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- Fresenius has entered into an agreement to sell approximately 7.8 million shares in Fresenius Medical Care, equivalent to approximately 2.9 per cent of Fresenius Medical Care's issued share capital
- With the transaction Fresenius continues its disciplined, value-oriented reduction of its financial investment
- Increased strategic and financial flexibility to invest in Fresenius’ growth platforms; net proceeds will be used consistently with the stated capital allocation priorities
Bad Homburg, Germany, August 20, 2026 - Fresenius SE & Co. KGaA (XETR: FRE; OTCM: FSNUY) today announced taking another consistent step in its #FutureFresenius transformation by further reducing its financial investment in Fresenius Medical Care. Through the sale of 7.8 million shares worth approximately €300 million to selected institutional investors, Fresenius further strengthens its balance sheet and increases its strategic flexibility. The shares sold represent approximately 2.9 per cent of Fresenius Medical Care’s issued share capital.
“With this step, we reduce our financial investment in Fresenius Medical Care and create additional flexibility to redeploy capital into our growth platforms. That is what #FutureFresenius was built for, and it is the foundation Rejuvenate builds on - a more focused Fresenius, with a stronger balance sheet and the ability to act on the opportunities in front of us”, says Michael Sen, CEO of Fresenius.
The net proceeds will reduce Group net debt and be available for future investment.
Since the deconsolidation of Fresenius Medical Care in 2023, Fresenius has managed its holding as a financial investment. In 2025, the company sold a significant amount of its stake in Fresenius Medical Care, marking a major milestone in the #FutureFresenius transformation story. Since then Fresenius has continued to actively manage its stake through the pro rata share sale alongside Fresenius Medical Care’s share buyback programs.
The transaction announced today represents a further step in this transformation and underscores Fresenius’ commitment to disciplined capital allocation, long-term profitable growth, and sustainable value creation. Fresenius will continue to assess and manage its remaining holding over time subject to market conditions, capital allocation priorities, applicable lock-up arrangements and in line with #FutureFresenius.
Further Information
Transaction Details
- Fresenius remains subject to a lock-up on its remaining shares of up to 45 days
- The anticipated book gain in the low to mid double-digit million euro range will be reflected in Fresenius Group’s Q3 2026 results, classified as special item.
Fresenius Medical Care stake: Key Events
At the time of the deconsolidation in 2023, Fresenius held 32.2 per cent of Fresenius Medical Care’s share capital. In March 2025, Fresenius raised gross proceeds of approximately €1.1 billion through a combined offering of shares in an accelerated bookbuilding and bonds exchangeable into Fresenius Medical Care shares maturing in 2028. Fresenius retained approximately 28.6 per cent following this first sell-down. In August 2025, Fresenius Medical Care initiated a series of share buyback programs alongside which Fresenius sold shares on a pro rata basis, to approximately maintain its stake. In August 2026, Fresenius placed additional 7.8 million shares with institutional investors. Following this transaction, Fresenius holds approximately 25.0 per cent1 and remains the largest shareholder.
1 Prior to any future exchange of bonds into Fresenius Medical Care shares and prior to any share cancellation under the current Fresenius Medical Care share buyback program
About Fresenius
Fresenius SE & Co. KGaA (XETR: FRE; OTCM: FSNUY) is a global healthcare company headquartered in Bad Homburg vor der Höhe, Germany. In the full-year 2025, Fresenius generated €22.6 billion (excluding special items) in annual revenue. Fresenius employs more than 178,000 people. The Fresenius Group comprises the operating companies Fresenius Kabi and Fresenius Helios as well as an investment in the separately listed Fresenius Medical Care AG. With around 140 hospitals, 330 outpatient facilities and 300 occupational risk prevention centres, Fresenius Helios is the leading private hospital operator in Germany and Spain, treating around 27 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 fresenius.com and follow Fresenius Investor Relations on LinkedIn.
About Fresenius Medical Care
Fresenius Medical Care AG is an independent, separately listed company (XETR: FME; NYSE: FMS), in which Fresenius SE & Co. KGaA holds a financial investment of approximately 25%; Fresenius Medical Care's results are not consolidated in the Fresenius Group's revenue and earnings.
Correspondence Address
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, Dr. Michael Moser, Dr. Christian Pawlu
Chairman of the Supervisory Board: Wolfgang Kirsch
Securities Information
Fresenius SE & Co. KGaA is listed on the Frankfurt Stock Exchange and is a member of the DAX 40 index. The shares are traded on Xetra, the electronic trading venue of Deutsche Börse, under the ticker FRE.
ISIN: DE000FRE5EN2 ● German Securities Code: FRE5EN
American Depository Receipts
Fresenius SE & Co. KGaA maintains a sponsored Level I American Depositary Receipt programme, traded over the counter in the United States on the OTC Markets platform under the ticker FSNUY, at a ratio of four American Depositary Receipts to one ordinary share. Depositary bank: J.P. Morgan Chase Bank N.A.
ISIN: US35804M1053 ● CUSIP: 35804M105
Contacts
For Media contacts, click here, and to contact Investor Relations, click here.
Forward-Looking Statements
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.
IMPORTANT NOTICE
This announcement is not a prospectus and does not contain or constitute an offer of securities for sale in or into any jurisdiction, including the United States, Canada, Australia, Japan, South Africa or any jurisdiction in which offers or sales of the securities would be prohibited by applicable law. Neither this announcement nor anything contained herein shall form the basis of, or be relied upon in connection with, any offer or commitment whatsoever in any jurisdiction.
This announcement is not an offer to sell, or solicitation of an offer to buy, any securities in the United States. The securities described herein have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States absent registration or an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There will be no public offering of the securities described herein in the United States or anywhere else.
In member states of the European Economic Area ("EEA") and the United Kingdom, this announcement is directed exclusively at persons who are "qualified investors" within the meaning of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 ("Prospectus Regulation") or the Public Offers and Admissions to Trading Regulations 2024 ("POATRs") ("Qualified Investors").
In addition, in the UK, this announcement is only being distributed to and is only directed at (i) persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order"), (ii) high net worth entities falling within Article 49(2) of the Order, and (iii) persons at or to whom it can otherwise lawfully be distributed or directed (all such persons together being referred to as "relevant persons"). Any person who is not a relevant person should not act or rely on this announcement or any of its contents.
The information contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy or completeness.
This announcement may include statements that are, or may be deemed to be, "forward‐looking statements". These forward‐looking statements may be identified by the use of forward‐looking terminology, including the terms "believes", "estimates", "plans", "projects", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward‐looking statements may and often do differ materially from actual results. Any forward‐looking statements reflect the Company's current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to its business, results of operations, financial position, liquidity, prospects, growth or strategies. Forward‐looking statements speak only as of the date they are made.
The Company and its affiliates expressly disclaim any obligation or undertaking to update, review or revise any forward-looking statement contained in this announcement whether as a result of new information, future developments or otherwise.
No reliance may or should be placed by any person for any purposes whatsoever on the information contained in this announcement or on its completeness, accuracy or fairness. The information in this announcement is subject to change.
This announcement is not a prospectus and does not contain or constitute an offer of securities for sale in or into any jurisdiction, including the United States, Canada, Australia, Japan, South Africa or any jurisdiction in which offers or sales of the securities would be prohibited by applicable law. Neither this announcement nor anything contained herein shall form the basis of, or be relied upon in connection with, any offer or commitment whatsoever in any jurisdiction.
This announcement is not an offer to sell, or solicitation of an offer to buy, any securities in the United States. The securities described herein have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States absent registration or an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There will be no public offering of the securities described herein in the United States or anywhere else.
In member states of the European Economic Area ("EEA") and the United Kingdom, this announcement is directed exclusively at persons who are "qualified investors" within the meaning of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 ("Prospectus Regulation") or the Public Offers and Admissions to Trading Regulations 2024 ("POATRs") ("Qualified Investors").
In addition, in the UK, this announcement is only being distributed to and is only directed at (i) persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order"), (ii) high net worth entities falling within Article 49(2) of the Order, and (iii) persons at or to whom it can otherwise lawfully be distributed or directed (all such persons together being referred to as "relevant persons"). Any person who is not a relevant person should not act or rely on this announcement or any of its contents.
The information contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy or completeness.
This announcement may include statements that are, or may be deemed to be, "forward‐looking statements". These forward‐looking statements may be identified by the use of forward‐looking terminology, including the terms "believes", "estimates", "plans", "projects", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward‐looking statements may and often do differ materially from actual results. Any forward‐looking statements reflect the Company's current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to its business, results of operations, financial position, liquidity, prospects, growth or strategies. Forward‐looking statements speak only as of the date they are made.
The Company and its affiliates expressly disclaim any obligation or undertaking to update, review or revise any forward-looking statement contained in this announcement whether as a result of new information, future developments or otherwise.
No reliance may or should be placed by any person for any purposes whatsoever on the information contained in this announcement or on its completeness, accuracy or fairness. The information in this announcement is subject to change.
- Fresenius has entered into an agreement to sell approximately 7.8 million shares in Fresenius Medical Care, equivalent to approximately 2.9 per cent of Fresenius Medical Care's issued share capital
- With the transaction Fresenius continues its disciplined, value-oriented reduction of its financial investment
- Increased strategic and financial flexibility to invest in Fresenius’ growth platforms; net proceeds will be used consistently with the stated capital allocation priorities
Fresenius is taking another consistent step in its #FutureFresenius transformation by further reducing its financial investment in Fresenius Medical Care. Through the sale of 7.8 million shares worth approximately €300 million to selected institutional investors, Fresenius further strengthens its balance sheet and increases its strategic flexibility. The shares sold represent approximately 2.9 per cent of Fresenius Medical Care’s issued share capital.
“With this step, we reduce our financial investment in Fresenius Medical Care and create additional flexibility to redeploy capital into our growth platforms. That is what #FutureFresenius was built for, and it is the foundation Rejuvenate builds on — a more focused Fresenius, with a stronger balance sheet and the ability to act on the opportunities in front of us”, says Michael Sen, CEO of Fresenius.
The net proceeds will reduce Group net debt and be available for future investment.
Since the deconsolidation of Fresenius Medical Care in 2023, Fresenius has managed its holding as a financial investment. In 2025, the company sold a significant amount of its stake in Fresenius Medical Care, marking a major milestone in the #FutureFresenius transformation story. Since then Fresenius has continued to actively manage its stake through the pro rata share sale alongside Fresenius Medical Care’s share buyback programs.
The transaction announced today represents a further step in this transformation and underscores Fresenius’ commitment to disciplined capital allocation, long-term profitable growth, and sustainable value creation. Fresenius will continue to assess and manage its remaining holding over time subject to market conditions, capital allocation priorities, applicable lock-up arrangements and in line with #FutureFresenius.
# # #
Transaction Details
Fresenius remains subject to a lock-up on its remaining shares of up to 45 days
The anticipated book gain in the low to mid double-digit million euro range will be reflected in Fresenius Group’s Q3 2026 results, classified as special item
Fresenius Medical Care stake: Key Events
At the time of the deconsolidation in 2023, Fresenius held 32.2 per cent of Fresenius Medical Care’s share capital. In March 2025, Fresenius raised gross proceeds of approximately €1.1 billion through a combined offering of shares in an accelerated bookbuilding and bonds exchangeable into Fresenius Medical Care shares maturing in 2028. Fresenius retained approximately 28.6 per cent following this first sell-down. In August 2025, Fresenius Medical Care initiated a series of share buyback programs alongside which Fresenius sold shares on a pro rata basis, to approximately maintain its stake. In August 2026, Fresenius placed additional 7.8 million shares with institutional investors. Following this transaction, Fresenius holds approximately 25.0 per cent[1] and remains the largest shareholder.
IMPORTANT NOTICE
This announcement is not a prospectus and does not contain or constitute an offer of securities for sale in or into any jurisdiction, including the United States, Canada, Australia, Japan, South Africa or any jurisdiction in which offers or sales of the securities would be prohibited by applicable law. Neither this announcement nor anything contained herein shall form the basis of, or be relied upon in connection with, any offer or commitment whatsoever in any jurisdiction.
This announcement is not an offer to sell, or solicitation of an offer to buy, any securities in the United States. The securities described herein have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States absent registration or an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There will be no public offering of the securities described herein in the United States or anywhere else.
In member states of the European Economic Area ("EEA") and the United Kingdom, this announcement is directed exclusively at persons who are "qualified investors" within the meaning of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 ("Prospectus Regulation") or the Public Offers and Admissions to Trading Regulations 2024 ("POATRs") ("Qualified Investors").
In addition, in the UK, this announcement is only being distributed to and is only directed at (i) persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order"), (ii) high net worth entities falling within Article 49(2) of the Order, and (iii) persons at or to whom it can otherwise lawfully be distributed or directed (all such persons together being referred to as "relevant persons"). Any person who is not a relevant person should not act or rely on this announcement or any of its contents.
The information contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy or completeness.
This announcement may include statements that are, or may be deemed to be, "forward‐looking statements". These forward‐looking statements may be identified by the use of forward‐looking terminology, including the terms "believes", "estimates", "plans", "projects", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward‐looking statements may and often do differ materially from actual results. Any forward‐looking statements reflect the Company's current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to its business, results of operations, financial position, liquidity, prospects, growth or strategies. Forward‐looking statements speak only as of the date they are made.
The Company and its affiliates expressly disclaim any obligation or undertaking to update, review or revise any forward-looking statement contained in this announcement whether as a result of new information, future developments or otherwise.
No reliance may or should be placed by any person for any purposes whatsoever on the information contained in this announcement or on its completeness, accuracy or fairness. The information in this announcement is subject to change.
[1] Prior to any future exchange of bonds into Fresenius Medical Care shares and prior to any share cancellation under the current Fresenius Medical Care share buyback program
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, Dr. Michael Moser, Dr. Christian Pawlu
Chairman of the Supervisory Board: Wolfgang Kirsch
Securities Information
Fresenius SE & Co. KGaA is listed on the Frankfurt Stock Exchange and is a member of the DAX 40 index. The shares are traded on Xetra, the electronic trading venue of Deutsche Börse, under the ticker FRE.
ISIN: DE000FRE5EN2 ● WKN: FRE5EN
American Depository Receipts
Fresenius SE & Co. KGaA maintains a sponsored Level I American Depositary Receipt program, traded over the counter in the United States on the OTC Markets platform under the ticker FSNUY, at a ratio of four American Depositary Receipts to one ordinary share. Depositary bank: J.P. Morgan Chase Bank N.A.
ISIN: US35804M1053 ● CUSIP: 35804M105
Fitch Ratings, a globally recognized credit rating agency, has revised its credit outlook for Fresenius SE from stable to positive and affirmed the company’s BBB- rating.
In its report Fitch Ratings highlighted Fresenius’ stronger business profile under #FutureFresenius, pointing to its sharper focus on the core business – Fresenius Helios and Fresenius Kabi - as well as improved credit metrics. Fitch’s assessment underscores the quality and resilience of the company’s business mix which supports sustainable growth even in a volatile operating environment.
“The positive outlook from Fitch is a strong recognition of the structural progress we have made. #FutureFresenius is delivering tangible results. We have significantly improved our business profile and with that the quality of our earnings and returns. An improved cash flow profile allowed us to significantly reduce leverage and strengthen our balance sheet. At the same time, the step-up in our financial profile gives us greater strategic flexibility to invest in future growth opportunities, improve outcomes for patients and create sustainable long-term value for our shareholders,” says Fresenius CFO Sara Hennicken.
The company demonstrated in its recent Q2 numbers that disciplined strategic execution is consistently translating operational momentum into earnings growth. Fresenius has made this progress while continuing to grow and invest in innovation.
Fresenius is rated investment grade by the three leading credit rating agencies S&P (BBB/positive), Moody’s (Baa3/stable) and Fitch (BBB-/positive). The company remains 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 and Vitrea dividend, net debt adjusted for the valuation effect of the exchangeable bond
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, Dr. Michael Moser, Dr. Christian Pawlu
Chairman of the Supervisory Board: Wolfgang Kirsch
Fitch Ratings, a globally recognized credit rating agency, has revised its credit outlook for Fresenius SE from stable to positive and affirmed the company’s BBB- rating.
In its report Fitch Ratings highlighted Fresenius’ stronger business profile under #FutureFresenius, pointing to its sharper focus on the core business – Fresenius Helios and Fresenius Kabi - as well as improved credit metrics. Fitch’s assessment underscores the quality and resilience of the company’s business mix which supports sustainable growth even in a volatile operating environment.
“The positive outlook from Fitch is a strong recognition of the structural progress we have made. #FutureFresenius is delivering tangible results. We have significantly improved our business profile and with that the quality of our earnings and returns. An improved cash flow profile allowed us to significantly reduce leverage and strengthen our balance sheet. At the same time, the step-up in our financial profile gives us greater strategic flexibility to invest in future growth opportunities, improve outcomes for patients and create sustainable long-term value for our shareholders,” says Fresenius CFO Sara Hennicken.
The company demonstrated in its recent Q2 numbers that disciplined strategic execution is consistently translating operational momentum into earnings growth. Fresenius has made this progress while continuing to grow and invest in innovation.
Fresenius is rated investment grade by the three leading credit rating agencies S&P (BBB/positive), Moody’s (Baa3/stable) and Fitch (BBB-/positive). The company remains 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 and Vitrea dividend, net debt adjusted for the valuation effect of the exchangeable bond
Fresenius (XFRA: FRE, OTC: FSNUY) is a global, therapy-focused healthcare company dedicated to saving and improving human lives around the world. Through Fresenius Kabi and Fresenius Helios, the company delivers system-critical, innovative and affordable healthcare across the full continuum of care: Fresenius Kabi is a leading provider of lifesaving medicines, clinical nutrition, and medical technologies for critically and chronically ill patients, reaching around 450 million people each year. Fresenius Helios is Europe’s largest private hospital operator, treating around 27 million patients annually.
With more than 178,000 employees and operating in more than 60 countries, Fresenius generated €22.6 billion in revenue in 2025.
For more information, visit fresenius.com/credit-relations and follow Fresenius Investor Relations on LinkedIn.
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, Dr. Michael Moser, Dr. Christian Pawlu
Chairman of the Supervisory Board: Wolfgang Kirsch
- More direct and efficient communication with shareholders
- Conversion to be handled automatically by custodian banks
- New ISIN: DE000FRE5EN2; new WKN: FRE5EN
- First trading day as registered shares: August 13, 2026
Fresenius SE & Co. KGaA will convert its ordinary bearer shares into registered shares, implementing a resolution approved at the 2026 Annual General Meeting. Shareholders do not need to take any action, as custodian banks will carry out the conversion automatically.
Registered shares will enable Fresenius to engage more directly and transparently with its shareholders. As required by law, the company will maintain a share register. The register contains the information required by law for the administration of registered shares and shareholder communication, including the shareholder's name, email address, and number of shares held.
For shareholders, the rights attached to their shares will remain unchanged. This applies in particular to dividend rights, voting rights, and the right to attend the Annual General Meeting. The custody of shares in shareholders' securities accounts and the payment of dividends through custodian banks will remain unchanged.
The conversion will be carried out on a one-for-one basis. The technical conversion in shareholders' securities accounts will take place after the close of trading on August 12, 2026. From August 13, 2026, Fresenius shares will be traded as registered shares. The new ISIN DE000FRE5EN2 and the new German Securities Identification Number (WKN) FRE5EN will then apply. The stock exchange ticker symbol FRE will remain unchanged. Fresenius registered shares will continue to be listed on the Frankfurt, Düsseldorf and Munich stock exchanges.
Further information on the conversion to registered shares is available to shareholders in the Annual General Meeting section and the FAQ section of the Fresenius website.
Fresenius (XFRA: FRE, OTCQX: FSNUY) is a global, therapy-focused healthcare company dedicated to saving and improving human lives around the world. Through Fresenius Kabi and Fresenius Helios, the company delivers system-critical, innovative and affordable healthcare across the full continuum of care: Fresenius Kabi is a leading provider of lifesaving medicines, clinical nutrition, and medical technologies for critically and chronically ill patients, reaching around 450 million people each year. Fresenius Helios is Europe’s largest private hospital operator, treating around 27 million patients annually.
With more than 178,000 employees and operating in more than 60 countries, Fresenius generated €22.6 billion in revenue in 2025.
For more information, visit www.fresenius.com and follow Fresenius Investor Relations on LinkedIn.
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, Dr. Michael Moser, Dr. Christian Pawlu
Chairman of the Supervisory Board: Wolfgang Kirsch
- More direct and efficient communication with shareholders
- Conversion to be handled automatically by custodian banks
- New ISIN: DE000FRE5EN2; new WKN: FRE5EN
- First trading day as registered shares: August 13, 2026
Fresenius SE & Co. KGaA will convert its ordinary bearer shares into registered shares, implementing a resolution approved at the 2026 Annual General Meeting. Shareholders do not need to take any action, as custodian banks will carry out the conversion automatically.
Registered shares will enable Fresenius to engage more directly and transparently with its shareholders. As required by law, the company will maintain a share register. The register contains the information required by law for the administration of registered shares and shareholder communication, including the shareholder's name, email address, and number of shares held.
For shareholders, the rights attached to their shares will remain unchanged. This applies in particular to dividend rights, voting rights, and the right to attend the Annual General Meeting. The custody of shares in shareholders' securities accounts and the payment of dividends through custodian banks will remain unchanged.
The conversion will be carried out on a one-for-one basis. The technical conversion in shareholders' securities accounts will take place after the close of trading on August 12, 2026. From August 13, 2026, Fresenius shares will be traded as registered shares. The new ISIN DE000FRE5EN2 and the new German Securities Identification Number (WKN) FRE5EN will then apply. The stock exchange ticker symbol FRE will remain unchanged. Fresenius registered shares will continue to be listed on the Frankfurt, Düsseldorf and Munich stock exchanges.
Further information on the conversion to registered shares is available to shareholders in the Annual General Meeting section and the FAQ section of the Fresenius 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, Dr. Michael Moser, Dr. Christian Pawlu
Chairman of the Supervisory Board: Wolfgang Kirsch
Q2/26 demonstrates Fresenius’ structural transformation, consistently turning operational momentum into earnings growth and delivering the highest capital returns in the decade. Outstanding EPS performance on the back of strong operating results of the core businesses. FY/26 guidance upgraded to 10% to 15% for constant currency Core EPS growth (previous 5% to 10%).
- Group revenue1 at €5,864 million with organic growth of 6%1,2 in line with expected FY/26 phasing.
- Group EBIT1 at €719 million with 10% growth in constant currency driven by Fresenius Kabi’s Growth Vectors scaling, and Fresenius Helios’ strong, resilient profitability; Group EBIT margin1 expansion by 60 bps to 12.3%.
- Core EPS1,3 growth at 14% in constant currency to €0.83 based on continued strong operating result and further reduction of interest expense.
- FY/26 guidance for constant currency Core EPS1,3 growth upgraded to 10% to 15% (previous 5% to 10%).
- Fresenius Kabi FY/26 EBIT margin target improved: now expected in the upper end of 16.5 to 17.0% range.
- ROIC improved by ~200 bps since RESET in 2022 to 6.9% sustainably creating value.
- Net debt/EBITDA ratio stable at 2.6x1,4 trending toward the lower end of the self-imposed target corridor of 2.5 to 3.0x despite dividend payment.
Michael Sen, CEO of Fresenius: "Fresenius delivered another excellent quarter and, from a position of operational strength, is raising its full-year guidance. Core EPS increased by 14% at constant currency, and EBIT grew by 10%, reflecting not only strong execution but also a structural step-up in earnings quality.
Fresenius today has a fundamentally different earnings, returns, and cash-generation profile than it did in 2022. This reflects a structurally higher-quality business mix: Kabi’s earnings are improving as its growth vectors scale, while Helios continues to demonstrate resilience in a changing regulatory environment. Together, this is driving sustainably higher profitability, stronger returns on capital, and greater strategic flexibility. Strong cash generation continues to reduce leverage and expand our strategic options.
#FutureFresenius is delivering exactly what it was designed to achieve: a stronger, higher-quality, more innovation-led and faster-growing Fresenius that can deliver better outcomes for patients and create long-term value for shareholders."
Guidance for Fiscal Year 20261 raised
Fresenius Group5: organic revenue growth2 in the range of 4% to 7%; constant currency Core EPS3 growth expected in the range of 10% to 15% (previous: 5% to 10%); EBIT margin8 of ~11.5% expected.
Fresenius Kabi6: organic revenue growth2 in the mid- to high-single-digit percentage range; EBIT margin1 now at the upper end of the 16.5% to 17.0% range expected.
Fresenius Helios7: 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.
Fresenius Group – Business development Q2/26
Group revenue1 grew organically by 6%1,2 reaching €5,864 million.
Group EBIT before special items amounted to €719 million, an increase of 10% in constant currency. Growth was supported by both, Fresenius Kabi and Fresenius Helios. At Fresenius Kabi, the Growth Vectors showed in particular a strong performance. EBIT at Fresenius Helios was driven by the strong underlying growth as well as by positive effects from the surcharge on invoices of publicly insured patients in Germany recognized under other operating income. Group EBIT margin1 improved by 60 bps yoy to 12.3%.
Group Core net income1,3 increased by 14% in constant currency to €470 million based on the strong operating result and the significant deleveraging in recent years benefitting the interest line and supporting the earnings performance.
Group Core EPS1,3 rose by 14% in constant currency to €0.83 and underscores the durable earnings momentum and consistent strategy execution.
Operating Companies – Business development Q2/26
Fresenius Kabi
Q2/26: Very strong organic revenue growth at the upper end of the structural growth band of 4% to 7% reflects the continued scaling of the Growth Vectors. Biopharma momentum continues, demonstrating its role as repeatable growth pillar. Growth Vectors EBIT margin1 up 360 bps and for the first time within the recently upgraded structural band.
Organic revenue growth2 of 7% driven by the Growth Vectors and led by Biopharma; revenue rose to €2,244 million.
Growth Vectors with 12% organic revenue growth2; Biopharma 38%, MedTech 11%, and Nutrition 5%.
- Biopharma revenue: €260 million, with tocilizumab biosimilar Tyenne as the key growth driver with strong performance in the U.S. and in Europe; strong pick-up of our denosumab biosimilars after launch.
- MedTech revenue: €435 million reflecting the Ivenix large-volume pump installations in the U.S., all other regions supporting overall strong MedTech topline performance.
- Nutrition revenue: €613 million driven by strong underlying growth across almost all regions with the Ketosteril VBP tender effect phasing through until full annualization from Q3/26.
Pharma revenue: €935 million, organic revenue grew by 1%2 driven by strong commercial execution outside the U.S. as well as broad-based volume growth, partially compensated by pricing pressure in the U.S.
EBIT1 of Fresenius Kabi increased to €382 million or 11% at constant currency. Growth was driven by strong operational performance coupled with productivity gains and the progressing annualization of the VBP tender on the nutrition product Ketosteril which will fully annualize from Q3/26. Effects from the US tariff refund in Q2 were neglectable. The EBIT margin1 of 17.0% reflects the strong operating performance and was supported by productivity gains.
EBIT1 of the Growth Vectors rose by 42% in constant currency to €234 million mainly driven by the strong development at Biopharma; EBIT margin1 improved by 360 bps to 17.9% and with that for the first time within Fresenius Kabi’s recently upgraded structural margin band of 17% to 19%. EBIT margin also benefited from favorable mix, including milestone receipts and phasing.
EBIT1 of Pharma decreased 13% in constant currency to €177 million with an EBIT margin1 of 18.9% which reflects costs associated with manufacturing adjustments. The year-to-date EBIT margin1 was around 20%.
Fresenius Helios
Q2/26: Fresenius Helios with solid organic revenue growth in line with structural growth band. Excellent 10% constant currency EBIT growth based on strong and resilient profitability in both Germany and Spain. Helios Germany with 80 bps year-on-year EBIT margin1 improvement.
5% organic revenue growth1 mainly driven by favourable pricing and solid activity levels increase at both Germany and Spain; revenue1 increased by 4% in constant currency to €3,526 million.
- Helios Germany’s organic revenue1 growth at 6%, reflecting positive pricing and in-patient admission growth, partly offset by case mix developments; revenue at €2,096 million.
- Helios Spain with organic revenue growth of 3% to €1,430 million driven by good activity levels and positive pricing, as well as continued progress in the ORP business. Organic growth was moderated by reduced activity levels in the Colombian hospitals.
- EBIT1 of Fresenius Helios at €374 million with 10% growth at constant currency. The acceleration comes on the back of the strong underlying growth as well as the positive effects from the surcharge on invoices of publicly insured patients in Germany recognized under other operating income. EBIT margin1 improved by 60 bps to 10.6%.
- EBIT1 of Helios Germany increased by 16% to €173 million driven by the solid topline development and continued cost management as well as the positive effects from the surcharge on invoices of publicly insured patient in Germany; EBIT margin1 improved by 80 bps to 8.3%.
- EBIT1 of Helios Spain rose by 5% in constant currency to €200 million; EBIT margin1 improved by 20 bps to 14.0% and reflects the solid revenue development translating into good operating leverage.
- Act to Stabilize Contribution Rates in the Statutory Health Insurance (GKV Stabilization Act) approved: On 10 July 2026, the German Bundestag and Bundesrat approved the Act to Stabilize Contribution Rates in the Statutory Health Insurance System (GKV-Beitragssatzstabilisierungsgesetz). This completes the parliamentary process. The approved legislation provides a constructive framework for continued reimbursement growth. Thanks to its sector-leading medical quality, scale, and innovation capabilities, Helios Germany is well positioned to continue executing its clustering strategy while accelerating the adoption of digital and AI hospital-grade tools across its network. Fresenius Helios remains committed to the unchanged revenue growth of 4% to 6%, and 10% to 12% EBIT margin ambition as part of the Fresenius Financial Framework.
1 Before special items
2 Organic growth rate adjusted for accounting effects related to Argentina hyperinflation
3 Excluding Fresenius Medical Care and Vitrea
4 At average exchange rates for both net debt and EBITDA; pro forma closed
acquisitions/divestitures, including lease liabilities, including dividends from Fresenius Medical Care and Vitrea, net debt adjusted for the valuation effect of the exchangeable bond
5 2025 base: €22,554 million (revenue), €2.87 (Core EPS)
6 2025 base: €8,612 million (revenue) and €1,413 million (EBIT)
7 2025 base: €13,550 million (revenue) and €1,328 million (EBIT)
8 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 Q2/26 results, a conference call will be held on August 5, 2026 at
1:30 p.m. CEST / 7:30 a.m. EST. You 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.
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, Dr. Michael Moser, Dr. Christian Pawlu
Chairman of the Supervisory Board: Wolfgang Kirsch
Q2/26 demonstrates Fresenius’ structural transformation, consistently turning operational momentum into earnings growth and delivering the highest capital returns in the decade. Outstanding EPS performance on the back of strong operating results of the core businesses. FY/26 guidance upgraded to 10% to 15% for constant currency Core EPS growth (previous 5% to 10%).
- Group revenue1 at €5,864 million with organic growth of 6%1,2 in line with expected FY/26 phasing.
- Group EBIT1 at €719 million with 10% growth in constant currency driven by Fresenius Kabi’s Growth Vectors scaling, and Fresenius Helios’ strong, resilient profitability; Group EBIT margin1 expansion by 60 bps to 12.3%.
- Core EPS1,3 growth at 14% in constant currency to €0.83 based on continued strong operating result and further reduction of interest expense.
- FY/26 guidance for constant currency Core EPS1,3 growth upgraded to 10% to 15% (previous 5% to 10%).
- Fresenius Kabi FY/26 EBIT margin target improved: now expected in the upper end of 16.5 to 17.0% range.
- ROIC improved by ~200 bps since RESET in 2022 to 6.9% sustainably creating value.
- Net debt/EBITDA ratio stable at 2.6x1,4 trending toward the lower end of the self-imposed target corridor of 2.5 to 3.0x despite dividend payment.
Michael Sen, CEO of Fresenius: "Fresenius delivered another excellent quarter and, from a position of operational strength, is raising its full-year guidance. Core EPS increased by 14% at constant currency, and EBIT grew by 10%, reflecting not only strong execution but also a structural step-up in earnings quality.
Fresenius today has a fundamentally different earnings, returns, and cash-generation profile than it did in 2022. This reflects a structurally higher-quality business mix: Kabi’s earnings are improving as its growth vectors scale, while Helios continues to demonstrate resilience in a changing regulatory environment. Together, this is driving sustainably higher profitability, stronger returns on capital, and greater strategic flexibility. Strong cash generation continues to reduce leverage and expand our strategic options.
#FutureFresenius is delivering exactly what it was designed to achieve: a stronger, higher-quality, more innovation-led and faster-growing Fresenius that can deliver better outcomes for patients and create long-term value for shareholders."
Guidance for Fiscal Year 20261 raised
Fresenius Group5: organic revenue growth2 in the range of 4% to 7%; constant currency Core EPS3 growth expected in the range of 10% to 15% (previous: 5% to 10%); EBIT margin8 of ~11.5% expected.
Fresenius Kabi6: organic revenue growth2 in the mid- to high-single-digit percentage range; EBIT margin1 now at the upper end of the 16.5% to 17.0% range expected.
Fresenius Helios7: 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.
Fresenius Group – Business development Q2/26
Group revenue1 grew organically by 6%1,2 reaching €5,864 million.
Group EBIT before special items amounted to €719 million, an increase of 10% in constant currency. Growth was supported by both, Fresenius Kabi and Fresenius Helios. At Fresenius Kabi, the Growth Vectors showed in particular a strong performance. EBIT at Fresenius Helios was driven by the strong underlying growth as well as by positive effects from the surcharge on invoices of publicly insured patients in Germany recognized under other operating income. Group EBIT margin1 improved by 60 bps yoy to 12.3%.
Group Core net income1,3 increased by 14% in constant currency to €470 million based on the strong operating result and the significant deleveraging in recent years benefitting the interest line and supporting the earnings performance.
Group Core EPS1,3 rose by 14% in constant currency to €0.83 and underscores the durable earnings momentum and consistent strategy execution.
Operating Companies – Business development Q2/26
Fresenius Kabi
Q2/26: Very strong organic revenue growth at the upper end of the structural growth band of 4% to 7% reflects the continued scaling of the Growth Vectors. Biopharma momentum continues, demonstrating its role as repeatable growth pillar. Growth Vectors EBIT margin1 up 360 bps and for the first time within the recently upgraded structural band.
Organic revenue growth2 of 7% driven by the Growth Vectors and led by Biopharma; revenue rose to €2,244 million.
Growth Vectors with 12% organic revenue growth2; Biopharma 38%, MedTech 11%, and Nutrition 5%.
- Biopharma revenue: €260 million, with tocilizumab biosimilar Tyenne as the key growth driver with strong performance in the U.S. and in Europe; strong pick-up of our denosumab biosimilars after launch.
- MedTech revenue: €435 million reflecting the Ivenix large-volume pump installations in the U.S., all other regions supporting overall strong MedTech topline performance.
- Nutrition revenue: €613 million driven by strong underlying growth across almost all regions with the Ketosteril VBP tender effect phasing through until full annualization from Q3/26.
Pharma revenue: €935 million, organic revenue grew by 1%2 driven by strong commercial execution outside the U.S. as well as broad-based volume growth, partially compensated by pricing pressure in the U.S.
EBIT1 of Fresenius Kabi increased to €382 million or 11% at constant currency. Growth was driven by strong operational performance coupled with productivity gains and the progressing annualization of the VBP tender on the nutrition product Ketosteril which will fully annualize from Q3/26. Effects from the US tariff refund in Q2 were neglectable. The EBIT margin1 of 17.0% reflects the strong operating performance and was supported by productivity gains.
EBIT1 of the Growth Vectors rose by 42% in constant currency to €234 million mainly driven by the strong development at Biopharma; EBIT margin1 improved by 360 bps to 17.9% and with that for the first time within Fresenius Kabi’s recently upgraded structural margin band of 17% to 19%. EBIT margin also benefited from favorable mix, including milestone receipts and phasing.
EBIT1 of Pharma decreased 13% in constant currency to €177 million with an EBIT margin1 of 18.9% which reflects costs associated with manufacturing adjustments. The year-to-date EBIT margin1 was around 20%.
Fresenius Helios
Q2/26: Fresenius Helios with solid organic revenue growth in line with structural growth band. Excellent 10% constant currency EBIT growth based on strong and resilient profitability in both Germany and Spain. Helios Germany with 80 bps year-on-year EBIT margin1 improvement.
5% organic revenue growth1 mainly driven by favourable pricing and solid activity levels increase at both Germany and Spain; revenue1 increased by 4% in constant currency to €3,526 million.
- Helios Germany’s organic revenue1 growth at 6%, reflecting positive pricing and in-patient admission growth, partly offset by case mix developments; revenue at €2,096 million.
- Helios Spain with organic revenue growth of 3% to €1,430 million driven by good activity levels and positive pricing, as well as continued progress in the ORP business. Organic growth was moderated by reduced activity levels in the Colombian hospitals.
- EBIT1 of Fresenius Helios at €374 million with 10% growth at constant currency. The acceleration comes on the back of the strong underlying growth as well as the positive effects from the surcharge on invoices of publicly insured patients in Germany recognized under other operating income. EBIT margin1 improved by 60 bps to 10.6%.
- EBIT1 of Helios Germany increased by 16% to €173 million driven by the solid topline development and continued cost management as well as the positive effects from the surcharge on invoices of publicly insured patient in Germany; EBIT margin1 improved by 80 bps to 8.3%.
- EBIT1 of Helios Spain rose by 5% in constant currency to €200 million; EBIT margin1 improved by 20 bps to 14.0% and reflects the solid revenue development translating into good operating leverage.
- Act to Stabilize Contribution Rates in the Statutory Health Insurance (GKV Stabilization Act) approved: On 10 July 2026, the German Bundestag and Bundesrat approved the Act to Stabilize Contribution Rates in the Statutory Health Insurance System (GKV-Beitragssatzstabilisierungsgesetz). This completes the parliamentary process. The approved legislation provides a constructive framework for continued reimbursement growth. Thanks to its sector-leading medical quality, scale, and innovation capabilities, Helios Germany is well positioned to continue executing its clustering strategy while accelerating the adoption of digital and AI hospital-grade tools across its network. Fresenius Helios remains committed to the unchanged revenue growth of 4% to 6%, and 10% to 12% EBIT margin ambition as part of the Fresenius Financial Framework.
1 Before special items
2 Organic growth rate adjusted for accounting effects related to Argentina hyperinflation
3 Excluding Fresenius Medical Care and Vitrea
4 At average exchange rates for both net debt and EBITDA; pro forma closed acquisitions/divestitures, including lease liabilities, including dividends from Fresenius Medical Care and Vitrea, net debt adjusted for the valuation effect of the exchangeable bond
5 2025 base: €22,554 million (revenue), €2.87 (Core EPS)
6 2025 base: €8,612 million (revenue) and €1,413 million (EBIT)
7 2025 base: €13,550 million (revenue) and €1,328 million (EBIT)
8 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 Q2/26 results, a conference call will be held on August 5, 2026 at 1:30 p.m. CEST / 7:30 a.m. EST. You 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
phone: + 49 6172 608-24 87
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 Q2/26.
- Unless otherwise stated, growth is compared with the prior year quarter.
- Consolidated results for Q2/26 as well as for Q2/25 include special items. An overview of the
results- 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.
- Started with the first quarter of 2026, the amounts presented are rounded commercially which may result in minor deviations from the stated sums in the addition of individual amounts.
- Information on the performance indicators is available on our website at https://www.fresenius.com/alternative-performance-measures.
Fresenius (XFRA: FRE, OTC: FSNUY) is a global, therapy-focused healthcare company dedicated to saving and improving human lives around the world. Through Fresenius Kabi and Fresenius Helios, the company delivers system-critical, innovative and affordable healthcare across the full continuum of care: Fresenius Kabi is a leading provider of lifesaving medicines, clinical nutrition, and medical technologies for critically and chronically ill patients, reaching around 450 million people each year. Fresenius Helios is Europe’s largest private hospital operator, treating around 27 million patients annually.
With more than 178,000 employees and operating in more than 60 countries, Fresenius generated €22.6 billion in revenue in 2025.
For more information, visit www.fresenius.com and follow Fresenius Investor Relations on LinkedIn.
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, Dr. Michael Moser, Dr. Christian Pawlu
Chairman of the Supervisory Board: Wolfgang Kirsch
Fresenius is further expanding its access to innovation networks through its own corporate venture capital fund. Fresenius Ventures invests in founders, technologies, and business models from early financing rounds through to the growth stage. The newly established unit combines venture capital with medical, regulatory, and operational expertise and provides access to clinical, scientific, and academic networks.
With an intended investment volume of more than €200 million over the next 5 years, Fresenius Ventures targets growth fields adjacent to Fresenius’ existing strategic platforms (Bio)Pharma, MedTech, and Care Provision. Potential investment areas of Fresenius Ventures include, for example, precision nutrition, microbiome research, new modalities, and digital care provision solutions. Investments will be made in line with Fresenius’ capital allocation approach.
Michael Sen, CEO of Fresenius, says: “Fresenius Ventures is a strategic instrument of #FutureFresenius. Through targeted investments in promising healthcare innovators, we gain early access to breakthrough technologies, new ideas, and entrepreneurial talent. This step enables us to strengthen our innovation capabilities within the healthcare ecosystem and tap into adjacent growth fields while consistently strengthening Fresenius. I am delighted that Dr. Thomas Michael Thestrup, a highly experienced healthcare and corporate venture capital expert, will lead Fresenius Ventures.”
Thomas Michael Thestrup joins Fresenius from Angelini Ventures, an international healthcare venture capital company and part of the Italian industrial group Angelini Industries.
“Fresenius Ventures backs the innovators shaping the next era of healthcare with the experience, pace, and conviction founders expect. We offer more than capital: deep operating and regulatory expertise across global markets, coupled with access to the clinical, scientific, and academic ecosystems where real progress happens today,” says Thomas Thestrup, Managing Director and Head of Fresenius Ventures.
Thomas Thestrup has more than 15 years of experience in research, health tech, and the pharma industry. Prior to Angelini Ventures, he worked for Lundbeck A/S as Director of Corporate Business Development and Strategy. Further positions prior to this include Global Business Development at UCB as well as Life Science Ventures at Sunstone Capital. Thomas Thestrup received his Ph.D. from the Max Planck Institute of Neurobiology in Munich.
For more information about Fresenius Ventures, please see: fresenius- ventures.com
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, Dr. Michael Moser, Dr. Christian Pawlu
Chairman of the Supervisory Board: Wolfgang Kirsch
Fresenius is further expanding its access to innovation networks through its own corporate venture capital fund. Fresenius Ventures invests in founders, technologies, and business models from early financing rounds through to the growth stage. The newly established unit combines venture capital with medical, regulatory, and operational expertise and provides access to clinical, scientific, and academic networks.
With an intended investment volume of more than €200 million over the next 5 years, Fresenius Ventures targets growth fields adjacent to Fresenius’ existing strategic platforms (Bio)Pharma, MedTech, and Care Provision. Potential investment areas of Fresenius Ventures include, for example, precision nutrition, microbiome research, new modalities, and digital care provision solutions. Investments will be made in line with Fresenius’ capital allocation approach.
Michael Sen, CEO of Fresenius, says: “Fresenius Ventures is a strategic instrument of #FutureFresenius. Through targeted investments in promising healthcare innovators, we gain early access to breakthrough technologies, new ideas, and entrepreneurial talent. This step enables us to strengthen our innovation capabilities within the healthcare ecosystem and tap into adjacent growth fields while consistently strengthening Fresenius. I am delighted that Dr. Thomas Michael Thestrup, a highly experienced healthcare and corporate venture capital expert, will lead Fresenius Ventures.”
Thomas Michael Thestrup joins Fresenius from Angelini Ventures, an international healthcare venture capital company and part of the Italian industrial group Angelini Industries.
“Fresenius Ventures backs the innovators shaping the next era of healthcare with the experience, pace, and conviction founders expect. We offer more than capital: deep operating and regulatory expertise across global markets, coupled with access to the clinical, scientific, and academic ecosystems where real progress happens today,” says Thomas Thestrup, Managing Director and Head of Fresenius Ventures.
Thomas Thestrup has more than 15 years of experience in research, health tech, and the pharma industry. Prior to Angelini Ventures, he worked for Lundbeck A/S as Director of Corporate Business Development and Strategy. Further positions prior to this include Global Business Development at UCB as well as Life Science Ventures at Sunstone Capital. Thomas Thestrup received his Ph.D. from the Max Planck Institute of Neurobiology in Munich.
For more information about Fresenius Ventures, please see: fresenius-ventures.com
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, Dr. Michael Moser, Dr. Christian Pawlu
Chairman of the Supervisory Board: Wolfgang Kirsch