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The information and documents contained on the following pages of this website are for information purposes only. These materials do neither constitute an offer nor an invitation to subscribe to or to purchase securities, nor any investment advice or service, and are not meant to serve as a basis for any kind of obligation, contractual or otherwise. Securities may not be offered or sold in the United States of America (“US”) absent registration under the US Securities Act of 1933, as amended, or an exemption from registration. The securities described on the following pages are not offered for sale in the US or to "US persons" (as defined in Regulation S under the US Securities Act of 1933, as amended).
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Fresenius SE & Co. KGaA announced the successful issuance of a €1 billion dual-tranche bond offering on July 1, 2026. The bonds are expected to settle on July 8, 2026.
The transaction consists of the following two tranches:
Fresenius will use the net proceeds of the offering for general corporate purposes, including the refinancing of existing financial liabilities.
The bonds were issued by Fresenius SE & Co. KGaA under the Fresenius Debt Issuance Program. The company has applied to have the bonds admitted to trading on the regulated market of the Luxembourg Stock Exchange.
The bond issuance does not impact Fresenius' full-year 2026 financial guidance, and the transaction fully covers refinancing requirements for the full year 2026 while proactively addressing certain debt maturities in 2027.
Overall, the transaction further strengthens Fresenius’ financial flexibility, limits potential future refinancing risks, and supports the balance sheet. In addition, the Company successfully extends the average maturity of its debt portfolio. Fresenius remains committed to its self-imposed target leverage corridor of 2.5 to 3.0x net debt/EBITDA. Deleveraging and a strong balance sheet are clear priorities within the Company’s stated capital allocation priorities, which are key to delivering the ambitions of #FutureFresenius.
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.
This announcement does not contain or constitute an offer of, or the solicitation of an offer to buy or subscribe for, securities to any person in Australia, Canada, Japan, Singapore or the United States of America (the “United States”) or in any jurisdiction to whom or in which such offer or solicitation is unlawful. The securities referred to herein may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons, absent registration under the U.S. Securities Act of 1933, as amended (the “Securities Act”) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Subject to certain exceptions, the securities referred to herein may not be offered or sold in Australia, Canada, Japan or Singapore or to, or for the account or benefit of, any national, resident or citizen of Australia, Canada, Japan or Singapore. The offer and sale of the securities referred to herein has not been and will not be registered under the Securities Act or under the applicable securities laws of Australia, Canada, Japan or Singapore. There will be no public offer of the securities in the United States.
This announcement 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. Neither Fresenius SE & Co. KGaA, Fresenius Finance Ireland Public Limited Company nor Fresenius Finance Ireland II Public Limited Company undertake any responsibility to update the forward-looking statements in this announcement.
This announcement is a general information and not a prospectus. It has been prepared on the basis that any offer of securities in any Member State of the European Economic Area ("EEA") will be made pursuant to the prospectus and any supplement thereto prepared by Fresenius SE & Co. KGaA, Fresenius Finance Ireland Public Limited Company and Fresenius Finance Ireland II Public Limited Company in combination with the relevant final terms relating to such securities or pursuant to an exemption under Regulation (EU) 2017/1129 (the “Prospectus Regulation”) from the requirement to publish a prospectus for offers of securities. Investors should not purchase or subscribe for any securities referred to in this announcement except on the basis of information in the prospectus, as supplemented, in combination with the relevant final terms relating to such securities, to be issued by the company in connection with the offering of such securities. The applicable final terms for such securities, when published, will be available on the website of the Luxembourg Stock Exchange (www.LuxSE.com) together with the prospectus and any supplement thereto. Copies of the prospectus are also available free of charge from Fresenius SE & Co. KGaA at Else-Kröner Strasse 1, 61352 Bad Homburg, Germany.
This announcement is directed at and/or for distribution in the United Kingdom only to (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 (the “Order”) or (ii) high net worth entities falling within article 49(2)(a) to (d) of the Order (all such persons are referred to herein as “relevant persons”). This announcement is directed only at relevant persons. Any person who is not a relevant person should not act or rely on this announcement or any of its contents. Any investment or investment activity to which this announcement relates is available only to relevant persons and will be engaged in only with relevant persons.
The information and documents contained on the following pages of this website are for information purposes only. These materials do neither constitute an offer nor an invitation to subscribe to or to purchase securities, nor any investment advice or service, and are not meant to serve as a basis for any kind of obligation, contractual or otherwise. Securities may not be offered or sold in the United States of America (“US”) absent registration under the US Securities Act of 1933, as amended, or an exemption from registration. The securities described on the following pages are not offered for sale in the US or to "US persons" (as defined in Regulation S under the US Securities Act of 1933, as amended).
THE FOLLOWING INFORMATION AND DOCUMENTS ARE NOT DIRECTED AT AND ARE NOT INTENDED FOR USE BY (I) PERSONS WHO ARE RESIDENTS OF OR LOCATED IN THE US, CANADA, JAPAN OR AUSTRALIA OR WHO ARE US PERSONS (AS DEFINED IN REGULATION S UNDER THE US SECURITIES ACT OF 1933, AS AMENDED), OR (II) PERSONS IN ANY OTHER JURISDICTION WHERE THE COMMUNICATION OR RECEIPT OF SUCH INFORMATION IS RESTRICTED IN SUCH A WAY THAT PROVIDES THAT SUCH PERSONS SHALL NOT RECEIVE IT. SUCH PERSONS, OR PERSONS ACTING FOR THE BENEFIT OF ANY SUCH PERSONS, ARE NOT PERMITTED TO VISIT THE FOLLOWING PAGES OF THE WEBSITE.
To visit the following parts of this website you must confirm that
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Fresenius SE & Co. KGaA announced the successful issuance of a €1 billion dual-tranche bond offering on July 1, 2026. The bonds are expected to settle on July 8, 2026.
The transaction consists of the following two tranches:
Fresenius will use the net proceeds of the offering for general corporate purposes, including the refinancing of existing financial liabilities.
The bonds were issued by Fresenius SE & Co. KGaA under the Fresenius Debt Issuance Program. The company has applied to have the bonds admitted to trading on the regulated market of the Luxembourg Stock Exchange.
The bond issuance does not impact Fresenius' full-year 2026 financial guidance, and the transaction fully covers refinancing requirements for the full year 2026 while proactively addressing certain debt maturities in 2027.
Overall, the transaction further strengthens Fresenius’ financial flexibility, limits potential future refinancing risks, and supports the balance sheet. In addition, the Company successfully extends the average maturity of its debt portfolio. Fresenius remains committed to its self-imposed target leverage corridor of 2.5 to 3.0x net debt/EBITDA. Deleveraging and a strong balance sheet are clear priorities within the Company’s stated capital allocation priorities, which are key to delivering the ambitions of #FutureFresenius.
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.
This announcement does not contain or constitute an offer of, or the solicitation of an offer to buy or subscribe for, securities to any person in Australia, Canada, Japan, Singapore or the United States of America (the “United States”) or in any jurisdiction to whom or in which such offer or solicitation is unlawful. The securities referred to herein may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons, absent registration under the U.S. Securities Act of 1933, as amended (the “Securities Act”) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Subject to certain exceptions, the securities referred to herein may not be offered or sold in Australia, Canada, Japan or Singapore or to, or for the account or benefit of, any national, resident or citizen of Australia, Canada, Japan or Singapore. The offer and sale of the securities referred to herein has not been and will not be registered under the Securities Act or under the applicable securities laws of Australia, Canada, Japan or Singapore. There will be no public offer of the securities in the United States.
This announcement 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. Neither Fresenius SE & Co. KGaA, Fresenius Finance Ireland Public Limited Company nor Fresenius Finance Ireland II Public Limited Company undertake any responsibility to update the forward-looking statements in this announcement.
This announcement is a general information and not a prospectus. It has been prepared on the basis that any offer of securities in any Member State of the European Economic Area ("EEA") will be made pursuant to the prospectus and any supplement thereto prepared by Fresenius SE & Co. KGaA, Fresenius Finance Ireland Public Limited Company and Fresenius Finance Ireland II Public Limited Company in combination with the relevant final terms relating to such securities or pursuant to an exemption under Regulation (EU) 2017/1129 (the “Prospectus Regulation”) from the requirement to publish a prospectus for offers of securities. Investors should not purchase or subscribe for any securities referred to in this announcement except on the basis of information in the prospectus, as supplemented, in combination with the relevant final terms relating to such securities, to be issued by the company in connection with the offering of such securities. The applicable final terms for such securities, when published, will be available on the website of the Luxembourg Stock Exchange (www.LuxSE.com) together with the prospectus and any supplement thereto. Copies of the prospectus are also available free of charge from Fresenius SE & Co. KGaA at Else-Kröner Strasse 1, 61352 Bad Homburg, Germany.
This announcement is directed at and/or for distribution in the United Kingdom only to (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 (the “Order”) or (ii) high net worth entities falling within article 49(2)(a) to (d) of the Order (all such persons are referred to herein as “relevant persons”). This announcement is directed only at relevant persons. Any person who is not a relevant person should not act or rely on this announcement or any of its contents. Any investment or investment activity to which this announcement relates is available only to relevant persons and will be engaged in only with relevant persons.
Today, Fresenius has launched the AI-powered assistant – “AskFRE” – on its Investor Relations (IR) website, marking an important step in advancing its digital capital markets communications. The solution is a joint initiative of the Fresenius AI Center of Excellence and the Investor Relations team.
With AskFRE, visitors can now interact with an integrated AI chatbot that provides direct answers to capital market-relevant information. This includes financial results, company updates and other IR content – based exclusively on publicly available Fresenius disclosures.
In an increasingly fast-paced and data-driven environment, digital investor relations play a key role in delivering timely, transparent and stakeholder-focused communication. AskFRE supports this ambition by enabling more intuitive access to financial information and tailored user interactions, while reinforcing the consistency and accessibility of Fresenius’ disclosures.
With AskFRE, Fresenius underscores its commitment to advancing a best in class digital investor relations experience.
AskFRE is now available: https://www.fresenius.com/AskFRE-Your-IR-Assistant
Today, Fresenius has launched the AI-powered assistant – “AskFRE” – on its Investor Relations (IR) website, marking an important step in advancing its digital capital markets communications. The solution is a joint initiative of the Fresenius AI Center of Excellence and the Investor Relations team.
With AskFRE, visitors can now interact with an integrated AI chatbot that provides direct answers to capital market-relevant information. This includes financial results, company updates and other IR content – based exclusively on publicly available Fresenius disclosures.
In an increasingly fast-paced and data-driven environment, digital investor relations play a key role in delivering timely, transparent and stakeholder-focused communication. AskFRE supports this ambition by enabling more intuitive access to financial information and tailored user interactions, while reinforcing the consistency and accessibility of Fresenius’ disclosures.
With AskFRE, Fresenius underscores its commitment to advancing a best in class digital investor relations experience.
AskFRE is now available: https://www.fresenius.com/AskFRE-Your-IR-Assistant
At today’s Annual General Meeting, the shareholders of Fresenius SE & Co. KGaA approved the proposals of the General Partner and the Supervisory Board with a large majority.
The actions of the General Partner and the members of the Supervisory Board in 2025 were also approved, by 99.41 percent and more than 96 percent respectively. 99.77 percent of shareholders voted in favor of approving the annual financial statements. 92.61 percent approved the compensation report for the 2025 financial year and 99.99 percent approved the dividend proposal of €1.05 per share. A large majority also approved the creation of new conditional capital and authorized capital, and authorized the buyback of its own shares as well as the conversion of bearer shares to registered shares. This will enable transparent, direct communication between Fresenius and its shareholders.
76.62 percent of the share capital was represented at the AGM.
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
Despite the mounting geopolitical uncertainty, Fresenius healthcare group had a very good 2025 and entered 2026 with strong momentum. “Fresenius is financially flexible, operationally strong, and strategically focused – and therefore ideally positioned to actively help shape the future of healthcare. This is the result of a future-focused strategy that a strong and highly competent team developed and implemented with discipline in recent years,” said Wolfgang Kirsch, Chairman of the Supervisory Board of Fresenius, at today’s Annual General Meeting in Frankfurt am Main.
2025 marked the start of the third phase in the #FutureFresenius strategy: Rejuvenate. The aim is to make the company more innovative and resilient while continuing to create long-term value for customers and patients. The financial results for 2025 and the first quarter of 2026 make clear: Rejuvenate is paying off and delivering accelerated performance for long-term value creation. The shareholders’ trust should also be rewarded: The proposed dividend of €1.05 per share corresponds to a 5% increase compared to last year.
Michael Sen, CEO of Fresenius, emphasized: “In the past financial year, we showed that Fresenius can deliver a strong performance even in an environment where volatility has become the norm. We further strengthened our balance sheet, raised our full-year guidance twice during the year, and delivered on our commitments. At the same time, we continued to make targeted investments in innovation and digitalization – from new product launches to AI-supported hospital platforms. In doing so, we are strengthening Fresenius and laying the foundations for our long- term success.”
Every year, Fresenius invests more than €600 million in R&D within its core businesses – for example, in intravenous generics, biosimilars, infusion and nutritional therapies, and medical technology. The hospitals of Quirónsalud and Helios are actively involved in medical research, with more than 1,700 clinical studies and over 3,100 scientific publications in 2025. Patients benefit directly from this research through access to cutting-edge therapies and care.
The company moreover continues to strategically advance digitalization and the use of AI in healthcare. One building block is the strategic partnership between Fresenius and SAP. The objective of this collaboration is to build an open, interoperable, AI- enabled digital healthcare ecosystem for Germany and Europe. As announced in early May, Fresenius and SAP have invested jointly in Avelios Medical, a start-up developing a next-generation, cloud-native hospital information system.
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
Fresenius, together with SAP, is investing in Avelios Medical, a company developing a next-generation, cloud-native hospital information system. This marks a further step forward in the strategic partnership between Fresenius and SAP announced in January this year. The objective of the collaboration is to build an open, interoperable, and AI-enabled digital healthcare ecosystem for Germany and Europe. To this end, Fresenius and its technology partner SAP are combining clinical expertise, technological capabilities, and innovative product development to create a new digital infrastructure for hospitals across Europe.
The strategic investment in Avelios Medical is a key building block of this ecosystem. Avelios Medical is developing a modular hospital information system that enables end-to-end digitalization of clinical and administrative processes and is based on open standards. The solution allows for sovereign data usage, high interoperability, and the responsible integration of AI applications. This creates a scalable platform that relieves care teams, harmonizes processes, and accelerates the adoption of innovation in clinical practice.
“We are bringing together what Germany and Europe need in healthcare: medical excellence, technological strength, and the sovereign use of digitalization and AI,” said Christian Pawlu, Chief Operating Officer of Fresenius Helios. “With our investment in Avelios Medical, we are taking another step in building a digital healthcare ecosystem—interoperable, reliable, and AI-ready.”
“We founded Avelios with the conviction that the future of healthcare lies in a data-driven, AI-native, and open health platform,” commented Christian Albrecht, Co-Founder and CEO of Avelios. “With SAP and Fresenius, we are bringing leading technological and clinical expertise to the table—and taking a decisive step toward an open ecosystem for the healthcare industry. This partnership validates our approach, our product, and our team.”
The close collaboration between Fresenius, SAP, and Avelios Medical supports the consistent, clinically driven development of the Avelios solution and accelerates its reliable scaling across the broader healthcare.
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
An overview of key financial figures is available on page 7 of the pdf file.
Q1/26 builds further on strong momentum: Continued operating strength of core businesses with solid topline development and excellent Core EPS growth; FY/26 guidance reconfirmed
2026 guidance reconfirmed
Operating cashflow of €389 million, a fourfold rise year-on-year supported by positive phasing effects at Fresenius Helios as well as the strong underlying performance and successful Working Capital management at Fresenius Kabi.
Net debt/EBITDA ratio improved further to 2.6x1,4 at the lower end of the self-imposed target corridor of 2.5 to 3.0x driven by strong cash flow.
Michael Sen, CEO of Fresenius: "Fresenius made an excellent start to 2026, delivering performance fully in line with our expectations and leading us to reconfirm our full‑year guidance. In an environment where volatility has become the norm and markets are increasingly focused on earnings visibility and balance sheet discipline, this quarter shows that Fresenius is better prepared than ever. Rejuvenate is working in practice: disciplined execution across our businesses is driving double-digit Core EPS growth, continued margin improvement and a balance sheet that reinforces our financial flexibility. Importantly, we achieved this while continuing targeted investment in innovation and digitalisation – from new product launches to AI-enabled hospital platforms – reinforcing our long-term competitive position. With a more focused organisation and a disciplined financial framework, we are well-positioned to navigate policy and macroeconomic uncertainty while maintaining earnings visibility and delivering sustainable long-term value to patients, partners, and shareholders."
Fresenius Group5: organic revenue growth2 in the range of 4% to 7%; constant currency Core EPS3 growth expected in the range of 5% to 10%; EBIT margin8 of ~11.5%.
Fresenius Kabi6: organic revenue growth2 in the mid- to high-single-digit percentage range; EBIT margin of 16.5% to 17.0%.
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.
group revenue1 grew organicallyby 5%1,2; revenue reaching €5,744 million.
Group EBIT before special items amounted to €678 million, an increase of 6% in constant currency. At Fresenius Kabi, the Growth Vectors showed strong performance, in particular Biopharma and MedTech, more than compensating the impact from the VBP of the nutrition product Ketosteril in China as well as intentionally higher expenses for R&D. EBIT at Helios was supported by operating leverage as well as the positive effects from the surcharge on invoices of publicly insured patients in Germany recognized under other operating income.
Group EBIT margin1 improved by 20 bp yoy to 11.8%.
Group Core net income1,3 increased by 13% in constant currency to €460 million strongly outpacing revenue growth. The good operating performance of the core businesses, further productivity gains, decreased year-over-year interest expenses and lower tax rate drove this performance.
Group Core earnings per share1,3 rose by 13% in constant currency to €0.82.
Fresenius Kabi
Q1/26: Ongoing strong execution: Solid organic growth well within the structural growth band of 4% to 7%; Growth Vectors driving the performance headed by continued Biopharma strength. Growth Vectors showing further EBIT margin expansion.
Organic revenue growth2 of 6% driven by the Growth Vectors and led by Biopharma with ongoing product roll-outs; revenue rose to €2,150 million.
Growth Vectors with 8% organic revenue growth2; Biopharma 34%, MedTech 3%, and Nutrition 4%.
Biopharma revenue: €238 million, with tocilizumab biosimilar Tyenne as the key growth driver with strong uptake in the U.S. and in Europe; ramp-up of denosumab biosimilars in the U.S.
MedTech revenue: €392 million supported by growth in almost all regions despite high prior-year base, Transfusion & Cell Therapy (TCT) contributed in particular to the solid growth.
Nutrition revenue: €610 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: €911 million, organic revenue grew by 3%2 driven by positive development in Europe as well as good volume growth and lower pricing pressure in the U.S.
EBIT1 of Fresenius Kabi increased to €358 million or 4% at constant currency. Growth was driven by the good organic growth coupled with operating leverage and cost efficiency that more than offset the impact of Ketosteril tender in China. The performance in the quarter also reflected the targeted ramp-up of R&D spending, mainly at Biopharma, and some negative impact from U.S. tariffs. The EBIT margin1 was 16.7%
EBIT1 of the Growth Vectors rose by 14% in constant currency to €195 million mainly driven by the strong development at Biopharma and MedTech; EBIT margin1 improved by 40 bps to 15.7%, making further progress toward Fresenius Kabi’s structural margin band.
EBIT1 of Pharma decreased 3% in constant currency to €194 million against a high prior-year-base. EBIT margin1 at 21.3%.
Fresenius Helios
Q1/26: Fresenius Helios with solid organic revenue growth despite tough prior-year comparison and strong EBIT growth; Helios Germany with further year-on-year margin improvement.
4% organic revenue growth1 against a high prior-year base. Growth was mainly driven by favourable pricing and solid activity levels increase at both Germany and Spain; revenue1 increased by 3% in constant currency to €3,501 million.
Helios Germany’s organic revenue1 growth at 3%, reflecting a tough prior-year comparison alongside strong in-patient admission growth which was partially offset by case mix; revenue at €2,092 million.
Helios Spain with organic revenue growth of 4% to €1,409 million driven by stable underlying business dynamics, with solid activity growth, positive pricing, and continued growth in the ORP business.
EBIT1 of Fresenius Helios at €368 million with 10% growth at constant currency. The acceleration comes on the back of operating leverage and execution on additional structural cost saving initiatives 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 70 bps to 10.5%, reaching the top end of the 10% to 10.5% guide.
EBIT1 of Helios Germany increased by 10% to €173 million driven by the topline development and efficiency gains as well as the positive effects from the surcharge on invoices of publicly insured patient in Germany; EBIT margin1 improved by 60 bps to 8.3%.
EBIT1 of Helios Spain rose by 10% in constant currency to €195 million; EBIT margin1 at 13.8% reflects the solid revenue development and operating excellence as well as an one-timer.
Act to Stabilize Contribution Rates in the Statutory Health Insurance (GKV Stabilization Act): On April 29, 2026, the Federal Cabinet has approved a draft bill for the GKV Stabilization Act, which is in decisive parts more positive than the April 16, 2026 proposal. Importantly, the bill continues to foresee reimbursement increases linked to the base wage rate. While sector pressure persists, Helios Germany is well positioned through scale, quality leadership, disciplined structural and cost optimization, and ongoing clustering plus digital/AI rollout. Apart from the draft bill for the Act to Stabilize Contribution Rates in the Statutory Health Insurance System, structural reforms, digitalisation, and deregulation remain key levers to unlock sustainable efficiency across the German healthcare system. The legislative process is expected to be completed before the parliamentary summer break, with the law entering into force in January 2027.
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 EPS1,3)
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 Q1/26 results, a conference call will be held on May 6, 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.
Note on the presentation of financial figures
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
Q1/26 builds further on strong momentum: Continued operating strength of core businesses with solid topline development and excellent Core EPS growth; FY/26 guidance reconfirmed
2026 guidance reconfirmed
Operating cashflow of €389 million, a fourfold rise year-on-year supported by positive phasing effects at Fresenius Helios as well as the strong underlying performance and successful Working Capital management at Fresenius Kabi.
Net debt/EBITDA ratio improved further to 2.6x1,4 at the lower end of the self-imposed target corridor of 2.5 to 3.0x driven by strong cash flow.
Michael Sen, CEO of Fresenius: "Fresenius made an excellent start to 2026, delivering performance fully in line with our expectations and leading us to reconfirm our full‑year guidance. In an environment where volatility has become the norm and markets are increasingly focused on earnings visibility and balance sheet discipline, this quarter shows that Fresenius is better prepared than ever. Rejuvenate is working in practice: disciplined execution across our businesses is driving double-digit Core EPS growth, continued margin improvement and a balance sheet that reinforces our financial flexibility. Importantly, we achieved this while continuing targeted investment in innovation and digitalisation – from new product launches to AI-enabled hospital platforms – reinforcing our long-term competitive position. With a more focused organisation and a disciplined financial framework, we are well-positioned to navigate policy and macroeconomic uncertainty while maintaining earnings visibility and delivering sustainable long-term value to patients, partners, and shareholders."
Fresenius Group5: organic revenue growth2 in the range of 4% to 7%; constant currency Core EPS3 growth expected in the range of 5% to 10%; EBIT margin8 of ~11.5%.
Fresenius Kabi6: organic revenue growth2 in the mid- to high-single-digit percentage range; EBIT margin of 16.5% to 17.0%.
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.
group revenue1 grew organicallyby 5%1,2; revenue reaching €5,744 million.
Group EBIT before special items amounted to €678 million, an increase of 6% in constant currency. At Fresenius Kabi, the Growth Vectors showed strong performance, in particular Biopharma and MedTech, more than compensating the impact from the VBP of the nutrition product Ketosteril in China as well as intentionally higher expenses for R&D. EBIT at Helios was supported by operating leverage as well as the positive effects from the surcharge on invoices of publicly insured patients in Germany recognized under other operating income.
Group EBIT margin1 improved by 20 bp yoy to 11.8%.
Group Core net income1,3 increased by 13% in constant currency to €460 million strongly outpacing revenue growth. The good operating performance of the core businesses, further productivity gains, decreased year-over-year interest expenses and lower tax rate drove this performance.
Group Core earnings per share1,3 rose by 13% in constant currency to €0.82.
Fresenius Kabi
Q1/26: Ongoing strong execution: Solid organic growth well within the structural growth band of 4% to 7%; Growth Vectors driving the performance headed by continued Biopharma strength. Growth Vectors showing further EBIT margin expansion.
Organic revenue growth2 of 6% driven by the Growth Vectors and led by Biopharma with ongoing product roll-outs; revenue rose to €2,150 million.
Growth Vectors with 8% organic revenue growth2; Biopharma 34%, MedTech 3%, and Nutrition 4%.
Biopharma revenue: €238 million, with tocilizumab biosimilar Tyenne as the key growth driver with strong uptake in the U.S. and in Europe; ramp-up of denosumab biosimilars in the U.S.
MedTech revenue: €392 million supported by growth in almost all regions despite high prior-year base, Transfusion & Cell Therapy (TCT) contributed in particular to the solid growth.
Nutrition revenue: €610 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: €911 million, organic revenue grew by 3%2 driven by positive development in Europe as well as good volume growth and lower pricing pressure in the U.S.
EBIT1 of Fresenius Kabi increased to €358 million or 4% at constant currency. Growth was driven by the good organic growth coupled with operating leverage and cost efficiency that more than offset the impact of Ketosteril tender in China. The performance in the quarter also reflected the targeted ramp-up of R&D spending, mainly at Biopharma, and some negative impact from U.S. tariffs. The EBIT margin1 was 16.7%
EBIT1 of Pharma decreased 3% in constant currency to €194 million against a high prior-year-base. EBIT margin1 at 21.3%.
Fresenius Helios
Q1/26: Fresenius Helios with solid organic revenue growth despite tough prior-year comparison and strong EBIT growth; Helios Germany with further year-on-year margin improvement.
4% organic revenue growth1 against a high prior-year base. Growth was mainly driven by favourable pricing and solid activity levels increase at both Germany and Spain; revenue1 increased by 3% in constant currency to €3,501 million.
Helios Germany’s organic revenue1 growth at 3%, reflecting a tough prior-year comparison alongside strong in-patient admission growth which was partially offset by case mix; revenue at €2,092 million.
Helios Spain with organic revenue growth of 4% to €1,409 million driven by stable underlying business dynamics, with solid activity growth, positive pricing, and continued growth in the ORP business.
EBIT1 of Fresenius Helios at €368 million with 10% growth at constant currency. The acceleration comes on the back of operating leverage and execution on additional structural cost saving initiatives 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 70 bps to 10.5%, reaching the top end of the 10% to 10.5% guide.
EBIT1 of Helios Germany increased by 10% to €173 million driven by the topline development and efficiency gains as well as the positive effects from the surcharge on invoices of publicly insured patient in Germany; EBIT margin1 improved by 60 bps to 8.3%.
EBIT1 of Helios Spain rose by 10% in constant currency to €195 million; EBIT margin1 at 13.8% reflects the solid revenue development and operating excellence as well as an one-timer.
Act to Stabilize Contribution Rates in the Statutory Health Insurance (GKV Stabilization Act): On April 29, 2026, the Federal Cabinet has approved a draft bill for the GKV Stabilization Act, which is in decisive parts more positive than the April 16, 2026 proposal. Importantly, the bill continues to foresee reimbursement increases linked to the base wage rate. While sector pressure persists, Helios Germany is well positioned through scale, quality leadership, disciplined structural and cost optimization, and ongoing clustering plus digital/AI rollout. Apart from the draft bill for the Act to Stabilize Contribution Rates in the Statutory Health Insurance System, structural reforms, digitalisation, and deregulation remain key levers to unlock sustainable efficiency across the German healthcare system. The legislative process is expected to be completed before the parliamentary summer break, with the law entering into force in January 2027.
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 EPS1,3)
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 Q1/26 results, a conference call will be held on May 6, 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
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
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.
