FMS 6-K
Fresenius Medical Care AG (FMS)
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange Act of 1934
For the month of February 2025
Commission file number: 001-32749
FRESENIUS MEDICAL CARE AG
(Translation of registrant's name into English)
Else-Kröner Strasse 1
61346 Bad Homburg
Germany
(Address of 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 25, 2025, Fresenius Medical Care AG (the “Company”) issued a Press Release announcing its fourth quarter and full year results for the period ending December 31, 2024. 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 2024 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 25, 2025. |
|---|---|
| Exhibit 99.2 | Complete overview of the fourth quarter 2024 and full year 2024. |
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 25, 2025
| Fresenius<br>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 <br><br>Christine Peters<br><br> T +49 160 60 66 770 <br><br>[email protected] <br><br> <br><br>Contact for analysts and investors Dr. Dominik Heger <br><br>T +49 6172 609-2601 <br><br>[email protected]<br><br> <br><br>www.freseniusmedicalcare.com |
|---|
Fresenius Medical Care delivers 18% earnings growth in 2024and continues the acceleration momentum into 2025
| · | Organic revenue growth^1^<br>of 4% driven by Care Enablement and Care Delivery |
|---|---|
| · | Underlying U.S. same market treatment growth further accelerated in Q4 and<br>turned positive for the full year |
| --- | --- |
| · | Accumulated savings of the FME25 program already reached EUR 567 million<br>and 2025 target raised to EUR 750 million |
| --- | --- |
| · | With 18% operating income^2^<br>growth top end of the 2024 outlook range reached |
| --- | --- |
| · | Reported operating income grew by 2%, reported net income^3^by +8% |
| · | Net financial leverage ratio reduced from 3.2x to 2.9x and dividend is planned<br>to be raised by 21% |
| --- | --- |
| · | High teens to high twenties percent earnings growth in 2025, translating<br>into an 11 to 12% margin |
| --- | --- |
Bad Homburg,Germany (February 25, 2025) – “Fresenius Medical Care has again delivered against its commitments and we met the top end of our 2024 target to profitably grow our business. We successfully executed against our strategic turnaround and transformation plan, advancing our legacy portfolio optimization and realizing significant FME25 savings ahead of plan. The momentum we have created enables us to further raise our FME25 savings target from EUR 650 million to EUR 750 million”, said Helen Giza, Chief Executive Officer of Fresenius Medical Care AG. “Our continued focus on improving operational performance resulted in meaningful progress in the operating income margin towards our 2025 margin targets. Over the course of the past financial year, both business segments contributed to the positive development.” Giza added: “In Care Delivery, a key milestone was underlying U.S. same market treatment growth remaining positive for the second consecutive quarter and turning positive for the full year. Care Enablement recorded accelerated volume growth alongside continued positive pricing momentum. The strong operating income improvement of Care Enablement is testimony to delivering on our ambitious transformation plan. We are confident in the continued execution of our 2025 strategy. We have set the course to significantly grow earnings, raising the implied operating income margin to around 11 to 12 percent in 2025. I would like to thank our employees for their unwavering commitment in providing high quality of patient care worldwide, every day.”
^1^ At constant currency, adjusted for certain reconciling items including revenues from acquisitions, closed or sold operations and differences in dialysis days
^2^ Revenue and operating income outlook, as referred to in the 2024 outlook, are both at constant currency, excluding special items as well as the business impact from closed divestitures in 2023 and the settlement agreement with the U.S. government (Tricare) in 2023. For FY 2023 and 2024, special items include costs related to the FME25 program, the Humacyte remeasurements, the legal form conversion costs and effects from legacy portfolio optimization. For further details please see the reconciliation attached to the Press Release.
^3^ Net income attributable to shareholders of Fresenius Medical Care AG
Page 1/10
Keyfigures Q4 and FY 2024
| Q4 2024 | Q4 2023 | Growth | Growth | FY 2024 | FY 2023 | Growth | Growth | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| m | m | yoy | yoy, cc | m | m | yoy | yoy, cc | ||||||||||||
| Revenue | 5,085 | 4,988 | +2 | % | +2 | % | 19,336 | 19,454 | -1 | % | 0 | % | |||||||
| on outlook base2 | 5,069 | 4,834 | +5 | % | 19,454 | 19,049 | +2 | % | |||||||||||
| Operating income | 259 | 428 | -39 | % | -39 | % | 1,392 | 1,369 | +2 | % | +3 | % | |||||||
| on outlook base2 | 489 | 373 | +31 | % | 1,812 | 1,540 | +18 | % | |||||||||||
| Net income3 | 67 | 188 | -64 | % | -62 | % | 538 | 499 | +8 | % | +9 | % | |||||||
| on outlook base2 | 266 | 154 | +73 | % | 912 | 644 | +42 | % | |||||||||||
| Basic EPS () | 0.23 | 0.64 | -64 | % | -62 | % | 1.83 | 1.70 | +8 | % | +9 | % | |||||||
| on outlook base2 | 0.91 | 0.52 | +73 | % | 3.11 | 2.19 | +42 | % |
All values are in Euros.
yoy = year-on-year, cc = at constant currency, EPS = earnings pershare
Execution against the strategicplan translates into strong financial performance and further momentum
Fresenius Medical Care, the world’s leading provider of products and services for individuals with renal diseases, successfully finished year two of a three-year strategic turnaround and transformation plan.
Operational efficiency: In 2024, the FME25 transformation program accelerated its momentum, delivering EUR 221 million additional sustainable savings for the full year 2024, ahead of the upgraded full year target of around EUR 200 million. Accumulated savings of the entire program reached EUR 567 million. Related one-time costs were EUR 180 million in 2024, adding up to EUR 599 million since the start of the program in 2021. The program is unfolding a strong momentum, which allows to raise the target for sustainable annual savings by EUR 100 million to now EUR 750 million by the end of the current year. The Company assumes related one-time costs of EUR 700 million to EUR 750 million for the total FME25 transformation program.
Page 2/10
Portfolio Optimization: Fresenius Medical Care continues the execution of its portfolio optimization plan to exit non-core and dilutive assets. During 2024, the exit of clinic operations in multiple markets were announced and, except for Brazil, also closed. Those exits include all Latin American countries, Sub-Saharan Africa, and Türkiye, as well as the divestments of Cura Day Hospitals Group in Australia and select assets of Spectra Laboratories, our U.S. laboratory testing services business. All assets divested during 2024 include 230 facilities, 8,200 employees and around 33,800 dialysis patients. Divestitures closed or held for sale in 2024 negatively impacted revenue by EUR 306 million and resulted in a negative effect on operating income of EUR 288 million in the full year 2024, treated as special items to operating income. As announced, the Company used the proceeds from divestitures to further improve the leverage ratio.
Capital Allocation: During 2024, Fresenius Medical Care strictly followed its disciplined financial policy. An increase of 10% in Free Cash Flow after investing activities, mainly due to proceeds from divestitures, was used to further reduce its net financial debt by 9% to EUR 9.8 billion. The corresponding net leverage ratio (net debt/EBITDA) decreased to 2.9x at the end of 2024, compared to 3.2x at the end of 2023. The Company adheres to its dividend policy of developing dividends in line with the development of net income excluding special items. Consequently, the planned dividend proposal for fiscal year 2024 of EUR 1.44 per share corresponds to an increase by 21% compared to prior year’s dividend.
Revenue development drivenby robust organic growth^1^
In the fourth quarter 2024, Group revenue increased by 2% to EUR 5,085 million (+2% at constant currency, +7% organic^1^). Revenue on outlook base^2^ increased by 5% to EUR 5,069 million compared to prior year. Divestitures realized as part of the portfolio optimization plan affected the revenue development by -250 basis points.
Care Delivery revenue decreased by 1% to EUR 3,945 million (-1% at constant currency, +6% organic^1^) and increased by 3% on outlook base^2^. Divestitures realized as part of the portfolio optimization plan affected the revenue development by -370 basis points.
In Care Delivery U.S., revenue increased by 1% (+1% at constant currency, +7% organic^1^) and by 8% on outlook base^2^. Growth in the U.S. was driven by the value-based care business and an overall increase in treatment volumes, higher reimbursement rates and a favorable payor mix shift, partially offset by the absence, in 2024, of the Tricare Settlement. U.S. same market treatment growth further improved sequentially. Adjusted for the exit from less profitable acute care contracts (-0.1%), underlying U.S. same market treatment growth remained positive (+0.5%) compared to prior year for the second consecutive quarter.
In Care Delivery International, revenue decreased by 10% (-10% at constant currency, +4% organic^1^) and by 17% on outlook base^2^. This development was driven by divestments realized as part of the portfolio optimization plan (-1,980 basis points), partially offset by organic growth^1^ and an increase in dialysis days. International same market treatment growth was positive at 1.5%.
Page 3/10
Care Enablementrevenue grew by 11% to EUR 1,537 million (+11% at constant currency, +10% organic^1^) and by 10% on outlook base^2^, driven by volume growth in all our geographical regions as well as positive pricing momentum. Volume-based procurement in China developed in line with expectations and was supportive of volume growth, yet a headwind to price development.
Within Inter-segment eliminations, revenue for products transferred between the operating segments at fair market value increased by 8% to EUR 397 million (+8% at constant currency)^4^.
In the full year2024, Group revenue decreased by 1% to EUR 19,336 million (stable at constant currency, +4% organic^1^). On outlook base^2^, revenue increased by 2%, in line with the full year outlook. Divestitures realized as part of the portfolio optimization plan impacted the revenue development by -160 basis points. Care Delivery revenue decreased by 2% to EUR 15,275 million (-2% at constant currency, +4% organic^1^). Care Delivery U.S. grew by 1% (+1% at constant currency, +4% organic^1^) and Care Delivery International decreased by 15% (-13% at constant currency, +4% organic^1^). Divestitures realized as part of the portfolio optimization plan affected the revenue development of Care Delivery by -230 basis points and the revenue development of Care Delivery International by -1,230 basis points. Adjusted for the exit from less profitable acute care contracts (-0.2%), underlying U.S. same market treatment growth turned positive at 0.1%. Care Enablement revenue increased by 4% to EUR 5,557 million (+5% at constant currency, +5% organic^1^). Inter-segment eliminations increased by 2% to EUR 1,496 million (+2% at constant currency)^4^.
Strong operating income growthsupported by both segments
In the fourthquarter 2024, Group operating income decreased by 39% to EUR 259 million (-39% at constant currency), resulting in a margin^2^ of 5.1% (Q4 2023: 8.6%). Operating income on outlook base^2^ increased by 31% to EUR 489 million, resulting in a margin^2^ of 9.6% (Q4 2023: 7.7%). Divestitures realized as part of the portfolio optimization plan had a neutral effect on operating income^2^ margin development in the fourth quarter.
Operating income in Care Delivery decreased by 51% to EUR 253 million (-51% at constant currency), resulting in a margin of 6.4% (Q4 2023: 13.0%). Previous year’s quarter included the positive impact of the Tricare settlement in the net amount of EUR 181 million. Operating income on outlook base^2^ increased by 10%, resulting in a margin^2^ of 10.7% (Q4 2023: 10.0%). This growth was mainly driven by a lower negative contribution from the value-based care business, positive volume and price effects as well as savings associated with the FME25 program. The positive development was partly offset by the phasing of a consent agreement on certain pharmaceuticals and higher personnel expenses.
| ^4^ | The company transfers products between segments at fair market<br>value. The associated internal revenues and expenses and all other consolidation of transactions are included within “Inter-segment<br>eliminations”. |
|---|
Page 4/10
Operating income in Care Enablement significantly increased to EUR 71 million (Q4 2023: EUR -42 million), resulting in a margin of 4.6% (Q4 2023: -3.1%). Operating income on outlook base^2^ grew by more than sixfold compared to prior year, resulting in a margin^2^ of 7.8% (Q4 2023: 1.3%). This strong increase was driven by positive volume and price effects as well as savings from the FME25 program, compensating inflationary cost increases as well as negative price impacts from volume-based procurement in China.
Operating income for Corporate amounted to EUR -57 million (Q4 2023: EUR -44 million). The development includes the negative valuation effects of virtual power purchase agreements (EUR -7 million). Operating income on outlook base^2^ amounted to EUR -42 million (Q4 2023: EUR -26 million).
In the full year2024, Group operating income increased by 2% to EUR 1,392 million (+3% at constant currency), resulting in a margin of 7.2% (FY 2023: 7.0%). Operating income on outlook base^2^ increased by 18% to EUR 1,812 million, reaching the upper end of the tightened full year outlook and resulting in a margin of 9.3% (FY 2023: 8.1%). Divestitures realized during the full year were neutral on operating income margin development. In Care Delivery, operating income declined by 22% to EUR 1,190 million (-21% at constant currency), resulting in a margin of 7.8% (FY 2023: 9.7%). Operating income margin on outlook base^2^ improved to 10.3% (FY 2023: 9.7%). In Care Enablement, operating income significantly increased to EUR 267 million (FY 2023: EUR -67 million), resulting in a margin of 4.8% (Q4 2023: -1.2%). Operating income margin on outlook base^2^ increased to 6.1% (FY 2023: 2.3%). Operating income for Corporate amounted to EUR -48 million (FY 2023: -67 million).
Net income^3^ in the fourth quarter 2024 decreased by 64% to EUR 67 million (-62% at constant currency). Previous year’s quarter included the positive impact of the Tricare settlement in the net amount of EUR 110 million. Net income on outlook base^2^ strongly increased by 73%.
In the full year 2024, net income^3^increased by 8% to EUR 538 million (+9% at constant currency). Net income on outlook base^2^ increased by 42%.
Basic earningsper share (EPS) decreased by 64% to EUR 0.23 in the fourth quarter 2024 (-62% at constant currency). EPS on outlook base^2^ increased by 73% to EUR 0.91.
In the full year2024, EPS increased by 8% to EUR 1.83 (+9% at constant currency). EPS on outlook base^2^ increased by 42% to EUR 3.11.
Lower net financial debt and improved net leverageratio driven by robust cash flow development
Fresenius Medical Care improved operating cashflow by 16% to EUR 832 million (Q4 2023: EUR 719 million) in the fourth quarter 2024, resulting in a margin of 16.4% (Q4 2023: 14.4%). Operating cash flow increased mainly due to a favorable working capital development, which was partially offset by the absence, in 2024, of the Tricare settlement.
Page 5/10
In the full year 2024, operating cashflow decreased by 9% to EUR 2,386 million (FY 2023: EUR 2,629 million), resulting in a margin of 12.3% (FY 2023: 13.5%). The decline was mainly driven by a negative impact from the phasing of dividend payments received from equity method investments and the absence, in 2024, of the Tricare settlement.
Free cash flow^5^ increased by 25% to EUR 599 million in the fourth quarter (Q4 2023:
EUR 480 million), resulting in a margin of 11.8% (Q4 2023: 9.6%). In the full year 2024, free cash flow decreased by 13% to EUR 1,701 million (FY 2023: EUR 1,960 million), resulting in a margin of 8.8% (FY 2023: 10.1%).
Total net debt****and lease liabilities were further reduced to EUR 9,803 million (Q4 2023: EUR 10,760 million). The net leverage ratio (net debt/EBITDA) improved from 3.2x in Q4 2023 to 2.9x in Q4 2024.
Patients, clinics and employees
As of December 31, 2024, Fresenius Medical Care treated 299,352 patients in 3,675 dialysis clinics worldwide and had 111,513 employees (headcount) globally, compared to 119,845 employees as of December 31, 2023.
Outlook 2025
In 2025, Fresenius Medical Care expects revenue growth to be positive to a low-single digit percent rate compared to prior year.
The Company expects operating income to grow by a high-teens to high-twenties percent rate compared to prior year.
The expected growth rates for 2025 are at constant currency, excluding special items^2^ in operating income. The 2024 basis for the revenue outlook is EUR 19,336 million and for the operating income outlook is EUR 1,797 million.
Press conference
Fresenius Medical Care will host a virtual press conference to discuss the results of the fourth quarter and the full year 2024 today, February 25, 2024, at 10:00 a.m. CET / 4:00 a.m. EST. The press conference will be webcasted in the “Media” section (Link: Events
| Fresenius Medical Care). A replay will be available shortly after the conference.
^5^ Net cash provided by / used in operating activities, after capital expenditures, before acquisitions/divestitures, investments, and dividends
Page 6/10
Investor conference call
Fresenius Medical Care will host a conference call for analysts and investors to discuss the results of the fourth quarter and the full year 2024 today, February 25, 2025, at 2:00 p.m. CET / 8:00 a.m. ET. 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.
Please refer to our statement of earnings included at the end of this news and to the attachments as separate PDF files for a complete overview of the results of the fourth quarter and full year 2024. Our 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 4.2 million patients worldwide regularly undergo dialysis treatment. Through its network of 3,675 dialysis clinics, Fresenius Medical Care provides dialysis treatments for approx. 299,000 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.
Page 7/10
Statement of earnings
| Three months ended December 31, | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| in<br> million, except share data | 2024 | 2023 | Change | Change<br><br><br> at cc | ||||||||||||
| Revenue | 5,085 | 4,988 | 1.9 | % | 1.6 | % | ||||||||||
| Revenue<br> (outlook base)1 | 5,069 | 4,834 | 4.9 | % | ||||||||||||
| Costs of revenue | 3,814 | 3,638 | 4.8 | % | 4.5 | % | ||||||||||
| Selling, general and administrative<br> expense | 840 | 845 | -0.7 | % | -0.8 | % | ||||||||||
| Research and development expense | 50 | 66 | -24.1 | % | -24.3 | % | ||||||||||
| Income from equity method investees | (32 | ) | (23 | ) | 37.6 | % | 37.6 | % | ||||||||
| Other operating income | (228 | ) | (257 | ) | -11.5 | % | -11.3 | % | ||||||||
| Other operating expense | 382 | 291 | 30.9 | % | 29.3 | % | ||||||||||
| Operating income | 259 | 428 | -39.5 | % | -38.7 | % | ||||||||||
| Operating<br> income (outlook base)1 | 489 | 373 | 31.0 | % | ||||||||||||
| Interest expense, net | 80 | 85 | -5.7 | % | -6.4 | % | ||||||||||
| Income before taxes | 179 | 343 | -47.8 | % | -46.6 | % | ||||||||||
| Income tax expense | 61 | 86 | -29.4 | % | -28.6 | % | ||||||||||
| Net income | 118 | 257 | -54.0 | % | -52.7 | % | ||||||||||
| Net income attributable to noncontrolling<br> interests | 51 | 69 | -25.4 | % | -25.9 | % | ||||||||||
| Net<br> income2 | 67 | 188 | -64.4 | % | -62.5 | % | ||||||||||
| Net<br> income2 (outlook base)1 | 266 | 154 | 72.9 | % | ||||||||||||
| Weighted average number of shares | 293,413,449 | 293,413,449 | ||||||||||||||
| Basic earnings per share | € | 0.23 | € | 0.64 | -64.4 | % | -62.5 | % | ||||||||
| Basic<br> earnings per share (outlook base)1 | € | 0.91 | € | 0.52 | 72.9 | % | ||||||||||
| In percent of revenue | ||||||||||||||||
| Operating income margin | 5.1 | % | 8.6 | % | ||||||||||||
| Operating<br> income margin (outlook base)1 | 9.6 | % | 7.7 | % |
All values are in Euros.
^1^ Outlook base as referred to the 2024 outlook, presented at constant currency, excluding special items, business impacts from closed divestitures in 2023 and the Tricare settlement. For a reconciliation, please refer to the table at the end of the press release.
^2^ Attributable to shareholders of FME AG.
Page 8/10
Statement of earnings
| Twelve months ended December 31, | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| in € million, except share data | 2024 | 2023 | Change | Change<br><br>at cc | ||||||||
| Revenue | 19,336 | 19,454 | -0.6 | % | 0.0 | % | ||||||
| Revenue (outlook base)^1^ | 19,454 | 19,049 | 2.1 | % | ||||||||
| Costs of revenue | 14,579 | 14,529 | 0.3 | % | 1.0 | % | ||||||
| Selling, general and administrative expense | 3,143 | 3,196 | -1.7 | % | -1.2 | % | ||||||
| Research and development expense | 183 | 232 | -20.9 | % | -20.9 | % | ||||||
| Income from equity method investees | (135 | ) | (122 | ) | 10.7 | % | 10.7 | % | ||||
| Other operating income | (760 | ) | (515 | ) | 47.5 | % | 47.8 | % | ||||
| Other operating expense | 934 | 765 | 22.1 | % | 22.5 | % | ||||||
| Operating income | 1,392 | 1,369 | 1.7 | % | 2.6 | % | ||||||
| Operating income (outlook base)^1^ | 1,812 | 1,540 | 17.6 | % | ||||||||
| Interest expense, net | 335 | 336 | -0.3 | % | -0.2 | % | ||||||
| Income before taxes | 1,057 | 1,033 | 2.3 | % | 3.5 | % | ||||||
| Income tax expense | 316 | 301 | 5.2 | % | 6.3 | % | ||||||
| Net income | 741 | 732 | 1.1 | % | 2.3 | % | ||||||
| Net income attributable to noncontrolling interests | 203 | 233 | -13.1 | % | -12.8 | % | ||||||
| Net income^2^ | 538 | 499 | 7.8 | % | 9.4 | % | ||||||
| Net income^2^(outlook base)^1^ | 912 | 644 | 41.6 | % | ||||||||
| Weighted average number of shares | 293,413,449 | 293,413,449 | ||||||||||
| Basic earnings per share | € | 1.83 | € | 1.70 | 7.8 | % | 9.4 | % | ||||
| Basic earnings per share (outlook base)^1^ | € | 3.11 | € | 2.19 | 41.6 | % | ||||||
| In percent of revenue | ||||||||||||
| Operating income margin | 7.2 | % | 7.0 | % | ||||||||
| Operating income margin (outlook base)^1^ | 9.3 | % | 8.1 | % |
1 Outlook base as referred to the 2024 outlook, presented at constant currency, excluding special items, business impacts from closed divestitures in 2023 and the Tricare settlement. For a reconciliation, please refer to the table at the end of the press release.
2 Attributable to shareholders of FME AG.
Page 9/10
Reconciliation of non-IFRS financial measures tothe most directly comparable IFRS Accounting Standards financial measures for comparability with the Company’s outlook (outlook base)
| Three months ended <br> December 31, | Twelve months ended <br> December 31, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| in € million | 2024 | 2023 | 2024 | 2023 | ||||||||
| Operating performance (outlook base) | ||||||||||||
| These items are excluded to ensure comparability of the figures presented with the Company’s financial targets which have been defined excluding special items and at constant currency. | ||||||||||||
| Revenue | 5,085 | 4,988 | 19,336 | 19,454 | ||||||||
| Divestitures^1^ | — | 37 | — | (214 | ) | |||||||
| Tricare settlement | — | (191 | ) | — | (191 | ) | ||||||
| Revenue excl. 2023 divestitures and Tricare settlement | 5,085 | 4,834 | 19,336 | 19,049 | ||||||||
| Currency translation effects | (16 | ) | — | 118 | - | |||||||
| Revenue (outlook base) | 5,069 | 4,834 | 19,454 | 19,049 | ||||||||
| Operating income | 259 | 428 | 1,392 | 1,369 | ||||||||
| FME25 Program | 73 | 52 | 180 | 153 | ||||||||
| Legal Form Conversion Costs | 4 | 17 | 9 | 30 | ||||||||
| Legacy Portfolio Optimization^2^ | 146 | 57 | 288 | 204 | ||||||||
| Humacyte Remeasurements | 7 | 1 | (72 | ) | (15 | ) | ||||||
| Sum of special items: | 230 | 127 | 405 | 372 | ||||||||
| Divestitures^1^ | — | (1 | ) | — | (20 | ) | ||||||
| Tricare settlement | — | (181 | ) | - | (181 | ) | ||||||
| Sum of special items, 2023 divestitures and Tricare settlement | 230 | (55 | ) | 405 | 171 | |||||||
| Operating income excl. special items, 2023 divestitures and Tricare settlement | 489 | 373 | 1,797 | 1,540 | ||||||||
| Currency translation effects | 0 | — | 15 | — | ||||||||
| Operating income (outlook base) | 489 | 373 | 1,812 | 1,540 | ||||||||
| Net income^3^ | 67 | 188 | 538 | 499 | ||||||||
| FME25 Program | 53 | 37 | 130 | 109 | ||||||||
| Legal Form Conversion Costs | 3 | 12 | 7 | 21 | ||||||||
| Legacy Portfolio Optimization^2^ | 138 | 21 | 282 | 138 | ||||||||
| Humacyte Remeasurements | 5 | 1 | (54 | ) | (11 | ) | ||||||
| Sum of special items: | 199 | 71 | 365 | 257 | ||||||||
| Divestitures^1^ | — | 5 | — | (2 | ) | |||||||
| Tricare settlement | — | (110 | ) | — | (110 | ) | ||||||
| Sum of special items, 2023 divestitures and Tricare settlement | 199 | (34 | ) | 365 | 145 | |||||||
| Net income^3^ excl. special items, 2023 divestitures and Tricare settlement | 266 | 154 | 903 | 644 | ||||||||
| Currency translation effects | 0 | — | 9 | |||||||||
| Net income^3^ (outlook base) | 266 | 154 | 912 | 644 |
^1^Business impacts from closed divestitures in 2023.
^2^ 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; 2023: mainly comprise the derecognition of capitalized development costs and the impairment of intangible assets (licenses and distribution rights) as well as termination costs (including certain contractual obligation expenses) related to a dialysis cycler development program which was discontinued in the first quarter of 2023 and other impacts related to agreed-upon divestitures in 2023.
^3^ Attributable to shareholders of FME AG.
Page 10/10
Exhibit 99.2
FreseniusMedical Care AG
COMPLETEOVERVIEW OF THE FOURTH QUARTER AND FULL YEAR 2024
February 25, 2025
InvestorRelations
phone:+49 6172 609 2525
email:[email protected]
| Content: | |
|---|---|
| Statement<br> of earnings | page<br> 2 |
| Segment<br> information | page<br> 3 |
| Balance<br> sheet | page<br> 4 |
| Cash<br> flow | page<br> 5 |
| Revenue<br> development by segment | page<br> 6 |
| Key<br> metrics | page<br> 7 |
| Reconciliation<br> results (outlook base) | page<br> 8 |
| Outlook<br> 2025 | page<br> 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 months<br> ended December 31, | Twelve months<br> ended December 31, | |||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| in € million, except share data | 2024 | 2023 | Change | Change<br><br> at cc | 2024 | 2023 | Change | Change<br><br> at cc | ||||||||||||||||
| Total<br> revenue | 5,085 | 4,988 | 1.9 | % | 1.6 | % | 19,336 | 19,454 | -0.6 | % | 0.0 | % | ||||||||||||
| Total<br> revenue (outlook base) ^1^ | 5,069 | 4,834 | 4.9 | % | 19,454 | 19,049 | 2.1 | % | ||||||||||||||||
| Costs of revenue | 3,814 | 3,638 | 4.8 | % | 4.5 | % | 14,579 | 14,529 | 0.3 | % | 1.0 | % | ||||||||||||
| Selling, general and administrative expense | 840 | 845 | -0.7 | % | -0.8 | % | 3,143 | 3,196 | -1.7 | % | -1.2 | % | ||||||||||||
| Research and development<br> expense | 50 | 66 | -24.1 | % | -24.3 | % | 183 | 232 | -20.9 | % | -20.9 | % | ||||||||||||
| Income from equity method<br> investees | (32 | ) | (23 | ) | 37.6 | % | 37.6 | % | (135 | ) | (122 | ) | 10.7 | % | 10.7 | % | ||||||||
| Other operating income | (228 | ) | (257 | ) | -11.5 | % | -11.3 | % | (760 | ) | (515 | ) | 47.5 | % | 47.8 | % | ||||||||
| Other operating expense | 382 | 291 | 30.9 | % | 29.3 | % | 934 | 765 | 22.1 | % | 22.5 | % | ||||||||||||
| Operating income | 259 | 428 | -39.5 | % | -38.7 | % | 1,392 | 1,369 | 1.7 | % | 2.6 | % | ||||||||||||
| Operating<br> income (outlook base) ^1^ | 489 | 373 | 31.0 | % | 1,812 | 1,540 | 17.6 | % | ||||||||||||||||
| Interest income | (21 | ) | (27 | ) | -21.0 | % | -24.1 | % | (72 | ) | (88 | ) | -18.9 | % | -17.7 | % | ||||||||
| Interest expense | 101 | 112 | -9.4 | % | -10.6 | % | 407 | 424 | -4.1 | % | -3.8 | % | ||||||||||||
| Interest expense, net | 80 | 85 | -5.7 | % | -6.4 | % | 335 | 336 | -0.3 | % | -0.2 | % | ||||||||||||
| Income before income<br> taxes | 179 | 343 | -47.8 | % | -46.6 | % | 1,057 | 1,033 | 2.3 | % | 3.5 | % | ||||||||||||
| Income tax expense | 61 | 86 | -29.4 | % | -28.6 | % | 316 | 301 | 5.2 | % | 6.3 | % | ||||||||||||
| Net income | 118 | 257 | -54.0 | % | -52.7 | % | 741 | 732 | 1.1 | % | 2.3 | % | ||||||||||||
| Net income attributable<br> to noncontrolling interests | 51 | 69 | -25.4 | % | -25.9 | % | 203 | 233 | -13.1 | % | -12.8 | % | ||||||||||||
| Net income attributable<br> to shareholders of FME AG | 67 | 188 | -64.4 | % | -62.5 | % | 538 | 499 | 7.8 | % | 9.4 | % | ||||||||||||
| Net<br> income attributable to shareholders of FME AG<br> (outlook<br> base) ^1^ | 266 | 154 | 72.9 | % | 912 | 644 | 41.6 | % | ||||||||||||||||
| Weighted average number of shares | 293,413,449 | 293,413,449 | 293,413,449 | 293,413,449 | ||||||||||||||||||||
| Basic earnings per share | € | 0.23 | € | 0.64 | -64.4 | % | -62.5 | % | € | 1.83 | € | 1.70 | 7.8 | % | 9.4 | % | ||||||||
| Basic earnings per<br> ADS | € | 0.11 | € | 0.32 | -64.4 | % | -62.5 | % | € | 0.92 | € | 0.85 | 7.8 | % | 9.4 | % | ||||||||
| Operating income | 259 | 428 | -39.5 | % | -38.7 | % | 1,392 | 1,369 | 1.7 | % | 2.6 | % | ||||||||||||
| Depreciation, amortization<br> and impairment loss | 477 | 426 | 12.0 | % | 11.0 | % | 1,743 | 1,752 | -0.6 | % | 0.0 | % | ||||||||||||
| EBITDA | 736 | 854 | -13.8 | % | -13.9 | % | 3,135 | 3,121 | 0.4 | % | 1.1 | % | ||||||||||||
| In percent of revenue | ||||||||||||||||||||||||
| Operating income margin | 5.1 | % | 8.6 | % | 7.2 | % | 7.0 | % | ||||||||||||||||
| Operating<br> income margin (outlook base) ^1^ | 9.6 | % | 7.7 | % | 9.3 | % | 8.1 | % | ||||||||||||||||
| EBITDA<br> margin | 14.5 | % | 17.1 | % | 16.2 | % | 16.0 | % |
^1^ Outlook base as referred to the 2024 outlook, presented at constant currency, excluding special items, business impacts from closed divestitures in 2023 and the Tricare settlement. For a reconciliation, please refer to the table on page 8.
| Statement of earnings | page 2 of 9 | February 25, 2025 |
|---|
Segment information
| Three<br> months ended December 31, | Twelve<br> months ended December 31, | |||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | Change | Change<br><br> at cc | 2024 | 2023 | Change | Change<br><br> at cc | |||||||||||||||||
| Total | ||||||||||||||||||||||||
| Revenue<br> in million | 5,085 | 4,988 | 1.9 | % | 1.6 | % | 19,336 | 19,454 | -0.6 | % | 0.0 | % | ||||||||||||
| Revenue<br> in million (outlook base) 1 | 5,069 | 4,834 | 4.9 | % | 19,454 | 19,049 | 2.1 | % | ||||||||||||||||
| Operating income in<br> million | 259 | 428 | -39.5 | % | -38.7 | % | 1,392 | 1,369 | 1.7 | % | 2.6 | % | ||||||||||||
| Operating income in <br> million (outlook<br> base) 1 | 489 | 373 | 31.0 | % | 1,812 | 1,540 | 17.6 | % | ||||||||||||||||
| Operating income margin | 5.1 | % | 8.6 | % | 7.2 | % | 7.0 | % | ||||||||||||||||
| Operating<br> income margin (outlook base) 1 | 9.6 | % | 7.7 | % | 9.3 | % | 8.1 | % | ||||||||||||||||
| Days<br> sales outstanding (DSO) 2 | 63 | 67 | ||||||||||||||||||||||
| Employees (headcount) | 111,513 | 119,845 | ||||||||||||||||||||||
| Care Delivery segment | ||||||||||||||||||||||||
| Revenue in <br> million | 3,945 | 3,976 | -0.8 | % | -1.2 | % | 15,275 | 15,578 | -1.9 | % | -1.5 | % | ||||||||||||
| Revenue<br> in million (outlook base) 1 | 3,929 | 3,812 | 3.1 | % | 15,337 | 15,158 | 1.2 | % | ||||||||||||||||
| Operating income in<br> million | 253 | 515 | -50.9 | % | -50.8 | % | 1,190 | 1,516 | -21.5 | % | -21.1 | % | ||||||||||||
| Operating income in <br> million (outlook<br> base) 1 | 419 | 382 | 9.7 | % | 1,572 | 1,477 | 6.4 | % | ||||||||||||||||
| Operating income margin | 6.4 | % | 13.0 | % | 7.8 | % | 9.7 | % | ||||||||||||||||
| Operating<br> income margin (outlook base) 1 | 10.7 | % | 10.0 | % | 10.3 | % | 9.7 | % | ||||||||||||||||
| Days<br> sales outstanding (DSO) 2 | 53 | 59 | ||||||||||||||||||||||
| Care Enablement segment | ||||||||||||||||||||||||
| Revenue in <br> million | 1,537 | 1,380 | 11.3 | % | 11.3 | % | 5,557 | 5,345 | 3.9 | % | 5.1 | % | ||||||||||||
| Revenue<br> in million (outlook base) 1 | 1,536 | 1,398 | 9.9 | % | 5,618 | 5,353 | 5.0 | % | ||||||||||||||||
| Operating income in<br> million | 71 | (42 | ) | n.a. | n.a. | 267 | (67 | ) | n.a. | n.a. | ||||||||||||||
| Operating income in <br> million | ||||||||||||||||||||||||
| (outlook<br> base)1 | 120 | 18 | 548.0 | % | 344 | 121 | 184.4 | % | ||||||||||||||||
| Operating income margin | 4.6 | % | -3.1 | % | 4.8 | % | -1.2 | % | ||||||||||||||||
| Operating<br> income margin (outlook base) 1 | 7.8 | % | 1.3 | % | 6.1 | % | 2.3 | % | ||||||||||||||||
| Days<br> sales outstanding (DSO) 2 | 95 | 97 | ||||||||||||||||||||||
| Inter-segment<br> eliminations 3 | ||||||||||||||||||||||||
| Revenue in <br> million | (397 | ) | (368 | ) | 8.0 | % | 7.8 | % | (1,496 | ) | (1,469 | ) | 1.8 | % | 2.1 | % | ||||||||
| Revenue<br> in million (outlook base) 1 | (396 | ) | (376 | ) | 5.5 | % | (1,501 | ) | (1,462 | ) | 2.7 | % | ||||||||||||
| Operating income in<br> million | (8 | ) | (1 | ) | 748.3 | % | 797.7 | % | (17 | ) | (13 | ) | 30.4 | % | 24.5 | % | ||||||||
| Operating income in <br> million (outlook<br> base) 1 | (8 | ) | (1 | ) | 809.9 | % | (24 | ) | (13 | ) | 89.8 | % | ||||||||||||
| Corporate | ||||||||||||||||||||||||
| Operating income in<br> million | (57 | ) | (44 | ) | 29.6 | % | 27.4 | % | (48 | ) | (67 | ) | -28.6 | % | -27.8 | % | ||||||||
| Operating income in <br> million (outlook<br> base) 1 | (42 | ) | (26 | ) | 55.3 | % | (80 | ) | (45 | ) | 77.1 | % |
All values are in Euros.
^1^ Outlook base as referred to the 2024 outlook, presented at constant currency, excluding special items, business impacts from closed divestitures in 2023 and the Tricare settlement. For a reconciliation, please refer to the table on page 8.
^2^ Includes receivables related to assets held for sale.
^3^ The Company transfers products between segments 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 25, 2025 |
|---|
Balance sheet
| December 31, | December 31, | |||||
|---|---|---|---|---|---|---|
| in million, except for net leverage ratio | 2024 | 2023 | ||||
| Assets | ||||||
| Cash and cash equivalents | 1,180 | 1,403 | ||||
| Trade accounts and other receivables from unrelated parties | 3,367 | 3,471 | ||||
| Inventories | 2,068 | 2,179 | ||||
| Other current assets | 1,308 | 1,648 | ||||
| Goodwill and intangible assets | 16,541 | 16,012 | ||||
| Right-of-use assets | 3,612 | 3,671 | ||||
| Other non-current assets | 5,491 | 5,546 | ||||
| Total assets | 33,567 | 33,930 | ||||
| Liabilities and equity | ||||||
| Accounts payable to unrelated parties | 904 | 762 | ||||
| Other current liabilities | 4,756 | 5,350 | ||||
| Non-current liabilities | 12,138 | 12,991 | ||||
| Total equity | 15,769 | 14,827 | ||||
| Total liabilities and equity | 33,567 | 33,930 | ||||
| Equity/assets ratio | 47 | % | 44 | % | ||
| Debt and lease liabilities | ||||||
| Short-term debt from unrelated parties | 2 | 457 | ||||
| Current portion of long-term debt | 575 | 487 | ||||
| Current portion of lease liabilities from unrelated parties | 616 | 593 | ||||
| Current portion of lease liabilities from related parties | 25 | 24 | ||||
| Long-term debt, less current portion | 6,261 | 6,960 | ||||
| Lease liabilities from unrelated parties, less current portion | 3,412 | 3,419 | ||||
| Lease liabilities from related parties, less current portion | 88 | 110 | ||||
| Debt and lease liabilities included within liabilities directly<br> associated with assets held for sale | 9 | 137 | ||||
| Total debt and lease liabilities | 10,988 | 12,187 | ||||
| Minus:<br> Cash and cash equivalents1 | (1,185 | ) | (1,427 | ) | ||
| Total net debt and lease liabilities | 9,803 | 10,760 | ||||
| Reconciliation of adjusted EBITDA and net leverage ratio<br> to the most directly comparable IFRS Accounting Standards financial measure | ||||||
| Net income | 741 | 732 | ||||
| Income tax expense | 316 | 301 | ||||
| Interest income | (72 | ) | (88 | ) | ||
| Interest expense | 407 | 424 | ||||
| Depreciation and amortization | 1,536 | 1,613 | ||||
| Adjustments2 | 450 | 409 | ||||
| Adjusted EBITDA | 3,378 | 3,391 | ||||
| Net leverage ratio | 2.9 | 3.2 |
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 (2024: -€23 M; 2023: -€35 M), non-cash charges, primarily related to pension expense (2024: €52 M; 2023: €56 M), impairment loss (2024: €207 M; 2023: €139 M) and special items, including costs related to the FME25 Program (2024: €164 M; 2023: €106 M), Legal Form Conversion Costs (2024: €9 M; 2023: €30 M), Legacy Portfolio Optimization (2024: €113 M; 2023: €128 M) and Humacyte Remeasurements (2024: -€72 M; 2023: -€15 M).
| Balance sheet | page 4 of 9 | February 25, 2025 |
|---|
Cash flow statement
| Three months<br> ended December 31, | Twelve months<br> ended December 31, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| in € million | 2024 | 2023 | 2024 | 2023 | ||||||||
| Operating activities | ||||||||||||
| Net income | 118 | 257 | 741 | 732 | ||||||||
| Depreciation, amortization and impairment loss | 477 | 426 | 1,743 | 1,752 | ||||||||
| Change in trade accounts and other receivables from unrelated<br> parties | 30 | 39 | (198 | ) | (126 | ) | ||||||
| Change in inventories | 96 | 42 | 108 | (13 | ) | |||||||
| Change in other working capital and non-cash items | 111 | (45 | ) | (8 | ) | 284 | ||||||
| Net cash provided by (used in) operating activities | 832 | 719 | 2,386 | 2,629 | ||||||||
| In percent of revenue | 16.4 | % | 14.4 | % | 12.3 | % | 13.5 | % | ||||
| Investing activities | ||||||||||||
| Purchases of property, plant and equipment and capitalized<br> development costs | (241 | ) | (250 | ) | (699 | ) | (685 | ) | ||||
| Proceeds from sale of property, plant and equipment | 8 | 11 | 14 | 16 | ||||||||
| Capital expenditures, net | (233 | ) | (239 | ) | (685 | ) | (669 | ) | ||||
| Free cash flow | 599 | 480 | 1,701 | 1,960 | ||||||||
| In percent of revenue | 11.8 | % | 9.6 | % | 8.8 | % | 10.1 | % | ||||
| Acquisitions and investments, net of cash acquired, and purchases<br> of intangible assets | (5 | ) | (14 | ) | (23 | ) | (35 | ) | ||||
| Investments in debt securities | (17 | ) | (4 | ) | (82 | ) | (102 | ) | ||||
| Proceeds from divestitures, net of cash disposed | 128 | 147 | 630 | 172 | ||||||||
| Proceeds from sale of debt securities | 8 | 14 | 75 | 90 | ||||||||
| Free cash flow after investing activities | 713 | 623 | 2,301 | 2,085 | ||||||||
| Cash flow | page 5 of 9 | February 25, 2025 | ||||||||||
| --- | --- | --- |
Revenue development by segment
| Same market | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Change | Organic | treatment | ||||||||||||||||
| in € million | 2024 | 2023 | Change | at cc | growth | growth^1^ | ||||||||||||
| Three months ended December 31, | ||||||||||||||||||
| Total revenue | 5,085 | 4,988 | 1.9 | % | 1.6 | % | 7.4 | % | ||||||||||
| Care Delivery segment | 3,945 | 3,976 | -0.8 | % | -1.2 | % | 6.3 | % | 0.7 | % | ||||||||
| Thereof: U.S. | 3,359 | 3,321 | 1.1 | % | 0.5 | % | 6.8 | % | 0.4 | % | ||||||||
| Thereof: International | 586 | 655 | -10.3 | % | -9.7 | % | 3.6 | % | 1.5 | % | ||||||||
| Care Enablement segment | 1,537 | 1,380 | 11.3 | % | 11.3 | % | 9.7 | % | ||||||||||
| Inter-segment eliminations | (397 | ) | (368 | ) | 8.0 | % | 7.8 | % | ||||||||||
| Twelve months ended December 31, | ||||||||||||||||||
| Total revenue | 19,336 | 19,454 | -0.6 | % | 0.0 | % | 4.1 | % | ||||||||||
| Care Delivery segment | 15,275 | 15,578 | -1.9 | % | -1.5 | % | 3.7 | % | 0.3 | % | ||||||||
| Thereof: U.S. | 12,798 | 12,665 | 1.0 | % | 1.2 | % | 3.7 | % | -0.1 | % | ||||||||
| Thereof: International | 2,477 | 2,913 | -14.9 | % | -13.3 | % | 3.8 | % | 1.4 | % | ||||||||
| Care Enablement segment | 5,557 | 5,345 | 3.9 | % | 5.1 | % | 4.8 | % | ||||||||||
| Inter-segment eliminations | (1,496 | ) | (1,469 | ) | 1.8 | % | 2.1 | % |
^1^ Same market treatment growth = organic growth less price effects.
Health care services and health care products revenue bysegment
| **** | 2024 | **** | 2023 | **** | ||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Care | Care | Inter- | Care | Care | Inter- | |||||||||||||||||||||||||||
| Delivery | Enablement | segment | Delivery | Enablement | segment | |||||||||||||||||||||||||||
| in<br> million | segment | segment | eliminations | Total | segment | segment | eliminations | Total | ||||||||||||||||||||||||
| Three months ended December<br> 31, | ||||||||||||||||||||||||||||||||
| Health<br> care services revenue | 3,892 | — | — | 3,892 | 3,925 | — | — | 3,925 | ||||||||||||||||||||||||
| Health care<br> products revenue | 53 | 1,140 | — | 1,193 | 51 | 1,012 | — | 1,063 | ||||||||||||||||||||||||
| Inter-segment<br> revenue | — | 397 | (397 | ) | — | — | 368 | (368 | ) | — | ||||||||||||||||||||||
| Revenue | 3,945 | 1,537 | (397 | ) | 5,085 | 3,976 | 1,380 | (368 | ) | 4,988 | ||||||||||||||||||||||
| Twelve months ended December<br> 31, | ||||||||||||||||||||||||||||||||
| Health care<br> services revenue | 15,085 | — | — | 15,085 | 15,394 | — | — | 15,394 | ||||||||||||||||||||||||
| Health care<br> products revenue | 190 | 4,061 | — | 4,251 | 184 | 3,876 | — | 4,060 | ||||||||||||||||||||||||
| Inter-segment<br> revenue | — | 1,496 | (1,496 | ) | — | — | 1,469 | (1,469 | ) | — | ||||||||||||||||||||||
| Revenue | 15,275 | 5,557 | (1,496 | ) | 19,336 | 15,578 | 5,345 | (1,469 | ) | 19,454 |
All values are in Euros.
| Revenue development by segment | page 6 of 9 | February 25, 2025 |
|---|
Key metrics Care Delivery segment
| Twelve months ended December 31, 2024 | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Growth | Net change | Growth | Growth | |||||||||||||||
| Clinics | in % | in clinics ^1^ | Patients | in % | Treatments | in % | ||||||||||||
| Total | 3,675 | -6 | % | (250 | ) | 299,352 | -10 | % | 47,617,071 | -8 | % | |||||||
| Thereof: U.S. | 2,624 | 0 | % | 9 | 206,436 | 1 | % | 31,213,447 | 0 | % | ||||||||
| Thereof:<br> International | 1,051 | -20 | % | (259 | ) | 92,916 | -27 | % | 16,403,624 | -20 | % |
1 Net change in clinics (acquired, de novo, combined, closed and sold).
| Key metrics | page 7 of 9 | February 25, 2025 |
|---|
Reconciliation of non-IFRS financial measuresto the most directly comparable IFRS Accounting Standards financial measures for comparability with the Company´s outlook (outlookbase)
| Specialitems | Special<br> items | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sum of | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| special | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Legacy | Result | Results | Legacy | items, | Results | Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Legal Form | Portfolio | Humacyte | 2024 | Currency | 2024 | Legal Form | Portfolio | Humacyte | divestitures | 2023 | at cc | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Results | FME25 | Conversion | Optimiza- | Remeasure- | Sum<br> of | excl.<br> special | translation | (outlook | Results | FME25 | Conversion | Optimiza- | Remeasure- | Tricare | and<br> Tricare | (outlook | (outlook | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| in<br> million, except share data | 2024 | Program | Costs | tion^1^ | ments | special<br> items | items | effects | base) | 2023 | Program | Costs | tion^1^ | ments | Divestitures^2^ | settlement | settlement | base) | base) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Three months ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total revenue | 5,085 | — | — | — | — | — | 5,085 | (16 | ) | 5,069 | 4,988 | — | — | — | — | 37 | (191 | ) | (154 | ) | 4,834 | 4.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Care Delivery segment | 3,945 | — | — | — | — | — | 3,945 | (16 | ) | 3,929 | 3,976 | — | — | — | — | 27 | (191 | ) | (164 | ) | 3,812 | 3.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Thereof:<br> U.S. | 3,359 | — | — | — | — | — | 3,359 | (21 | ) | 3,338 | 3,321 | — | — | — | — | (27 | ) | (191 | ) | (218 | ) | 3,103 | 7.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Thereof:<br> International | 586 | — | — | — | — | — | 586 | 5 | 591 | 655 | — | — | — | — | 54 | — | 54 | 709 | -16.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Care Enablement segment | 1,537 | — | — | — | — | — | 1,537 | (1 | ) | 1,536 | 1,380 | — | — | — | — | 18 | — | 18 | 1,398 | 9.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inter-segment eliminations | (397 | ) | — | — | — | — | — | (397 | ) | 1 | (396 | ) | (368 | ) | — | — | — | — | (8 | ) | — | (8 | ) | (376 | ) | 5.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| EBITDA | 736 | 68 | 4 | 69 | 7 | 148 | 884 | (2 | ) | 882 | 854 | 31 | 17 | 57 | 1 | (1 | ) | (181 | ) | (76 | ) | 778 | 13.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total operating income | 259 | 73 | 4 | 146 | 7 | 230 | 489 | 0 | 489 | 428 | 52 | 17 | 57 | 1 | (1 | ) | (181 | ) | (55 | ) | 373 | 31.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Care Delivery<br> segment | 253 | 29 | — | 141 | — | 170 | 423 | (4 | ) | 419 | 515 | 25 | — | 32 | — | (4 | ) | (186 | ) | (133 | ) | 382 | 9.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Care Enablement<br> segment | 71 | 42 | 0 | 5 | 0 | 47 | 118 | 2 | 120 | (42 | ) | 27 | — | 25 | — | 5 | 3 | 60 | 18 | 548.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inter-segment<br> eliminations | (8 | ) | — | — | 0 | — | 0 | (8 | ) | 0 | (8 | ) | (1 | ) | — | — | — | — | — | — | — | (1 | ) | 809.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Corporate | (57 | ) | 2 | 4 | 0 | 7 | 13 | (44 | ) | 2 | (42 | ) | (44 | ) | — | 17 | 0 | 1 | (2 | ) | 2 | 18 | (26 | ) | 55.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense, net | 80 | — | — | — | — | — | 80 | (1 | ) | 79 | 85 | — | — | — | — | (2 | ) | — | (2 | ) | 83 | -4.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense | 61 | 20 | 1 | 16 | 2 | 39 | 100 | 1 | 101 | 86 | 15 | 5 | 36 | 0 | 0 | (47 | ) | 9 | 95 | 6.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income attributable to noncontrolling<br> interests | 51 | — | — | (8 | ) | — | (8 | ) | 43 | 0 | 43 | 69 | — | — | 0 | — | (4 | ) | (24 | ) | (28 | ) | 41 | 3.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Net<br> income3 | 67 | 53 | 3 | 138 | 5 | 199 | 266 | 0 | 266 | 188 | 37 | 12 | 21 | 1 | 5 | (110 | ) | (34 | ) | 154 | 72.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basic earnings per share | € | 0.23 | € | 0.18 | € | 0.01 | € | 0.47 | € | 0.02 | € | 0.68 | € | 0.91 | € | 0.00 | € | 0.91 | € | 0.64 | € | 0.13 | € | 0.04 | € | 0.07 | € | 0.00 | € | 0.01 | € | (0.37 | ) | € | (0.12 | ) | € | 0.52 | 72.9 | % | ||||||||||||||||||||||||||||||||||||
| Twelve months ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total revenue | 19,336 | — | — | — | — | — | 19,336 | 118 | 19,454 | 19,454 | — | — | — | — | (214 | ) | (191 | ) | (405 | ) | 19,049 | 2.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Care Delivery segment | 15,275 | — | — | — | — | — | 15,275 | 62 | 15,337 | 15,578 | — | — | — | — | (229 | ) | (191 | ) | (420 | ) | 15,158 | 1.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Thereof:<br> U.S. | 12,798 | — | — | — | — | — | 12,798 | 14 | 12,812 | 12,665 | — | — | — | — | (141 | ) | (191 | ) | (332 | ) | 12,333 | 3.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Thereof:<br> International | 2,477 | — | — | — | — | — | 2,477 | 48 | 2,525 | 2,913 | — | — | — | — | (88 | ) | — | (88 | ) | 2,825 | -10.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Care Enablement segment | 5,557 | — | — | — | — | — | 5,557 | 61 | 5,618 | 5,345 | — | — | — | — | 8 | — | 8 | 5,353 | 5.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inter-segment eliminations | (1,496 | ) | — | — | — | — | — | (1,496 | ) | (5 | ) | (1,501 | ) | (1,469 | ) | — | — | — | — | 7 | — | 7 | (1,462 | ) | 2.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| EBITDA | 3,135 | 164 | 9 | 113 | (72 | ) | 214 | 3,349 | 22 | 3,371 | 3,121 | 106 | 30 | 128 | (15 | ) | (20 | ) | (181 | ) | 48 | 3,169 | 6.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total operating income | 1,392 | 180 | 9 | 288 | (72 | ) | 405 | 1,797 | 15 | 1,812 | 1,369 | 153 | 30 | 204 | (15 | ) | (20 | ) | (181 | ) | 171 | 1,540 | 17.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Care Delivery<br> segment | 1,190 | 74 | — | 301 | — | 375 | 1,565 | 7 | 1,572 | 1,516 | 75 | — | 96 | — | (24 | ) | (186 | ) | (39 | ) | 1,477 | 6.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Care Enablement<br> segment | 267 | 104 | 0 | (7 | ) | (28 | ) | 69 | 336 | 8 | 344 | (67 | ) | 78 | — | 108 | — | (1 | ) | 3 | 188 | 121 | 184.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inter-segment<br> eliminations | (17 | ) | — | — | (7 | ) | — | (7 | ) | (24 | ) | 0 | (24 | ) | (13 | ) | — | — | — | — | — | — | — | (13 | ) | 89.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Corporate | (48 | ) | 2 | 9 | 1 | (44 | ) | (32 | ) | (80 | ) | 0 | (80 | ) | (67 | ) | 0 | 30 | 0 | (15 | ) | 5 | 2 | 22 | (45 | ) | 77.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense, net | 335 | — | — | — | — | — | 335 | 1 | 336 | 336 | — | — | — | — | 2 | — | 2 | 338 | -0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense | 316 | 50 | 2 | 14 | (18 | ) | 48 | 364 | 5 | 369 | 301 | 44 | 9 | 65 | (4 | ) | (7 | ) | (47 | ) | 60 | 361 | 2.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income attributable to noncontrolling<br> interests | 203 | — | — | (8 | ) | — | (8 | ) | 195 | 0 | 195 | 233 | — | — | 1 | — | (13 | ) | (24 | ) | (36 | ) | 197 | -1.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Net<br> income3 | 538 | 130 | 7 | 282 | (54 | ) | 365 | 903 | 9 | 912 | 499 | 109 | 21 | 138 | (11 | ) | (2 | ) | (110 | ) | 145 | 644 | 41.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basic earnings per share | € | 1.83 | € | 0.44 | € | 0.02 | € | 0.97 | € | (0.18 | ) | € | 1.25 | € | 3.08 | € | 0.03 | € | 3.11 | € | 1.70 | € | 0.38 | € | 0.07 | € | 0.47 | € | (0.04 | ) | € | (0.02 | ) | € | (0.37 | ) | € | 0.49 | € | 2.19 | 41.6 | % |
All values are in Euros.
^1^ 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; 2023: mainly comprise the derecognition of capitalized development costs and the impairment of intangible assets (licenses and distribution rights) as well as termination costs (including certain contractual obligation expenses) related to a dialysis cycler development program which was discontinued in the first quarter of 2023 and other impacts related to agreed-upon divestitures in 2023.
^2^ Business impacts from closed divestitures in 2023.
^3^ Attributable to shareholders of FME AG.
| Reconciliation results (outlook base) | page 8 of 9 | February 25, 2025 |
|---|
Outlook 2025
| Outlook 2025 | ||
|---|---|---|
| Results 2024 | (at Constant Currency) | |
| Revenue^1^ | €19,336<br> M | Positive to a low-single digit percentage rate<br> growth |
| Operating<br> income^1^ | €1,797<br> M | High-teens to high-twenties<br> percentage rate growth |
^1^ Outlook 2025 is based on the assumptions outlined in the earnings release for the fourth quarter and full year of 2024 and excludes special items. Special items include the costs related to the FME25 Program, the impacts from Legacy Portfolio Optimization, the Legal Form Conversion Costs 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 growth rates are based on the results 2024 excluding the costs related to the FME25 Program (€180 M for operating income), the impacts from Legacy Portfolio Optimization (€288 M for operating income), the Legal Form Conversion Costs (€9 M for operating income) and the Humacyte Remeasurements (-€72 M for operating income).
| Outlook 2025 | page 9 of 9 | February 25, 2025 |
|---|