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Fresenius (FRE) investor relations material
Fresenius Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Delivered strong H1 and Q2 2025 results with 5–6% organic revenue growth and 8% core EPS growth in Q2, driven by Kabi and Helios performance and cost discipline.
Raised full-year 2025 organic revenue growth guidance to 5–7% (from 4–6%) on robust top-line momentum.
Transformation strategy led to a more focused, performance-driven organization with a strengthened balance sheet.
EBIT growth was flat in Q2 but up 8% for H1, with Kabi offsetting Helios softness due to the end of energy relief payments.
Continued progress in sustainability, reflected in an improved ISS ESG rating from B- to B.
Financial highlights
Q2 2025 revenue: €5.6bn (+5% organic); EBIT: €654m; EBIT margin: 11.7%; Net income: €492m (+8%); EPS: €0.73 (+8%).
H1 2025 revenue: €11.2bn (+6% organic); EBIT: €1,308m (+1%); Net income: €982m (+11%).
Operating cash flow in Q2: €433m; leverage ratio at 3.1x, slightly above target due to dividend payment.
Interest expense decreased to €85m in Q2 (from €108m YoY), supporting bottom-line growth.
Kabi achieved a 16.4% EBIT margin, up year-over-year, despite FX and China Nutrition headwinds.
Outlook and guidance
Full-year 2025 organic revenue growth guidance raised to 5–7%; EBIT growth expected at 3–7%.
EBIT guidance reaffirmed, with Q4 expected to benefit from German hospital funding and performance program ramp-up.
Kabi: mid- to high-single-digit organic revenue growth, EBIT margin 16–16.5%.
Helios: mid-single-digit organic revenue growth, EBIT margin ~10%.
Interest expense for FY 2025 expected at €350–390m, down from €433m in FY 2024.
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