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Fresenius Medical Care
Fresenius Medical Care (FME) investor relations material
Fresenius Medical Care 44th Annual J.P. Morgan Healthcare Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.44th Annual J.P. Morgan Healthcare Conference summary13 Jan, 2026
Strategic direction and innovation
Embarked on a clear strategy for profitable growth and long-term value creation, with 2026 as a key transition year for large-scale clinic conversion to new therapy in the U.S.
High-volume HDF therapy rollout in the U.S. aims to set a new standard of care, leveraging strong market position and innovation pipeline.
Vertically integrated business model enables synergy across care delivery, value-based care, and medtech segments.
FME Reignite strategy focuses on strengthening core operations, accelerating growth and innovation, and enhancing company culture.
2030 aspiration targets industry-leading mid-teen margins and enhanced shareholder returns.
Financial performance and shareholder returns
Operating margin improved from 7.9% in 2022 to 10.3% through the first nine months of 2025, driven by transformation and savings programs.
FME25+ program increased savings target to €790 million by 2025 and €1.05 billion by 2027.
2024 dividend payment reached a record high, with a 13% CAGR since 2022.
Accelerated €1 billion share buyback program, with completion expected in less than one year.
Net leverage ratio reduced from 3.4x in 2022 to 2.6x by Q3 2025.
Operational highlights and rollout plans
5008S machine rollout in U.S. clinics to convert 20% of installed base in 2026, targeting 100% conversion by 2030.
2026 designated as a transition year, with significant training and OpEx headwinds, but operational efficiencies expected to ramp up post-conversion.
High-volume HDF therapy shown to reduce mortality by 23% and improve patient quality of life.
Production capacity for 15,000 machines annually, with initial focus on own clinics before supplying competitors.
Rollout strategy is clinic-by-clinic, prioritizing high-performing and commercially mixed clinics.
What is the strategy to achieve 100% HDF consumable attachment?
How will GLP-1s affect long-term patient outflow?
What patient mix shifts are expected from ACA changes?
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Next Fresenius Medical Care earnings date
Q4 202524 Feb, 2026
Fresenius Medical Care
Next Fresenius Medical Care earnings date
Q4 202524 Feb, 2026
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Frequently asked questions
Fresenius Medical Care AG & Co. KGaA operates dialysis centers in Germany, North America, and internationally. It offers services for treatment of chronic kidney disease, including hemodialysis and peritoneal dialysis. The company integrates health care for people with chronic kidney failure through its offering of inpatient and outpatient care, which includes the use of advanced technologies, including the Hemodialysis Integrated Technology system from Fresenius, regenerative medicine products from Ageneron, and blood purification products from AlloMap. Fresenius Medical Care AG & Co. KGaA was incorporated in 1996 and is headquartered in Bad Homburg, Germany.
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