Fresenius (FRE) Corporate Governance Roadshow presentation summary

Key developments and strategy

• Launched the REJUVENATE phase, focusing on platform-driven growth and operational excellence, with strong financial momentum and bottom-line performance driven by operating strength and lower interest expenses.

• Supervisory Board held a two-day strategy meeting on Rejuvenate, updated its competence profile and skills matrix, and continued targeted training.

• Successfully onboarded a new lead auditor and renewed contracts for key management roles.

• Capital allocation strategy included significant share sales and bond issuance, maintaining a 28.6% stake in Fresenius Medical Care.

• Share price outperformed sector benchmarks since October 2022, with a 115% increase and a dividend of €1.00 per share for FY24.

Corporate governance and board structure

• Supervisory Board and Management Board comprise experienced professionals, with a new skills matrix reducing competencies from 23 to 13 and aligning with strategic priorities.

• Board committees include Nomination, Audit, Joint, and Personnel Committees, each with defined roles in governance, financial oversight, and remuneration.

• Nomination process for shareholder representatives emphasizes diversity, expertise, and independence, with a structured four-step selection process.

• Shareholder structure as of June 2025: 73% free float, 27% Else Kröner-Fresenius-Stiftung, with broad international and institutional ownership.

• Physical AGMs held in 2025 and planned for 2026, with high approval rates for agenda items and strong board engagement with shareholders.

Sustainability and ESG initiatives

• Updated sustainability strategy framework with nine focus topics, including patient centricity, decarbonization, water reduction, and employee engagement.

• Key targets: outperform German national average in medical outcomes (≥88%), reduce Scope 1 & 2 emissions by 50% by 2030, achieve net zero by 2050, and increase training hours per employee by 20% by 2030.

• Recognized by leading ESG rating agencies, with strong ratings from ISS ESG, MSCI, CDP, Sustainalytics, and EcoVadis.

• Group-wide sustainability organization with clear responsibilities, regular reporting, and oversight by the Supervisory Board and an external advisory board.

• Sustainability and risk management integrated into governance, with regular board training and dedicated steering committees.