Fresenius Se & Co. Kgaa · XETR:FRE
Fresenius Se & Co. Kgaa — Q1 2025 Earnings Presentation
40 slides from Fresenius Se & Co. Kgaa's earnings presentation, May 7, 2025
Slide 1: #FutureFresenius: REJUVENATE kicked-off with excellent momentum – strong start to 2025
#FutureFresenius: REJUVENATE kicked-off with excellent momentum – strong start to 2025 Q1 2025 results Conference call and webcast for investors and analysts Bad Homburg, 7 May 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: Q1/25: A strong start to the year
Strategy and Business Update Financials #FutureFresenius Appendix Q1/25: A strong start to the year Excellent momentum with very strong 12% EPS1 growth – driven by operating strength and significantly lower interest expense Kabi delivering very strong 16.8% EBIT margin; Biopharma moving close to str
Slide 5: Q1/25 highlights
Strategy and Business Update Financials #FutureFresenius Appendix Q1/25 highlights Transfer of Brazilian Secured a significant €946m 0% PHARMA production site 5-year award with a major Q1/25 ORGANIC to EMS GPO in the U.S REVENUE GROWTH Key milestone achieved in Manufacturing licenses €612m +7% NUTRI
Slide 6: Tyenne progress continues
Strategy and Business Update Financials #FutureFresenius Appendix Tyenne progress continues TYENNE MARKET SHARES TYENNE U.S. – KABI PAYER ACCESS Units EU5 22% 22% U.S. 18% 96% 69% 12% IV Subcutaneous Source: IQVIA Data 8% 8% market share in the U.S.; dynamic increase 6% sequentially Momentum dri
Slide 7: Q1/25 highlights
Strategy and Business Update Financials #FutureFresenius Appendix Q1/25 highlights GERMANY German coalition agreement Uncompromising a positive: quality focus: Continuation of Outperforming the €2,046m +8% hospital reform, German national Q1/25 ORGANIC strengthening of average for more REVENUE GROWT
Slide 8: A resilient business with global footprint and broad, diverse source of 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 9: Kicked off REJUVENATE phase with strong momentum
Strategy and Business Update Financials #FutureFresenius Appendix Kicked off REJUVENATE phase with strong momentum 2022 2023 2024 2025 2026 2027 2030+ RESET REVITALIZE REJUVENATE REIMAGINE Elevate Upgrade core Scale platforms performance Q1/25 Earnings Call, 7 May 2025 © Fresenius SE & Co. KGaA Inve
Slide 10: Financials
Strategy and Business Update Financials #FutureFresenius Appendix 01 02 Strategy and Business Update Financials 02 Financials #FutureFresenius 03 Appendix 04
Slide 11: Q1/25: Excellent bottom-line momentum
Strategy and Business Update Financials #FutureFresenius Appendix Q1/25: Excellent bottom-line momentum Strong revenue growth driven by consistent delivery of Kabi and strong performance at Helios €5.6bn €654m 11.6% €416m EBIT growth of 4% on the back of continued strong +7% org.1 +4% +12% operating
Slide 12: Fresenius Kabi Q1/25 highlights
Strategy and Business Update Financials #FutureFresenius Appendix Fresenius Kabi Q1/25 highlights QUARTERLY FINANCIALS Main developments 2,200 EBIT Strong organic revenue growth of 6 %1 in the 16.8% Margin upper half of the structural growth band; less 15.9% 15.9% pronounced Argentina pricing effect
Slide 13: Fresenius Helios Q1/25 highlights
Strategy and Business Update Financials #FutureFresenius Appendix Fresenius Helios Q1/25 highlights QUARTERLY FINANCIALS Main developments Strong 8% organic revenue growth above structural 3,400 growth band, driven equally by Helios Germany and 11.0% 11.1% Helios Spain; support from positive Easter
Slide 14: Continued strengthening of Free Cash Flow
Strategy and Business Update Financials #FutureFresenius Appendix Continued strengthening of Free Cash Flow CASH FLOW €m Rigorous focus on cash conversion reflected in 2,554 substantially improved Operating Cash Flow -96 -169 2,114 -903 616 Free Cash Flow supported by FME share 112 sale and FY/24 di
Slide 15: Successful FME transactions in line with value-enhancing capital allocation strategy
Strategy and Business Update Financials #FutureFresenius Appendix Successful FME transactions in line with value-enhancing capital allocation strategy REJUVENATE FME TRANSACTIONS CAPITAL ALLOCATION PRIORITIES Share sale: Exchangeable bond: ~€500m proceeds ~€600m proceeds Growth FINANCIAL IMPLICATION
Slide 16: FY/25 guidance: Continued performance momentum
Strategy and Business Update Financials #FutureFresenius Appendix FY/25 guidance: Continued performance momentum FY/24 base FY/25 guidance1 REVENUE GROWTH €8,414m Mid- to high-single-digit ORGANIC organic revenue growth 4–6% €1,319m FY/24 base: €21,526m EBIT margin of 16–16.5% Q1/25: 7% EBIT GROWTH
Slide 17: #FutureFresenius
Strategy and Business Update Financials #FutureFresenius Appendix 01 03 Strategy and Business Update Financials 02 #FutureFresenius #FutureFresenius 03 Appendix 04
Slide 18: REJUVENATE: Providing an excellent setup for…
Strategy and Business Update Financials #FutureFresenius Appendix REJUVENATE: Providing an excellent setup for… Resilient business with strong and consistent revenue growth supported by secular growth trends EARNINGS Strong balance sheet and value- PER SHARE enhancing capital allocation Continued ma
Slide 19: Appendix
Strategy and Business Update Financials #FutureFresenius Appendix 01 04 Strategy and Business Update Financials 02 Appendix #FutureFresenius 03 Appendix 04
Slide 20: 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 CASH ROIC
Slide 21: 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 22: 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 €370m to €390m (previously: €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 A
Slide 23: Q1/25 Statement of income (Summary, IFRS, unaudited)
Strategy and Business Update Financials #FutureFresenius Appendix Q1/25 Statement of income (Summary, IFRS, unaudited) Q1/24 Q1/24 €m Q1/25 restated previous Growth Revenue 5,651 5,350 5,704 6% Costs of revenue -4,240 -3,936 -4,298 -8% Gross profit 1,411 1,414 1,406 0% Selling, general and administr
Slide 24: Q1/25 Reconciliation
Strategy and Business Update Financials #FutureFresenius Appendix Q1/25 Reconciliation Growth rate at constant €m Q1/25 Q1/24 Growth rate currency Revenue reported (after special items) 5,651 5,350 6% 6% Legacy portfolio adjustments 0 -30 Fresenius transformation -20 -37 Revenue (before special item
Slide 25: Q1/25 Revenue
Strategy and Business Update Financials #FutureFresenius Appendix Q1/25 Revenue REVENUE BY REGION REVENUE BY BUSINESS SEGMENT in % in % 6 1 2 7 38 12 €5.5 bn €5.5 bn 60 74 Europe North America Asia-Pacific Latin America Africa Fresenius Kabi Fresenius Helios Corporate/Other Before special items Q1/2
Slide 26: Q1/25 Revenue growth by business segment
Strategy and Business Update Financials #FutureFresenius Appendix Q1/25 Revenue growth by business segment Growth at Currency Growth at actual translation constant Organic Divestitures/ €m Q1/25 Q1/24 rates effects rates1 growth1 Acquisitions Others Fresenius Kabi 2,146 2,051 5% 0% 5% 6% 0% -1% Fres
Slide 27: Q1/25 Calculation of noncontrolling interests
Strategy and Business Update Financials #FutureFresenius Appendix Q1/25 Calculation of noncontrolling interests €m Q1/25 Q1/24 Earnings before tax and noncontrolling interests 573 519 Taxes -143 -127 Noncontrolling interests, thereof -14 -21 Fresenius Kabi -11 -18 Fresenius Helios -3 -1 Corporate 0
Slide 28: Q1/25 & Q1/25 LTM Cash flow development
Strategy and Business Update Financials #FutureFresenius Appendix Q1/25 & Q1/25 LTM Cash flow development €m Q1/25 Q1/24 Q1/25 Q1/24 LTM LTM OCF 74 -42 2,554 1,951 thereof Kabi 110 157 1,131 1,151 thereof Helios -8 -117 1,684 1,019 % OCF Margin 1.3% -0.8% 11.7% 9.5% Capex (net) -178 -190 -903 -1,035
Slide 29: Q1/25 LTM Reconciliation: Adjusted Free Cash Flow for CCR
Strategy and Business Update Financials #FutureFresenius Appendix Q1/25 LTM Reconciliation: Adjusted Free Cash Flow for CCR Q1/25 Q1/24 €m LTM LTM Operating Cash Flow 2,554 1,951 Capex (net) -791 -929 Free Cash Flow 1,763 1,022 (before acquisitions, dividends, and lease liabilities) Special items 14
Slide 30: Q1/25 Cash Flow development by business segment
Strategy and Business Update Financials #FutureFresenius Appendix Q1/25 Cash Flow development by business segment Operating Cash Flow Capex (net) Free Cash Flow1 Q1/25 Q1/24 Q1/25 Q1/24 Q1/25 Q1/24 Q1/25 Q1/24 Q1/25 Q1/24 Q1/25 Q1/24 €m Margin Margin % rev. % rev. Margin Margin 110 157 5.1% 7.7% -76
Slide 31: Q1/25 LTM Cash Flow development by business segment
Strategy and Business Update Financials #FutureFresenius Appendix Q1/25 LTM Cash Flow development by business segment Operating Cash Flow Capex (net)1 Free Cash Flow2 Q1/25 Q1/24 Q1/25 Q1/24 Q1/25 Q1/24 Q1/25 Q1/24 Q1/25 Q1/24 Q1/25 Q1/24 €m LTM LTM LTM LTM LTM LTM LTM LTM LTM LTM LTM LTM Margin Mar
Slide 32: 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 7% 6.0 6.1 6.2 6.2 1.3 1,3 1.2 1.1 1.1 3.5 3,5 x 3.4 6% 5.5 1.0 1.0 5.0 5.2 0.9 0.9 1,0 1.0 3.2
Slide 33: 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 34: Q1/25 Organic revenue growth by product group
Strategy and Business Update Financials #FutureFresenius Appendix Q1/25 Organic revenue growth by product group Δ YoY €m Q1/25 organic2 MedTech 399 7% Nutrition 612 7% Biopharma 190 40% Growth Vectors1 1,201 11% Pharma 946 0% (IV Drugs & Fluids) Corporate 0 -- Total revenue 2,146 6% 1 Consists of Me
Slide 35: Q1/25 EBIT(DA) development
Strategy and Business Update Financials #FutureFresenius Appendix Q1/25 EBIT(DA) development €m Q1/25 Δ YoY cc2 Total EBITDA 479 8% Margin 22.3% +80 bps Total EBIT 360 16% Margin 16.8% +170 bps Growth Vectors1 184 45% Margin 15.3% +390 bps Pharma (IV Drugs & Fluids) 216 +4% Margin 22.9% +150 bps Cor
Slide 36: Biosimilar portfolio and pipeline
Strategy and Business Update Financials #FutureFresenius Appendix 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/251 57 10 7 7 MB05 MB12 11 3 7 MB04 4 MB11 21 MB14 Adalimuma
Slide 37: Biosimilar portfolio and pipeline
Strategy and Business Update Financials #FutureFresenius Appendix 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: Sep 2022 EU PF
Slide 38: Q1/25 Key financials
Strategy and Business Update Financials #FutureFresenius Appendix Q1/25 Key financials €m Q1/25 Δ YoY cc Total revenue 3,394 8%1 Thereof Helios Germany 2,046 8%1 Thereof Helios Spain 1,348 8%1 Total EBIT 333 -4% Margin 9.8% -120 bps Thereof Helios Germany 157 -23% Margin 7.7% -310 bps Thereof Helios
Slide 39: Fresenius Helios: Key Metrics
Strategy and Business Update Financials #FutureFresenius Appendix Fresenius Helios: Key Metrics Q1/25 ΔYoY FY/24 Helios Germany Hospitals 85 0% 85 - Acute care hospitals 82 0% 82 Beds 29,806 -1% 30,025 - Acute care hospitals 29,240 -1% 29,459 Admissions 1,413,638 2% 5,509,409 - patients treated in h
Slide 40: 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 07 May 2025 Results Q1/25 Open dialogues are vital to us! We have teamed up with Quantifire 23