Fresenius Medical Care (FME) Investor presentation summary

Strategic positioning and market leadership

• Operates a highly cash-generative, vertically integrated business model with leading assets in kidney care, serving around 290,000 patients in 3,600 clinics globally and holding a 40% global hemodialysis market share.

• Differentiates through innovation, digital solutions, and a comprehensive product and service portfolio, including value-based care and care enablement.

• Maintains a strong focus on patient outcomes, operational excellence, and advancing industry standards, notably with the large-scale U.S. launch of the 5008X CAREsystem and HVHDF therapy.

Financial performance and profitability

• Achieved strong organic revenue growth of 7.6% in FY 2025, with total revenue reaching €19.6bn and operating income up 27% to €2.2bn (margin 11.3%).

• Earnings per share grew 44%, supported by an accelerated share buyback program; net financial leverage improved to 2.5x.

• All segments contributed to profitability, with Care Delivery showing 13.1% margin, Value-Based Care achieving positive operating income, and Care Enablement improving to 8.1% margin.

Operational efficiency and capital allocation

• FME25+ program delivered €238m in annual savings in 2025, with a target of €1.2bn sustainable savings by 2027 through supply chain, footprint, and process optimization.

• Strong operating cash flow of €2.7bn in 2025, with capital expenditures of €0.9bn focused on core business growth.

• Returned €2.7bn to shareholders via dividends and share buybacks, maintaining a dividend payout ratio of 30–40% of adjusted net income.