Fresenius Medical Care (FME) Q1 2026 earnings summary

Executive summary

• Achieved 4% organic revenue growth and 10% adjusted operating income growth year-over-year, with margin expansion to 10.1%, supported by the FME25+ savings program and accelerated rollout of the 5008X CAREsystem.

• Share buyback program completed, repurchasing up to 24.8 million shares (8.5% of share capital) for €1 billion.

• Reported operating income declined 14% and net income fell 22% due to one-time FME25+ transformation costs.

• EPS excluding special items increased 16%, supported by the share buyback.

• FY 2026 outlook confirmed, maintaining guidance for stable revenue and operating income.

Financial highlights

• Q1 2026 revenue was €4,612 million, down 6% as reported but up 3.1% at constant currency and 3.9% organic.

• Adjusted operating income reached €467 million, up 10% at constant currency.

• Adjusted net income was €251 million, up 9% at constant currency; adjusted EPS was €0.91, up 16%.

• Operating cash flow increased 39% to €227 million; free cash flow rose 94% to €40 million.

• Net income attributable to shareholders was €118 million, down 22% year-over-year.

Outlook and guidance

• Full-year 2026 revenue expected to be broadly flat versus prior year at constant currency.

• Operating income projected to remain consistent, within a positive or negative mid-single digit percent range, margin implied at 10.5–12.0%.

• Guidance excludes special items for comparability.