Fresenius Medical Care Ag · XETR:FME
Fresenius Medical Care — FY 2025 Earnings Presentation
57 slides from Fresenius Medical Care's earnings presentation, Feb 24, 2026
Slide 1: #FutureFresenius: REJUVENATE in Action – Full year and Q4 2025 results
Strategy and Business Update Financials #FutureFresenius Appendix #FutureFresenius: REJUVENATE in Action – delivering accelerated performance for long-term value creation Full year and Q4 2025 results Conference call and webcast for investors and analysts Bad Homburg, 25 February 2026
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: Another year of strong delivery
Strategy and Business Update Financials #FutureFresenius Appendix Another year of strong delivery FY/25 results FY/25 FY/22 (incl. FMC) Guidance ORGANIC REVENUE GROWTH +7% 5 – 7% +3% EBIT GROWTH CC +6% 4 – 8% -11% EPS GROWTH CC +16% -13% NET DEBT/ EBITDA1 2.7× 3.8× Before special items | P&L growth
Slide 5: #FutureFresenius creating sustainable shareholder value
Strategy and Business Update Financials #FutureFresenius Appendix #FutureFresenius creating sustainable shareholder value SHARE PRICE 01 OCT 2022 | 31 DEC 2025 Fresenius +123% DIVIDEND PROPOSAL1 FOR FY/25: STOXX Europe 600 Health Care +22% €1.05 per share RESET REVITALIZE REJUVENATE 1 Proposal to th
Slide 6: Strong drivers for continued momentum in FY/26
Strategy and Business Update Financials #FutureFresenius Appendix Strong drivers for continued momentum in FY/26 Fresenius Helios Fresenius Kabi GERMANY SPAIN PHARMA NUTRITION MEDTECH BIOPHARMA Vertically- Leader in WHERE WE Clear market Clear market Global IV Gx & Scaled MedTech integrated integrat
Slide 7: FY/26 guidance: Accelerated performance momentum
Strategy and Business Update Financials #FutureFresenius Appendix FY/26 guidance: Accelerated performance momentum ORGANIC REVENUE GROWTH 4 – 7% FY/25 base: €22,554m CORE EPS GROWTH CC 5 – 10% FY/25 base: €2.87 Before special items Guidance assumes current factors and known uncertainties but does no
Slide 8: Portfolio rejuvenation accelerates organic growth
Strategy and Business Update Financials #FutureFresenius Appendix Portfolio rejuvenation accelerates organic growth FRESENIUS KABI Contributions from new products1 REVENUE EBIT FY/23 FY/24 FY/25 FY/25: New products1 delivered >€500m Revenue and >20% EBIT margin 1 Products launched in 2023 or thereaf
Slide 9: Biopharma a key driver of performance acceleration
Strategy and Business Update Financials #FutureFresenius Appendix Biopharma a key driver of performance acceleration TYENNE 37% market share EU4+UK 17% market share U.S. tocilizumab | autoimmune EU launch: Nov 2023 US launch: Apr 2024 (IV) Jul 2024 (SC) OTULFI ▪ Introduction of 45 mg/0.5 mL single d
Slide 10: Fresenius Helios: Next-level digital tools and AI for better patient care
Strategy and Business Update Financials #FutureFresenius Appendix Fresenius Helios: Next-level digital tools and AI for better patient care Staff Patient Efficiency Outcomes satisfaction experience AI-based data monitoring Proprietary database CLINICAL DATA for prevention of hospital infections of s
Slide 11: Elevating performance with new profit pools
Strategy and Business Update Financials #FutureFresenius Appendix Elevating performance with new profit pools EBIT MARGIN AMBITIONS NEW Biopharma Nutrition1 MedTech1 Pharma1 Fresenius ~20% by 2030 Stable at high level Strong Stable performance improve- Kabi with upside ment and growing earnings 17 –
Slide 12: REJUVENATE for innovation and relevance
Strategy and Business Update Financials #FutureFresenius Appendix REJUVENATE for innovation and relevance UPGRADE SCALE CORE PLATFORMS REJUVENATE Pipeline & launch delivery Portfolio expansion into new value pools Pursue platform-driven Production capabilities Innovation growth opportunities improve
Slide 13: Financials
Strategy and Business Update Financials #FutureFresenius Appendix Strategy and Business Update 01 02 Financials 02 Financials #FutureFresenius 03 Appendix 04
Slide 14: Q4/25: Closing the year with an outstanding quarter
Strategy and Business Update Financials #FutureFresenius Appendix Q4/25: Closing the year with an outstanding quarter Excellent organic revenue growth driven by both €5.9bn €713m 12.1% €440m Fresenius Kabi and Fresenius Helios +9% org. +13% cc +16% cc Excellent EBIT growth driven by a continued powe
Slide 15: Fresenius Kabi Q4/25 highlights
Strategy and Business Update Financials #FutureFresenius Appendix Fresenius Kabi Q4/25 highlights FINANCIALS Excellent organic revenue growth of 10 %1, well above the structural growth band (4 – 7%) 16.8% 16.4% 16.7% 15.8% 15.8% EBIT ▪ Growth Vectors with outstanding 16 %1 organic revenue MARGIN gro
Slide 16: Fresenius Helios Q4/25 highlights
Strategy and Business Update Financials #FutureFresenius Appendix Fresenius Helios Q4/25 highlights FINANCIALS Very strong organic revenue growth of 8% (Q4/24: 6%), 11.7% EBIT well above the structural growth band (4 – 6%) MARGIN Excellent EBIT margin of 11.7 % driven by strong operating 10.4% 9.8%
Slide 17: Strong cash conversion continues
Strategy and Business Update Financials #FutureFresenius Appendix Strong cash conversion continues CASH FLOW Outstanding €1.3b Operating Cash €m Flow in Q4/25 boosts LTM numbers 2,606 Supported by FY/24 incl. dividend proceeds suspension -813 from Successful cash conversion with FME share CCR2 consi
Slide 18: FY/26 Financial agenda: Raise ambitions
Strategy and Business Update Financials #FutureFresenius Appendix FY/26 Financial agenda: 1 Raise ambitions Leverage financial 2 flexibility 3 Focus on returns Q4/25 Earnings Call, 25 February 2026 © Fresenius SE & Co. KGaA Investor Relations 18
Slide 19: Raising ambitions: Fresenius Kabi delivering consistent margin expansion
Strategy and Business Update Financials #FutureFresenius Appendix Raising ambitions: Fresenius Kabi delivering consistent margin expansion FRESENIUS KABI NEW STRUCTURAL MARGIN BAND EBIT margin 17 – 19% 20% 18% 16 – 18% 14 – 17% 16% 16.5 – 14% 16.4% 17.0% 15.7% 13.8% 14.3% 0% FY/22 FY/23 FY/24 FY/25
Slide 20: Leveraging financial flexibility with stronger balance sheet
Strategy and Business Update Financials #FutureFresenius Appendix Leveraging financial flexibility with stronger balance sheet Attractive Profitable Strong shareholder Growth balance sheet returns Disciplined CAPEX – Distribution of Deleveraging – focus on investments 30 – 40% of Core net self-impos
Slide 21: Focus on returns to enable sustainable value creation
Strategy and Business Update Financials #FutureFresenius Appendix Focus on returns to enable sustainable value creation CORE EPS Driving bottom-line growth 5 – 10% cc Fresenius Kabi Growth Vectors fueling earnings growth, €2.87 gaining relative share – Fresenius Kabi Pharma & Fresenius Helios a reli
Slide 22: FY/26 guidance: Accelerated performance momentum
Strategy and Business Update Financials #FutureFresenius Appendix FY/26 guidance: Accelerated performance momentum ORGANIC REVENUE INDICATIONS GROWTH FRESENIUS GROUP 4 – 7% EBIT margin of around 11.5% FY/25 base: €2,595m FY/25 base: €22,554m FRESENIUS KABI Mid- to high-single-digit org. revenue grow
Slide 23: #FutureFresenius
Strategy and Business Update Financials #FutureFresenius Appendix Strategy and Business Update 01 03 Financials 02 #FutureFresenius #FutureFresenius 03 Appendix 04
Slide 24: Building a resilient healthcare franchise for the future
Strategy and Business Update Financials #FutureFresenius Appendix Building a resilient healthcare franchise for the future GLOBAL FOOTPRINT AND SCALING PRODUCTION NETWORK PLATFORMS ▪ >70% of the drugs for the U.S. are filled, ▪ Biopharma revenues expected to increase finished and packaged in the U.S
Slide 25: Appendix
Strategy and Business Update Financials #FutureFresenius Appendix Strategy and Business Update 01 04 Financials 02 Appendix #FutureFresenius 03 Appendix 04
Slide 26: Fresenius Financial Framework
Strategy and Business Update Financials #FutureFresenius Appendix Fresenius Financial Framework Ambitions geared for substantial EBIT MARGIN 17 – 19% 10 – 12% earnings growth Previously: 16 – 18% ORGANIC REVENUE GROWTH 4 – 7% 4 – 6% Strong balance across growth and CAPITAL EFFICIENCY CAPITAL STRUCTU
Slide 27: FY/26 indications
Strategy and Business Update Financials #FutureFresenius Appendix FY/26 indications €m FY/25 FY/26 indication Fresenius Kabi Organic revenue growth 7% Mid- to high-single-digit Operating EBIT margin 16.4% 16.5 – 17.0% Companies Fresenius Helios Organic revenue growth 7% Mid-single-digit EBIT margin
Slide 28: FY/26 indications
Strategy and Business Update Financials #FutureFresenius Appendix FY/26 indications EARNINGS EFFECTS Macroeconomic and geopolitical environment H1/26 H2/26 characterized by: KABI: Ramp-up of product launches and roll-outs ▪ Exchange rate fluctuation KABI: Annualization of Ketosteril®1 Volume-based P
Slide 29: Currency sensitivities & exposure
Strategy and Business Update Financials #FutureFresenius Appendix Currency sensitivities & exposure FY/26 CURRENCY SENSITIVITIES Other Currency Variation Growth sensitivities 14% Revenue EBIT Core EPS ARS 1% CNY U.S. Dollar +1 Cent (USD) EURUSD ~-10bps ~-20bps ~-25bps 3% Argentine +100 Pesos ~-5bps
Slide 30: Strong businesses set for accelerated performance
Strategy and Business Update Financials #FutureFresenius Appendix Strong businesses set for accelerated performance Strong underlying, Driving growth, sustained leadership accelerating performance Germany Spain Pharma Nutrition MedTech Biopharma Leader in Vertically- WHERE WE Clear market Clear mark
Slide 31: Q4/25 Statement of income (Summary, IFRS, unaudited)
Strategy and Business Update Financials #FutureFresenius Appendix Q4/25 Statement of income (Summary, IFRS, unaudited) Q4/24 Q4/24 €m Q4/25 restated1 previous Growth Revenue 5,961 5,663 5,630 5% Costs of revenue -4,447 -4,243 -4,215 -5% Gross profit 1,514 1,420 1,415 7% Selling, general and administ
Slide 32: FY/25 Statement of income (Summary, IFRS, unaudited)
Strategy and Business Update Financials #FutureFresenius Appendix FY/25 Statement of income (Summary, IFRS, unaudited) FY/24 FY/24 €m FY/25 restated1 previous Growth Revenue 22,873 21,954 21,833 4% Costs of revenue -17,180 -16,317 -16,455 -5% Gross profit 5,693 5,637 5,378 1% Selling, general and ad
Slide 33: Q4/25 Reconciliation
Strategy and Business Update Financials #FutureFresenius Appendix Q4/25 Reconciliation Growth rate at constant €m Q4/25 Q4/24 Growth rate currency Revenue reported (after special items) 5,961 5,663 5% 7% Legacy portfolio adjustments -6 - Fresenius transformation -80 -137 Revenue (before special item
Slide 34: FY/25 Reconciliation
Strategy and Business Update Financials #FutureFresenius Appendix FY/25 Reconciliation Growth rate at constant €m FY/25 FY/24 Growth rate currency Revenue reported (after special items) 22,873 21,954 4% 6% Legacy portfolio adjustments -7 -30 Fresenius transformation -312 -398 Revenue (before special
Slide 35: Q4/25 Revenue
Strategy and Business Update Financials #FutureFresenius Appendix Q4/25 Revenue REVENUE BY REGION REVENUE BY BUSINESS SEGMENT in % in % 6 1 2 6 12 38 €5.9b €5.9b 60 75 Europe North America Asia-Pacific Latin America Africa Fresenius Kabi Fresenius Helios Corporate/Other Before special items Q4/25 Ea
Slide 36: FY/25 Revenue
Strategy and Business Update Financials #FutureFresenius Appendix FY/25 Revenue REVENUE BY REGION REVENUE BY BUSINESS SEGMENT in % in % 6 1 2 7 38 12 €22.6b €22.6b 60 74 Europe North America Asia-Pacific Latin America Africa Fresenius Kabi Fresenius Helios Corporate/Other Before special items Q4/25
Slide 37: Q4/25 Revenue growth by business segment
Strategy and Business Update Financials #FutureFresenius Appendix Q4/25 Revenue growth by business segment Growth at Currency Growth at actual translation constant Organic Divestitures/ €m Q4/25 Q4/24 rates effects rates1 growth1 Acquisitions Others Fresenius Kabi 2,214 2,148 3% -6% 9% 10% 0% -1% Fr
Slide 38: FY/25 Revenue growth by business segment
Strategy and Business Update Financials #FutureFresenius Appendix FY/25 Revenue growth by business segment Growth at Currency Growth at actual translation constant Organic Divestitures/ €m FY/25 FY/24 rates effects rates1 growth1 Acquisitions Others Fresenius Kabi 8,612 8,414 2% -4% 6% 7% 0% -1% Fre
Slide 39: Q4/25 Corporate
Strategy and Business Update Financials #FutureFresenius Appendix Q4/25 Corporate €m Q4/25 Q4/24 Corporate Revenue 115 105 thereof Corporate -83 -82 thereof FHS1 198 187 Corporate EBIT -52 -33 thereof Corporate -65 -40 thereof FHS1 13 7 Before special items 1 Fresenius Health Services: hospital serv
Slide 40: FY/25 Corporate
Strategy and Business Update Financials #FutureFresenius Appendix FY/25 Corporate €m FY/25 FY/24 Corporate Revenue 392 373 thereof Corporate -330 -332 thereof FHS1 722 705 Corporate EBIT -146 -118 thereof Corporate -188 -150 thereof FHS1 42 32 Before special items 1 Fresenius Health Services: hospit
Slide 41: Q4/25 Calculation of noncontrolling interests
Strategy and Business Update Financials #FutureFresenius Appendix Q4/25 Calculation of noncontrolling interests €m Q4/25 Q4/24 Earnings before tax and noncontrolling interests 636 549 Taxes -174 -154 Noncontrolling interests, thereof -22 -5 Fresenius Kabi -18 -3 Fresenius Helios -3 -2 Corporate -1 0
Slide 42: FY/25 Calculation of noncontrolling interests
Strategy and Business Update Financials #FutureFresenius Appendix FY/25 Calculation of noncontrolling interests €m FY/25 FY/24 Earnings before tax and noncontrolling interests 2,271 2,056 Taxes -582 -532 Noncontrolling interests, thereof -70 -63 Fresenius Kabi -59 -52 Fresenius Helios -10 -10 Corpor
Slide 43: Q4/25 & Q4/25 LTM Cash flow development
Strategy and Business Update Financials #FutureFresenius Appendix Q4/25 & Q4/25 LTM Cash flow development €m Q4/25 Q4/24 Q4/25 Q4/24 LTM LTM OCF 1,340 982 2,606 2,474 thereof Kabi 509 388 1,279 1,178 thereof Helios 935 634 1,607 1,575 % OCF Margin 22.8% 17.8% 11.6% 11.5% Capex -189 -349 -9841 -916 C
Slide 44: Q4/25 LTM Reconciliation: Adjusted Free Cash Flow for CCR
Strategy and Business Update Financials #FutureFresenius Appendix Q4/25 LTM Reconciliation: Adjusted Free Cash Flow for CCR Q4/25 Q4/24 €m LTM LTM Operating Cash Flow 2,606 2,474 Capex -9841 -916 Free Cash Flow 1,622 1,558 (before acquisitions, dividends, and lease liabilities) Special items 365 163
Slide 45: Q4/25 Cash Flow development by business segment
Strategy and Business Update Financials #FutureFresenius Appendix Q4/25 Cash Flow development by business segment Operating Cash Flow Capex1 Free Cash Flow2 Q4/25 Q4/24 Q4/25 Q4/24 Q4/25 Q4/24 Q4/25 Q4/24 Q4/25 Q4/24 Q4/25 Q4/24 €m Margin Margin % rev. % rev. Margin Margin 509 388 23.0% 18.1% -126 -
Slide 46: Q4/25 LTM Cash Flow development by business segment
Strategy and Business Update Financials #FutureFresenius Appendix Q4/25 LTM Cash Flow development by business segment Operating Cash Flow Capex1 Free Cash Flow2 Q4/25 Q4/24 Q4/25 Q4/24 Q4/25 Q4/24 Q4/25 Q4/24 Q4/25 Q4/24 Q4/25 Q4/24 €m LTM LTM LTM LTM LTM LTM LTM LTM LTM LTM LTM LTM Margin Margin %
Slide 47: 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 9% 2,2 2.2 1.9 1,9 8% 4.0 4,0 x 1.6 1,6 3.8 7% 6.6 1.2 1,3 1.3 1.1 1.1 1.1 1.1 6.3 3.5 3,5 x 3.4 6.1 6.2 6.2 6.2 1.0 1.0 6.0 1,0 1.0 3.2 6% 3.1 0.9 3.0 3.0 3.
Slide 48: Q4/25 Organic revenue growth by product group
Strategy and Business Update Financials #FutureFresenius Appendix Q4/25 Organic revenue growth by product group Δ YoY €m Q4/25 organic2 MedTech 425 5% Nutrition 602 5% Biopharma 265 97% Growth Vectors1 1,292 16% Pharma 922 2% (IV Drugs & Fluids) Corporate 0 -- Total revenue 2,214 10% 1 Consists of M
Slide 49: FY/25 Organic revenue growth by product group
Strategy and Business Update Financials #FutureFresenius Appendix FY/25 Organic revenue growth by product group Δ YoY €m FY/25 organic2 MedTech 1,610 6% Nutrition 2,396 5% Biopharma 871 51% Growth Vectors1 4,877 11% Pharma 3,735 2% (IV Drugs & Fluids) Corporate 0 -- Total revenue 8,612 7% 1 Consists
Slide 50: Q4/25 EBIT(DA) development
Strategy and Business Update Financials #FutureFresenius Appendix Q4/25 EBIT(DA) development €m Q4/25 Δ YoY cc2 Total EBITDA 496 2% Margin 22.4% -100 bps Total EBIT 349 7% Margin 15.8% +0 bps Growth Vectors1 199 19% Margin 15.4% +70 bps Pharma (IV Drugs & Fluids) 189 2% Margin 20.5% +0 bps Corporate
Slide 51: FY/25 EBIT(DA) development
Strategy and Business Update Financials #FutureFresenius Appendix FY/25 EBIT(DA) development €m FY/25 Δ YoY cc2 Total EBITDA 1,934 5% Margin 22.5% +20 bps Total EBIT 1,413 9% Margin 16.4% +70 bps Growth Vectors1 743 20% Margin 15.2% +130 bps Pharma (IV Drugs & Fluids) 813 9% Margin 21.8% +170 bps Co
Slide 52: 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 53: Competitive and focused biosimilar portfolio and pipeline
Strategy and Business Update Financials #FutureFresenius Appendix Competitive and focused biosimilar portfolio and pipeline Biosimilar market: ~6×until 20353 Current biosimilar portfolio & pipeline Global peak branded sales of originators1, in €b 40 Fresenius ~80 mAbxience Fresenius and mAbxience ~4
Slide 54: Q4/25 Key financials
Strategy and Business Update Financials #FutureFresenius Appendix Q4/25 Key financials €m Q4/25 Δ YoY cc Total revenue 3,546 8%1 Thereof Helios Germany 2,055 6%1 Thereof Helios Spain 1,491 11%1 Total EBIT 416 22% Margin 11.7% +130 bps Thereof Helios Germany 194 52% Margin 9.4% +280 bps Thereof Helio
Slide 55: FY/25 Key financials
Strategy and Business Update Financials #FutureFresenius Appendix FY/25 Key financials €m FY/25 Δ YoY cc Total revenue 13,550 7%1 Thereof Helios Germany 8,121 6%1 Thereof Helios Spain 5,429 7%1 Total EBIT 1,328 3% Margin 9.8% -30 bps Thereof Helios Germany 662 0% Margin 8.2% -40 bps Thereof Helios S
Slide 56: Fresenius Helios: Key Metrics
Strategy and Business Update Financials #FutureFresenius Appendix Fresenius Helios: Key Metrics FY/25 ∆yoy FY/24 Helios Germany Hospitals 82 -4% 85 - Acute care hospitals 79 -4% 82 Beds 30,588 2% 30,025 - Acute care hospitals 30,022 2% 29,459 Admissions 5,595,762 2% 5,509,409 - patients treated in h
Slide 57: 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 06 May 2026 Q1 2026 results Open dialogues are vital to us! We have teamed up with Quantifire
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