Fresenius

  • The disciplined implementation of #FutureFresenius has made Fresenius a simpler, more focused, and stronger company.
  • With the next phase, Rejuvenate, the focus in the years ahead will be on strengthening the core businesses, scaling platforms, and elevating performance.
  • Dividend of 1.00 euro per share proposed.

Thanks to the successful ongoing implementation of its #FutureFresenius strategy, Fresenius considers itself well-positioned to continue to deliver profitable growth and create long-term value. “With #FutureFresenius, the company has a coherent strategy that it will continue to implement consistently and successfully in the interests of all stakeholders. The Supervisory Board firmly believes that Fresenius fulfils all the requirements needed to achieve its ambitious goals. We support the course that the Management Board is pursuing. On behalf of the Supervisory Board, I thank the Management Board and all employees for their outstanding work,” said Wolfgang Kirsch, Chairman of the Supervisory Board, at this year’s Annual General Meeting (AGM) in Frankfurt am Main today.

“The successful implementation of #FutureFresenius means Fresenius is now simpler, more focused, stronger, and more resilient. We are now in a better position to anticipate change more quickly and, if necessary, respond more effectively,” said Michael Sen, CEO of Fresenius. “Fresenius is essential to healthcare systems around the world – through our hospitals and our products, without which patient care would not be possible.” Furthermore, the company’s “Local for Local” strategy, focused on local value creation, manufacturing, and jobs, also strengthens its resilience.

Fresenius began the year from a position of strength and launched the next phase of its #FutureFresenius strategy, Rejuvenate. Reducing the shares in Fresenius Medical Care in March this year was the first milestone. Fresenius used the proceeds to strengthen its balance sheet and further fuel innovation. Rejuvenate is about advancing and strengthening its core businesses. In addition, the company will scale up its three platforms – (Bio)Pharma, MedTech, and Care Provision – to unlock new long-term growth opportunities and achieve higher earnings.

In the 2024 financial year, Fresenius once again increased the pace of growth in revenue and earnings. “Last year, we not only kept our promises but even exceeded our expectations and raised our guidance twice,” said Sen. The company achieved this through its efforts, to which all operating businesses contributed. Productivity also increased, and the self-imposed target corridor for the leverage ratio was achieved for the first time in seven years. By 2024, Fresenius had reduced its net debt by 2 billion euros and achieved an operating cash flow of 2.4 billion euros. A dividend of 1.00 euro per share was proposed for the past financial year during the Annual General Meeting.

Fresenius also considers itself on track for 2025. “Our mission to save and improve human lives continues to drive us forward in the new financial year. With the next phase of #FutureFresenius, we want to continue our success story in 2025,” said Sen, referring to the strong start to the year. In early May, Fresenius confirmed its guidance for the full year 2025 following excellent growth in revenue and earnings during the first quarter.

The AGM will be held in person, with several hundred shareholders attending this year’s event at Messe Frankfurt.

* * *
The letter by Wolfgang Kirsch, Chairman of the Supervisory Board of Fresenius, and the speech by Michael Sen, Chief Executive Officer of Fresenius, can be downloaded here: Annual General Meeting | FSE

About Fresenius

Fresenius SE & Co. KGaA (Frankfurt/Xetra: FRE) is a global healthcare company headquartered n Bad Homburg v. d. Höhe, Germany. In the 2024 fiscal year, Fresenius generated €21.5 billion in annual revenue. Fresenius currently counts over 176,000 employees. The Fresenius Group comprises the operating companies Fresenius Kabi and Fresenius Helios as well as an investment in Fresenius Medical Care. With around 140 hospitals and countless outpatient facilities, Fresenius Helios is the leading private hospital operator in Germany and Spain, treating around 26 million patients every year. Fresenius Kabi’s product portfolio touches the lives of 450 million patients annually and includes a range of highly complex biopharmaceuticals, clinical nutrition, medical technology, and intravenous generic drugs and fluids. Fresenius was established in 1912 by the Frankfurt pharmacist Dr. Eduard Fresenius. After his death, Else Kröner took over management of the company in 1952. She laid the foundations for a global enterprise that today pursues the goal of improving people’s health. The largest shareholder is the non-profit Else Kröner-Fresenius Foundation, which is dedicated to advancing medical research and supporting humanitarian projects.

For more information visit the Company’s website at www.fresenius.com
Follow us on social media: www.fresenius.com/socialmedia

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 Fresenius healthcare group and the Else Kröner-Fresenius Foundation are today paying tribute to the impressive legacy of Else Kröner, née Fernau (1925–1988), with a commemorative event. Around 170 guests representing science, politics, business, and society have been invited to the Städel Museum in Frankfurt. Among them are Nobel Prize winner for Medicine, Prof. Dr. Craig Mello; the Hessian Minister for Science and Research, Art and Culture, Timon Gremmels; the Lord Mayor of Bad Homburg v. d. Höhe, Alexander Hetjes; and the Chairman of Fresenius Supervisory Board, Wolfgang Kirsch.

Else Kröner was born in Frankfurt am Main exactly 100 years ago, on May 15, 1925. As long-time Managing Director and later Chairwoman of the Supervisory Board, she laid the foundations for Fresenius’ success as a leading global healthcare group. The Else Kröner-Fresenius Foundation (EKFS), which she established in 1983, is today Germany’s largest foundation dedicated to the advancement of medicine.

“Else Kröner was one of Germany’s most successful female entrepreneurs. She shaped the global healthcare company that Fresenius is today and in doing so, she wrote business history. On the occasion of her 100th birthday, we would like to pay tribute to her remarkable legacy. Throughout her life, Else Kröner demonstrated great foresight and entrepreneurial courage. These qualities are today needed more than ever to secure Germany’s growth and prosperity as a business location. My 176,000 colleagues at Fresenius and I have taken over the task of building on the legacy she left behind. With #FutureFresenius, we are doing precisely this so that we can continue to fulfil our mission: To save and improve human lives. We are Committed to Life,” says Fresenius CEO Michael Sen.

“Else Kröner was both an outstanding entrepreneur and a passionate advocate of medical research and education. Her unwavering commitment and vision have made the Else Kröner-Fresenius Foundation what it is today – a driving force in the advancement of science and health. Since its founding, the Else Kröner-Fresenius Foundation has contributed more than 700 million euros to around 2,800 medical, scientific, and humanitarian projects. Her extraordinary lifework is a lasting source of inspiration for us all,” says Dr. Dieter Schenk, Chairman of the Board of the Else Kröner-Fresenius Foundation.

From pharmacy to global enterprise that sets industry standards
When Else Kröner, the foster daughter of company founder Dr. Eduard Fresenius, officially took over management of the Hirsch Pharmacy in Frankfurt and “Dr. Eduard Fresenius chemisch-pharmazeutische Industrie KG” in 1952, the family business only had around 40 employees. The qualified pharmacist used her entrepreneurial vision to transform the company into a global healthcare group. She did this by expanding the product range, developing dialysis machines in- house, accessing international markets, and making targeted company acquisitions.Under her leadership, and that of her husband Dr. Hans Kröner, Fresenius researchers developed important medical innovations for the European market. These include infusion solutions in plastic bottles, which are still the industry standard today, and the first liquid food for diabetics.

Else Kröner’s legacy
Else Kröner’s achievements and commitment still shape Fresenius today. The company stands for access to affordable and innovative medical products and clinical care of the highest quality. Every year, Fresenius treats around 26 million patients and improves the lives of around 450 million people worldwide. With the current Rejuvenate phase of its #FutureFresenius program, the company is consistently focusing on the healthcare of tomorrow. Else Kröner’s values are reflected in the Fresenius Principles and are lived every day by employees in more than 80 countries.

Else Kröner Fresenius Prize for Medical Research

The Else Kröner-Fresenius Foundation will confer the Else Kröner Fresenius Prize for Medical Research during today’s ceremony. Endowed with 2.5 million euros, it will go to US researcher Prof. Dr. Anastasia Khvorova for her pioneering work in the field of RNA-based therapies. The foundation will also present a new biographical film about the life and work of Else Kröner.

For more information on Else Kröner, see www.fresenius.com/100YearsOfElseKroener

Fresenius SE & Co. KGaA (Frankfurt/Xetra: FRE) is a global healthcare company headquartered in Bad Homburg v. d. Höhe, Germany. In the 2024 fiscal year, Fresenius generated €21.5 billion in annual revenue. Fresenius currently counts over 176,000 employees. The Fresenius Group comprises the operating companies Fresenius Kabi and Fresenius Helios as well as an investment in Fresenius Medical Care. With around 140 hospitals and countless outpatient facilities, Fresenius Helios is the leading private hospital operator in Germany and Spain, treating around 26 million patients every year. Fresenius Kabi’s product portfolio touches the lives of 450 million patients annually and includes a range of highly complex biopharmaceuticals, clinical nutrition, medical technology, and intravenous generic drugs and fluids. Fresenius was established in 1912 by the Frankfurt pharmacist Dr. Eduard Fresenius. After his death, Else Kröner took over management of the company in 1952. She laid the foundations for a global enterprise that today pursues the goal of improving people’s health. The largest shareholder is the non-profit Else Kröner-Fresenius Foundation, which is dedicated to advancing medical research and supporting humanitarian projects.

For more information visit the Company’s website at www.fresenius.com.
Visit our media center: www.fresenius.com/media-center

 

An overview of key financial figures is available at the end of the release.
Q1/2025: Strong top line and excellent EPS growth, outlook confirmed

  • Group revenue1 at €5.63 billion with strong organic growth of 7%1,2 driven by consistent delivery of Fresenius Kabi and a strong performance at Fresenius Helios.
  • Group EBIT1 at €654 million, increase of 4%3 in constant currency on the back of strong operating performance at Kabi; absence of energy relief payments weighing on Helios Germany; Group EBIT margin1 of 11.6%.
  • Net income1,4 grew by an excellent 12%3 in constant currency to €416 million significantly outpacing revenue growth
  • EPS1,4 rose by excellent 12%3 in constant currency to €0.74 resulting from broad based operational strength and lower interest expenses.
  • Operating cash flow from continuing operations of €74 million significantly improved year-on-year driven by operating development and increased focus on cash generation. 
  • Leverage ratio within target corridor: Net debt/EBITDA ratio at 3.0x1,5 showing 80 bps improvement in the last twelve months.
  • #FutureFresenius Rejuvenate phase: Pivotal milestone delivered with the reduction of participation in Fresenius Medical Care stake enhancing strategic flexibility while setting basis for long-term profitable growth.

1 Before 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: “We've kick-started 2025 with an excellent performance across the business and confirm our full-year guidance. Organic revenue increased by 7% driven by the consistent delivery of Fresenius Kabi and Fresenius Helios. This along with continued improvements in operations and lower interest costs led to an impressive EPS growth of 12%. Following the reduction of our stake in Fresenius Medical Care, a first and pivotal milestone in our history, we now start the Rejuvenate phase of #FutureFresenius from an even stronger position; this step underscores our commitment to creating long-term value. With a strengthened balance sheet and capital allocation priorities to further invest in our growth platforms, while also increasing our US presence, Fresenius is well positioned to deliver future profitable growth and innovation.”

Outlook confirmed for Fiscal Year 20251

Fresenius Group2: organic revenue growth3 of 4% to 6%, constant currency EBIT growth4 in the range of 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%

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 potential 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.


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)

 

Fresenius Group – Business development Q1/25

Fresenius entered with excellent momentum into the year with strong organic growth above the top-end of the 2025 guidance. The consistent positive delivery of Fresenius Kabi and the strong performance at Fresenius Helios drove a 7%1 Group organic revenue2 increase to €5.63 billion. Due to a continued strong operating performance, Group EBIT before special items increased 4%3 in constant currency to €654 million despite the high prior-year quarter which included energy relief fundings at Helios Germany. Particularly, a strong performance at Kabi and Helios in Spain contributed to the EBIT growth. The Helios Performance Programme delivers some first contributions with more significant contributions expected in the second half of the year. Earnings per share2,4 rose by an excellent 12%3 in constant currency to €0.74, driven by a broad-based operational strength and improved interest costs against the backdrop of a strong cash flow development and successful deleveraging.

In Q1/25, Fresenius reached a pivotal milestone in #FutureFresenius with the reduction of participation in Fresenius Medical Care and the issuance of an exchangeable bond with Fresenius Medical Care shares underlying. These transactions underline Fresenius' clear commitment to long-term value creation and were the first visible signs of the Rejuvenate phase, which will focus on three key aspects in the coming years:

  • Upgrade Core: Fresenius will continue to strengthen its core businesses. This includes, for example, reinforcing R&D pipelines, further increasing financial strength, and enhancing corporate culture.

  • Scale Platforms: By strategically scaling its (Bio)Pharma, MedTech, and Care Provision platforms, Fresenius can make an important contribution to meeting the challenges facing healthcare systems around the world. The priorities are:

    • Driving innovation at (Bio-)Pharma

    • Expand MedTech to provide and connect technology solutions for critical clinical areas such as emergency rooms, operating rooms and intensive care units.

    • Accelerate digitization of care provision

  • Elevate Performance: Overall, Rejuvenate is designed to help the company achieve higher levels of performance and make Fresenius even more innovative and relevant.

1 Organic growth rate adjusted for accounting effects related to Argentina hyperinflation
2 Before special items
3 Growth rate adjusted for Argentina hyperinflation
4 Excluding Fresenius Medical Care

 

Operating Companies – Business development Q1/25

Fresenius Kabi delivered a strong start to the year, Biopharma moving close to structural EBIT margin band

  • Organic revenue growth of 6%1 clearly driven by the Growth vectors; revenue increased by 5% to €2,146 million; positive Argentina pricing effects continued but less pronounced.

  • Growth vectors with strong organic revenue1 increase of 11%: MedTech 7%, Nutrition 7%, Biopharma 40%.

    • Nutrition revenue: €612 million, benefited from positive pricing effects in Argentina and the good development in Europe; in the U.S. ongoing successful roll-out of lipid emulsions.

    • Biopharma revenue: €190 million, mainly driven by the growth of Tyenne in Europe and the U.S.; launch of Ustekinumab biosimilar Otulfi® in EU and the U.S.; denosumab biosimilars Conexxence® (denosumab-bnht) and Bomyntra® (denosumab-bnht) approved by FDA.

    • MedTech revenue: €399 million, driven by strong growth related to the Ivenix pump rollout in the U.S, and broad-based positive development across most regions.

  • Pharma revenue: €946 million, flat organic revenue development1 against a high prior-year base; positive pricing development in Europe was offset by a softer development in the U.S. and China.

  • China business continued to be impacted by a general economic weakness, price declines in connection with tenders, and hospital budget controls.

  • EBIT2 of Fresenius Kabi with 16%3 constant currency increase to €360 million, driven by the strong revenue development of the Growth vectors and ongoing improvements in the cost base. The EBIT-margin2 was very strong at 16.8%, a 170 bps yoy expansion.

  • EBIT2 of the Growth Vectors increased 45%3 in constant currency to €184 million against the backdrop of a broad-based positive development; EBIT margin2 at 15.3% increased by 390 bps year-on-year, Biopharma moving close to structural EBIT margin band.

1 Organic growth rate adjusted for accounting effects related to Argentina hyperinflation
2 Before special items
3 Growth rate adjusted for Argentina hyperinflation

  • EBIT1 of Pharma increased 5%2 in constant currency to €216 million. EBIT margin1 was strong at 22.9% driven in particular by ongoing cost savings and a strong pricing development in Europe.

     

Fresenius Helios with excellent organic revenue growth; Helios Performance Programme evolving in-line with expectations.

  • Very strong 8% organic revenue growth clearly above the structural growth band driven equally by Helios Germany (8% organic growth) and Helios Spain (8% organic growth); From a year-on-year perspective, Q1 also benefitted from the Easter effect falling in the second quarter this year; revenue before special items increased by 8% to €3,394 million.
  • Helios Germany with revenue of €2,046 million; growth mainly driven by price effects: positive development of admissions and case mix.
  • Helios Spain with revenue of €1,348 million, driven by strong activity levels and favourable price effects. The clinics in Latin America also showed a good performance.

  • EBIT1 of Fresenius Helios declined 4% to €333 million as the support from energy relief funds phased out by the end of Q3/24. This expected softness was partially compensated by excellent profitability at Helios Spain. EBIT margin1 was solid at 9.8% driven by Helios Spain with a margin of 13.1% and 23% EBIT growth.

  • EBIT1 of Helios Germany decreased by 23% to €157 million against the high prior-year base which included energy relief funds; EBIT margin at 7.7% improved by 110 bps sequentially (Q4/24: 6.6%).

  • Helios performance programme delivers some first contributions; ramp-up in H2/25 with more significant EBIT contributions, as some of the levers are process-related and will take time to deliver and realize benefits.

1 Before special items
2 Growth rate adjusted for Argentina hyperinflation

Note on the presentation of financial figures

  • If no timeframe is specified, information refers to Q1/2024.
  • Consolidated results for Q1/25 as well as for Q1/24 include special items. An overview of the results for Q1/2025 - 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, in constant currency growth rates of the Fresenius Group are also adjusted.
  • The results of Fresenius Helios and accordingly of the Fresenius Group for Q1/24 are adjusted by the sale of the fertility services group Eugin and the divestment of the majority stake in the hospital Clínica Ricardo Palma hospital in Lima, Peru.
  • Information on the performance indicators is available on our website at www.fresenius.com/alternative-performance-measures.

* * *

Conference call and Audio webcast

As part of the publication First Quarter 2025 results, a conference call will be held on May 7, 2025 at 1:30 p.m. CET (7:30 a.m. EST). All investors are cordially invited to follow the conference call in a live audio webcast at www.fresenius.com/investors. Following the call, a replay will be available on our website.

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

Q1/2025: Strong top line and excellent EPS growth, outlook confirmed

  • Group revenue1 at €5.63 billion with strong organic growth of 7%1,2 driven by consistent delivery of Fresenius Kabi and a strong performance at Fresenius Helios. 
  • Group EBIT1 at €654 million, increase of 4%3 in constant currency on the back of strong operating performance at Kabi; absence of energy relief payments weighing on Helios Germany; Group EBIT margin1 of 11.6%.
  • Net income1,4 grew by an excellent 12%3 in constant currency to €416 million significantly outpacing revenue growth.
  • EPS1,4 rose by excellent 12%3 in constant currency to €0.74 resulting from broad based operational strength and lower interest expenses. 
  • Operating cash flow from continuing operations of €74 million significantly improved year-on-year driven by operating development and increased focus on cash generation.
  • Leverage ratio within target corridor: Net debt/EBITDA ratio at 3.0x1,5 showing 80 bps improvement in the last twelve months.
  • #FutureFresenius REJUVENATE phase: Pivotal milestone delivered with the reduction of participation in Fresenius Medical Care stake enhancing strategic flexibility while setting basis for long-term profitable growth.

1 Before 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: “We've kick-started 2025 with an excellent performance across the business and confirm our full-year guidance. Organic revenue increased by 7% driven by the consistent delivery of Fresenius Kabi and Fresenius Helios. This along with continued improvements in operations and lower interest costs led to an impressive EPS growth of 12%. Following the reduction of our stake in Fresenius Medical Care, a first and pivotal milestone in our history, we now start the REJUVENATE phase of #FutureFresenius from an even stronger position; this step underscores our commitment to creating long-term value. With a strengthened balance sheet and capital allocation priorities to further invest in our growth platforms, while also increasing our US presence, Fresenius is well positioned to deliver future profitable growth and innovation.”

 

Outlook confirmed for Fiscal Year 20251

Fresenius Group2: organic revenue growth3 of 4% to 6%, 
constant currency EBIT growth  in the range of 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%

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 potential impacts from tariffs to the extent 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.

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)
 

Fresenius Group – Business development Q1/25

Fresenius entered with excellent momentum into the year with strong organic growth above the top-end of the 2025 guidance. The consistent positive delivery of Fresenius Kabi and the strong performance at Fresenius Helios drove a 7%1  Group organic revenue2 increase to €5.63 billion. Due to a continued strong operating performance, Group EBIT before special items increased 4%3 in constant currency to €654 million despite the high prior-year quarter which included energy relief fundings at Helios Germany. Particularly, a strong performance at Kabi and Helios in Spain contributed to the EBIT growth. The Helios Performance Programme delivers some first contributions with more significant contributions expected in the second half of the year. Earnings per share2,4 rose by an excellent 12%3 in constant currency to €0.74, driven by a broad-based operational strength and improved interest costs against the backdrop of a strong cash flow development and successful deleveraging.

In Q1/25, Fresenius reached a pivotal milestone in #FutureFresenius with the reduction of participation in Fresenius Medical Care and the issuance of an exchangeable bond with Fresenius Medical Care shares underlying. These transactions underline Fresenius' clear commitment to long-term value creation and were the first visible signs of the REJUVENATE phase, which will focus on three key aspects in the coming years: 

  • Upgrade Core: Fresenius will continue to strengthen its core businesses. This includes, for example, reinforcing R&D pipelines, further increasing financial strength, and enhancing corporate culture.
  • Scale Platforms: By strategically scaling its (Bio)Pharma, MedTech, and Care Provision platforms, Fresenius can make an important contribution to meeting the challenges facing healthcare systems around the world. The priorities are:
    • Driving innovation at (Bio-)Pharma 
    • Expand MedTech to provide and connect technology solutions for critical clinical areas such as emergency rooms, operating rooms and intensive care units.
    • Accelerate digitization of care provision 
  • Elevate Performance: Overall, REJUVENATE is designed to help the company achieve higher levels of performance and make Fresenius even more innovative and relevant. 
     

1 Organic growth rate adjusted for accounting effects related to Argentina hyperinflation.
2 Before special items
3 Growth rate adjusted for Argentina hyperinflation
4 Excluding Fresenius Medical Care
 

Operating Companies – Business development Q1/25 

Fresenius Kabi delivered a strong start to the year, Biopharma moving close to structural EBIT margin band

  • Organic revenue growth of 6%1 clearly driven by the Growth vectors; revenue increased by 5% to €2,146 million; positive Argentina pricing effects continued but less pronounced.
  • Growth vectors with strong organic revenue1 increase of 11%: MedTech 7%, Nutrition 7%, Biopharma 40%.
    • Nutrition revenue: €612 million, benefited from positive pricing effects in Argentina and the good development in Europe; in the U.S. ongoing successful roll-out of lipid emulsions.
    • Biopharma revenue: €190 million, mainly driven by the growth of Tyenne in Europe and the U.S.; launch of Ustekinumab biosimilar Otulfi® in EU and the U.S.; denosumab biosimilars Conexxence® (denosumab-bnht) and Bomyntra® (denosumab-bnht) approved by FDA.
    • MedTech revenue: €399 million, driven by strong growth related to the Ivenix pump rollout in the U.S, and broad-based positive development across most regions.
  • Pharma revenue: €946 million, flat organic revenue development1 against a high prior-year base; positive pricing development in Europe was offset by a softer development in the U.S. and China.
  • China business continued to be impacted by a general economic weakness, price declines in connection with tenders, and hospital budget controls. 
  • EBIT2 of Fresenius Kabi with 16%3 constant currency increase to €360 million, driven by the strong revenue development of the Growth vectors and ongoing improvements in the cost base. The EBIT-margin2 was very strong at 16.8%, a 170 bps yoy expansion. 
  • EBIT2 of the Growth Vectors increased 45%3 in constant currency to €184 million against the backdrop of a broad-based positive development; EBIT margin2 at 15.3% increased by 390 bps year-on-year, Biopharma moving close to structural EBIT margin band.
  • EBIT2 of Pharma increased 5%3 in constant currency to €216 million. EBIT margin2 was strong at 22.9% driven in particular by ongoing cost savings and a strong pricing development in Europe.

1 Organic growth rate adjusted for accounting effects related to Argentina hyperinflation.
2 Before special items
3 Growth rate adjusted for Argentina hyperinflation.

 

Fresenius Helios with excellent organic revenue growth; Helios Performance Programme evolving in-line with expectations.

  • Very strong 8% organic revenue growth clearly above the structural growth band driven equally by Helios Germany (8% organic growth) and Helios Spain (8% organic growth); From a year-on-year perspective, Q1 also benefitted from the Easter effect falling in the second quarter this year; revenue before special items increased by 8% to €3,394 million.
  • Helios Germany with revenue of €2,046 million; growth mainly driven by price effects: positive development of admissions and case mix.
  • Helios Spain with revenue of €1,348 million, driven by strong activity levels and favourable price effects. The clinics in Latin America also showed a good performance.
  • EBIT1 of Fresenius Helios declined 4% to €333 million as the support from energy relief funds phased out by the end of Q3/24. This expected softness was partially compensated by excellent profitability at Helios Spain. EBIT margin1 was solid at 9.8% driven by Helios Spain with a margin of 13.1% and 23% EBIT growth.
  • EBIT1 of Helios Germany decreased by 23% to €157 million against the high prior-year base which included energy relief funds; EBIT margin at 7.7% improved by 110 bps sequentially (Q4/24: 6.6%).
  • Helios performance programme delivers some first contributions; ramp-up in H2/25 with more significant EBIT contributions, as some of the levers are process-related and will take time to deliver and realize benefits. 
     

1 Before special items
2 Growth rate adjusted for Argentina hyperinflation.

Conference call and Audio webcast 
As part of the publication First Quarter 2025 results, a conference call will be held on May 7, 2025 at 1:30 p.m. CEST / 7:30 a.m. EST. 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.


Contact for shareholders
Investor Relations
Telephone: + 49 61 72 6 08-24 87
Telefax: + 49 61 72 6 08-24 88
E-mail: ir-fre@fresenius.com


Information on Fresenius share and ADRs

Note on the presentation of financial figures 

  • If no timeframe is specified, information refers to Q1/2024
  • Consolidated results for Q1/25 as well as for Q1/24 include special items. An overview of the results for Q1/2025 - 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. 
  • The results of Fresenius Helios and accordingly of the Fresenius Group for Q1/24 are adjusted by the sale of the fertility services group Eugin and the divestment of the majority stake in the hospital Clínica Ricardo Palma hospital in Lima, Peru. 
  • Information on the performance indicators is available on our website at https://www.fresenius.com/alternative-performance-measures.
     

 

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 has completed the divestment of Vamed’s international project business to Worldwide Hospitals Group (WWH), that was announced in February 2025.

The divestment is part of Fresenius’ structured exit from its Investment Company Vamed and enables Fresenius to further increase focus and management capacity on the ongoing progress of its core businesses Fresenius Kabi and Fresenius Helios, in line with #FutureFresenius.    

Fresenius has completed the divestment of Vamed’s international project business to Worldwide Hospitals Group (WWH), that was announced in February 2025.

The divestment is part of Fresenius’ structured exit from its Investment Company Vamed and enables Fresenius to further increase focus and management capacity on the ongoing progress of its core businesses Fresenius Kabi and Fresenius Helios, in line with #FutureFresenius.    

Today, Fresenius published its 2024 Annual Report. As already announced in February, the healthcare group grew profitably in the past year and achieved its outlook, which was raised twice, through consistently good business performance. Group revenue before special items increased to €21.5 billion, with organic growth of 8%. Fresenius was also able to reduce net debt by €2 billion in 2024.

 

“Our #FutureFresenius program, which we launched at the end of 2022, is having an impact. The “new” Fresenius is much more focused. We are concentrating on Fresenius Kabi and Fresenius Helios. These are growing profitably and under their own steam,” said Michael Sen, Chairman of the Management Board of Fresenius. “Growth, higher margins, more cash, lower debt – all this has created value: From the beginning of October 2022, when we prepared the ReSet, until February 28, 2025, the share price rose by 76%.”

 

For the first time, the Annual Report includes a sustainability report in accordance with the European Sustainability Reporting Standards (ESRS). This replaces the Non-financial Report of previous Annual Reports and expands and supplements reporting topics and details. In addition, the ESRS report, like the financial report, is audited externally.

 

The 2024 Annual Report is available in German and English as a PDF file and as an online version.

 

Further publication and event dates for 2025:

 

·       04/24/2025: Publication of Sustainability Highlights Magazine

·       05/07/2025: Publication of the financial results for Q1 2025

·       05/23/2025: Annual General Meeting

·       08/06/2025: Publication of the financial results for Q2 2025

·       11/05/2025: Publication of the financial results for Q3 2025

 

Today, Fresenius published its 2024 Annual Report. As already announced in February, the healthcare group grew profitably in the past year and achieved its outlook, which was raised twice, through consistently good business performance. Group revenue before special items increased to €21.5 billion, with organic growth of 8%. Fresenius was also able to reduce net debt by €2 billion in 2024.

 

“Our #FutureFresenius program, which we launched at the end of 2022, is having an impact. The “new” Fresenius is much more focused. We are concentrating on Fresenius Kabi and Fresenius Helios. These are growing profitably and under their own steam,” said Michael Sen, Chairman of the Management Board of Fresenius. “Growth, higher margins, more cash, lower debt – all this has created value: From the beginning of October 2022, when we prepared the ReSet, until February 28, 2025, the share price rose by 76%.”

 

For the first time, the Annual Report includes a sustainability report in accordance with the European Sustainability Reporting Standards (ESRS). This replaces the Non-financial Report of previous Annual Reports and expands and supplements reporting topics and details. In addition, the ESRS report, like the financial report, is audited externally.

 

The 2024 Annual Report is available in German and English as a PDF file and as an online version.

 

Further publication and event dates for 2025:

 

·       04/24/2025: Publication of Sustainability Highlights Magazine

·       05/07/2025: Publication of the financial results for Q1 2025

·       05/23/2025: Annual General Meeting

·       08/06/2025: Publication of the financial results for Q2 2025

·       11/05/2025: Publication of the financial results for Q3 2025

 

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