Fresenius Se & Co. Kgaa · XETR:FRE

Fresenius Se & Co. Kgaa — Investor Presentation (August 2026)

57 slides from Fresenius Se & Co. Kgaa's investor presentation, August 2026

  1. Slide 1: Investor Presentation Q2 2026

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Investor Presentation Q2 2026 © Fresenius 2026 | Investor Presentation

  2. Slide 2: Safe harbor statement and Glossary

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Safe harbor Glossary statement This presentation contains forward-looking statements that are subject to cc At constant currency various risks a

  3. Slide 3: Strategy and Business Update

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 02 03 04 Strategy and Financials #FutureFresenius Appendix Business Update 3 © Fresenius 2026 | Investor Presentation

  4. Slide 4: Q2/26: Strong execution delivers highest returns in the decade

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Q2/26: Strong execution delivers highest returns in the decade Excellent EPS Sustainable Leverage at Fresenius Fresenius FY/26 growth: value cre

  5. Slide 5: Fresenius Kabi: Q2/26 news

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Kabi: Q2/26 news Pharma Biopharma Nutrition MedTech Pipeline enhancement vedolizumab European launch of Strong execution of with 7 new

  6. Slide 6: Fresenius Kabi: Biopharma growth engine

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Kabi: Biopharma growth engine tocilizumab | autoimmune ustekinumab | autoimmune denosumab | osteoporosis & oncology EU launch: Nov 202

  7. Slide 7: Fresenius Helios: Q2/26 news

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Helios: Q2/26 news Germany Spain GKV Stabilization Act Annual Research Day at approved – providing a Quirónsalud – almost 1,500 constr

  8. Slide 8: Committed to Fresenius Helios' 10–12% structural margin band

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Committed to Fresenius Helios’ 10 – 12% structural margin band, FY/27 EBIT growth expected Fresenius Helios Strategic Indicative EBIT1 developme

  9. Slide 9: Raising Core EPS guidance

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Raising Core EPS guidance Organic revenue Core EPS growth growth cc 4 – 7% 10 – 15% Previously: 5 – 10% Before special items Guidance assumes cu

  10. Slide 10: Financials

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 02 03 04 Strategy and Financials #FutureFresenius Appendix Business Update 10 © Fresenius 2026 | Investor Presentation

  11. Slide 11: Q2/26: Converting operational momentum into earnings strength

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Q2/26: Converting operational momentum into earnings strength Revenue EBIT EBIT Strong organic revenue growth in line with expected FY/26 phasin

  12. Slide 12: Fresenius Kabi Q2/26 financials

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Kabi Q2/26 financials Strong organic revenue growth of 7%1, at the upper end of the structural growth band (4 – 7%) 16.7% 16.7% 17.0%

  13. Slide 13: Fresenius Helios Q2/26 financials

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Helios Q2/26 financials Strong organic revenue growth of 5%, in line with structural growth band (4 – 6%) 11.7% 10.5% 10.6% EBIT Stron

  14. Slide 14: Structurally improved Cash Flow

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Structurally improved Cash Flow Cash Flow, €m Excellent €2.8bn Operating Cash Flow in Q2/26 LTM: strong 2,819 incl. improvement through proceeds

  15. Slide 15: Structural step-up in our financial metrics

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Structural step-up in our financial metrics ~5.5% 2.5 – 3.0× Strong returns for CAPEX as % of revenue Leverage (Net debt/EBITDA) shareholders wh

  16. Slide 16: Raising Core EPS guidance based on strong operational results

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Raising Core EPS guidance based on strong operational results Indications Organic revenue Core EPS Fresenius Group growth growth cc EBIT margin

  17. Slide 17: #FutureFresenius

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 02 03 04 Strategy and Financials #FutureFresenius Appendix Business Update 17 © Fresenius 2026 | Investor Presentation

  18. Slide 18: REJUVENATE in action

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix REJUVENATE in action H1/26 FY/251 Structural step-up Seizing opportunities #FutureFresenius translating Leveraging strong EBIT margin into conti

  19. Slide 19: Reinforcing our ability to win

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Reinforcing our ability to win Right to play Ability to win Established healthcare platforms providing long-term structural opportunities Growth

  20. Slide 20: Appendix

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 02 03 04 Strategy and Financials #FutureFresenius Appendix Business Update 20 © Fresenius 2026 | Investor Presentation

  21. Slide 21: Capital allocation priorities

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Group Capital allocation priorities Profitable Attractive Strong Growth shareholder returns balance sheet Disciplined CAPEX – Distribu

  22. Slide 22: Fresenius Financial Framework

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Group Fresenius Financial Framework Fresenius Fresenius Ambitions geared Kabi Helios for substantial earnings growth EBIT margin 17 –

  23. Slide 23: FY/26 indications

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Group FY/26 indications €m FY/25 FY/26 indication Fresenius Kabi Organic revenue growth 7% Mid- to high-single-digit EBIT margin 16.4%

  24. Slide 24: FY/26 indications: H2/26 effects

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Group FY/26 indications H2/26 effects Macroeconomic environment: Kabi: Consistent topline growth • Geopolitical conflicts, i.e. Middle

  25. Slide 25: Currency sensitivities & exposure

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Group Currency sensitivities & exposure FY/26 currency sensitivities Other Growth sensitivities 14% Currency Variation Revenue EBIT Co

  26. Slide 26: Business overview

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Group Business overview Fresenius Strong underlying, Driving growth, Fresenius Helios sustained leadership accelerating performance Ka

  27. Slide 27: Q2/26 Statement of income

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Group Q2/26 Statement of income (Summary, IFRS, unaudited) Q2/25 Q2/25 €m Q2/26 restated1 previous Growth Revenue 5,945 5,650 5,581 5%

  28. Slide 28: H1/26 Statement of income

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Group H1/26 Statement of income (Summary, IFRS, unaudited) H1/25 H1/25 €m H1/26 restated1 previous Growth Revenue 11,764 11,356 11,232

  29. Slide 29: Q2/26 Reconciliation

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Group Q2/26 Reconciliation Growth rate €m Q2/26 Q2/25 Growth rate at constant currency Revenue reported (after special items) 5,945 5,

  30. Slide 30: H1/26 Reconciliation

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Group H1/26 Reconciliation Growth rate €m H1/26 H1/25 Growth rate at constant currency Revenue reported (after special items) 11,764 1

  31. Slide 31: Indicative presentation of future disclosure of operating profit under IFRS 18

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Indicative presentation of future disclosure of operating profit in accordance with IFRS 18 IFRS 18 applied from FY/27 onwards IFRS 18 amends a

  32. Slide 32: Indicative comparison: EBIT (IAS 1) vs. operating profit (IFRS 18)

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Indicative comparison: EBIT before special items (IAS 1) vs. operating profit before special items (IFRS 18) Q1/26 Q2/26 H1/26 Q1/26 Q2/26 H1/26

  33. Slide 33: Q2/26 Revenue

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Group Q2/26 Revenue Revenue by region, % Revenue by business segment, % 2 5 1 6 13 38 €5.9bn €5.9bn 60 75 Europe North America Asia-Pa

  34. Slide 34: H1/26 Revenue

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Group H1/26 Revenue Revenue by region, % Revenue by business segment, % 2 6 1 6 38 12 €11.6bn €11.6bn 61 75 Europe North America Asia-

  35. Slide 35: Q2/26 Revenue growth by business segment

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Group Q2/26 Revenue growth by business segment Currency Growth at Growth at translation constant Organic Divestitures/ €m Q2/26 Q2/25

  36. Slide 36: H1/26 Revenue growth by business segment

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Group H1/26 Revenue growth by business segment Currency Growth at Growth at translation constant Organic Divestitures/ €m H1/26 H1/25

  37. Slide 37: Q2/26 Corporate

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Group Q2/26 Corporate €m Q2/26 Q2/25 Corporate Revenue 94 90 thereof Corporate -77 -82 thereof FHS1 171 172 €m Q2/26 Q2/25 Corporate E

  38. Slide 38: H1/26 Corporate

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Group H1/26 Corporate €m H1/26 H1/25 Corporate Revenue 186 181 thereof Corporate -151 -161 thereof FHS1 337 342 €m H1/26 H1/25 Corpora

  39. Slide 39: Q2/26 Calculation of noncontrolling interests

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Group Q2/26 Calculation of noncontrolling interests €m Q2/26 Q2/25 Earnings before tax and noncontrolling interests 647 569 Taxes -161

  40. Slide 40: H1/26 Calculation of noncontrolling interests

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Group H1/26 Calculation of noncontrolling interests €m H1/26 H1/25 Earnings before tax and noncontrolling interests 1,257 1,142 Taxes

  41. Slide 41: Q2/26 & Q2/26 LTM Cash flow development

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Group Q2/26 & Q2/26 LTM Cash flow development Q2/26 Q2/25 €m Q2/26 Q2/25 LTM LTM OCF 344 425 2,819 2,280 thereof Kabi 272 217 1,381 1,

  42. Slide 42: Q2/26 & LTM Reconciliation: Adjusted Free Cash Flow for CCR

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Group Q2/26 & LTM Reconciliation: Adjusted Free Cash Flow for CCR Q2/26 Q2/25 €m LTM LTM Operating Cash Flow 2,819 2,280 Capex -996 -9

  43. Slide 43: Q2/26 Cash flow development by business segment

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Group Q2/26 Cash flow development by business segment Operating Cash Flow Capex, net Free Cash Flow1 Q2/26 Q2/25 Q2/26 % Q2/25 % Q2/26

  44. Slide 44: Q2/26 LTM Cash flow development by business segment

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Group Q2/26 LTM Cash flow development by business segment Operating Cash Flow Capex, net1 Free Cash Flow2 Q2/26 Q2/25 Q2/26 Q2/25 Q2/2

  45. Slide 45: Capital efficiency and returns

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Group Capital efficiency and returns ROIC1, % CCR1,2 Net debt / EBITDA1,3 9.0 1.3 4.0 1.2 1.2 1.2 8.0 1.2 3.5 6.9 1.1 1.1 1.1 3.2 7.0

  46. Slide 46: Kabi Q2/26 Organic revenue growth by product group

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Kabi Q2/26 Organic revenue growth by product group ΔYoY €m Q2/26 organic2 MedTech 435 11% Nutrition 613 5% Biopharma 260 38% Growth Ve

  47. Slide 47: Kabi H1/26 Organic revenue growth by product group

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Kabi H1/26 Organic revenue growth by product group ΔYoY €m H1/26 organic2 MedTech 828 7% Nutrition 1,223 4% Biopharma 498 36% Growth V

  48. Slide 48: Kabi Q2/26 EBIT(DA) development

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Kabi Q2/26 EBIT(DA) development ΔYoY €m Q2/26 cc Total EBITDA 517 10% Margin 23.0% +60 bps Total EBIT 382 11% Margin 17.0% +60 bps Gro

  49. Slide 49: Kabi H1/26 EBIT(DA) development

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Kabi H1/26 EBIT(DA) development ΔYoY €m H1/26 cc Total EBITDA 1,003 8% Margin 22.8% +50 bps Total EBIT 740 8% Margin 16.8% +20 bps Gro

  50. Slide 50: Biosimilar portfolio and pipeline

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Kabi Biosimilar portfolio and pipeline Candidate & TA Pre-clinical Clinical trials Approval Launch Adalimumab EU: Apr 2019 / US: Dec 2

  51. Slide 51: Fresenius Kabi Biosimilar portfolio and pipeline

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Kabi Biosimilar portfolio and pipeline Fresenius biosimilar portfolio & pipeline 40 Global peak branded sales of originators1, €b ~90

  52. Slide 52: Helios Q2/26 Key financials

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Helios Q2/26 Key financials ΔYoY €m Q2/26 cc Total revenue 3,526 5%1 Thereof Helios Germany 2,096 6%1 Thereof Helios Spain 1,430 3%1 T

  53. Slide 53: Helios H1/26 Key financials

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Helios H1/26 Key financials ΔYoY €m H1/26 cc Total revenue 7,027 4%1 Thereof Helios Germany 4,188 4%1 Thereof Helios Spain 2,839 4%1 T

  54. Slide 54: Helios H1/26 Key metrics

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Fresenius Helios H1/26 Key metrics €m Q2/26 Q2/25 ΔYoY H1/26 H1/25 ΔYoY Helios Germany Hospitals 80 84 -5% 80 84 -5% Thereof acute care hospital

  55. Slide 55: Helios Germany: Constructive framework for continued reimbursement growth

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Helios Germany Constructive framework for continued reimbursement growth DRG Inflator Regular support from additional funds Annual price increas

  56. Slide 56: Helios Germany: Regulatory changes playing to our strengths

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Helios Germany Regulatory changes playing to our strengths Structural hospital reform1 GKV Stabilization Act1,4 Create a more quality-driven and

  57. Slide 57: Financial Calendar & Contact

    01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Financial Calendar & Contact Financial Calendar Please note that these dates could be subject to change. Investor Feedback and Social Media 05 A

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