Fresenius Medical Care (FME) 44th Annual J.P. Morgan Healthcare Conference summary

Strategic direction and innovation

• Embarked on a clear strategy for profitable growth and long-term value creation, with 2026 as a key transition year for large-scale clinic conversion to new therapy in the U.S.

• High-volume HDF therapy rollout in the U.S. aims to set a new standard of care, leveraging strong market position and innovation pipeline.

• Vertically integrated business model enables synergy across care delivery, value-based care, and medtech segments.

• FME Reignite strategy focuses on strengthening core operations, accelerating growth and innovation, and enhancing company culture.

• 2030 aspiration targets industry-leading mid-teen margins and enhanced shareholder returns.

Financial performance and shareholder returns

• Operating margin improved from 7.9% in 2022 to 10.3% through the first nine months of 2025, driven by transformation and savings programs.

• FME25+ program increased savings target to €790 million by 2025 and €1.05 billion by 2027.

• 2024 dividend payment reached a record high, with a 13% CAGR since 2022.

• Accelerated €1 billion share buyback program, with completion expected in less than one year.

• Net leverage ratio reduced from 3.4x in 2022 to 2.6x by Q3 2025.

Operational highlights and rollout plans

• 5008S machine rollout in U.S. clinics to convert 20% of installed base in 2026, targeting 100% conversion by 2030.

• 2026 designated as a transition year, with significant training and OpEx headwinds, but operational efficiencies expected to ramp up post-conversion.

• High-volume HDF therapy shown to reduce mortality by 23% and improve patient quality of life.

• Production capacity for 15,000 machines annually, with initial focus on own clinics before supplying competitors.

• Rollout strategy is clinic-by-clinic, prioritizing high-performing and commercially mixed clinics.