Fresenius Se & Co (FSNUF) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon and welcome to the conference call of Fresenius Investor Relations, which is now starting. May I hand you over to Nick Stone, Head of Investor Relations. Thank you, Valentina. Hello, everyone. Good morning, good afternoon, wherever you are. Welcome to our full year and Q4 2025 earnings call and webcast. Presentation was emailed to our distribution list earlier today and is available on Fresenius.com. On slide two of the presentation, We'll find the usual safe harbor statement, unless stated otherwise. We'll comment on our performance using constant exchange rates or CER. Today, I'm pleased to welcome Michael and Sarah, who will present another competitive performance, followed by an overview of the full year 26 guidance and the underlying components. As usual, the call will last approximately one hour, with the presentation taking between 35 to 40 minutes and remaining time for your questions. To give everyone the chance to participate, Please limit your questions to one to two in the first instance, and we can always come back for a second round as needed. With that, I will now hand the call over to Michael to kick things off. Yes, very well. Thank you, Nick, and welcome to everybody joining us today. Sarah and I will review our 2025 operational and financial highlights. We will also go into more detail on our individual businesses within TAVI and Helios. 2025 was a great year for Fresenius. a year in which we delivered an excellent operating performance despite significant macroeconomic headwinds. 2026 will be all about accelerating performance and ultimately creating sustainable value. 2025 has been a pivotal year. We launched the next phase of our future Fresenius strategy, Rejuvenate, and it kicked off with really great momentum. We have sharpened...