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Fresenius (FRE) investor relations material
Fresenius Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Achieved strong organic revenue growth of 6% in Q3 2025, with group revenue at €5,477 million and EBIT at €574 million, driven by robust performance in Fresenius Kabi and Fresenius Helios.
Core EPS rose 14% year-over-year in constant currency, supported by operational excellence and lower interest expenses.
Net debt/EBITDA ratio at 3.0x, within the target corridor, reflecting strong cash flow generation.
Transformation initiatives and performance programs are advancing, supporting innovation and long-term profitability.
Full-year EBIT growth guidance raised to 4%-8% at constant currency, reflecting strong year-to-date momentum.
Financial highlights
Q3 2025 revenue: €5,477 million (+6% organic), EBIT: €574 million (+6%), net income: €351 million (+14%), and EBIT margin: 10.5%.
Q1-3 2025 revenue: €16,679 million (+6% organic), EBIT: €1,882 million (+2%), net income: €1,443 million (+13%).
Operating cash flow in Q3: €759 million; free cash flow: €435 million; LTM operating cash flow: €2.2 billion.
Interest expense decreased to €81 million in Q3 2025 from €116 million in Q3 2024.
Leverage ratio at 3.0x net debt/EBITDA, within target corridor.
Outlook and guidance
Full-year 2025 guidance raised: organic revenue growth expected at 5%-7%, EBIT growth at 4%-8% in constant currency.
Kabi targets mid- to high-single-digit organic revenue growth and EBIT margin of 16.0%-16.5%.
Helios expects mid-single-digit organic revenue growth and EBIT margin around 10%.
Q4 expected to see further EBIT acceleration, positive phasing effects, and incremental investments in R&D and CapEx.
Underlying business momentum expected to continue into 2026 and beyond, driven by Biopharma, new product launches, and innovation.
Kabi Q4 R&D investment areas
Helios Germany program Q4/25 contributions
Free Cash Flow decline drivers
Kabi growth vector margin drivers
Helios Germany post-surcharge funding strategy
AI's impact on operations and patient care
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Frequently asked questions
Fresenius SE & Co. KGaA operates as a health care group that provides products and services for dialysis, hospitals, and outpatient medical care worldwide. The company offers infusion therapies and clinical nutrition products; medical devices and services comprising renal, hospital, and surgical products; dialysis services through a network of independent subsidiary Fresenius Medical Care clinics; assistance with the promotion of healthy lifestyles, disease prevention services, and homecare services; hospital management and care management as well as hospital construction planning and financing services; and consulting, engineering, environmental, healthcare infrastructure development, project logistics/supply chain management/product testing, rail vehicle maintenance/IT security infrastructure support/e-learning platform operations in Germany.
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