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Fresenius Medical Care (FME) investor relations material
Fresenius Medical Care Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Achieved 10% organic revenue growth in Q3 2025, with all operating segments contributing positively.
Operating income grew 28% at constant currency, with margin expanding to 11.7% (excluding special items).
Net income attributable to shareholders increased 29% to €275M, with EPS up 30%.
FME25+ and SME Reignite strategies advanced, generating €47M in Q3 savings and €174M year-to-date.
Share buyback program launched, with €188M invested for 4.35M shares by October 31, 2025.
Financial highlights
Q3 2025 revenue: €4,885M (+3% reported, +8% at constant currency, +10% organic).
Q3 operating income: €477M (+3% reported, +8% at constant currency); margin 9.8% reported, 11.7% excluding special items.
Q3 net income: €275M (+29% reported); EPS: €0.94.
Free cash flow for Q3: €550M, down 33% YoY due to prior year’s one-off inflow.
Net leverage ratio improved to 2.6x, within target range of 2.5–3x.
Outlook and guidance
FY 2025 outlook confirmed: revenue growth expected to be positive to low-single digit percent.
Operating income (excluding special items) projected to grow in the high-teens to high-twenties percent range.
Fourth quarter expected to be the strongest, with further acceleration in earnings and margin expansion.
FME25+ Program savings target increased to €1.05B by end of 2027.
2026 outlook to be provided with full-year results in February.
FME25+ program net financial benefit by 2027?
Value-Based Care segment profitability timeline?
Portfolio optimization expected long-term benefits?
HVHDF rollout: operational benefits observed
Key headwinds impacting underlying profitability
Value-Based Care: path to profitable growth
HVHDF rollout impact on 2026 volumes?
Phosphate binder contribution beyond 2025?
Path to 2% US treatment growth in 2026?
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Next Fresenius Medical Care earnings date
Q4 202524 Feb, 2026
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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