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Group Outlook 2023

For 2023, Fresenius assumes no further escalations of geopolitical tensions and challenges from COVID-19, and supply chain constraints continuing to ease. Fresenius expects that the general cost inflation will have a more significant negative effect on its business than in 2022 due to the annualization effect of cost increases occurred in H2 / 2022. 

Fresenius will continue to closely monitor the potential further consequences of the ongoing challenging macroeconomic environment, including balance sheet valuations. 

All of these assumptions are subject to considerable uncertainty.

With the positive vote of Fresenius Medical Cares’ shareholders in favor of the change of legal form, the structural simplification of the Fresenius Group has passed a major milestone. In order to reflect the deconsolidation of Fresenius Medical Care already now, Fresenius will provide the Group guidance for the fiscal year 2023 from now on solely excluding Fresenius Medical Care. This is a further step towards the implementation of #FutureFresenius, where Fresenius Medical Care will no longer be part of Fresenius' fully consolidated subsidiaries.

Fiscal year 2022 (base) Targets 2023

Fresenius Group     


Revenue growth1 ex FMC (organic) 

 €21,532 m Mid-single-digit percentage growth

EBIT growth ex FMC(in constant currency) 

 €2,187 m Broadly flat to mid-single-digit percentage decline

Dividend per share 

For FY/22 paid: €0.92 per share At least stable


Operating Companies1 

Fresenius Kabi 

Revenue growth (organic)

 €7,850 m Mid-single-digit percentage growth

EBIT margin

 13.8% Around 14% (structural margin band: of 14% – 17%)

Fresenius Helios 

Revenue growth (organic)

 €11,716 m Mid-single-digit percentage growth

EBIT margin

 10.1% Within the structural margin band of 9% – 11%


Investment Companies


Fresenius Medical Care 


With adoption of IFRS 5 outlook is provided ex FMC; Performance of FMC to be reflected in FSE‘s P & L below EBIT

Fresenius Vamed

Revenue growth (organic)

 €2,359 m Low-to-mid-single-digit percentage growth

EBIT margin

 0.8% Clearly below the structural margin band of 4 – 6%

  • 1 Before special items


    As of August 4, 2023