Fresenius (FRE) Status Update summary

Strategic rationale and market positioning

• Positioned as a market-leading healthcare company, leveraging biopharma as a core growth vector to address global healthcare challenges and cost pressures.

• Focus on affordable, accessible, and innovative healthcare, aiming to be a market leader in next-level therapies.

• Biopharma is central to the growth agenda, with a clear roadmap: reset, revitalize, rejuvenate, and reimagine.

• Global commercial footprint spans over 35 countries, with strong positions in Europe, LATAM, and rapid expansion in the US.

• Addressing global healthcare challenges: longevity, workforce, and efficiency gaps.

Financial performance and guidance

• Biopharma revenues have multiplied approximately 4x since 2022, achieving EBIT break-even ahead of schedule.

• Biopharma revenue surpassed €0.8b in 2025, exceeding 2026 targets; EBITDA break-even achieved in 2024.

• EBIT margin for Kabi improved from 13.8% in 2022 to 16.6% in the first nine months of 2025; biopharma margins rose from 8.5% to over 15%.

• Ambition to double biopharma revenue by 2030 and reach ~20% EBIT margin, driven by launches and market share gains.

• EUR 300 million to be invested by 2030 in manufacturing capacity expansion to support growth and cost leadership.

Growth drivers and pipeline

• Growth underpinned by 11 marketed products across 9 molecules and nine late-stage launches, with further upside from early-stage pipeline assets.

• Portfolio covers immunology, oncology, endocrinology, ophthalmology, and respiratory, with a focus on first-to-market and cost-competitive products.

• Targeting 2+ new molecules entering development annually, leveraging in-house R&D and strategic in-licensing.

• First-to-market launches and differentiated products, such as denosumab pre-filled syringe and tocilizumab biosimilar.

• Early-stage pipeline includes six new assets, fully financed, expected to drive growth beyond 2030.