Financing Strategy & Targets
Ensure financial flexibility, maintain our investment grade rating, limit refinancing risks and optimize the cost of capital are the main objectives in Fresenius’s financing strategy
Ensuring financial flexibility is key to the financing strategy of the Fresenius Group. Our investment grade rating provides us with good access to the financial and capital markets. We also remain financially flexible by maintaining adequate liquidity headroom.
Our refinancing risks are limited due to a balanced maturity profile that is characterized by a broad spread of maturities with a high proportion of medium- and long-term financing up to 2033. Relevant financiang instruments include bonds, Schuldschein Loans and bank loans. In addition, Fresenius SE & Co. KGaA maintains a commercial paper program.
Another main objective of the Fresenius Group’s financing strategy is to optimize the weighted average cost of capital by employing a balanced mix of equity and debt and striving to achieve a net debt/EBITDA ratio within a range of 3.0 to 3.5x.
Without further acquisitions and divestments, Fresenius expects the net debt/EBITDA1 ratio to be within the self-imposed target corridor at 3.0x to 3.5x at the end of 2024 (December 31, 20232: 3.76x).
1 At LTM average exchange rates for both net debt and EBITDA; pro forma closed acquisitions/divestitures; excluding further potential acquisitions/divestitures; before special items; including lease liabilities; including Fresenius Medical Care dividend
2 At LTM average exchange rates for both net debt and EBITDA; pro forma closed acquisitions/divestitures; before special items; including lease liabilities; including Fresenius Medical Care dividend
Fresenius Group Net debt/EBITDA1
1 At average FX rates, for both Net Debt and EBITDA; before special items; pro forma closed acquisitions/divestitures
Director Investor Relations
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