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Excellent Q2 performance demonstrates structural step - up - guidance raised Q2 2026 conference call and webcast Bad Homburg , 05 August 2026 → 01 Strategy and Business Update → 02 Financials → 03 #FutureFresenius → 04 Appendix Fresenius 1 © Fresenius 2026 | Q2 2026 Earnings Call | 05 August 2026
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2 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 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. cc At constant currency Core EPS Earnings per share excluding Fresenius Medical Care and Vitrea Core net income Net income excluding Fresenius Medical Care and Vitrea Safe harbor statement Glossary © Fresenius 2026 | Q2 2026 Earnings Call | 05 August 2026
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01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 3 © Fresenius 2026 | Q2 2026 Earnings Call | 05 August 2026
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Q2/26: Strong execution delivers highest returns in the decade 4 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix © Fresenius 2026 | Q2 2026 Earnings Call | 05 August 2026 Before special items 1 From continuing operations 3 Excl. FMC & Vitrea; at average exchange rates for both Net debt and EBITDA; pro forma closed acquisitions/divestitures, including lease liabilities, including dividends from Fresenius Medical Care & Vitrea; Net debt adjusted for valuation effect of exchangeable bond Excellent EPS growth: Based on continued earnings strength and excellent profitability Core EPS growth at cc Sustainable value creation: ROIC improved by +200bps since RESET in 2022 ROIC Fresenius Kabi: #FutureFresenius an operating reality – Growth Vectors within new structural margin band Fresenius Kabi EBIT margin Fresenius Helios: Strong and resilient margin Fresenius Helios EBIT margin Leverage at lower end of target corridor: Increased strategic flexibility based on financial strength Net debt / EBITDA 2 FY/26 Guidance
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5 Fresenius Kabi: Q2/26 news Pharma Pipeline enhancement with 7 new in- licensing deals added by end of Q2/26 €935m FDA OAI1 classification for Melrose Park, IL site not expected to cause material financial impact in FY/26 Q2/26 revenue Organic growth Biopharma vedolizumab biosimilar candidate for IV treatment accepted for review by FDA and EMA €260m U.S. FDA approval of rituximab biosimilar Q2/26 revenue Organic growth Nutrition European launch of Pedismof® range, a new ready to use three chamber bag for neonatal and pediatric parenteral nutrition €613m Opening of new innovation center in Bad Homburg, Germany Q2/26 revenue Organic growth MedTech Strong execution of Ivenix U.S. installations including Mayo and SSM €435m Improved WiFi connectivity and integration strengthens commercial potential of Conox anesthetic depth monitor Q2/26 revenue Organic growth © Fresenius 2026 | Q2 2026 Earnings Call | 05 August 2026 Organic growth rates adjusted for accounting effects related to Argentina hyperinflation 1 Official Action Indicated 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix
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© Fresenius 2026 | Q2 2026 Earnings Call | 05 August 20266 Fresenius Kabi: Biopharma growth engine tocilizumab | autoimmune EU launch: Nov 2023 US launch: Apr 2024 (IV), Jul 2024 (SC) 44% EU4+UK market share 30% U.S. market share ustekinumab | autoimmune EU launch: Mar 2025 US launch: Mar 2025 18 markets launched to date EU launch of new autoinjector presentation denosumab | osteoporosis & oncology US launch: Jul 2025 EU launch: Dec 2025 11% EU4+UK market share (#1) for Bomyntra Early share uptake in the U.S. 18 markets launched to date 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix
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7 Fresenius Helios: Q2/26 news Germany €2,096m 15 years of ERACS study concluded by Leipzig Heart Center showcasing proven pathway to optimize recovery after cardiac surgery Q2/26 revenue Organic growth Spain Annual Research Day at Quirónsalud – almost 1,500 active clinical trials reached in 2025 (+2% yoy), and 410 newly initiated trials €1,430m Q2/26 revenue Organic growth © Fresenius 2026 | Q2 2026 Earnings Call | 05 August 2026 GKV Stabilization Act approved – providing a constructive framework for continued reimbursement growth Chair for robotic surgery establishing evidence on improved outcomes, patient experience, and healthcare efficiency 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix
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© Fresenius 2026 | Q2 2026 Earnings Call | 05 August 20268 Committed to Fresenius Helios’ 10 – 12% structural margin band, FY/27 EBIT growth expected Fresenius Helios Indicative EBIT1 development 1 Before special items, at constant currency | 2 Net effect incl. 1.14% federal base rate increase, sector-wide billing surcharge (protocol declaration as part of GKV Act approval) and assumed cost inflation; estimated FY/27 DRG inflator incl. 1pp base wage rate reduction (GKV Act) | 3 Net effect incl. GKV Act implications and respective mitigation measures FY/26E FY/26 surcharge Volume & price2 Hospital reform & mitigation, Operational improvement3 Spain: EBIT growth FY/27E Germany incl. GKV Act incl. GKV Act Strategic drivers • Leverage hospital network • Process optimization & utilization • Accelerate cost & efficiency measures • Mid-term volume growth 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix
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Organic revenue growth Core EPS growth cc Before special items Guidance assumes current factors and known uncertainties but does not reflect potential extreme scenarios from a fast-moving geopolitical environment. 9 Raising Core EPS guidance © Fresenius 2026 | Q2 2026 Earnings Call | 05 August 2026 Previously: 5 – 10% 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix
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01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 10 © Fresenius 2026 | Q2 2026 Earnings Call | 05 August 2026
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Q2/26: Converting operational momentum into earnings strength Strong organic revenue growth in line with expected FY/26 phasing Excellent EBIT margin at 12.3%; +60bps YOY driven by both Fresenius Kabi and Fresenius Helios Outstanding Core EPS growth of 14% demonstrating continued bottom-line delivery based on strong operating result and further reduction of interest expense Interest expense decreased YOY to -€72m (Q2/25: -€85m), driven by deleveraging Tax rate of 24.8%, decreased YOY (Q2/25: 25.1%) and in line with expectations for FY/26 Strong Operating Cash Flow Leverage ratio at 2.6× – at lower end of self-imposed target corridor (2.5 – 3.0×), underlining strong commitment to Investment Grade rating Special items Q2/26 (EAT): €177m (excl. €70m FMC & Vitrea) Before special items | 1 Organic growth rates adjusted for ARG hyperinflation | 2 From continuing operations | 3 Excl. FMC & Vitrea; at average exchange rates for both Net debt and EBITDA; before special items; pro forma closed acquisitions/divestitures, including lease liabilities, including dividends from Fresenius Medical Care & Vitrea; Net debt adjusted for valuation effect of exchangeable bond +6%1 org. Revenue +10% cc EBIT +60bps EBIT margin +14% cc Core EPS Operating Cash Flow 2 Net Debt / EBITDA 3 11 © Fresenius 2026 | Q2 2026 Earnings Call | 05 August 2026 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix
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Organic revenue growth 1 16.4% 6% 2,111 Q2/25 16.7% 7% 2,141 Q3/25 15.8% 10% 2,214 Q4/25 16.7% 6% 2,150 Q1/26 17.0% 7% 2,244 Q2/26 Fresenius Kabi Q2/26 financials Strong organic revenue growth of 7%1, at the upper end of the structural growth band (4 – 7%) • Growth Vectors with excellent 12%1 organic revenue growth (Biopharma: 38%1; MedTech: 11%1; Nutrition: 5%1) • Pharma with organic revenue growth of 1%1, driven by strong commercial execution in Europe and U.S. volume growth Excellent EBIT margin of 17.0% and EBIT growth (cc) of 11%; driven by strong topline and supported by productivity gains: • Growth Vectors margin at 17.9% (+360bps YOY); for the first time within the Fresenius Kabi structural margin band (17 – 19%); Biopharma reaching highest profitability to date, supported by milestone payments • Pharma margin at 18.9%, reflecting some costs associated with manufacturing adjustments; H1 margin around 20% Before special items 1 Organic growth rates adjusted for accounting effects related to Argentina hyperinflation 346 358 349 EBIT €m Revenue €m EBIT margin 358 12 © Fresenius 2026 | Q2 2026 Earnings Call | 05 August 2026 382 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix
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10.0% 5% 3,370 Q2/25 7.5% 5% 3,240 Q3/25 11.7% 8% 3,546 Q4/25 10.5% 4% 3,501 Q1/26 5% 3,526 Q2/26 10.6% Fresenius Helios Q2/26 financials Strong organic revenue growth of 5%, in line with structural growth band (4 – 6%) Strong EBIT margin of 10.6%, well within the structural margin band (10 – 12%) Helios Germany: • Strong 6% organic revenue growth (Q2/25: 6%), driven by positive pricing and solid volume growth • Outstanding EBIT growth (cc) of 16% and +80bps EBIT margin expansion YOY, incl. surcharge for publicly insured patients and supported by continued cost management focus Helios Spain: • Solid 3% organic revenue growth (Q2/25: 3%), driven by good activity levels and positive pricing in Spain as well as the Occupational Risk Prevention business; some impact from reduced activity levels in Colombian hospitals • Strong EBIT growth (cc) of 5%; 14.0 % margin (+20bps YOY) driven by solid topline translating into operating leverage Before special items 337 242 416 Organic revenue growth EBIT €m Revenue €m EBIT margin 36813 © Fresenius 2026 | Q2 2026 Earnings Call | 05 August 2026 374 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix
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130 286 Q2/26 LTM Operating Cash Flow -825 CAPEX, net -619 Dividends paid Dividends received Acquisitions, net -199 Leases Q2/26 LTM Free Cash Flow1 2,819 1,592 Structurally improved Cash Flow From continuing operations | Q2/26 LTM Free Cash Flow from discontinued operations amounted to -€214m, mainly due to disposals from the VIACAMA exit 1 After acquisitions, dividends and lease liabilities | 2 Cash conversion rate – defined as adjusted FCFbIT / EBIT (before special items) Excellent €2.8bn Operating Cash Flow in Q2/26 LTM: strong improvement through disciplined cash management Successful cash conversion: Q2/26 LTM CCR 2: 1.2 FY/25 CCR2: 1.1 FY/24 CCR2: 1.1 FY/23 CCR2: 1.0 ~€290m proceeds from pro-rata share sale alongside FME share buyback included in Q2/26 LTM Free Cash Flow Cash Flow, €m incl. proceeds from pro- rata FME share sales incl. -€28m minority interest 14 © Fresenius 2026 | Q2 2026 Earnings Call | 05 August 2026 999 Q2/25 LTM Free Cash Flow1 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix
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We do not compromise on disciplined capital allocation We are committed to a strong balance sheet We build financial strength and resilience for strategic flexibility We invest with a clear focus on returns © Fresenius 2026 | Q2 2026 Earnings Call | 05 August 202615 Structural step-up in our financial metrics Strong returns for shareholders while investing in future growth ROIC in Q2/26 Improved by ~200bps since RESET in 2022 ~5.5% CAPEX as % of revenue expected in FY/26 2.5 – 3.0× Leverage (Net debt/EBITDA) target corridor 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix
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Organic revenue growth Core EPS growth cc Before special items Guidance assumes current factors and known uncertainties but does not reflect potential extreme scenarios from a fast-moving geopolitical environment. Indications Fresenius Group EBIT margin of around 11.5% FY/25 base: €2,595m Fresenius Kabi Mid- to high-single-digit org. revenue growth FY/25 base: €8,612m EBIT margin at the upper end of the 16.5 – 17.0% range Structural EBIT margin band of 17 – 19% | FY/25 base: €1,413m Fresenius Helios Mid-single-digit organic revenue growth FY/25 base: €13,550m EBIT margin of 10.0 – 10.5% Structural EBIT margin band of 10 – 12% | FY/25 base: €1,328m 16 Raising Core EPS guidance based on strong operational results © Fresenius 2026 | Q2 2026 Earnings Call | 05 August 2026 Previously: 5 – 10% 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix
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01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 17 © Fresenius 2026 | Q2 2026 Earnings Call | 05 August 2026
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REJUVENATE in action Before special items 1 Growth rates adjusted for ARG hyperinflation Structural step-up #FutureFresenius translating into continued earnings strength – as demonstrated by Guidance upgrade Strategic flexibility When investing in upgrading the core and scale the platforms to elevate performance Seizing opportunities Leveraging strong operational momentum for innovation-led growth Sustainable value creation Deploying capital with discipline and return focus H1/26 FY/251 EBIT margin 11.5% Core EPS growth cc +12% 18 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix © Fresenius 2026 | Q2 2026 Earnings Call | 05 August 2026 Highest returns in the decade: Q2/26 ROIC
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© Fresenius 2026 | Q2 2026 Earnings Call | 05 August 202619 Reinforcing our ability to win Ability to win Right to play Established healthcare platforms providing long-term structural opportunities Growth Vectors driving topline acceleration and profitability as strategic, innovation-led growth engines Biopharma Platform de- risked and scaled – positioned to expand beyond today’s bio- similar mAbs into future bio- logic modalities Nutrition Growth accelerating with new products and differentiated innovation – benefiting from secular consumerization trends MedTech Innovative products gaining speed – strengthening growth and position in highly relevant critical care settings 2.6× Net debt/EBITDA + FME stake Leveraging strategic flexibility when investing in our Growth Vectors to drive sustainable, profitable value creation 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix
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01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 20 © Fresenius 2026 | Q2 2026 Earnings Call | 05 August 2026
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Ambitions geared for substantial earnings growth Strong balance across growth and stable cash flow Committed to strong balance sheet © Fresenius 2026 | Q2 2026 Earnings Call | 05 August 202621 Fresenius Group Fresenius Financial Framework EBIT margin 10 – 12%17 – 19% Organic revenue growth 4 – 6%4 – 7% Capital Efficiency ROIC 6 – 8% Capital Structure Leverage ratio 2.5 – 3.0x Cash CCR 1 ~1 Dividend policy Pay out 30 – 40% of Core net income All figures before special items 1 Cash conversion rate – defined as adjusted FCFbIT / EBIT (before special items) Fresenius Kabi Fresenius Helios 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix
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© Fresenius 2026 | Q2 2026 Earnings Call | 05 August 202622 Fresenius Group FY/26 indications Before special items 1 Adjusted for proceeds from sale of St. Wendel and Schweinfurt production sites used by Fresenius Medical Care €m FY/25 FY/26 indication Operating Companies Fresenius Kabi Organic revenue growth EBIT margin 7% 16.4% Mid- to high-single-digit At the upper end of the 16.5 – 17.0% range Fresenius Helios Organic revenue growth EBIT margin 7% 9.8% Mid-single-digit 10.0 – 10.5% Profitability Group EBIT margin 11.5% Around 11.5% Interest expense €324m Slightly below previous year Tax rate 25.6% 24 – 25% Capital Allocation CAPEX (% of revenue) 4.4% 1 Around 5.5% CCR LTM 1.1 Slightly below 1 ROIC 6.6% Above 6.5% Leverage ratio 2.7x Within the target corridor of 2.5 – 3.0x Net debt/EBITDA 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix
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Macroeconomic environment: • Geopolitical conflicts, i.e. Middle East • Exchange rate fluctuation • Supply chain complexity • Global regulation • U.S. tariffs © Fresenius 2026 | Q2 2026 Earnings Call | 05 August 202623 Fresenius Group FY/26 indications Kabi: Consistent topline growth Kabi: Annualization of Ketosteril®1 Volume-based Procurement impact in China Helios: GER surcharge (Nov. 2025 – Oct. 2026) Ramp-up of targeted investments: e.g. pipeline & portfolio, production capabilities, digital backbone, R&D 1 Alpha Ketoanalogues of essential amino acids for treatment of patients with Chronic Kidney Disease H2/26 effects Helios: High prior-year base due to strong Q4/25 performance LTIP: potential catch-up effects Helios: Spain seasonality 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix
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© Fresenius 2026 | Q2 2026 Earnings Call | 05 August 202624 Fresenius Group Currency sensitivities & exposure Growth sensitivities Currency Variation Revenue EBIT Core EPS U.S. Dollar (USD) +1 Cent EURUSD ~-10bps ~-20bps ~-25bps Argentine Peso (ARS) +100 Pesos EURARS ~-5bps ~-10bps ~-10bps Currency FY/25 EUR/USD 1.13 EUR/ARS 1,416 Currency average rates (base rates) 71% 11% 3% 14% EUR USD CNY ARS 1% Other Currency exposure FY/25 Revenue FY/26 currency sensitivities 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix
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© Fresenius 2026 | Q2 2026 Earnings Call | 05 August 202625 Fresenius Group: Business overview Driving growth, accelerating performance Strong underlying, sustained leadership BiopharmaGermany Pharma Nutrition MedTech 2026 PERFORMANCE DRIVERS: tocilizumab ustekinumab roll-out denosumab roll-out Volume & price Core & support processes Clustering Pipeline delivery Wilson ramp-up More in America Cost & efficiency Enteral volume Launches & roll-outs Wuxi ramp-up Ivenix Nomogram Cost & efficiency Volume & price Process efficiency, digitally enabled Occupational health 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 leader 2 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: ~2× revenue3 by 2030 ~20% margin4 by 2030 Fresenius Helios Fresenius Kabi 1 As stated at respective Capital Markets Day | 2 Relates to private hospital market in Spain | 3 Basis: FY/25 revenue of €871m | 4 Based on certain pipeline, portfolio, pricing, and market share assumptions 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix
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© Fresenius 2026 | Q2 2026 Earnings Call | 05 August 202626 Fresenius Group Q2/26 Statement of income (Summary, IFRS, unaudited) After Special Items | 1 Prior-year figures have been adjusted due to the gradual exit from Fresenius Vamed as well as other divestments | 2 Net income attributable to shareholders of Fresenius SE & Co. KGaA €m Q2/26 Q2/25 restated1 Q2/25 previous Growth Revenue 5,945 5,650 5,581 5% Costs of revenue -4,395 -4,189 -4,123 -5% Gross profit 1,550 1,461 1,458 6% Selling, general and administrative expenses -760 -741 -740 -3% Research and development expenses -167 -164 -164 -2% Other operating result 9 6 6 55% Operating income (EBIT) 632 562 560 12% Income from investments accounted for using the equity method -17 38 38 -144% Interest result -73 -86 -86 15% Other financial result -7 -21 -21 68% Income before income taxes 535 493 491 8% Income taxes -136 -147 -146 7% Net income from continuing operations 399 346 345 15% Noncontrolling interests in continuing operations 17 13 13 27% Net income from continuing operations2 382 333 332 15% Net income from discontinued operations2 – -3 -2 -- Net income 399 343 343 16% Noncontrolling interests in net income 17 13 13 27% Net income2 382 330 330 16% Earnings per ordinary share (€) 0.68 0.58 0.58 16% 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix
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© Fresenius 2026 | Q2 2026 Earnings Call | 05 August 202627 Fresenius Group H1/26 Statement of income (Summary, IFRS, unaudited) After Special Items | 1 Prior-year figures have been adjusted due to the gradual exit from Fresenius Vamed as well as other divestments | 2 Net income attributable to shareholders of Fresenius SE & Co. KGaA €m H1/26 H1/25 restated1 H1/25 previous Growth Revenue 11,764 11,356 11,232 4% Costs of revenue -8,680 -8,481 -8,363 -2% Gross profit 3,084 2,875 2,869 7% Selling, general and administrative expenses -1,503 -1,385 -1,383 -9% Research and development expenses -330 -304 -304 -9% Other operating result -18 65 65 -127% Operating income (EBIT) 1,234 1,251 1,247 -1% Income from investments accounted for using the equity method 16 56 56 -72% Interest result -142 -166 -167 14% Other financial result 5 -34 -34 114% Income before income taxes 1,112 1,107 1,102 0% Income taxes -268 -288 -286 7% Net income from continuing operations 843 819 816 3% Noncontrolling interests in continuing operations 25 28 28 -10% Net income from continuing operations2 818 791 788 3% Net income from discontinued operations2 -1 -232 -229 100% Net income 842 587 587 44% Noncontrolling interests in net income 25 28 28 -10% Net income2 817 559 559 46% Earnings per ordinary share (€) 1.45 0.99 0.99 46% 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix
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© Fresenius 2026 | Q2 2026 Earnings Call | 05 August 202628 Fresenius Group Q2/26 Reconciliation 1 Net income attributable to shareholders of Fresenius SE & Co. KGaA €m Q2/26 Q2/25 Growth rate Growth rate at constant currency Revenue reported (after special items) 5,945 5,650 5% 5% Legacy portfolio adjustments -5 -1 Fresenius transformation -76 -78 Revenue (before special items) 5,864 5,571 5% 5% EBIT reported (after special items) 632 562 12% 13% Cost and efficiency programs 32 38 Legacy portfolio adjustments 17 7 Fresenius transformation 36 43 Reduction of participation in Fresenius Medical Care -1 4 Legal and regulatory matters 3 - EBIT (before special items) 719 654 10% 10% Net income reported (after special items)1 382 330 16% 18% Cost and efficiency programs 27 29 Legacy portfolio adjustments 17 6 Fresenius transformation 19 60 Reduction of participation in Fresenius Medical Care 6 25 Legal and regulatory matters 2 - Special items Fresenius Medical Care 107 42 Net income (before special items)1 560 492 14% 15% 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix
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© Fresenius 2026 | Q2 2026 Earnings Call | 05 August 202629 Fresenius Group H1/26 Reconciliation 1 Net income attributable to shareholders of Fresenius SE & Co. KGaA €m H1/26 H1/25 Growth rate Growth rate at constant currency Revenue reported (after special items) 11,764 11,356 4% 4% Legacy portfolio adjustments -10 -1 Fresenius transformation -146 -153 Revenue (before special items) 11,608 11,202 4% 5% EBIT reported (after special items) 1,234 1,251 -1% 0% Cost and efficiency programs 46 53 Legacy portfolio adjustments 38 11 Fresenius transformation 78 65 Reduction of participation in Fresenius Medical Care -7 -72 Legal and regulatory matters 7 - EBIT (before special items) 1,397 1,308 7% 8% Net income reported (after special items)1 817 559 46% 49% Cost and efficiency programs 36 43 Legacy portfolio adjustments 36 9 Fresenius transformation 66 305 Reduction of participation in Fresenius Medical Care -14 -32 Legal and regulatory matters 5 - Special items Fresenius Medical Care 172 98 Net income (before special items)1 1,118 982 14% 16% 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix
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© Fresenius 2026 | Q2 2026 Earnings Call | 05 August 202630 Indicative presentation of future disclosure of operating profit in accordance with IFRS 18 IFRS 18 applied from FY/27 onwards IFRS 18 amends a number of other standards and will replace IAS 1, Presentation of Financial Statements. IFRS 18 requires pre senting the statement of profit or loss in three newly defined categories (operating, investing and financing category). Accordingly, pension-related interests, income and loss from investments as well as gains and losses from financial investments and fair value measurements which are currently included in operating income (EBIT) will be presented in the investing or financing category. IFRS 18 will not affe ct the classification of net income from the investments in Fresenius Medical Care and Vitrea as it is already disclosed outside operating income (EBIT). Furthermore, interest expenses and income related to income taxes as well as fees and interests relating to factoring and val uation effects from the exchangeable bond will be included in the operating category instead of in interest income, interest expense or other financial result. Based on the analyses for the first half of 2026, the Fresenius Group expects an operating profit before special items calcul ated in accordance with IFRS 18 of €1,388 million for the first half of 2026. In comparison, EBIT before special items calculated in accordance with IAS1 amounts to €1 ,397 million. The difference results only from changes in presentation due to the new IFRS 18 categories. €m H1/26 IAS 1 H1/26 IFRS 18 (preview) EBIT (IAS 1) / operating profit (IFRS 18) – before special items 1,397 1,388 Deviation is mainly based on changes in presentation of: • Income from investments • Pension interest • Gains from financial investments & Fair value measurement & Dividends 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix
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© Fresenius 2026 | Q2 2026 Earnings Call | 05 August 202631 Indicative comparison: EBIT before special items (IAS 1) vs. operating profit before special items (IFRS 18) €m (before special items) Q1/26 IAS 1 Q2/26 IAS 1 H1/26 IAS 1 Revenue 5,744 5,864 11,608 Cost of Revenue -4,203 -4,305 -8,508 Gross Profit 1,540 1,559 3,099 Selling general and administrative expenses -683 -683 -1,366 Research and development expenses -163 -167 -330 Other operating result -17 10 -7 Operating income (EBIT) 678 719 1,397 Income from investments accounted for using the equity method 98 90 188 Net interest -68 -72 -140 Income before income taxes 708 737 1,445 €m (before special items) Q1/26 IFRS 18 Q2/26 IFRS 18 H1/26 IFRS 18 Revenue 5,743 5,863 11,607 Cost of Revenue -4,202 -4,304 -8,506 Gross Profit 1,541 1,559 3,101 Selling, general and administrative expenses -679 -679 -1,358 Research and development expenses -163 -167 -329 Other operating result -27 2 -25 Operating profit 673 715 1,388 Income from associates 98 90 188 Other income from investments 26 15 40 Income before financing and income taxes 797 819 1,616 Interest result -88 -83 -171 Income before income taxes 708 737 1,445 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix Preliminary & unaudited
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75 13 6 5 1 Europe North America Asia-Pacific Latin America Africa © Fresenius 2026 | Q2 2026 Earnings Call | 05 August 202632 Fresenius Group Q2/26 Revenue Revenue by region, % Revenue by business segment, % €5.9bn 38 60 2 Fresenius Kabi Fresenius Helios Corporate/Other €5.9bn Before special items 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix
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38 61 2 Fresenius Kabi Fresenius Helios Corporate/Other 75 12 6 6 1 Europe North America Asia-Pacific Latin America Africa © Fresenius 2026 | Q2 2026 Earnings Call | 05 August 202633 Fresenius Group H1/26 Revenue Revenue by region, % Revenue by business segment, % €11.6bn €11.6bn Before special items 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix
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Fresenius Group Q2/26 Revenue growth by business segment 1 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/financial-results €m Q2/26 Q2/25 Growth at actual rates Currency translation effects Growth at constant rates1 Organic growth1 Acquisitions Divestitures/ Others Fresenius Kabi 2,244 2,111 6% 0% 7% 7% 0% 0% Fresenius Helios 3,526 3,370 5% 0% 4% 5% 0% -1% Corporate/Other 94 90 n/a n/a n/a n/a n/a n/a Total 5,864 5,571 5% 0% 5% 6% 0% -1% 34 © Fresenius 2026 | Q2 2026 Earnings Call | 05 August 2026 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix
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Fresenius Group H1/26 Revenue growth by business segment 1 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/financial-results €m H1/26 H1/25 Growth at actual rates Currency translation effects Growth at constant rates1 Organic growth1 Acquisitions Divestitures/ Others Fresenius Kabi 4,395 4,257 3% -3% 6% 7% 0% -1% Fresenius Helios 7,027 6,764 4% 0% 4% 4% 0% 0% Corporate/Other 186 181 n/a n/a n/a n/a n/a n/a Total 11,608 11,202 4% -1% 5% 5% 0% 0% 35 © Fresenius 2026 | Q2 2026 Earnings Call | 05 August 2026 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix
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Fresenius Group Q2/26 Corporate Before special items 1 Fresenius Health Services: hospital services business, previously owned by Vamed €m Q2/26 Q2/25 Corporate Revenue 94 90 thereof Corporate -77 -82 thereof FHS1 171 172 36 © Fresenius 2026 | Q2 2026 Earnings Call | 05 August 2026 €m Q2/26 Q2/25 Corporate EBIT -37 -29 thereof Corporate -47 -37 thereof FHS1 11 8 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix
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Fresenius Group H1/26 Corporate Before special items 1 Fresenius Health Services: hospital services business, previously owned by Vamed €m H1/26 H1/25 Corporate Revenue 186 181 thereof Corporate -151 -161 thereof FHS1 337 342 37 © Fresenius 2026 | Q2 2026 Earnings Call | 05 August 2026 €m H1/26 H1/25 Corporate EBIT -85 -68 thereof Corporate -104 -83 thereof FHS1 19 15 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix
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Fresenius Group Q2/26 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/financial-results €m Q2/26 Q2/25 Earnings before tax and noncontrolling interests 647 569 Taxes -161 -143 Noncontrolling interests, thereof -17 -14 Fresenius Kabi -14 -12 Fresenius Helios -2 -2 Corporate 0 0 Net income from Fresenius Medical Care and Vitrea 90 80 Net income attributable to Fresenius SE & Co. KGaA 560 492 38 © Fresenius 2026 | Q2 2026 Earnings Call | 05 August 2026 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix
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Fresenius Group H1/26 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/financial-results €m H1/26 H1/25 Earnings before tax and noncontrolling interests 1,257 1,142 Taxes -302 -286 Noncontrolling interests, thereof -25 -28 Fresenius Kabi -19 -23 Fresenius Helios -6 -5 Corporate 0 0 Net income from Fresenius Medical Care and Vitrea 188 154 Net income attributable to Fresenius SE & Co. KGaA 1,118 982 39 © Fresenius 2026 | Q2 2026 Earnings Call | 05 August 2026 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix
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Fresenius Group Q2/26 & Q2/26 LTM Cash flow development Cash flow from continuing operations €m Q2/26 Q2/25 Q2/26 LTM Q2/25 LTM OCF 344 425 2,819 2,280 thereof Kabi 272 217 1,381 1,089 thereof Helios 37 348 1,536 1,428 % OCF Margin 5.9% 7.6% 12.3% 10.3% Capex, net -218 -212 -825 -970 Capex, net – in % of revenue -3.7% -3.8% -3.6% -4.4% Dividends received from at-equity investments 114 121 130 121 Acquisitions (net) 246 -68 286 396 Dividends paid (incl. minority interest) -591 -560 -619 -656 Lease liabilities -54 -48 -199 -172 FCF -158 -342 1,592 999 40 © Fresenius 2026 | Q2 2026 Earnings Call | 05 August 2026 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix
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Fresenius Group Q2/26 & LTM Reconciliation: Adjusted Free Cash Flow for CCR Cash flow from continuing operations Q2/2026 LTM adjusted for proceeds from sale of St. Wendel and Schweinfurt production sites used by Fresenius Medical Care; ot herwise €819m net Capex €m Q2/26 LTM Q2/25 LTM Operating Cash Flow 2,819 2,280 Capex -996 -970 Free Cash Flow (before acquisitions, dividends, and lease liabilities) 1,823 1,310 Special items (net income before minorities) 401 237 Interests (before special items) 298 379 Taxes (before special items) 598 547 Adjusted Free Cash Flow for CCR 3,120 2,473 41 © Fresenius 2026 | Q2 2026 Earnings Call | 05 August 2026 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix
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Fresenius Group Q2/26 Cash flow development by business segment Cash flow from continuing operations 1 Before acquisitions, dividends and lease liabilities Operating Cash Flow Capex, net Free Cash Flow1 €m Q2/26 Q2/25 Q2/26 Margin Q2/25 Margin Q2/26 Q2/25 Q2/26 % rev. Q2/25 % rev. Q2/26 Q2/25 Q2/26 Margin Q2/25 Margin Fresenius Kabi 272 217 12.1% 10.3% -90 -70 -4.0% -3.3% 182 147 8.1% 7.0% Fresenius Helios 37 348 1.1% 10.3% -122 -107 -3.5% -3.2% -85 241 -2.4% 7.2% Corporate/Other 35 -140 109 86 144 -54 Fresenius Group 344 425 5.9% 7.6% -104 -212 -3.7% -3.8% 241 334 4.1% 6.0% 42 © Fresenius 2026 | Q2 2026 Earnings Call | 05 August 2026 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix
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Fresenius Group Q2/26 LTM Cash flow development by business segment Cash flow from continuing operations 1 Corporate/Other Capex in Q2/26 LTM adjusted for proceeds from sale of St. Wendel and Schweinfurt production sites used by Fre senius Medical Care –otherwise €248m net Capex 2 Before acquisitions, dividends and lease liabilities Operating Cash Flow Capex, net1 Free Cash Flow2 €m Q2/26 LTM Q2/25 LTM Q2/26 LTM Margin Q2/25 LTM Margin Q2/26 LTM Q2/25 LTM Q2/26 LTM % rev. Q2/25 LTM % rev. Q2/26 LTM Q2/25 LTM Q2/26 LTM Margin Q2/25 LTM Margin Fresenius Kabi 1,381 1,089 15.8% 12.8% -390 -394 -4.5% -4.6% 991 695 11.3% 8.2% Fresenius Helios 1,536 1,428 11.1% 10.9% -553 -524 -4.0% -4.0% 983 904 7.1% 6.9% Corporate/Other -98 -237 77 69 151 -168 Fresenius Group 2,819 2,280 12.3% 10.3% -866 -849 -3.8% -3.9% 2,124 1,431 9.3% 6.5% 43 © Fresenius 2026 | Q2 2026 Earnings Call | 05 August 2026 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix
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Fresenius Group Capital efficiency and returns 1 Prior-year figures have been adjusted due to the deconsolidation of Fresenius Medical Care operations l 2 LTM l 3 At average exchange rates for both net debt and EBITDA; pro forma closed acquisitions/divestitures, including lease liabilities, including dividends from Fresenius Medical Care & Vitrea; Net debt adjusted for valuation effect of exchangeable bond 44 © Fresenius 2026 | Q2 2026 Earnings Call | 05 August 2026 ROIC1, % CCR1,2 Net debt / EBITDA1,3 4.0 5.0 6.0 7.0 8.0 9.0 6.1 Q3 24 6.2 Q4 24 6.2 Q1 25 6.2 Q2 25 6.3 Q3 25 6.6 Q4 25 6.8 Q1 26 6.9 Q2 26 0.8 0.9 1.0 1.1 1.2 1.3 1.2 Q3 24 1.1 Q4 24 1.1 Q1 25 1.0 Q2 25 1.0 Q3 25 1.1 Q4 25 1.2 Q1 26 1.2 Q2 26 2.0 2.5 3.0 3.5 4.0 3.2 Q3 24 3.0 Q4 24 3.0 Q1 25 3.1 Q2 25 3.0 Q3 25 2.7 Q4 25 2.6 Q1 26 2.6 Q2 26 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix
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Fresenius Kabi Q2/26 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 Q2/26 ΔYoY organic2 MedTech 435 11% Nutrition 613 5% Biopharma 260 38% Growth Vectors1 1,309 12% Pharma (IV Drugs & Fluids) 935 1% Corporate 0 -- Total revenue 2,244 7% 45 © Fresenius 2026 | Q2 2026 Earnings Call | 05 August 2026 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix
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Fresenius Kabi H1/26 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 H1/26 ΔYoY organic2 MedTech 828 7% Nutrition 1,223 4% Biopharma 498 36% Growth Vectors1 2,549 10% Pharma (IV Drugs & Fluids) 1,846 2% Corporate 0 -- Total revenue 4,395 7% 46 © Fresenius 2026 | Q2 2026 Earnings Call | 05 August 2026 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix
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Fresenius Kabi Q2/26 EBIT(DA) development All figures before special items Margin growth at actual rates 1 Consists of MedTech, Nutrition, Biopharma 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 Q2/26 ΔYoY cc Total EBITDA 517 10% Margin 23.0% +60 bps Total EBIT 382 11% Margin 17.0% +60 bps Growth Vectors1 234 42% Margin 17.9% +360 bps Pharma (IV Drugs & Fluids) 177 -13% Margin 18.9% -280 bps Corporate -29 -- 47 © Fresenius 2026 | Q2 2026 Earnings Call | 05 August 2026 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix
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Fresenius Kabi H1/26 EBIT(DA) development All figures before special items Margin growth at actual rates 1 Consists of MedTech, Nutrition, Biopharma 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 H1/26 ΔYoY cc Total EBITDA 1,003 8% Margin 22.8% +50 bps Total EBIT 740 8% Margin 16.8% +20 bps Growth Vectors1 429 27% Margin 16.8% +200 bps Pharma (IV Drugs & Fluids) 371 -8% Margin 20.1% -220 bps Corporate -60 -- 48 © Fresenius 2026 | Q2 2026 Earnings Call | 05 August 2026 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix
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Fresenius Kabi Biosimilar portfolio and pipeline 49 © Fresenius 2026 | Q2 2026 Earnings Call | 05 August 2026 Candidate & TA LaunchApprovalPre-clinical Clinical trials Rituximab Oncology & Autoimmune US: Aug 2026 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 MB05 Infectious disease MB04 AutoimmuneMB14 Hematology FRESENIUS KABIMABXIENCE Denosumab Osteoporosis & Oncology ARG: July 2024 EU: June 2025 / US: Dec 2025 ARG: July 2024 EU: Dec 2025 / US: 2026 MB12 Oncology ARG: Dec 2024 ARG: Dec 2024 / PY June 2025 Ustekinumab Autoimmune EU: Sep 2024 / US: Sep 2024 EU: Mar 2025 / US: Mar 2025 Denosumab Osteoporosis & Oncology US: Mar 2025 EU: Jul 2025 US: Jul 2025 / EU: Dec 2025 MB11 Oncology Early-stage candidates Early-stage candidates Vedolizumab2 Autoimmune 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 Aflibercept1 Ophthalmology Filed for approval (US only) Filed for approval (US & EU) 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix
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© Fresenius 2026 | Q2 2026 Earnings Call | 05 August 202650 Fresenius Kabi Biosimilar portfolio and pipeline 21 28 40 bevacizumab pembro- lizumab ~35 Registration/ clinical 4 CMC/ preclinical Early-stage candidates ~210 Totalpegfilgrastim adalimumab 3 tocilizumab 10 ustekinumab 7 denosumab 6 rituximab 6 ~40 Fresenius biosimilar portfolio & pipeline Global peak branded sales of originators1, €b 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 Fresenius mAbxience Fresenius and mAbxience aflibercept rituximab2 vedolizumab nivolumab etanercept 4 molecules 5 molecules In-market Includes AIID3, Hematology, Oncology, Respiratory Neulasta Oncology Humira AIID3 (Ro)Actemra AIID3 Stelara AIID3 Prolia/Xgeva Oncology & Osteoporosis Rituxan Oncology & AIID3 Avastin Oncology Keytruda Oncology ~90 Therapeutic Area Reference product Molecule Biosimilar market until 20354: 1 Source: Evaluate Pharma | 2 U.S. approval: Aug 2026 | 3 Autoimmune & Inflammatory Diseases | 4 Source: IQVIA 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix
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Fresenius Helios Q2/26 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/financial-results €m Q2/26 ΔYoY cc Total revenue 3,526 5%1 Thereof Helios Germany 2,096 6%1 Thereof Helios Spain 1,430 3%1 Total EBIT 374 10% Margin 10.6% +60bps Thereof Helios Germany 173 16% Margin 8.3% +80 bps Thereof Helios Spain 200 5% Margin 14.0% +20 bps Thereof Corporate 1 -- 51 © Fresenius 2026 | Q2 2026 Earnings Call | 05 August 2026 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix
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Fresenius Helios H1/26 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/financial-results €m H1/26 ΔYoY cc Total revenue 7,027 4%1 Thereof Helios Germany 4,188 4%1 Thereof Helios Spain 2,839 4%1 Total EBIT 741 10% Margin 10.6% +70bps Thereof Helios Germany 346 13% Margin 8.3% +70 bps Thereof Helios Spain 395 8% Margin 13.9% +50 bps Thereof Corporate 1 -- 52 © Fresenius 2026 | Q2 2026 Earnings Call | 05 August 2026 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix
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Fresenius Helios H1/26 Key metrics 1 Helios Germany: adjusted for the impact of hospital and medical center divestments €m Q2/26 Q2/25 ΔYoY H1/26 H1/25 ΔYoY Helios Germany Hospitals 80 84 -5% 80 84 -5% Thereof acute care hospitals 77 81 -5% 77 81 -5% Beds 30,068 29,804 1% 30,068 29,804 1% Thereof acute care hospitals 29,548 29,238 1% 29,548 29,238 1% Admissions1 1,292,168 1,288,967 0% 2,682,431 2,684,788 0% Thereof patients treated in hospital 302,307 289,524 4% 618,984 590,951 5% Thereof patients treated as outpatient 989,961 999,443 -1% 2,063,447 2,093,837 -1% Helios Spain (incl. Latin America) Hospitals 57 57 0% 57 57 0% Beds 8,389 8,112 3% 8,389 8,112 3% Admissions 5,723,385 5,407,192 6% 11,368,396 10,968,616 4% Thereof patients treated in hospital 313,056 301,594 4% 629,338 617,080 2% Thereof patients treated as outpatient 5,410,329 5,105,598 6% 10,739,058 10,351,536 4% 53 © Fresenius 2026 | Q2 2026 Earnings Call | 05 August 2026 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix
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© Fresenius 2026 | Q2 2026 Earnings Call | 05 August 202654 Helios Germany Constructive framework for continued reimbursement growth 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2.5 3.0 2.5 3.0 2.7 3.7 2.5 2.3 3.5 5.1 4.4 3.0 Inflation in Germany DRG Inflator in % ’20 ’21 ’22 ’23 ’24 ‘25 ‘26 ’27 Increased federal base rate3 Surcharges4 Energy relief funding Hospital Future Act COVID-related compensation DRG Inflator Annual price increase for reimbursement of hospital treatments New methodology for determination1: DRG Inflator to equal the base wage rate2, minus 1% deduction from 2027 to 2029 Government expectation: Base wage rate at ~4%, i.e. significantly higher than the long-term average Source: German Federal Statistical Office, Annual reports; DRG inflator rounded 1 Based on GKV Stabilization Act, in effect since July 2026 2 Growth rate of health insurance revenues Regular support from additional funds Around 70% of German hospitals are loss-making amid continued cost pressure, requiring additional government support Government support funding in FY/27: • 1.14% federal base rate increase3 • Sector-wide €450m surcharge (expected in 2027) 3 Base for DRG Inflator increase on Federal State level in 2026 for 2027 4 Nov 2025 to 31 Oct 2026: 3.25% surcharge on invoices for publicly insured patients; In 2027: Sector-wide billing surcharge was agreed as part of GKV Stabilization Act protocol declaration 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix
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© Fresenius 2026 | Q2 2026 Earnings Call | 05 August 202655 Helios Germany Regulatory changes playing to our strengths Structural hospital reform1 Create a more quality-driven and specialized hospital sector – in effect since January 2025 with multi-year, phased implementation KHVVG2 (2025) • Introduction of service groups with minimum requirements for staffing, equipment, and expertise to ensure complex treatments are provided by appropriately specialized hospitals • Hospital financing through a combination of DRG-based reimbursement and prefinancing payments to reduce incentives for volume-driven care KHAG 3 (Amendments to KHVVG, March 2026) • Service groups: More flexibility in assigning service groups (Federal States) and fulfilling quality criteria • Prefinancing payments: (Partial) implementation postponed to 2028; full effect not until 2030 • Nursing Budget: Specification of scope GKV Stabilization Act1,4 Stabilize the statutory health insurance system (GKV) and limit rising contribution rates – in effect since July 2026 with reimbursement provisions to take effect in 2027 • DRG inflator-based reimbursement increase preserved: Annual DRG inflator to equal the base wage rate (i.e., the growth rate of health insurance revenues) from 2027 to 2029 • Base-wage rate deduction: 1% deduction to the base wage rate from 2027 to 2029 given base wage rate expected significantly higher than long-term average • Refinancing of collective wage increases preserved: Covered at 100% up to the base wage rate and at 50% above the base wage rate • Reimbursement of non-patient related nursing activities: Reductions in 2027 and 2028, ending completely in 2029 • Greater operational flexibility: In allocating nursing staff 1 Selected relevant provisions 2 Krankenhausversorgungsverbesserungsgesetz (“Hospital Care Improvement Act”) 3 Krankenhausreformanpassungsgesetz (“Hospital Reform Adjustment Act”) 4 Act to Stabilize Contribution Rates in the Statutory Health Insurance System (GKV) 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix
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Linkedin www.linkedin.com/company/fresenius-investor-relations 56 Financial Calendar & Contact Financial Calendar Please note that these dates could be subject to change. 05 Aug 2026 Q2 2026 results 04 Nov 2026 Q3 2026 results Events You can find a current overview of all upcoming roadshows, conferences, and other capital markets events on the Fresenius Investor Relations website. Investor Feedback and Social Media 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 Contact Investor Relations Fresenius SE & Co. KGaA Phone:+49 6172 608-97033 E-mail: ir-fre@fresenius.com 01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix © Fresenius 2026 | Q2 2026 Earnings Call | 05 August 2026