Financial Results
#FutureFresenius: REJUVENATE in action – Excellent start to the year – demonstrating continued strength and resilient performance; Guidance reconfirmed
Q1/26 builds further on strong momentum: Continued operating strength of core businesses with solid topline development and excellent Core EPS growth; FY/26 guidance reconfirmed
- Group revenue1 at €5,744 million with organic growth of 5%1,2 in line with phasing outlined for 2026.
- Group EBIT1 at €678 million with 6% growth in constant currency driven by Fresenius Kabi’s Growth Vectors and strong performance at Fresenius Helios; Group EBIT margin1 improved to 11.8%.
- Core EPS1,3 increased by 13% in constant currency to €0.82 based on strong operating result, further reduction of interest expense and a lower tax rate.
- 2026 guidance reconfirmed
- Operating cashflow of €389 million, a fourfold rise year-on-year supported by positive phasing effects at Fresenius Helios as well as the strong underlying performance and successful Working Capital management at Fresenius Kabi.
- Net debt/EBITDA ratio improved further to 2.6x1,4 at the lower end of the self-imposed target corridor of 2.5 to 3.0x driven by strong cash flow.
1 Before special items
2 Organic growth rate adjusted for accounting effects related to Argentina hyperinflation
3 Excluding Fresenius Medical Care and Vitrea
4 At average exchange rates for both net debt and EBITDA; pro forma closed acquisitions/divestitures, including lease liabilities, including dividends from Fresenius Medical Care and Vitrea, net debt adjusted for the valuation effect of the exchangeable bond
Selected Key Figures Q1/2026
GROUP REVENUE 1
€ 5744 m
+ 5% 2
Q1/25: €5,631 m
GROUP EBIT 1
€ 678 m
+6% 4
Q1/25: €654 m
CORE NET INCOME 1, 3
€ 460 m
+13% 4
Q1/25: €416 m
CORE EPS 1, 3
€ 0.82
+13% 4
Q1/25: €0.74
1 Before special items
2 Organic growth rate adjusted for accounting effects related to Argentina hyperinflation
3 Excluding Fresenius Medical Care and Vitrea
4 Constant currency growth
Revenue by business segment
| € in millions | Q1/26 | Q1/25 | Growth at actual rates | Growth at constant rates1 | Organic growth1 | Acquisitions/Divestitures | % of total revenue |
|---|---|---|---|---|---|---|---|
Fresenius Kabi | 2,150 | 2,146 | 0% | 5% | 6% | -1% | 37% |
Fresenius Helios | 3,501 | 3,394 | 3% | 3% | 4% | -1% | 61% |
Total | 5,744 | 5,631 | 2% | 4% | 5% | -1% | 100%2 |
-
1 Growth rate adjusted for accounting effects related to Argentina hyperinflation
2 Remaining 2% Corporate/Other revenue
Before special items