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FY/2023 Results

FY/2023 Results

Fresenius closes 2023 with a strong fourth quarter and expects accelerated earnings growth in 2024 due to increasing momentum from #FutureFresenius 

  • Fresenius achieves the raised outlook for FY/23. Strong fourth quarter with continued good development of the Operating Companies Fresenius Kabi and Fresenius Helios and progress in the turnaround of the Investment Company Fresenius Vamed.

  • Group 2024 outlook: Organic revenue growth expected between 3% and 6%; EBIT expected to grow between 4% and 8%. 

  • Improvement leverage ratio: expected to be within the target corridor of 3.0x to 3.5x by the end of 2024.

  • Revenue of €22.3 billion in FY/23: Strong organic Group revenue growth of 6%; Group EBIT increased 2% in constant currency to €2.3 billion; excellent Group operating cashflow totaled €2.1 billion.

  • Group cost savings target significantly exceeded by ~40% in 2023 – FY/25 structural productivity savings target raised to ~€400 million at EBIT level (before: ~€350 million).

  • Group revenue increased organically by 5% in Q4; Group EBIT increased by 8% in constant currency.
    Fresenius Kabi with excellent organic revenue growth of 7% in Q4 at top-end of structural growth band and EBIT margin of 14.1% within structural band.

  • Fresenius Helios with strong organic revenue growth of 5% in Q4 at top-end of structural growth band and excellent EBIT margin of 11.6 % well above structural margin band.

  • Fresenius Vamed’s transformation progressing well; ongoing operational improvement with positive EBIT in second consecutive quarter.

  • Ongoing divestments: Sale of fertility services group Eugin successfully completed in January 2024.

Selected Key Figures Q4/2023


5678 m

+ 5% 2

Q4/22: €5,670 m


634 m

+8% 3

Q4/22: €559 m


1272 m


Q4/22: €1,225 m

1 Before special items

2 Organic revenue growth

3 In constant currency

Revenue by business segment

€ in millions Q4/23 Q4/22 ChangeGrowth at constant ratesOrganic growthAcquisitionsDivestitures% of total revenue1

Fresenius Kabi


Fresenius Helios


Fresenius Vamed




  • 1  To show the underlying business development, the organic growth definition was adjusted to fully exclude the significant inflation accounting effects in Argentina; according to old methodology organic growth for Fresenius Kabi overall would have been Q4:14%. 

    2 Calculated from continued business