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Fresenius Medical Care (FME) investor relations material
Fresenius Medical Care Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved 7% organic revenue growth in Q2 2025, with all segments contributing positively.
Operating income grew 13%, with margin expansion and improved cash flow; FME25+ savings contributed €58 million.
Net leverage ratio improved to 2.7x, within the new target range.
Announced €1 billion share buyback program, with the first tranche to begin in August.
Full-year 2025 outlook confirmed, expecting accelerated earnings in H2.
Financial highlights
Q2 2025 revenue reached €4,792 million, up 1% as reported and 6.7% organic growth year-over-year.
Operating income (excluding special items) rose 9% to €476 million; margin improved to 9.9%.
Net income (excluding special items) increased 26% to €268 million compared to Q2 2024.
Operating cash flow surged 75% to €775 million; free cash flow up 117% to €628 million.
Special items negatively impacted operating income by €51 million, mainly from transformation and portfolio optimization costs.
Outlook and guidance
Full-year 2025 outlook confirmed, with expectations for accelerated earnings in H2.
Revenue expected to grow positive to low-single digits at constant currency, excluding special items.
Operating income projected to grow high-teens to high-twenties percent, margin around 11–12%.
Margin improvements anticipated across all segments, with continued benefits from revenue cycle management.
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