Effective immediately, Katrin Kerner (44) and Christian Wagner (39) will assume joint leadership of Group Communications at Fresenius. Both will assume the role on an interim basis and in addition to their current responsibilities as Head of CEO Relations and Head of Board Office. They will report directly to Fresenius CEO Michael Sen and succeed Anke Schmidt, who has led the communications function since June 2025 and has decided to leave the company at her own request.
“On behalf of the Management Board, I would like to express my sincere thanks to Anke Schmidt for her work and commitment. She has made an important contribution in a short period of time. We wish her all the best for her future endeavors”, says Michael Sen, CEO of Fresenius. “I am very pleased that Katrin Kerner and Christian Wagner will jointly assume this responsibility as a leadership team. Both have a deep understanding of the healthcare industry and are already actively shaping the strategic and cultural transformation of our company through #FutureFresenius. With their extensive experience in communications, finance, and corporate transformations at DAX-listed companies, they will further develop the communications function at Fresenius and continue to strengthen our brand.”
Katrin Kerner has been with Fresenius since 2023 and has served as Head of CEO Relations since 2024. In this role, she prepares CEO briefings, coordinates strategic company positions, and manages global partnerships. Before joining Fresenius, she held several leadership positions in communications functions at Siemens, Siemens Healthcare (today Siemens Healthineers), and Siemens Energy, including Head of Employee Communications at Siemens and Head of Executive Messages at Siemens Energy. During this time, she was actively involved in the IPO of Siemens Healthineers and the spin-off of Siemens Energy. Katrin Kerner studied Economics at the Friedrich-Alexander University Erlangen-Nürnberg and International Management at the Turku School of Economics in Finland.
Christian Wagner joined Fresenius in 2017, became Head of Corporate Finance in 2019, and has served as Head of Board Office since 2023. In this function, he plays a key role in steering and advancing Fresenius’s strategic direction. He is also responsible for Corporate Security. Before joining Fresenius, Christian Wagner worked in investment banking at Berenberg and at a subsidiary of Deutsche Bahn. He studied Finance at Goethe University Frankfurt and the Institut Supérieur du Commerce (ISC) in Paris, France.
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
Effective immediately, Katrin Kerner (44) and Christian Wagner (39) will assume joint leadership of Group Communications at Fresenius. Both will assume the role on an interim basis and in addition to their current responsibilities as Head of CEO Relations and Head of Board Office. They will report directly to Fresenius CEO Michael Sen and succeed Anke Schmidt, who has led the communications function since June 2025 and has decided to leave the company at her own request.
“On behalf of the Management Board, I would like to express my sincere thanks to Anke Schmidt for her work and commitment. She has made an important contribution in a short period of time. We wish her all the best for her future endeavors”, says Michael Sen, CEO of Fresenius. “I am very pleased that Katrin Kerner and Christian Wagner will jointly assume this responsibility as a leadership team. Both have a deep understanding of the healthcare industry and are already actively shaping the strategic and cultural transformation of our company through #FutureFresenius. With their extensive experience in communications, finance, and corporate transformations at DAX-listed companies, they will further develop the communications function at Fresenius and continue to strengthen our brand.”
Katrin Kerner has been with Fresenius since 2023 and has served as Head of CEO Relations since 2024. In this role, she prepares CEO briefings, coordinates strategic company positions, and manages global partnerships. Before joining Fresenius, she held several leadership positions in communications functions at Siemens, Siemens Healthcare (today Siemens Healthineers), and Siemens Energy, including Head of Employee Communications at Siemens and Head of Executive Messages at Siemens Energy. During this time, she was actively involved in the IPO of Siemens Healthineers and the spin-off of Siemens Energy. Katrin Kerner studied Economics at the Friedrich-Alexander University Erlangen-Nürnberg and International Management at the Turku School of Economics in Finland.
Christian Wagner joined Fresenius in 2017, became Head of Corporate Finance in 2019, and has served as Head of Board Office since 2023. In this function, he plays a key role in steering and advancing Fresenius’s strategic direction. He is also responsible for Corporate Security. Before joining Fresenius, Christian Wagner worked in investment banking at Berenberg and at a subsidiary of Deutsche Bahn. He studied Finance at Goethe University Frankfurt and the Institut Supérieur du Commerce (ISC) in Paris, France.
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
The German Association for Financial Analysis and Asset Management (DVFA) Scorecard for Corporate Governance serves as an important benchmark for assessing governance standards among DAX 40 companies in Germany. Fresenius has reached 2nd place in this year’s ranking – a significant leap from last year and thus the largest climb of all companies evaluated. This recognition reflects the significant progress made to further strengthen the company’s governance structures as part of the #FutureFresenius strategy.
The German Association for Financial Analysis and Asset Management (DVFA) Scorecard for Corporate Governance serves as an important benchmark for assessing governance standards among DAX 40 companies in Germany. Fresenius has reached 2nd place in this year’s ranking – a significant leap from last year and thus the largest climb of all companies evaluated. This recognition reflects the significant progress made to further strengthen the company’s governance structures as part of the #FutureFresenius strategy.
Sale in two independent steps simplifies and accelerates divestment of Vamed’s Austrian activities
Fresenius and Porr signed an agreement today on the sale of Austrian project business and the thermal spas operations of VAMED Vitality World
In-depth talks ongoing with Strabag on sale of Vienna General Hospital (AKH Wien) operations business
The healthcare group Fresenius is accelerating and simplifying the divestment of Vamed's Austrian activities by a sale in two independent steps. The original agreement to sell to an Austrian consortium consisting of the construction companies Porr and Strabag has now been replaced by a direct contract with Porr for the sale of the Austrian project business and the thermal spas operations of VAMED Vitality World. The new agreement is subject to regulatory approval.
In-depth talks are also ongoing with Strabag regarding remaining parts of Vamed's Austrian activities – primarily the operations business of the Vienna General Hospital (AKH Wien).
The sale of the Austrian activities is another step in Fresenius' structured exit from its investment company Vamed, enabling Fresenius to further increase focus on the ongoing progress of Fresenius Kabi and Fresenius Helios in line with #FutureFresenius.
Contact
Nick Stone
Senior Vice President Investor Relations
Head of Investor Relations
T: +49 (0) 6172 608-97033
nick.stone@fresenius.com
Group revenue1 at €5,477 million with organic growth of 6%1,2 driven by consistent delivery across Fresenius Kabi and Fresenius Helios.
Group EBIT1 at €574 million with 6%3 growth in constant currency; growth accelerated from Q2/2025 driven by the strong operating performance at Fresenius Kabi, and a solid development at Fresenius Helios despite usual seasonality in Spain and the high prior-year base due to energy relief payments in Germany; Group EBIT margin1 improved to 10.5%.
Core EPS1,4 increased by excellent 14%3 in constant currency to €0.62 based on strong operating results and significantly decreased interest expense.
Net debt/EBITDA ratio at 3.0x1,5 within the self-imposed target corridor driven by strong cash flow delivery.
1Before 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, net debt adjusted for the valuation effect of the equity-neutral exchangeable bond
Michael Sen, CEO of Fresenius: "Fresenius is accelerating with purpose, and our transformation is delivering tangible results. Our disciplined execution and performance-oriented culture have resulted in 14% growth in Core EPS, a 6% increase in organic revenue growth, and margin improvements, enabling us to raise our full-year EBIT guidance to 4%-8%. Fresenius Kabi and Fresenius Helios continue to perform well, while investments in digital health and advanced therapies are reshaping patient care. Despite the current macroeconomic environment, we continue to perform and meet our commitments. With Rejuvenate now driving measurable progress and a clear focus on patient care, we are creating sustainable value for patients, partners, and shareholders – today and into the future."
Guidance raised for Fiscal Year 20251
Based on the strong earnings growth in Q1-3/2025, Fresenius raised the Group EBIT growth guidance: Fresenius Group2 : organic revenue growth3 in the range of 5 to 7%; constant currency EBIT growth4 now expected in the range of 4% to 8% (previous: 3 to 7%) Fresenius Kabi5 : organic revenue growth3 in the mid- to high-single-digit percentage range; EBIT margin of 16.0% to 16.5% Fresenius Helios6: organic revenue growth in the mid-single-digit percentage range; EBIT margin around 10%
The strong performance in Q1-3/2025 gives the scope to deliberately take some investments in Q4/2025, for example in R&D. This is in line with Fresenius’ strategic roadmap for the Rejuvenate phase to upgrade core and scale platforms and with a view on future performance, i.e. investing in further long-term profitable growth.
1 Before special items
2 2024 base: €21,526 million (revenue) and €2,489 million (EBIT)
3 Organic growth rate adjusted for accounting effects related to Argentina hyperinflation
4 Growth rate adjusted for Argentina hyperinflation
5 2024 base: €8,414 million (revenue) and €1,319 million (EBIT)
6 2024 base: €12,739 million (revenue) and €1,288 million (EBIT)
Assumptions to guidance: When Fresenius gave guidance in February 2025, 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 Group – Business development Q3/2025
In Q3/2025, the strong operating performance at Fresenius Kabi, and solid development at Fresenius Helios led to consistent Group organic revenue1 growth of 6%2 with revenues reaching €5,477 million.
Group EBIT before special items amounted to €574 million, a sequential acceleration with an increase of 6%3 in constant currency despite the absence of energy relief payments at Helios Germany, the usual seasonality at the Spanish hospital business in the third quarter, and the impact of the Volume Based Procurement of the nutrition product Ketosteril in China at Fresenius Kabi. Group EBIT margin1 improved to 10.5% (Q3/24: 10.4%). The Helios Performance Programme is advancing with material contributions expected in Q4/2025 with likely some spill-over into 2026. The strong Q3/2025 EBIT development was additionally supported by positive phasing effects.
Group net income1,4 increased by excellent 14%3 in constant currency to €351 million strongly outpacing revenue growth. The good operating performance of the core businesses, further productivity gains at Fresenius Kabi and strict cost discipline at Fresenius Helios drove this strong performance, and was supported by the significantly decreased year-over-year interest expenses. In the third quarter alone, interest expenses decreased by €35 million.
Core Earnings per share1,4 rose by excellent 14%3 in constant currency to €0.62.
1Before 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
Operating Companies – Business development Q3/2025
Fresenius Kabi showed strong organic growth at the upper end of the structural growth range with Growth Vectors driving the performance, headed by continued Biopharma strength; EBIT margin above the 2025 guidance range supported by productivity gains and some contributions realized earlier than originally expected.
Organic revenue growth of 7%1 driven by the Growth Vectors, also benefitting from some inflation related pricing effects in Argentina; disciplined execution on product rollouts led to contributions already realized in Q3/2025 that were originally expected for Q4; revenue increased to €2,141 million; growth as reported was negatively impacted by currency effects; increase in constant currency of 6%2.
Growth Vectors with excellent organic revenue1 growth of 11%: MedTech 7%, Nutrition 7%, Biopharma 37%.
Nutrition revenue: €601 million driven by strong growth in all regions except China; Latin America and Europe contributing nicely; continued strong market demand in the U.S. for lipid emulsions; China declined albeit slightly less than anticipated with respect to the Volume Based Procurement (VBP) tender impact on nutrition product Ketosteril.
Biopharma revenue: €226 million with growth mainly driven by the tocilizumab biosimilar Tyenne ramp up in Europe and the U.S.; first delivery of Tyenne vials for the EU market from fully vertically integrated supply chain; exclusive distribution contract for ustekinumab biosimilar Otulfi with CivicaScript in the U.S., first sales expected in Q4/2025.
MedTech revenue: €394 million with broad-based growth across all regions, Transfusion & Cell Therapy (TCT) and Infusion and Nutrition Systems (INS) both showed solid growth.
Pharma revenue: €920 million, organic revenue at solid 2%1 growth relative to a strong prior-year base; good volume demand and disciplined pricing in Europe, as well as continued growth in I.V. solutions in the U.S.
1 Organic growth rate adjusted for accounting effects related to Argentina hyperinflation
2 Growth rate adjusted for Argentina hyperinflation
EBIT1of Fresenius Kabi with 10%2 constant currency increase to €358 million driven by operating leverage and productivity gains; despite the effects of the tender for Ketosteril in China, EBIT margin1 increased to 16.7% mainly driven by the significant margin expansion of the Growth Vectors compared to the prior-year quarter and the excellent profitability at Pharma. The strong performance year-to-date gives the scope to deliberately take some targeted investments in Q4/2025, for example in R&D.
EBIT1 of the Growth Vectors increased by very strong 20%2 in constant currency and amounted to €194 million; EBIT margin1 improved by 140 bps to 15.9%, moving close to Kabi’s structural margin band.
EBIT1 of Pharma increased 17%2 in constant currency to €202 million driven by Europe and the U.S as well as by ongoing productivity gains. EBIT margin1 at 22.0%.
Fresenius Helios with strong organic revenue growth; sequential margin improvement at Helios Germany driven by progressing Performance Programme; EBIT margin at Helios Spain as expected reflecting the usual seasonality; EBIT growth supported by earlier than expected contributions.
Strong 5% organic revenue growth driven by year-over-year activity levels increase at both, Helios Germany and Helios Spain; revenue increased by 5% in constant currency to €3,240 million.
Helios Germany’s organic revenue growth was solid at 4% despite the elevated prior year revenue base resulting from technical reclassifications, reflecting strong admission growth and positive price effects; revenues at €2,019 million.
Helios Spain with strong organic revenue growth of 7% to €1,221 million driven by good activity growth year-over-year, particularly in the ORP business, and price effects.
EBIT1of Fresenius Helios at €242 million and thus at constant currency growth broadly in line with the prior-year quarter; overall the EBIT development was impacted by the high prior-year base related to the energy relief payments in Germany as well as to the usual seasonality in Spain in the third quarter. This was partially compensated by the advancements of the performance program in Germany; EBIT margin1 of Fresenius Helios was at 7.5%.
EBIT1of Helios Germany decreased by -5% to €161 million against the high prior-year base which included energy relief funds; EBIT margin1 is walking up its way standing at 8.0% compared to 7.5% in Q2/2025 and 6.6% in Q4/2024, which was the first quarter without energy relief funds.
EBIT1of Helios Spain increased by 10% in constant currency to €80 million; EBIT margin1 at 6.6%, impacted by the summer season.
Helios performance programme is advancing; material contributions expected in Q4/2025 with likely some spill-over into 2026 as some of the levers are process-related and will take time to deliver and realize benefits.
1Before special items
2 Growth rate adjusted for Argentina hyperinflation
Conference call and Audio webcast As part of the publication of the Q3/2025 results, a conference call will be held on November 5, 2025 at 1:30 p.m. CEST / 7:30 a.m. EDT. All investors are cordially invited to follow the conference call in a live audio webcast at https://www.fresenius.com/investors. Following the call, a replay will be available on our website.
If no timeframe is specified, information refers to Q3/2025.
Consolidated results for Q3/2025 as well as for Q3/2024 include special items. An overview of the results for Q3/2025 - before and after special items – is available on our website.
Growth rates in constant currency of Fresenius Kabi are adjusted. Adjustments relate to the hyperinflation in Argentina. Accordingly, constant currency growth rates of the Fresenius Group are also adjusted.
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.
Group revenue1 at €5,477 million with organic growth of 6%1,2 driven by consistent delivery across Fresenius Kabi and Fresenius Helios.
Group EBIT1 at €574 million with 6%3 growth in constant currency; growth accelerated from Q2/2025 driven by the strong operating performance at Fresenius Kabi, and a solid development at Fresenius Helios despite usual seasonality in Spain and the high prior-year base due to energy relief payments in Germany; Group EBIT margin1 improved to 10.5%.
Core EPS1,4 increased by excellent 14%3 in constant currency to €0.62 based on strong operating results and significantly decreased interest expense.
Net debt/EBITDAratio at 3.0x1,5 within the self-imposed target corridor driven by strong cash flow delivery.
1Before 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, net debt adjusted for the valuation effect of the equity-neutral exchangeable bond
Michael Sen, CEO of Fresenius:
"Fresenius is accelerating with purpose, and our transformation is delivering tangible results. Our disciplined execution and performance-oriented culture have resulted in 14% growth in Core EPS, a 6% increase in organic revenue growth, and margin improvements, enabling us to raise our full-year EBIT guidance to 4%-8%.
Fresenius Kabi and Fresenius Helios continue to perform well, while investments in digital health and advanced therapies are reshaping patient care. Despite the current macroeconomic environment, we continue to perform and meet our commitments. With Rejuvenate now driving measurable progress and a clear focus on patient care, we are creating sustainable value for patients, partners, and shareholders – today and into the future."
Guidance raised for Fiscal Year 20251
Based on the strong earnings growth in Q1-3/2025, Fresenius raised the Group EBIT growth guidance:
Fresenius Group2: organic revenue growth3 in the range of 5 to 7%; constant currency EBIT growth4 now expected in the range of 4% to 8% (previous: 3 to 7%) Fresenius Kabi5: organic revenue growth3 in the mid- to high-single-digit percentage range; EBIT margin of 16.0% to 16.5% Fresenius Helios6: organic revenue growth in the mid-single-digit percentage range; EBIT margin around 10%
The strong performance in Q1-3/2025 gives the scope to deliberately take some investments in Q4/2025, for example in R&D. This is in line with Fresenius’ strategic roadmap for the Rejuvenate phase to upgrade core and scale platforms and with a view on future performance, i.e. investing in further long-term profitable growth.
1 Before special items
2 2024 base: €21,526 million (revenue) and €2,489 million (EBIT)
3 Organic growth rate adjusted for accounting effects related to Argentina hyperinflation
4 Growth rate adjusted for Argentina hyperinflation
5 2024 base: €8,414 million (revenue) and €1,319 million (EBIT)
6 2024 base: €12,739 million (revenue) and €1,288 million (EBIT)
Assumptions to guidance: When Fresenius gave guidance in February 2025, 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 Group – Business development Q3/2025
In Q3/2025, the strong operating performance at Fresenius Kabi, and solid development at Fresenius Helios led to consistent Group organic revenue1 growth of 6%2 with revenues reaching €5,477 million.
Group EBIT before special items amounted to €574 million, a sequential acceleration with an increase of 6%3 in constant currency despite the absence of energy relief payments at Helios Germany, the usual seasonality at the Spanish hospital business in the third quarter, and the impact of the Volume Based Procurement of the nutrition product Ketosteril in China at Fresenius Kabi. Group EBIT margin1 improved to 10.5% (Q3/24: 10.4%). The Helios Performance Programme is advancing with material contributions expected in Q4/2025 with likely some spill-over into 2026. The strong Q3/2025 EBIT development was additionally supported by positive phasing effects.
Group net income1,4 increased by excellent 14%3 in constant currency to €351 million strongly outpacing revenue growth. The good operating performance of the core businesses, further productivity gains at Fresenius Kabi and strict cost discipline at Fresenius Helios drove this strong performance, and was supported by the significantly decreased year-over-year interest expenses. In the third quarter alone, interest expenses decreased by €35 million.
Core Earnings per share1,4 rose by excellent 14%3 in constant currency to €0.62.
1Before 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
Operating Companies – Business development Q3/2025
Fresenius Kabi showed strong organic growth at the upper end of the structural growth range with Growth Vectors driving the performance, headed by continued Biopharma strength; EBIT margin above the 2025 guidance range supported by productivity gains and some contributions realized earlier than originally expected.
Organic revenue growth of 7%1 driven by the Growth Vectors, also benefitting from some inflation related pricing effects in Argentina; disciplined execution on product rollouts led to contributions already realized in Q3/2025 that were originally expected for Q4; revenue increased to €2,141 million; growth as reported was negatively impacted by currency effects; increase in constant currency of 6%2.
Growth Vectors with excellent organic revenue1 growth of 11%: MedTech 7%, Nutrition 7%, Biopharma 37%.
Nutrition revenue: €601 million driven by strong growth in all regions except China; Latin America and Europe contributing nicely; continued strong market demand in the U.S. for lipid emulsions; China declined albeit slightly less than anticipated with respect to the Volume Based Procurement (VBP) tender impact on nutrition product Ketosteril.
Biopharma revenue: €226 million with growth mainly driven by the tocilizumab biosimilar Tyenne ramp up in Europe and the U.S.; first delivery of Tyenne vials for the EU market from fully vertically integrated supply chain; exclusive distribution contract for ustekinumab biosimilar Otulfi with CivicaScript in the U.S., first sales expected in Q4/2025.
MedTech revenue: €394 million with broad-based growth across all regions, Transfusion & Cell Therapy (TCT) and Infusion and Nutrition Systems (INS) both showed solid growth.
Pharma revenue: €920 million, organic revenue at solid 2%1 growth relative to a strong prior-year base; good volume demand and disciplined pricing in Europe, as well as continued growth in I.V. solutions in the U.S.
EBIT3 of Fresenius Kabi with 10%2 constant currency increase to €358 million driven by operating leverage and productivity gains; despite the effects of the tender for Ketosteril in China, EBIT margin3 increased to 16.7% mainly driven by the significant margin expansion of the Growth Vectors compared to the prior-year quarter and the excellent profitability at Pharma. The strong performance year-to-date gives the scope to deliberately take some targeted investments in Q4/2025, for example in R&D.
EBIT3 of the Growth Vectors increased by very strong 20%2 in constant currency and amounted to €194 million; EBIT margin3 improved by 140 bps to 15.9%, moving close to Kabi’s structural margin band.
EBIT3 of Pharma increased 17%2 in constant currency to €202 million driven by Europe and the U.S as well as by ongoing productivity gains. EBIT margin3 at 22.0%.
1Organic growth rate adjusted for accounting effects related to Argentina hyperinflation
2 Growth rate adjusted for Argentina hyperinflation
3 Before special items
Fresenius Helios with strong organic revenue growth; sequential margin improvement at Helios Germany driven by progressing Performance Programme; EBIT margin at Helios Spain as expected reflecting the usual seasonality; EBIT growth supported by earlier than expected contributions.
Strong 5% organic revenue growth driven by year-over-year activity levels increase at both, Helios Germany and Helios Spain; revenue increased by 5% in constant currency to €3,240 million.
Helios Germany’s organic revenue growth was solid at 4% despite the elevated prior year revenue base resulting from technical reclassifications, reflecting strong admission growth and positive price effects; revenues at €2,019 million.
Helios Spain with strong organic revenue growth of 7% to €1,221 million driven by good activity growth year-over-year, particularly in the ORP business, and price effects.
EBIT1 of Fresenius Helios at €242 million and thus at constant currency growth broadly in line with the prior-year quarter; overall the EBIT development was impacted by the high prior-year base related to the energy relief payments in Germany as well as to the usual seasonality in Spain in the third quarter. This was partially compensated by the advancements of the performance program in Germany; EBIT margin1 of Fresenius Helios was at 7.5%.
EBIT1 of Helios Germany decreased by -5% to €161 million against the high prior-year base which included energy relief funds; EBIT margin1 is walking up its way standing at 8.0% compared to 7.5% in Q2/2025 and 6.6% in Q4/2024, which was the first quarter without energy relief funds.
EBIT1 of Helios Spain increased by 10% in constant currency to €80 million; EBIT margin1 at 6.6%, impacted by the summer season.
Helios performance programme is advancing; material contributions expected in Q4/2025 with likely some spill-over into 2026 as some of the levers are process-related and will take time to deliver and realize benefits.
1 Before special items
Group figures Q3 and Q1-3 2025
Conference call and Audio webcast
As part of the publication of the Q3/2025 results, a conference call will be held on November 5, 2025 at 1:30 p.m. CEST / 7:30 a.m. EDT. All investors are cordially invited to follow the conference call in a live audio webcast at https://www.fresenius.com/investors. Following the call, a replay will be available on our website.
Information on Fresenius share and ADRs
Note on the presentation of financial figures
If no timeframe is specified, information refers to Q3/2025.
Consolidated results for Q3/2025 as well as for Q3/2024 include special items. An overview of the results for Q3/2025 - before and after special items – is available on our website.
Growth rates in constant currency of Fresenius Kabi are adjusted. Adjustments relate to the hyperinflation in Argentina. Accordingly, constant currency growth rates of the Fresenius Group are also adjusted.
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 is a global healthcare company headquartered in Bad Homburg v. d. Höhe, Germany. The Fresenius Group comprises the operating companies Fresenius Kabi and Fresenius Helios as well as an investment in Fresenius Medical Care.
Fresenius is a global healthcare company headquartered in Bad Homburg v. d. Höhe, Germany. The Fresenius Group comprises the operating companies Fresenius Kabi and Fresenius Helios as well as an investment in Fresenius Medical Care.
Fresenius is a global healthcare company headquartered in Bad Homburg v. d. Höhe, Germany. The Fresenius Group comprises the operating companies Fresenius Kabi and Fresenius Helios as well as an investment in Fresenius Medical Care.
