Fresenius Se & Co. Kgaa · XETR:FRE
Fresenius Se & Co. Kgaa — Q2 2025 Earnings Presentation
52 slides from Fresenius Se & Co. Kgaa's earnings presentation, Aug 6, 2025
Slide 1: #FutureFresenius: Guidance raised – Q2 2025 results
Strategy and Business Update Financials #FutureFresenius Appendix #FutureFresenius: Guidance raised – Resilient business continues to deliver consistent performance Q2 2025 results Conference call and webcast for investors and analysts Bad Homburg, 6 August 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: Q2/25: Consistent revenue and strong EPS growth
Strategy and Business Update Financials #FutureFresenius Appendix Q2/25: Consistent revenue and strong EPS growth Raising guidance for organic revenue growth to 5 – 7% Strong bottom-line performance continues with 8% Core EPS1 growth, driven by operating strength and significant decrease in interest
Slide 5: Fresenius Kabi Q2/25 highlights
Strategy and Business Update Financials #FutureFresenius Appendix Fresenius Kabi Q2/25 highlights 6 new IV generics Ramp-up of IV solutions production in the U.S. €947m +5% PHARMA products launched at Wilson/NC site to meet Q2/25 ORGANIC in the U.S. growing demand REVENUE GROWTH Research pipeline in
Slide 6: Biosimilars market with excellent momentum
Strategy and Business Update Financials #FutureFresenius Appendix Fresenius Kabi Biosimilars market with excellent momentum Biosimilars market GLOBAL BIOSIMILARS MARKET LOE1 MARKET VALUE 2025 – 2028 RoW Canada Europe Global (key markets)2: ~€42bn early ~20% €20bn 2024 2030s CAGR U.S. thereof U.S.: ~
Slide 7: Advancing Otulfi roll-out in an attractive environment
Strategy and Business Update Financials #FutureFresenius Appendix Fresenius Kabi Advancing Otulfi roll-out in an attractive environment USTEKINUMAB MARKET RoW Canada OTULFI – since Europe Global peak branded Q1/25 launch: originator sales1: FY/242 10 markets launched – €11bn U.S. leveraging Autoimmu
Slide 8: Tyenne progress continues
Strategy and Business Update Financials #FutureFresenius Appendix Fresenius Kabi Tyenne progress continues TOCILIZUMAB MARKET RoW TYENNE Global peak branded Canada Europe originator sales1: 22 markets launched – FY/242 leveraging Autoimmune €3bn U.S. commercial infrastructure First Tocilizumab biosi
Slide 9: Growth Vectors gaining weight, elevating profitability
Strategy and Business Update Financials #FutureFresenius Appendix Fresenius Kabi Growth Vectors gaining weight, elevating profitability KABI EBIT H1 +13% CAGR Growth Vectors Growth Vectors Pharma +10% driving yoy EBIT growth and 3 margin expansion + 1 FY/22 FY/23 FY/24 H1/24 H1/25 Pharma providing a
Slide 10: Fresenius Helios Q2/25 highlights
Strategy and Business Update Financials #FutureFresenius Appendix Fresenius Helios Q2/25 highlights €4bn federal funding Further expanding for German hospitals: cluster structures across Germany: €2,001m1 +6% Surcharge on invoices Intensifying high-quality for patients with public medical care in re
Slide 11: Revenue growth increased structurally as strategy unfolds
Strategy and Business Update Financials #FutureFresenius Appendix Revenue growth increased structurally as strategy unfolds ORGANIC REVENUE GROWTH CAGR RESET Group 5% 7% New FY/25 outlook: Helios 6% 6% 5 – 7% Kabi 4% 8% Driving topline REVENUE accele- GROWTH Growth - ration 13% ORGANIC Vectors FY/19
Slide 12: Financials
Strategy and Business Update Financials #FutureFresenius Appendix Strategy and Business Update 01 02 Financials 02 Financials #FutureFresenius 03 Appendix 04
Slide 13: Q2/25: Consistent organic and strong EPS growth
Strategy and Business Update Financials #FutureFresenius Appendix Q2/25: Consistent organic and strong EPS growth Continued strong revenue growth based on good operating performance of Kabi and Helios €5.6bn €654m 11.7% €412m EBIT growth broadly flat; continued strong operating +5% org.1 0% +8% deve
Slide 14: #FutureFresenius creating sustainable bottom-line momentum
Strategy and Business Update Financials #FutureFresenius Appendix #FutureFresenius creating sustainable bottom-line momentum CORE EPS1 Growth in % Sustainably growing EBIT H1/23 H2/23 H1/24 H2/24 H1/25 18% 10% 8% EBIT €m Interest expense -220 -166 €m EPS -10% Growth -13% Tightly managing interest li
Slide 15: Fresenius Kabi Q2/25 highlights
Strategy and Business Update Financials #FutureFresenius Appendix Fresenius Kabi Q2/25 highlights QUARTERLY FINANCIALS Main developments 2,200 16.8% Strong organic revenue growth of 6 %1 in the 2,150 upper half of the structural growth band; less EBIT 16.4% pronounced Argentina pricing effects 15.9%
Slide 16: Fresenius Helios Q2/25 highlights
Strategy and Business Update Financials #FutureFresenius Appendix Fresenius Helios Q2/25 highlights QUARTERLY FINANCIALS Main developments Solid 5% organic revenue growth 3,400 EBIT margin of 10.0%; expected softness at Helios 11.1% Germany partially offset by strong profitability at 10.4% EBIT 9.8%
Slide 17: Robust underlying cash generation continues
Strategy and Business Update Financials #FutureFresenius Appendix Robust underlying cash generation continues CASH FLOW €m Rigorous focus on cash conversion reflected in 2,231 reliable Operating incl. incl. Supported - €96m ~€500m Cash Flow by FY/24 minority proceeds dividend interest from suspensio
Slide 18: FY/25 guidance: Raising guidance for organic revenue growth
Strategy and Business Update Financials #FutureFresenius Appendix FY/25 guidance: Raising guidance for organic revenue growth FY/24 base FY/25 guidance1 REVENUE GROWTH €8,414m Mid- to high-single-digit ORGANIC organic revenue growth 5 – 7% (previously: 4-6%) €1,319m EBIT margin of 16–16.5% FY/24 bas
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: Rigorous execution drives consistent bottom-line growth
Strategy and Business Update Financials #FutureFresenius Appendix REJUVENATE: Rigorous execution… Consistent strong topline: 6% organic growth1 in H1/25; guidance raised to 5 – 7% growth Core EPS2: +10% yoy Excellent EPS2 performance continues, in H1/25 based on operating strength and deleveraging M
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 net self-imposed in organic gr
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 Interest expense €433m Around €350m (previously: €370m to €390m) Profitability Tax rate 25.9% 25 to 26% CAPEX (% of revenue) 4.3% Around 5% CCR LTM 1.0 Around 1 Capital All
Slide 25: FY/25 guidance Phasing and assumptions
Strategy and Business Update Financials #FutureFresenius Appendix FY/25 guidance Phasing and assumptions Q1/25 Q2/25 Q3/25 Q4/25 Ongoing growth momentum based on expected product launches and rollouts Ketosteril®1 included in Volume-based Procurement (VBP) in China Revenue (qtr. basis): mid-double-d
Slide 26: 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 27: Q2/25 Statement of income
Strategy and Business Update Financials #FutureFresenius Appendix Q2/25 Statement of income (Summary, IFRS, unaudited) Q2/24 Q2/24 €m Q2/25 restated1 previous Growth Revenue 5,581 5,440 5,460 3% Costs of revenue -4,123 -4,015 -4,237 -3% Gross profit 1,458 1,425 1,223 2% Selling, general and administ
Slide 28: H1/25 Statement of income
Strategy and Business Update Financials #FutureFresenius Appendix H1/25 Statement of income (Summary, IFRS, unaudited) H1/24 H1/24 €m H1/25 restated1 previous Growth Revenue 11,232 10,790 10,837 4% Costs of revenue -8,363 -7,951 -8,237 -5% Gross profit 2,869 2,839 2,600 1% Selling, general and admin
Slide 29: Q2/25 Reconciliation
Strategy and Business Update Financials #FutureFresenius Appendix Q2/25 Reconciliation Growth rate at constant €m Q2/25 Q2/24 Growth rate currency Revenue reported (after special items) 5,581 5,440 3% 5% Legacy portfolio adjustments -1 - Fresenius transformation -9 -26 Revenue (before special items)
Slide 30: H1/25 Reconciliation
Strategy and Business Update Financials #FutureFresenius Appendix H1/25 Reconciliation Growth rate at constant €m H1/25 H1/24 Growth rate currency Revenue reported (after special items) 11,232 10,790 4% 5% Legacy portfolio adjustments -1 -30 Fresenius transformation -29 -63 Revenue (before special i
Slide 31: Q2/25 Revenue
Strategy and Business Update Financials #FutureFresenius Appendix Q2/25 Revenue REVENUE BY REGION REVENUE BY BUSINESS SEGMENT in % in % 6 1 2 6 12 38 €5.6 bn €5.6 bn 60 75 Europe North America Asia-Pacific Latin America Africa Fresenius Kabi Fresenius Helios Corporate/Other Before special items Q2/2
Slide 32: H1/25 Revenue
Strategy and Business Update Financials #FutureFresenius Appendix H1/25 Revenue REVENUE BY REGION REVENUE BY BUSINESS SEGMENT in % in % 6 1 2 7 38 12 €11.2 bn €11.2 bn 60 74 Europe North America Asia-Pacific Latin America Africa Fresenius Kabi Fresenius Helios Corporate/Other Before special items Q2
Slide 33: Q2/25 Revenue growth by business segment
Strategy and Business Update Financials #FutureFresenius Appendix Q2/25 Revenue growth by business segment Growth at Currency Growth at actual translation constant Organic Divestitures/ €m Q2/25 Q2/24 rates effects rates1 growth1 Acquisitions Others Fresenius Kabi 2,111 2,101 0% -5% 5% 6% 0% -1% Fre
Slide 34: H1/25 Revenue growth by business segment
Strategy and Business Update Financials #FutureFresenius Appendix H1/25 Revenue growth by business segment Growth at Currency Growth at actual translation constant Organic Divestitures/ €m H1/25 H1/24 rates effects rates1 growth1 Acquisitions Others Fresenius Kabi 4,257 4,152 3% -2% 5% 6% 0% -1% Fre
Slide 35: Q2/25 Calculation of noncontrolling interests
Strategy and Business Update Financials #FutureFresenius Appendix Q2/25 Calculation of noncontrolling interests €m Q2/25 Q2/24 Earnings before tax and noncontrolling interests 569 552 Taxes -143 -144 Noncontrolling interests, thereof -14 -20 Fresenius Kabi -12 -17 Fresenius Helios -2 -5 Corporate 0
Slide 36: H1/25 Calculation of noncontrolling interests
Strategy and Business Update Financials #FutureFresenius Appendix H1/25 Calculation of noncontrolling interests €m H1/25 H1/24 Earnings before tax and noncontrolling interests 1,142 1,071 Taxes -286 -271 Noncontrolling interests, thereof -28 -41 Fresenius Kabi -23 -35 Fresenius Helios -5 -6 Corporat
Slide 37: Q2/25 & Q2/25 LTM Cash flow development
Strategy and Business Update Financials #FutureFresenius Appendix Q2/25 & Q2/25 LTM Cash flow development €m Q2/25 Q2/24 Q2/25 Q2/24 LTM LTM OCF 433 756 2,231 2,537 thereof Kabi 217 259 1,089 1,230 thereof Helios 348 604 1,428 1,562 % OCF Margin 7.8% 14.0% 10.1% 12.2% Capex (net) -212 -146 -969 -967
Slide 38: Q2/25 LTM Reconciliation: Adjusted Free Cash Flow for CCR
Strategy and Business Update Financials #FutureFresenius Appendix Q2/25 LTM Reconciliation: Adjusted Free Cash Flow for CCR Q2/25 Q2/24 €m LTM LTM Operating Cash Flow 2,231 2,537 Capex (net) -969 -967 Free Cash Flow 1,262 1,570 (before acquisitions, dividends, and lease liabilities) Special items 23
Slide 39: Q2/25 Cash Flow development by business segment
Strategy and Business Update Financials #FutureFresenius Appendix Q2/25 Cash Flow development by business segment Operating Cash Flow Capex (net)1 Free Cash Flow2 Q2/25 Q2/24 Q2/25 Q2/24 Q2/25 Q2/24 Q2/25 Q2/24 Q2/25 Q2/24 Q2/25 Q2/24 €m Margin Margin % rev. % rev. Margin Margin 217 259 10.3% 12.3%
Slide 40: Q2/25 LTM Cash Flow development by business segment
Strategy and Business Update Financials #FutureFresenius Appendix Q2/25 LTM Cash Flow development by business segment Operating Cash Flow Capex (net)1 Free Cash Flow2 Q2/25 Q2/24 Q2/25 Q2/24 Q2/25 Q2/24 Q2/25 Q2/24 Q2/25 Q2/24 Q2/25 Q2/24 €m LTM LTM LTM LTM LTM LTM LTM LTM LTM LTM LTM LTM Margin Mar
Slide 41: 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 9% 1.9 1,9 4.0 4.0 4,0 x 8% 3.8 3.8 1.6 1,6 7% 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 3,5 x 5.0 5.2 1,0 1.0 0.9 0.9
Slide 42: Q2/25 Organic revenue growth by product group
Strategy and Business Update Financials #FutureFresenius Appendix Q2/25 Organic revenue growth by product group Δ YoY €m Q2/25 organic2 MedTech 392 5% Nutrition 581 1% Biopharma 190 33% Growth Vectors1 1,164 7% Pharma 947 5% (IV Drugs & Fluids) Corporate 0 -- Total revenue 2,111 6% 1 Consists of Med
Slide 43: H1/25 Organic revenue growth by product group
Strategy and Business Update Financials #FutureFresenius Appendix H1/25 Organic revenue growth by product group Δ YoY €m H1/25 organic2 MedTech 791 6% Nutrition 1,193 4% Biopharma 380 36% Growth Vectors1 2,365 9% Pharma 1,892 2% (IV Drugs & Fluids) Corporate 0 -- Total revenue 4,257 6% 1 Consists of
Slide 44: Q2/25 EBIT(DA) development
Strategy and Business Update Financials #FutureFresenius Appendix Q2/25 EBIT(DA) development €m Q2/25 Δ YoY cc2 Total EBITDA 472 2% Margin 22.4% -10 bps Total EBIT 346 5% Margin 16.4% +50 bps Growth Vectors1 166 3% Margin 14.3% -40 bps Pharma (IV Drugs & Fluids) 206 +16% Margin 21.7% +220 bps Corpor
Slide 45: H1/25 EBIT(DA) development
Strategy and Business Update Financials #FutureFresenius Appendix H1/25 EBIT(DA) development €m H1/25 Δ YoY cc2 Total EBITDA 951 5% Margin 22.3% +30 bps Total EBIT 706 10% Margin 16.6% +110 bps Growth Vectors1 350 20% Margin 14.8% +170 bps Pharma (IV Drugs & Fluids) 422 10% Margin 22.3% +190 bps Cor
Slide 46: A resilient business with global footprint and diverse revenues
Strategy and Business Update Financials #FutureFresenius Appendix A resilient business with global footprint and broad, diverse source of revenues ~70% of medicines ~90% of Group revenues sold in the U.S. NOT exposed Diversified are produced in the U.S. to U.S. tariffs portfolio: Strong European hos
Slide 47: 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 FRESENIUS KABI EU: Mar 2022 / US:
Slide 48: Biosimilar portfolio and pipeline
Strategy and Business Update Financials #FutureFresenius Appendix Fresenius Kabi Biosimilar portfolio and pipeline BIOSIMILAR MARKET2: ~20% CAGR until the early 2030s… CURRENT BIOSIMILAR PIPELINE GLOBAL PEAK BRANDED SALES OF ORIGINATORS IN €BN2 ~170 ~35 FY/251 ~55 7 10 MB05 7 7 MB12 11 MB04 3 7 MB11
Slide 49: Q2/25 Key financials
Strategy and Business Update Financials #FutureFresenius Appendix Q2/25 Key financials €m Q2/25 Δ YoY cc Total revenue 3,370 5%1 Thereof Helios Germany 2,001 6%1 Thereof Helios Spain 1,369 3%1 Total EBIT 337 -5% Margin 10.0% -110 bps Thereof Helios Germany 150 -4% Margin 7.5% -80 bps Thereof Helios
Slide 50: H1/25 Key financials
Strategy and Business Update Financials #FutureFresenius Appendix H1/25 Key financials €m H1/25 Δ YoY cc Total revenue 6,764 6%1 Thereof Helios Germany 4,047 7%1 Thereof Helios Spain 2,717 5%1 Total EBIT 670 -5% Margin 9.9% -110 bps Thereof Helios Germany 307 -15% Margin 7.6% -200 bps Thereof Helios
Slide 51: Fresenius Helios: Key Metrics
Strategy and Business Update Financials #FutureFresenius Appendix Fresenius Helios: Key Metrics H1/25 ∆yoy FY/24 Helios Germany Hospitals 84 -1% 85 - Acute care hospitals 81 -1% 82 Beds 29,827 0% 30,025 - Acute care hospitals 29,261 0% 29,459 Admissions 2,785,258 0% 5,509,409 - patients treated in h
Slide 52: 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 Aug 2025 Results Q2/25 Open dialogues are vital to us! We have teamed up with Quantifire 05