Fresenius (FRE) Q4 2025 earnings summary

Executive summary

• Achieved strong organic revenue growth of 7% year-over-year for FY 2025, with Q4 organic revenue up 9% and EBIT up 13% at constant currency, driven by both Fresenius Kabi and Fresenius Helios.

• Core EPS grew 16% in Q4 2025 and 12% for the full year, reflecting robust operating results and reduced interest expense.

• Net debt/EBITDA improved to 2.7x, reflecting strong cash flow and debt reduction.

• Dividend proposal of €1.05 per share, a 5% increase year-over-year, with a payout ratio of 37%.

• Transformation strategy (#FutureFresenius, Rejuvenate) and operational improvements positioned the company for sustainable value creation.

Financial highlights

• FY 2025 group revenue: €22,873m (+4% reported, +6% constant currency, +7% organic); Q4 revenue: €5,961m (+5% reported, +7% constant currency, +9% organic).

• FY 2025 group EBIT: €2,595m (+6% constant currency); Q4 EBIT: €713m (+13% constant currency).

• FY 2025 Core EPS: €2.87 (+12% constant currency); Q4 Core EPS: €0.78 (+16% constant currency).

• Operating cash flow in Q4: €1,340m (+36% year-over-year); FY 2025: €2,606m.

• Net debt/EBITDA at 2.7x, improved from 3.8x in FY 2022.

Outlook and guidance

• FY 2026 guidance: organic revenue growth of 4–7%, constant currency Core EPS growth of 5–10%, EBIT margin ~11.5%.

• Fresenius Kabi: organic revenue growth in mid- to high-single digits, EBIT margin 16.5–17.0%.

• Fresenius Helios: organic revenue growth in mid-single digits, EBIT margin 10.0–10.5%.

• Group EBIT margin expected around 11.5%; tax rate forecasted at 24–25%.

• CapEx for 2026 guided at 5.5% of revenues, up from 4.4% last year.