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 increased by 12% year-over-year in constant currency to €2.87 for FY 2025, with Q4 Core EPS up 16%.

• Net debt/EBITDA improved to 2.7x, reflecting strong cash flow and debt reduction, well within the target corridor.

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

• Transformation strategy (#FutureFresenius, Rejuvenate) and digitalization drove improved resilience, innovation, and operating leverage.

Financial highlights

• FY 2025 group revenue: €22,554 million (+7% organic growth); Q4 revenue: €5,875 million (+9% organic growth).

• FY 2025 group EBIT: €2,595 million (+6% constant currency); Q4 EBIT: €713 million (+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: €1,340 million (+36% year-over-year); FY 2025: €2,606 million (+5%).

• Free cash flow in Q4: €966 million (+67% year-over-year); FY 2025: €1,285 million (-23%).

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%.

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

• Guidance reflects ongoing macroeconomic and geopolitical volatility; potential impacts from recent US Supreme Court ruling not yet assessed.