FMS 6-K
Fresenius Medical Care AG (FMS)
SECURITIES AND EXCHANGECOMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATEISSUER
Pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange Act of 1934
For the month of February 2026
Commission file number: 001-32749
FRESENIUSMEDICAL CARE AG
(Translation of registrant's name into English)
Else-Kröner Strasse 1
61346 Bad Homburg
Germany
(Addressof principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
On February 24, 2026, Fresenius Medical Care AG (the “Company”) issued a Press Release announcing its fourth quarter and full year results for the period ending December 31, 2025. A copy of the Press Release is furnished as Exhibit 99.1 and the corresponding financial figures as Exhibit 99.2.
The attached Press Release contains non-GAAP financial measures. For purposes of Regulation G, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles. To supplement our fourth quarter and full year 2025 consolidated financial results presented in accordance with International Financial Reporting Standards, or IFRS, we have used non-GAAP financial measures, including (a) EBITDA, or operating income excluding interest, taxes, depreciation, and amortization, (b) free cash flow, (c) net leverage ratio (ratio of net debt to adjusted EBITDA) and (d) results presented in constant currency and as adjusted for special items identified in the Press Release and associated tables. These non-GAAP measures are provided to enhance the user’s overall understanding of our current financial performance and our prospects for the future. In addition, because we have historically reported certain non-GAAP financial measures in our financial results, we believe the inclusion of these non-IFRS financial measures provides consistency and comparability in our financial reporting to prior periods for which these non-GAAP financial measures were previously reported. These non-GAAP financial measures should not be used as a substitute for or be considered superior to GAAP financial measures. Reconciliation of the non-GAAP financial measures to the most comparable IFRS financial measures are included in the attached Financial Statements. As the reconciliation of amounts stated in Constant Currency is inherent in the disclosure included in the Press Release, we believe that a separate reconciliation would not provide any additional benefit.
The Exhibits attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.
EXHIBITS
The following exhibits are being furnished with this Report:
Exhibit 99.1 Press release issued on February 24, 2026.
Exhibit 99.2 Complete overview of the fourth quarter 2025 and full year 2025.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
DATE: February 24, 2026
| Fresenius Medical Care AG | |
|---|---|
| By: | /s/ Helen Giza |
| Name: | Helen Giza |
| Title: | Chief Executive Officer and Chair of the Management Board |
| By: | /s/ Martin Fischer |
| --- | --- |
| Name: | Martin Fischer |
| Title: | Chief Financial Officer and member of the Management Board |
Exhibit 99.1
| Press Release | Media contact |
|---|---|
| Christine Peters | |
| T +49 160 60 66 770 | |
| [email protected] | |
| Contact for analysts and investors | |
| Dr. Dominik Heger | |
| T +49 6172 609 2525 | |
| [email protected] | |
| www.freseniusmedicalcare.com |
Fresenius Medical Care delivers 27% earnings growth in 2025 andreaches upper end of its financial outlook; margin within 2025 mid-term target band
| · | Strong<br> organic revenue growth^1^ in 2025 of 8% driven by all operating segments |
|---|---|
| · | Driven<br> by an exceptional Q4, full year operating income^2^ growth of 27% reached top end<br> of financial outlook, resulting in a significant margin step up to 11.3% |
| --- | --- |
| · | Reported<br> operating income grew by 31%, reported net income^3^ by 82% |
| --- | --- |
| · | Earnings<br> per share^2^ (EPS) grew by 44%, supported by the accelerated share buyback program |
| --- | --- |
| · | Dividend<br> of EUR 1.49 (+3%) planned to be proposed |
| --- | --- |
| · | FY<br> 2026 outlook operating income is forecast to remain on a consistent level despite significant<br> additional headwinds |
| --- | --- |
Bad Homburg, Germany (February 24, 2026) – “Fresenius Medical Care closed a milestone year marked by outstanding profitability gains. Over the past three years, we built a stronger and more resilient company, meeting all key financial and strategic aspects of the mid-term outlook that we had set for 2025. These achievements reflect our disciplined focus on operational and financial excellence. In 2025, we delivered revenue and operating income growth at the upper end of our outlook, overcoming a difficult market environment,” said Helen Giza, Chief Executive Officer of Fresenius Medical Care AG. “Our operating income margin of 11.3% is well within the mid-term margin target band we established three years ago for 2025. The Group’s step-up in profitability was the result of solid business growth, accelerated FME25+ efficiency gains, higher-than-expected benefits from TDAPA regulation and favorable reimbursement developments, with all segments making meaningful contributions. This progress underscores our ongoing commitment and value creation focus.”
| ^1^ | At constant currency, adjusted for certain reconciling items<br>including revenue from acquisitions, closed or sold operations and differences in dialysis days |
|---|---|
| ^2^ | Adjusted for special items; growth rate at constant currency<br>(if not stated otherwise); for further details please see the reconciliation attached to the press release |
| --- | --- |
| ^3^ | Net income attributable to shareholders of Fresenius Medical<br>Care AG |
| --- | --- |
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Helen Giza continued, “Looking ahead to 2026, we are set to build on the remarkable transformation of recent years and advance the execution of our FME Reignite strategy. For our patients, we are excited to expand access to high-volume hemodiafiltration in the U.S. with the large-scale rollout of our innovative 5008X CAREsystem. We remain steadfast in our commitment to further improve profitability, while investing in our future and overcoming regulatory headwinds. As such, we expect to grow operating income by three to seven percent CAGR out to 2028 and to increase returns for our shareholders.”
Key figures Q4 and FY 2025
| Q4 2025 | Q4 2024 | Growth | Growth | FY 2025 | FY 2024 | Growth | Growth | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| m | m | yoy | yoy, cc | m | m | yoy | yoy, cc | ||||||||||||
| Revenue | 5,070 | 5,085 | 0 | % | +7 | % | 19,628 | 19,336 | +2 | % | +5 | % | |||||||
| Operating income | 594 | 259 | +129 | % | +144 | % | 1,827 | 1,392 | +31 | % | +36 | % | |||||||
| excl.<br> special items2 | 705 | 489 | +44 | % | +53 | % | 2,212 | 1,797 | +23 | % | +27 | % | |||||||
| Net<br> income3 | 327 | 67 | +389 | % | +421 | % | 978 | 538 | +82 | % | +88 | % | |||||||
| excl.<br> special items2 | 412 | 266 | +55 | % | +64 | % | 1,248 | 903 | +38 | % | +43 | % | |||||||
| Basic EPS () | 1.14 | 0.23 | +402 | % | +434 | % | 3.36 | 1.83 | +83 | % | +89 | % | |||||||
| excl.<br> special items2 | 1.44 | 0.91 | +59 | % | +68 | % | 4.28 | 3.08 | +39 | % | +44 | % |
All values are in Euros.
yoy = year-on-year, cc = at constant currency, EPS = earnings pershare
FME Reignite set for nextphase of value creation
Fresenius Medical Care, the world’s leading provider of products and services for individuals with renal disease, successfully concluded its milestone year 2025 and embarked into the next phase of value creation with its FME Reignite strategy. Introduced at the Capital Markets Day in June 2025, the new strategy focuses on strengthening our core operations, driving profitable growth and innovation, and advancing the company culture.
In 2025, Fresenius Medical Care began a soft launch of the high-volume hemodiafiltration (HVHDF) capable 5008X CAREsystem in select U.S. clinics, with plans for a large-scale rollout starting in 2026. The company invests in the training of over 7,200 nurses and technicians and the transition of about 36,000 patients to the new system across 28 states. By replacing approximately 20% of its dialysis machines every year, Fresenius Medical Care aims to provide faster access to this therapy and its associated mortality benefits.
Operational efficiency: In 2025, the FME25+ transformation program further accelerated its positive momentum, delivering EUR 238 million additional sustainable savings for the full year 2025, ahead of the upgraded full year target of around EUR 220 million. Accumulated savings of the entire program reached EUR 804 million. Related one-time costs, treated as special items, were EUR 194 million in 2025, adding up to EUR 793 million since the start of the program in 2021. The company is continuing its strong progress and will accelerate and further expand the FME25+ program. It now projects additional savings of EUR 150 million, increasing the total to EUR 1.2 billion by the end of 2027. Program costs are expected to also be around EUR 1.2 billion within the same period.
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Portfolio Optimization: Fresenius Medical Care continued the execution of its portfolio optimization plan to exit non-core and dilutive assets, emphasizing the company´s focus on product areas, businesses and markets with the best strategic fit, scale and sustainable profitable growth potential. Transactions negatively impacted revenue by EUR 244 million in 2025, translating into a 130 basis points growth headwind. The related negative impact on operating income was EUR 97 million in the full year 2025, treated as special item. All assets divested since 2023 include 391 facilities, around 12,600 employees and 53,600 dialysis patients.
Dividend and share buyback: In 2025, Fresenius Medical Care introduced a new capital allocation framework. The framework foresees a stable and predictable dividend development that results in a payout ratio of 30% to 40% of net income^4^. The planned dividend proposal for fiscal year 2025 of EUR 1.49 per share is a 3% increase and corresponds to a payout of 33% of adjusted net income. Shareholder returns through dividends are complemented by a share buyback program of EUR 1.0 billion currently being executed in two tranches. The first tranche of up to EUR 600 million was initiated on August 11, 2025, and completed in an accelerated way on December 29, 2025. As of December 31, 2025, 14.1 million shares were repurchased for a total investment amount of EUR 586 million. The second tranche of around EUR 414 million started on January 12, 2026, and is planned to end by May 8, 2026. The entire program is therefore expected to be completed in less than one year instead of within two years.
In parallel, net financial debt was further reduced by 6% to EUR 9.2 billion. The corresponding net leverage ratio (net debt/EBITDA) decreased to 2.5x at the end of 2025, compared to 2.9x at the end of 2024, and sits at the lower end of the target corridor of 2.5x to 3.0x.
Fresenius Medical Care endsthe year with strong revenue growth
In the fourth quarter 2025, Group revenue remained stable compared to prior year (+7% at constant currency, +8% organic^1^) with EUR 5,070 million. Strong organic revenue growth was driven by Value-Based Care and Care Delivery. Significant currency effects negatively impacted revenue development in all three operating segments. Divestitures realized as part of the portfolio optimization plan negatively affected the revenue development by 70 basis points.
Care Delivery revenue decreased by 2% (+6% at constant currency, +7% organic^1^) to EUR 3,507 million. Divestitures realized as part of the portfolio optimization plan negatively affected the revenue development by 120 basis points.
In Care Delivery U.S., revenue decreased by 1% (+8% at constant currency, +8% organic^1^) to EUR 2,956 million. Impacts from TDAPA reimbursement regulations, favorable rate and payor mix effects, and reduced implicit price concessions had a positive impact while exchange rates developed unfavorably. U.S. same market treatment growth remained flat (-0.2%).
^4^ Net income attributable to shareholders of FME AG excluding special items
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In Care Delivery International, revenue decreased by 6% (-4% at constant currency, +3% organic^1^) to EUR 551 million. The effects of closed or sold operations, mainly related to portfolio optimization, and unfavorable exchange rates were partially offset by organic growth^1^. International same market treatment growth amounted to 1.7%.
Value-Based Care revenue significantly grew by 32% (+42% at constant currency, +42% organic^1^) to EUR 637 million. Growth in the quarter was driven by a significantly higher number of member months mainly due to contract expansion, while exchange rates developed unfavorably.
Care Enablement revenue decreased by 9% (-3% at constant currency, -3% organic^1^) to EUR 1,401 million. Unfavorable exchange rate effects as well as lower volumes, driven by negative impacts from volume-based procurement and other regulatory policies in China, were partly offset by overall positive pricing momentum.
Within Inter-segment eliminations^5^, revenue for services provided and products transferred between the operating segments at fair market value came in at negative EUR 475 million.
In the full year 2025, Group revenue increased by 2% (+5% at constant currency, +8% organic¹) to EUR 19,628 million. Divestitures realized as part of the portfolio optimization plan negatively impacted the revenue development by 130 basis points. Care Delivery revenue decreased by 2% (+2% at constant currency, +5% organic^1^) to EUR 13,736 million, with Care Delivery U.S. flat year-on-year (+4% at constant currency, +5% organic^1^) at EUR 11,507 million and Care Delivery International decreasing by 10% (-9% at constant currency, +4% organic^1^) to EUR 2,229 million. Divestitures realized as part of the portfolio optimization plan negatively affected the revenue development of Care Delivery by 210 basis points and the revenue development of Care Delivery International by 1,200 basis points. U.S. same market treatment growth came in flat (0.0%) while international same market treatment growth amounted to 2.0%. Value-Based Care revenue increased by 28% (+34% at constant currency, +34% organic^1^) to EUR 2,247 million. Care Enablement revenue decreased by 1% (+2% at constant currency, +2% organic^1^) to EUR 5,476 million. Inter-segment eliminations decreased to a deduction of EUR 1,831 million.
Strong earnings growth momentumand double-digit operating income margin
In the fourth quarter 2025, Group operating income more than doubled and increased by 129% (+144% at constant currency) to EUR 594 million, resulting in a margin of 11.7% (Q4 2024: 5.1%). Operating income excluding special items significantly increased by 44% (+53% at constant currency) to EUR 705 million, resulting in a margin^2^ of 13.9% (Q4 2024: 9.6%). Divestitures realized during the fourth quarter were neutral on operating income margin development.
| ^5^ | The company transfers products from the Care Enablement segment<br>to the Care Delivery segment at fair market value. Services provided by the Care Delivery segment for patients managed under the Value-Based<br>Care segment are also provided at fair market value. The associated internal revenues and expenses and all other consolidation of transactions<br>are included within “Inter-segment eliminations”. |
|---|
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Operating income in Care Delivery increased by 103% (+122% at constant currency) to EUR 528 million, resulting in a margin of 15.1% (Q4 2024: 7.3%). Operating income excluding special items significantly grew by 34% (+45% at constant currency) to EUR 574 million, resulting in a margin^2^ of 16.4% (Q4 2024: 12.0%). Compared to previous year, operating income development was driven by the further accelerated positive impact from TDAPA reimbursement regulations, positive rate and payor mix effects, income attributable to a consent agreement on certain pharmaceuticals and savings from the FME25+ program. The development was negatively impacted by higher personnel expenses including elevated medical benefit costs as well as other inflationary cost increases.
Operating income in Value-Based Care increased to EUR 29 million, compared to a loss of EUR 7 million in the prior year, resulting in a margin of 4.5% (Q4 2024: -1.4%) and reflecting the quarterly earnings volatility, which is inherent to the business model. There were no special items in the fourth quarter of the current and prior year. The improvement compared to the previous year’s quarter was driven by a favorable savings rate for certain contracts, partially offset by an unfavorable effect from CKCC programs.
Operating income in Care Enablement decreased by 21% (-20% at constant currency) to EUR 56 million, resulting in a margin of 4.0% (Q4 2024: 4.6%). Operating income excluding special items decreased by 9% (-6% at constant currency) to EUR 107 million, resulting in a margin^2^ of 7.7% (Q4 2024: 7.7%). The development compared to the previous year’s quarter was mainly driven by lower volumes in China, inflationary cost increases which developed in line with expectations, as well as higher-than-expected currency transaction effects. These negative effects were partially offset by savings from the FME25+ program and overall positive pricing developments.
Operating income for Corporate amounted to a loss of EUR 41 million (Q4 2024: loss of EUR 57 million). Humacyte remeasurements, treated as a special item in the Corporate line, amounted to EUR -14 million and virtual power purchase agreements amounted to EUR -5 million. Operating income excluding special items amounted to a loss of EUR 27 million (Q4 2024: loss of EUR 44 million).
In the full year 2025, Group operating income increased by 31% (+36% at constant currency) to EUR 1,827 million, resulting in a margin of 9.3% (FY 2024: 7.2%). Operating income excluding special items increased by 23% (+27% at constant currency) to EUR 2,212 million, reaching the upper end of the full year outlook and resulting in a margin^2^ of 11.3% (FY 2024: 9.3%) within the 2025 mid-term target band. Divestitures realized during the full year were neutral on operating income margin^2^ development. In Care Delivery, operating income increased by 33% (+40% at constant currency) to EUR 1,614 million, resulting in a margin of 11.8% (FY 2024: 8.7%). Operating income excluding special items increased by 13% (+19% at constant currency) to EUR 1,801 million, resulting in a margin^2^ of 13.1% (FY 2024: 11.4%), within the 2025 mid-term target band. In Value-Based Care operating income improved to EUR 1 million compared to a loss of EUR 28 million in the prior year, resulting in a margin of 0.1% (FY 2024: -1.6%). Operating income excluding special items improved to EUR 3 million compared to a loss of EUR 28 million in the prior year, in line with the full year target of turning break-even and resulting in a positive margin^2^of 0.1% (FY 2024: -1.6%). In Care Enablement, operating income increased by 22% (+23% at constant currency) to EUR 326 million, resulting in a margin of 6.0% (FY 2024: 4.8%). Operating income excluding special items increased by 32% (+33% at constant currency) to EUR 442 million, resulting in a margin^2^ of 8.1% (FY 2024: 6.0%), within the 2025 mid-term target band. Operating income for Corporate amounted to a loss of EUR 119 million (FY 2024: loss of EUR 48 million). Operating income excluding special items improved to a loss of EUR 38 million (FY 2024: loss of EUR 80 million), mainly due to a favorable impact from the valuation of virtual power purchase agreements.
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Net income^3^ more than quadrupled compared to prior year (+421% at constant currency) to EUR 327 million in the fourth quarter 2025. Net income excluding special items increased by 55% (+64% at constant currency) to EUR 412 million.
In the full year 2025, net income^3^significantly increased by 82% (+88% at constant currency) to EUR 978 million. Net income excluding special items increased by 38% (+43% at constant currency) to EUR 1,248 million.
Basic earnings per share (EPS) more than quadrupled compared to prior year (+434% at constant currency) to EUR 1.14 in the fourth quarter 2025, based on 285,906,303 shares. Basic EPS excluding special items increased by 59% (+68% at constant currency) to EUR 1.44.
In the full year 2025, basic EPS increased by 83% (+89% at constant currency) to EUR 3.36, based on 291,190,575 shares. Basic EPS excluding special items increased by 39% (+44% at constant currency) to EUR 4.28.
Solid cash flow growth, netleverage ratio at low end of target corridor
In the fourth quarter 2025, operatingcash flow increased by 20% to EUR 1,002 million (Q4 2024: EUR 832 million), resulting in a margin of 19.8% (Q4 2024: 16.4%). In the full year 2025, operating cash flow improved by 12% to EUR 2,681 million (FY 2024: EUR 2,386 million). The related margin came in at 13.7% (FY 2024: 12.3%). Both developments were mainly driven by the increase in net income, the improvement in cash collections and prior-year phasing of income tax payments.
During the quarter, the company closed the agreement to purchase its main production sites in Schweinfurt and St. Wendel, Germany, from Fresenius SE for a total amount of EUR 181 million.
Free cash flow^6^ decreased by 2% to EUR 584 million in the fourth quarter 2025 (Q4 2024: EUR 599 million), resulting in a margin of 11.5% (Q4 2024: 11.8%). In the full year 2025, Fresenius Medical Care increased free cash flow by 5% to EUR 1,782 million (FY 2024: EUR 1,701 million), resulting in a margin of 9.1% (FY 2024: 8.8%).
| ^6^ | Net cash provided by / used in operating activities, after capital<br>expenditures, before acquisitions, investments, and dividends |
|---|
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Total net debt and lease liabilities were further reduced to EUR 9,196 million (Q4 2024: EUR 9,803 million). The net leverage ratio (net debt/EBITDA) further improved to 2.5x in Q4 2025 (Q3 2025: 2.6x), thus finishing the year at the lower end of our 2.5x to 3.0x target band.
Patients, clinics and employees
As of December 31, 2025, Fresenius Medical Care treated 291,902 patients in 3,601 dialysis clinics worldwide and had 109,698 employees (headcount) globally.
Outlook 2026
In 2026, Fresenius Medical Care expects revenuegrowth to be broadly flat compared to prior year. The company expects operating income to remain on a consistent level, with a range between a positive and negative mid-single digit percent growth rate compared to prior year.
The expected growth rates for 2026 are at constant currency and excluding special items in operating income. The 2025 basis for the revenue outlook is EUR 19,628 million and for the operating income outlook is EUR 2,212 million.
Aspirations 2028 and 2030
Fresenius Medical Care aspires operating incomegrowth (CAGR) of between 3 and 7 percent between 2025 and 2028.
Fresenius Medical Care aspires revenue growth (CAGR) between 2025 and 2030 for Care Delivery to amount to a low- to mid-single digit percent rate and for Care Enablement to a mid-single digit percent rate.
The company confirms its 2030 aspiration to achieve an industry-leading mid-teens percent operating income margin for the Group, for Care Delivery and for Care Enablement as well as a low single-digit operating income margin for Value-Based Care.
The assumed growth rates are at constant currency and exclude special items. The assumed margins exclude special items in operating income.
Press conference
Fresenius Medical Care will host a virtual press conference to discuss the results of the fourth quarter and the full year 2025 today, February 24, 2026, at 10:00 a.m. CET / 4:00 a.m. EST.
Investor conference call
Fresenius Medical Care will host a conference call for analysts and investors to discuss the results of the fourth quarter and full year 2025 today, February 24, 2026, at 2:00 p.m. CET / 8:00 a.m. EST. Details are available on the Fresenius Medical Care website in the “Investors” section. A replay and a transcript will be available shortly after the call.
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Please refer to our statement of earnings included at the end of this press release and to the attachments as separate PDF files for a complete overview of the results of the fourth quarter and full year 2025. Our form 20-F disclosure provides more details.
About Fresenius Medical Care:
Fresenius Medical Care is the world's leading provider of products and services for individuals with renal diseases of which around 4.5 million patients worldwide regularly undergo dialysis treatment. Through its network of 3,601 dialysis clinics, Fresenius Medical Care provides dialysis treatments for approx. 292,000 patients around the globe. Fresenius Medical Care is also the leading provider of dialysis products such as dialysis machines or dialyzers. Fresenius Medical Care is listed on the Frankfurt Stock Exchange (FME) and on the New York Stock Exchange (FMS).
For more information visit the company’s website at www.freseniusmedicalcare.com.
Disclaimer:
This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results could differ materially from those described in these forward-looking statements due to various factors, including, but not limited to, changes in business, economic and competitive conditions, legal changes, regulatory approvals, results of clinical studies, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. These and other risks and uncertainties are detailed in Fresenius Medical Care’s reports filed with the U.S. Securities and Exchange Commission. Fresenius Medical Care does not undertake any responsibility to update the forward-looking statements in this release.
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Exhibit 99.2
FreseniusMedical Care AG
COMPLETEOVERVIEW OF THE FOURTH QUARTER AND FULL YEAR 2025
February 24, 2026
Investor Relations
phone:+49 6172 609 2525
email:[email protected]
Content:
| Statement of<br> earnings | page 2 |
|---|---|
| Segment<br> information | page 3 |
| Balance<br> sheet | page 4 |
| Cash flow | page 5 |
| Revenue<br> development by segment | page 6 |
| Key metrics | page 7 |
| Reconciliation<br> results excl. special items | page 8 |
| Outlook 2026 | page 9 |
Disclaimer
This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results could differ materially from those described in these forward-looking statements due to various factors, including, but not limited to, changes in business, economic and competitive conditions, legal changes, regulatory approvals, impacts related to COVID-19, results of clinical studies, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. These and other risks and uncertainties are detailed in Fresenius Medical Care AG’s reports filed with the U.S. Securities and Exchange Commission. Fresenius Medical Care AG does not undertake any responsibility to update the forward-looking statements in this release.
Rounding adjustments applied to individual numbers and percentages may result in these figures differing immaterially from their absolute values. Furthermore, totals and subtotals in tables may differ slightly from unrounded figures due to rounding in accordance with commercial rounding conventions.
Copyright by Fresenius Medical Care AG
Statement of earnings
| Three<br> months ended December 31, | Twelve<br> months ended December 31, | |||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| in<br> million, except share data | 2025 | 2024 | Change | Change<br><br> at cc | 2025 | 2024 | Change | Change<br><br> at cc | ||||||||||||||||||||||||
| Total<br> revenue | 5,070 | 5,085 | -0.3 | % | 7.1 | % | 19,628 | 19,336 | 1.5 | % | 5.4 | % | ||||||||||||||||||||
| Costs of revenue | 3,681 | 3,814 | -3.5 | % | 3.9 | % | 14,599 | 14,579 | 0.1 | % | 4.1 | % | ||||||||||||||||||||
| Selling,<br> general and administrative expense | 785 | 840 | -6.5 | % | -0.6 | % | 3,033 | 3,143 | -3.5 | % | -0.2 | % | ||||||||||||||||||||
| Research<br> and development expense | 39 | 50 | -22.8 | % | -20.6 | % | 158 | 183 | -13.9 | % | -12.6 | % | ||||||||||||||||||||
| Income<br> from equity method investees | (42 | ) | (32 | ) | 29.7 | % | 29.9 | % | (181 | ) | (135 | ) | 34.5 | % | 34.5 | % | ||||||||||||||||
| Other operating<br> income | (131 | ) | (228 | ) | -42.5 | % | -40.8 | % | (528 | ) | (760 | ) | -30.5 | % | -29.4 | % | ||||||||||||||||
| Other operating<br> expense | 144 | 382 | -62.3 | % | -60.5 | % | 720 | 934 | -22.8 | % | -21.0 | % | ||||||||||||||||||||
| Operating<br> income | 594 | 259 | 129.4 | % | 143.6 | % | 1,827 | 1,392 | 31.2 | % | 35.6 | % | ||||||||||||||||||||
| Operating<br> income excl. special items 1 | 705 | 489 | 44.2 | % | 52.9 | % | 2,212 | 1,797 | 23.1 | % | 27.2 | % | ||||||||||||||||||||
| Interest<br> income | (14 | ) | (21 | ) | -35.8 | % | -32.4 | % | (70 | ) | (72 | ) | -2.7 | % | 1.8 | % | ||||||||||||||||
| Interest<br> expense | 99 | 101 | -2.0 | % | 4.4 | % | 385 | 407 | -5.6 | % | -2.2 | % | ||||||||||||||||||||
| Interest<br> expense, net | 85 | 80 | 7.0 | % | 14.1 | % | 315 | 335 | -6.2 | % | -3.1 | % | ||||||||||||||||||||
| Income<br> before income taxes | 509 | 179 | 183.9 | % | 201.2 | % | 1,512 | 1,057 | 43.1 | % | 47.9 | % | ||||||||||||||||||||
| Income<br> tax expense | 106 | 61 | 74.5 | % | 81.9 | % | 321 | 316 | 1.6 | % | 4.4 | % | ||||||||||||||||||||
| Net<br> income | 403 | 118 | 240.4 | % | 262.8 | % | 1,191 | 741 | 60.8 | % | 66.5 | % | ||||||||||||||||||||
| Net income<br> attributable to noncontrolling interests | 76 | 51 | 46.3 | % | 56.6 | % | 213 | 203 | 4.9 | % | 9.4 | % | ||||||||||||||||||||
| Net<br> income attributable to shareholders of FME AG | 327 | 67 | 388.9 | % | 420.8 | % | 978 | 538 | 81.9 | % | 88.0 | % | ||||||||||||||||||||
| Net income<br> attributable to shareholders of FME AG <br> excl. special items 1 | 412 | 266 | 54.9 | % | 63.9 | % | 1,248 | 903 | 38.2 | % | 42.6 | % | ||||||||||||||||||||
| Weighted average number of<br> shares | 285,906,303 | 293,413,449 | 291,190,575 | 293,413,449 | ||||||||||||||||||||||||||||
| Basic earnings per share | € | 1.14 | € | 0.23 | 401.8 | % | 434.4 | % | € | 3.36 | € | 1.83 | 83.3 | % | 89.4 | % | ||||||||||||||||
| Basic<br> earnings per ADS | € | 0.57 | € | 0.11 | 401.8 | % | 434.4 | % | € | 1.68 | € | 0.92 | 83.3 | % | 89.4 | % | ||||||||||||||||
| Operating<br> income | 594 | 259 | 129.4 | % | 143.6 | % | 1,827 | 1,392 | 31.2 | % | 35.6 | % | ||||||||||||||||||||
| Depreciation,<br> amortization and impairment loss | 373 | 477 | -21.7 | % | -16.4 | % | 1,500 | 1,743 | -13.9 | % | -10.9 | % | ||||||||||||||||||||
| EBITDA | 967 | 736 | 31.5 | % | 39.9 | % | 3,327 | 3,135 | 6.2 | % | 9.8 | % | ||||||||||||||||||||
| In<br> percent of revenue | ||||||||||||||||||||||||||||||||
| Operating<br> income margin | 11.7 | % | 5.1 | % | 9.3 | % | 7.2 | % | ||||||||||||||||||||||||
| Operating<br> income margin excl. special items 1 | 13.9 | % | 9.6 | % | 11.3 | % | 9.3 | % | ||||||||||||||||||||||||
| EBITDA<br> margin | 19.1 | % | 14.5 | % | 17.0 | % | 16.2 | % | ||||||||||||||||||||||||
| EBITDA<br> margin excl. special items 1 | 21.2 | % | 17.4 | % | 18.8 | % | 17.3 | % |
All values are in Euros.
^1^ For a reconciliation of special items, please refer to the table on page 8.
| Statement of earnings | page 2 of 9 | February 24, 2026 |
|---|
Segment information
| Three<br> months ended December 31, | Twelve<br> months ended December 31, | |||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | Change | Change<br> <br> at cc | 2025 | 2024 | Change | Change<br> <br><br> at cc | |||||||||||||||||||||||||
| Total | ||||||||||||||||||||||||||||||||
| Revenue<br> in million | 5,070 | 5,085 | -0.3 | % | 7.1 | % | 19,628 | 19,336 | 1.5 | % | 5.4 | % | ||||||||||||||||||||
| Operating<br> income in million | 594 | 259 | 129.4 | % | 143.6 | % | 1,827 | 1,392 | 31.2 | % | 35.6 | % | ||||||||||||||||||||
| Operating<br> income in million excl. special items 1 | 705 | 489 | 44.2 | % | 52.9 | % | 2,212 | 1,797 | 23.1 | % | 27.2 | % | ||||||||||||||||||||
| Operating<br> income margin | 11.7 | % | 5.1 | % | 9.3 | % | 7.2 | % | ||||||||||||||||||||||||
| Operating<br> income margin excl. special items 1 | 13.9 | % | 9.6 | % | 11.3 | % | 9.3 | % | ||||||||||||||||||||||||
| Days sales<br> outstanding (DSO) 2 | 59 | 63 | ||||||||||||||||||||||||||||||
| Employees<br> (headcount) | 109,698 | 111,513 | ||||||||||||||||||||||||||||||
| Care<br> Delivery segment | ||||||||||||||||||||||||||||||||
| Revenue<br> in million | 3,507 | 3,571 | -1.8 | % | 5.7 | % | 13,736 | 14,003 | -1.9 | % | 1.8 | % | ||||||||||||||||||||
| Operating<br> income in million | 528 | 260 | 103.3 | % | 121.9 | % | 1,614 | 1,218 | 32.5 | % | 39.6 | % | ||||||||||||||||||||
| Operating<br> income in million excl. special items 1 | 574 | 430 | 33.7 | % | 44.9 | % | 1,801 | 1,593 | 13.0 | % | 18.5 | % | ||||||||||||||||||||
| Operating<br> income margin | 15.1 | % | 7.3 | % | 11.8 | % | 8.7 | % | ||||||||||||||||||||||||
| Operating<br> income margin excl. special items 1 | 16.4 | % | 12.0 | % | 13.1 | % | 11.4 | % | ||||||||||||||||||||||||
| Days sales<br> outstanding (DSO) 2 | 54 | 56 | ||||||||||||||||||||||||||||||
| Value-Based<br> Care segment | ||||||||||||||||||||||||||||||||
| Revenue<br> in million | 637 | 484 | 31.6 | % | 42.4 | % | 2,247 | 1,752 | 28.2 | % | 33.9 | % | ||||||||||||||||||||
| Operating<br> income in million | 29 | (7 | ) | n.a. | n.a. | 1 | (28 | ) | n.a. | n.a. | ||||||||||||||||||||||
| Operating<br> income in million excl. special items 1 | 29 | (7 | ) | n.a. | n.a. | 3 | (28 | ) | n.a. | n.a. | ||||||||||||||||||||||
| Operating<br> income margin | 4.5 | % | -1.4 | % | 0.1 | % | -1.6 | % | ||||||||||||||||||||||||
| Operating<br> income margin excl. special items 1 | 4.5 | % | -1.4 | % | 0.1 | % | -1.6 | % | ||||||||||||||||||||||||
| Days sales<br> outstanding (DSO) 2 | 33 | 33 | ||||||||||||||||||||||||||||||
| Care<br> Enablement segment | ||||||||||||||||||||||||||||||||
| Revenue<br> in million | 1,401 | 1,537 | -8.8 | % | -3.2 | % | 5,476 | 5,557 | -1.4 | % | 2.2 | % | ||||||||||||||||||||
| Operating<br> income in million | 56 | 71 | -21.0 | % | -20.3 | % | 326 | 267 | 22.0 | % | 22.8 | % | ||||||||||||||||||||
| Operating<br> income in million excl. special items 1 | 107 | 118 | -8.6 | % | -5.8 | % | 442 | 336 | 31.5 | % | 33.3 | % | ||||||||||||||||||||
| Operating<br> income margin | 4.0 | % | 4.6 | % | 6.0 | % | 4.8 | % | ||||||||||||||||||||||||
| Operating<br> income margin excl. special items 1 | 7.7 | % | 7.7 | % | 8.1 | % | 6.0 | % | ||||||||||||||||||||||||
| Days sales<br> outstanding (DSO) 2 | 86 | 95 | ||||||||||||||||||||||||||||||
| Inter-segment<br> eliminations 3 | ||||||||||||||||||||||||||||||||
| Revenue<br> in million | (475 | ) | (507 | ) | -6.3 | % | 0.3 | % | (1,831 | ) | (1,976 | ) | -7.3 | % | -3.9 | % | ||||||||||||||||
| Operating<br> income in million | 22 | (8 | ) | n.a | n.a | 5 | (17 | ) | n.a. | n.a. | ||||||||||||||||||||||
| Operating<br> income in million excl. special items 1 | 22 | (8 | ) | n.a. | n.a. | 4 | (24 | ) | n.a. | n.a. | ||||||||||||||||||||||
| Corporate | ||||||||||||||||||||||||||||||||
| Operating<br> income in million | (41 | ) | (57 | ) | -27.9 | % | -3.9 | % | (119 | ) | (48 | ) | 148.4 | % | 206.2 | % | ||||||||||||||||
| Operating<br> income in million excl. special items 1 | (27 | ) | (44 | ) | -37.2 | % | -11.5 | % | (38 | ) | (80 | ) | -54.3 | % | -27.4 | % |
All values are in Euros.
^1^ For a reconciliation of special items, please refer to the table on page 8.
^2^ Includes receivables related to assets held for sale.
^3^ Services provided by the Care Delivery segment in the U.S. for patients managed under the Value-Based Care segment are provided at fair market value. The Company also transfers products from the Care Enablement segment to the Care Delivery segment at fair market value. The associated internal revenues and expenses and all other consolidation of transactions are included within “Inter-segment eliminations”.
cc = constant currency. Changes in revenue, operating income and net income attributable to shareholders of FME AG include the impact of changes in foreign currency exchange rates. We calculate and present these financial measures using both IFRS Accounting Standards and at constant exchange rates to show changes in these metrics and other items without giving effect to period-to-period currency fluctuations. Under IFRS Accounting Standards, amounts received in local (non-euro) currency are translated into euro at the average exchange rate for the period presented. Once we translate the local currency for the constant currency, we then calculate the change, as a percentage, of the current period using the prior period exchange rates versus the prior period. The single quarter results are calculated as the variance between the current year-to-date results less the preceding quarter’s year-to-date which makes the single quarter subject to further foreign exchange fluctuation. This resulting percentage is a non-IFRS measure referring to a change as a percentage at constant currency. These currency-adjusted financial measures are identifiable by the designated term "Constant Currency".
| Segment information | page 3 of 9 | February 24, 2026 |
|---|
Balance sheet
| December 31, | December 31, | |||||||
|---|---|---|---|---|---|---|---|---|
| in million, except<br> for net leverage ratio | 2025 | **** | **** | 2024 | **** | |||
| Assets | ||||||||
| Cash and cash equivalents | 1,599 | 1,180 | ||||||
| Trade accounts and other receivables from unrelated parties | 3,142 | 3,367 | ||||||
| Inventories | 2,141 | 2,068 | ||||||
| Other current assets | 1,016 | 1,308 | ||||||
| Goodwill and intangible assets | 14,826 | 16,541 | ||||||
| Right-of-use assets | 3,014 | 3,612 | ||||||
| Other non-current assets | 5,264 | 5,491 | ||||||
| Total assets | 31,002 | 33,567 | ||||||
| Liabilities and equity | ||||||||
| Accounts payable to unrelated parties | 738 | 904 | ||||||
| Other current liabilities | 5,507 | 4,756 | ||||||
| Non-current liabilities | 10,474 | 12,138 | ||||||
| Total equity | 14,283 | 15,769 | ||||||
| Total liabilities and equity | 31,002 | 33,567 | ||||||
| Equity/assets ratio | 46 | % | 47 | % | ||||
| Debt and lease liabilities | ||||||||
| Short-term debt from unrelated parties | 17 | 2 | ||||||
| Current portion of long-term debt | 1,596 | 575 | ||||||
| Current portion of lease liabilities from unrelated parties | 577 | 616 | ||||||
| Current portion of lease liabilities from related parties | 7 | 25 | ||||||
| Long-term debt, less current portion | 5,692 | 6,261 | ||||||
| Lease liabilities from unrelated parties, less current portion | 2,895 | 3,412 | ||||||
| Lease liabilities from related parties, less current portion | 11 | 88 | ||||||
| Debt and lease liabilities included within liabilities directly associated with assets held for sale | — | 9 | ||||||
| Total debt and lease liabilities | 10,795 | 10,988 | ||||||
| Minus: Cash and cash equivalents1 | (1,599 | ) | (1,185 | ) | ||||
| Total net debt and lease liabilities | 9,196 | 9,803 | ||||||
| Reconciliation of adjusted EBITDA and net leverage ratio to the most directly comparable IFRS Accounting Standards financial measure | ||||||||
| Net income | 1,191 | 741 | ||||||
| Income tax expense | 321 | 316 | ||||||
| Interest income | (70 | ) | (72 | ) | ||||
| Interest expense | 385 | 407 | ||||||
| Depreciation and amortization | 1,463 | 1,536 | ||||||
| Adjustments2 | 447 | 450 | ||||||
| Adjusted EBITDA | 3,737 | 3,378 | ||||||
| Net leverage ratio | 2.5 | 2.9 |
All values are in Euros.
^1^ Includes cash and cash equivalents included within assets held for sale.
^2^ Acquisitions and divestitures made for the last twelve months with a purchase price above a €50 M threshold as defined in the Syndicated Credit Facility (2025: €1 M; 2024: -€23 M), non-cash charges, primarily related to pension expense (2025: €47 M; 2024: €52 M), impairment loss (2025: €37 M; 2024: €207 M), and special items, including costs related to the FME25+ Program (2025: €185 M; 2024: €164 M), Legacy Portfolio Optimization (2025: €83 M; 2024: €113 M), Legal Form Conversion Costs (2025: €4 M; 2024: €9 M), and Humacyte Remeasurements (2025: €90 M; 2024: -€72 M).
| Balance sheet | page 4 of 9 | February 24, 2026 |
|---|
Cash flowstatement
| Three months ended December 31, | Twelve months ended December 31, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| in € million | 2025 | 2024 | 2025 | 2024 | ||||||||
| Operating activities | ||||||||||||
| Net income | 403 | 118 | 1,191 | 741 | ||||||||
| Depreciation, amortization and impairment loss | 373 | 477 | 1,500 | 1,743 | ||||||||
| Change in trade accounts and other receivables from unrelated parties | 98 | 30 | (76 | ) | (198 | ) | ||||||
| Change in inventories | (59 | ) | 96 | (249 | ) | 108 | ||||||
| Change in other working capital and non-cash items | 187 | 111 | 315 | (8 | ) | |||||||
| Net cash provided by (used in) operating activities | 1,002 | 832 | 2,681 | 2,386 | ||||||||
| In percent of revenue | 19.8 | % | 16.4 | % | 13.7 | % | 12.3 | % | ||||
| Investing activities | ||||||||||||
| Purchases of property, plant and equipment and capitalized development costs | (423 | ) | (241 | ) | (915 | ) | (699 | ) | ||||
| Proceeds from sale of property, plant and equipment | 5 | 8 | 16 | 14 | ||||||||
| Capital expenditures, net | (418 | ) | (233 | ) | (899 | ) | (685 | ) | ||||
| Free cash flow | 584 | 599 | 1,782 | 1,701 | ||||||||
| In percent of revenue | 11.5 | % | 11.8 | % | 9.1 | % | 8.8 | % | ||||
| Acquisitions and investments, net of cash acquired, and purchases of intangible assets | (3 | ) | (5 | ) | (22 | ) | (23 | ) | ||||
| Investments in debt securities | (62 | ) | (17 | ) | (87 | ) | (82 | ) | ||||
| Proceeds from divestitures, net of cash disposed | 38 | 128 | 202 | 630 | ||||||||
| Proceeds from sale of debt securities | 26 | 8 | 83 | 75 | ||||||||
| Free cash flow after investing activities | 583 | 713 | 1,958 | 2,301 | ||||||||
| Cash flow | page 5 of 9 | February 24, 2026 | ||||||||||
| --- | --- | --- |
Revenue developmentby segment
| in € million | 2025 | 2024 | Change | Change <br> at cc | Organic<br><br>growth | Same market<br><br> treatment<br> <br>growth^1^ | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Three months ended December 31, | ||||||||||||||||||
| Total revenue | 5,070 | 5,085 | -0.3 | % | 7.1 | % | 8.2 | % | ||||||||||
| Care Delivery segment | 3,507 | 3,571 | -1.8 | % | 5.7 | % | 7.3 | % | 0.3 | % | ||||||||
| Thereof: U.S. | 2,956 | 2,985 | -0.9 | % | 7.7 | % | 8.0 | % | -0.2 | % | ||||||||
| Thereof: International | 551 | 586 | -6.1 | % | -4.4 | % | 3.4 | % | 1.7 | % | ||||||||
| Value-Based Care segment | 637 | 484 | 31.6 | % | 42.4 | % | 42.4 | % | ||||||||||
| Care Enablement segment | 1,401 | 1,537 | -8.8 | % | -3.2 | % | -3.2 | % | ||||||||||
| Inter-segment eliminations | (475 | ) | (507 | ) | -6.3 | % | 0.3 | % | ||||||||||
| Thereof: Care Delivery segment | (133 | ) | (110 | ) | 21.1 | % | 31.4 | % | ||||||||||
| Thereof: Care Enablement segment | (342 | ) | (397 | ) | -13.8 | % | -8.2 | % | ||||||||||
| Twelve months ended December 31, | ||||||||||||||||||
| Total revenue | 19,628 | 19,336 | 1.5 | % | 5.4 | % | 7.6 | % | ||||||||||
| Care Delivery segment | 13,736 | 14,003 | -1.9 | % | 1.8 | % | 4.7 | % | 0.6 | % | ||||||||
| Thereof: U.S. | 11,507 | 11,526 | -0.2 | % | 4.2 | % | 4.7 | % | 0.0 | % | ||||||||
| Thereof: International | 2,229 | 2,477 | -10.0 | % | -9.3 | % | 4.4 | % | 2.0 | % | ||||||||
| Value-Based Care segment | 2,247 | 1,752 | 28.2 | % | 33.9 | % | 33.9 | % | ||||||||||
| Care Enablement segment | 5,476 | 5,557 | -1.4 | % | 2.2 | % | 2.2 | % | ||||||||||
| Inter-segment eliminations | (1,831 | ) | (1,976 | ) | -7.3 | % | -3.9 | % | ||||||||||
| Thereof: Care Delivery segment | (497 | ) | (480 | ) | 3.6 | % | 8.1 | % | ||||||||||
| Thereof: Care Enablement segment | (1,334 | ) | (1,496 | ) | -10.8 | % | -7.8 | % |
^1^ Same market treatment growth = organic growth less price effects.
| Revenue development by segment | page 6 of 9 | February 24, 2026 |
|---|
Key metrics
| Twelve months ended December 31, 2025 | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| **** | **** | Clinics | **** | **** | Patients | **** | **** | Treatments | **** | |||||||
| 2025 | 2024 | Change | 2025 | 2024 | Change | 2025 | 2024 | Change | ||||||||
| Care Delivery segment | 3,601 | 3,675 | -2 | % | 291,902 | 299,352 | -2 | % | 44,746,884 | 47,617,071 | -6 | % | ||||
| Thereof: U.S. | 2,622 | 2,624 | 0 | % | 205,483 | 206,436 | 0 | % | 31,069,465 | 31,213,447 | 0 | % | ||||
| Thereof: International | 979 | 1,051 | -7 | % | 86,419 | 92,916 | -7 | % | 13,677,419 | 16,403,624 | -17 | % | ||||
| Twelve months ended December 31, 2025 | ||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| **** | Member Months | **** | **** | Membership | **** | |||||||||||
| 2025 | 2024 | Change | 2025 | 2024 | Change | |||||||||||
| Value-Based Care segment | ||||||||||||||||
| Total U.S. | 1,788,951 | 1,534,053 | 17 | % | 162,697 | 131,750 | 23 | % | ||||||||
| Key metrics | page 7 of 9 | February 24, 2026 | ||||||||||||||
| --- | --- | --- |
Reconciliation of non-IFRS financial measures to the most directly comparable IFRS Accounting Standards financial measures for comparability with the Company´s outlook
| Special items | Special<br> items | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Results | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Legal | Interwell <br><br>Health | Sum | Results<br><br>2025 | 2025<br><br>excl. | Legal | Sum | Results<br><br>2024 | Change | Change<br><br>excl. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| in<br> million, except share data | Results2025 | FME25+<br><br>Program^1^ | Legacy<br><br>Portfolio<br><br>Optimization^2^ | Form<br><br>Conversion<br><br>Costs | Humacyte<br><br>Remeasurements | Deferred<br><br>Tax<br><br>Reversal^3^ | of<br><br> special<br><br><br> items | excl.<br><br> special items | Currency<br><br>translation<br><br>effects | special<br><br>items<br> at<br><br> cc | Results2024 | FME25+<br><br>Program^1^ | Legacy<br><br>Portfolio<br><br>Optimization^2^ | Form<br><br>Conversion<br><br>Costs | Humacyte<br><br>Remeasurements | of<br><br>special<br><br><br> items | excl.<br><br> special<br><br> items | excl.<br><br>special<br><br>items | special<br><br>items<br> at<br><br> cc | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Three months ended December<br> 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total<br> revenue | 5,070 | — | — | — | — | — | — | 5,070 | 374 | 5,444 | 5,085 | — | — | — | — | — | 5,085 | -0.3 | % | 7.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Care<br> Delivery segment | 3,507 | — | — | — | — | — | — | 3,507 | 268 | 3,775 | 3,571 | — | — | — | — | — | 3,571 | -1.8 | % | 5.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Thereof:<br> U.S. | 2,956 | — | — | — | — | — | — | 2,956 | 258 | 3,214 | 2,985 | — | — | — | — | — | 2,985 | -0.9 | % | 7.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Thereof:<br> International | 551 | — | — | — | — | — | — | 551 | 10 | 561 | 586 | — | — | — | — | — | 586 | -6.1 | % | -4.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Value-Based<br> Care segment | 637 | — | — | — | — | — | — | 637 | 52 | 689 | 484 | — | — | — | — | — | 484 | 31.6 | % | 42.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Care<br> Enablement segment | 1,401 | — | — | — | — | — | — | 1,401 | 87 | 1,488 | 1,537 | — | — | — | — | — | 1,537 | -8.8 | % | -3.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inter-segment<br> eliminations | (475 | ) | — | — | — | — | — | — | (475 | ) | (33 | ) | (508 | ) | (507 | ) | — | — | — | — | — | (507 | ) | -6.3 | % | 0.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| EBITDA | 967 | 69 | 18 | 2 | 18 | — | 107 | 1,074 | 67 | 1,141 | 736 | 68 | 69 | 4 | 7 | 148 | 884 | 21.5 | % | 29.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total<br> operating income | 594 | 73 | 18 | 2 | 18 | — | 111 | 705 | 43 | 748 | 259 | 73 | 146 | 4 | 7 | 230 | 489 | 44.2 | % | 52.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Care<br> Delivery segment | 528 | 26 | 20 | — | — | — | 46 | 574 | 49 | 623 | 260 | 29 | 141 | — | — | 170 | 430 | 33.7 | % | 44.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Value-Based<br> Care segment | 29 | 0 | — | — | — | — | 0 | 29 | 1 | 30 | (7 | ) | — | — | — | — | — | (7 | ) | n.a. | n.a. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Care<br> Enablement segment | 56 | 47 | 0 | — | 4 | — | 51 | 107 | 4 | 111 | 71 | 42 | 5 | 0 | 0 | 47 | 118 | -8.6 | % | -5.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inter-segment<br> eliminations | 22 | — | 0 | — | — | — | 0 | 22 | 1 | 23 | (8 | ) | — | 0 | — | — | 0 | (8 | ) | n.a. | n.a. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Corporate | (41 | ) | 0 | (2 | ) | 2 | 14 | — | 14 | (27 | ) | (12 | ) | (39 | ) | (57 | ) | 2 | 0 | 4 | 7 | 13 | (44 | ) | -37.2 | % | -11.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
| Interest<br> expense, net | 85 | — | — | — | — | — | — | 85 | 6 | 91 | 80 | — | — | — | — | — | 80 | 7.0 | % | 14.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax<br> expense | 106 | 19 | 2 | 1 | 4 | 0 | 26 | 132 | 9 | 141 | 61 | 20 | 16 | 1 | 2 | 39 | 100 | 32.9 | % | 40.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income attributable to<br> noncontrolling <br>interests | 76 | — | — | — | — | — | — | 76 | 4 | 80 | 51 | — | (8 | ) | — | — | (8 | ) | 43 | 73.7 | % | 85.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net<br> income4 | 327 | 54 | 16 | 1 | 14 | 0 | 85 | 412 | 24 | 436 | 67 | 53 | 138 | 3 | 5 | 199 | 266 | 54.9 | % | 63.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basic earnings per share | € | 1.14 | € | 0.19 | € | 0.06 | € | 0.00 | € | 0.05 | € | 0.00 | € | 0.30 | € | 1.44 | € | 0.08 | € | 1.52 | € | 0.23 | € | 0.18 | € | 0.47 | € | 0.01 | € | 0.02 | € | 0.68 | € | 0.91 | 59.0 | % | 68.2 | % | ||||||||||||||||||||||||||||||||||||||
| Twelve months ended December<br> 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total<br> revenue | 19,628 | — | — | — | — | — | — | 19,628 | 758 | 20,386 | 19,336 | — | — | — | — | — | 19,336 | 1.5 | % | 5.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Care<br> Delivery segment | 13,736 | — | — | — | — | — | — | 13,736 | 522 | 14,258 | 14,003 | — | — | — | — | — | 14,003 | -1.9 | % | 1.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Thereof:<br> U.S. | 11,507 | — | — | — | — | — | — | 11,507 | 505 | 12,012 | 11,526 | — | — | — | — | — | 11,526 | -0.2 | % | 4.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Thereof:<br> International | 2,229 | — | — | — | — | — | — | 2,229 | 17 | 2,246 | 2,477 | — | — | — | — | — | 2,477 | -10.0 | % | -9.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Value-Based<br> Care segment | 2,247 | — | — | — | — | — | — | 2,247 | 99 | 2,346 | 1,752 | — | — | — | — | — | 1,752 | 28.2 | % | 33.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Care<br> Enablement segment | 5,476 | — | — | — | — | — | — | 5,476 | 205 | 5,681 | 5,557 | — | — | — | — | — | 5,557 | -1.4 | % | 2.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inter-segment<br> eliminations | (1,831 | ) | — | — | — | — | — | — | (1,831 | ) | (68 | ) | (1,899 | ) | (1,976 | ) | — | — | — | — | — | (1,976 | ) | -7.3 | % | -3.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| EBITDA | 3,327 | 185 | 83 | 4 | 90 | — | 362 | 3,689 | 124 | 3,813 | 3,135 | 164 | 113 | 9 | (72 | ) | 214 | 3,349 | 10.2 | % | 13.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total<br> operating income | 1,827 | 194 | 97 | 4 | 90 | — | 385 | 2,212 | 73 | 2,285 | 1,392 | 180 | 288 | 9 | (72 | ) | 405 | 1,797 | 23.1 | % | 27.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Care<br> Delivery segment | 1,614 | 89 | 98 | — | — | — | 187 | 1,801 | 88 | 1,889 | 1,218 | 74 | 301 | — | — | 375 | 1,593 | 13.0 | % | 18.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Value-Based<br> Care segment | 1 | 2 | — | — | — | — | 2 | 3 | 0 | 3 | (28 | ) | — | — | — | — | — | (28 | ) | n.a. | n.a. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Care<br> Enablement segment | 326 | 103 | 0 | — | 13 | — | 116 | 442 | 6 | 448 | 267 | 104 | (7 | ) | 0 | (28 | ) | 69 | 336 | 31.5 | % | 33.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inter-segment<br> eliminations | 5 | — | (1 | ) | — | — | — | (1 | ) | 4 | 0 | 4 | (17 | ) | — | (7 | ) | — | — | (7 | ) | (24 | ) | n.a. | n.a. | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Corporate | (119 | ) | 0 | 0 | 4 | 77 | — | 81 | (38 | ) | (21 | ) | (59 | ) | (48 | ) | 2 | 1 | 9 | (44 | ) | (32 | ) | (80 | ) | -54.3 | % | -27.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||
| Interest<br> expense, net | 315 | — | — | — | — | — | — | 315 | 10 | 325 | 335 | — | — | — | — | — | 335 | -6.2 | % | -3.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax<br> expense | 321 | 51 | 6 | 1 | 23 | 34 | 115 | 436 | 14 | 450 | 316 | 50 | 14 | 2 | (18 | ) | 48 | 364 | 20.1 | % | 23.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income<br> attributable to noncontrolling<br>interests | 213 | — | — | — | — | — | — | 213 | 10 | 223 | 203 | — | (8 | ) | — | — | (8 | ) | 195 | 9.2 | % | 13.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net<br> income4 | 978 | 143 | 91 | 3 | 67 | (34 | ) | 270 | 1,248 | 39 | 1,287 | 538 | 130 | 282 | 7 | (54 | ) | 365 | 903 | 38.2 | % | 42.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basic earnings per share | € | 3.36 | € | 0.49 | € | 0.31 | € | 0.01 | € | 0.23 | € | (0.12 | ) | € | 0.92 | € | 4.28 | € | 0.14 | € | 4.42 | € | 1.83 | € | 0.44 | € | 0.97 | € | 0.02 | € | (0.18 | ) | € | 1.25 | € | 3.08 | 39.3 | % | 43.7 | % |
All values are in Euros.
^1^ The FME25 Program was expanded by two years, the overall savings target increased and renamed to the FME25+ Program.
^2^ 2025: mainly related to the completed divestitures in Brazil, Malaysia, and Kazakhstan as well as the select assets of FME AG’s wholly owned Spectra Laboratories, and impairment losses primarily related to right-of-use assets; 2024: mainly comprise gains and losses from divestitures, impairment losses resulting from the measurement of assets held for sale or from write-downs of related non-current assets.
^3^ Derecognition of certain deferred tax liabilities initially established in connection with the 2022 Interwell Health Transaction as a result of the settlement of Interwell Health put options.
^4^ Attributable to shareholders of FME AG.
| Reconciliation results excl. special items | page 8 of 9 | February 24, 2026 |
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Outlook 2026
| Outlook 2026<br> <br>(at Constant Currency) | Results 2025 | ||
|---|---|---|---|
| Revenue growth^1^ | Broadly flat | €19,628 M | |
| Operating income growth^1^ | Between positive and negative mid-single digit percent | €2,212 M |
^1^ Outlook 2026 is based on the assumptions outlined in the earnings release for the fourth quarter and full year of 2025 and excludes special items. Special items include the costs related to the FME25+ Program, the impacts from Legacy Portfolio Optimization and the Humacyte Remeasurements and other effects that are unusual in nature and have not been foreseeable or not foreseeable in size or impact at the time of providing the outlook. The outlook assumes current laws, policies, regulations, and tariffs. The growth rates are based on the results 2025 excluding the costs related to the FME25+ Program (€194 M for operating income), the impacts from Legacy Portfolio Optimization (€97 M for operating income), the Legal Form Conversion Costs (€4 M for operating income) and the Humacyte Remeasurements (€90 M for operating income).
| Outlook 2026 | page 9 of 9 | February 24, 2026 |
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