Slides
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Shervin J. Korangy CEO & Chair of the Management Board Martin Fischer CFO November 3, 2026 Q3 2026 Earnings Call
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Safe harbor statement: In this Safe harbor statement, “the Company” and “Fresenius Medical Care” refer to Fresenius Medical Care AG & Co. KGaA, a German partnership limited by shares, prior to its conversion of legal form, and to Fresenius Medical Care AG, a German stock corporation, after its conversion of legal form. This presentation includes certain forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Act of 1934, as amended. Forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy or might not even be anticipated. The Company has based these forward-looking statements on current estimates and assumptions which we believe are reasonable and which are made to the best of our knowledge. Actual results could differ materially from those included in the forward-looking statements due to various risk factors and uncertainties, including changes in business, economic or competitive conditions, changes in reimbursement, regulatory compliance issues, regulatory reforms, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, cyber security issues and the availability of financing. Given these uncertainties, readers should not put undue reliance on any forward-looking statements. These and other risks and uncertainties are discussed in detail in the Company’s Annual Report on Form 20-F under the headings “Forward-Looking Statements” and “Risk Factors” and under the headings in that report referred to therein, and in the Company’s other reports filed with the Securities and Exchange Commission (SEC) and the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse). Forward-looking statements represent estimates and assumptions only as of the date that they were made. The information contained in this presentation is subject to change without notice and the company does not undertake any duty to update the forward-looking statements, and the estimates and assumptions associated with them, except to the extent required by applicable law and regulations. If not mentioned differently the term net income refers to the net income attributable to the shareholders of Fresenius Medical Care. Amounts are in Euro if not mentioned otherwise. Implementation of measures as presented herein may be subject to information and consultation procedures with works councils and other employee representative bodies, as per local laws and practice. Consultation procedures may lead to changes on proposed measures.
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New CEO Introduction Q3 2026 Highlights Q3 2026 Business Update Outlook 1 2 3 4
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Q4 2024 Conference Call Page 4 Shervin J. Korangy appointed CEO to lead the next phase of strategic development and long-term profitable growth Investor Relations | Analyst Presentation Q3 2026 Appointed CEO effective 12 October 2026 Deep understanding of dialysis business, its strategic context and its key opportunities ▪ Member of FME Supervisory Board Extensive international leadership experience in healthcare, life sciences and financial services ▪ President and CEO of BVI Medical ▪ Senior executive with Novartis Group AG ▪ Managing Director with Blackstone
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New CEO Introduction Q3 2026 Highlights Q3 2026 Business Update Outlook 1 2 3 4
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Q4 2024 Conference Call Page 6 Broadly stable revenue and earnings development Investor Relations | Analyst Presentation Q3 2026 1 Organic growth represents growth in revenue, adjusted for certain reconciling items including revenue from acquisitions, closed or sold operations and differences in dialysis days and presented at constant currency 2 Adjusted for special items, growth at cc; reconciliation table for special items and currency to reported growth rates: page 20. Q3 2026 Stable organic revenue development1 Operating income2 development impacted by TDAPA headwinds, resulting in a margin of 11.0% Bringing Kidney Care innovation to the U.S. ▪ Rollout of 5008X CAREsystem on plan with 348 converted clinics and 9k installed machines ▪ FDA clearance of multiFiltrateProTM and dedicated solutions for critical care Share buyback program progressing with 3.4% of share capital repurchased since initiation of current tranche Quality remediation program to actively address FDA observations
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New CEO Introduction Q3 2026 Highlights Q3 2026 Business Update Outlook 1 2 3 4
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Q4 2024 Conference Call 4,885 4,937 Q3 2025 Q3 2026 -0.5% at cc¹ ▪ Operating income development1 negatively impacted by TDAPA and inflation headwinds ▪ Special items mainly include costs related to China strategy refinement (legacy portfolio optimization) and FME25+ program ▪ Flat organic revenue growth resulting from organic growth in Care Delivery offset by anticipated change in risk contracting in VBC ▪ Divestitures impact of -30 bps Page 8 Operating income supported by underlying profitability improvement Investor Relations | Analyst Presentation Q3 2026 1 At cc = at constant currency; operating income (growth) excluding special items | Q3 2026 €541 million operating income excl. special items at cc | Reconciliation table for special items and currency to reported growth rates: page 20. 2 Organic growth represents growth in revenue, adjusted for certain reconciling items including revenue from acquisitions, closed or sold operations and differences in dialysis days and presented at constant currency Revenue in € million Operating income in € million 9.8% 11.7% 11.0% 7.8% Margin in % +0.1% organic2 +1.1% as reported 574 545 384 97 Q3 2025 Special items Q3 2025 excl. special items Q3 2026 excl. special items Special items Q3 2026 477 -161 -5.7% at cc1 -5.1% at current rate
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Q4 2024 Conference Call Page 9 Operating income supported by underlying profitability improvement Investor Relations | Analyst Presentation Q3 2026 477 574 545 384 97 12 21 4 4 Q3 2025 operating income Special items Q3 2025 operating income excl. special items Care Delivery Value-Based Care Care Enablement Inter- segment Corporate Fx translation Q3 2026 operating income excl. special items Special items Q3 2026 operating income -42 -28 -161 Reconciliation table for special items and currency to reported growth rates: page 20. Margin in %in € million 11.7% 11.0%
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Q4 2024 Conference Call 560 572 2,842 2,920 Q3 2025 Q3 2026 3,402 3,492 +1.1% at cc¹ 493 51345 46 8 Q3 2025 excl. special items Business growth FME25+ savings Labor / Inflation Fx translation Q3 2026 excl. special items -79 +2.5% at cc1 ▪ Underlying improvement of 21% (excl. TDAPA) ▪ Business growth driven by − underlying operating income improvement driven by positive rate effect − offset by lower TDAPA contributions ▪ U.S. organic growth of 1% driven by favorable rate effects, partly offset by negative TDAPA effects and lower volumes ▪ Positive organic growth in International business ▪ Divestitures impact of -40 bps Revenue in € million Page 10 Care Delivery | Positive development despite TDAPA headwinds Investor Relations | Analyst Presentation Q3 2026 1 At cc = at constant currency; operating income (growth) excluding special items | Q3 2026 €505 million operating income excl. special items at cc | Reconciliation table for special items and currency to reported growth rates: page 20. 2 Organic growth represents growth in revenue, adjusted for certain reconciling items including revenue from acquisitions, closed or sold operations and differences in dialysis days and presented at constant currency. Operating income in € million Margin in % 14.5% 14.7% U.S. International +2.0% organic2 +2.7% as reported +4.1% at current rate
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Q4 2024 Conference Call 576 537 Q3 2025 Q3 2026 -8.6% at cc¹ -21 1 1 Q3 2025 excl. special items Business growth FME25+ savings Inflation Fx translation Q3 2026 excl. special items 17 5 -1 n.a. at cc1 ▪ Business growth mainly driven by prior-year phasing of CKCC reporting by CMS and improved savings rate ▪ FME25+ supported by integration synergies ▪ Organic revenue decline due to changed risk contracting for one contract, as expected ▪ Positive development of payor premium rates Page 11 Value-Based Care | Positive operating income Investor Relations | Analyst Presentation Q3 2026 1 At cc = at constant currency; operating income (growth) excluding special items | Q3 2026 €0 million operating income excl. special items at cc | Reconciliation table for special items and currency to reported growth rates: page 20. 2 Organic growth represents growth in revenue, adjusted for certain reconciling items including revenue from acquisitions, closed or sold operations and differences in dialysis days and presented at constant currency. Revenue in € million Operating income in € million Margin in % -3.7% 0.1% -8.6% organic2 -6.8% as reported
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Q4 2024 Conference Call 1,361 1,451 Q3 2025 Q3 2026 +5.1% at cc¹ 103 106 22 25 Q3 2025 excl. special items Business growth FME25+ savings Inflation Fx translation Q3 2026 excl. special items -43 -1 +4.3% at cc1 ▪ Solid organic revenue growth driven by − growing positive impact from sales of 5008X CAREsystems − overall positive pricing ▪ Business growth driven by 5008X CAREsystem sales and positive price ▪ Increased cost inflation driven by the Middle East conflict ▪ Positive contributions from FME25+ savings Page 12 Care Enablement | Solid growth despite headwinds Investor Relations | Analyst Presentation Q3 2026 1 At cc = at constant currency; operating income (growth) excluding special items | Q3 2026 €107 million operating income excl. special items at cc | Reconciliation table for special items and currency to reported growth rates: page 20. 2 Organic growth represents growth in revenue, adjusted for certain reconciling items including revenue from acquisitions, closed or sold operations and differences in dialysis days and presented at constant currency. Revenue in € million Operating income in € million Margin in % 7.6% 7.3% +5.1% organic2 +6.7% as reported +2.5% at current rate
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Q4 2024 Conference Call Page 13 2023 2024 2025 Q3 2026 Strong operating cash flow growth and low leverage ratio Investor Relations | Analyst Presentation Q3 2026 in € million Q3 2026 Q3 2025 ∆ in % 9M 2026 9M 2025 ∆ in % Operating cash flow 798 742 8 1,885 1,679 12 ▪ Capital expenditures, net -234 -192 22 -656 -480 36 Free cash flow 564 550 3 1,229 1,199 3 ▪ Free cash flow after investing activities 588 688 -15 1,235 1,375 -10 X Xx Total net debt and lease liabilities 9,787 9,218 6 9,787 9,218 6 3.2x 2.9x 2.6x 2.5x Key developments in Q3 ▪ Operating cash flow increased mainly driven by favorable working capital development ▪ Total debt and lease liabilities (€10.9 billion) as well as total net debt and lease liabilities (€9.8 billion) slightly increased, as expected ▪ 9.1 million shares or 3.4% of share capital repurchased (€357 million incl. true ups) under second €1 billion share buyback program ▪ Net leverage ratio remained around the lower end of the target corridor Net leverage ratio (Net debt/EBITDA) Previous target corridor: 3.0x-3.5x Target corridor: 2.5x-3.0x
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New CEO Introduction Q3 2026 Highlights Q3 2026 Business Update Outlook 1 2 3 4
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Q4 2024 Conference Call Page 15 FY 2026 | Outlook narrowed Investor Relations | Analyst Presentation Q3 2026 FY 2026 Revenue and operating income Revenue and operating income, as referred to in the outlook, are both on a constant currency basis and excluding special item s. Special items will be provided as separate KPI (“Operating income excl. special items”) to capture 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. Th ese items are excluded to ensure comparability of the figures presented with the Company’s financial targets which have been defined excluding special items. Growth is measured year-on-year. The outlook assumes current laws/policies/regulations and tariffs. See page 20 for reconciliation table for special items Revenue growth Operating income growth Broadly flat FY 2025 basis: € 19,628 million Flat to negative mid-single digit percent FY 2025 basis: € 2,212 million
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Your questions are welcome.
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Appendix
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Q4 2024 Conference Call Page 18 Q3 2026 | Profit and Loss Investor Relations | Analyst Presentation Q3 2026 Q3 2026 € million Q3 2025 € million Growth in % Growth in % cc Revenue 4,937 4,885 1 -1 Operating income 384 477 -19 -19 Operating income margin in % 7.8 9.8 Operating income excl. special items 545 574 -5 -6 Operating income margin excl. special items in % 11.0 11.7 Net interest expense 81 74 10 7 Income before taxes 303 403 -25 -24 Income tax expense 78 75 3 6 Tax rate in % 25.7 18.7 Non-controlling interest 65 53 24 22 Net income¹ 160 275 -42 -41 Net income excl. special items¹ 291 322 -10 -10 1 Attributable to shareholders of FME AG; reconciliation table for special items and currency to reported growth rates: page 20
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Q4 2024 Conference Call Page 19 9M 2026 | Profit and Loss Investor Relations | Analyst Presentation Q3 2026 9M 2026 € million 9M 2025 € million Growth in % Growth in % cc Revenue 14,409 14,558 -1 2 Operating income 1,136 1,233 -8 -5 Operating income margin in % 7.9 8.5 Operating income excl. special items 1,581 1,507 5 8 Operating income margin excl. special items in % 11.0 10.3 Net interest expense 243 229 6 8 Income before taxes 893 1,004 -11 -7 Income tax expense 210 215 -2 2 Tax rate in % 23.6 21.4 Non-controlling interest 187 138 36 41 Net income¹ 496 651 -24 -21 Net income excl. special items¹ 844 836 1 4 1 Attributable to shareholders of FME AG; reconciliation table for special items and currency to reported growth rates: page 21
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Q4 2024 Conference Call Reconciliation of non-IFRS financial measures to the most directly comparable IFRS financial measures for comparison with outlook Page 20 Q3 2026 | Reconciliation adjustments Investor Relations | Analyst Presentation Q3 2026 Group Care Delivery Value-Based Care Care Enablement Corporate Inter-segment eliminations € million Q3 2026 Q3 2025 in % Q3 2026 Q3 2025 in % Q3 2026 Q3 2025 in % Q3 2026 Q3 2025 in % Q3 2026 Q3 2025 Q3 2026 Q3 2025 Revenue 4,937 4,885 1 3,492 3,402 3 537 576 -7 1,451 1,361 7 -- -- -543 -454 Operating Income 384 477 -19 497 419 18 0 -22 n.a. -32 87 n.a. -35 -4 -46 -3 FME25+ program 54 41 27 23 1 1 25 17 1 0 -- -- Humacyte remeasurements 9 6 -- --- -- -- 4 1 5 5 -- -- Legacy portfolio optimization 98 50 -11 51 -- -- 109 -2 0 2 -- -1 Legal form conversion costs -- 0 -- --- -- -- -- -- -- 0 -- -- Tavneos impacts -- -- -- -- -- -- -- -- -- -- -- -- Sum of special items 161 97 16 74 1 -1- 138 16- 6 7 -- -1- Operating income excl. special items 545 574 -5 513 493 4 1 -21 n.a. 106 103 3 -29 3 -46 -4- Foreign currency translation -4 -8 -1 1 4 0 Operating income excl. Special items at cc 541 505 0 107 -25 -46
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Q4 2024 Conference Call Reconciliation of non-IFRS financial measures to the most directly comparable IFRS financial measures for comparison with outlook Page 21 9M 2026 | Reconciliation adjustments Investor Relations | Analyst Presentation Q3 2026 Group Care Delivery Value-Based Care Care Enablement Corporate Inter-segment eliminations € million 9M 2026 9M 2025 in % 9M 2026 9M 2025 in % 9M 2026 9M 2025 in % 9M 2026 9M 2025 in % 9M 2026 9M 2025 9M 2026 9M 2025 Revenue 14,409 14,558 -1 10,264 10,229 0 1,563 1,611 -3 4,121 4,075 1 -- -- -1,539 -1,357 Operating Income 1,136 1,233 -8 1,203 1,086 11 6 -28 n.a. 153 270 -43 -119 -78 -107 -17 FME25+ program 262 122 171 62 21 2 69 56 1 2 -- -- Humacyte remeasurements 5 71 -- -- -- -- -3 8 8 63 -- -- Legacy portfolio optimization 107 79 -8 78 -- -- 110 0 5 2 -- -1 Legal form conversion costs -- 2 -- -- -- -- -- -- -- 2 -- -- Tavneos impacts 71 -- 71 -- -- -- -- -- -- -- -- -- Sum of special items 445 274 234 140 21 2 176 64 14 69 -- -1- Operating income excl. special items 1,581 1,507 5 1,437 1,226 17 27 -26 n.a. 329 334 -2 -105 -9 -107 -18 Foreign currency translation 50 67 1 4 -18 -4 Operating income excl. Special items at cc 1,631 1,504 28 333 -123 -111
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Q4 2024 Conference Call Page 22 Debt Investor Relations | Analyst Presentation Q3 2026 Q3 2026 € million FY 2025 € million FY 2024 € million Debt Short-term debt 2,389 1,613 577 + Current portion of lease liabilities 585 584 641 + Long-term debt, less current portion 5,148 5,692 6,261 + Lease liabilities, less current portion 2,764 2,906 3,500 + Debt and lease liabilities included within liabilities directly associated with assets held for sale -- -- 9 Total debt and lease liabilities 10,886 10,795 10,988 − Cash and cash equivalents1 -1,099 -1,599 -1,185 Total net debt and lease liabilities 9,787 9,196 9,803 1 Includes cash and cash equivalents included within assets held for sale
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Q4 2024 Conference Call Reconciliation of adjusted EBITDA and net leverage ratio to the most directly comparable IFRS financial measures Page 23 EBITDA Investor Relations | Analyst Presentation Q3 2026 LTM Q3 2026 € million FY 2025 € million FY 2024 € million Net income 1,085 1,191 741 + Income tax expense 317 321 316 − Interest income -59 -70 -72 + Interest expense 387 385 407 + Depreciation and amortization 1,428 1,463 1,536 + Adjustments1 603 447 450 Adjusted EBITDA 3,761 3,737 3,378 Net leverage ratio (Net debt/EBITDA) 2.6 2.5 2.9 1 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), non-cash charges, primarily related to pension expense (2026: €42 M; 2025: €47 M), impairment loss (2026: €205 M; 2025: €37 M), and special items, including costs related to the FME25+ Program (2026: €203 M; 2025: €185 M), Legacy Portfolio Optimization (2026: €57 M; 2025: €83 M), Legal Form Conversion Costs (2026: €2 M; 2025: €4 M), Humacyte Remeasurements (2026: €23 M; 2025: €90 M) and Tavneos® Impacts (2026: €71 M).
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Q4 2024 Conference Call Page 24 Return on Invested Capital (ROIC) Investor Relations | Analyst Presentation Q3 2026 ▪ ROIC in 2020 excl. the impact of the Latin America impairment (special item) and in 2021 excluding FME25+ (special item) ▪ ROIC for 2020 and 2021 was 7.5% and 5.5% excl. IFRS 16 and excl. Latin America impairment in 2020 ▪ ROIC in 2022 adjusted for the effects of the FME25+ program, the Humacyte Investment Remeasurement, the net gain related to InterWell Health, the effects of hyperinflation in Turkiye and impacts related to the war in Ukraine ▪ ROIC in 2023-2024 adjusted for the effects of the FME25+ program, Legal Form Conversion costs, Legacy Portfolio Optimization and Humacyte Remeasurements ▪ ROIC in 2025 adjusted for the effects of the FME25+ program, Legal Form Conversion costs, Legacy Portfolio Optimization, Humacyte Remeasurements and Interwell Health Deferred Tax Reversal ▪ ROIC in 2026 adjusted for the effects of the FME25+ program, Legacy Portfolio Optimization, Humacyte Remeasurements and Tavneos® Impacts 5.8% 6.6% 2020 4.9% 5.1% 2021 3.3% 3.9% 2022 2.8% 3.6% 2023 3.5% 4.5% 2024 5.0% 6.1% 2025 4.7% rep. 6.5% adj. Q3 2026
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Q4 2024 Conference Call Exchange rates Page 25 Exchange rates, U.S. dialysis days, vPPA, definitions Investor Relations | Analyst Presentation Q3 2026 9M 2026 FY 2025 FY 2024 €:USD Period end 1.136 1.175 1.039 Average 1.161 1.130 1.082 €:CNY Period end 7.613 8.226 7.583 Average 7.920 8.118 7.788 €:RUB Period end 94.518 93.980 115.968 Average 90.954 94.429 100.458 Q1 Q2 Q3 Q4 Full year 2026 76 78 79 79 312 2025 76 78 79 80 313 2024 77 78 79 80 314 2023 77 78 79 79 313 U.S. dialysis days per quarter Definitions cc at constant currency HD Hemodialysis PD Peritoneal dialysis Net income Net income attributable to shareholders of FME LTM Last-Twelve-Months Virtual power purchase agreements (vPPA) € million Q3 2026 Q3 2025 vPPA amount 2 -2
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Q4 2024 Conference Call Page 26 Q3 2026 | Key metrics for Care Delivery and Value-Based Care Investor Relations | Analyst Presentation Q3 2026 as of September 30, 2026 as of September 30, 2025 Growth in % Care Delivery Patients 289,014 293,620 -2 United States 202,774 205,846 -1 International 86,240 87,774 -2 Treatments 32,526,949 33,561,556 -3 United States 22,880,623 23,183,666 -1 International 9,646,326 10,377,890 -7 Clinics 3,512 3,628 -3 United States 2,540 2,621 -3 International 972 1,007 -3 Value-Based Care – United States Member Months 1,364,132 1,347,196 +1 Membership 150,040 161,957 -7
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Q4 2024 Conference Call Page 27 Continuous monitoring of clinical performance to enhance care Investor Relations | Analyst Presentation Q3 2026 Quality index Global indicator for patient well-being and treatment success Dialysis effectiveness Measures how sufficiently the body is cleansed of waste substances Vascular access Measures the share of patients who do not receive dialysis via a dialysis catheter but rather via safer vascular access alternatives that reduce risk of infection and improve outcomes Anemia management Measures hemoglobin levels and specific medications given during dialysis to achieve optimum clinical outcomes, such as overall health and well-being Q3 2026 Q2 2026 Quality index 79% 80% Dialysis effectiveness 93% 93% Vascular access 74% 75% Anemia management 71% 71% Quality index components
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Q4 2024 Conference Call Page 28 IR Event Outlook Investor Relations | Analyst Presentation Q3 2026 03 Virtual Report on Q3 2026: Earnings Release and Conference Call 04 London, UK Q3 C-Level Roadshow 05 Frankfurt, Germany Q3 C-Level Roadshow 10 Palm Beach, US UBS Global Healthcare Conference 17 Frankfurt, Germany DZ Bank Equity Conference 18 London, UK Jefferies Healthcare Conference 24 Frankfurt, Germany Deutsche Börse Eigenkapitalforum 01 Miami, US Citi's Global HC Conference 03 Windsor, UK Berenberg European Conference 07 Lyon, France 30th ODDO BHF Forum 11-12 San Francisco, US J.P. Morgan 2027 Healthcare Conference 14 New York, US Roadshow 18 Frankfurt, Germany UniCredit & Kepler Cheuvreux | 26th German Corporate Conference January 26 - February 22 Q4/FY 2026 Quiet Period 23 Virtual Report on Q4/FY: Earnings Release and Conference Call 24 London, UK FY 2026 C-Level Roadshow 25 Frankfurt, Germany FY 2026 C-Level Roadshow November 2026 December 2026 January 2027 February 2027
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Ilia Kuerten Vice President Investor Relations +49(0) 6172-268 5966 Ilia.Kuerten@ FreseniusMedicalCare.com Alicia Cahill Senior Director Investor Relations +1 860-609-2394 Alicia.Cahill@ FreseniusMedicalCare.com Dr. Dominik Heger Global Head of Investor Relations, Market & Competition, Sustainability | EVP +49(0) 6172-2685-822 Dominik.Heger@ FreseniusMedicalCare.com Gari Hoto Senior Manager Investor Relations +49(0) 6172-268-6078 Garikai.Hoto@ FreseniusMedicalCare.com Fresenius Medical Care AG Investor Relations Else-Kröner-Str. 1 61352 Bad Homburg v. d. H. Germany ir@FreseniusMedicalCare.com Ticker: FME and FMS (NYSE/ADR) WKN: 578 580 ISIN: DE00057858002 CUSIP (ADR): 358029106