Financial Results
#FutureFresenius: Excellent Q2 performance demonstrates structural step-up – Guidance raised
Q2/26 demonstrates Fresenius’ structural transformation, consistently turning operational momentum into earnings growth and delivering the highest capital returns in the decade. Outstanding EPS performance on the back of strong operating results of the core businesses. FY/26 guidance upgraded to 10% to 15% for constant currency Core EPS growth (previous 5% to 10%).
- Group revenue1 at €5,864 million with organic growth of 6%1,2 in line with expected FY/26 phasing.
- Group EBIT1 at €719 million with 10% growth in constant currency driven by Fresenius Kabi’s Growth Vectors scaling, and Fresenius Helios’ strong, resilient profitability; Group EBIT margin1 expansion by 60 bps to 12.3%.
- Core EPS1,3 growth at 14% in constant currency to €0.83 based on continued strong operating result and further reduction of interest expense.
- FY/26 guidance for constant currency Core EPS1,3 growth upgraded to 10% to 15% (previous 5% to 10%).
- Fresenius Kabi FY/26 EBIT margin target improved: now expected in the upper end of 16.5 to 17.0% range.
- ROIC improved by ~200 bps since RESET in 2022 to 6.9% sustainably creating value.
- Net debt/EBITDA ratio stable at 2.6x1,4 trending toward the lower end of the self-imposed target corridor of 2.5 to 3.0x despite dividend payment.
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 Q2/2026
GROUP REVENUE 1
€ 5864 m
+6% 2
Q2/25: €5,571 m
GROUP EBIT 1
€ 719 m
+10% 4
Q2/25: €654 m
CORE NET INCOME 1, 3
€ 470 m
+14% 4
Q2/25: €412 m
CORE EPS 1, 3
€ 0.83
+14% 4
Q2/25: €0.73
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 | Q2/26 | Q2/25 | Growth at actual rates | Growth at constant rates1 | Organic growth1 | Acquisitions/Divestitures | % of total revenue |
|---|---|---|---|---|---|---|---|
Fresenius Kabi | 2,244 | 2,111 | 6% | 7% | 7% | 0% | 38% |
Fresenius Helios | 3,526 | 3,370 | 5% | 4% | 5% | -1% | 60% |
Total | 5,864 | 5,571 | 5% | 5% | 6% | -1% | 100%2 |
-
1 Growth rate adjusted for accounting effects related to Argentina hyperinflation
2 Remaining 2% Corporate/Other revenue
Before special items