US Market News
2週前
Fresenius Medical Care Annual General Meeting: Strengthening performance and advancing innovation in kidney careMay 21, 2026 10:13 AM
PR Newswire (US) Shareholders approve proposed dividend of EUR 1.49 per shareFME Reignite strategy launched in 2025 successfully drives the next phase of value creation5008X CAREsystem introduced in U.S. clinics; full U.S. commercial launch underway in 2026EUR 1 billion share buyback program successfully completed, and a new authorization granted to support the Company's capital allocation framework which includes share buyback programsBAD HOMBURG, Germany, May 21, 2026 /PRNewswire/ -- Fresenius Medical Care (FME), the world's leading provider of products and services for individuals with renal diseases, has completed a milestone year marked by significant improvements in profitability. Over the past three years, the Company has successfully delivered on its mid-term financial and strategic targets set for 2025. Building on this transformation, Fresenius Medical Care is now focused on executing its FME Reignite strategy and advancing sustainable value creation. At today's Annual General Meeting, Michael Sen, Chairman of the Supervisory Board of Fresenius Medical Care AG, said, "We are firmly operating in a new time, defined by geopolitical uncertainty, transactional global relationships, and market volatility. For a global healthcare company such as Fresenius Medical Care, adaptability is decisive. The ability to recognize changes early on and anticipate them will be essential for success. For this, the Company laid the groundwork last year."Michael Sen added, "Fresenius Medical Care looks back on a strong year. Financial performance and margins have improved, and leverage has been reduced. Organic revenue growth reached 8 percent1, driven by positive contributions from all operating segments. On behalf of the Supervisory Board, I thank the Management Board, under the leadership of Helen Giza, and all 110,000 employees of Fresenius Medical Care for their performance. More than 44 million dialysis treatments delivered worldwide, and life-sustaining medical technology supplied to patients in 140 countries are impressive figures. The Company did a lot of things right last year and is now well-positioned. I am confident that Fresenius Medical Care will continue to provide top-tier kidney care in the future while also achieving financial success."Helen Giza, CEO and Chair of the Management Board of Fresenius Medical Care AG, said, "2025 marked the culmination of our FME25 turnaround and transformation, a multi-year effort to fundamentally strengthen Fresenius Medical Care. Despite a challenging external environment, we set out to make this Company healthier, more resilient, and more disciplined. I am proud to say that we delivered, and that we have the aspiration to lead kidney care through exceptional patient care and innovation. We closed 2025 at the upper end of our outlook, with solid revenue results and strong operating income growth. Our group operating margin2 increased to 11.3 percent, up from 7.9 percent just three years ago; firmly within our mid-term target range of 10 to 14 percent. By the end of last year, we reduced our net leverage ratio to 2.5 times down from 3.4 times in 2022."Helen Giza added, "Equally important, we reached a major milestone in 2025 with the U.S. Food and Drug Administration approval of our hemodiafiltration-capable 5008X CAREsystem in the United States. This approval enabled the introduction of high-volume hemodiafiltration therapy in select U.S. clinics, laying the groundwork for the full commercial launch that is currently underway in 2026. We are launching this therapy in the U.S. from a strong foundation. In the United States, nearly 90% of in-center dialysis machines are Fresenius Medical Care devices. The transition to the 5008X CAREsystem will be the largest infrastructure upgrade in our Company's history – and a defining moment for kidney care in the U.S.""Everything we do must serve the people who depend on us: patients and their loved ones," said Giza. "At our Capital Markets Day in June 2025, we introduced FME Reignite – our five-year strategy through 2030. Our ambition is clear: We strive to deliver industry-leading outcomes, generate margins with above-market growth, and drive value creation. We have the science, the systems, and the people to deliver." The CEO thanked employees for their dedication and commitment to ensuring high-quality care for patients worldwide.A majority of 99.87 percent of the votes cast at the Annual General Meeting approved the dividend proposal for fiscal year 2025 of EUR 1.49 per share entitled to dividend (2024: EUR 1.44 per share). Fresenius Medical Care's dividend policy foresees a stable and predictable dividend development, resulting in a 30 to 40 percent payout ratio of net income3.As part of the capital allocation framework, shareholder returns through dividends are complemented by share buybacks. Under an initial €1.0 billion share buyback program, 24.8 million shares – representing 8.5% of the share capital – were repurchased in a significantly accelerated manner. On April 30, 2026, the share buyback program, consisting of two tranches, was successfully completed in under one year, instead of the originally announced two-year period.With a majority of 97.59 percent, the Annual General Meeting granted the Management Board a new authorization to acquire and use treasury shares for a period of five years. This renewed authorization is intended to support the FME capital allocation framework, which includes share buyback programs to continue shareholder value creation.The Annual General Meeting approved the Compensation Report for the Management Board and the Supervisory Board for fiscal year 2025 with a majority of 84.67 percent.The actions of the Management Board and the Supervisory Board for 2025 were formally approved by majorities of 99.87 percent and 97.42 percent, respectively.Further details on the voting results for these and other agenda items will be published on the Company's website.At the Annual General Meeting, 78.71 percent of the share capital was represented.About Fresenius Medical Care:
Fresenius Medical Care is the world's leading provider of products and services for individuals with renal diseases of which around 4.5 million patients worldwide regularly undergo dialysis treatment. Through its network of 3,539 dialysis clinics, Fresenius Medical Care provides dialysis treatments for approx. 290,000 patients around the globe. Fresenius Medical Care is also the leading provider of dialysis products such as dialysis machines or dialyzers. Fresenius Medical Care is listed on the Frankfurt Stock Exchange (FME) and on the New York Stock Exchange (FMS).For more information visit the Company's website at www.freseniusmedicalcare.com.Disclaimer:
This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results could differ materially from those described in these forward-looking statements due to various factors, including, but not limited to, changes in business, economic and competitive conditions, legal changes, regulatory approvals, results of clinical studies, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. These and other risks and uncertainties are detailed in Fresenius Medical Care's reports filed with the U.S. Securities and Exchange Commission. Fresenius Medical Care does not undertake any responsibility to update the forward-looking statements in this release.1 At constant currency, adjusted for certain reconciling items including revenue from acquisitions, closed or sold operations and differences in dialysis days
2 Adjusted for special items
3 Net income attributable to shareholders of FME AG excluding special itemsMedia Contact
Christine Peters
T +49 160 60 66 770
christine.peters@freseniusmedicalcare.com Sven Jacobsen
T +49 171 28 79 127
sven.jacobsen@freseniusmedicalcare.com Contact for Analysts and Investors
Dr. Dominik Heger
T +49 6172 609 2525
dominik.heger@freseniusmedicalcare.com www.freseniusmedicalcare.com/de View original content to download multimedia:https://www.prnewswire.com/news-releases/fresenius-medical-care-annual-general-meeting-strengthening-performance-and-advancing-innovation-in-kidney-care-302779080.htmlSOURCE Fresenius Medical Care Holdings, Inc. Original: Fresenius Medical Care Annual General Meeting: Strengthening performance and advancing innovation in kidney care
US Market News
1月前
Fresenius Medical Care delivers strong operating income growth in Q1 2026 while advancing the U.S. rollout of 5008X CAREsystems at speedMay 5, 2026 7:00 AM
PR Newswire (US) Organic revenue growth1 of 4% with growth in all operating segmentsOperating income2 grew 10%, resulting in further margin expansion to 10.1%FME25+ transformation program related one-time costs mainly drove reported operating income decline of 14% and reported net income3 decrease of 22%Earnings per share2 (EPS) increased by 16%, supported by the share buyback programFY 2026 outlook confirmedBAD HOMBURG, Germany, May 5, 2026 /PRNewswire/ -- "Fresenius Medical Care delivered continued operational and financial progress in the first quarter, with organic revenue growth, improved profitability and adjusted EPS growth. Operating income growth was in line with our planned phasing," said Helen Giza, Chief Executive Officer of Fresenius Medical Care. "Care Delivery posted strong operating income growth supported by positive TDAPA effects. Excluding positive TDAPA effects, underlying Care Delivery operating income2 improved by 6%. We are pleased with the speed of the rollout of our innovative 5008X CAREsystem, now available in around 100 clinics and with more than 100,000 treatments performed." Giza continued, "Through focused execution of our FME Reignite strategy, we remain on track to maintain Group operating income at a consistent high level while overcoming significant regulatory headwinds. We confirm our outlook for 2026 and are firmly committed to creating long-term value for our shareholders." Key figures Q1 2026 (unaudited)
Q1 2026Q1 2025GrowthGrowth
EUR mEUR myoyyoy, ccRevenue4,6124,881-6 %+3 %Operating income286331-14 %-9 %excl. special items2467457+2 %+10 %Net income3118151-22 %-21 %excl. special items2251246+2 %+9 %Basic EPS (EUR)0.430.52-17 %-16 %excl. special items20.910.84+8 %+16 %yoy = year-on-year, cc = at constant currency, EPS = earnings per shareProgress on FME Reignite
Fresenius Medical Care, the world's leading provider of products and services for individuals with renal disease, successfully advances the next phase of value creation with its FME Reignite strategy. The strategy focuses on strengthening core operations, driving profitable growth and innovation, and advancing the company culture.During the first quarter, the FME25+ transformation program delivered EUR 50 million additional sustainable savings. Fresenius Medical Care started the optimization of its U.S. dialysis clinic footprint by exiting 64 of up to 100 selected clinics. The company expects to retain the majority of its dialysis patients in neighboring clinics. FME25+ one-time costs, driven mainly by clinic closures cost, were treated as special items and amounted to EUR 166 million. The company expects EUR 250 million savings and EUR 350 million related one-time costs in 2026. FME25+ savings are expected to total EUR 1.2 billion by the end of 2027.As part of the capital allocation framework, shareholder returns through dividends are complemented by share buybacks. Through an initial share buyback program of EUR 1.0 billion, 24.8 million shares or 8.5% of share capital were bought back in a significantly accelerated way. On April 30, the program was successfully completed in less than one year instead of within two years, as originally announced. As of March 31, 23.3 million shares or 7.9% of total share capital have been repurchased for a total investment amount of EUR 941 million.Solid organic revenue growth driven by all operating segments
In the first quarter 2026, Group revenue decreased by 6% compared to prior year (+3% at constant currency, +4% organic1) to EUR 4,612 million. Significant currency effects negatively impacted revenue development in all three operating segments. Divestitures realized as part of the portfolio optimization plan negatively affected the revenue development by 50 basis points.Care Delivery revenue decreased by 4% (+5% at constant currency, +6% organic1) to EUR 3,294 million. Divestitures realized as part of the portfolio optimization plan negatively affected the revenue development by 80 basis points.In Care Delivery U.S., revenue decreased by 4% (+6% at constant currency, +7% organic1) to EUR 2,765 million. TDAPA reimbursement regulations as well as favorable rate and payor mix effects had a positive impact while exchange rates developed unfavorably. U.S. same market treatment growth came in at -0.4%.In Care Delivery International, revenue decreased by 5% (-2% at constant currency, +3% organic1) to EUR 529 million. The effects of closed or sold operations, mainly related to portfolio optimization, and unfavorable exchange rates were partially offset by positive organic growth1. International same market treatment growth amounted to 1.3%.Value-Based Care revenue decreased by 7% (+3% at constant currency, +3% organic1) to EUR 490 million. The development in the quarter was driven by higher number of member months and positive effects from premium rates, offset by the changed risk contracting for one of the contracts and negative exchange rate effects.Care Enablement revenue decreased by 5% (+1% at constant currency, +1% organic1) to EUR 1,299 million. Unfavorable exchange rate effects as well as lower volumes, driven by negative impacts from volume-based procurement and stricter tender requirements in China, were partly offset by positive pricing and volume development outside China, mainly driven by the sales of 5008X CAREsystems.Within Inter-segment eliminations4, revenue for services provided and products transferred between the operating segments at fair market value came in at negative EUR 471 million.Continued earnings growth and margin expansion
In the first quarter 2026, Group operating income decreased by 14% (-9% at constant currency) to EUR 286 million, resulting in a margin of 6.2% (Q1 2025: 6.8%). Operating income excluding special items increased by 2% (+10% at constant currency) to EUR 467 million, resulting in a margin2 of 10.1% (Q1 2025: 9.4%).Operating income in Care Delivery decreased by 15% (-3% at constant currency) to EUR 271 million, resulting in a margin of 8.2% (Q1 2025: 9.3%). Operating income excluding special items increased by 12% (+26% at constant currency) to EUR 398 million, resulting in a margin2 of 12.1% (Q1 2025: 10.3%). Compared to previous year, operating income development was driven by positive impact from TDAPA reimbursement regulations as well as positive rate and payor mix effects. The development was negatively impacted by higher personnel expenses. Operating income in Value-Based Care amounted to a loss of EUR 11 million, compared to a profit of EUR 3 million in the prior year, resulting in a margin of -2.3% (Q1 2025: 0.6%) Operating income excluding special items more than doubled with an increase of 113% (+137% at constant currency) to EUR 9 million, resulting in a margin2 of 1.8% (Q1 2025: 0.8%). The improvement was driven by an enhanced savings rate and positive contributions from the FME25+ program.Operating income in Care Enablement decreased by 7% (-9% at constant currency) to EUR 87 million, resulting in a margin of 6.7% (Q1 2025: 6.9%). Operating income excluding special items decreased by 1% (stable at constant currency) to EUR 113 million, resulting in a margin2 of 8.7% (Q1 2025: 8.3%). Compared to the previous year's quarter, positive contributions from FME25+ program, the sales of 5008X CAREsystems as well as positive price and volume effects outside China contributed positively. This was offset mainly by unfavorable currency transaction as well as negative volume and price effects in China.Operating income for Corporate amounted to a loss of EUR 40 million (Q1 2025: loss of EUR 81 million). Operating income excluding special items amounted to a loss of EUR 32 million (Q1 2025: loss of EUR 12 million). This development was mainly driven by the planned cost of the strategic IT platform investments.Net income3 decreased by 22% compared to prior year (-21% at constant currency) to EUR 118 million in the first quarter 2026. Net income excluding special items increased by 2% (+9% at constant currency) to EUR 251 million.Basic earnings per share (EPS) decreased by 17% compared to prior year (-16% at constant currency) to EUR 0.43 in the first quarter 2026, based on 275,246,345 shares. Basic EPS excluding special items increased by 8% (+16% at constant currency) to EUR 0.91.Significantly improved cash flow, net leverage ratio around lower end of target corridor
In the first quarter 2026, operating cash flow significantly increased by 39% to EUR 227 million (Q1 2025: EUR 163 million), resulting in a margin of 4.9% (Q1 2025: 3.3%). The operating cash flow development was mainly driven by favorable working capital development despite seasonality in invoicing.Free cash flow5 increased by 94% to EUR 40 million in the first quarter 2026 (Q1 2025: EUR 21 million), resulting in a margin of 0.9% (Q1 2025: 0.4%).Total net debt and lease liabilities slightly increased to EUR 9,790 million (Q1 2025: EUR 9,753 million). The net leverage ratio (net debt/EBITDA) came in at 2.6x in Q1 2026 (Q4 2025: 2.5x) and continues to be around the lower end of our 2.5x to 3.0x target band.Patients, clinics and employees
As of March 31, 2026, Fresenius Medical Care treated 289,923 patients in 3,539 dialysis clinics worldwide and had 108,165 employees globally.Outlook 2026 confirmed
In 2026, Fresenius Medical Care expects revenue growth to be broadly flat compared to prior year. The company expects operating income to remain on a consistent level, with a range between a positive and negative mid-single digit percent growth rate compared to prior year.The expected growth rates for 2026 are at constant currency and excluding special items in operating income. The 2025 basis for the revenue outlook is EUR 19,628 million and for the operating income outlook is EUR 2,212 million.Investor conference call
Fresenius Medical Care will host a conference call for analysts and investors to discuss the results of the first quarter today, May 5, 2026, at 2:00 p.m. CEST / 8:00 a.m. EDT. Details are available on the Fresenius Medical Care website in the "Investors" section. A replay and a transcript will be available shortly after the call.Please refer to our statement of earnings included at the end of this press release and to the attachments as separate PDF files for a complete overview of the results of the first quarter 2026. Our form 6-K disclosure provides more details.About Fresenius Medical Care:
Fresenius Medical Care is the world's leading provider of products and services for individuals with renal diseases of which around 4.5 million patients worldwide regularly undergo dialysis treatment. Through its network of 3,539 dialysis clinics, Fresenius Medical Care provides dialysis treatments for approx. 290,000 patients around the globe. Fresenius Medical Care is also the leading provider of dialysis products such as dialysis machines or dialyzers. Fresenius Medical Care is listed on the Frankfurt Stock Exchange (FME) and on the New York Stock Exchange (FMS).For more information visit the company's website at www.freseniusmedicalcare.com.Disclaimer:
This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results could differ materially from those described in these forward-looking statements due to various factors, including, but not limited to, changes in business, economic and competitive conditions, legal changes, regulatory approvals, results of clinical studies, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. These and other risks and uncertainties are detailed in Fresenius Medical Care's reports filed with the U.S. Securities and Exchange Commission. Fresenius Medical Care does not undertake any responsibility to update the forward-looking statements in this release.
1At constant currency, adjusted for certain reconciling items including revenue from acquisitions, closed or sold operations and differences in dialysis days2Adjusted for special items; growth rate at constant currency (if not stated otherwise); for further details please see the reconciliation attached to the press release3Net income attributable to shareholders of Fresenius Medical Care AG4The company transfers products from the Care Enablement segment to the Care Delivery segment at fair market value. Services provided by the Care Delivery segment for patients managed under the Value-Based Care segment are also provided at fair market value. The associated internal revenues and expenses and all other consolidation of transactions are included within "Inter-segment eliminations".5Net cash provided by / used in operating activities, after capital expenditures, before acquisitions, investments, and dividends Statement of earnings
Three months ended March 31, in € million, except share data, unaudited20262025ChangeChange
at cc
Revenue4,6124,881-5.5 %3.1 %
Costs of revenue3,4333,697-7.2 %1.6 %Selling, general and administrative expense749751-0.2 %7.8 %Research and development expense3843-11.9 %-7.6 %Income from equity method investees(41)(48)-13.6 %-13.6 %Other operating income(158)(141)12.1 %14.7 %Other operating expense30524823.5 %31.8 %Operating income286331-13.6 %-9.2 %Operating income excl. special items14674572.2 %9.8 %
Interest expense, net7981-2.6 %5.9 %Income before taxes207250-17.2 %-14.1 %Income tax expense4361-30.0 %-28.8 %Net income 164189-13.1 %-9.3 %Net income attributable to noncontrolling interests463823.0 %36.7 %Net income2118151-22.3 %-21.0 %Net income2 excl. special items12512461.7 %8.5 %
Weighted average number of shares275,246,345293,413,449
Basic earnings per share€0.43€0.52-17.2 %-15.8 %Basic earnings per share excl. special items1€0.91€0.848.5 %15.7 %
In percent of revenue
Operating income margin6.2 %6.8 %
Operating income margin excl. special items110.1 %9.4 %
1 For a reconciliation of special items, please refer to the table at the end of the press release.2 Attributable to shareholders of FME AG. Reconciliation of non-IFRS financial measures to the most directly
comparable IFRS Accounting Standards financial measures for
comparability with the Company´s outlook
Three months ended March 31, in € million, unaudited20262025
Operating performance excl. special items
These items are excluded to ensure comparability of the
figures presented with the Company's financial targets
which have been defined excluding special items.
Revenue4,6124,881
Operating income286331FME25+ Program16628Legacy Portfolio Optimization11224Legal Form Conversion Costs—0Humacyte Remeasurements374Sum of special items181126Operating income excl. special items467457
Net income2118151FME25+ Program12420Legacy Portfolio Optimization1720Legal Form Conversion Costs—0Humacyte Remeasurements255Sum of special items13395Net income2 excl. special items2512461 2026: mainly related to costs associated with the 2025 divestiture of select assets of the Company's wholly owned Spectra Laboratories; 2025: mainly comprises severance payments and the impairment of goodwill resulting from the measurement of assets held for sale.2 Attributable to shareholders of FME AG.Media contact
Christine Peters
T +49 160 60 66 770
Christine.Peters@FreseniusMedicalCare.com Contact for analysts and investors
Dr. Dominik Heger
T +49 6172 609 2525
Dominik.Heger@FreseniusMedicalCare.com www.freseniusmedicalcare.com View original content to download multimedia:https://www.prnewswire.com/news-releases/fresenius-medical-care-delivers-strong-operating-income-growth-in-q1-2026-while-advancing-the-us-rollout-of-5008x-caresystems-at-speed-302762540.htmlSOURCE Fresenius Medical Care Holdings, Inc. Original: Fresenius Medical Care delivers strong operating income growth in Q1 2026 while advancing the U.S. rollout of 5008X CAREsystems at speed
US Market News
3月前
Fresenius Medical Care delivers 27% earnings growth in 2025 and reaches upper end of its financial outlook; margin within 2025 mid-term target bandFebruary 24, 2026 7:00 AM
PR Newswire (US)
Strong organic revenue growth1 in 2025 of 8% driven by all operating segmentsDriven by an exceptional Q4, full year operating income2 growth of 27% reached top end of financial outlook, resulting in a significant margin step up to 11.3%Reported operating income grew by 31%, reported net income3 by 82%Earnings per share2 (EPS) grew by 44%, supported by the accelerated share buyback programDividend of EUR 1.49 (+3%) planned to be proposedFY 2026 outlook operating income is forecast to remain on a consistent level despite significant additional headwindsBAD HOMBURG, Germany, Feb. 24, 2026 /PRNewswire/ -- "Fresenius Medical Care closed a milestone year marked by outstanding profitability gains. Over the past three years, we built a stronger and more resilient company, meeting all key financial and strategic aspects of the mid-term outlook that we had set for 2025. These achievements reflect our disciplined focus on operational and financial excellence. In 2025, we delivered revenue and operating income growth at the upper end of our outlook, overcoming a difficult market environment," said Helen Giza, Chief Executive Officer of Fresenius Medical Care AG. "Our operating income margin of 11.3% is well within the mid-term margin target band we established three years ago for 2025. The Group's step-up in profitability was the result of solid business growth, accelerated FME25+ efficiency gains, higher-than-expected benefits from TDAPA regulation and favorable reimbursement developments, with all segments making meaningful contributions. This progress underscores our ongoing commitment and value creation focus."
Helen Giza continued, "Looking ahead to 2026, we are set to build on the remarkable transformation of recent years and advance the execution of our FME Reignite strategy. For our patients, we are excited to expand access to high-volume hemodiafiltration in the U.S. with the large-scale rollout of our innovative 5008X CAREsystem. We remain steadfast in our commitment to further improve profitability, while investing in our future and overcoming regulatory headwinds. As such, we expect to grow operating income by three to seven percent CAGR out to 2028 and to increase returns for our shareholders."Key figures Q4 and FY 2025
Q4 2025Q4 2024GrowthGrowthFY 2025FY 2024GrowthGrowth
EUR mEUR myoyyoy, ccEUR mEUR myoyyoy, ccRevenue5,0705,0850 %+7 %19,62819,336+2 %+5 %Operating income594259+129 %+144 %1,8271,392+31 %+36 %excl. special items2705489+44 %+53 %2,2121,797+23 %+27 %Net income332767+389 %+421 %978538+82 %+88 %excl. special items2412266+55 %+64 %1,248903+38 %+43 %Basic EPS (EUR)1.140.23+402 %+434 %3.361.83+83 %+89 %excl. special items21.440.91+59 %+68 %4.283.08+39 %+44 %
yoy = year-on-year, cc = at constant currency, EPS = earnings per shareFME Reignite set for next phase of value creation
Fresenius Medical Care, the world's leading provider of products and services for individuals with renal disease, successfully concluded its milestone year 2025 and embarked into the next phase of value creation with its FME Reignite strategy. Introduced at the Capital Markets Day in June 2025, the new strategy focuses on strengthening our core operations, driving profitable growth and innovation, and advancing the company culture.In 2025, Fresenius Medical Care began a soft launch of the high-volume hemodiafiltration (HVHDF) capable 5008X CAREsystem in select U.S. clinics, with plans for a large-scale rollout starting in 2026. The company invests in the training of over 7,200 nurses and technicians and the transition of about 36,000 patients to the new system across 28 states. By replacing approximately 20% of its dialysis machines every year, Fresenius Medical Care aims to provide faster access to this therapy and its associated mortality benefits.Operational efficiency: In 2025, the FME25+ transformation program further accelerated its positive momentum, delivering EUR 238 million additional sustainable savings for the full year 2025, ahead of the upgraded full year target of around EUR 220 million. Accumulated savings of the entire program reached EUR 804 million. Related one-time costs, treated as special items, were EUR 194 million in 2025, adding up to EUR 793 million since the start of the program in 2021. The company is continuing its strong progress and will accelerate and further expand the FME25+ program. It now projects additional savings of EUR 150 million, increasing the total to EUR 1.2 billion by the end of 2027. Program costs are expected to also be around EUR 1.2 billion within the same period.Portfolio Optimization: Fresenius Medical Care continued the execution of its portfolio optimization plan to exit non-core and dilutive assets, emphasizing the company´s focus on product areas, businesses and markets with the best strategic fit, scale and sustainable profitable growth potential. Transactions negatively impacted revenue by EUR 244 million in 2025, translating into a 130 basis points growth headwind. The related negative impact on operating income was EUR 97 million in the full year 2025, treated as special item. All assets divested since 2023 include 391 facilities, around 12,600 employees and 53,600 dialysis patients.Dividend and share buyback: In 2025, Fresenius Medical Care introduced a new capital allocation framework. The framework foresees a stable and predictable dividend development that results in a payout ratio of 30% to 40% of net income4. The planned dividend proposal for fiscal year 2025 of EUR 1.49 per share is a 3% increase and corresponds to a payout of 33% of adjusted net income. Shareholder returns through dividends are complemented by a share buyback program of EUR 1.0 billion currently being executed in two tranches. The first tranche of up to EUR 600 million was initiated on August 11, 2025, and completed in an accelerated way on December 29, 2025. As of December 31, 2025, 14.1 million shares were repurchased for a total investment amount of EUR 586 million. The second tranche of around EUR 414 million started on January 12, 2026, and is planned to end by May 8, 2026. The entire program is therefore expected to be completed in less than one year instead of within two years.In parallel, net financial debt was further reduced by 6% to EUR 9.2 billion. The corresponding net leverage ratio (net debt/EBITDA) decreased to 2.5x at the end of 2025, compared to 2.9x at the end of 2024, and sits at the lower end of the target corridor of 2.5x to 3.0x.Fresenius Medical Care ends the year with strong revenue growth
In the fourth quarter 2025, Group revenue remained stable compared to prior year (+7% at constant currency, +8% organic1) with EUR 5,070 million. Strong organic revenue growth was driven by Value-Based Care and Care Delivery. Significant currency effects negatively impacted revenue development in all three operating segments. Divestitures realized as part of the portfolio optimization plan negatively affected the revenue development by 70 basis points.Care Delivery revenue decreased by 2% (+6% at constant currency, +7% organic1) to EUR 3,507 million. Divestitures realized as part of the portfolio optimization plan negatively affected the revenue development by 120 basis points.In Care Delivery U.S., revenue decreased by 1% (+8% at constant currency, +8% organic1) to EUR 2,956 million. Impacts from TDAPA reimbursement regulations, favorable rate and payor mix effects, and reduced implicit price concessions had a positive impact while exchange rates developed unfavorably. U.S. same market treatment growth remained flat (-0.2%).In Care Delivery International, revenue decreased by 6% (-4% at constant currency, +3% organic1) to EUR 551 million. The effects of closed or sold operations, mainly related to portfolio optimization, and unfavorable exchange rates were partially offset by organic growth1. International same market treatment growth amounted to 1.7%.Value-Based Care revenue significantly grew by 32% (+42% at constant currency, +42% organic1) to EUR 637 million. Growth in the quarter was driven by a significantly higher number of member months mainly due to contract expansion, while exchange rates developed unfavorably.Care Enablement revenue decreased by 9% (-3% at constant currency, -3% organic1) to EUR 1,401 million. Unfavorable exchange rate effects as well as lower volumes, driven by negative impacts from volume-based procurement and other regulatory policies in China, were partly offset by overall positive pricing momentum.Within Inter-segment eliminations5, revenue for services provided and products transferred between the operating segments at fair market value came in at negative EUR 475 million.In the full year 2025, Group revenue increased by 2% (+5% at constant currency, +8% organic1) to EUR 19,628 million. Divestitures realized as part of the portfolio optimization plan negatively impacted the revenue development by 130 basis points. Care Delivery revenue decreased by 2% (+2% at constant currency, +5% organic1) to EUR 13,736 million, with Care Delivery U.S. flat year-on-year (+4% at constant currency, +5% organic1) at EUR 11,507 million and Care Delivery International decreasing by 10% (-9% at constant currency, +4% organic1) to EUR 2,229 million. Divestitures realized as part of the portfolio optimization plan negatively affected the revenue development of Care Delivery by 210 basis points and the revenue development of Care Delivery International by 1,200 basis points. U.S. same market treatment growth came in flat (0.0%) while international same market treatment growth amounted to 2.0%. Value-Based Care revenue increased by 28% (+34% at constant currency, +34% organic1) to EUR 2,247 million. Care Enablement revenue decreased by 1% (+2% at constant currency, +2% organic1) to EUR 5,476 million. Inter-segment eliminations decreased to a deduction of EUR 1,831 million.Strong earnings growth momentum and double-digit operating income margin
In the fourth quarter 2025, Group operating income more than doubled and increased by 129% (+144% at constant currency) to EUR 594 million, resulting in a margin of 11.7% (Q4 2024: 5.1%). Operating income excluding special items significantly increased by 44% (+53% at constant currency) to EUR 705 million, resulting in a margin2 of 13.9% (Q4 2024: 9.6%). Divestitures realized during the fourth quarter were neutral on operating income margin development.Operating income in Care Delivery increased by 103% (+122% at constant currency) to EUR 528 million, resulting in a margin of 15.1% (Q4 2024: 7.3%). Operating income excluding special items significantly grew by 34% (+45% at constant currency) to EUR 574 million, resulting in a margin2 of 16.4% (Q4 2024: 12.0%). Compared to previous year, operating income development was driven by the further accelerated positive impact from TDAPA reimbursement regulations, positive rate and payor mix effects, income attributable to a consent agreement on certain pharmaceuticals and savings from the FME25+ program. The development was negatively impacted by higher personnel expenses including elevated medical benefit costs as well as other inflationary cost increases.Operating income in Value-Based Care increased to EUR 29 million, compared to a loss of EUR 7 million in the prior year, resulting in a margin of 4.5% (Q4 2024: -1.4%) and reflecting the quarterly earnings volatility, which is inherent to the business model. There were no special items in the fourth quarter of the current and prior year. The improvement compared to the previous year's quarter was driven by a favorable savings rate for certain contracts, partially offset by an unfavorable effect from CKCC programs.Operating income in Care Enablement decreased by 21% (-20% at constant currency) to EUR 56 million, resulting in a margin of 4.0% (Q4 2024: 4.6%). Operating income excluding special items decreased by 9% (-6% at constant currency) to EUR 107 million, resulting in a margin2 of 7.7% (Q4 2024: 7.7%). The development compared to the previous year's quarter was mainly driven by lower volumes in China, inflationary cost increases which developed in line with expectations, as well as higher-than-expected currency transaction effects. These negative effects were partially offset by savings from the FME25+ program and overall positive pricing developments.Operating income for Corporate amounted to a loss of EUR 41 million (Q4 2024: loss of EUR 57 million). Humacyte remeasurements, treated as a special item in the Corporate line, amounted to EUR -14 million and virtual power purchase agreements amounted to EUR -5 million. Operating income excluding special items amounted to a loss of EUR 27 million (Q4 2024: loss of EUR 44 million).In the full year 2025, Group operating income increased by 31% (+36% at constant currency) to EUR 1,827 million, resulting in a margin of 9.3% (FY 2024: 7.2%). Operating income excluding special items increased by 23% (+27% at constant currency) to EUR 2,212 million, reaching the upper end of the full year outlook and resulting in a margin2 of 11.3% (FY 2024: 9.3%) within the 2025 mid-term target band. Divestitures realized during the full year were neutral on operating income margin2 development. In Care Delivery, operating income increased by 33% (+40% at constant currency) to EUR 1,614 million, resulting in a margin of 11.8% (FY 2024: 8.7%). Operating income excluding special items increased by 13% (+19% at constant currency) to EUR 1,801 million, resulting in a margin2 of 13.1% (FY 2024: 11.4%), within the 2025 mid-term target band. In Value-Based Care operating income improved to EUR 1 million compared to a loss of EUR 28 million in the prior year, resulting in a margin of 0.1% (FY 2024: -1.6%). Operating income excluding special items improved to EUR 3 million compared to a loss of EUR 28 million in the prior year, in line with the full year target of turning break-even and resulting in a positive margin2 of 0.1% (FY 2024: -1.6%). In Care Enablement, operating income increased by 22% (+23% at constant currency) to EUR 326 million, resulting in a margin of 6.0% (FY 2024: 4.8%). Operating income excluding special items increased by 32% (+33% at constant currency) to EUR 442 million, resulting in a margin2 of 8.1% (FY 2024: 6.0%), within the 2025 mid-term target band. Operating income for Corporate amounted to a loss of EUR 119 million (FY 2024: loss of EUR 48 million). Operating income excluding special items improved to a loss of EUR 38 million (FY 2024: loss of EUR 80 million), mainly due to a favorable impact from the valuation of virtual power purchase agreements.Net income3 more than quadrupled compared to prior year (+421% at constant currency) to EUR 327 million in the fourth quarter 2025. Net income excluding special items increased by 55% (+64% at constant currency) to EUR 412 million.In the full year 2025, net income3 significantly increased by 82% (+88% at constant currency) to EUR 978 million. Net income excluding special items increased by 38% (+43% at constant currency) to EUR 1,248 million.Basic earnings per share (EPS) more than quadrupled compared to prior year (+434% at constant currency) to EUR 1.14 in the fourth quarter 2025, based on 285,906,303 shares. Basic EPS excluding special items increased by 59% (+68% at constant currency) to EUR 1.44.In the full year 2025, basic EPS increased by 83% (+89% at constant currency) to EUR 3.36, based on 291,190,575 shares. Basic EPS excluding special items increased by 39% (+44% at constant currency) to EUR 4.28.Solid cash flow growth, net leverage ratio at low end of target corridor
In the fourth quarter 2025, operating cash flow increased by 20% to EUR 1,002 million (Q4 2024: EUR 832 million), resulting in a margin of 19.8% (Q4 2024: 16.4%). In the full year 2025, operating cash flow improved by 12% to EUR 2,681 million (FY 2024: EUR 2,386 million). The related margin came in at 13.7% (FY 2024: 12.3%). Both developments were mainly driven by the increase in net income, the improvement in cash collections and prior-year phasing of income tax payments.During the quarter, the company closed the agreement to purchase its main production sites in Schweinfurt and St. Wendel, Germany, from Fresenius SE for a total amount of EUR 181 million.Free cash flow6 decreased by 2% to EUR 584 million in the fourth quarter 2025 (Q4 2024: EUR 599 million), resulting in a margin of 11.5% (Q4 2024: 11.8%). In the full year 2025, Fresenius Medical Care increased free cash flow by 5% to EUR 1,782 million (FY 2024: EUR 1,701 million), resulting in a margin of 9.1% (FY 2024: 8.8%).Total net debt and lease liabilities were further reduced to EUR 9,196 million (Q4 2024: EUR 9,803 million). The net leverage ratio (net debt/EBITDA) further improved to 2.5x in Q4 2025 (Q3 2025: 2.6x), thus finishing the year at the lower end of our 2.5x to 3.0x target band.Patients, clinics and employees
As of December 31, 2025, Fresenius Medical Care treated 291,902 patients in 3,601 dialysis clinics worldwide and had 109,698 employees (headcount) globally.Outlook 2026
In 2026, Fresenius Medical Care expects revenue growth to be broadly flat compared to prior year. The company expects operating income to remain on a consistent level, with a range between a positive and negative mid-single digit percent growth rate compared to prior year.The expected growth rates for 2026 are at constant currency and excluding special items in operating income. The 2025 basis for the revenue outlook is EUR 19,628 million and for the operating income outlook is EUR 2,212 million.Aspirations 2028 and 2030
Fresenius Medical Care aspires operating income growth (CAGR) of between 3 and 7 percent between 2025 and 2028.Fresenius Medical Care aspires revenue growth (CAGR) between 2025 and 2030 for Care Delivery to amount to a low- to mid-single digit percent rate and for Care Enablement to a mid-single digit percent rate.The company confirms its 2030 aspiration to achieve an industry-leading mid-teens percent operating income margin for the Group, for Care Delivery and for Care Enablement as well as a low single-digit operating income margin for Value-Based Care.The assumed growth rates are at constant currency and exclude special items. The assumed margins exclude special items in operating income.Press conference
Fresenius Medical Care will host a virtual press conference to discuss the results of the fourth quarter and the full year 2025 today, February 24, 2026, at 10:00 a.m. CET / 4:00 a.m. EST.Investor conference call
Fresenius Medical Care will host a conference call for analysts and investors to discuss the results of the fourth quarter and full year 2025 today, February 24, 2026, at 2:00 p.m. CET / 8:00 a.m. EST. Details are available on the Fresenius Medical Care website in the "Investors" section. A replay and a transcript will be available shortly after the call.Please refer to our statement of earnings included at the end of this press release and to the attachments as separate PDF files for a complete overview of the results of the fourth quarter and full year 2025. Our form 20-F disclosure provides more details.About Fresenius Medical Care:
Fresenius Medical Care is the world's leading provider of products and services for individuals with renal diseases of which around 4.5 million patients worldwide regularly undergo dialysis treatment. Through its network of 3,601 dialysis clinics, Fresenius Medical Care provides dialysis treatments for approx. 292,000 patients around the globe. Fresenius Medical Care is also the leading provider of dialysis products such as dialysis machines or dialyzers. Fresenius Medical Care is listed on the Frankfurt Stock Exchange (FME) and on the New York Stock Exchange (FMS).For more information visit the company's website at www.freseniusmedicalcare.com.Disclaimer:
This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results could differ materially from those described in these forward-looking statements due to various factors, including, but not limited to, changes in business, economic and competitive conditions, legal changes, regulatory approvals, results of clinical studies, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. These and other risks and uncertainties are detailed in Fresenius Medical Care's reports filed with the U.S. Securities and Exchange Commission. Fresenius Medical Care does not undertake any responsibility to update the forward-looking statements in this release.____________________1At constant currency, adjusted for certain reconciling items including revenue from acquisitions, closed or sold operations and differences in dialysis days2Adjusted for special items; growth rate at constant currency (if not stated otherwise); for further details please see the reconciliation attached to the press release3Net income attributable to shareholders of Fresenius Medical Care AG4Net income attributable to shareholders of FME AG excluding special items5The company transfers products from the Care Enablement segment to the Care Delivery segment at fair market value. Services provided by the Care Delivery segment for patients managed under the Value-Based Care segment are also provided at fair market value. The associated internal revenues and expenses and all other consolidation of transactions are included within "Inter-segment eliminations".6Net cash provided by / used in operating activities, after capital expenditures, before acquisitions, investments, and dividends Statement of earnings
Three months ended December 31, in € million, except share data20252024ChangeChange
at cc
Revenue5,0705,085-0.3 %7.1 %
Costs of revenue3,6813,814-3.5 %3.9 %Selling, general and administrative expense785840-6.5 %-0.6 %Research and development expense3950-22.8 %-20.6 %Income from equity method investees(42)(32)29.7 %29.9 %Other operating income(131)(228)-42.5 %-40.8 %Other operating expense144382-62.3 %-60.5 %Operating income594259129.4 %143.6 %Operating income excl. special items170548944.2 %52.9 %
Interest expense, net85807.0 %14.1 %Income before taxes509179183.9 %201.2 %Income tax expense1066174.5 %81.9 %Net income 403118240.4 %262.8 %Net income attributable to noncontrolling interests765146.3 %56.6 %Net income232767388.9 %420.8 %Net income2 excl. special items141226654.9 %63.9 %
Weighted average number of shares285,906,303293,413,449
Basic earnings per share€1.14€0.23401.8 %434.4 %Basic earnings per share excl. special items1€1.44€0.9159.0 %68.2 %
In percent of revenue
Operating income margin11.7 %5.1 %
Operating income margin excl. special items113.9 %9.6 %
1 For a reconciliation of special items, please refer to the table at the end of the press release.2 Attributable to shareholders of FME AG. Statement of earnings
Twelve months ended December 31, in € million, except share data20252024ChangeChange
at cc
Revenue19,62819,3361.5 %5.4 %
Costs of revenue14,59914,5790.1 %4.1 %Selling, general and administrative expense3,0333,143-3.5 %-0.2 %Research and development expense158183-13.9 %-12.6 %Income from equity method investees(181)(135)34.5 %34.5 %Other operating income(528)(760)-30.5 %-29.4 %Other operating expense720934-22.8 %-21.0 %Operating income1,8271,39231.2 %35.6 %Operating income excl. special items12,2121,79723.1 %27.2 %
Interest expense, net315335-6.2 %-3.1 %Income before taxes1,5121,05743.1 %47.9 %Income tax expense3213161.6 %4.4 %Net income 1,19174160.8 %66.5 %Net income attributable to noncontrolling interests2132034.9 %9.4 %Net income297853881.9 %88.0 %Net income2 excl. special items11,24890338.2 %42.6 %
Weighted average number of shares291,190,575293,413,449
Basic earnings per share€3.36€1.8383.3 %89.4 %Basic earnings per share excl. special items1€4.28€3.0839.3 %43.7 %
In percent of revenue
Operating income margin9.3 %7.2 %
Operating income margin excl. special items111.3 %9.3 %
1 For a reconciliation of special items, please refer to the table at the end of the press release.2 Attributable to shareholders of FME AG. Reconciliation of non-IFRS financial measures to the most directly comparable IFRS Accounting
Standards financial measures for comparability with the Company´s outlook
Three months ended
December 31, Twelve months ended
December 31, in € million2025202420252024
Operating performance excl. special items
These items are excluded to ensure comparability of the figures presented
with the Company's financial targets which have been defined excluding
special items.
Revenue5,0705,08519,62819,336
Operating income5942591,8271,392FME25+ Program17373194180Legacy Portfolio Optimization21814697288Legal Form Conversion Costs2449Humacyte Remeasurements18790(72)Sum of special items:111230385405Operating income excl. special items7054892,2121,797
Net income3 32767978538FME25+ Program15453143130Legacy Portfolio Optimization21613891282Legal Form Conversion Costs1337Humacyte Remeasurements14567(54)Interwell Health Deferred Tax Reversal40—(34)—Sum of special items:85199270365Net income3 excl. special items4122661,248903
1 The FME25 Program was expanded by two years, the overall savings target increased and renamed to the FME25+ Program.2 2025: mainly related to the completed divestitures in Brazil, Malaysia, and Kazakhstan as well as the select assets of FME AG's wholly owned Spectra Laboratories, and impairment losses primarily related to right-of-use assets; 2024: mainly comprise gains and losses from divestitures, impairment losses resulting from the measurement of assets held for sale or from write-downs of related non-current assets.3 Attributable to shareholders of FME AG.4 Derecognition of certain deferred tax liabilities initially established in connection with the 2022 Interwell Health Transaction as a result of the settlement of Interwell Health put options.Media contact
Christine Peters
T +49 160 60 66 770
Christine.Peters@FreseniusMedicalCare.comContact for analysts and investors
Dr. Dominik Heger
T +49 6172 609 2525
Dominik.Heger@FreseniusMedicalCare.comwww.freseniusmedicalcare.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/fresenius-medical-care-delivers-27-earnings-growth-in-2025-and-reaches-upper-end-of-its-financial-outlook-margin-within-2025-mid-term-target-band-302695592.htmlSOURCE Fresenius Medical Care Holdings, Inc.
Original: Fresenius Medical Care delivers 27% earnings growth in 2025 and reaches upper end of its financial outlook; margin within 2025 mid-term target band
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