Group and segment outlook 2025

Trends towards a changing geopolitical order have been observable since the beginning of the 2025 fiscal year. The potential implications of this for customs duties, taxes, regulation, administration and political decision-making, for example, may have direct and indirect negative effects on the industry environment and the business activities of the Fresenius Group, although these cannot be estimated at present.

Fresenius will continue to closely monitor the potential impact of increased volatility and reduced visibility on its business and balance sheet.

Q3/25: Guidance raised for Fiscal Year 2025¹

Based on the strong earnings growth in Q1-3/2025, Fresenius raised the Group EBIT growth guidance:

All of these assumptions are subject to considerable uncertainty. Assumptions to guidance: When Fresenius gave guidance in February, the company acknowledged the fast-moving macro-economic and geopolitical environment, resulting in a higher level of operational uncertainty. Fresenius’ guidance continues to reflect current factors and known uncertainties such as impacts from tariffs to the extend they can currently be assessed. The guidance does not take into account potential extreme scenarios that could affect the company, its peers, and the healthcare sector as a whole.

Fresenius is a global healthcare group, comprised of the Operating Companies Fresenius Kabi and Fresenius Helios (each with 100% ownership share) and the Investment Company Fresenius Medical Care.  

Our Operating Companies put our focus on system-critical healthcare products and services for leading therapies into effect and are geared towards profitability optimization and growth. In line with the role of Fresenius as significant shareholder, our Investment Company will be focused on financial value management.

#CommittedToLife: the health and well-being of patients is Fresenius’ top priority. For more than 100 years, we have been combining cutting-edge technology with a focus on patients, paving the way for the therapies of the future. We save and improve lives and health. We provide access to affordable and innovative medical products and clinical care of the highest quality.

Fresenius businesses geared towards driving forces in healthcare

The global healthcare sector is growing and changing rapidly in response to critical challenges driven by demographic shifts, technological advancements and evolving patient needs. These secular growth drivers are here to stay:

• Ageing global population: The world’s population is aging significantly, increasing demand for healthcare services.
• Higher prevalence of chronic diseases: Chronic conditions are driving higher healthcare spending worldwide.
• Growing healthcare spending: Across geographies, healthcare spending as a share of GDP continues to rise. In the U.S., for example, spending approached nearing $5 trillion in 2023 based on CMS data. At +7.5%, this is the biggest increase in decades!
• Technological advancements: Digital solutions and AI will play an increasingly role in quality and productivity.
• Demand for highly-skilled workforce: Attracting top talent is essential to stay at the forefront of innovative healthcare.

Fresenius is part of the solution: We are a relevant, system-critical healthcare company combining innovative medicine, advanced medical technology, and the highest quality in clinical care to shape next-level therapies.

The healthcare sector is one of the world’s largest industries, offering exceptional growth opportunities. We geared our businesses towards these driving forces and are committed to staying at the forefront, ensuring our businesses remain system-relevant and future-ready.

 

Strong balance across system-critical businesses

Our unique strengths lie in our positioning: we cover the entire patient journey with a broad portfolio range – right at the critical spots in care – capable of advancing therapies on many levels. With Fresenius Kabi and Fresenius Helios, we address, lead and meet evolving patient needs across three therapy platforms: 

• (Bio)Pharma including clinical nutrition: This includes our broad range of essential IV Generics and IV Fluids, Enteral and Parenteral Clinical Nutrition, and our fast-growing Biosimilars business.
• MedTech: We are addressing cutting-edge technology in Transfusion & Cell Therapies and the Infusion & Nutrition Systems space.
• Care Provision: This is where we provide high-quality and innovative treatments through our market-leading networks of hospitals and outpatient facilities in Germany and Spain – treating 26 million patients every year!

With this strategy, we address the driving forces in healthcare that will change the pattern of growth. All business at Fresenius Kabi and Fresenius Helios have leading market positions in attractive markets and grow meaningfully organically. We are part of the solution of innovative healthcare and future therapies: 

• Health Equity: Providing affordable and accessible products and services
• Integrated therapies: Driving multimodal therapies across three platforms
• Digital solutions and AI: Enhancing clinical outcomes, quality and productivity
• Human touch: From cutting-edge technology to human-to-human care 
   

#FutureFresenius is clearly paying off

Since launching #FutureFresenius in October 2022, we have driven structural productivity and improved returns, creating a simpler, more focused, and stronger healthcare company – delivering clear impact for all stakeholders! Key milestones include deconsolidating Fresenius Medical Care, concluding several important strategic portfolio measures, and exiting Vamed.

In 2025, we kicked-off the next phase of #FutureFresenius - Rejuvenate – taking our performance to the next level! In this phase we focus on:

• Upgrading our core businesses by doing what we are doing  – even  better! Through patient care, customer service, better processes and operations, we’re creating value day by day!
   
• And scaling our three therapy platforms:
  • specialized (Bio)Pharma
  • targeted MedTech
  • holistic Care Provision 

This means bringing new products and innovations to the market, focusing on the needs of patients and customers. We are investing in AI and digital transformation to enhance clinical decision-making, streamline workflows, and improve patient experiences. These next-generation capabilities will strengthen our leadership in medical quality and innovation.

 

 

Overview of #FutureFresenius transformation: 

• RESET: First we simplified our group structure, optimized our financial management system, and created change momentum across the organization.
• REVITALIZE: We then geared up for continuous portfolio optimization and the pursuit of growth verticals. 
• REJUVENATE: We are now driving platform-driven growth through product launches and add-ons, and creating value from investments.
• REIMAGINE: Our further enhanced capabilities will allow us to actively shape the future of healthcare!

 

The following charts describe the shareholder structure of Fresenius SE & Co. KGaA (as of June 30, 2025). The Else Kröner-Fresenius-Stiftung is the largest shareholder of Fresenius SE & Co. KGaA, with 27% of the shares. In addition, we received several notifications pursuant to the German Securities Trading Act (WpHG) as listed below.    

  

   

Full text of the publications in accordance with Section 40 German Securities Trading Act (WpHG) (until January 2, 2018, in accordance with Section 26 WpHG) :

Fresenius has a Sponsored Level 1 American Depositary Receipt (ADR) Program in the United States. The ADRs are traded under the ticker symbol "FSNUY" in the over-the-counter market tier.

  

Trading in ADR

ADRs represent ordinary or common shares of a non-U.S. company. Four Fresenius ADRs are the equivalent of one Fresenius ordinary share. They are priced in U.S. dollars and traded in the U.S. over-the-counter (OTC) market. J.P. Morgan Chase Bank N.A is acting as the depositary bank for this ADR program.