Conference Call FY/2024
Conference Call FY/2024 Presentation
Conference Call FY/2024 Presentation
FY/24: Upgraded outlook achieved, consistent financial performance with profitable growth.
Q4/2024: Continued growth and further deleveraging
1 Before special items
2 Organic growth rate adjusted for accounting effects related to Argentina hyperinflation.
3 Growth rate adjusted for Argentina hyperinflation.
4 Excluding Fresenius Medical Care
5 At average exchange rates for both net debt and EBITDA; pro forma closed acquisitions/divestitures, including lease liabilities, including Fresenius Medical Care dividend
Michael Sen, CEO of Fresenius: “Thanks to a tremendous team effort, Fresenius delivered outstanding results in 2024 with high-single-digit organic revenue growth and double-digit EBIT and EPS growth. Our growth vectors – Nutrition, MedTech and Biopharma – and consistent performance from Helios paced this strong development. On top of this operating success, we ended the year with a significant reduction in leverage, which is at the lowest level in seven years. The momentum for success will continue through 2025, as we move to the next phase of #FutureFresenius and take the company to the next level of performance. For 2025 we expect 4% to 6% in revenue growth and 3% to 7% in EBIT growth. We have also upgraded our ambition level of the Fresenius Financial Framework. This includes higher margin ambitions for Kabi, and for the Group a lower leverage corridor. We also want to pass on our improving financial strength to our shareholders. Thus, we want to recommend a dividend payment for the year of 1 Euro per share. As we move forward, we continue to focus on performance and delivery. Our mission to save and improve human lives is unwavering: Fresenius is Committed to Life."
Outlook for Fiscal Year 2025
Fresenius Group5: Organic revenue growth1,2 of 4% to 6%,
constant currency EBIT growth3 in the range of 3% to 7%
Fresenius Kabi1: Organic revenue growth2,3 in the mid- to high-single-digit percentage range; EBIT margin of 16.0% to 16.5%
Fresenius Helios4: Organic revenue growth2 in the mid-single-digit percentage range; EBIT margin3 around 10%
Assumptions to guidance: Guidance assumes current factors and known uncertainties, but it does not reflect potential extreme scenarios from a fast-moving geopolitical environment.
1 Before special items
2 Organic growth rate adjusted for accounting effects related to Argentina hyperinflation.
3 Growth rate adjusted for Argentina hyperinflation.
4 Excluding Fresenius Medical Care
5 2024 base: €21,526 million (revenue) and €2,489 million (EBIT)
Fresenius Financial Framework – Ambitions further raised
New dividend policy reflects capital allocation priorities
Fresenius’ new dividend policy is designed to ensure attractive shareholder returns while at the same time providing strategic flexibility. Going forward, Fresenius will pay out 30 to 40% of its Group core net income excluding Fresenius Medical Care and before special items as dividend. For fiscal year 2024, Fresenius will propose a dividend of €1.00 per share. The dividend proposal is a strong increase over the 2022 base and demonstrates Fresenius’ improving financial strength and its commitment to delivering shareholder value. For fiscal year 2023, Fresenius’ dividend payment was interrupted by legal restrictions due to the receipt of the energy relief payments at Helios in Germany.
1 2024 base: €8,414 million (revenue) and €1,319 million (EBIT)
2 Organic growth rate adjusted for accounting effects related to Argentina hyperinflation.
3 Before special items
4 2024 base: €12,739 million (revenue) and €1,288 million (EBIT)
5 At expected 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
Fresenius Group – Business development FY/24
Fresenius closed fiscal year 2024 with a strong fourth quarter and achieved its twice-upgraded full-year guidance. The consistent positive delivery of Fresenius Kabi and the strong performance at Fresenius Helios, drove an 8%1 year-on-year Group organic revenue1 increase to €21.5 billion. Due to an improved operating business performance, Group EBIT before special items increased 10%3 in constant currency to €2.5 billion. Earnings per share2,4 rose by 13%3 in constant currency to €2.59.
End of 2024, the #FutureFresenius Revitalize phase has been successfully concluded, resulting in significant financial progress driven by a simpler Group structure, improved steering, an optimized portfolio and a refined operating model. In 2025, the focus will be on continued value creation by entering the Rejuvenate phase, which also aims to pursue platform-driven growth. In 2025 the emphasis will be on further debt reduction, delivering higher Kabi margins, drive Helios’ programme and fostering innovation.
A dedicated performance programme for Helios has been set up to increase efficiency and productivity, and to counteract the end of the energy relief funding. The programme is expected to contribute ~€100 million at EBIT level by 2025 at Helios Germany. Combined with further incremental growth of Helios in Germany and Spain, the Fresenius Helios EBIT margin is expected to be around 10% in FY/25. Contributions from the performance programme will be weighted to the second half of 2025, in particular, as some of the levers are process-related and will take time to deliver and realize benefits. Some of the performance measures are likely to materialize fully beyond 2025. This sets an excellent basis for further improving productivity within the 10 to 12% structural margin band in 2026 and beyond.
1 Organic growth rate adjusted for accounting effects related to Argentina hyperinflation.
2 Before special items
3 Growth rate adjusted for Argentina hyperinflation
4 Ex Fresenius Medical Care
Operating Companies – Business development FY/24 and Q4
Fresenius Kabi
In FY/24, Fresenius Kabi delivered consistent financial performance over the course of the year with excellent organic revenue growth of 10% above the top-end of the structural growth band and an impressive EBIT margin expansion of 140 bps to 15.7%.
Q4/24: Fresenius Kabi delivered a strong finish to the year
1 Organic growth rate adjusted for the accounting effects related to Argentina hyperinflation.
2 Before special items
Fresenius Helios
In FY 2024, Fresenius Helios delivered organic revenue growth of 6% driven by solid activity growth and favorable price developments in Germany and Spain. EBIT margin of 10.1%1 within the structural margin band ambition.
Q4/24: Fresenius Helios with strong EBIT development in Spain; end of energy relief payments weighing on Helios Germany
1 Before special items
Group figures Q4 & FY 2024
Conference call and Audio webcast
As part of the publication Fourth Quarter and Full Year 2024 results, a conference call will be held on February 26, 2025 at 1:30 p.m. CET (7:30 a.m. EST). All investors are cordially invited to follow the conference call in a live audio webcast at www.fresenius.com/investors. Following the call, a replay will be available on our website.
Contact for shareholders
Investor Relations
Telephone: + 49 61 72 6 08-24 87
Telefax: + 49 61 72 6 08-24 88
E-mail: ir-fre@fresenius.com
Note on the presentation of financial figures
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.
An overview of key financial figures is available at the end of the release.
FY/24: Upgraded outlook achieved, consistent financial performance with profitable growth.
1 Before special items
2 Organic growth rate adjusted for accounting effects related to Argentina hyperinflation.
3 Growth rate adjusted for Argentina hyperinflation.
4 Excluding Fresenius Medical Care
5 At average exchange rates for both net debt and EBITDA; pro forma closed acquisitions/divestitures, including lease liabilities, including Fresenius Medical Care dividend
Q4/2024: Continued growth and further deleveraging
1 Before special items
2 Organic growth rate adjusted for accounting effects related to Argentina hyperinflation.
3 Growth rate adjusted for Argentina hyperinflation
4 Excluding Fresenius Medical Care
Michael Sen, CEO of Fresenius: “Thanks to a tremendous team effort, Fresenius delivered outstanding results in 2024 with high-single-digit organic revenue growth and double-digit EBIT and EPS growth. Our growth vectors – Nutrition, MedTech and Biopharma – and consistent performance from Helios paced this strong development. On top of this operating success, we ended the year with a significant reduction in leverage, which is at the lowest level in seven years.
The momentum for success will continue through 2025, as we move to the next phase of #FutureFresenius and take the company to the next level of performance. For 2025 we expect 4% to 6% in revenue growth and 3% to 7% in EBIT growth. We have also upgraded our ambition level of the Fresenius Financial Framework. This includes higher margin ambitions for Kabi, and for the Group a lower leverage corridor.
We also want to pass on our improving financial strength to our shareholders. Thus, we want to recommend a dividend payment for the year of 1 Euro per share.
As we move forward, we continue to focus on performance and delivery. Our mission to save and improve human lives is unwavering: Fresenius is Committed to Life."
Outlook for Fiscal Year 2025
Fresenius Group1: Organic revenue growth3,5 of 4% to 6%,
constant currency EBIT growth4 in the range of 3% to 7%
Fresenius Kabi2: Organic revenue growth3 in the mid- to high-single-digit percentage range; EBIT margin5 of 16.0% to 16.5%
Fresenius Helios6: Organic revenue growth5 in the mid-single-digit percentage range; EBIT margin5 around 10%
Assumptions to guidance: Guidance assumes current factors and known uncertainties, but it does not reflect potential extreme scenarios from a fast-moving geopolitical environment.
Fresenius Financial Framework – Ambitions further raised
New dividend policy reflects capital allocation priorities
Fresenius’ new dividend policy is designed to ensure attractive shareholder returns while at the same time providing strategic flexibility. Going forward, Fresenius will pay out 30 to 40% of its Group core net income excluding Fresenius Medical Care and before special items as dividend.
For fiscal year 2024, Fresenius wants to propose a dividend of €1.00 per share. The dividend proposal is a strong increase over the 2022 base and demonstrates Fresenius’ improving financial strength and its commitment to delivering shareholder value.
For fiscal year 2023, Fresenius’ dividend payment was interrupted by legal restrictions due to the receipt of the energy relief payments at Helios in Germany.
1 2024 base: €21,526 million (revenue) and €2,489 million (EBIT)
2 2024 base: €8,414 million (revenue) and €1,319 million (EBIT)
3 Organic growth rate adjusted for accounting effects related to Argentina hyperinflation
4 Growth rate adjusted for Argentina hyperinflation
5 Before special items
6 2024 base: €12,739 million (revenue) and €1,288 million (EBIT)
7 At expected 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
Fresenius Group – Business development FY/24
Fresenius closed fiscal year 2024 with a strong fourth quarter and achieved its twice-upgraded full-year guidance. The consistent positive delivery of Fresenius Kabi and the strong performance at Fresenius Helios drove an 8%1 year-on-year group organic revenue2 increase to €21.5 billion. Due to an improved operating business performance, Group EBIT before special items increased 10%3 in constant currency to €2.5 billion. Earnings per share2,4 rose by 13%3 in constant currency to €2.59.
End of 2024, the #FutureFresenius Revitalize phase has been successfully concluded, resulting in significant financial progress driven by a simpler Group structure, improved steering, an optimized portfolio and a refined operating model. In 2025, the focus will be on continued value creation by entering the Rejuvenate phase, which also aims to pursue platform-driven growth. In 2025 the emphasis will be on further debt reduction, delivering higher Kabi margins, drive Helios’ program and fostering innovation.
A dedicated performance programme for Helios has been set up to increase efficiency and productivity, and to counteract the end of the energy relief funding. The programme is expected to contribute ~€100 million at EBIT level by 2025 at Helios Germany. Combined with further incremental growth of Helios in Germany and Spain, the Fresenius Helios EBIT margin is expected to be around 10% in FY/25. Contributions from the performance programme will be weighted to the second half of 2025, in particular, as some of the levers are process-related and will take time to deliver and realize benefits. Some of the performance measures are likely to materialize fully beyond 2025. This sets an excellent basis for further improving productivity within the 10 to 12% structural margin band in 2026 and beyond.
1 Organic growth rate adjusted for accounting effects related to Argentina hyperinflation.
2 Before special items
3 Growth rate adjusted for Argentina hyperinflation
4 Ex Fresenius Medical Care
Operating Companies – Business development FY/24 and Q4
Fresenius Kabi
In FY/24, Fresenius Kabi delivered consistent financial performance over the course of the year with excellent organic revenue growth of 10%1 above the top-end of the structural growth band and an impressive EBIT margin2 expansion of 140 bps to 15.7%.
Q4/24: Fresenius Kabi delivered a strong finish to the year
1 Organic growth rate adjusted for the accounting effects related to Argentina hyperinflation.
2 Before special items
Fresenius Helios
In FY 2024, Fresenius Helios delivered organic revenue growth of 6% driven by solid activity growth and favorable price developments in Germany and Spain. EBIT margin1 of 10.1% within the structural margin band ambition.
Q4/24: Fresenius Helios with strong EBIT development in Spain; end of energy relief payments weighing on Helios Germany
1 Before special items
Financial figures and growth rates adjusted for the divestment of the fertility services group
Eugin and the hospital stake in Peru.
Group figures Q4 & FY 2024

Note on the presentation of financial figures
* * *
Conference call and Audio webcast
As part of the publication Fourth Quarter and Full Year 2024 results, a conference call will be held on February 26, 2025 at 1:30 p.m. CET (7:30 a.m. EST). All investors are cordially invited to follow the conference call in a live audio webcast at www.fresenius.com/investors. Following the call, a replay will be available on our website.
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, Robert Möller, Dr. Michael Moser
Chairman of the Supervisory Board: Wolfgang Kirsch
To prevent, eliminate, or minimize human rights risks, both the Group and each business segment take appropriate preventive measures tailored to the individual case in our own business and in the value chain. In cases where our business activities have caused or contributed to human rights violations, we take appropriate and effective case-specific remedial action.
The following overview provides a non-exhaustive summary of potential standard preventive measures for Fresenius’s own operations and / or the value chain.
Standard preventive measures within our own operations include, among others, a binding Code of Conduct for our employees, guidelines on social and labor standards, as well as management systems for occupational health and safety.
In addition to training on human rights and communication measures related to our Human Rights Statement, our Internal Control System (ICS) and regular internal audits strengthen the implementation and monitoring of our human rights due diligence obligations.
Our measures within the value chain include, among other things, a Code of Conduct for business partners as well as risk-based training on human rights requirements, including information on the grievance mechanism.
These are complemented by risk-based assessments and ongoing monitoring of our business partners. Human rights and environmental clauses in contracts, along with our memberships in industry and multi-stakeholder initiatives, further support the implementation of our due diligence obligations throughout the value chain. In addition, within the scope of our influence, we develop specific prevention measures tailored to the results of regular and event-driven risk analyses and document these accordingly.
Further information on specific preventive measures can be found under Risk Analysis and Impact as well as in the 2024 CSRD report in the chapters “Own workforce” and “Workers in the value chain”.
What are human rights? How can I report a possible violation? And what does the term human rights due diligence mean? Our employees and business partners shall know the answers to these questions if we are to put our commitment to human rights into practice.
For this reason, and in addition to target-group specific training offerings on individual human rights topics, we have developed a dedicated global human rights training course – together with colleagues from different parts of our organization. This training has been gradually introduced for our employees since 2025 and also serves as a supporting measure in our collaboration with our suppliers. Which suppliers should take part in the training depends on their respective risk profiles. In this way, we want to actively contribute to the further development of our corporate culture and create a common understanding of due diligence obligations in our value chain.
The aim of any remedial action is to end or minimize and, if possible, reverse the human rights or environmental violation. To measure effectiveness, we review the implementation of the measures at a case-specific interval. If necessary, we initiate further measures. A process is only considered closed when all remediation measures have been fully implemented.
To address negative impacts on rightsholders, we have developed a toolbox to provide practical support for human rights specific remediation measures. This is aimed at colleagues involved in investigating human rights and environmental violations affecting employees of Fresenius as well as workers in the value chain and consists of various components. These include general guidance on remediation in accordance with the LkSG and international human-rights-related standards and principles. It also includes guidance on dealing with specific human rights violations and a handout for evaluating the effectiveness of remediation.
We continuously review the effectiveness of preventive and corrective measures after implementation. This evaluation also incorporates new insights, such as those from our risk analysis and feedback from the affected stakeholder groups. If required, we initiate targeted adjustments to further enhance the effectiveness of the measures.
Human Rights at Fresenius
Our Human Rights ProgramContact
Fresenius SE & Co. KGaA
Else-Kröner-Str. 1
61352 Bad Homburg
Germany
humanrights@fresenius.com
Human Rights Program
Our Human Rights Program Group-wide Governance & Responsibilities Risk Assessment & Impact Grievance Procedure & HandlingWhistleblowing system
Reports on possible human rights or other types of compliance violations can be reported around the clock, either anonymously or by name, via our whistleblower system*:
Phone number: +49 (0) 800 181 1338*
https://freseniusgroup.ethicspoint.com
More infos about our grievance mechanism
*The prices of your mobile or landline contract apply
The reporting on the respect for human rights for the year 2024 and following can be found in our Sustainability Report (CSRD Report). Further information on Fresenius' human rights program is available here: fresenius.com/en/human-rights
March 26, 2025
Bad Homburg, Germany
Consolidated Financial Statements and Management Report (IFRS)