Fresenius announced today that the Company's Q1 2026 Aide Memoire is now available on the Company's Investor Relations website.

As a service to capital market participants, Fresenius provides a quarterly Aide Memoire ahead of the publication of the Company's quarterly results. This document includes a summary of relevant information that Fresenius has communicated previously or made publicly available to the capital market or otherwise. Fresenius' Q1 2026 financial results will be published on May 6, 2026.

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Senior Vice President Investor Relations
Head of Investor Relations
T: +49 (0) 6172 608-97033
nick.stone@fresenius.com

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S&P Global Ratings (S&P), a globally recognized credit rating agency today revised its credit outlook for Fresenius SE from stable to positive. The rating was affirmed at BBB. As part of its evaluation, S&P acknowledged the significant progress highlighting Fresenius’ strong operating performance, particularly within its growth vectors, ongoing cost base improvements, as well as a further reduction in the Company’s leverage. S&P also highlighted the sharpened and simplified portfolio, underscoring the Company’s resilience in the current operating environment.

“The revised outlook is another proof point that #FutureFresenius is paying off. It confirms our focus on long-term profitable growth and balance sheet strength, while at the same time preparing the business for future growth. Based on the strength of our operating businesses and the strong cash flow generation, we have significantly deleveraged the Company over the past years and expect to stay well within our self-imposed target leverage range,” says Fresenius CFO Sara Hennicken.

Fresenius is rated investment grade by the three leading credit rating agencies S&P Global Ratings (BBB/positive), Moody’s (Baa3/stable) and Fitch (BBB-/stable). The company is committed to its investment grade rating and to its self-imposed target leverage range of 2.5 to 3.0x net debt/EBITDA¹, which forms part of its capital allocation framework.

1 At average exchange rates for both net debt and EBITDA; pro forma closed acquisitions/divestitures; before special items; including lease liabilities and Fresenius Medical Care dividend, net debt adjusted for the valuation effect of the exchangeable bond

Contact

T +49 (0)175 962 77 51
friederike.segeberg@fresenius.com

Documents

Text as PDF document (PDF, 100 KB)

S&P Global Ratings (S&P), a globally recognized credit rating agency today revised its credit outlook for Fresenius SE from stable to positive. The rating was affirmed at BBB. As part of its evaluation, S&P acknowledged the significant progress highlighting Fresenius’ strong operating performance, particularly within its growth vectors, ongoing cost base improvements, as well as a further reduction in the Company’s leverage. S&P also highlighted the sharpened and simplified portfolio, underscoring the Company’s resilience in the current operating environment.

“The revised outlook is another proof point that #FutureFresenius is paying off. It confirms our focus on long-term profitable growth and balance sheet strength, while at the same time preparing the business for future growth. Based on the strength of our operating businesses and the strong cash flow generation, we have significantly deleveraged the Company over the past years and expect to stay well within our self-imposed target leverage range,” says Fresenius CFO Sara Hennicken.

Fresenius is rated investment grade by the three leading credit rating agencies S&P Global Ratings (BBB/positive), Moody’s (Baa3/stable) and Fitch (BBB-/stable). The company is committed to its investment grade rating and to its self-imposed target leverage range of 2.5 to 3.0x net debt/EBITDA¹, which forms part of its capital allocation framework.

1 At average exchange rates for both net debt and EBITDA; pro forma closed acquisitions/divestitures; before special items; including lease liabilities and Fresenius Medical Care dividend, net debt adjusted for the valuation effect of the exchangeable bond

Today, Fresenius published its 2025 Annual Report. As announced in late February 2026, 2025 marked another strong year of performance and the launch of the current phase of the #FutureFresenius strategy: Rejuvenate. Despite headwinds, the healthcare group achieved its outlook, which was raised twice during the year. Group revenue before special items rose to €22.6 billion, with organic growth of 7%, while constant currency Core EPS (excluding FMC) increased by 12%.     

“Over the past three years, we have successfully implemented our #FutureFresenius strategy and created a new Fresenius that is innovative, relevant, resilient, and adaptable. At the same time, we have significantly bolstered our company’s economic strength. We aim to build on this strong foundation,” said Michael Sen, Chairman of the Management Board of Fresenius.      

The 2025 Annual Report demonstrates how Fresenius is creating sustainable value for all stakeholders by executing its #FutureFresenius strategy. It includes the Sustainability Statement in accordance with the European Sustainability Reporting Standards (ESRS), and is available as a PDF and as an interactive online version in German and English. The online report features additional business stories and includes a video statement from CEO Michael Sen. 

Today, Fresenius published its 2025 Annual Report. As announced in late February 2026, 2025 marked another strong year of performance and the launch of the current phase of the #FutureFresenius strategy: Rejuvenate. Despite headwinds, the healthcare group achieved its outlook, which was raised twice during the year. Group revenue before special items rose to €22.6 billion, with organic growth of 7%, while constant currency Core EPS (excluding FMC) increased by 12%.   

“Over the past three years, we have successfully implemented our #FutureFresenius strategy and created a new Fresenius that is innovative, relevant, resilient, and adaptable. At the same time, we have significantly bolstered our company’s economic strength. We aim to build on this strong foundation,” said Michael Sen, Chairman of the Management Board of Fresenius.    

The 2025 Annual Report demonstrates how Fresenius is creating sustainable value for all stakeholders by executing its #FutureFresenius strategy. It includes the Sustainability Statement in accordance with the European Sustainability Reporting Standards (ESRS), and is available as a PDF and as an interactive online version in German and English. The online report features additional business stories and includes a video statement from CEO Michael Sen. 

Contact

T +49 (0)175 962 77 51
friederike.segeberg@fresenius.com

Documents

• FY/25 Press Release (PDF, 310 KB)
• FY/25 Presentation Slides (PDF, 6.03 MB)
• FY/25 Speeches (PDF, 4.58 MB)

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FY/25 – Strong organic revenue and excellent Core EPS growth; REJUVENATE phase spurs profitable growth, drives stronger balance sheet, and creates significant value.

• Group revenue¹ at €22,554 million with organic growth of 7%^1,2 reflecting the consistent execution across Fresenius Kabi and Fresenius Helios.
• Group EBIT¹ at €2,595 million with 6%³ growth in constant currency driven in particular by Fresenius Kabi’s Growth Vectors and the strong performance of Fresenius Helios in Spain; Group EBIT margin¹ at 11.5% despite significant headwinds.
• Core EPS^1,4 increased by 12%³ in constant currency to €2.87 based on strong operating results and significantly decreased interest expense.
• Structural EBIT margin ambition increased for Fresenius Kabi to 17 to 19% (previously 16 to 18%)
• Constant currency Core EPS growth^1,4 established as new guidance metric is expected to be in the range of 5 to 10% in FY/26; organic revenue growth² projected to be in the range of 4 to 7% in FY/26.
• Net debt/EBITDA ratio improved by 30 bp to 2.7x^1,5, well within the self- imposed target corridor of 2.5 to 3.0x; driven by cash flow delivery leading to significant debt reduction.
• Dividend proposal of €1.05 per share; year-on-year increase of 5%, in line with the Company's dividend payout ratio of 30 to 40%.

Q4/25 – Closing the year with an outstanding quarter; excellent organic revenue and EBIT growth; excellent operating cashflow.

• Group revenue¹ at €5,875 million with organic growth of 9%^1,2 driven by contributions from both, Fresenius Kabi and Fresenius Helios.
• Group EBIT¹ at €713 million with constant currency growth of 13%³ on the back of the continued powerful operating performance at Fresenius Kabi and the expected strong acceleration at Fresenius Helios; Group EBIT margin¹ improved by 40 bp to 12.1%.
• Core EPS^1,4 growth in constant currency of 16%³ further accelerated to €0.78, driven by consistent operating strength and lower interest expenses.
• Operating cashflow of €1,340 million, a year-on-year increase of 36% driven by disciplined capex spending and focus on net working capital at Fresenius Kabi, and Fresenius Helios successfully driving receivables collection.

Michael Sen, CEO of Fresenius: "2025 was a pivotal year for Fresenius. With disciplined execution of our #FutureFresenius strategy and a strong performance from Team Fresenius, we met our upgraded full-year guidance by delivering another quarter of competitive growth, increasing organic revenue by 9%, EBIT by 13% and Core EPS by 16% at constant currency. 2025 capped a year of continued momentum across the Company: We further strengthened the balance sheet, and upgraded our guidance, while preparing the business through targeted investment for the next phase of growth. All of this leads to a proposed dividend of €1.05 per share, underscoring our commitment to creating shareholder value. With #FutureFresenius we have transformed our Company, positioning ourselves to deliver future success in a new world order. Looking ahead, we enter 2026 with strong foundations and clear priorities. We are confident in our ability to deliver profitable, sustainable growth with the guidance of organic revenue growth of 4% to 7% and constant currency Core EPS growth of 5% to 10%, while continuing to create long term value across the healthcare ecosystem for patients, customers, partners, and shareholders."

Guidance for Fiscal Year 2026¹

Fresenius Group⁶: organic revenue growth² in the range of 4% to 7%; constant currency Core EPS^1,4 growth expected in the range of 5% to 10%; EBIT margin9 of ~11.5%. 
Fresenius Kabi⁷: organic revenue growth³ in the mid- to high-single-digit percentage range; EBIT margin¹ of 16.5% to 17.0%. 
Structural EBIT margin¹ ambition raised to 17% to 19% (previously 16% to 18%) following Kabi’s rigorous strategy execution leading to consistent margin expansion over the past several years. 
Fresenius Helios⁸: organic revenue growth in the mid-single-digit percentage range; EBIT margin of 10.0% to 10.5%.

Assumptions to guidance: The company acknowledges that the prevailing trends of fast- moving macroeconomic and geopolitical environment continue, resulting in increased volatility and a higher level of operational uncertainty. 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 the FY/26 guidance.

Dividend proposal of €1.05 per share reflects capital allocation priorities

Fresenius remains fully commitment to delivering attractive shareholder returns. For fiscal year 2025, the Company will propose a dividend of €1.05 per share. This corresponds to a payout ratio of 37%, at the upper half of the 30% to 40% range of core net income^1,4 , as specified in the Fresenius Financial Framework.

Fresenius Group – Business development FY and Q4/2025

FY/25: Strong performance despite significant macroeconomic headwinds; twice upgraded guidance delivered.

Organic revenue¹ grew 7%² reaching the top-end of the 5% to 7% guide while the 6%³ constant currency Group EBIT growth before special items secured the midpoint of the guided range of 4% to 8%. The Company achieved this despite significant headwinds including the impact from the absence of energy relief funding at Fresenius Helios, the Volume Based Procurement (VBP) of the nutrition product Ketosteril in China at Fresenius Kabi, as well as FX effects and U.S. tariffs.

Q4/25: Closing the year with an outstanding quarter which led to an increase of Group organic revenue¹ growth of 9%² and revenues reaching €5,875 million. 

Group EBIT before special items amounted to €713 million, a significant acceleration with an increase of 13%³ in constant currency fuelled by Fresenius Kabi’s continued powerful operating performance and the expected strong development at Fresenius Helios. The strong acceleration at Helios is due to the very strong top-line development and was supported by strong execution on the Performance Program in Q4/25 as well as the positive effects from the surcharge on invoices of publicly insured patients recognized under other operating income. At Kabi, the operating leverage and additional productivity gains more than compensated the impact from the VBP of the nutrition product Ketosteril in China, and some targeted investments.

Group EBIT margin¹ improved by 40 bp to 12.1%. 

Group Core net income^1,4 increased by 16%³ in constant currency to €440 million strongly outpacing revenue growth. The good operating performance of both, Fresenius Kabi and Fresenius Helios, further productivity gains as well as the decreased year-over-year interest expenses drove this performance. 

Group Core earnings per share^1,4 rose by 16%³ in constant currency to €0.78.

Operating Companies – Business development FY and Q4/25 

Fresenius Kabi

FY/25: Consistent financial performance delivered over the course of the year with excellent organic revenue growth of 7% at the top-end of the structural growth band and an EBIT margin expansion of 70 bps to 16.4%. 

Q4/25: Strong finish to the year with organic growth well above the structural growth band of 4% to 7%; Growth Vectors driving the performance headed by continued Biopharma strength; EBIT margin reflects targeted investments, and year-end effects.

Organic revenue growth of 10%² in Q4 driven by the Growth Vectors and led by Biopharma with strong product roll-outs; revenue rose to €2,214 million, making it the highest quarterly revenue amount in Fresenius Kabi’s history; growth as reported was significantly impacted by currency translation effects, primarily from the US Dollar and the Argentinian Peso.

• Growth Vectors with 16% organic revenue² growth; Biopharma 97%, MedTech 5%, and Nutrition 5%
  • Biopharma revenue: €265 million, mainly driven by the tocilizumab biosimilar Tyenne ramp up in Europe and the U.S.; uptake of Otulfi with first sales from the exclusive distribution agreement with CivicaScript in the U.S.
  • MedTech revenue: €425 million with broad-based growth across all regions and segments, Transfusion & Cell Therapy (TCT) and Infusion and Nutrition Systems (INS) both showed solid growth.
  • Nutrition revenue: €602 million driven by strong underlying growth in Europe and Latin America; more than offset the impact from the VBP tender on nutrition product Ketosteril in China.
• Pharma revenue: €922 million, organic revenue increased by 2%² driven by Europe, with good volumes and price mix; U.S. volume growth more than compensated for pricing pressures.
• EBIT¹ of Fresenius Kabi increased to €349 million or 7%³ at constant currency. The performance reflected the operating leverage and the benefit of productivity gains that more than offset the impact of the Ketosteril tender in China and the adverse impact from U.S. tariffs, particularly in MedTech. The performance in the quarter also reflected targeted investments. The EBIT margin1 was 15.8%.
• EBIT¹ of the Growth Vectors increased by 19%³ in constant currency and amounted to €199 million; EBIT margin¹ improved by 70 bps to 15.4%, making further progress toward Kabi’s structural margin band target.
• EBIT¹ of Pharma increased 2%³ in constant currency to €189 million driven by Europe and the U.S. as well as by ongoing cost efficiencies. EBIT margin¹ at 20.5%.

Fresenius Helios

FY/25: Fresenius Helios delivered organic revenue growth of 7% driven by solid activity growth and favourable pricing in Germany and Spain; EBIT margin1 of 9.8% consistent with the target for FY/25. 

Q4/25: Fresenius Helios with very strong organic revenue growth and outstanding year-on-year margin improvement.

8% organic revenue growth in Q4 mainly driven by year-over-year activity levels increase at both, Helios Germany and Helios Spain, and positive pricing; revenue increased by 8% in constant currency to €3,546 million. 

• Helios Germany’s organic revenue growth at 6%, reflecting good admission growth and positive pricing; revenues at €2,055 million.
• Helios Spain with organic revenue growth of 11% to €1,491 million driven by strong activity levels and end-of-year payor settlements.
• EBIT¹ of Fresenius Helios at €416 million with 22% growth at constant currency. The acceleration at Helios reflects the very strong top-line development and was fuelled by the significant ramp up of the Performance Program in Q4/25 and the positive effects from the surcharge on invoices of publicly insured patient in Germany recognized under other operating income. 
  EBIT margin¹ of Fresenius Helios improved by 130 bp to 11.7%.
• EBIT¹ of Helios Germany increased by 52% to €194 million reflecting the significant ramp up of the Performance Program in Q4/25 and the positive effects from the surcharge on invoices of publicly insured patient in Germany; 
  EBIT margin¹ improved by 280 bp to 9.4% compared to Q4/2024.
• EBIT¹ of Helios Spain increased by 6% in constant currency to €224 million; EBIT margin¹ at 15.0% reflects some year-end effects as well as the good topline development.
• Helios Performance Programme delivering substantial cost savings in Q4/25 adding up to the expected roughly €100 million contributions in FY/25.
   

^{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 exchangeable bond 
6 2025 base: €22,554 million (revenue), €2.87 (Core EPS1,4) 
7 2025 base: €8,612 million (revenue) and €1,413 million (EBIT) 
8 2025 base: €13,550 million (revenue) and €1,328 million (EBIT) 
9 This metric (EBIT margin) is provided solely for modelling purposes and does not form part of the official guidance; 2025 Base: €2,595 million}

^{Conference call and Audio webcast 
As part of the publication of the Q4 and FY 2025 results, a conference call will be held on February 25, 2026 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 https://www.fresenius.com/investors. Following the call, a replay will be available on our website.}

Note on the presentation of financial figures 

• If no timeframe is specified, information refers to Q4/2025.
• Consolidated results for Q4 and FY 2025 as well as for Q4 and FY 2024 include special items. An overview of the results for Q4 and FY 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.
• Information on the performance indicators is available on our website at https://www.fresenius.com/alternative-performance-measures.