Fresenius Medical Care
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Fresenius Medical Care (FME) investor relations material

Fresenius Medical Care Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary24 Feb, 2026

Executive summary

  • Achieved significant profitability improvement in 2025, with operating income up 27% year-over-year to €2,212 million, reaching the upper end of the financial outlook and a margin of 11.3%.

  • Net income attributable to shareholders rose 82% to €978 million, with EPS up 83% to €3.36.

  • Revenue grew 5% year-over-year to €19,628 million, driven by strong organic growth in Value-Based Care and Care Delivery segments.

  • FME25+ transformation program exceeded savings targets, delivering €804 million in sustainable savings by 2025.

  • Launched FME Reignite 2030 strategy, focusing on accelerated innovation, growth, and industry-leading margins.

Financial highlights

  • FY 2025 revenue increased by 2% to €19,628 million (+5% at constant currency, +8% organic).

  • Operating income grew 31% to €1,827 million; excluding special items, up 23% to €2,212 million.

  • Q4 2025 organic revenue growth of 8.2% and operating income growth of 53% year-over-year, with margin expansion to 13.9%.

  • FY 2025 net income attributable to shareholders rose 82% to €978 million; adjusted net income up 38% to €1,248 million.

  • Operating cash flow for 2025 was €2,681 million; free cash flow up 5% to €1,782 million.

Outlook and guidance

  • FY 2026 revenue expected to be broadly flat versus FY 2025; operating income growth projected between positive and negative mid-single digit percent, with margin between 10.5% and 12.0%.

  • Strategic investments in 2026 include €100–150 million for 5008X rollout and IT platforms.

  • Targeting 3–7% operating income CAGR through 2028, with low-teens CAGR excluding TDAPA effects.

  • 2030 aspirations: mid-teens group margin, mid-single-digit revenue growth for Care Enablement, and lower to mid-single-digit for Care Delivery.

FME25+ net financial impact by 2027?
Long-term benefits of portfolio optimization?
Reconcile 2026 OI outlook with 2028 CAGR?
5008X rollout: When net positive financial impact?
Regulatory headwinds: Quantify 2027 impact.
U.S. volume recovery: Key to 2028 growth target?
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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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