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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Fresenius
Fresenius (FRE) investor relations material
Fresenius Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary5 Aug, 2026
Executive summary
Achieved highest capital returns in a decade and strong operational momentum, with Core EPS up 14% at constant currency and upgraded FY 2026 guidance for Core EPS growth to 10–15% (previously 5–10%).
Transformation initiatives and strategic focus on scaling (Bio)Pharma, MedTech, and Care Provision platforms have resulted in a more focused business mix and increased innovation-led growth.
Leverage ratio stable at 2.6x, at the lower end of the 2.5–3.0x target corridor, reflecting financial strength and strategic flexibility.
Financial highlights
Q2 2026 revenue reached €5,864 million (+6% organic), EBIT before special items was €719 million (+10% YOY), and EBIT margin expanded by 60 bps to 12.3%.
Core EPS was €0.83 in Q2 (+14% constant currency); net income before special items was €560 million (+14% YOY).
ROIC improved to 6.9%, up ~200 bps since 2022.
Operating cash flow for Q2 was €344 million; last 12 months' operating cash flow reached €2.8 billion; cash conversion rate at 1.2.
Outlook and guidance
FY 2026 guidance: organic revenue growth of 4–7%, Core EPS growth of 10–15% at constant currency, and EBIT margin of ~11.5%.
Fresenius Kabi: organic revenue growth in mid- to high-single digits, EBIT margin at upper end of 16.5–17.0% range; Helios: mid-single-digit organic revenue growth, EBIT margin 10.0–10.5%.
Net debt/EBITDA expected within 2.5–3.0x by year-end; tax rate between 24–25%.
Guidance assumes current macroeconomic and geopolitical volatility, excluding extreme scenarios.
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Latest events from Fresenius
- Growth driven by innovation, portfolio focus, and disciplined capital deployment across key healthcare segments.FRE
44th Annual J.P. Morgan Healthcare Conference - Strong Q1/26 growth, reduced leverage, and digital innovation drive a positive outlook.FRECredit presentation
- FY 2025 delivered robust growth and margin expansion, with a positive outlook for 2026.FREQ4 2025
- Biopharma outpaces targets, aiming to double revenue and reach 20% EBIT margin by 2030.FREStatus Update
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- Q1 2025 delivered strong growth, margin expansion, and cash flow, with guidance confirmed for 2025.FREQ1 2025
- Strong FY 2024 growth and margin expansion set the stage for further gains in 2025.FREQ4 2024
Next Fresenius earnings date
Q3 20264 Nov, 2026
Fresenius
Next Fresenius earnings date
Q3 20264 Nov, 2026
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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.