Fresenius Medical Care (FME) Q4 2025 (Media) earnings summary

Executive summary

• Achieved strong financial and operational results in 2025, marking the culmination of the FME25 turnaround and transformation program and the launch of the FME Reignite 2030 strategy focused on operational excellence, growth, innovation, and culture.

• Treated approximately 292,000 patients globally across 3,600 dialysis clinics and 35 manufacturing sites in 2025.

• Introduced the 5008X CAREsystem in the U.S., preparing for the largest product launch in company history with HDF therapy.

• Exceeded original sustainable savings targets, achieving EUR 804 million by year-end 2025 and targeting EUR 1.2 billion by 2027.

• Announced a EUR 1 billion share buyback program and completed the first tranche by end of 2025, further reducing net debt and strengthening the financial profile.

Financial highlights

• Organic revenue increased by 8% in 2025, with all segments contributing; reported operating income grew by 31%, and reported net income by 82% year-over-year.

• Operating income margin rose to 11.3%, within the midterm target band of 10%-14%.

• Earnings per share increased by 44%, supported by share buybacks.

• Net leverage improved to 2.5x, down from 3.4x at end of 2022, at the low end of the target corridor.

• Generated EUR 2.7 billion in operating cash flow in 2025.

Outlook and guidance

• 2026 is positioned as a transition year, with flat revenue growth expected due to changes in value-based care risk contracting.

• Operating income projected to remain consistent, with a mid-single-digit percentage change range.

• Group margin expected between 10.5%-12% for 2026.

• Targeting a 3%-7% CAGR in operating income through 2028 and mid-teens group operating income margin by 2030.