Fresenius Se & Co. Kgaa · XETR:FRE
Fresenius Se & Co. Kgaa — Q3 2025 Earnings Presentation
50 slides from Fresenius Se & Co. Kgaa's earnings presentation, Nov 6, 2025
Slide 1: #FutureFresenius: Disciplined execution drives continued strong performance – guidance raised
Strategy and Business Update Financials #FutureFresenius Appendix #FutureFresenius: Disciplined execution drives continued strong performance – guidance raised Q3 2025 results Conference call and webcast for investors and analysts Bad Homburg, 5 November 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 Strategy and Business Update 01 01 Financials 02 Strategy and Business Update #FutureFresenius 03 Appendix 04
Slide 4: Q3/25: Continued strong performance
Strategy and Business Update Financials #FutureFresenius Appendix Q3/25: Continued strong performance Raising EBIT growth guidance to 4 – 8% Strong bottom-line performance continues with 14% Core EPS1,2 growth, driven by ongoing operating strength, cost discipline and significant decrease in interes
Slide 5: Fresenius Kabi Q3/25 highlights
Strategy and Business Update Financials #FutureFresenius Appendix Fresenius Kabi Q3/25 highlights Recognized for excellent Divestment of the Calea homecare business in Canada customer service with €920m +2% PHARMA continues to increase focus PREMIER Supplier Legacy Q3/25 ORGANIC Award and Vizient Su
Slide 6: Fresenius Kabi Pharma with resilient performance
Strategy and Business Update Financials #FutureFresenius Appendix Fresenius Kabi Pharma with resilient performance REJUVENATE AGENDA Globally LEADING, regionally BALANCED, HIGH-MARGIN business #1 globally in IV Drugs UPGRADE CORE SCALE PLATFORMS #4 globally in IV Fluids COGS program to strengthen RE
Slide 7: Fresenius Kabi Biosimilars growth momentum continues
Strategy and Business Update Financials #FutureFresenius Appendix Fresenius Kabi Biosimilars growth momentum continues TYENNE MARKET SHARES1 TYENNE (tocilizumab) EU4 + UK ▪ Uptake to continue in 31% Q4/25 and FY/26 U.S. 26% OTULFI (ustekinumab) 23% 22% ▪ Exclusive distribution contract with CivicaSc
Slide 8: Fresenius Kabi Performance fueled by growth vectors
Strategy and Business Update Financials #FutureFresenius Appendix Fresenius Kabi Performance fueled by growth vectors EBIT DEVELOPMENT: GROWTH VECTORS EBIT CONTRIBUTION1 Growth Vectors Pharma +37% +18% CAGR YOY 31% 33% 45% 47% 635 544 462 69% 67% 339 390 55% 53% FY/22 FY/23 FY/24 Q1-3/24 Q1-3/25 FY/
Slide 9: Fresenius Helios Q3/25 highlights
Strategy and Business Update Financials #FutureFresenius Appendix Fresenius Helios Q3/25 highlights Invoice surcharge for patients with public Paradigm shift in insurance, treated from pulmonology: Nov 2025 to Oct 2026 set at 3.25% Introduction of innovative €2,019m +4% robot-assisted DRG inflator Q
Slide 10: #FutureFresenius sustainably accelerating EPS growth
Strategy and Business Update Financials #FutureFresenius Appendix #FutureFresenius sustainably accelerating EPS growth EPS GROWTH1 14%2 14%2 Strong EPS momentum – outpacing topline growth FY/25E Significantly improved -13% -15% returns FY/22 FY/23 FY/24 Q1-3/25 Before special items | 1 At constant c
Slide 11: Financials
Strategy and Business Update Financials #FutureFresenius Appendix Strategy and Business Update 01 02 Financials 02 Financials #FutureFresenius 03 Appendix 04
Slide 12: Q3/25: Strong organic revenue and excellent EPS growth
Strategy and Business Update Financials #FutureFresenius Appendix Q3/25: Strong organic revenue and excellent EPS growth Consistent organic revenue growth driven by both Kabi and Helios €5.5bn €574m 10.5% €351m Strong EBIT growth driven by a continued powerful operating performance at Kabi and robus
Slide 13: Fresenius Kabi Q3/25 highlights
Strategy and Business Update Financials #FutureFresenius Appendix Fresenius Kabi Q3/25 highlights QUARTERLY FINANCIALS MAIN DEVELOPMENTS 2,200 Strong organic revenue growth of 7 %1 at the 16.7% 16.8% top end of the structural growth band 15.9% 16.4% EBIT 2,100 15.8% Margin Growth Vectors with excell
Slide 14: Fresenius Helios Q3/25 highlights
Strategy and Business Update Financials #FutureFresenius Appendix Fresenius Helios Q3/25 highlights QUARTERLY FINANCIALS MAIN DEVELOPMENTS 3,600 Strong 5% organic revenue growth (Q1-3/25: 6%) 3,400 10.4% Solid EBIT margin of 7.5% despite ceasing of 9.8% 10.0% energy relief payments at Helios Germany
Slide 15: Robust underlying cash generation continues
Strategy and Business Update Financials #FutureFresenius Appendix Robust underlying cash generation continues CASH FLOW €m Strong focus on cash Supported conversion reflected in by FY/24 2,212 good Operating dividend Cash Flow suspension incl. incl. -€121m ~€530m 1,905 proceeds -972 minority interes
Slide 16: Refinancing of FY/25 & H1/26 maturities mainly concluded
Strategy and Business Update Financials #FutureFresenius Appendix Refinancing of FY/25 & H1/26 maturities mainly concluded CREDIT HIGHLIGHTS NET DEBT/EBITDA1,2 4.5× 4,5 x EUR Bond EUR Bond EIB Loan 4.0 €500m €500m €400m 4.0× 4,0 x 3.8 3.8 Sep. 2025 Sep. 2025 Sep. 2025 4-year 8.5-year Support R&D 3.5
Slide 17: Q4/25 earnings growth: sequential acceleration expected
Strategy and Business Update Financials #FutureFresenius Appendix Q4/25 earnings growth: sequential acceleration expected Q3/25 Q4/25 KABI: Ramp-up of growth momentum based on expected product launches and rollouts HELIOS: Ramp-up of Performance Programme in GER EBIT (FY/25): ~+€100m HELIOS: Surchar
Slide 18: FY/25 guidance: raising EBIT growth guidance
Strategy and Business Update Financials #FutureFresenius Appendix FY/25 guidance: raising EBIT growth guidance FY/24 base FY/25 guidance1 REVENUE GROWTH €8,414m Mid- to high-single-digit ORGANIC organic revenue growth 5 – 7% (Confirmed) €1,319m EBIT margin of 16.0 – 16.5% FY/24 base: €21,526m Q1-3/2
Slide 19: #FutureFresenius
Strategy and Business Update Financials #FutureFresenius Appendix Strategy and Business Update 01 03 Financials 02 #FutureFresenius #FutureFresenius 03 Appendix 04
Slide 20: REJUVENATE: Well positioned to seize opportunities
Strategy and Business Update Financials #FutureFresenius Appendix Fresenius Kabi: Driving promising portfolio rollouts and advancing pipeline for the benefit of patients Fresenius Helios: Further performance enhancements on the back of highest medical quality REJUVENATE: Strong setup: Well positione
Slide 21: Appendix
Strategy and Business Update Financials #FutureFresenius Appendix Strategy and Business Update 01 04 Financials 02 Appendix #FutureFresenius 03 Appendix 04
Slide 22: Fresenius Financial Framework
Strategy and Business Update Financials #FutureFresenius Appendix Fresenius Financial Framework Ambitions geared for substantial EBIT MARGIN 16 – 18% 10 – 12% earnings growth ORGANIC REVENUE GROWTH 4 – 7% 4 – 6% Strong balance across growth and stable cash flow CAPITAL EFFICIENCY CAPITAL STRUCTURE C
Slide 23: 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 self-imposed in organic grow
Slide 24: 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 Within the range of €330m to €340m Interest expense €433m (previously: around €350m ) Profitability Tax rate 25.9% 25 to 26% CAPEX (% of revenue) 4.3% Around 5% CCR LTM 1.0
Slide 25: Business overview
Strategy and Business Update Financials #FutureFresenius Appendix Business overview Strong underlying, Driving growth, sustained leadership accelerating performance Germany Spain Pharma Nutrition MedTech Biopharma Leader in Vertically- WHERE WE Clear market Clear market Global IV Gx & Scaled MedTech
Slide 26: Q3/25 Statement of income (Summary, IFRS, unaudited)
Strategy and Business Update Financials #FutureFresenius Appendix Q3/25 Statement of income (Summary, IFRS, unaudited) Q3/24 Q3/24 €m Q3/25 restated1 previous Growth Revenue 5,485 5,315 5,366 3% Costs of revenue -4,185 -3,957 -4,003 -6% Gross profit 1,300 1,358 1,363 -4% Selling, general and adminis
Slide 27: Q1-3/25 Statement of income (Summary, IFRS, unaudited)
Strategy and Business Update Financials #FutureFresenius Appendix Q1-3/25 Statement of income (Summary, IFRS, unaudited) Q1-3/24 Q1-3/24 €m Q1-3/25 restated1 previous Growth Revenue 16,717 16,105 16,203 4% Costs of revenue -12,548 -11,908 -12,240 -5% Gross profit 4,169 4,197 3,963 -1% Selling, gener
Slide 28: Q3/25 Reconciliation
Strategy and Business Update Financials #FutureFresenius Appendix Q3/25 Reconciliation Growth rate at constant €m Q3/25 Q3/24 Growth rate currency Revenue reported (after special items) 5,485 5,315 3% 5% Legacy portfolio adjustments 0 - Fresenius transformation -8 -12 Revenue (before special items)
Slide 29: Q1-3/25 Reconciliation
Strategy and Business Update Financials #FutureFresenius Appendix Q1-3/25 Reconciliation Growth rate at constant €m Q1-3/25 Q1-3/24 Growth rate currency Revenue reported (after special items) 16,717 16,105 4% 5% Legacy portfolio adjustments -1 -30 Fresenius transformation -37 -75 Revenue (before spe
Slide 30: Q3/25 Revenue
Strategy and Business Update Financials #FutureFresenius Appendix Q3/25 Revenue REVENUE BY REGION REVENUE BY BUSINESS SEGMENT in % in % 6 1 2 7 12 39 €5.5 bn €5.5 bn 59 74 Europe North America Asia-Pacific Latin America Africa Fresenius Kabi Fresenius Helios Corporate/Other Before special items Q3/2
Slide 31: Q1-3/25 Revenue
Strategy and Business Update Financials #FutureFresenius Appendix Q1-3/25 Revenue REVENUE BY REGION REVENUE BY BUSINESS SEGMENT in % in % 6 1 2 7 38 12 €16.7 bn €16.7 bn 60 74 Europe North America Asia-Pacific Latin America Africa Fresenius Kabi Fresenius Helios Corporate/Other Before special items
Slide 32: Q3/25 Revenue growth by business segment
Strategy and Business Update Financials #FutureFresenius Appendix Q3/25 Revenue growth by business segment Growth at Currency Growth at actual translation constant Organic Divestitures/ €m Q3/25 Q3/24 rates effects rates1 growth1 Acquisitions Others Fresenius Kabi 2,141 2,114 1% -5% 6% 7% 0% -1% Fre
Slide 33: Q1-3/25 Revenue growth by business segment
Strategy and Business Update Financials #FutureFresenius Appendix Q1-3/25 Revenue growth by business segment Growth at Currency Growth at actual translation constant Organic Divestitures/ €m Q1-3/25 Q1-3/24 rates effects rates1 growth1 Acquisitions Others Fresenius Kabi 6,398 6,266 2% -3% 5% 6% 0% -
Slide 34: Q3/25 Calculation of noncontrolling interests
Strategy and Business Update Financials #FutureFresenius Appendix Q3/25 Calculation of noncontrolling interests €m Q3/25 Q3/24 Earnings before tax and noncontrolling interests 493 436 Taxes -122 -107 Noncontrolling interests, thereof -20 -17 Fresenius Kabi -18 -14 Fresenius Helios -2 -2 Corporate 0
Slide 35: Q1-3/25 Calculation of noncontrolling interests
Strategy and Business Update Financials #FutureFresenius Appendix Q1-3/25 Calculation of noncontrolling interests €m Q1-3/25 Q1-3/24 Earnings before tax and noncontrolling interests 1,635 1,507 Taxes -408 -378 Noncontrolling interests, thereof -48 -58 Fresenius Kabi -41 -49 Fresenius Helios -7 -8 Co
Slide 36: Q3/25 & Q3/25 LTM Cash flow development
Strategy and Business Update Financials #FutureFresenius Appendix Q3/25 & Q3/25 LTM Cash flow development €m Q3/25 Q3/24 Q1-3/25 Q1-3/24 LTM LTM OCF 759 778 2,212 2,735 thereof Kabi 443 374 1,158 1,224 thereof Helios 332 454 1,306 1,808 % OCF Margin 13.9% 14.7% 10.0% 12.9% Capex (net) -234 -231 -972
Slide 37: Q3/25 LTM Reconciliation: Adjusted Free Cash Flow for CCR
Strategy and Business Update Financials #FutureFresenius Appendix Q3/25 LTM Reconciliation: Adjusted Free Cash Flow for CCR Q3/25 Q3/24 €m LTM LTM Operating Cash Flow 2,212 2,735 Capex (net) -972 -941 Free Cash Flow 1,240 1,794 (before acquisitions, dividends, and lease liabilities) Special items 29
Slide 38: Q3/25 Cash Flow development by business segment
Strategy and Business Update Financials #FutureFresenius Appendix Q3/25 Cash Flow development by business segment Operating Cash Flow Capex (net)1 Free Cash Flow2 Q3/25 Q3/24 Q3/25 Q3/24 Q3/25 Q3/24 Q3/25 Q3/24 Q3/25 Q3/24 Q3/25 Q3/24 €m Margin Margin % rev. % rev. Margin Margin 443 374 20.7% 17.7%
Slide 39: Q3/25 LTM Cash Flow development by business segment
Strategy and Business Update Financials #FutureFresenius Appendix Q3/25 LTM Cash Flow development by business segment Operating Cash Flow Capex (net)1 Free Cash Flow2 Q3/25 Q3/24 Q3/25 Q3/24 Q3/25 Q3/24 Q3/25 Q3/24 Q3/25 Q3/24 Q3/25 Q3/24 €m LTM LTM LTM LTM LTM LTM LTM LTM LTM LTM LTM LTM Margin Mar
Slide 40: Capital efficiency and returns
Strategy and Business Update Financials #FutureFresenius Appendix Capital efficiency and returns ROIC 1 CCR 1,2 NET DEBT/EBITDA 1,3 4.5 4,5 x 10% 2,2 2.2 9% 1.9 1,9 4.0 4,0 x 8% 3.8 3.8 1.6 1,6 7% 6.3 6.0 6.1 6.2 6.2 6.2 1,3 1.3 1.2 1.1 1.1 1.1 3.5 3.4 6% 5.5 1.0 1.0 1.0 3,5 x 5.2 0.9 1,0 1.0 3.2 5%
Slide 41: Q3/25 Organic revenue growth by product group
Strategy and Business Update Financials #FutureFresenius Appendix Q3/25 Organic revenue growth by product group Δ YoY €m Q3/25 organic2 MedTech 394 7% Nutrition 601 7% Biopharma 226 37% Growth Vectors1 1,221 11% Pharma 920 2% (IV Drugs & Fluids) Corporate 0 -- Total revenue 2,141 6% 1 Consists of Me
Slide 42: Q1-3/25 Organic revenue growth by product group
Strategy and Business Update Financials #FutureFresenius Appendix Q1-3/25 Organic revenue growth by product group Δ YoY €m Q1-3/25 organic2 MedTech 1,185 6% Nutrition 1,794 5% Biopharma 606 36% Growth Vectors1 3,585 10% Pharma 2,813 2% (IV Drugs & Fluids) Corporate 0 -- Total revenue 6,398 6% 1 Cons
Slide 43: Q3/25 EBIT(DA) development
Strategy and Business Update Financials #FutureFresenius Appendix Q3/25 EBIT(DA) development €m Q3/25 Δ YoY cc2 Total EBITDA 487 9% Margin 22.7% +90 bps Total EBIT 358 10% Margin 16.7% +80 bps Growth Vectors1 194 20% Margin 15.9% +140 bps Pharma (IV Drugs & Fluids) 202 +17% Margin 22.0% +300 bps Cor
Slide 44: Q1-3/25 EBIT(DA) development
Strategy and Business Update Financials #FutureFresenius Appendix Q1-3/25 EBIT(DA) development €m Q1-3/25 Δ YoY cc2 Total EBITDA 1,438 6% Margin 22.5% +60 bps Total EBIT 1,064 10% Margin 16.6% +100 bps Growth Vectors1 544 20% Margin 15.2% +160 bps Pharma (IV Drugs & Fluids) 624 12% Margin 22.2% +220
Slide 45: Fresenius Kabi Biosimilar portfolio and pipeline
Strategy and Business Update Financials #FutureFresenius Appendix Fresenius Kabi Biosimilar portfolio and pipeline Candidate & TA Pre-clinical Clinical trials Approval Launch Adalimumab EU: Apr 2019 / US: Dec 2022 EU: May 2019 / US: Jul 2023 Autoimmune Pegfilgrastim EU: Mar 2022 / US: Sep 2022 EU PF
Slide 46: Fresenius Kabi Biosimilar portfolio and pipeline
Strategy and Business Update Financials #FutureFresenius Appendix Fresenius Kabi Biosimilar portfolio and pipeline BIOSIMILAR MARKET1: ~20% CAGR until the early 2030s… CURRENT BIOSIMILAR PIPELINE GLOBAL PEAK BRANDED SALES OF ORIGINATORS IN €BN1 ~170 ~35 ~55 7 10 MB05 7 7 MB12 11 MB04 3 7 MB11 4 MB14
Slide 47: Q3/25 Key financials
Strategy and Business Update Financials #FutureFresenius Appendix Q3/25 Key financials €m Q3/25 Δ YoY cc Total revenue 3,240 5%1 Thereof Helios Germany 2,019 4%1 Thereof Helios Spain 1,221 7%1 Total EBIT 242 0% Margin 7.5% -40 bps Thereof Helios Germany 161 -5% Margin 8.0% -80 bps Thereof Helios Spa
Slide 48: Q1-3/25 Key financials
Strategy and Business Update Financials #FutureFresenius Appendix Q1-3/25 Key financials €m Q1-3/25 Δ YoY cc Total revenue 10,004 6%1 Thereof Helios Germany 6,066 6%1 Thereof Helios Spain 3,938 6%1 Total EBIT 912 -3% Margin 9.1% -90 bps Thereof Helios Germany 468 -12% Margin 7.7% -160 bps Thereof He
Slide 49: Fresenius Helios: Key Metrics
Strategy and Business Update Financials #FutureFresenius Appendix Fresenius Helios: Key Metrics Q1-3/25 ∆yoy FY/24 Helios Germany Hospitals 84 -1% 85 - Acute care hospitals 81 -1% 82 Beds 29,539 -2% 30,025 - Acute care hospitals 28,973 -2% 29,459 Admissions 4,126,143 -1% 5,509,409 - patients treated
Slide 50: 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. Investor Feedback and Social Media 05 Nov 2025 Results Q3/25 Open dialogues are vital to us! We have teamed up with Quantifire fo