025 €1.001 per share +73% RESET REVITALIZE STOXX Europe 600 Health Care +23% Leverage back in FMC Vamed target deconsolidation ex
Slide 7: Strategy unfolding as planned – high margin businesses gain relative share
Strategy and Business Update Financials #FutureFresenius Appendix Strategy unfolding as planned – high margin businesses gain relative share and spur growth Kabi: Growth Vectors Kabi: Pharma Helios Growth Vectors momentum drives EBIT performance 23% 15% 17% – contri- 29% 33% 33% bution strong Care P
Slide 8: Global footprint and broad, diverse source of revenues
Strategy and Business Update Financials #FutureFresenius Appendix Global footprint and broad, diverse source of revenues Global production network: Local for local More in America: FY/24 ~$1bn >70% >4,000 €8.4bn invested in of the drugs for employees in REVENUE expansion of the U.S. are filled, the
Slide 9: Strong businesses set for further success
Strategy and Business Update Financials #FutureFresenius Appendix Strong businesses set for further success Strong underlying, Driving growth, sustained leadership accelerating performance Germany Spain Pharma Nutrition MedTech Biopharma Leader in Vertically- WHERE WE Clear market Clear market Globa
Slide 10: Competitive and focused biosimilar portfolio and pipeline
Strategy and Business Update Financials #FutureFresenius Appendix Competitive and focused biosimilar portfolio and pipeline BIOSIMILAR MARKET: ~20% CAGR until the early 2030s… CURRENT BIOSIMILAR PIPELINE GLOBAL PEAK BRANDED SALES OF ORIGINATORS IN €BN ~160 ~35 FY/252 FY/251 57 10 7 7 MB05 MB12 11 3
Slide 11: Tyenne momentum continues
Strategy and Business Update Financials #FutureFresenius Appendix Tyenne momentum continues Supply chain integration progressing steadily Launched in 20 countries EU 22% market share in EU5 (Dec 24): RoE - GER: 29 % RoW - ESP: 26% - UK: 21% - FRA: 95% tender win rate mAbxience Léon Fresenius Kab
Slide 12: REJUVENATE: Next level performance
Strategy and Business Update Financials #FutureFresenius Appendix REJUVENATE: Next level performance Further debt FY/25 reduction GUIDANCE1 Deliver higher Kabi margins 4–6% Revenue growth Drive Helios organic Performance Programme Continued 3–7% shareholder EBIT growth cc value creation 1 Guidance a
Slide 13: Financials
Strategy and Business Update Financials #FutureFresenius Appendix 01 02 Strategy and Business Update Financials 02 Financials #FutureFresenius 03 Appendix 04
Slide 14: Q4/24: Strong growth and further deleveraging
Strategy and Business Update Financials #FutureFresenius Appendix Q4/24: Strong growth and further deleveraging Strong revenue growth driven by consistent delivery of Kabi and strong performance at Helios €5.5bn €646m €390m EBIT growth of 7%2 on the back of significant operational +7% org.1 +7%2 +29
Slide 15: FY/24: Rigorous execution driving higher returns
Strategy and Business Update Financials #FutureFresenius Appendix FY/24: Rigorous execution driving higher returns excl. Goodwill EPS GROWTH1 14%2 ROIC3 12.6% 11.7% 5% 10.2% 10.1% 12.9% 6.5% 5.9% 6.2% 5.1% 5.2% -3% -13% incl. Goodwill -15% FY/20 FY/21 FY/22 FY/23 FY/24 FY/20 FY/21 FY/22 FY/23 FY/24
Slide 16: REJUVENATE: Advancing our financial agenda
Strategy and Business Update Financials #FutureFresenius Appendix REJUVENATE: Advancing our financial agenda REJUVENATE 1 Higher ambitions 2 Increased productivity 3 Focused capital allocation REVITALIZE Q4/24 Earnings Call, 26 February 2025 © Fresenius SE & Co. KGaA Investor Relations 16
Slide 17: Higher ambitions: Upgrading the Fresenius Financial Framework
Strategy and Business Update Financials #FutureFresenius Appendix Higher ambitions Upgrading the Fresenius Financial Framework Ambitions geared for substantial EBIT MARGIN 16–18% 10–12% earnings growth Previously: 14–17% ORGANIC REVENUE GROWTH 4–7% 4–6% Strong balance across growth and stable cash f
Slide 18: Higher ambitions: Growth Vectors driving Kabi margin
Strategy and Business Update Financials #FutureFresenius Appendix Higher ambitions Growth Vectors driving Kabi margin FY/24 Pharma Nutrition MedTech Biopharma Revenue €8,414m €3,835m €2,399m €1,568m €611m Org. growth +10% +3% +13% +6% +76% GROWTH VECTORS EBIT €1,319m €771m €635m Milestone pay- ments
Slide 19: Increased productivity: Helios Performance Programme
Strategy and Business Update Financials #FutureFresenius Appendix Increased productivity Moving ahead on dedicated Helios Performance Programme HELIOS GROUP INDICATIVE EBIT1 DEVELOPMENT ~€100m PRODUCTIVITY €1,288m contribution from Helios Germany LEVERS: Performance Excellent base Programme for furt
Slide 20: Focused capital allocation: Geared towards value creation
Strategy and Business Update Financials #FutureFresenius Appendix Focused capital allocation Geared towards value creation Attractive Strong Growth shareholder balance sheet returns Disciplined CAPEX – Distribution of Deleveraging – focus on investments 30–40% of core net new self-imposed in organic
Slide 21: Further strengthened Free Cash Flow and Balance Sheet
Strategy and Business Update Financials #FutureFresenius Appendix Focused capital allocation Further strengthened Free Cash Flow and Balance Sheet CASH FLOW €m LEVERAGE YE/24 2,401 LEVERAGE TARGET -916 112 CORRIDOR -181 1,730 314 LEVERAGE YE/23 2.5–3.0× 3.8× Net debt / EBITDA 188 FY/23 FY/24 CAPEX A
Slide 22: Continued performance momentum
Strategy and Business Update Financials #FutureFresenius Appendix Continued performance momentum FY/24 base FY/25 guidance1 €8,414m Mid- to high-single-digit organic revenue growth Revenue growth organic 4–6% €1,319m EBIT margin of 16–16.5% Structural EBIT margin band of 16–18% FY/24 base: €21,526m
Slide 23: #FutureFresenius
Strategy and Business Update Financials #FutureFresenius Appendix 01 03 Strategy and Business Update Financials 02 #FutureFresenius #FutureFresenius 03 Appendix 04
Slide 24: REJUVENATE: Taking our performance to the next level
Strategy and Business Update Financials #FutureFresenius Appendix REJUVENATE: Taking our performance to the next level 2022 2023 2024 2025 2026 2027 2030+ RESET REVITALIZE REJUVENATE REIMAGINE PLATFORM-DRIVEN GROWTH DELIVERY IN CORE PORTFOLIO DEVELOPMENT INNOVATION Broad-based organic growth Platfor
Slide 25: Appendix
Strategy and Business Update Financials #FutureFresenius Appendix 01 04 Strategy and Business Update Financials 02 Appendix #FutureFresenius 03 Appendix 04
Slide 26: FY/25 outlook: Earnings phasing and assumptions
Strategy and Business Update Financials #FutureFresenius Appendix FY/25 outlook Earnings phasing and assumptions Q1/25 Q2/25 Q3/25 Q4/25 Ongoing growth momentum based on expected product launches and rollouts Ketosteril®1 expected to be included in VBP process in China starting Q2/25 Headwind from p
Slide 27: FY/25 outlook: Other financial KPIs
Strategy and Business Update Financials #FutureFresenius Appendix FY/25 outlook Other financial KPIs €m FY/24 FY/25 expectation Interest expense €433m €400m to €420m Profitability Tax rate 25.9% 25 to 26% CAPEX (% of revenue) 4.3% Around 5% CCR LTM 1.0 Around 1 Capital Allocation ROIC 6.2% Above 6%
Slide 28: Cost & Efficiency Programme
Strategy and Business Update Financials #FutureFresenius Appendix Cost & Efficiency Programme COST SAVINGS 474 EBIT view, cumulated Cost savings ambition for €m FY/25 already achieved: New target: • Leaner organization based on ~€400m excellence measures 273 • Majority realized by Kabi Old target: €
Slide 29: Q4/24 Statement of income
Strategy and Business Update Financials #FutureFresenius Appendix Q4/24 Statement of income (Summary, IFRS, unaudited) €m Q4/24 Q4/23 Growth Revenue 5,630 5,376 5% Costs of revenue -4,215 -4,095 -3% Gross profit 1,415 1,281 10% Selling, general and administrative expenses -769 -964 20% Research and
Slide 30: FY/24 Statement of income
Strategy and Business Update Financials #FutureFresenius Appendix FY/24 Statement of income (Summary, IFRS, unaudited) FY/23 FY/23 €m FY/24 restated previous Growth Revenue 21,833 21,067 22,299 4% Costs of revenue -16,455 -16,096 -17,241 2% Gross profit 5,378 4,971 5,058 8% Selling, general and admi
Slide 31: Q4/24 Reconciliation
Strategy and Business Update Financials #FutureFresenius Appendix Q4/24 Reconciliation Growth rate €m Q4/24 Q4/23 Growth rate at constant currency Revenue reported 5,630 5,376 5% 5% Divestitures Eugin and clinic Peru - -96 Vamed exit -104 -104 Revenue (before special items) 5,526 5,176 7% 7% EBIT re
Slide 32: FY/24 Reconciliation
Strategy and Business Update Financials #FutureFresenius Appendix FY/24 Reconciliation Growth rate €m FY/24 FY/23 Growth rate at constant currency Revenue reported 21,833 21,067 4% 5% Divestitures Eugin and clinic Peru -30 -368 Vamed exit -277 -392 Revenue (before special items) 21,526 20,307 6% 7%
Slide 33: Q4/24 Revenue
Strategy and Business Update Financials #FutureFresenius Appendix Q4/24 Revenue REVENUE BY REGION REVENUE BY BUSINESS SEGMENT in % in % 6 1 2 7 39 13 €5.5 bn €5.5 bn 59 73 Europe North America Asia-Pacific Latin America Africa Fresenius Kabi Fresenius Helios Corporate/Other Before special items Q4/2
Slide 34: FY/24 Revenue
Strategy and Business Update Financials #FutureFresenius Appendix FY/24 Revenue Revenue by Region Revenue by Business Segment in % in % 6 1 2 7 39 13 €21.5 bn €21.5 bn 59 73 Europe North America Asia-Pacific Latin America Africa Fresenius Kabi Fresenius Helios Corporate/Other Before special items Q4
Slide 35: Q4/24 Revenue growth by business segment
Strategy and Business Update Financials #FutureFresenius Appendix Q4/24 Revenue growth by business segment Growth at Currency Growth at actual translation constant Organic Acquisitions/ €m Q4/24 Q4/23 rates effects rates1 growth2 Divestitures Fresenius 2,148 1,996 8% 1% 7% 9% -2% Kabi Fresenius 3,27
Slide 36: FY/24 Revenue growth by business segment
Strategy and Business Update Financials #FutureFresenius Appendix FY/24 Revenue growth by business segment Growth at Currency Growth at actual translation constant Organic Acquisitions/ €m FY/24 FY/23 rates effects rates1 growth2 Divestitures Fresenius 8,414 8,009 5% -4% 9% 10% -1% Kabi Fresenius 12
Slide 37: FY/24 Calculation of noncontrolling interests
Strategy and Business Update Financials #FutureFresenius Appendix FY/24 Calculation of noncontrolling interests €m FY/24 FY/23 Earnings before tax and noncontrolling interests 2,056 1,870 Taxes -532 -504 Noncontrolling interests, thereof -63 -66 Fresenius Kabi -52 -54 Fresenius Helios -10 -7 Corpora
Slide 38: Q4/24 & Q4/24 LTM Cash flow development
Strategy and Business Update Financials #FutureFresenius Appendix Q4/24 & Q4/24 LTM Cash flow development €m Q4/24 Q4/23 Q4/24 Q4/23 LTM LTM OCF 957 1,275 2,401 2,077 thereof Kabi 388 434 1,178 1,015 thereof Helios 634 867 1,575 1,244 % OCF Margin 17.3% 24.6% 11.2% 10.2% Capex (net) -348 -374 -916 -
Slide 39: Reconciliation: Adjusted Free Cash Flow for CCR
Strategy and Business Update Financials #FutureFresenius Appendix Q4/24 & FY/24 Reconciliation: Adjusted Free Cash Flow for CCR €m Q4/24 Q4/23 FY/24 FY/23 Operating Cash Flow 957 1,275 2,401 2,077 Capex (net) -348 -374 -916 -1,026 Free Cash Flow 609 901 1,485 1,051 (before acquisitions, dividends, a
Slide 40: Q4/24 Cash Flow development by business segment
Strategy and Business Update Financials #FutureFresenius Appendix Q4/24 Cash Flow development by business segment Operating Cash Flow Capex (net) Free Cash Flow1 Q4/24 Q4/23 Q4/24 Q4/23 Q4/24 Q4/23 Q4/24 Q4/23 Q4/24 Q4/23 Q4/24 Q4/23 €m Margin Margin % rev. % rev. Margin Margin 388 434 18.1% 21.7% -
Slide 41: Q4/24 LTM Cash Flow development by business segment
Strategy and Business Update Financials #FutureFresenius Appendix Q4/24 LTM Cash Flow development by business segment Operating Cash Flow Capex (net)1 Free Cash Flow2 Q4/24 Q4/23 Q4/24 Q4/23 Q4/24 Q4/23 Q4/24 Q4/23 Q4/24 Q4/23 Q4/24 Q4/23 €m LTM LTM LTM LTM LTM LTM LTM LTM LTM LTM LTM LTM Margin Mar
Slide 42: Capital efficiency and returns
Strategy and Business Update Financials #FutureFresenius Appendix Capital efficiency and returns ROIC 1 CCR 1,2,3 NET DEBT/EBITDA 1,4 4.5 4,5 x 10% 2,2 2.2 4.2 9% 1.9 1,9 4.0 4.0 4,0 x 8% 3.8 3.8 1.6 1,6 4.0 7% 6.0 6.1 6.2 1.3 1,3 1.2 1.1 3.5 3.4 6% 5.5 1.0 1.0 3,5 x 5.0 5.0 5.2 0.9 0.9 0.9 1,0 1.0
Slide 43: Fresenius Kabi Q4/24 highlights
Strategy and Business Update Financials #FutureFresenius Appendix Fresenius Kabi Q4/24 highlights Quarterly financials Main developments 2,200 EBIT Strong organic revenue growth of 9 %1 continues to Margin be above the structural growth band; ongoing 15.9% 15.9% pricing effects in Argentina supporti
Slide 44: Q4/24 & FY/24 Organic revenue growth by product group
Strategy and Business Update Financials #FutureFresenius Appendix Q4/24 & FY/24 Organic revenue growth by product group Δ YoY Δ YoY €m Q4/24 organic2 FY/24 organic2 MedTech 424 7% 1,568 6% Nutrition 614 21% 2,399 13% Biopharma 144 39% 611 76% Growth Vectors1 1,182 18% 4,578 16% Pharma 966 0% 3,835 3
Slide 45: Q4/24 & FY/24 EBIT(DA) development
Strategy and Business Update Financials #FutureFresenius Appendix Q4/24 & FY/24 EBIT(DA) development €m Q4/24 Δ YoY cc2 FY/24 Δ YoY cc2 Total EBITDA 503 19% 1,875 15% Margin 23.4% +210 bps 22.3% +190 bps Total EBIT 340 22% 1,319 16% Margin 15.8% +170 bps 15.7% +140 bps Growth Vectors1 174 79% 635 50
Slide 46: Fresenius Helios Q4/24 highlights
Strategy and Business Update Financials #FutureFresenius Appendix Fresenius Helios Q4/24 highlights Quarterly financials Main developments 3,400 Strong 6% organic revenue growth at the top-end of structural growth band driven equally by Helios 11.5% Germany and Helios Spain 11.0% 11.1% EBIT 3,200 10
Slide 47: Q4/24 & FY/24 Key financials
Strategy and Business Update Financials #FutureFresenius Appendix Q4/24 & FY/24 Key financials €m Q4/24 Δ YoY cc FY/24 Δ YoY cc Total revenue 3,273 6%1 12,739 6%1 Thereof Helios Germany 1,937 6%1 7,662 5%1 Thereof Helios Spain 1,336 6%1 5,077 8%1 Total EBIT 339 -4% 1,288 8% Margin 10.4% -110 bps 10.
Slide 48: Fresenius Helios: Key Metrics
Strategy and Business Update Financials #FutureFresenius Appendix Fresenius Helios: Key Metrics FY/24 FY/23 ΔYoY Helios Germany Hospitals 85 86 -1% - Acute care hospitals 82 83 -1% Beds 30,025 29,976 0% - Acute care hospitals 29,459 29,410 0% Admissions 5,508,247 5,470,871 1% - patients treated in h
Slide 49: Financial Calendar / Contact
Strategy and Business Update Financials #FutureFresenius Appendix Financial Calendar / Contact Financial Calendar Please note that these dates could be subject to change. Social Media 07 May 2025 Results Q1/25 Follow Fresenius Investor Relations on LinkedIn: 23 May 2025 Annual General Meeting 06 Aug