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Bad Homburg, Germany, August 20, 2026 - Fresenius SE & Co. KGaA (XETR: FRE; OTCM: FSNUY) today announced taking another consistent step in its #FutureFresenius transformation by further reducing its financial investment in Fresenius Medical Care. Through the sale of 7.8 million shares worth approximately €300 million to selected institutional investors, Fresenius further strengthens its balance sheet and increases its strategic flexibility. The shares sold represent approximately 2.9 per cent of Fresenius Medical Care’s issued share capital.
“With this step, we reduce our financial investment in Fresenius Medical Care and create additional flexibility to redeploy capital into our growth platforms. That is what #FutureFresenius was built for, and it is the foundation Rejuvenate builds on - a more focused Fresenius, with a stronger balance sheet and the ability to act on the opportunities in front of us”, says Michael Sen, CEO of Fresenius.
The net proceeds will reduce Group net debt and be available for future investment.
Since the deconsolidation of Fresenius Medical Care in 2023, Fresenius has managed its holding as a financial investment. In 2025, the company sold a significant amount of its stake in Fresenius Medical Care, marking a major milestone in the #FutureFresenius transformation story. Since then Fresenius has continued to actively manage its stake through the pro rata share sale alongside Fresenius Medical Care’s share buyback programs.
The transaction announced today represents a further step in this transformation and underscores Fresenius’ commitment to disciplined capital allocation, long-term profitable growth, and sustainable value creation. Fresenius will continue to assess and manage its remaining holding over time subject to market conditions, capital allocation priorities, applicable lock-up arrangements and in line with #FutureFresenius.
Further Information
Transaction Details
Fresenius Medical Care stake: Key Events
At the time of the deconsolidation in 2023, Fresenius held 32.2 per cent of Fresenius Medical Care’s share capital. In March 2025, Fresenius raised gross proceeds of approximately €1.1 billion through a combined offering of shares in an accelerated bookbuilding and bonds exchangeable into Fresenius Medical Care shares maturing in 2028. Fresenius retained approximately 28.6 per cent following this first sell-down. In August 2025, Fresenius Medical Care initiated a series of share buyback programs alongside which Fresenius sold shares on a pro rata basis, to approximately maintain its stake. In August 2026, Fresenius placed additional 7.8 million shares with institutional investors. Following this transaction, Fresenius holds approximately 25.0 per cent1 and remains the largest shareholder.
1 Prior to any future exchange of bonds into Fresenius Medical Care shares and prior to any share cancellation under the current Fresenius Medical Care share buyback program
About Fresenius
Fresenius SE & Co. KGaA (XETR: FRE; OTCM: FSNUY) is a global healthcare company headquartered in Bad Homburg vor der Höhe, Germany. In the full-year 2025, Fresenius generated €22.6 billion (excluding special items) in annual revenue. Fresenius employs more than 178,000 people. The Fresenius Group comprises the operating companies Fresenius Kabi and Fresenius Helios as well as an investment in the separately listed Fresenius Medical Care AG. With around 140 hospitals, 330 outpatient facilities and 300 occupational risk prevention centres, Fresenius Helios is the leading private hospital operator in Germany and Spain, treating around 27 million patients every year. Fresenius Kabi’s product portfolio touches the lives of 450 million patients annually and includes a range of highly complex biopharmaceuticals, clinical nutrition, medical technology, and intravenous generic drugs and fluids. Fresenius was established in 1912 by the Frankfurt pharmacist Dr. Eduard Fresenius. After his death, Else Kröner took over management of the company in 1952. She laid the foundations for a global enterprise that today pursues the goal of improving people’s health. The largest shareholder is the non-profit Else Kröner Fresenius Foundation, which is dedicated to advancing medical research and supporting humanitarian projects.
For more information, visit fresenius.com and follow Fresenius Investor Relations on LinkedIn.
About Fresenius Medical Care
Fresenius Medical Care AG is an independent, separately listed company (XETR: FME; NYSE: FMS), in which Fresenius SE & Co. KGaA holds a financial investment of approximately 25%; Fresenius Medical Care's results are not consolidated in the Fresenius Group's revenue and earnings.
Correspondence Address
Fresenius SE & Co. KGaA
Registered Office: Bad Homburg, Germany / Commercial Register: Amtsgericht Bad Homburg, HRB 11852
Chairman of the Supervisory Board: Wolfgang Kirsch
General Partner: Fresenius Management SE
Registered Office: Bad Homburg, Germany / Commercial Register: Amtsgericht Bad Homburg, HRB 11673
Management Board: Michael Sen (Chairman), Pierluigi Antonelli, Sara Hennicken, Dr. Michael Moser, Dr. Christian Pawlu
Chairman of the Supervisory Board: Wolfgang Kirsch
Securities Information
Fresenius SE & Co. KGaA is listed on the Frankfurt Stock Exchange and is a member of the DAX 40 index. The shares are traded on Xetra, the electronic trading venue of Deutsche Börse, under the ticker FRE.
ISIN: DE000FRE5EN2 ● German Securities Code: FRE5EN
American Depository Receipts
Fresenius SE & Co. KGaA maintains a sponsored Level I American Depositary Receipt programme, traded over the counter in the United States on the OTC Markets platform under the ticker FSNUY, at a ratio of four American Depositary Receipts to one ordinary share. Depositary bank: J.P. Morgan Chase Bank N.A.
ISIN: US35804M1053 ● CUSIP: 35804M105
Contacts
For Media contacts, click here, and to contact Investor Relations, click here.
Forward-Looking Statements
This release contains forward-looking statements that are subject to various risks and uncertainties. Future results could differ materially from those described in these forward-looking statements due to certain factors, e.g. changes in business, economic and competitive conditions, regulatory reforms, results of clinical trials, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, the availability of financing and unforeseen impacts of international conflicts. Fresenius does not undertake any responsibility to update the forward-looking statements in this release.
IMPORTANT NOTICE
This announcement is not a prospectus and does not contain or constitute an offer of securities for sale in or into any jurisdiction, including the United States, Canada, Australia, Japan, South Africa or any jurisdiction in which offers or sales of the securities would be prohibited by applicable law. Neither this announcement nor anything contained herein shall form the basis of, or be relied upon in connection with, any offer or commitment whatsoever in any jurisdiction.
This announcement is not an offer to sell, or solicitation of an offer to buy, any securities in the United States. The securities described herein have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States absent registration or an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There will be no public offering of the securities described herein in the United States or anywhere else.
In member states of the European Economic Area ("EEA") and the United Kingdom, this announcement is directed exclusively at persons who are "qualified investors" within the meaning of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 ("Prospectus Regulation") or the Public Offers and Admissions to Trading Regulations 2024 ("POATRs") ("Qualified Investors").
In addition, in the UK, this announcement is only being distributed to and is only directed at (i) persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order"), (ii) high net worth entities falling within Article 49(2) of the Order, and (iii) persons at or to whom it can otherwise lawfully be distributed or directed (all such persons together being referred to as "relevant persons"). Any person who is not a relevant person should not act or rely on this announcement or any of its contents.
The information contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy or completeness.
This announcement may include statements that are, or may be deemed to be, "forward‐looking statements". These forward‐looking statements may be identified by the use of forward‐looking terminology, including the terms "believes", "estimates", "plans", "projects", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward‐looking statements may and often do differ materially from actual results. Any forward‐looking statements reflect the Company's current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to its business, results of operations, financial position, liquidity, prospects, growth or strategies. Forward‐looking statements speak only as of the date they are made.
The Company and its affiliates expressly disclaim any obligation or undertaking to update, review or revise any forward-looking statement contained in this announcement whether as a result of new information, future developments or otherwise.
No reliance may or should be placed by any person for any purposes whatsoever on the information contained in this announcement or on its completeness, accuracy or fairness. The information in this announcement is subject to change.
This announcement is not a prospectus and does not contain or constitute an offer of securities for sale in or into any jurisdiction, including the United States, Canada, Australia, Japan, South Africa or any jurisdiction in which offers or sales of the securities would be prohibited by applicable law. Neither this announcement nor anything contained herein shall form the basis of, or be relied upon in connection with, any offer or commitment whatsoever in any jurisdiction.
This announcement is not an offer to sell, or solicitation of an offer to buy, any securities in the United States. The securities described herein have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States absent registration or an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There will be no public offering of the securities described herein in the United States or anywhere else.
In member states of the European Economic Area ("EEA") and the United Kingdom, this announcement is directed exclusively at persons who are "qualified investors" within the meaning of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 ("Prospectus Regulation") or the Public Offers and Admissions to Trading Regulations 2024 ("POATRs") ("Qualified Investors").
In addition, in the UK, this announcement is only being distributed to and is only directed at (i) persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order"), (ii) high net worth entities falling within Article 49(2) of the Order, and (iii) persons at or to whom it can otherwise lawfully be distributed or directed (all such persons together being referred to as "relevant persons"). Any person who is not a relevant person should not act or rely on this announcement or any of its contents.
The information contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy or completeness.
This announcement may include statements that are, or may be deemed to be, "forward‐looking statements". These forward‐looking statements may be identified by the use of forward‐looking terminology, including the terms "believes", "estimates", "plans", "projects", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward‐looking statements may and often do differ materially from actual results. Any forward‐looking statements reflect the Company's current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to its business, results of operations, financial position, liquidity, prospects, growth or strategies. Forward‐looking statements speak only as of the date they are made.
The Company and its affiliates expressly disclaim any obligation or undertaking to update, review or revise any forward-looking statement contained in this announcement whether as a result of new information, future developments or otherwise.
No reliance may or should be placed by any person for any purposes whatsoever on the information contained in this announcement or on its completeness, accuracy or fairness. The information in this announcement is subject to change.
Fresenius is taking another consistent step in its #FutureFresenius transformation by further reducing its financial investment in Fresenius Medical Care. Through the sale of 7.8 million shares worth approximately €300 million to selected institutional investors, Fresenius further strengthens its balance sheet and increases its strategic flexibility. The shares sold represent approximately 2.9 per cent of Fresenius Medical Care’s issued share capital.
“With this step, we reduce our financial investment in Fresenius Medical Care and create additional flexibility to redeploy capital into our growth platforms. That is what #FutureFresenius was built for, and it is the foundation Rejuvenate builds on — a more focused Fresenius, with a stronger balance sheet and the ability to act on the opportunities in front of us”, says Michael Sen, CEO of Fresenius.
The net proceeds will reduce Group net debt and be available for future investment.
Since the deconsolidation of Fresenius Medical Care in 2023, Fresenius has managed its holding as a financial investment. In 2025, the company sold a significant amount of its stake in Fresenius Medical Care, marking a major milestone in the #FutureFresenius transformation story. Since then Fresenius has continued to actively manage its stake through the pro rata share sale alongside Fresenius Medical Care’s share buyback programs.
The transaction announced today represents a further step in this transformation and underscores Fresenius’ commitment to disciplined capital allocation, long-term profitable growth, and sustainable value creation. Fresenius will continue to assess and manage its remaining holding over time subject to market conditions, capital allocation priorities, applicable lock-up arrangements and in line with #FutureFresenius.
# # #
Transaction Details
Fresenius remains subject to a lock-up on its remaining shares of up to 45 days
The anticipated book gain in the low to mid double-digit million euro range will be reflected in Fresenius Group’s Q3 2026 results, classified as special item
Fresenius Medical Care stake: Key Events
At the time of the deconsolidation in 2023, Fresenius held 32.2 per cent of Fresenius Medical Care’s share capital. In March 2025, Fresenius raised gross proceeds of approximately €1.1 billion through a combined offering of shares in an accelerated bookbuilding and bonds exchangeable into Fresenius Medical Care shares maturing in 2028. Fresenius retained approximately 28.6 per cent following this first sell-down. In August 2025, Fresenius Medical Care initiated a series of share buyback programs alongside which Fresenius sold shares on a pro rata basis, to approximately maintain its stake. In August 2026, Fresenius placed additional 7.8 million shares with institutional investors. Following this transaction, Fresenius holds approximately 25.0 per cent[1] and remains the largest shareholder.
IMPORTANT NOTICE
This announcement is not a prospectus and does not contain or constitute an offer of securities for sale in or into any jurisdiction, including the United States, Canada, Australia, Japan, South Africa or any jurisdiction in which offers or sales of the securities would be prohibited by applicable law. Neither this announcement nor anything contained herein shall form the basis of, or be relied upon in connection with, any offer or commitment whatsoever in any jurisdiction.
This announcement is not an offer to sell, or solicitation of an offer to buy, any securities in the United States. The securities described herein have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States absent registration or an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There will be no public offering of the securities described herein in the United States or anywhere else.
In member states of the European Economic Area ("EEA") and the United Kingdom, this announcement is directed exclusively at persons who are "qualified investors" within the meaning of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 ("Prospectus Regulation") or the Public Offers and Admissions to Trading Regulations 2024 ("POATRs") ("Qualified Investors").
In addition, in the UK, this announcement is only being distributed to and is only directed at (i) persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order"), (ii) high net worth entities falling within Article 49(2) of the Order, and (iii) persons at or to whom it can otherwise lawfully be distributed or directed (all such persons together being referred to as "relevant persons"). Any person who is not a relevant person should not act or rely on this announcement or any of its contents.
The information contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy or completeness.
This announcement may include statements that are, or may be deemed to be, "forward‐looking statements". These forward‐looking statements may be identified by the use of forward‐looking terminology, including the terms "believes", "estimates", "plans", "projects", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward‐looking statements may and often do differ materially from actual results. Any forward‐looking statements reflect the Company's current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to its business, results of operations, financial position, liquidity, prospects, growth or strategies. Forward‐looking statements speak only as of the date they are made.
The Company and its affiliates expressly disclaim any obligation or undertaking to update, review or revise any forward-looking statement contained in this announcement whether as a result of new information, future developments or otherwise.
No reliance may or should be placed by any person for any purposes whatsoever on the information contained in this announcement or on its completeness, accuracy or fairness. The information in this announcement is subject to change.
[1] Prior to any future exchange of bonds into Fresenius Medical Care shares and prior to any share cancellation under the current Fresenius Medical Care share buyback program
This release contains forward-looking statements that are subject to various risks and uncertainties. Future results could differ materially from those described in these forward-looking statements due to certain factors, e.g. changes in business, economic and competitive conditions, regulatory reforms, results of clinical trials, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, the availability of financing and unforeseen impacts of international conflicts. Fresenius does not undertake any responsibility to update the forward-looking statements in this release.
Fresenius SE & Co. KGaA
Registered Office: Bad Homburg, Germany / Commercial Register: Amtsgericht Bad Homburg, HRB 11852
Chairman of the Supervisory Board: Wolfgang Kirsch
General Partner: Fresenius Management SE
Registered Office: Bad Homburg, Germany / Commercial Register: Amtsgericht Bad Homburg, HRB 11673
Management Board: Michael Sen (Chairman), Pierluigi Antonelli, Sara Hennicken, Dr. Michael Moser, Dr. Christian Pawlu
Chairman of the Supervisory Board: Wolfgang Kirsch
Securities Information
Fresenius SE & Co. KGaA is listed on the Frankfurt Stock Exchange and is a member of the DAX 40 index. The shares are traded on Xetra, the electronic trading venue of Deutsche Börse, under the ticker FRE.
ISIN: DE000FRE5EN2 ● WKN: FRE5EN
American Depository Receipts
Fresenius SE & Co. KGaA maintains a sponsored Level I American Depositary Receipt program, traded over the counter in the United States on the OTC Markets platform under the ticker FSNUY, at a ratio of four American Depositary Receipts to one ordinary share. Depositary bank: J.P. Morgan Chase Bank N.A.
ISIN: US35804M1053 ● CUSIP: 35804M105
Our mission is to save and improve human lives. Sustainability supports this mission by focusing on opportunities that arise from sustainable business practices and translating them into measurable progress, guided by defined targets and key performance indicators across our Sustainability Framework.
Our approach built on a unique corporate legacy spanning more than a century and is guided by strong principles and a clear direction for the future.
Our Sustainability Framework translates this approach into action. It structures our activities across three dimensions and nine focus topics, providing clear orientation and a consistent direction across the Group.
We focus on three core dimensions:
Dr. Michael Moser, Member of the Fresenius Management Board, responsible for Legal, Compliance, Risk Management, Sustainability, Human Resources, Corporate Audit and Vamed
Since we can only improve what we understand and control, we have set ourselves goals along our business activities – for the Group as a whole and for the individual operating companies.
At Fresenius, sustainability is an important responsibility of the Management Board: As a key component of our business strategy, sustainability targets are also included in the variable compensation of the Management Board.
Effective governance is essential for us to understand and actively manage our activities. It provides the structure and accountability needed to ensure that our sustainability ambitions are not just aspirations, but actions. Through an integrated approach, we turn isolated initiatives into meaningful progress.
At Fresenius, overall responsibility for sustainability lies with the Fresenius Management Board member responsible for Legal, Compliance, Risk Management, Sustainability, Human Resources, Corporate Audit and Fresenius Vamed.
The Group Sustainability function serves as the central competence center for sustainability across the Group. It monitors regulatory developments, identifies material topics, defines strategic priorities and opportunities to drive implementation of our Sustainability Framework. It supports the Group-wide rollout of sustainability initiatives. It is also responsible for sustainability-related internal and external stakeholder communication and, together with Global Accounting, for non-financial reporting.
The Group Sustainability Committee defines the company-wide approach, monitors progress, and oversees its implementation – both overall and across the individual focus topics. Dedicated working groups throughout the organization drive these topics forward and ensure their operational execution.
The Management Board and the Supervisory Board review the progress and the results of the sustainability management across the Group.
Axel Faupel, Head of Group Sustainability, Fresenius Group
Fresenius has appointed an independent Sustainability Advisory Board. Four leading international experts from science, business, and consulting are supporting us in further developing our related activities.
Image from left to right: Fabian Kienbaum, Dr. Fiona Adshead, Dr. Michael Moser (Member of the Management Board), Anahita Thoms (Chair) and Prof. Dr. Judith Walls.
Gain insights into our recent activities and meet the colleagues driving our efforts.
How digital innovation and value-based healthcare are transforming the provision of healthcare services and enabling patient-centered, sustainable solutions was the focus of Fresenius’ Sustainability Advisory Board meeting held in Madrid in June 2025.
Gain insights into our recent activities and meet the colleagues driving our efforts.
"In our view, sustainability management represents a real opportunity and is essential for securing the resilience, competitiveness, and long-term success of companies."
Gain insights into our recent activities and meet the colleagues driving our efforts.
At the first SAB meeting of 2025, held at the Fresenius Kabi production site in Friedberg, Germany, a range of topics related to advancing our sustainability efforts, especially in manufacturing, were discussed – from water management to human rights due diligence.
Gain insights into our recent activities and meet the colleagues driving our efforts.
"While adapting to climate change is managed at a local level, we have set global emission reduction targets that help us to meet related expectations and to coordinate our efforts."
You would like to learn more about the specific sustainability activities of our operating companies? Have a look at their dedicated websites:
Sitz der Gesellschaft/Registered Office: Bad Homburg
Handelsregister/Commercial Register: Amtsgericht Bad Homburg - HRB 7367
Geschäftsführer/Managing Directors: Andreas Dünkel, Tanja Greve, Dr. Marc-Alexander Mahl, Andrej Mieth, Kristina Nelkner, Matthijs Groot Wassink
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In 2024, Fresenius established the Sustainability Advisory Board (SAB), an external body of renowned experts. Leveraging their expertise, SAB members support the further development of our sustainability efforts both collectively and individually by engaging with relevant experts and executives from different parts of our organization on specific matters within their areas of specialization.
Anahita Thoms (Chair)
The head of Baker McKenzie’s international trade practice in Germany is a member of the EMEA Steering Committee for Compliance & Investigations and Global Lead Sustainability Partner for the Industrials, Manufacturing, and Transportation industry group. She is a member of the National Committee of UNICEF Deutschland and of the Board of Directors of Atlantik-Brücke. She was also a member of the German government’s Sustainable Finance Advisory Board and the ABA International Human Rights Steering Committee.
Dr. Fiona Adshead
The former Deputy Chief Medical Officer of the UK Government is a leading expert on sustainability and health. She is currently Chair of the Sustainable Healthcare Coalition, an organization that brings together partners to promote sustainable healthcare.
Fabian Kienbaum
The managing partner at Kienbaum focuses on advising family businesses on governance and succession issues. He is also the author of publications on leadership and modern working environments.
Prof. Dr. Judith Walls
The Professor of Sustainability Management and Director of the Institute of Responsible Innovation, Sustainability and Energy (RISE-HSG) at the University of St. Gallen (HSG) conducts research at the intersection of business and environmental sustainability.
In regular meetings, our executives, experts, and members of the Sustainability Advisory Board come together to discuss key questions related to the focus areas of our Sustainability Framework, its implementation, and further development. Explore articles below to learn more.
How digital innovation and value-based healthcare are transforming the provision of healthcare services and enabling patient-centered, sustainable solutions was the focus of Fresenius’ Sustainability Advisory Board meeting held in Madrid in June 2025.
At the first SAB meeting of 2025, held at the Fresenius Kabi production site in Friedberg, Germany, a range of topics related to advancing our sustainability efforts, especially in manufacturing, were discussed – from water management to human rights due diligence.
Edith Müller-Callsen
T: +49 (0)160 9968 4046
edith.mueller-callsen@fresenius.com
Fitch Ratings, a globally recognized credit rating agency, has revised its credit outlook for Fresenius SE from stable to positive and affirmed the company’s BBB- rating.
In its report Fitch Ratings highlighted Fresenius’ stronger business profile under #FutureFresenius, pointing to its sharper focus on the core business – Fresenius Helios and Fresenius Kabi - as well as improved credit metrics. Fitch’s assessment underscores the quality and resilience of the company’s business mix which supports sustainable growth even in a volatile operating environment.
“The positive outlook from Fitch is a strong recognition of the structural progress we have made. #FutureFresenius is delivering tangible results. We have significantly improved our business profile and with that the quality of our earnings and returns. An improved cash flow profile allowed us to significantly reduce leverage and strengthen our balance sheet. At the same time, the step-up in our financial profile gives us greater strategic flexibility to invest in future growth opportunities, improve outcomes for patients and create sustainable long-term value for our shareholders,” says Fresenius CFO Sara Hennicken.
The company demonstrated in its recent Q2 numbers that disciplined strategic execution is consistently translating operational momentum into earnings growth. Fresenius has made this progress while continuing to grow and invest in innovation.
Fresenius is rated investment grade by the three leading credit rating agencies S&P (BBB/positive), Moody’s (Baa3/stable) and Fitch (BBB-/positive). The company remains committed to its investment grade rating and to its self-imposed target leverage range of 2.5 to 3.0x net debt/EBITDA1, which forms part of its capital allocation framework.
1 At average exchange rates for both net debt and EBITDA; pro forma closed acquisitions/divestitures; before special items; including lease liabilities and Fresenius Medical Care and Vitrea dividend, net debt adjusted for the valuation effect of the exchangeable bond
This release contains forward-looking statements that are subject to various risks and uncertainties. Future results could differ materially from those described in these forward-looking statements due to certain factors, e.g. changes in business, economic and competitive conditions, regulatory reforms, results of clinical trials, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, the availability of financing and unforeseen impacts of international conflicts. Fresenius does not undertake any responsibility to update the forward-looking statements in this release.
Fresenius SE & Co. KGaA
Registered Office: Bad Homburg, Germany / Commercial Register: Amtsgericht Bad Homburg, HRB 11852
Chairman of the Supervisory Board: Wolfgang Kirsch
General Partner: Fresenius Management SE
Registered Office: Bad Homburg, Germany / Commercial Register: Amtsgericht Bad Homburg, HRB 11673
Management Board: Michael Sen (Chairman), Pierluigi Antonelli, Sara Hennicken, Dr. Michael Moser, Dr. Christian Pawlu
Chairman of the Supervisory Board: Wolfgang Kirsch
Fitch Ratings, a globally recognized credit rating agency, has revised its credit outlook for Fresenius SE from stable to positive and affirmed the company’s BBB- rating.
In its report Fitch Ratings highlighted Fresenius’ stronger business profile under #FutureFresenius, pointing to its sharper focus on the core business – Fresenius Helios and Fresenius Kabi - as well as improved credit metrics. Fitch’s assessment underscores the quality and resilience of the company’s business mix which supports sustainable growth even in a volatile operating environment.
“The positive outlook from Fitch is a strong recognition of the structural progress we have made. #FutureFresenius is delivering tangible results. We have significantly improved our business profile and with that the quality of our earnings and returns. An improved cash flow profile allowed us to significantly reduce leverage and strengthen our balance sheet. At the same time, the step-up in our financial profile gives us greater strategic flexibility to invest in future growth opportunities, improve outcomes for patients and create sustainable long-term value for our shareholders,” says Fresenius CFO Sara Hennicken.
The company demonstrated in its recent Q2 numbers that disciplined strategic execution is consistently translating operational momentum into earnings growth. Fresenius has made this progress while continuing to grow and invest in innovation.
Fresenius is rated investment grade by the three leading credit rating agencies S&P (BBB/positive), Moody’s (Baa3/stable) and Fitch (BBB-/positive). The company remains committed to its investment grade rating and to its self-imposed target leverage range of 2.5 to 3.0x net debt/EBITDA1, which forms part of its capital allocation framework.
1 At average exchange rates for both net debt and EBITDA; pro forma closed acquisitions/divestitures; before special items; including lease liabilities and Fresenius Medical Care and Vitrea dividend, net debt adjusted for the valuation effect of the exchangeable bond
Fresenius (XFRA: FRE, OTC: FSNUY) is a global, therapy-focused healthcare company dedicated to saving and improving human lives around the world. Through Fresenius Kabi and Fresenius Helios, the company delivers system-critical, innovative and affordable healthcare across the full continuum of care: Fresenius Kabi is a leading provider of lifesaving medicines, clinical nutrition, and medical technologies for critically and chronically ill patients, reaching around 450 million people each year. Fresenius Helios is Europe’s largest private hospital operator, treating around 27 million patients annually.
With more than 178,000 employees and operating in more than 60 countries, Fresenius generated €22.6 billion in revenue in 2025.
For more information, visit fresenius.com/credit-relations and follow Fresenius Investor Relations on LinkedIn.
This release contains forward-looking statements that are subject to various risks and uncertainties. Future results could differ materially from those described in these forward-looking statements due to certain factors, e.g. changes in business, economic and competitive conditions, regulatory reforms, results of clinical trials, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, the availability of financing and unforeseen impacts of international conflicts. Fresenius does not undertake any responsibility to update the forward-looking statements in this release.
Fresenius SE & Co. KGaA
Registered Office: Bad Homburg, Germany / Commercial Register: Amtsgericht Bad Homburg, HRB 11852
Chairman of the Supervisory Board: Wolfgang Kirsch
General Partner: Fresenius Management SE
Registered Office: Bad Homburg, Germany / Commercial Register: Amtsgericht Bad Homburg, HRB 11673
Management Board: Michael Sen (Chairman), Pierluigi Antonelli, Sara Hennicken, Dr. Michael Moser, Dr. Christian Pawlu
Chairman of the Supervisory Board: Wolfgang Kirsch
