- 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
Fresenius announced today that the Company's Q2 2026 Aide Memoire is now available on the Company's financial results section.
As a service to capital market participants, Fresenius provides a quarterly Aide Memoire ahead of the publication of the Company's quarterly results. This document includes a summary of relevant information that Fresenius has communicated previously or made publicly available to the capital market or otherwise. Fresenius' Q2 2026 financial results will be published on August 5, 2026.
The German Bundestag and Bundesrat approved the Act to Stabilize Contributions Rates in the Statutory Health Insurance System (GKV-Beitragssatzstabilisierungsgesetz) on July 10, 2026. This completes the parliamentary process.
Fresenius’ perspective in brief:
- Fresenius’ Full Year 2026 guidance is unchanged.
- The approved Act preserves annual hospital reimbursement growth, and on balance, is more favourable than the Cabinet Draft, confirming the direction the Company flagged in April 2026.
- Fresenius Helios’ revenue growth and 10-12% EBIT margin ambition as part of the Fresenius Financial Framework remains unchanged.
Please find the full Market Briefing here: Analyst & Consensus.
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.
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By clicking on the "Accept" button below, you will be deemed to have made this confirmation.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, SINGAPORE OR JAPAN.
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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:
- €500 million of fixed rate notes with a coupon rate of 3.375%, maturing July 8, 2031; and
- €500 million of fixed rate notes with a coupon rate of 3.750%, maturing July 8, 2034.
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
(i) you are not a resident of the United States of America, Canada, Japan or Australia or a "US person" (as defined in Regulation S under the US Securities Act of 1933, as amended),
(ii) you are not a person to whom the communication of the information contained on the website is restricted,
(iii) you will not distribute any of the information and documents contained thereon to any such person, and
(iv) you are not acting for the benefit of any such person.
By clicking on the "Accept" button below, you will be deemed to have made this confirmation.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, SINGAPORE OR JAPAN.
---
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:
- €500 million of fixed rate notes with a coupon rate of 3.375%, maturing July 8, 2031; and
- €500 million of fixed rate notes with a coupon rate of 3.750%, maturing July 8, 2034.
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