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#FutureFresenius: Guidance raised – Resilient business continues to deliver consistent performance Q2 2025 results Conference call and webcast for investors and analysts Bad Homburg, 6 August 2025 Strategy and Business Update Financials #FutureFresenius Appendix
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Safe Harbor Statement This presentation contains forward-looking statements that are subject to various risks and uncertainties. Future results could differ materially from those described in these forward-looking statements due to certain factors, e.g. changes in business, economic and competitive conditions, regulatory reforms, results of clinical trials, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, the availability of financing and unforeseen impacts of international conflicts. Fresenius does not undertake any responsibility to update the forward-looking statements contained in this presentation. Q2/25 Earnings Call, 6 August 2025 © Fresenius SE & Co. KGaA Investor Relations 2 Strategy and Business Update Financials #FutureFresenius Appendix
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01 Strategy and Business Update 02Financials 03#FutureFresenius 04Appendix 01Strategy and Business Update Strategy and Business Update Financials #FutureFresenius Appendix
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Guidance raised Q2/25: Consistent revenue and strong EPS growth Kabi continues to enhance profitability with strong 16.4% EBIT margin despite impact from Keto VBP in China; Biopharma with yoy margin expansion Execution of launch pipeline for both IV Generics and Biosimilars progressing well Helios Performance Programme advancing Q2/25 Earnings Call, 6 August 2025 © Fresenius SE & Co. KGaA Investor Relations 4 Before special items; at constant currency | 1 Excl. FMC #Future Fresenius Raising guidance for organic revenue growth to 5 – 7% Strong bottom-line performance continues with 8% Core EPS1 growth, driven by operating strength and significant decrease in interest expense Strategy and Business Update Financials #FutureFresenius Appendix
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Fresenius Kabi Q2/25 highlights 5 Organic growth rates adjusted for accounting effects related to Argentina hyperinflation Q2/25 Earnings Call, 6 August 2025 © Fresenius SE & Co. KGaA Investor Relations NUTRITION BIOPHARMA PHARMA 6 new IV generics products launched in the U.S. Ramp-up of IV solutions production in the U.S. at Wilson/NC site to meet growing demand €947m Q2/25 REVENUE +5% ORGANIC GROWTH Research pipeline in enteral and parenteral nutrition filled and advanced considerably Investment in new line for parenteral nutrition started in Europe €581m Q2/25 REVENUE +1% ORGANIC GROWTH MEDTECH Cell and Gene Therapy with ~40% yoy growth, driven by LOVO and Cue R&D Operations expanded to Pune, India €392m Q2/25 REVENUE +5% ORGANIC GROWTH Denosumab: EMA approval U.S. launch of Conexxence and Bomyntra Tyenne reaching 24% market share in EU5 Exclusive global license to market vedolizumab biosimilar (excl. MENA) €190m Q2/25 REVENUE +33% ORGANIC GROWTH Strategy and Business Update Financials #FutureFresenius Appendix
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2020 2024 20% 43% Fresenius Kabi Biosimilars market with excellent momentum Q2/25 Earnings Call, 6 August 2025 © Fresenius SE & Co. KGaA Investor Relations 6 Biosimilars market Europe U.S. Canada RoW €20bn GLOBAL BIOSIMILARS MARKET ~20% CAGR2024 early 2030s LOE1 MARKET VALUE 2025 – 2028 Global (key markets)2: thereof U.S.: ~€42bn ~€17bn BIOSIMILARS PENETRATION3 U.S. BIOSIMILARS UPTAKE 2020 2024 58% 74% Europe U.S. Source; IQVIA AL/FL 1 LoE = Loss of exclusivity; IQVIA: Understanding the use of medicines in the U.S. 2025 (Apr 2025) & IQVIA: Global use of medicines 2024 outlook 2028 (Jan 2024) | 2 Markets considered: U.S., Japan, Germany, France, Italy, Spain, UK, Canada, South Korea, Australia | 3 Penetration in volume excl. Insulin biosimilars | Fx rate 1€ = 1.11$ 25 2017 2018 2019 2020 2021 2022 2023 2024 Q1/25 59% 78% 82% 90% 58% 9%3% May 25 Pegfilgrastim Trastuzumab Rituximab Bevacizumab Adalimumab Infliximab Tocilizumab Ustekinumab Strategy and Business Update Financials #FutureFresenius Appendix
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Fresenius Kabi Advancing Otulfi roll-out in an attractive environment Q2/25 Earnings Call, 6 August 2025 © Fresenius SE & Co. KGaA Investor Relations 7 OTULFI – since Q1/25 launch: 10 markets launched – leveraging Autoimmune commercial infrastructure Subcutaneous and IV formulation U.S. interchangeability designation Various U.S. contracts signed Ramp-up to accelerate in Q4/2521% 37% 47% Q2/24 4% Q3/24 Q4/24 Q1/25 May 25 Originator Biosimilars USTEKINUMAB MARKET EU4 + UK2 1 Source: Evaluate Pharma | 2 Source: IQVIA (accessed Jul 2025) Europe U.S. Canada RoW FY/242 Global peak branded originator sales1: €11bn Strategy and Business Update Financials #FutureFresenius Appendix
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12% Fresenius Kabi Tyenne progress continues Q2/25 Earnings Call, 6 August 2025 © Fresenius SE & Co. KGaA Investor Relations 8 TYENNE MARKET SHARES2 Europe U.S. Canada RoW TOCILIZUMAB MARKET TYENNE 22 markets launched – leveraging Autoimmune commercial infrastructure First Tocilizumab biosimilar in the market Subcutaneous and IV formulation Uptake to continue through 2025 Advancing with tech transfer to mAbxience; Garín site received EMA approval for Tocilizumab Global peak branded originator sales1: €3bn FY/242 1 Source: Evaluate Pharma | 2 Source: IQVIA (accessed Jul 2025) EU5 U.S. 24% Q3/23 2% Q4/23 7% Q1/24 0% Q2/24 19% 1% Q3/24 22% 2% Q4/24 23% 7% Q1/25 9% May 25 Strategy and Business Update Financials #FutureFresenius Appendix
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Fresenius Kabi Growth Vectors gaining weight, elevating profitability Q2/25 Earnings Call, 6 August 2025 © Fresenius SE & Co. KGaA Investor Relations 9 Growth Vectors driving EBIT growth and margin expansion Pharma providing a strong foundation FY/22 FY/23 FY/24 Growth Vectors Pharma Before special items; chart does not show Corporate for reasons of simplicity 1 At constant currency KABI EBIT MARGINS 8.5% 20.0% 13.8% 13.9% 20.1% 15.7% 14.8% 22.3% 16.6% Growth Vectors Pharma Kabi Group H1/24 H1/25 H1 +10% yoy 3 + 1 +13% CAGR Strategy and Business Update Financials #FutureFresenius Appendix
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Fresenius Helios Q2/25 highlights 10Q2/25 Earnings Call, 6 August 2025 © Fresenius SE & Co. KGaA Investor Relations €4bn federal funding for German hospitals: Surcharge on invoices for patients with public insurance, treated between Nov 1, 2025, and Oct 31, 2026 Further expanding cluster structures across Germany: Intensifying high-quality medical care in regional networks with almost all hospitals to be organized in clusters €2,001m1 Q2/25 REVENUE +6% ORGANIC GROWTH Casiopeia driving transformation further: Virtually all performed medical activity registered in the digital platform Casiopeia €1,369m Q2/25 REVENUE +3% ORGANIC GROWTH Leveraging AI: For more than one million medical consultations, the generative AI tool Scribe (launched in late 2024) has been used to enhance consultation quality and optimize patient care. 1 Before special items Strategy and Business Update Financials #FutureFresenius Appendix
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Revenue growth increased structurally as strategy unfolds Q2/25 Earnings Call, 6 August 2025 © Fresenius SE & Co. KGaA Investor Relations 11 New FY/25 outlook: 5 – 7% REVENUE GROWTH ORGANIC Growth rates adjusted for Argentina hyperinflation; excl. FMC ORGANIC REVENUE GROWTH CAGR FY/24FY/19 FY/23FY/22 5% 7%Group Growth Vectors Kabi 4% 8% Driving topline accele- ration Helios 6% 6% - RESET 13% Strategy and Business Update Financials #FutureFresenius Appendix
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02 Financials 02Financials 03#FutureFresenius 04Appendix 01Strategy and Business Update Strategy and Business Update Financials #FutureFresenius Appendix
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Q2/25: Consistent organic and strong EPS growth Q2/25 Earnings Call, 6 August 2025 © Fresenius SE & Co. KGaA Investor Relations 13 Continued strong revenue growth based on good operating performance of Kabi and Helios EBIT growth broadly flat; continued strong operating development at Kabi offset by Helios, in particular due to ceasing of energy relief payments, as expected Strong EPS growth of 8% demonstrating continued bottom-line delivery based on improved interest expenses Interest expense at -€85m decreased significantly (Q2/24: -€108m), driven by yoy deleveraging Tax rate of 25.1% in line with expectations (Q2/24: 26.1%) Operating Cash Flow significant sequential improvement Leverage ratio slightly above target corridor at 3.1× due to dividend payment 1 Organic growth rate adjusted for accounting effects related to ARG hyperinflation | 2 Excl. FMC | 3 Excl. FMC; at average exchange rates for both net debt and EBITDA; before special items; pro forma closed acquisitions/divestitures, including lease liabilities, including Fresenius Medical Care dividend; Net debt adjusted for valuation effect of equity-neutral exchangeable bond | 4 Excluding FMC (€120m) Before special items; P&L growth rates at constant currency (cc) and adjusted for ARG hyperinflation Net income attributable to shareholders of Fresenius SE & Co. KGaA Cash Flow from continuing operations €0.73 +8% EPS2 €433m Operating Cash Flow 3.1x Net Debt / EBITDA3 Special items Q2/25 (EAT): €162m4; thereof €2m exit of Vamed Project business €5.6bn +5% org.1 Revenue €654m 0% EBIT €412m +8% Net income2 11.7% EBIT margin Strategy and Business Update Financials #FutureFresenius Appendix
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-220 -166 H1/23 H2/23 H1/24 H2/24 H1/25 #FutureFresenius creating sustainable bottom-line momentum Q2/25 Earnings Call, 6 August 2025 © Fresenius SE & Co. KGaA Investor Relations 14 CORE EPS1 Growth in % Sustainably growing EBIT Tightly managing interest line Before special items; at constant currency | 1 Excl. FMC EPS Growth -10% -13% 8% 10% EBIT €m Interest expense €m 18% Strategy and Business Update Financials #FutureFresenius Appendix
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Fresenius Kabi Q2/25 highlights QUARTERLY FINANCIALS Before special items | 1 Organic growth rate adjusted for accounting effects related to Argentina hyperinflation Revenue1 growth org. EBIT €m Revenue €m EBIT Margin Pharma with strong organic revenue growth of 5%1 driven by positive development in Europe and the U.S. Growth Vectors with 7%1 organic revenue growth (MedTech: 5 %1; Nutrition: 1%1; Biopharma: 33%1) Strong organic revenue growth of 6%1 in the upper half of the structural growth band; less pronounced Argentina pricing effects Strong EBIT margin at 16.4%, despite FX transaction effects and the expected impact from Keto VBP in China: ▪ Yoy margin expansion (~50bps) driven by Pharma, MedTech & Biopharma ▪ Growth Vectors margin at 14.3% with Nutrition affected by Keto VBP 11% 334 11% 335 9% 340 1,800 1,850 1,900 1,950 2,000 2,050 2,100 2,150 2,200 15.9% 2,100 Q2/24 2,114 Q3/24 15.8% 2,148 Q4/24 16.8% 2,146 Q1/25 16.4% 2,111 Q2/25 Q2/25 Earnings Call, 6 August 2025 © Fresenius SE & Co. KGaA Investor Relations Main developments 6% 360 15 6% 346 15.9% Strategy and Business Update Financials #FutureFresenius Appendix
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Solid 5% organic revenue growth EBIT margin of 10.0%; expected softness at Helios Germany partially offset by strong profitability at Helios Spain Fresenius Helios Q2/25 highlights QUARTERLY FINANCIALS Before special items Revenue growth org. EBIT €m Revenue €m EBIT Margin 6% 357 8% 244 6% 339 8% 333 2,600 2,800 3,000 3,200 3,400 11.1% 3,230 Q2/24 7.9% 3,082 Q3/24 3,273 Q4/24 9.8% 3,394 Q1/25 10.0% 3,370 Q2/25 Q2/25 Earnings Call, 6 August 2025 © Fresenius SE & Co. KGaA Investor Relations 16 Main developments Helios Spain 3% organic revenue growth, incl. anticipated Easter effect; 5% organic growth in H1/25 Excellent EBIT margin (13.8%); EBIT growth (at constant currency) reflecting strong prior-year base; strong 7% EBIT growth in H1/25 Helios Germany Strong 6% organic revenue growth driven by price effects, good activity levels and case mix EBIT margin and growth affected by absence of energy relief payments; Performance Programme advancing, with ramp-up expected in H2/25 5% 337 10.4% Strategy and Business Update Financials #FutureFresenius Appendix
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Robust underlying cash generation continues Q2/25 Earnings Call, 6 August 2025 © Fresenius SE & Co. KGaA Investor Relations 17 CASH FLOW €m From continuing operations; Q2/25 LTM Free Cash Flow from discontinued operations amounted to -€292m, mainly due to the disposals from the Vamed exit 1 After acquisitions, dividends and lease liabilities 121 521 Q2/25 LTM Operating Cash Flow -969 CAPEX -656 Dividend paid FME dividend Acquisitions, net -172 Leases Q2/25 LTM Free Cash Flow1 2,231 1,076 Q2/24 LTM Free Cash Flow1 1,462 Rigorous focus on cash conversion reflected in reliable Operating Cash Flow ~€1.1bn total proceeds from FME transactions in Q1/25: ▪ ~€500m share sale ▪ ~€600m exchange- able bond (in Cash Flow from Financing Activities) Pro rata sale of FME shares alongside FME share buyback planned incl. ~€500m proceeds from FME share sale incl. - €96m minority interest Supported by FY/24 dividend suspension Strategy and Business Update Financials #FutureFresenius Appendix
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FY/25 guidance: Raising guidance for organic revenue growth Q2/25 Earnings Call, 6 August 2025 © Fresenius SE & Co. KGaA Investor Relations 18 FY/24 base REVENUE GROWTH ORGANIC 5 – 7% (previously: 4-6%) FY/24 base: €21,526m H1/25: +6% EBIT GROWTH AT CONSTANT CURRENCY 3 – 7% FY/24 base: €2,489m H1/25: +2% FY/25 guidance1 €8,414m Mid- to high-single-digit organic revenue growth €1,319m EBIT margin of 16–16.5% €12,739m Mid-single-digit organic revenue growth €1,288m EBIT margin of ~10% 1 Guidance given in February reflected the fast-moving macro-economic and geopolitical environment, resulting in a higher level of operational uncertainty. Guidance continues to reflect current factors and known uncertainties, such as impacts from tariffs, to the extent they can currently be assessed. It does not take into account potential extreme scenarios. Strategy and Business Update Financials #FutureFresenius Appendix
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03 #FutureFresenius 02Financials 03#FutureFresenius 04Appendix 01Strategy and Business Update Strategy and Business Update Financials #FutureFresenius Appendix
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20Q2/25 Earnings Call, 6 August 2025 © Fresenius SE & Co. KGaA Investor Relations …drives consistent bottom-line growth Core EPS2: +10% yoy in H1/25 REJUVENATE: Rigorous execution… Consistent strong topline: 6% organic growth1 in H1/25; guidance raised to 5 – 7% growth Excellent EPS2 performance continues, based on operating strength and deleveraging Margin expansion at Kabi: +110bps yoy in H1/25 with structurally increased contribution from Growth Vectors Helios providing a strong basis with resilient margin development in H1/25 Before special items; at constant currency 1 Organic growth rates adjusted for accounting effects related to Argentina hyperinflation 2 Excl. FMC Strategy and Business Update Financials #FutureFresenius Appendix
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04 Appendix 02Financials 03#FutureFresenius 04Appendix 01Strategy and Business Update Strategy and Business Update Financials #FutureFresenius Appendix
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Ambitions geared for substantial earnings growth Strong balance across growth and stable cash flow Committed to strong balance sheet Fresenius Financial Framework EBIT MARGIN 10 – 12%16 – 18% ORGANIC REVENUE GROWTH 4 – 6%4 – 7% Q2/25 Earnings Call, 6 August 2025 © Fresenius SE & Co. KGaA Investor Relations 22 CAPITAL EFFICIENCY ROIC 6 – 8% CAPITAL STRUCTURE Leverage ratio 2.5 – 3.0x CASH CCR1 ~1 All figures before special items 1 Cash conversion rate – defined as adjusted FCFbIT / EBIT (before special items) | 2 Before special items; excl. FMC DIVIDEND POLICY Pay out 30 – 40% of core net income2 Strategy and Business Update Financials #FutureFresenius Appendix
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Focused capital allocation: Geared towards value creation Company Presentation © Fresenius SE & Co. KGaA Investor Relations 23 Growth Attractive shareholder returns Strong balance sheet Disciplined CAPEX – focus on investments in organic growth Business development to further strengthen portfolio Distribution of 30–40% of core net income1 in line with dividend policy Excess cash returns if appropriate and aligned with strategy Deleveraging – self-imposed target corridor of 2.5–3.0x Leverage Strong commitment to investment grade ratings 1 Before special items, excl. FMC Strategy and Business Update Financials #FutureFresenius Appendix
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FY/25 outlook Other financial KPIs Before special items Q2/25 Earnings Call, 6 August 2025 © Fresenius SE & Co. KGaA Investor Relations 24 €m FY/24 FY/25 expectation Profitability Interest expense €433m Around €350m (previously: €370m to €390m) Tax rate 25.9% 25 to 26% Capital Allocation CAPEX (% of revenue) 4.3% Around 5% CCR LTM 1.0 Around 1 ROIC 6.2% Above 6% Leverage ratio 3.0x Within the new target corridor of 2.5 to 3.0x Net debt / EBITDA Strategy and Business Update Financials #FutureFresenius Appendix
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FY/25 guidance Phasing and assumptions Q2/25 Earnings Call, 6 August 2025 © Fresenius SE & Co. KGaA Investor Relations 25 Q1/25 Q2/25 Q3/25 Q4/25 Ongoing growth momentum based on expected product launches and rollouts 1 Alpha Ketoanalogues of essential amino acids for treatment of patients with Chronic Kidney Disease Ketosteril®1 included in Volume-based Procurement (VBP) in China Revenue (qtr. basis): mid-double-digit €m | EBIT (qtr. basis): low- to mid-double-digit €m EBIT margin: ~-80bps (vs. pre-VBP) Ramp-up of Performance Programme at Helios GER EBIT (FY/25): ~+€100m Headwind from prior-year energy relief payments EBIT (FY/25): ~-€140m Expected soft Q3 – as part of usual seasonality Easter effect FY/25: Holidays in Q2 Easter effect FY/24: Holidays in Q1 Strategy and Business Update Financials #FutureFresenius Appendix
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Business overview Q2/25 Earnings Call, 6 August 2025 © Fresenius SE & Co. KGaA Investor Relations 26 1 As stated at respective Capital Market Day | 2 Relates to private hospital market in Spain | 3 Ketosteril expected to be in volume-based procurement starting Q2/25 Driving growth, accelerating performance Strong underlying, sustained leadership Biopharma Continued growth in FY/25 Mid term: more than €1bn sales; accretive to structural margin band (16 – 18%) Germany Pharma Nutrition MedTech 2025 PERFORMANCE DRIVERS: Tyenne rollout Uste/Deno launch Tech transfers Volume & price Performance programme Clustering 10+ launches Steady fluids supply U.S. site ramp-up China “new normal”3 EU sip feeds U.S. parenteral Ivenix rollout Plasma nomogram Commercial excellence Volume & price Digital rollouts WHERE WE ARE HEADED: Vertically- integrated Bio powerhouse Clear market leader Global IV Gx & Fluids leader Leader in integrated nutrition Scaled MedTech platform Clear market leader2 Spain REVENUE1: 4 – 6% p.a. organic growth 2 – 4% p.a. organic growth 4 – 7% p.a. organic growth 8 – 10% p.a. organic growth 4 – 6% p.a. organic growth Earnings growth ≥ revenue growth Stable margin performance and growing earnings Stable margins at high level with upside Strong margin improvement Earnings growth ≥ revenue growthPROFITABILITY1: Strategy and Business Update Financials #FutureFresenius Appendix
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Q2/25 Statement of income (Summary, IFRS, unaudited) Q2/25 Earnings Call, 6 August 2025 © Fresenius SE & Co. KGaA Investor Relations 27 After Special Items 1 Prior-year figures have been adjusted due to the gradual exit from Fresenius Vamed | 2 Net income attributable to shareholders of Fresenius SE & Co. KGaA €m Q2/25 Q2/24 restated1 Q2/24 previous Growth Revenue 5,581 5,440 5,460 3% Costs of revenue -4,123 -4,015 -4,237 -3% Gross profit 1,458 1,425 1,223 2% Selling, general and administrative expenses -740 -720 -811 -3% Research and development expenses -164 -155 -155 -6% Other operating result 6 9 8 -33% Operating income (EBIT) 560 559 265 0% Income from investments accounted for using the equity method 38 1 1 -- Interest result -86 -109 -108 21% Other financial result -21 - - -- Income before income taxes 491 451 158 9% Income taxes -146 -213 -170 31% Net income from continuing operations 345 238 -12 45% Noncontrolling interests in continuing operations 13 -9 -66 -- Net income from continuing operations2 332 247 54 34% Net income from discontinued operations2 -2 -620 -427 100% Net income 343 -575 -575 160% Noncontrolling interests in net income 13 -202 -202 106% Net income2 330 -373 -373 188% Earnings per ordinary share (€) 0.58 -0.66 -0.66 188% Strategy and Business Update Financials #FutureFresenius Appendix
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H1/25 Statement of income (Summary, IFRS, unaudited) Q2/25 Earnings Call, 6 August 2025 © Fresenius SE & Co. KGaA Investor Relations 28 After Special Items 1 Prior-year figures have been adjusted due to the gradual exit from Fresenius Vamed | 2 Net income attributable to shareholders of Fresenius SE & Co. KGaA €m H1/25 H1/24 restated1 H1/24 previous Growth Revenue 11,232 10,790 10,837 4% Costs of revenue -8,363 -7,951 -8,237 -5% Gross profit 2,869 2,839 2,600 1% Selling, general and administrative expenses -1,383 -1,390 -1,487 1% Research and development expenses -304 -294 -294 -3% Other operating result 65 3 2 -- Operating income (EBIT) 1,247 1,158 821 8% Income from investments accounted for using the equity method 56 -29 -29 -- Interest result -167 -220 -220 24% Other financial result -34 – – -- Income before income taxes 1,102 909 572 21% Income taxes -286 -349 -295 18% Net income from continuing operations 816 560 277 46% Noncontrolling interests in continuing operations 28 10 -55 180% Net income from continuing operations2 788 550 332 43% Net income from discontinued operations2 -229 -645 -427 64% Net income 587 -286 -286 -- Noncontrolling interests in net income 28 -191 -191 115% Net income2 559 -95 -95 -- Earnings per ordinary share (€) 0.99 -0.17 -0.17 -- Strategy and Business Update Financials #FutureFresenius Appendix
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Q2/25 Reconciliation Q2/25 Earnings Call, 6 August 2025 © Fresenius SE & Co. KGaA Investor Relations 29 €m Q2/25 Q2/24 Growth rate Growth rate at constant currency Revenue reported (after special items) 5,581 5,440 3% 5% Legacy portfolio adjustments -1 - Fresenius transformation -9 -26 Revenue (before special items) 5,571 5,414 3% 5% EBIT reported (after special items) 560 559 0% 1% Cost and efficiency programs 38 11 Legacy portfolio adjustments 7 1 Reduction of participation in Fresenius Medical Care 4 - Fresenius transformation 45 89 EBIT (before special items) 654 660 -1% 0% Net income reported (after special items)1 330 -373 188% 190% Cost and efficiency programs 29 15 Legacy portfolio adjustments 6 8 Fresenius transformation 60 739 Reduction of participation in Fresenius Medical Care 25 - Special items Fresenius Medical Care 42 68 Net income (before special items)1 492 457 8% 10% 1 Net income attributable to shareholders of Fresenius SE & Co. KGaA Strategy and Business Update Financials #FutureFresenius Appendix
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H1/25 Reconciliation Q2/25 Earnings Call, 6 August 2025 © Fresenius SE & Co. KGaA Investor Relations 30 €m H1/25 H1/24 Growth rate Growth rate at constant currency Revenue reported (after special items) 11,232 10,790 4% 5% Legacy portfolio adjustments -1 -30 Fresenius transformation -29 -63 Revenue (before special items) 11,202 10,697 5% 6% EBIT reported (after special items) 1,247 1,158 8% 8% Cost and efficiency programs 53 26 Legacy portfolio adjustments 11 8 Reduction of participation in Fresenius Medical Care -72 - Fresenius transformation 69 99 EBIT (before special items) 1,308 1,291 1% 2% Net income reported (after special items)1 559 -95 -- -- Cost and efficiency programs 43 27 Legacy portfolio adjustments 9 20 Fresenius transformation 305 778 Reduction of participation in Fresenius Medical Care -32 - Special items Fresenius Medical Care 98 158 Net income (before special items)1 982 888 11% 11% 1 Net income attributable to shareholders of Fresenius SE & Co. KGaA Strategy and Business Update Financials #FutureFresenius Appendix
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Q2/25 Revenue REVENUE BY REGION REVENUE BY BUSINESS SEGMENT 75 12 6 6 1 Europe North America Asia-Pacific Latin America Africa €5.6 bn 38 60 2 Fresenius Kabi Fresenius Helios Corporate/Other €5.6 bn in % in % Q2/25 Earnings Call, 6 August 2025 © Fresenius SE & Co. KGaA Investor Relations 31 Before special items Strategy and Business Update Financials #FutureFresenius Appendix
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H1/25 Revenue REVENUE BY REGION REVENUE BY BUSINESS SEGMENT 74 12 7 6 1 Europe North America Asia-Pacific Latin America Africa €11.2 bn 38 60 2 Fresenius Kabi Fresenius Helios Corporate/Other €11.2 bn in % in % Q2/25 Earnings Call, 6 August 2025 © Fresenius SE & Co. KGaA Investor Relations 32 Before special items Strategy and Business Update Financials #FutureFresenius Appendix
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Q2/25 Revenue growth by business segment Q2/25 Earnings Call, 6 August 2025 © Fresenius SE & Co. KGaA Investor Relations 33 €m Q2/25 Q2/24 Growth at actual rates Currency translation effects Growth at constant rates1 Organic growth1 Acquisitions Divestitures/ Others Fresenius Kabi 2,111 2,101 0% -5% 5% 6% 0% -1% Fresenius Helios 3,370 3,230 4% -1% 5% 5% 0% 0% Corporate/ Other 90 83 n.a. n.a. n.a. n.a. n.a. n.a. Total 5,571 5,414 3% -2% 5% 5% 0% 0% 1 Growth rate adjusted for accounting effects related to Argentina hyperinflation Strategy and Business Update Financials #FutureFresenius Appendix
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H1/25 Revenue growth by business segment Q2/25 Earnings Call, 6 August 2025 © Fresenius SE & Co. KGaA Investor Relations 34 €m H1/25 H1/24 Growth at actual rates Currency translation effects Growth at constant rates1 Organic growth1 Acquisitions Divestitures/ Others Fresenius Kabi 4,257 4,152 3% -2% 5% 6% 0% -1% Fresenius Helios 6,764 6,384 6% 0% 6% 6% 0% 0% Corporate/ Other 181 161 n.a. n.a. n.a. n.a. n.a. n.a. Total 11,202 10,697 5% -1% 6% 6% 0% 0% 1 Growth rate adjusted for accounting effects related to Argentina hyperinflation Strategy and Business Update Financials #FutureFresenius Appendix
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Q2/25 Calculation of noncontrolling interests Before special items For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website https://www.fresenius.com/results-center €m Q2/25 Q2/24 Earnings before tax and noncontrolling interests 569 552 Taxes -143 -144 Noncontrolling interests, thereof -14 -20 Fresenius Kabi -12 -17 Fresenius Helios -2 -5 Corporate 0 2 Net income from discontinued operations Vamed 0 0 Net income from Fresenius Medical Care 80 69 Net income attributable to Fresenius SE & Co. KGaA 492 457 Q2/25 Earnings Call, 6 August 2025 © Fresenius SE & Co. KGaA Investor Relations 35 Strategy and Business Update Financials #FutureFresenius Appendix
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H1/25 Calculation of noncontrolling interests Before special items For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website https://www.fresenius.com/results-center €m H1/25 H1/24 Earnings before tax and noncontrolling interests 1,142 1,071 Taxes -286 -271 Noncontrolling interests, thereof -28 -41 Fresenius Kabi -23 -35 Fresenius Helios -5 -6 Corporate 0 0 Net income from discontinued operations Vamed 0 0 Net income from Fresenius Medical Care 154 129 Net income attributable to Fresenius SE & Co. KGaA 982 888 Q2/25 Earnings Call, 6 August 2025 © Fresenius SE & Co. KGaA Investor Relations 36 Strategy and Business Update Financials #FutureFresenius Appendix
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Q2/25 & Q2/25 LTM Cash flow development Cash flow from continuing operations €m Q2/25 Q2/24 Q2/25 LTM Q2/24 LTM OCF 433 756 2,231 2,537 thereof Kabi 217 259 1,089 1,230 thereof Helios 348 604 1,428 1,562 % OCF Margin 7.8% 14.0% 10.1% 12.2% Capex (net) -212 -146 -969 -967 Capex in % of revenue -3.8% -2.7% -4.4% -4.6% Dividends received from FME 121 112 121 112 Acquisitions (net) -68 27 521 -18 Dividends paid (incl. minority interest) -560 0 -656 -6 Lease liabilities -48 -45 -172 -196 FCF -334 704 1,076 1,462 Q2/25 Earnings Call, 6 August 2025 © Fresenius SE & Co. KGaA Investor Relations 37 Strategy and Business Update Financials #FutureFresenius Appendix
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Q2/25 LTM Reconciliation: Adjusted Free Cash Flow for CCR €m Q2/25 LTM Q2/24 LTM Operating Cash Flow 2,231 2,537 Capex (net) -969 -967 Free Cash Flow (before acquisitions, dividends, and lease liabilities) 1,262 1,570 Special items (net income before minorities) 237 182 Interests (before special items) 379 433 Taxes (before special items) 547 544 Adjusted Free Cash Flow for CCR 2,425 2,729 Q2/25 Earnings Call, 6 August 2025 © Fresenius SE & Co. KGaA Investor Relations 38 Cash flow from continuing operations Strategy and Business Update Financials #FutureFresenius Appendix
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Q2/25 Cash Flow development by business segment Operating Cash Flow Capex (net)1 Free Cash Flow2 €m Q2/25 Q2/24 Q2/25 Margin Q2/24 Margin Q2/25 Q2/24 Q2/25 % rev. Q2/24 % rev. Q2/25 Q2/24 Q2/25 Margin Q2/24 Margin 217 259 10.3% 12.3% -70 -67 -3.3% -3.2% 147 192 7.0% 9.1% 348 604 10.3% 18.7% -107 -74 -3.1% -2.3% 241 530 7.2% 16.4% Corporate/Other -132 -107 86 107 -46 0 433 756 7.8% 14.0% -91 -34 -1.7% -0.7% 342 722 6.1% 13.3% Cash flow from continued operations 1 Total incl. FME dividend 2 Before acquisitions, dividends and lease liabilities Q2/25 Earnings Call, 6 August 2025 © Fresenius SE & Co. KGaA Investor Relations 39 Strategy and Business Update Financials #FutureFresenius Appendix
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Q2/25 LTM Cash Flow development by business segment Operating Cash Flow Capex (net)1 Free Cash Flow2 €m Q2/25 LTM Q2/24 LTM Q2/25 LTM Margin Q2/24 LTM Margin Q2/25 LTM Q2/24 LTM Q2/25 LTM % rev. Q2/24 LTM % rev. Q2/25 LTM Q2/24 LTM Q2/25 LTM Margin Q2/24 LTM Margin 1,089 1,230 12.8% 15.1% -394 -409 -4.6% -5.0% 695 821 8.2% 10.1% 1,428 1,562 10.9% 12.7% -524 -528 -4.0% -4.3% 904 1,034 6.9% 8.4% Corporate/Other -286 -255 70 82 -216 -173 2,231 2,537 10.1% 12.2% -848 -855 -3.8% -4.1% 1,383 1,682 6.3% 8.1% Cash flow from continued operations 1 Total incl. FME dividend 2 Before acquisitions, dividends and lease liabilities Q2/25 Earnings Call, 6 August 2025 © Fresenius SE & Co. KGaA Investor Relations 40 Strategy and Business Update Financials #FutureFresenius Appendix
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4.0 3.8 3.8 3.4 3.2 3.0 3.0 3.1 2,5 x 3,0 x 3,5 x 4,0 x 4,5 x ROIC 1 CCR 1,2,3 NET DEBT/EBITDA 1,4 1 Prior-year figures have been adjusted due to the deconsolidation of Fresenius Medical Care operations l 2 LTM l 3 Q3/23 CCR figure not restated (FMC deconsolidation) 4 At average exchange rates for both net debt and EBITDA; pro forma closed acquisitions/divestitures, including lease liabilities, including Fresenius Medical Care dividend; Net debt adjusted for valuation effect of equity-neutral exchangeable bond 5.0 5.2 5.5 6.0 6.1 6.2 6.2 6.2 2% 3% 4% 5% 6% 7% 8% 9% 10% Capital efficiency and returns 0.9 1.0 0.9 1.1 1.2 1.1 1.1 1.0 0,1 0,4 0,7 1,0 1,3 1,6 1,9 2,22.2 1.9 1.6 1.3 1.0 0.7 0.4 0.1 4.5 x 4.0 x 3.5 x 3.0 x 2.5 x 41Q2/25 Earnings Call, 6 August 2025 © Fresenius SE & Co. KGaA Investor Relations Q3 23 Q4 23 Q2 24 Q1 24 Q3 24 Q4 24 Q1 25 Q3 23 Q4 23 Q2 24 Q1 24 Q3 24 Q4 24 Q1 25 Q3 23 Q4 23 Q2 24 Q1 24 Q3 24 Q4 24 Q1 25 Q2 25 Q2 25 Q2 25 Strategy and Business Update Financials #FutureFresenius Appendix
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Q2/25 Organic revenue growth by product group 1 Consists of MedTech, Nutrition, Biopharma 2 Organic growth rate adjusted for accounting effects related to Argentina hyperinflation €m Q2/25 Δ YoY organic2 MedTech 392 5% Nutrition 581 1% Biopharma 190 33% Growth Vectors1 1,164 7% Pharma (IV Drugs & Fluids) 947 5% Corporate 0 -- Total revenue 2,111 6% Q2/25 Earnings Call, 6 August 2025 © Fresenius SE & Co. KGaA Investor Relations 42 Strategy and Business Update Financials #FutureFresenius Appendix
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H1/25 Organic revenue growth by product group 1 Consists of MedTech, Nutrition, Biopharma 2 Organic growth rate adjusted for accounting effects related to Argentina hyperinflation €m H1/25 Δ YoY organic2 MedTech 791 6% Nutrition 1,193 4% Biopharma 380 36% Growth Vectors1 2,365 9% Pharma (IV Drugs & Fluids) 1,892 2% Corporate 0 -- Total revenue 4,257 6% Q2/25 Earnings Call, 6 August 2025 © Fresenius SE & Co. KGaA Investor Relations 43 Strategy and Business Update Financials #FutureFresenius Appendix
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Q2/25 EBIT(DA) development All figures before special items Margin growth at actual rates 1 Consists of MedTech, Nutrition, Biopharma 2 Growth rate adjusted for Argentina hyperinflation For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website https://www.fresenius.com/financial-results €m Q2/25 Δ YoY cc2 Total EBITDA Margin 472 22.4% 2% -10 bps Total EBIT Margin 346 16.4% 5% +50 bps Growth Vectors1 Margin 166 14.3% 3% -40 bps Pharma (IV Drugs & Fluids) Margin 206 21.7% +16% +220 bps Corporate -27 -- Q2/25 Earnings Call, 6 August 2025 © Fresenius SE & Co. KGaA Investor Relations 44 Strategy and Business Update Financials #FutureFresenius Appendix
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H1/25 EBIT(DA) development All figures before special items Margin growth at actual rates 1 Consists of MedTech, Nutrition, Biopharma 2 Growth rate adjusted for Argentina hyperinflation For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website https://www.fresenius.com/financial-results €m H1/25 Δ YoY cc2 Total EBITDA Margin 951 22.3% 5% +30 bps Total EBIT Margin 706 16.6% 10% +110 bps Growth Vectors1 Margin 350 14.8% 20% +170 bps Pharma (IV Drugs & Fluids) Margin 422 22.3% 10% +190 bps Corporate -66 -- Q2/25 Earnings Call, 6 August 2025 © Fresenius SE & Co. KGaA Investor Relations 45 Strategy and Business Update Financials #FutureFresenius Appendix
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A resilient business with global footprint and broad, diverse source of revenues Q2/25 Earnings Call, 6 August 2025 © Fresenius SE & Co. KGaA Investor Relations 46 ~90% of Group revenues NOT exposed to U.S. tariffs FY/24 €21.5bn GROUP REVENUE EUROPE ~70%1 NAM ~10% APAC ~10% ROW ~10% 1 Including Helios and Kabi revenues; Helios contributing ~60% of Group revenue Diversified portfolio: Strong European hospital business Local-for-Local manufacturing #FutureFresenius: Improved agility and flexibility thanks to sharpened focus ~70% of medicines sold in the U.S. are produced in the U.S. ~$1bn invested in expansion of manufacturing and supply capacity Aiming to increase the number of employees in the U.S. U.S. a strategic priority for all Kabi business units Further investments in the U.S. planned over the next 5 years Strategy and Business Update Financials #FutureFresenius Appendix
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Fresenius Kabi Biosimilar portfolio and pipeline Q2/25 Earnings Call, 6 August 2025 © Fresenius SE & Co. KGaA Investor Relations 47 Candidate & TA LaunchApprovalPre-clinical Clinical trials Rituximab Oncology & AI Filed for approval (US only) Ustekinumab Autoimmune Denosumab Osteoporosis & Oncology EU: May 2019 / US: Jul 2023Adalimumab Autoimmune EU: Apr 2019 / US: Dec 2022 EU PFS: Oct 2022 / US PFS: Feb 2023Pegfilgrastim Oncology EU: Mar 2022 / US: Sep 2022 EU: Nov 2023 US: Apr 2024 (IV); Jul 2024 (SC) Tocilizumab Autoimmune EU: Sep 2023 / US: Mar 2024 ARG: Feb 2015Rituximab Oncology ARG: Oct 2014 EU: Apr 2021 / US: May 2022Bevacizumab Oncology EU: Mar 2021 / US: Apr 2022 Denosumab Osteoporosis & Oncology MB05 Infectious disease MB12 Oncology MB04 Autoimmune MB11 Oncology MB14 Hematology FRESENIUS KABIMABXIENCE EU: Sep 2024 / US: Sep 2024 ARG: July 2024 EU: June 2025 / US: filed for approval ARG: July 2024 EU: Dec 2025 / US: TBC in 2026 ARG: Dec 2024 ARG: Dec 2024 / PY June 2025 US: Mar 2025 EU: Jul 2025 EU: Mar 2025 / US: Mar 2025 US: Jul 2025 Early-stage candidates Early-stage candidates Additional Fresenius Kabi in-licensing agreements: Aflibercept proposed biosimilar candidate (with SCD)1 Vedolizumab proposed biosimilar candidate (with Polpharma)2 1 Fresenius Kabi will exclusively commercialize SCD’s aflibercept biosimilar candidate in the U.S. and several countries in Latin America after successful approval by respective health agencies 2 Fresenius Kabi will exclusively commercialize Polpharma Biologics’ vedolizumab biosimilar candidate PB016 globally, except the Middle East and North Africa, pending approval by respective regulatory authorities Strategy and Business Update Financials #FutureFresenius Appendix
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REFERENCE PRODUCT Humira Neulasta (Ro)Actemra Avastin Stelara Prolia/Xgeva Rituxan Eylea Entyvio THERAPEUTIC AREA AIID Oncology AIID Oncology AIID Oncology & Osteoporosis Oncology & AIID Ophthal- mology AIID STATUS 21 Rituximab 10 Aflibercept ~55 Further assets mAbxience Adalimumab Early-stage candidates Total 4 Pegfilgrastim 3 Tocilizumab 7 Bevacizumab 11 Ustekinumab 7 Denosumab1 ~170 Vedolizumab 7 7 ~35 Fresenius Kabi Biosimilar portfolio and pipeline Fresenius Kabi mAbxience FK and mAbxience 1 U.S. launch in Jul 2025 | EU approval received in Jul 2025 2 Evaluate Pharma (accessed Jul 2025) AIID = Autoimmune & Inflammatory Diseases CURRENT BIOSIMILAR PIPELINE GLOBAL PEAK BRANDED SALES OF ORIGINATORS IN €BN2 MB05 MB12 MB04 MB11 MB14 ✓ Attractive and growing biosimilar market with upcoming near- and mid-term launches ✓ Strong position with broad and attractive pipeline, leveraging end-to- end value chain capabilities ✓ Recurring revenues from milestone payments and CDMO business FY/251 Q2/25 Earnings Call, 6 August 2025 © Fresenius SE & Co. KGaA Investor Relations 48 FURTHER PIPELINE BIOSIMILAR MARKET2: ~20% CAGR until the early 2030s… 48 IN-MARKET Strategy and Business Update Financials #FutureFresenius Appendix
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Q2/25 Key financials All figures before special items 1 Organic growth For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website https:/ /www.fresenius.com/results-center €m Q2/25 Δ YoY cc Total revenue 3,370 5%1 Thereof Helios Germany 2,001 6%1 Thereof Helios Spain 1,369 3%1 Total EBIT Margin 337 10.0% -5% -110 bps Thereof Helios Germany Margin 150 7.5% -4% -80 bps Thereof Helios Spain Margin 189 13.8% -5% -110 bps Thereof Corporate -2 -- Q2/25 Earnings Call, 6 August 2025 © Fresenius SE & Co. KGaA Investor Relations 49 Strategy and Business Update Financials #FutureFresenius Appendix
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H1/25 Key financials All figures before special items 1 Organic growth For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website https:/ /www.fresenius.com/results-center €m H1/25 Δ YoY cc Total revenue 6,764 6%1 Thereof Helios Germany 4,047 7%1 Thereof Helios Spain 2,717 5%1 Total EBIT Margin 670 9.9% -5% -110 bps Thereof Helios Germany Margin 307 7.6% -15% -200 bps Thereof Helios Spain Margin 365 13.4% +7% +10 bps Thereof Corporate -2 -- Q2/25 Earnings Call, 6 August 2025 © Fresenius SE & Co. KGaA Investor Relations 50 Strategy and Business Update Financials #FutureFresenius Appendix
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Fresenius Helios: Key Metrics Q2/25 Earnings Call, 6 August 2025 © Fresenius SE & Co. KGaA Investor Relations 51 H1/25 ∆yoy FY/24 Helios Germany Hospitals - Acute care hospitals 84 81 -1% -1% 85 82 Beds - Acute care hospitals 29,827 29,261 0% 0% 30,025 29,459 Admissions - patients treated in hospital - patients treated as outpatient 2,785,258 596,969 2,188,289 0% +2% -1% 5,509,409 1,162,999 4,346,410 Helios Spain (incl. Latin America) Hospitals 57 0% 57 Beds 8,112 0% 8,131 Admissions (including outpatients) - patients treated in hospital - patients treated as outpatient 10,968,616 617,080 10,351,536 +3% +1% +3% 20,837,047 1,171,666 19,665,381 Strategy and Business Update Financials #FutureFresenius Appendix
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03 Sep 2025 Goldman Sachs 22nd Annual Medtech and Healthcare Services Conference, London/UK 03 Sep 2025 Wells Fargo Healthcare Conference, Boston/USA 03 Sep 2025 Commerzbank & ODDO BHF Corporate Conference 2025, Frankfurt/GER 10 Sep 2025 Morgan Stanley 23rd Annual Global Healthcare Conference, New York/USA 23 Sep 2025 Bank of America Global Healthcare Conference 2025, London/UK 24 Sep 2025 Berenberg and Goldman Sachs 14th German Corporate Conference, Munich/GER 25 Sep 2025 Baader Investment Conference, Munich/GER Financial Calendar & Contact Financial Calendar Q2/25 Earnings Call, 6 August 2025 © Fresenius SE & Co. KGaA Investor Relations 52 Please note that these dates could be subject to change. Events 06 Aug 2025 Results Q2/25 05 Nov 2025 Results Q3/25 Please note that these dates could be subject to change. For further information and current news: www.fresenius.com Investor Feedback and Social Media Contact Investor Relations Fresenius SE & Co. KGaA phone: +49 6172 608-97033 e-mail: ir-fre@fresenius.com Open dialogues are vital to us! We have teamed up with Quantifire for quick and convenient feedback sharing. You can submit your feedback anonymously or with attribution by clicking here: Investor & Analyst Feedback www.linkedin.com/company/fresenius-investor-relations Follow Fresenius Investor Relations on LinkedIn: Strategy and Business Update Financials #FutureFresenius Appendix