Fresenius Medical Care (FME) Q2 2026 earnings summary

Executive summary

• Q2 revenue was €4,861m, up 1% reported, 4% at constant currency and 5% organically.

• Adjusted operating income rose 23% at constant currency to €569m; adjusted margin was 11.7%.

• FME25+ delivered €67m in additional sustainable savings in Q2; cumulative savings reached €920m by June 30, 2026.

• The first €1bn share buyback was completed early and a second €1bn program began; net leverage was 2.6x.

• FY 2026 guidance was confirmed amid U.S. treatment-growth and inflation pressures.

Financial highlights

• Reported operating income increased 10% to €466m; adjusted operating income rose 23% at constant currency to €569m.

• Q2 net income attributable to shareholders was €218m, down 3% reported; adjusted net income was €303m, up 17% at constant currency.

• Q2 diluted EPS was €0.81 versus €0.77; adjusted EPS was €1.13, up 28% at constant currency.

• Q2 operating cash flow grew 11% to €860m; free cash flow was €625m.

• H1 revenue declined 2% reported to €9.473bn but grew 4% at constant currency; adjusted operating income rose 17% at constant currency.

Outlook and guidance

• FY 2026 guidance confirmed at constant currency, excluding special items: revenue broadly flat; operating income growth within a range from positive to negative mid-single digits.

• Implied FY 2026 operating margin range is 10.5–12.0%.

• Value-Based Care revenue is now expected to decline €150–200m in 2026, versus the initial €300m decline assumption; TDAPA headwinds are expected to be lower than previously assumed.

• 2026 capital expenditures expected at €0.8–1.0bn, including 5008X rollout, production capacity and R&D investment.