Outlook

Group Outlook 2023

For the fiscal year 2023, Fresenius expects that there will be neither a further intensification of geopolitical tensions nor a deterioration of the current situation due to COVID-19, and that supply chain bottlenecks will increasingly ease. Fresenius also expects general cost inflation and labor shortages to have a significantly more negative impact on its business than in 2022, due to the fact that these pressures did not materialize until the second half of 2022. Accordingly, Fresenius anticipates stronger headwinds in 2023 than in the previous year. Fresenius will continue to closely monitor the potential impact of increased volatility and reduced visibility on its business and balance sheet.

Furthermore, the following assumptions for Fresenius Medical Care’s FY / 23 guidance are also fully applicable to the Fresenius Group’s FY / 23 guidance:

• In 2022, operating income was supported by €277 million (at current currency) of U.S. Provider Relief funding (PRF). There is no further receipt of PRF assumed for 2023. To provide a comparable basis for the 2023 earnings outlook, the basis is adjusted accordingly.
• Revenue and operating income guidance are both on a constant currency basis and excluding special items.
• Special items will be provided as separate KPI (‘‘Revenue excluding special items’’, ‘‘Operating income excluding special items’’) to capture effects that are unusual in nature and have not been foreseeable or not foreseeable in size or impact at the time of giving guidance. These items are excluded to ensure comparability of the figures presented with the Company’s financial targets which have been defined excluding special items.

All of these assumptions are subject to considerable uncertainty.