Fresenius (FRE) Credit presentation summary

Company overview and strategic positioning

• Streamlined structure with two main divisions: Fresenius Kabi (pharma, biopharma, nutrition, medtech) and Fresenius Helios (Europe's leading private healthcare provider).

• Fresenius Kabi holds top global positions in IV drugs, fluids, and parenteral nutrition, with strong growth in biopharma and medtech.

• Fresenius Helios is the largest hospital provider in Europe, with a strong presence in Germany and Spain, and recognized for superior medical quality.

• Focus on disciplined growth, innovation, and capital allocation, with a global footprint and resilience to macroeconomic and geopolitical risks.

Financial performance and guidance

• Q1/26 organic revenue growth of 5%, with EBIT up 6% (constant currency) and core EPS up 13%.

• Operating cash flow reached €2.9bn (LTM), with leverage ratio reduced to 2.6x, at the lower end of the target corridor.

• FY/26 guidance targets 4–7% organic revenue growth and 5–10% core EPS growth, with EBIT margin around 11.5%.

• Fresenius Kabi and Helios both delivered strong organic revenue and EBIT growth, maintaining robust margins.

Business highlights and operational resilience

• Biopharma ramp-up with successful launches of biosimilars (TYENNE, OTULFI, CONEXXENCE & BOMYNTRA) in EU and US, gaining significant market shares.

• Helios Germany leads in digitalization and clinical process optimization, while Quirónsalud in Spain is recognized among the world's best hospitals.

• Active risk management and supply chain resilience, with minimal direct exposure to conflict regions and hedged energy costs.

• Embedded in critical healthcare ecosystems, leveraging AI and digital tools for efficiency and quality.