Fresenius (FRE) investor relations material

Executive summary

• Q3 organic revenue grew 5%; EBIT before special items rose 11% to €638m and margin expanded 50 bps to 11.0%.

• Core EPS was €0.72, up 14% at constant currency; ROIC reached 7.0%, its highest level in a decade.

• FY 2026 Core EPS growth guidance moved to the upper half of the 10%–15% range; EBIT margin indication increased to above 11.5%.

Financial highlights

• Q3 revenue before special items was €5,803m, up 5% organically; EBIT before special items was €638m.

• Net income attributable to shareholders before special items was €486m; reported net income was €371m, up 8%.

• Q3 operating cash flow was €633m; LTM free cash flow from continuing operations was €1.880bn versus €911m a year earlier.

• Net interest expense fell to €75m from €81m in Q3 2025.

Outlook and guidance

• FY 2026 organic revenue growth guidance remains 4%–7%; Core EPS growth at constant currency is expected in the upper half of the 10%–15% range.

• Group EBIT margin indication increased to above 11.5%; Kabi expects its margin at the upper end of 16.5%–17.0%.

• Helios FY 2026 guidance is mid-single-digit organic revenue growth and a 10.0%–10.5% EBIT margin.

• FY indications include interest expense below €300m, tax rate of 24%–25%, CAPEX of 5.5% of revenue and ROIC above 6.5%.

• Year-end net debt/EBITDA is expected within 2.5x–3.0x, assuming no further acquisitions or divestments.