Outlook

Group and segment outlook 2026

Trends towards a changing geopolitical order have been observable and are still continuing 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.

Guidance for Fiscal Year 2026

All of these assumptions are subject to considerable uncertainty. Assumptions to guidance: The company acknowledges that the prevailing trends of fast-moving macro-economic and geopolitical environment continue, resulting in increased volatility and 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. Potential implications of the United States Supreme Court ruling as of February 20, 2026, are currently being evaluated but cannot be fully assessed at this stage and are hence not reflected in FY/26 guidance.