Interim report
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H1 | 2025 HALF-YEAR FINANCIAL REPORT
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 2 TABLE OF CONTENTS 20 Business segments 3 Fresenius Group figures at a glance 20 Fresenius Kabi 28 Consolidated financial statements 22 Fresenius Helios 28 Consolidated statement of income 24 Employees 29 Consolidated statement of comprehensive income 4 Shareholder information 24 Research and development 30 Consolidated statement of financial position 24 Rating 31 Consolidated statement of cash flows 25 Opportunities and risk report 33 Consolidated statement of changes in equity 6 Interim Group Management Report 26 Outlook 2025 37 Consolidated segment reporting first half of 2025 6 Strategy and goals 38 Consolidated segment reporting second quarter of 2025 9 Healthcare industry 9 External factors 10 Results of operations, financial position, assets and liabilities 39 Notes 10 Revenue 11 Earnings 14 Reconciliation 62 Financial Calendar 15 Investments 15 Divestments 17 Cash flow 18 Asset and liability structure
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 3 FRESENIUS GROUP FIGURES AT A GLANCE Fresenius is a global healthcare company. Committed to life – the health and wellbeing of patients is Fresenius' top priority. For more than 100 years, we have been combining cutting-edge technology with a focus on patients, paving the way for the therapies of the future. REVENUE AND EARNINGS € in millions Q2/2025 Growth Growth in constant currency1 H1/2025 Growth Growth in constant currency1 Revenue2 5,571 3% 5% 11,202 5% 6% Organic growth3 5% 6% EBIT2 654 -1% 0% 1,308 1% 2% EBIT margin2 11.7% 11.7% Net income2,4 492 8% 10% 982 11% 11% Earnings per share2,4 0.87 8% 10% 1.74 11% 11% LEVERAGE RATIO June 30, 2025 Dec. 31, 2024 Net debt/EBITDA2,5 3.1 3.0 RETURNS H1/2025 H1/2024 Cash Conversion Rate (CCR); LTM 1.0 1.1 Return on invested capital (ROIC)2,6 6.2% 6.2% 1 Growth rate adjusted for the hyperinflation in Argentina 2 Before special items 3 Organic growth rate adjusted for accounting effects related to Argentina hyperinflation 4 Net income attributable to shareholders of Fresenius SE & Co. KGaA 5 At LTM average exchange rates for both net debt and EBITDA; pro forma acquisitions /divestitures; before special items including lease liabilities, including Fresenius Medical Care dividend; net debt adjusted for the valuation effect of the equity-neutral exchangeable bond 6 2024: annual return FY/24
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 4 SHAREHOLDER INFORMATION The Fresenius stock surged around 27% in the first six months of the fiscal year, outperforming the leading German and U.S. indices in a macro environment that remained volatile. KEY DATA OF THE FRESENIUS SHARE H1 / 2025 2024 Growth Number of shares (June 30 / Dec. 31) 563,237,277 563,237,277 0% Stock exchange quotation1 in € High 44.40 34.85 27% Low 31.60 24.54 29% Period-end quotation closing price 42.68 33.54 27% Ø Trading volume (number of shares per trading day) 1,101,886 1,004,890 10% Market capitalization2 in million € (June 30 / Dec. 31) 24,038 18,890 27% 1 Xetra closing price on the Frankfurt Stock Exchange 2 Total number of ordinary shares multiplied by the respective Xetra period-end quotation on the Frankfurt Stock Exchange The European Central Bank (ECB) has recently down- graded its global growth forecasts for 2025. In June, the ECB lowered its forecast for growth in real gross domestic product (GDP) outside the eurozone to 3.1% (previously 3.4%). The main reason for this downward revision is the tariff increases introduced by the U.S. government and the resulting heightened uncertainty surrounding trade policy. However, the ECB's forecast for the euro area remained un- changed at 0.9%. The ECB expects an average overall in- flation rate (Harmonized Index of Consumer Prices) of 2% for the euro area in 2025, which is slightly lower than the previous forecast of 2.3%. In January 2025, March 2025, April 2025 and in June 2025, the ECB lowered the key in- terest rate for the euro area by 0.25 percentage points each time, bringing it to 2%, in order to further support economic growth. 80 90 100 110 120 130 140 31.12.2024 31.01.2025 28.02.2025 31.03.2025 30.04.2025 31.05.2025 30.06.202 Fresenius share in % DAX in % S&P 500 in % STOXX Europe 600 Health Care in % RELATIVE SHARE PRICE PERFORMANCE VS. INDICES 31.12.2024 = 100%
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 5 In June 2025, the Federal Reserve (FED) reduced its fore- cast for real GDP growth in the United States to 1.4% (pre- viously 1.7%) for the year 2025. This adjustment is the re- sult of uncertainties stemming from concerns over trade policy and a deterioration in business and household senti- ment. The inflation forecast for 2025 was raised to 3% in the second quarter of 2025 (previously: 2.7%), primarily due to uncertainties arising from tariffs. In view of the existing uncertainties, the FED decided in June 2025 to maintain the key interest rate range unchanged at 4.50% to 4.75%. In this economic environment, both the DAX in Germany and the S & P 500 in the United States reached new record highs. The DAX rose by around 20% in the first six months, while the U.S. benchmark index increased by approxi- mately 6%. The Fresenius stock performed even better during the same period, closing at €42.68 on June 30, 2025, representing a year-to-date increase of around 27%. SHAREHOLDER STRUCTURE The Else Kröner-Fresenius-Stiftung was the largest share- holder of Fresenius SE & Co. KGaA, with 27% of the shares. According to notifications pursuant to the German Securities Trading Act (WpHG), there was no investor in the Fresenius shareholder base apart from the Else Kröner-Fresenius-Stiftung with voting rights of more than 5%. Voting rights notifications can be found at www.fresenius.com/shareholder-structure. As of June 30, 2025, a shareholder survey identified the ownership of 96% of our subscribed capital. According to this analysis, Fresenius can rely on a solid shareholder base: as in the previous year, about 600 institutional investors in total held about 61% of shares outstanding. The 10 largest institutional investors held about 20% (December 31, 2024: 19%) of the share capital. 8% of Fresenius shares were again identified as retail holdings. Our shares were mostly held by investors in Germany, the United States, and the United Kingdom. ANNUAL GENERAL MEETING The Annual General Meeting of Fresenius SE & Co. KGaA took place on May 23, 2025 in Frankfurt / Main. With a large majority of 99.37%, the shareholders ap- proved the proposal of the General Partner and the Super- visory Board to distribute a dividend of €1.00 per share for fiscal year 2024. 99.66% and 97.36% of the represented shareholders approved the actions of the Management Board and Super- visory Board for fiscal year 2024. The compensation report for fiscal year 2024 was ap- proved by a majority of 95.83%. At the 2025 Annual General Meeting, 77.93% of the share capital was represented. ADR PROGRAM In the United States, Fresenius has a Sponsored Level I American Depositary Receipt (ADR) program. In this pro- gram, four Fresenius ADRs correspond to one Fresenius share. They are priced in U.S. dollars and traded in the U.S. over-the-counter (OTC) market. You can find further information on our ADR program on www.fresenius.com/adr. Germany 44% USA 26% Other regions 2% Not identified 4% Great Britain 12% Rest of Europe 12% SHAREHOLDER STRUCTURE BY REGION Institutional investors 61% Not identified 4% Retail holdings 8% Else Kröner- Fresenius-Stiftung 27% SHAREHOLDER STRUCTURE BY INVESTORS
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 6 INTERIM GROUP MANAGEMENT REPORT Guidance raised - Resilient business continues to deliver consistent performance ► Q2 / 2025: Ongoing strong revenue and EPS growth, guidance for organic revenue growth raised ► Group revenue1 at €5,571 billion with organic growth of 5%1,2 driven by consistent delivery across the core businesses Fresenius Kabi and Fresenius Helios as well as ongoing execution of #FutureFresenius ► Group EBIT1 broadly stable3 in constant currency at €654 million impacted by the headwinds from ceased energy relief payments at Helios Germany and the loss of the tender for the nutrition product Ketosteril in China at Fresenius Kabi; Group EBIT margin1 at 11.7% ► Net income1,4 with strong 8%3 growth in constant currency to €412 million outpacing revenue growth ► EPS1,4 rose by strong 8%3 in constant currency to €0.73 demonstrating continued bottom-line delivery based on operating strength and significantly decreased interest expenses. ► Net debt / EBITDA ratio at 3.1x1,5 driven by resumed dividend payment in Q2 / 25 ► Pro rata sale of Fresenius Medical Care shares to maintain current stake in response to the announced Fresenius Medical Care share buyback program STRATEGY AND GOALS COMMITTED TO LIFE At Fresenius, we live up to our promise of being committed to life. We save and improve human lives with affordable, accessible, and innovative healthcare products and the highest quality in clinical care. In doing so, we consider sig- nificant paradigm shifts in the healthcare environment with regards to biologic products and therapies, technological change, and new forms of data generation, processing, and usage. Patients are always in the focus of our activities. Our vision is to be the trusted, market-leading healthcare company that unites cutting-edge technology and human care to shape next-level therapies. Our portfolio targets three platforms: (Bio)Pharma --- in- cluding clinical nutrition, MedTech, and Care Provision. With these platforms, we cater to major trends in healthcare and are becoming a more therapy-focused company. The health and quality of life of our patients is at the core. At the same time, our platforms address attractive value pools in healthcare, which will provide opportunities for future profitable growth. Hence, we orient our portfolio towards businesses that enable a strong focus on margins and capi- tal returns, and the highest ambitions for operational excel- lence and competitiveness. 1 Before special items 2 Organic growth rate adjusted for accounting effects related to Argentina hyperinflation 3 Growth rate adjusted for Argentina hyperinflation 4 Excluding Fresenius Medical Care 5 At average exchange rates for both net debt and EBITDA; pro forma closed acquisitions / divestitures, including lease liabilities, including Fresenius Medical Care dividend, net debt adjusted for the valuation effect of the equity-neutral exchangeable bond
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 7 Fresenius operates in key healthcare areas. We continu- ously develop our business segments and strive to assume leading positions in system-critical healthcare markets and segments. At the same time, we hold ourselves accountable to the highest standards of quality and integrity. All of our busi- ness segments make an overall contribution to increasing the quality, affordability, and efficiency of healthcare as well as patient satisfaction. At the same time, we care for our environment by protecting nature and using its resources carefully. Fresenius Kabi’s commitment is to improving the qual- ity of life of its patients. The quality and safety of its products and services is thus of paramount importance to Fresenius Kabi. Fresenius Helios’ hospitals are characterized by high standards of treatment quality, hygiene, patient safety, and quality of care. At Fresenius, we combine our medical expertise with extensive production capacities, and clinical practice with technology know-how to continuously improve therapies for our patients. We will continue building on our strength in technology, our competence and quality in patient care, and our ability to manufacture cost-effectively. Developing products and systems that provide a high level of safety and user-friendliness and enable tailoring to individual patient needs is an inherent part of our strategy of sustainable and profitable growth. We plan to develop more effective prod- ucts and treatment methods in order to offer best-in-class medical standards. Digitalization is playing an increasingly important role --- whether it is in healthcare facilities or in production. It drives innovative technologies and treatment concepts and can contribute to solving numerous challenges in the healthcare system. The commitment of our more than 176,000 employees worldwide is key for the success and sustained growth of Fresenius. We firmly believe in a culture of diversity, as we are convinced that different perspectives, opinions, experi- ences, and values enable Fresenius to continue successfully growing as a global healthcare company. To tackle the upcoming challenges and be able to con- tinue to grow as a company, attracting new employees is key. Not only do we try to attract new talent, but also do everything we can to retain and develop our employees over the long term. We offer a variety of flexible working- time models and incentive programs to ensure that our long-term needs for highly qualified employees are met. Furthermore, we offer our employees attractive opportuni- ties to develop their careers in an international and dynamic environment. EXECUTING SEGMENT STRATEGIES The Fresenius Group offers a broad spectrum of system- critical products and services for the health and quality of life of our patients. Our business segments hold leading positions in key areas of healthcare, and all of them are continuing to execute their respective strategic priorities to sustain leadership and contribute significantly to the bene- fit of healthcare systems. At the level of the Fresenius Group, we manage the strategic direction of the Group, and orient our portfolio towards value-maximizing business areas and maximum patient impact. With its Vision 2026, Fresenius Kabi has developed a stra- tegic plan to transform the company for the next decade and to better capture new growth opportunities. Fresenius Kabi will continue to focus on high-quality products and services for critically and chronically ill patients. Within this clear direction, Fresenius Kabi has defined three growth vectors, alongside the strengthening of the resilience of our volume businesses (3+1 strategy). The growth vectors are: ► the broadening of our biopharmaceutical offering, ► further rollout of clinical nutrition, ► expansion in the MedTech area. We consistently pursued our segment strategy in fiscal year 2024. Fresenius Kabi and mAbxience form a complete, ver- tically integrated biopharmaceutical business, that holds a strong portfolio and pipeline, provides extensive and cost- efficient manufacturing, and is strengthening the targeted commercial footprint in Fresenius Kabi’s and mAbxience’s target regions. In addition, Fresenius Kabi and mAbxience continue to strengthen the biopharma business and strate- gic network through new agreements and partnerships. Successful market launches have made Fresenius Kabi the leading provider of intravenous lipid nutrition in North America. This strengthens the global clinical nutrition busi- ness beyond its solid base in Europe, Latin America, and Asia-Pacific. Our MedTech business has been further strengthened by Ivenix. With the award-winning Ivenix infusion system, we are entering the infusion therapy market in the United States. The design of the Ivenix infusion system is easier to use than conventional systems and increases the safety of infusions. The pump also works seamlessly with other systems.
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 8 In parallel, Fresenius Kabi has continued to build resilience in its volume-driven IV business and is extending the port- folio with continued launches in all regions. Fresenius Helios wants to further strengthen its posi- tion as the leading private healthcare service provider in Europe. Helios Germany will continue to focus its offerings on cross-sector healthcare, further specialize hospitals, and coordinate their respective medical service portfolios within regional structures. In regional competence centers, we are already pooling expertise in various specialist areas in order to achieve the best treatment results for our patients. We will continue to drive this clustering forward in the fu- ture in order to further enhance medical quality. We intend to exploit the growth potential in the outpatient sector by linking our medical care centers (MVZs) even more closely with hospitals. In addition, we will seize the newly created regulatory opportunity of daytime inpatient treatment as a further form of care. We also aim to increase the efficiency of our energy consumption in the interests of sustainability and climate protection. In Spain, we expect demand for hospital and other healthcare services to continue to rise. We aim to integrate our diverse range of inpatient and outpatient services even better and further expand them across the entire network of sites. We will selectively consider building new clinics and expanding existing hospital sites. Fresenius Helios consistently puts focus on the strategic factors of medical excellence, innovation, and service qual- ity in order to attract patients. Our focus here is on optimal treatment quality as well as patient satisfaction. Fresenius Helios is constantly advancing its digitaliza- tion agenda in order to further improve patient care and service, building on our already extensive digital offering in particular through the Quirónsalud patient portal and app. Alongside the digitalization of our documents and internal processes, we will focus even more strongly on the digital- ization of direct clinical processes and clinical decision support in the future. In doing so, we also want to make responsible use of the opportunities offered by artificial intelligence. #FUTUREFRESENIUS In fiscal year 2024, we fu rther advanced our #Future- Fresenius program in order to transform our Group and position it for the coming decades. We continued to make great progress in fiscal year 2024, in both the structural and financial progression of the Group, and kept the trans- formation momentum. The healthcare industry has a long runway for growth, which will be accelerated by quickly evolving technologies, new therapies such as biopharmaceuticals, more and more professional steering of patient journeys, and a true digital revolution. We want Fresenius to be at the forefront of these trends and have thus charted our course for contin- ued system relevance in our businesses. The first step of this journey was a Reset: strengthening our return focus, driving structural productivity, and creating change momentum across the organization. The next step in the journey was the Revitalize phase, with continuous portfolio optimization and the pursuit of growth verticals. In fiscal year 2025, we starte d the rejuvenate phase, in which we aim to grow profita bly along our strategic plat- forms. In addition to the disciplined continued develop- ment of our portfolio, we will also succeed in driving for- ward future-oriented innovations. After the deconsolidation of Fresenius Medical Care and targeted divestments in fiscal year 2023, we further sharp- ened the focus of the portfolio in 2024 with a structured exit from Fresenius Vamed, achieving structural simplifica- tion. Financial progression was further driven based on the clear structures and responsibilities defined with the new operating model as well as rigorous productivity measures. The Fresenius Financial Framework enabled us to steer and enhance performance more effectively and will continue to guide us in the future.
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 9 HEALTHCARE INDUSTRY The healthcare sector is one of the world’s largest indus- tries and we are convinced that it demonstrates excellent growth opportunities. The main growth factors are: ► rising medical needs deriving from aging populations, ► the growing number of chronically ill and multimorbid patients, ► stronger demand for innovative products and therapies, ► advances in medical technology, ► the growing health consciousness, which increases the demand for healthcare services and facilities, and ► the increasing demand for digital health services for patients. In the emerging countries, additional drivers are: ► expanding availability and correspondingly greater demand for basic healthcare, and ► increasing national incomes and hence higher spend- ing on healthcare. In order to limit the constantly rising expenditure in the healthcare system, cost bearers are increasingly reviewing care structures to identify potential savings. However, ra- tionalization alone cannot compensate for the rise in costs. For this reason, market-based incentives for cost-and qual- ity-conscious action in the healthcare sector should also be created. In this way, treatment costs can be reduced by im- proving the overall quality of care. As a result, prevention programs are becoming just as important as innovative re- muneration models that are linked to the quality of treat- ment. The digitalization of the healthcare system in particu- lar can also contribute to improved patient care and greater cost efficiency. The industry-specific framework for the operating busi- ness of the Fresenius Group remained essentially unchanged in the reporting period. EXTERNAL FACTORS In the period under review, the overall challenging macro- economic environment continued to be characterized by geopolitical tensions, and --- except for the eurozone --- ele- vated cost levels due to inflation as well as persistently high interest rates. Despite the challenging market environment, the struc- tural growth drivers in the non-cyclical healthcare markets are in place. The legal framework for the operating business of the Fresenius Group remained essentially unchanged in the pe- riod under review. Currency exchange rate effects can be found in the statement of comprehensive income on page 29. The ex- traordinarily high inflation in Argentina and the associated devaluation of the Argentinian peso had a negative impact on the consolidated income statement. In the period under review, the Fresenius Group was involved in various legal disputes resulting from business operations. Although it is not possible to predict the out- come of these disputes, none is expected to have a signifi- cant adverse impact on the assets and liabilities, financial position, and results of operations of the Group. We carefully monitor and evaluate country-specific, political, legal, and financial conditions regarding their im- pact on our business activities. This also applies to the potential impact of inflation and currency risks.
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 10 RESULTS OF OPERATIONS, FINANCIAL POSITION, ASSETS AND LIABILITIES As part of the portfolio optimization, the sale of the fertility services group Eugin was completed on January 31, 2024. The divestment of the majority stake in the hospital Clínica Ricardo Palma in Lima, Peru, was completed on April 23, 2024. Therefore, results of operations and financial position of Fresenius Helios and accordingly of the Fresenius Group are adjusted. Organic growth rates and growth at constant rates of Fresenius Kabi are adjusted. Adjustments relate to the hyper- inflation in Argentina. Accordingly, growth rates of the Fresenius Group are also adjusted. With the gradual exit from Vamed, results of operations and financial position of the Fresenius Group are adjusted. REVENUE Group revenue before special items increased by 3% (5% in constant currency) to €5,571 million (Q2 / 2024: €5,414 million). Organic growth was 5% driven by a good operating performance at Fresenius Kabi and Fresenius Helios. In total, currency translation had a negative effect of -2 percentage points on revenue growth. In the first half of 2025, Group revenue before special items increased by 5% (6% in constant currency) to €11,202 million (H1 / 2024: €10,697 million). Organic growth was 6%. In total, currency translation had a nega- tive effect of -1 percentage point on revenue growth. REVENUE BY BUSINESS SEGMENT € in millions Q2 / 2025 Q2 / 2024 Growth Currency translation effects Growth at constant rates1 Organic growth1 Acquisitions Divestitu- res / Others % of total revenue Fresenius Kabi 2,111 2,101 0% -5% 5% 6% 0% -1% 38% Fresenius Helios 3,370 3,230 4% -1% 5% 5% 0% 0% 60% Corporate / Other 90 83 n.a. n.a. n.a. n.a. n.a. n.a. 2% Total 5,571 5,414 3% -2% 5% 5% 0% 0% 100% € in millions H1 / 2025 H1 / 2024 Growth Currency translation effects Growth at constant rates1 Organic growth1 Acquisitions Divestitu- res / Others % of total revenue Fresenius Kabi 4,257 4,152 3% -2% 5% 6% 0% -1% 38% Fresenius Helios 6,764 6,384 6% 0% 6% 6% 0% 0% 60% Corporate / Other 181 161 n.a. n.a. n.a. n.a. n.a. n.a. 2% Total 11,202 10,697 5% -1% 6% 6% 0% 0% 100% REVENUE BY REGION € in millions Q2 / 2025 Q2 / 2024 Growth Currency translation effects Growth at constant rates1 Organic growth1 Acquisitions Divestitu- res / Others % of total revenue North America 679 647 5% -5% 10% 10% 0% 0% 12% Europe 4,152 3,908 6% 0% 6% 6% 0% 0% 75% Asia-Pacific 360 415 -13% -3% -10% -10% 0% 0% 6% Latin America 340 406 -16% -15% -1% 2% 0% -3% 6% Africa 40 38 5% -3% 8% 8% 0% 0% 1% Total 5,571 5,414 3% -2% 5% 5% 0% 0% 100% € in millions H1 / 2025 H1 / 2024 Growth Currency translation effects Growth at constant rates1 Organic growth1 Acquisitions Divestitu- res / Others % of total revenue North America 1,371 1,321 4% -1% 5% 5% 0% 0% 12% Europe 8,309 7,779 7% 0% 7% 7% 0% 0% 74% Asia-Pacific 754 805 -6% -1% -5 % -5% 0% 0% 7% Latin America 691 720 -4% -13% 9% 13% 0% -4% 6% Africa 77 72 7% 0% 7% 7% 0% 0% 1% Total 11,202 10,697 5% -1% 6% 6% 0% 0% 100% 1 Growth rate adjusted for accounting effects related to Argentina hyperinflation
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 11 EARNINGS Group EBITDA before special items decreased by -2% (0% in constant currency) to €920 million (Q2 / 2024: €938 million). Reported Group EBITDA was €828 million (Q2 / 2024: €884 million). In the first half of 2025, Group EBITDA before special items remained nearly unchanged (growth: 0%; 0% in constant currency) at €1,836 million (H1 / 2024: €1,838 mil- lion). Reported Group EBITDA was €1,777 million (H1 / 2024: €1,752 million). Group EBIT before special items decreased by -1% (0% in constant currency) to €654 million (Q2 / 2024: €660 million). This is related to the headwinds from the absence of energy relief payments at Helios Germany and the Volume Based Procurement of the nutrition product Ketosteril in China at Fresenius Kabi. The EBIT margin be- fore special items was 11.7% (Q2 / 2024: 12.2%). Reported Group EBIT was €560 million (Q2 / 2024: €559 million). In the first half of 2025, Group EBIT before special items increased by 1% (2% in constant currency) to €1,308 million (H1 / 2024: €1,291 million) impacted by the headwinds from ceased energy relief payments at Helios Germany and the volume-based procurement of Ketosteril in China at Fresenius Kabi. The EBIT margin before special items was 11.7% (H1 / 2024: 12.1%). Reported Group EBIT was €1,247 million (H1 / 2024: €1,158 million). Group net interest before special items increased to -€85 million (Q2 / 2024: -€108 million) mainly driven by a strong cash flow development in the prior year and finan- cial debt reduction. Reported Group net interest (includ- ing other financial resu lt) was -€107 million (Q2 / 2024: -€109 million). In the first half of 2025, Group net interest before special items increased to -€166 million (H1 / 2024: -€220 million) due to financial debt reduction and lower interest rates. Reported Group net interest (including other financial result) was -€201 million (H1 / 2024: -€220 million). Group tax rate before special items was 25.1% (Q2 / 2024: 26.1%). Reported Group tax rate was 29.7% (Q2 / 2024: 47.2%). In the first half of 2025, Group tax rate before special items was 25.0% (H1 / 2024: 25.3%). Reported Group tax rate was 26.0% (H1 / 2024: 38.4%). Noncontrolling interests from continuing opera- tions before special items were -€14 million (Q2 / 2024: -€20 million). Reported noncontrolling interests were -€13 million (Q2 / 2024: €9 million). In the first half of 2025, noncontrolling interests from continuing operations before special items were -€28 million (H1 / 2024: -€41 million). Reported noncontrol- ling interests were -€28 million (H1 / 2024: -€10 million). Net income1 from deconsolidated Fresenius Medical Care operations before special items increased by 16% (19% in constant curren cy) to €80 million (Q2 / 2024: €69 million). In the first half of 2025, net income1 from deconsoli- dated Fresenius Medical Care operations before special items increased by 19% (19% in constant currency) to €154 million (H1 / 2024: €129 million). Reported net income from discontinued operations1 was -€2 million (Q2 / 2024 -€620 million). In the first half of 2025, reported net income from discontinued operations1 was -€229 million (H1 / 2024: -€645 million). Group net income1 before special items increased by 8% (10% in constant currency) to €492 million (Q2 / 2024: €457 million). The increase was driven by the operating strength and the significantly decreased interest expenses. Reported Group net income 1 increased to €330 million (Q2 / 2024: -€373 million). The negative net income in the prior year period mainly resulted from special items in con- nection with the Vamed exit and the discontinued opera- tions at Vamed. In the first half of 2025, Group net income1 before spe- cial items increased by 11% (11% in constant currency) to €982 million (H1 / 2024: €888 million) based on improved interest expenses. Reported Group net income1 increased to €559 million (H1 / 2024: -€95 million). Earnings per share1 before special items increased by 8% (10% in constant currency) to €0.87 (Q2 / 2024: €0.81). Reported earnings per share1 were €0.58 (Q2 / 2024: -€0.66). In the first half of 2025, earnings per share 1 before special items increased by 11% (11% in constant cur- rency) to €1.74 (H1 / 2024: €1.58). Reported earnings per share1 were €0.99 (H1 / 2024: -€0.17). 1 Net income attributable to shareholders of Fresenius SE & Co. KGaA For a detailed overview of special items, please see the reconciliation table on page 14.
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 12 KEY FINANCIAL FIGURES (BEFORE SPECIAL ITEMS) € in millions Q2 / 2025 Q2 / 2024 Growth Growth cc5 H1 / 2025 H1 / 2024 Growth Growth cc5 Revenue 5,571 5,414 3% 5% 11,202 10,697 5% 6% Fresenius Kabi 2,111 2,101 0% 5% 4,257 4,152 3% 5% Fresenius Helios 3,370 3,230 4% 5% 6,764 6,384 6% 6% Corporate / Other 90 83 - - 181 161 - - Operating income (EBIT) 654 660 -1% 0% 1,308 1,291 1% 2% Fresenius Kabi 346 334 4% 5% 706 644 10% 10% Fresenius Helios 337 357 -6% -5% 670 705 -5% -5% Corporate / Other -29 -31 - - -68 -58 - - Financial result -85 -108 21% 20% -166 -220 25% 25% Income before income taxes 569 552 3% 5% 1,142 1,071 7% 8% Income taxes -143 -144 1% 1% -286 -271 -6% -7% Net income 426 408 4% 7% 856 800 7% 9% less noncontrolling interests -14 -20 30% 30% -28 -41 32% 24% Net income from deconsolidated Fresenius Medical Care operations 1 80 69 16% 19% 154 129 19% 19% Net income1 492 457 8% 10% 982 888 11% 11% EBITDA 920 938 -2% 0% 1,836 1,838 0% 0% EBITDA margin 16.5% 17.3% 16.4% 17.2% Depreciation and amortization 266 278 -4% -1% 528 547 -3% -3% EBIT margin 11.7% 12.2% 11.7% 12.1% Operating cash flow from continuing operations2 433 756 -43% 507 714 -29% as % of revenue (continuing operations)2 7.8% 14.0% 4.5% 6.7% Cash flow before acquisitions and dividends (from continuing operations)2 342 722 -53% 238 490 -51% as % of revenue (continuing operations)2 6.1% 13.3% 2.1% 4.6% ROIC3 6.2% 6.2% Net debt / EBITDA4 3.11 3.03 1 Net income attributable to shareholders of Fresenius SE & Co. KGaA 2 Prior year figures have been adjusted due to the gradual exit from Fresenius Vamed. 3 The underlying pro forma EBIT does not in clude special items; 2024: annual return FY / 24 4 At LTM average exchange rates for both net debt and EBITDA; pro forma acquisitions / divestitures; including lease liabilities; including Fresenius Medical Care dividend; net debt adjusted for the valuation effect of the equity-neutral exchangeable bond; 2024: December 31 5 Growth rates adjusted for hyperinflation in Argentina
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 13 CONSOLIDATED STATEMENT OF INCOME € in millions Q2 / 2025 Q2 / 2024 restated¹ Q2 / 2024 previous Growth H1 / 2025 H1 / 2024 restated¹ H1 / 2024 previous Growth Revenue 5,581 5,440 5,460 3% 11,232 10,790 10,837 4% Costs of revenue -4,123 -4,015 -4,237 -3% -8,363 -7,951 -8,237 -5% Gross profit 1,458 1,425 1,223 2% 2,869 2,839 2,600 1% Selling, general and administrative expenses -740 -720 -811 -3% -1,383 -1,390 -1,487 1% Research and development expenses -164 -155 -155 -6% -304 -294 -294 -3% Other operating result 6 9 8 -- 65 3 2 -- Operating income (EBIT) 560 559 265 0% 1,247 1,158 821 8% Income from investments accounted for using the equity method 38 1 1 -- 56 -29 -29 -- Interest result -86 -109 -108 21% -167 -220 -220 24% Other financial result -21 - - -- -34 -- - -- - -- Income before income taxes 491 451 158 9% 1,102 909 572 21% Income taxes -146 -213 -170 31% -286 -349 -295 18% Net income from continuing operations 345 238 -12 45% 816 560 277 46% Noncontrolling interests in continuing operations 13 -9 -66 -- 28 10 -55 180% Net income from continuing operations2 332 247 54 34% 788 550 332 43% Net income from discontinued operations 2 -2 -620 -427 100% -229 -645 -427 64% Net income 343 -575 -575 160% 587 -286 -286 -- Noncontrolling interests in net income 13 -202 -202 106% 28 -191 -191 115% Net income 2 330 -373 -373 188% 559 -95 -95 -- Earnings per ordinary share (€) 0.58 -0.66 -0.66 188% 0.99 -0.17 -0.17 -- 1 Prior year figures have been adjusted due to the gradual exit from Fresenius Vamed. 2 Net income attributable to shareholders of Fresenius SE & Co. KGaA
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 14 RECONCILIATION To present the underlying operational business performance and in order to compare the results with the scope of the guidance provided for fiscal year 2025, key figures are pre- sented before special items. Consolidated results for the second quarter of 2025 and 2024 as well as the first half of 2025 and 2024 include spe- cial items. These concern: ► Cost and efficiency programs ► Legacy portfolio adjustments ► Fresenius transformation (discontinued operations Vamed, Vamed transformation and Vamed exit, IT- transformation, legal form conversion costs Fresenius Medical Care, amongst others) ► Reduction of participation in Fresenius Medical Care ► Special items Fresenius Medical Care (impact of PPA equity method Fresenius Medical Care, special items at Fresenius Medical Care (June 30, 2025: ~29%)) The special items shown within the reconciliation tables are reported in the ‘‘Corporate / Other’’ segment. € in millions Q2 / 2025 Q2 / 2024 Growth rate Growth rate in constant currency H1 / 2025 H1 / 2024 Growth rate Growth rate in constant currency Revenue reported (after special items) 5,581 5,440 3% 5% 11,232 10,790 4% 5% Legacy portfolio adjustments -1 - -1 -30 Fresenius transformation -9 -26 -29 -63 Revenue (before special items) 5,571 5,414 3% 5% 11,202 10,697 5% 6% EBIT reported (after special items) 560 559 0% 1% 1,247 1,158 8% 8% Cost and efficiency programs 38 11 53 26 Legacy portfolio adjustments 7 1 11 8 Reduction of participation in Fresenius Medical Care 4 - -72 - Fresenius transformation 45 89 69 99 EBIT (before special items) 654 660 -1% 0% 1,308 1,291 1% 2% Net income reported (after special items)1 330 -373 188% 190% 559 -95 -- -- Cost and efficiency programs 29 15 43 27 Legacy portfolio adjustments 6 8 9 20 Fresenius transformation 60 739 305 778 Reduction of participation in Fresenius Medical Care 2 5 - -32 - Special items Fresenius Medical Care 42 68 98 158 Net income (before special items)1 492 457 8% 10% 982 888 11% 11% 1 Net income attributable to shareholders of Fresenius SE & Co. KGaA Growth rates adjusted for Argentina hyperinflation
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 15 INVESTMENTS In the first half of 2025, spending on property, plant and equipment was €368 million corresponding to 3.3% of revenue (H1 / 2024: €333 million; 3.1% of revenue). These investments served primarily for the modernization and expansion of production facilities as well as hospitals. In the first half of 2025, total acquisition spending was €89 million (H1 / 2024: €45 million). Of this amount, €67 million was used to buy back own receivables. Furthermore, acquisition spending contains milestone payments in the biosimilars business at Fresenius Kabi. DIVESTMENTS On May 2, 2024, the Fresenius Group announced that it would sell a majority stake in Fresenius Vamed’s rehabili- tation business to PAI Partners, an international private equity firm. Subsequent to the sale in September 2024, the Fresenius Group held a 30% stake in the business through an investment in Aceso Topco 1 S.à r.l. accounted for using the equity method. Due to a capital increase at Aceso Topco 1 S.à r.l. in June 2025, the Fresenius Group's stake was decreased to 23.4%. The rehabilitation business which also includes specialized healthcare services in the areas of prevention, acute care and nursing, was Fresenius Vamed's largest business unit. With approximately 13,000 employees, it provides inpatient and outpatient rehabilitation services to approximately 100,000 patien ts every year in various European countries. INVESTMENTS / ACQUISITIONS BY BUSINESS SEGMENT 1 Of this amount, €67 million was used to buy back own receivables. On May 8, 2024, the Freseniu s Group announced that it initiated the structured exit from its Investment Company Fresenius Vamed. An Austrian consortium of construction companies Porr and Strabag has agreed to acquire Fresenius Vamed’s activities in its Austrian home market. The trans- action includes Fresenius Vamed’s entities responsible for the technical management of the Vienna General Hospital (AKH Wien), the Austrian project business that is part of Fresenius Vamed’s Health Tech Engineering business unit and shares in several spas throughout Austria. The sale is expected to be completed during the course of the second half of2025. An agreement on the sale of the international project business of the Health Tech Engineering (HTE) business unit to Worldwide Hospitals Group (WWH) was reached on January 31, 2025. The transaction was closed at March 31, 2025 and involved the transfer of liquidity and future payment obligations. The sale resulted in a neg- ative special item of €210 million, which is reported in net income from discontinued operations. Thereof, €201 million will be cash-effective in future periods up to 2027. Taking into account the expenses already incurred in fiscal year 2024, the total special items for the exit from the project business are therefore in the expected high three-digit million euro range. The Fresenius Group also holds bank guarantees for performance commitments in connection with the divested international project business in the low three-digit million euro range. The Fresenius Vamed business units earmarked for sale are reported as separate items (discontinued operations and assets held for sale and liabilities directly associated with the assets held for sale, respectively) in the relevant periods. On March 4, 2025, the Fresenius Group announced the sale of 10.6 million existing shares of Fresenius Medical Care AG at a placement price of €44.50 per share. Furthermore, the Fresenius Group announced the placement of senior un- secured bonds due in 2028 with an aggregate principal amount of €600 million exchangeable into shares of Fresenius Medical Care AG. In total, the Fresenius Group has received gross proceeds of approximately €1.1 billion. € in millions H1 / 2025 H1 / 2024 Thereof property, plant and equipment Thereof acquisitions Growth % of total Fresenius Kabi 146 165 125 21 -12% 32% Fresenius Helios 2721 196 205 67 39% 60% Corporate / Other 39 17 38 1 129% 8% Total 457 378 368 89 21% 100%
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 16 Following the announcement of Fresenius Medical Care AG (FME) in June 2025 to initiat e a share buyback program, Fresenius intends to sell shares of FME on a pro rata basis to maintain its current stake of around 28.6% in FME. The final size and tranching of the sale of shares will be deter- mined based on the structure of the share buyback program of FME. As previously announced, Fresenius remains a committed shareholder and will retain no less than 25 per cent plus one share of FME. Fresenius will use the proceeds to invest in its core business in line with the #FutureFresenius strategy and Fresenius' stated capital allocation priorities, including fur- ther strengthening the balance sheet, reducing leverage, and delivering shareholder value and long-term growth. On April 8, 2025, the Fresenius Group signed an agreement to transfer its plant in Anápolis, Brazil, to EMS, a multina- tional pharmaceutical company. The plant has been classi- fied as held for sale as of March 31, 2025. The transaction is subject to the necessary regulatory approvals and is ex- pected to be completed in the third quarter of 2025.
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 17 CASH FLOW Group operating cash flow (continuing operations) de- creased to €433 million (Q2 / 2024: €756 million). The de- cline reflects the high prior year base, which was, amongst others, elevated by the energy relief funding in Germany and additional inflows at Fresenius Helios. Group operating cash flow margin was 7.8% (Q2 / 2024: 14.0%). Cash flow before acquisitions, dividends and lease liabilities (continuing operations) decreased to €342 million (Q2 / 2024: €722 million). Free cash flow after acquisitions and dividends (con- tinuing operations) decreased to -€286 million (Q2 / 2024: €749 million). Free cash flow after acquisitions, dividends and lease liabilities (continuing operations) decreased to -€334 million (Q2 / 2024: €704 million). The decline is mainly attributable to the distribution of dividends. In the first half of 2025, Group operating cash flow (continuing operations) decreased to €507 million (H1 / 2024: €714 million). Group operating cash flow margin was 4.5% (H1 / 2024: 6.7%). In the first half of 2025, cash flow before acquisitions, dividends and lease liabilit ies (continuing operations) decreased to €238 million (H1 / 2024: €490 million). In the first half of 2025, free cash flow after acquisitions, dividends and lease liabilit ies (continuing operations) decreased to -€116 million (H1 / 2024: €577 million) based on the suspension of the dividend payment in the prior year. In 2025, the dividend payment includes €93 million, that was made to the minority shareholders of a company in which Fresenius holds a majority interest. CASH FLOW STATEMENT (SUMMARY) 1 Prior year figures have been adjusted due to the gradual exit from Fresenius Vamed. In the first half of 2025, free cash flow after acquisitions, dividends and lease liabilities decreased to -€370 million (H1 / 2024: €562 million). The suspension of the dividend payment inflated the prior year. In addition, free cash flow after acquisitions and dividends decreased due to negative cash flow from discontinued operations. The cash conversion rate (CCR), which is defined as the ra- tio of adjusted free cash flow1 to EBIT before special items, was 1.0 (LTM) in the first half of 2025. € in millions Q2 / 2025 Q2 / 2024 adjusted¹ Growth H1 / 2025 H1 / 2024 adjusted¹ Growth Net income 345 238 45% 816 560 46% Depreciation and amortization 268 325 -18% 530 594 -11% Income / Expense from the investments accounted for using the equity method -38 -1 -- -56 29 -- Change working capital and others -142 194 -173% -783 -469 -67% Operating cash flow --- continuing operations 433 756 -43% 507 714 -29% Operating cash flow --- discontinued operations -15 -48 69% -33 -4 -- Operating cash flow 418 708 -41% 474 710 -33% Capital expenditure, net -212 -146 -45% -390 -336 -16% Dividends received from Fresenius Medical Care 121 112 8% 121 112 8% Cash flow before acquisitions, dividends and lease liabilities --- continuing operations 342 722 -53% 238 490 -51% Cash flow before acquisitions, dividends and lease liabilities --- discontinued operations -15 -52 71% -33 -14 -136% Cash flow before acquisitions, dividends and lease liabilities 327 670 -51% 205 476 -57% Cash used for acquisitions / proceeds from divestitures -68 27 -- 382 175 118% Dividends paid -560 0 -- -656 -- - -- Payments from lease liabilities -48 -45 -7% -80 -88 9% Free cash flow after acqu isitions, dividends and lease liabilities --- continuing operations -334 704 -147% -116 577 -120% Free cash flow after acqu isitions, dividends and lease liabilities --- discontinued operations -23 -39 41% -254 -15 -- Free cash flow after acqu isitions, dividends and lease liabilities -357 665 -154% -370 562 -166% Cash provided by / used in financing activities -812 -567 -43% -889 -1,967 55% Effect of exchange rates on change in cash and cash equiva- lents -26 -8 -- -35 -7 -- Net change in cash and cash equivalents -1,172 129 -- -1,040 -1,397 26% 1 Cash flow before acquisitions and dividends; before interest, tax, and special items
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 18 ASSET AND LIABILITY STRUCTURE Total assets decreased by -5% (-3% in constant currency) to €41,320 million (Dec. 31, 2024: €43,550 million). Current assets decreased by -5% (-2% in constant currency) to €10,883 million (Dec. 31, 2024: €11,446 mil- lion). Non-current assets decreased by -5% (-3% in constant currency) to €30, 437 million (Dec. 31, 2024: €32,104 million). Assets held for sale were €229 million (Dec. 31, 2024: €310 million). Liabilities directly associated with the assets held for sale were €324 million (Dec. 31, 2024: €424 million). Total shareholders’ equity decreased by -7% (-2% in constant currency) to €18,942 million (Dec. 31, 2024: €20,290 million). The equity ratio was 45.8% (Dec. 31, 2024: 46.6%). Group debt decreased by -5% (-5% in constant cur- rency) to €12,852 million (Dec. 31, 2024: €13,577 million). Group net debt2 increased by 3% (3% in constant currency) to €11,626 million (Dec. 31, 2024: €11,295 million). As of June 30, 2025, the net debt / EBITDA ratio was 3.1x1,2 (Dec. 31, 2024: 3.0x1,2). On June 30, 2025, ROIC2 was 6.2% (Dec. 31, 2024: 6.2%). 1 At LTM average exchange rates for both net debt and EBITDA; pro forma closed acquisitions / divestitures; before special items; including lease liabilities; including Fresenius Medical Care dividend; net debt adjusted for the valuation effect of the equity-neutral exchangeable bond 2 Before special items For a detailed overview of special items, please see the reconciliation table on page 14.
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 19 ASSETS € in millions June 30, 2025 December 31, 2024 Cash and cash equivalents 1,226 2,282 Trade accounts and other receivables, less allowances for expected credit losses 3,803 3,500 Inventories 2,592 2,573 Other financial assets 1,575 1,422 Other assets 1,202 1,145 Income tax receivables 256 214 Assets held for sale 229 310 I. Total current assets 10,883 11,446 Property, plant and equipment 8,355 8,569 Right-of-use assets 1,275 1,321 Goodwill 14,558 15,085 Other intangible assets 2,270 2,422 Fresenius Medical Care investment accounted for using the equity method 2,803 3,639 Other financial assets 462 426 Other assets 252 231 Deferred taxes 462 411 II. Total non-current assets 30,437 32,104 Total assets 41,320 43,550 LIABILITIES AND SHAREHOLDERS’ EQUITY € in millions June 30, 2025 December 31, 2024 Trade accounts payable 1,147 1,359 Debt 1,005 746 Lease liabilities 169 172 Bonds 1,082 1,854 Other financial liabilities 1,672 1,549 Other liabilities 2,040 2,094 Provisions 639 663 Income tax liabilities 220 148 Liabilities directly associated with the assets held for sale 324 424 A. Total short-term liabilities 8,298 9,009 Debt 1,427 1,740 Lease liabilities 1,285 1,328 Bonds1 7,884 7,737 Other financial liabilities 1,001 965 Other liabilities 235 252 Pension liabilities 569 605 Provisions 676 717 Income tax liabilities 336 280 Deferred taxes 667 627 B. Total long-term liabilities 14,080 14,251 I. Total liabilities 22,378 23,260 A. Noncontrolling interests 660 748 Subscribed capital 563 563 Capital reserve 4,314 4,315 Other reserves 13,937 14,038 Accumulated other comprehensive income (loss) -532 626 B. Total Fresenius SE & Co. KGaA shareholders’ equity 18,282 19,542 II. Total shareholders’ equity 18,942 20,290 Total liabilities and shareholders’ equity 41,320 43,550 1 This includes the exchangeable bond issued.
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 20 BUSINESS SEGMENTS FRESENIUS KABI Fresenius Kabi specializes in products for the therapy and care of critically and chronically ill patients. The portfolio includes biopharmaceuticals, clinical nutrition, MedTech products, intravenously administered generic drugs (generic IV drugs), and IV fluids. € in millions Q2 / 2025 Q2 / 2024 Growth Growth in constant currency H1 / 2025 H1 / 2024 Growth Growth in constant currency Revenue 2,111 2,101 0% 5% 4,257 4,152 3% 5% Organic revenue growth3 6% 11% 6% 10% EBITDA1 472 472 0% 2% 951 912 4% 5% EBITDA margin1 22.4% 22.5% 22.3% 22.0% EBIT1 346 334 4% 5% 706 644 10% 10% EBIT margin1 16.4% 15.9% 16.6% 15.5% Net income1,2 242 203 19% 21% 489 395 24% 25% Employees (June 30 / Dec. 31) 41,347 41,586 -1% Revenue remained stable (growth: 0%; 5% in constant currency) at €2,111 million (Q2 / 2024: €2,101 million). Or- ganic growth was 6% 3. This performance was mainly driven by the Growth Vectors, the good contribution from Pharma, and reflects the less pronounced positive Argen- tina pricing effects. In the first half of 2025, revenue increased by 3% (5% in constant currency) to €4,257 million (H1 / 2024: €4,152 million). Organic growth was 6% 3, clearly driven by the development of all business units, particularly the Growth Vectors. Revenue of the Growth Vectors (MedTech, Nutrition and Biopharma) increased by 1% (7% in constant currency) to €1,164 million (Q2 / 2024: €1,149 million). Organic growth was 7%3. In the first half of 2025, revenue of the Growth Vectors (MedTech, Nutrition and Biopharma) increased by 6% (9% in constant currency) to €2,365 million (H1 / 2024: €2,239 million). Organic growth was 9%3. Revenue in MedTech increased by 1% (5% in con- stant currency) to €392 million (Q2 / 2024: €389 million). Organic growth was 5%3 driven by the expansion in Cell Therapy in the United States and solid growth in Europe. In the first half of 2025, revenue in MedTech increased by 4% (6% in constant currency) to €791 million (H1 / 2024: €761 million). Organic growth was 6%3 driven by good growth in Cell Therapy and solid growth in Europe. Revenue in Nutrition decreased by -5% (increased by 1% in constant currency, organic growth: increased by 1%3) to €581 million (Q2 / 2024: €610 million), clearly influenced by the tender impact from the volume-based procurement (VBP) on Ketosteril in China; excluding Ketosteril, there was a healthy organic growth in line with ambition range. In addition, the business unit achieved good development in Latin America and Europe. In the United States, the business performance was driven by an ongoing successful roll-out of lipid emulsions. 1 Before special items 2 Net income attributable to shareholders of Fresenius SE & Co. KGaA 3 Organic growth rate adjusted for accounting effects related to Argentina hyperinflation Growth rates adjusted for Argentina hyperinflation For a detailed overview of special items please see the reconciliation table on page 14.
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 21 In the first half of 2025, revenue in Nutrition remained stable (growth: 0%; increased 4% in constant currency, organic growth: 4% 3) at €1,193 million (H1 / 2024: €1,189 million) and benefited from the good development in Europe, Latin America and in the United States. The tender system in China had a negative impact. Revenue in Biopharma increased by 26% (33% in constant currency; organic growth: 33% 3) to €190 million (Q2 / 2024: €150 million) mainly driven by the Tyenne biosimilar ramp-up in Europe and the United States. In the first half of 2025, revenue in Biopharma in- creased by 31% (36% in constant currency; organic growth: 36%3) to €380 million (H1 / 2024: €289 million) driven by the growth of Tyenne in Europe and the United States. Revenue in the Pharma (IV Drugs & Fluids) business re- mained stable (growth: 0%; increased by 3% in constant currency; organic growth: increased by 5% 3) and amounted to €947 million (Q2 / 2024: €951 million) based on good volumes including I.V. fluids in the United States and Europe with favorable pricing. In the first half of 2025, revenue in the Pharma (IV Drugs & Fluids) business decreased by -1% (0% in con- stant currency; organic growth: 2%3) and amounted to €1,892 million (H1 / 2024: €1,913 million) against a high prior year base. EBIT1 of Fresenius Kabi increased by 4% (5% in constant currency) to €346 million (Q2 / 2024: €334 million) driven by the strong margin development of the Pharma, MedTech and Biopharma business and ongoing improvements in the cost base. EBIT margin1 was at the upper end of the guid- ance range at 16.4% (Q2 / 2024: 15.9%), despite transac- tion exchange rate effects and headwinds on the Nutrition business in China. In the first half of 2025, EBIT1 of Fresenius Kabi in- creased by 10% (10% in constant currency) to €706 million (H1 / 2024: €644 million) driven by the good revenue devel- opment of the Growth Vectors and ongoing improvements in the cost base. EBIT margin1 was 16.6 % (H1 / 2024: 15.5%). EBIT1 of the Growth Vectors decreased by -2% (increased in constant currency: 3%) to €166 million (Q2 / 2024: €169 million) due to the negative Ketosteril ef- fect in the Nutrition business. EBIT margin1 was 14.3% (Q2 / 2024: 14.7%). In the first half of 2025, EBIT1 of the Growth Vectors increased by 19% (constant currency: 20%) to €350 mil- lion (H1 / 2024: €293 million) due to a positive development in Biopharma and MedTech. EBIT margin 1 was 14.8% (H1 / 2024: 13.1%). EBIT1 in the Pharma (IV Drugs & Fluids) business increased by 11% (constant currency: 16%) to €206 million (Q2 / 2024: €185 million) driven by ongoing cost savings and some one-timers. EBIT1 margin was 21.7% (Q2 / 2024: 19.5%). In the first half of 2025, EBIT1 in the Pharma (IV Drugs & Fluids) business increased by 8% (constant currency: 10%) to €422 million (H1 / 2024: €391 million) driven by margin expansion based on ongoing improvements in the cost base, supported by some one-timers related to legal disputes. EBIT margin 1 was 22.3% (H1 / 2024: 20.4%). Net income1,2 increased by 19% (constant currency: 21%) to €242 million (Q2 / 2024: €203 million). In the first half of 2025, net income1,2 increased by 24% (constant currency: 25%) to €489 million (H1 / 2024: €395 million). Operating cash flow was €217 million (Q2 / 2024: €259 million) with a margin of 10.3% (Q2 / 2024: 12.3%). In the first half of 2025, operating cash flow was €327 million (H1 / 2024: €416 million) with a margin of 7.7% (H1 / 2024: 10.0%). Fresenius Kabi expects organic revenue growth in a mid-to high-single-digit percentage range4 in 2025. The EBIT mar- gin1 is expected to be in a range of 16% to 16.5%5 (struc- tural margin band: 16% to 18%). 1 Before special items 2 Net income attributable to shareholders of Fresenius SE & Co. KGaA 3 Organic growth rate adjusted for accounting effects related to Argentina hyperinflation 4 FY / 2024 base: €8,414 million 5 FY / 2024 base: EBIT margin: 15.7%, before special items; FY / 2025 before special items Growth rates adjusted for Argentina hyperinflation For a detailed overview of special items, please see the reconciliation table on page 14.
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 22 FRESENIUS HELIOS Fresenius Helios is Europe's leading private health care provider. The company comprises Helios Germany and Helios Spain. Helios Germany operates 84 hospitals, more than 200 outpatient centers, 30 occupational health centers and 6 prevention centers. Helios Spain operates 50 hospitals, around 100 outpatient centers and more than 300 occupa- tional risk prevention centers. In addition, the company is active in Latin America with 7 hospitals and as a provider of medical diagnostics. € in millions Q2 / 2025 Q2 / 2024 Growth Growth in constant currency H1 / 2025 H1 / 2024 Growth Growth in constant currency Revenue1 3,370 3,230 4% 5% 6,764 6,384 6% 6% Organic revenue growth 5% 7% 6% 6% EBITDA1 469 485 -3% -3% 934 959 -3% -2% EBITDA margin1 13.9% 15.0% 13.8% 15.0% EBIT1 337 357 -6% -5% 670 705 -5% -5% EBIT margin1 10.0% 11.1% 9.9% 11.0% Net income1,2 210 215 -2% -1% 418 424 -1% -1% Employees (June 30 / Dec. 31) 128,975 128,558 0% Revenue1 increased by 4% (5% in constant currency) to €3,370 million (Q2 / 2024: €3,230 million). Organic growth was 5% and hence at the upper end of the structural growth band driven by Helios Germany; negative phasing effect related to Easter impacted growth at Helios Spain. In the first half of 2025, revenue 1 increased by 6% (6% in constant currency) to €6,764 million (H1 / 2024: €6,384 million). Organic growth was 6% and hence at the upper end of the structural growth band. Revenue of Helios Germany increased by 6% (organic growth: 6%) to €2,001 million (Q2 / 2024: €1,882 million), mainly driven by price effects and positive development of admissions and case mix. In the first half of 2025, revenue of Helios Germany in- creased by 7% (organic growth: 7%) to €4,047 million (H1 / 2024: €3,785 million). The growth was driven by price effects, admissions growth, and favorable case mix. Revenue of Helios Spain increased by 2% (3% in con- stant currency) to €1,369 million (Q2 / 2024: €1,348 million), impacted by the Easter effect, which resulted in less activity at the beginning of Q2 / 25, and currency translation effects by the clinics in Latin America. The negative effects were partly compensated by volume growth and price in- creases. Organic growth was 3%. In the first half of 2025, revenue of Helios Spain in- creased by 5% (5% in constant currency) to €2,717 million (H1 / 2024: €2,599 million). Organic growth was 5%, driven by solid activity levels and price increases. EBIT1 decreased by -6% (-5% in constant currency) to €337 million (Q2 / 2024: €357 million) with an EBIT mar- gin1 of 10.0% (Q2 / 2024: 11.1%). In the first half of 2025, EBIT1 decreased by -5% (-5% in constant currency) to €670 million (H1 / 2024: €705 mil- lion), impacted by the absence of energy relief funds in Germany versus the previous year. This expected softness was partially compensated by the excellent profitability at Helios Spain. The EBIT margin 1 was 9.9% (H1 / 2024: 11.0%). 1 Before special items 2 Net income attributable to shareholders of Fresenius SE & Co. KGaA For a detailed overview of special items, please see the reconciliation table on page 14.
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 23 EBIT1 of Helios Germany decreased by -4% to €150 mil- lion (Q2 / 2024: €157 million) with an EBIT margin1 of 7.5% (Q2 / 2024: 8.3%) against the high prior year base which in- cluded energy relief funds. In the first half of 2025, EBIT1 of Helios Germany de- creased by -15% to €307 million (H1 / 2024: €362 million), against the high prior year base which included energy re- lief funds. The EBIT margin1 was 7.6% (H1 / 2024: 9.6%). EBIT1 of Helios Spain decreased by -6% (-5% in con- stant currency) to €189 million (Q2 / 2024: €201 million) due to a higher prior year base and due to the easter effect. The EBIT margin 1 was 13.8% (Q2 / 2024: 14.9%). In the first half of 2025, EBIT1 of Helios Spain in- creased by 6% (7% in constant currency) to €365 million (H1 / 2024: €345 million), driven by strong activity growth of hospitals in Spain. The EBIT margin 1 was 13.4% (H1 / 2024: 13.3%). Net income1,2 decreased by -2% (-1% in constant currency) to €210 million (Q2 / 2024: €215 million). In the first half of 2025, net income1,2 decreased by -1% (-1% in constant currency) to €418 million (H1 / 2024: €424 million). Operating cash flow was €348 million (Q2 / 2024: €604 million). The decline reflects the high prior year base, which was elevated by the energy relief funding in Ger- many. The operating cash flow margin was 10.3% (Q2 / 2024: 18.7%). In the first half of 2025, operating cash flow was €340 million (H1 / 2024: €487 million) The operating cash flow margin was 5.0% (H1 / 2024: 7.6%). For FY / 2025, Fresenius Helios expects organic revenue3 growth in a mid-single-digit percentage range. The EBIT margin 4 is expected to be around 10% (structural margin band: 10% to 12%). 1 Before special items 2 Net income attributable to shareholders of Fresenius SE & Co. KGaA 3 FY / 2024 base: €12,739 million 4 FY / 2024 base: EBIT margin: 10.1%, before special items, FY / 2025 before special items For a detailed overview of special items, please see the reconciliation table on page 14.
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 24 EMPLOYEES As of June 30, 2025, the number of employees was 176,207 (Dec. 31, 2024: 176,486). The decrease in the number of employees is mainly due to the gradual exit from Fresenius Vamed (discontinued operations). NUMBER OF EMPLOYEES Number of employees June 30, 2025 Dec. 31, 2024 Growth Fresenius Kabi 41,347 41,586 -1% Fresenius Helios 128,975 128,558 0% Corporate / Other 5,885 6,342 -7% Total 176,207 176,486 0% RESEARCH AND DEVELOPMENT New product and process development and the improve- ment of therapies are at the core of our strategy. Research and development activities mainly take place in the Fresenius Kabi business segment. We focus our R & D efforts on our core competencies in the following areas: ► Generic IV drugs ► Biopharmaceuticals ► Infusion and nutrition therapies ► Medical devices Apart from new products, we are concentrating on devel- oping optimized or completely new therapies, treatment methods, and services. RESEARCH AND DEVELOPMENT EXPENSES BY BUSINESS SEGMENT € in millions H1 / 2025 H1 / 2024 Growth Fresenius Kabi1 301 292 3% Fresenius Helios 2 1 100% Corporate 1 0 Total1 304 293 4% 1 Before special items RATING Fresenius is covered by the rating agencies Standard & Poor’s, Moody’s, and Fitch. The following table shows the corporate credit rating of Fresenius SE & Co. KGaA: Standard & Poor’s Moody’s Fitch Corporate credit rating BBB Baa3 BBB - Outlook stable stable stable
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 25 OPPORTUNITIES AND RISK REPORT Compared to the presentation in the consolidated financial statements and the Group management report as of Decem- ber 31, 2024, applying section 315e HGB in accordance with IFRS, there have been the following important devel- opments in Fresenius Group’s overall opportunities and risk situation until June 30, 2025. Particularly since April 2025, there were significant changes and announcements in U.S. trade policy. The lat- est tariff increases by the U.S. administration may have a negative impact on the Fresenius Group's business activi- ties, particularly with regard to the import of pharmaceuti- cals and medical technology into the United States and on the respective supply chain. At the end of July 2025, the United States and the Euro- pean Union reached an agreement in the tariff dispute. The new agreement provides for a base tariff rate of 15% on European exports to the United States. It remains unclear at this point in time whether, when and to what extent poten- tial tariffs could be imposed on pharmaceutical products. The high level of uncertainty in connection with U.S. tariffs and the associated volatility pose additional challenges in the current business environment. Reactions from U.S. trading partners, particularly China and the EU, could also have a negative impact on the U.S. business and the supply chains of the Fresenius Group. Those risks led to an increase in the risk group Economies & Market Conditions. While the potential impact on the business of Fresenius Group is con- tinuously monitored, alternative production and procure- ment strategies for the affected products are analyzed. In addition, significant progress was made in the first six months of 2025 regarding the restructuring of Fresenius Vamed. In the course of the sale of Vamed's international project business to the Worldwide Hospitals Group, bank guarantees for performance commitments in connection with the divested international project business of Vamed have been reassessed. This led to an increase in the risk group Acquisitions, Investments & Transformations. To the contrary, related significant project risks are no longer part of the risk reporting. These consist in particular of risks from ongoing large-scale projects resulting in a reduction of the risk group Production & Services. Apart from this, the risk situation across the remaining top 10 risk groups remains essentially unchanged and can be summarized as follows. For the risk group healthcare financing, innovation and competition, national tenders in China as part of the National Volume-based Procurement (NVBP) and Provincial Volume- based Procurement (PVBP) as well as planning uncertainties surrounding the Hospital Reform and the Nursing Staff Strengthening Act in Germany continue to be significant risk drivers. In addition, the Fresenius Group continues to be confronted with an intense competitive environment – particularly in the United States and with regard to the devel- opment of new products, technologies and services. The development of customer dependencies in the United States as well as potential delays in market entry and market sales deficits for new products for Fresenius Kabi continue to be relevant risks within the risk group sales, customers and product strategy. In the ordinary course of Fresenius Group’s operations, the Fresenius Group is subject to litigation, arbitration as well as external and internal investigations relating to vari- ous aspects of its business. Legal proceedings are reported on page 54 in the notes of this report. Currency and interest rate risks continue to be relevant for the Group. In addition, errors in financial or non-financial reporting can have a material impact on the Fresenius Group. Compliance risks, particularly with regard to the con- stantly changing regulatory environment, continue to be rel- evant for the Fresenius Group. Other potential risks are also regularly examined as part of compliance investigations. In addition, the Fresenius Group continues to face a very pronounced general cyber security threat situation, espe- cially in relation to healthcare facilities and production sites. The war in Ukraine and the tension between the Russian government and the countries that support Ukraine’s efforts continue to be an influential factor. Developments in this context are continuously monitored and plans and measures for a possible escalation are developed. The Fresenius Group is continuously working to improve its business continuity management and is constantly expanding production capacities in order to be able to react to potential manufacturing interruptions and delivery delays. This also applies to risks in connection with drug ap- proval or the quality of products and services. Overall, the above-mentioned factors can have a nega- tive impact on our net assets, financial position, and results of operations
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 26 OUTLOOK 2025 ASSUMPTIONS FOR GUIDANCE FY / 25 Trends towards a changing geopolitical order have been observable since the beginning of fiscal year 2025. The po- tential implications of this for tariffs, taxes, regulation, administration and political decision-making, for example, may have direct and indirect negative effects on the indus- try environment and the business activities of the Fresenius Group, although these cannot be estimated at present. When Fresenius gave guidance in February, the company acknowledged the fast-moving macro-economic and geo- political environment, resulting in a higher level of opera- tional uncertainty. Fresenius’ guidance continues to reflect current factors and known uncertainties, such as potential impacts from tariffs --- to the extent they can currently be assessed. It does not take account of potential extreme sce- narios from the fast-moving macro-economic and geopoliti- cal environment, that could affect the company, its peers, and the healthcare sector as a whole. Regardless of this, the Management Board assesses the business prospects for the Group as positive and expects a successful fiscal year 2025. Fresenius will continue to closely monitor the potential impact of increased volatility and reduced visibility on its business and balance sheet. All of these assumptions are subject to considerable uncertainty. GROUP REVENUE AND EARNINGS In 2025, we expect revenue and earnings development of the Group as shown in the table below: GROUP FINANCIAL TARGETS 2025 Targets 2025 Base 2024 Revenue growth (organic) 5---7% (previous: 4---6%) €21,526 m (organic growth 8%) EBIT growth1 (in constant currency) 3-- -7% €2,489 m (growth in con- stant currency: 10%) 1 Before special items Organic growth rate adjusted for accounting effects related to Argentina hyperinflation REVENUE AND EARNINGS OF THE OPERATING COMPANIES In 2025, we expect revenue and earnings development in our Operating Companies as shown in the table below: FINANCIAL TARGETS OF THE OPERATING COMPANIES 2025 Operating Companies1 Targets 2025 Base 2024 Fresenius Kabi Revenue growth (organic) Mid-to-high-single-digit percentage growth €8,414 m EBIT margin 16---16.5% (structural margin band: 16---18%) €1,319 m (margin: 15.7%) Fresenius Helios Revenue growth (organic) Mid-single-digit per- centage growth €12,739 m EBIT margin Around 10% (structural margin band: 10---12%) €1,288 m (margin: 10.1%) 1 Before special items Organic growth rate adjusted for accounting effects related to Argentina hyperinflation EXPENSES For fiscal year 2025, we expect selling, general, and admin- istrative expenses (before special items) as a percentage of consolidated net revenue to slightly increase compared to 2024 (2024: 11.8%). TAX RATE For fiscal year 2025, we expect a tax rate between 25% and 26% (2024: 25.9%). LIQUIDITY AND CAPITAL MANAGEMENT For fiscal year 2025, we expect a cash conversion rate of around 1.0. In addition, undrawn credit lines under syndicated or bilateral credit facilities from banks provide us with suffi- cient financial headroom. Financing activities in fiscal year 2025 will be largely geared towards refinancing existing financial liabilities ma- turing in 2025. Net interest expenses are now expected to be around €350 million (previously: €370 million to €390 million). In fiscal year 2025, deleveraging will remain a key pri- ority for us. In February 2025, we have adjusted our target corridor which is set at 2.5x to 3.0x.
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 27 Without further acquisitions and divestments, Fresenius ex- pects the net debt / EBITDA1 ratio at the end of 2025 to be within the new self-imposed target corridor of 2.5× to 3.0× (December 31, 2024: 3.0×). Other than that, there are no significant changes in the financing strategy planned for 2025. INVESTMENTS In 2025, we expect to invest about 5% of revenue in prop- erty, plant and equipment. About 56% of the capital ex- penditure planned will be invested at Fresenius Helios and about 38% at Fresenius Kabi. Fresenius Helios will primarily invest in measures at the individual hospital locations in Germany and in new hospital buildings and expansions in Spain. Fresenius Kabi will mainly invest in expansion and maintenance in 2025. This includes, in particular, the ex- pansion of production facilities and in-licensing projects for biosimilars molecules. With a share of around 88%, Europe is the regional fo- cus of investment in the planning period. Around 8% of the investments are planned for North America and around 2% for Asia-Pacific, Latin America, and Africa. About 43% of total funds will be invested in Germany. For 2025, we expect return on invested capital (ROIC) to be above 6.0% (2024: 6.2%). CAPITAL STRUCTURE For fiscal year 2025, we expect the equity ratio to increase about 2 percentage points compared to fiscal year 2024 (2024: 47%). Furthermore, we expect that financial liabili- ties in relation to total assets will slightly decrease in fiscal year 2025 (2024: 31%). DIVIDEND Fresenius is committed to generating attractive and predict- able dividend yields as set out in the Fresenius Financial Framework. As part of the full-year reporting in February 2025, Fresenius defined a new dividend policy. Our target is to distribute ~30 – 40% of core net income (net income excluding FMC, before special items). The new dividend policy reflects the capital allocation priorities in line with the #FutureFresenius strategy. It also underscores our in- tention to reinvest in growth, reduce leverage, maintain a solid investment grade rating and provide attractive share- holder returns. For fiscal year 2024, a dividend of €1.00 per share was proposed to the Annual General Meeting. The payout to the shareholders of Fresenius SE & Co. KGaA amounted to €563 million or 32% of consolidated net income. Based on the 2024 year-end share price, the dividend yield was 3.0%. NON-FINANCIAL TARGETS The KPIs cover the key sustainability topics of medical qual- ity and employees and these quantitative ESG KPIs are reflected in the short-term variable Management Board compensation (Short-Term Incentive --- STI). The topic of employees is measured with the key figure of the Employee Engagement Index (EEI) for the Fresenius Group. Fresenius is aiming for an EEI of 4.33 (achieved 2024: 4.02) for fiscal year 2025 (corresponds to 100% tar- get achievement). The Medical Quality topic is composed of equally weighted key figures that are defined at the business seg- ment level. The indicators are based on the respective relevance for the business model. Fresenius Kabi aims for an Audit & Inspection Score of at most 2.3 (achieved 2024: 1.7; 100% target achievement). Helios Germany aims to achieve an Inpatient Quality Indicator (G-IQI) score of at least 88% (achieved 2024: 90.7%; 100% target achievement), and Helios Spain aims to achieve a score of at least 75% (achieved 2024: 73.3%; 100% target achievement). 1 Both net debt and EBITDA calculated at LTM aver age exchange rates; pro forma closed acquisitions / divestitures; before special items; including lease liabilities; including Fresenius Medical Care dividend; net debt adjusted for the valuation effect of the equity-neutral exchangeable bond
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 28 FRESENIUS SE & CO. KGAA CONSOLIDATED STATEMENT OF INCOME € in millions Q2 / 2025 Q2 / 2024 restated¹ Q2 / 2024 previous H1 / 2025 H1 / 2024 restated¹ H1 / 2024 previous Revenue 5,581 5,440 5,460 11,232 10,790 10,837 Costs of revenue -4,123 -4,015 -4,237 -8,363 -7,951 -8,237 Gross profit 1,458 1,425 1,223 2,869 2,839 2,600 Selling, general and administrative expenses -740 -720 -811 -1,383 -1,390 -1,487 Research and development expenses -164 -155 -155 -304 -294 -294 Other operating result 6 9 8 65 3 2 Operating income (EBIT) 560 559 265 1,247 1,158 821 Income from investments accounted for using the equity method 38 1 1 56 -29 -29 Net interest -86 -109 -108 -167 -220 -220 Other financial result -21 -- - -- - -34 -- - -- - Income before income taxes 491 451 158 1,102 909 572 Income taxes -146 -213 -170 -286 -349 -295 Net income from continuing operations 345 238 -12 816 560 277 Noncontrolling interests in continuing operations 13 -9 -66 28 10 -55 Net income from continuing operations attributable to shareholders of Fresenius SE & Co. KGaA 332 247 54 788 550 332 Net income from discontinued operations -2 -813 -563 -229 -846 -563 Noncontrolling interests in discontinued operations --- -193 -136 0 -201 -136 Net income from discontinued operations attributable to shareholders of Fresenius SE & Co. KGaA -2 -620 -427 -229 -645 -427 Net income 343 -575 -575 587 -286 -286 Noncontrolling interests in net income 13 -202 -202 28 -191 -191 Net income attributable to shareholders of Fresenius SE & Co. KGaA 330 -373 -373 559 -95 -95 Earnings per share in € (basic and diluted) 0.58 -0.66 -0.66 0.99 -0.17 -0.17 thereof based on net income from continuing operations 0.59 0.44 0.10 1.40 0.98 0.59 thereof based on net income from discontinued operations -0.01 -1.10 -0.76 -0.41 -1.15 -0.76 1 Prior year figures have been adjusted due to the gradual exit from Fresenius Vamed. The following notes are an integral part of the condensed interim financial statements.
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 29 FRESENIUS SE & CO. KGAA CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME € in millions Q2 / 2025 Q2 / 2024 H1 / 2025 H1 / 2024 Net income 343 -575 587 -286 Other comprehensive income (loss) Positions which will be reclassified into net income in subsequent years Foreign currency translation -536 26 -828 140 Cash flow hedges 7 4 17 6 FVOCI debt instruments 1 -- - -1 -- - Equity method investees – share of comprehensive income -269 28 -412 75 Income taxes on positions which will be reclassified -1 -1 -2 -1 Positions which will not be reclassified into net income in subsequent years Actuarial gains (losses) on defined benefit pension plans --- 32 42 32 FVOCI equity investments --- -1 3 -1 Equity method investees – share of comprehensive income 8 5 18 8 Income taxes on positions which will not be reclassified --- -10 -13 -10 Other comprehensive income (loss), net -790 83 -1,176 249 Total comprehensive loss -447 -492 -589 -37 Comprehensive income (loss) attributable to noncontrolling interests -4 -199 2 -178 Comprehensive income (loss) attributable to shareholders of Fresenius SE & Co. KGaA -443 -293 -591 141 The following notes are an integral part of the condensed interim financial statements.
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 30 FRESENIUS SE & CO. KGAA CONSOLIDATED STATEMENT OF FINANCIAL POSITION ASSETS € in millions June 30, 2025 December 31, 2024 Cash and cash equivalents 1,226 2,282 Trade accounts and other receivables, less allowances for expected credit losses 3,803 3,500 Inventories 2,592 2,573 Other financial assets 1,575 1,422 Other assets 1,202 1,145 Income tax receivables 256 214 Assets held for sale 229 310 I. Total current assets 10,883 11,446 Property, plant and equipment 8,355 8,569 Right-of-use assets 1,275 1,321 Goodwill 14,558 15,085 Other intangible assets 2,270 2,422 Fresenius Medical Care investment accounted for using the equity method 2,803 3,639 Other financial assets 462 426 Other assets 252 231 Deferred taxes 462 411 II. Total non-current assets 30,437 32,104 Total assets 41,320 43,550 LIABILITIES € in millions June 30, 2025 December 31, 2024 Trade accounts payable 1,147 1,359 Debt 1,005 746 Lease liabilities 169 172 Bonds 1,082 1,854 Other financial liabilities 1,672 1,549 Other liabilities 2,040 2,094 Provisions 639 663 Income tax liabilities 220 148 Liabilities directly associated with the assets held for sale 324 424 A. Total short-term liabilities 8,298 9,009 Debt 1,427 1,740 Lease liabilities 1,285 1,328 Bonds1 7,884 7,737 Other financial liabilities 1,001 965 Other liabilities 235 252 Pension liabilities 569 605 Provisions 676 717 Income tax liabilities 336 280 Deferred taxes 667 627 B. Total long-term liabilities 14,080 14,251 I. Total liabilities 22,378 23,260 A. Noncontrolling interests 660 748 Subscribed capital 563 563 Capital reserve 4,314 4,315 Other reserves 13,937 14,038 Accumulated other comprehensive income (loss) -532 626 B. Total Fresenius SE & Co. KGaA shareholders’ equity 18,282 19,542 II. Total shareholders’ equity 18,942 20,290 Total liabilities and shareholders’ equity 41,320 43,550 1 See notes 14, Bonds and 15, Bonds --- exchangeable bond The following notes are an integral part of the condensed interim financial statements.
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 31 FRESENIUS SE & CO. KGAA CONSOLIDATED STATEMENT OF CASH FLOWS € in millions H1 / 2025 H1 / 2024 restated¹ H1 / 2024 previous Operating activities Operating activities --- continuing operations Net income from continuing operations 816 560 277 Adjustments to reconcile net income from continuing operations to cash and cash equivalents provided by operating activities Depreciation and amortization 530 594 613 Change in deferred taxes -19 41 27 Gain on sale of fixed assets and of investments and divestitures -76 0 0 Gain / loss from investments accounted for using the equity method -56 29 29 Changes in assets and liabilities, net of amounts from businesses acquired or disposed of Trade accounts and other receivables -459 -369 -372 Inventories -190 -157 -147 Other current and non-current assets -367 -106 -42 Accounts receivable from / payable to related parties -4 -66 -47 Trade accounts payable, provisions and other short-term and long-term liabilities 215 76 231 Income tax liabilities 117 112 112 Net cash provided by operating activities --- continuing operations 507 714 681 Net cash used in / provided by operating activities --- discontinued operations -33 -4 29 Net cash provided by operating activities 474 710 710 Investing activities Investing activities --- continuing operations Purchase of property, plant and equipment and capitalized development costs -390 -338 -339 Proceeds from sales of property, plant and equipment 0 2 2 Acquisitions and investments and purchases of intangible assets -90 -49 -49 Proceeds from sale of investments and divestitures 472 224 224 Dividends received from Fresenius Medical Care 121 112 112 Net cash provided by / used in investing activities --- continuing operations 113 -49 -50 Net cash used in investing activities --- discontinued operations -221 -10 -9 Net used in investing activities -108 -59 -59 1 Prior year figures have been adjusted due to the gradual exit from Fresenius Vamed.
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 32 FRESENIUS SE & CO. KGAA CONSOLIDATED STATEMENT OF CASH FLOWS € in millions H1 / 2025 H1 / 2024 restated¹ H1 / 2024 previous Financing activities Financing activities --- continuing operations Proceeds from short-term debt 59 75 75 Repayments of short-term debt -57 -328 -328 Proceeds from long-term debt 51 4 4 Repayments of long-term debt -48 -517 -477 Repayments of lease liabilities -80 -88 -89 Repayments of liabilities from bonds -1,250 -700 -700 Proceeds from the issuance of the exchangeable bond 609 -- - -- - Repayments of convertible bonds --- -500 -500 Dividends paid -656 -- - -- - Change in noncontrolling interests, net 1 -7 -7 Net cash used in financing activities --- continuing operations -1,371 -2,061 -2,022 Net cash provided by / used in financing activities --- discontinued operations 0 20 -19 Net cash used in financing activities -1,371 -2,041 -2,041 Effect of exchange rate changes on cash and cash equivalents -35 -7 -7 Net decrease in cash and cash equivalents -1,040 -1,397 -1,397 Cash and cash equivalents at the beginning of the reporting period 2,282 2,562 2,562 less cash and cash equivalents at the end of the reporting period shown under "assets held for sale" 16 57 57 Cash and cash equivalents at the end of the reporting period 1,226 1,108 1,108 1 Prior year figures have been adjusted due to the gradual exit from Fresenius Vamed. ADDITIONAL INFORMATION ON PAYMENTS THAT ARE INCLUDED IN NET CASH PROVIDED BY OPERATING ACTIVITIES – CONTINUING OPERATIONS € in millions H1 / 2025 H1 / 2024 restated¹ H1 / 2024 previous Received interest 41 36 36 Paid interest -197 -249 -249 Income taxes paid -179 -200 -199 1 Prior year figures have been adjusted due to the gradual exit from Fresenius Vamed. The following notes are an integral part of the condensed interim financial statements.
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 33 FRESENIUS SE & CO. KGAA CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Subscribed Capital Reserves Number of ordinary shares in thousand Amount € in thousands Amount € in millions Capital reserve € in millions Other reserves € in millions As of December 31, 2023 563,237 563,237 563 4,326 14,092 Dividends paid - - - Other changes in equity from investments accounted for using the equity method -- - -- - -- - 2 -99 Transactions with noncontrolling interests without loss of control -- - Noncontrolling interests due to changes in consolidation group -- - Put option liabilities - 9 Comprehensive income (loss) Net income - 9 5 Other comprehensive income (loss) Cash flow hedges Change of FVOCI equity investments Foreign currency translation Actuarial gain on defined benefit pension plans Equity method investees – share of comprehensive income Comprehensive income (loss) - 9 5 As of June 30, 2024 563,237 563,237 563 4,328 13,889
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 34 FRESENIUS SE & CO. KGAA CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Subscribed Capital Reserves Number of ordinary shares in thousand Amount € in thousands Amount € in millions Capital reserve € in millions Other reserves € in millions As of December 31, 2024 563,237 563,237 563 4,315 14,038 Dividends paid - 5 6 3 Other changes in equity from investments accounted for using the equity method -- - -- - -- - -1 -98 Transactions with noncontrolling interests without loss of control -- - Noncontrolling interests due to changes in consolidation group -- - Put option liabilities - - - -7 Reclassification of cumulative gains / losses of equity investments, defined benefit pension plans and share of equity method investees 8 Comprehensive income (loss) Net income 5 5 9 Other comprehensive income (loss) Cash flow hedges Change of FVOCI equity investments Foreign currency translation Actuarial gain on defined benefit pension plans Debt instruments Equity method investees – share of comprehensive income Comprehensive income (loss) 5 5 9 As of June 30, 2025 563,237 563,237 563 4,314 13,937
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 35 FRESENIUS SE & CO. KGAA CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Accumulated other comprehensive income (loss) Foreign currency translation € in millions Cash flow hedges € in millions Pensions € in millions Equity investments and debt instruments € in millions Equity method investees --- share of comprehensive income € in millions Total Fresenius SE & Co. KGaA shareholders’ equity € in millions Non- controlling interests € in millions Total shareholders’ equity € in millions As of December 31, 2023 313 -65 -156 -31 -43 18,999 652 19,651 Dividends paid - - - -2 -2 Other changes in equity from investments accounted for using the equity method -97 -- - -97 Transactions with noncontrolling interests without loss of control -- - 124 124 Noncontrolling interests due to changes in consolidation group -- - -39 -39 Put option liabilities - 9 1 2 3 Comprehensive income (loss) Net income - 9 5 - 1 9 1 - 2 8 6 Other comprehensive income (loss) Cash flow hedges 5 5 -- - 5 Change of FVOCI equity investments -1 -1 -- - -1 Foreign currency translation 128 0 -1 -- - -- - 127 13 140 Actuarial gain on defined benefit pension plans 22 22 -- - 22 Equity method investees – share of comprehensive income 83 83 -- - 83 Comprehensive income (loss) 128 5 21 -1 83 141 -178 -37 As of June 30, 2024 441 -60 -135 -32 40 19,034 569 19,603
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 36 FRESENIUS SE & CO. KGAA CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Accumulated other comprehensive income (loss) Foreign currency translation € in millions Cash flow hedges € in millions Pensions € in millions Equity investments and debt instruments € in millions Equity method investees --- share of comprehensive income € in millions Total Fresenius SE & Co. KGaA shareholders’ equity € in millions Non- controlling interests € in millions Total shareholders’ equity € in millions As of December 31, 2024 736 -56 -151 -33 130 19,542 748 20,290 D i v i d e n d s p a i d - 5 6 3 - 9 3 - 6 5 6 Other changes in equity from investments accounted for using the equity method -99 -- - -99 Transactions with noncontrolling interests without loss of control -- - -2 -2 Noncontrolling interests due to changes in consolidation group -- - 5 5 Put option liabilities -7 -- - -7 Reclassification of cumulative gains / losses of equity investments, defined benefit pension plans and share of equity method investees -4 -2 -2 -- - -- - -- - Comprehensive income (loss) Net income 559 28 587 Other comprehensive income (loss) Cash flow hedges 15 15 -- - 15 Change of FVOCI equity investments 2 2 -- - 2 Foreign currency translation -803 -1 2 -- - -- - -802 -26 -828 Actuarial gain on defined benefit pension plans 30 30 -- - 30 Debt instruments -1 -1 -- - -1 Equity method investees – share of comprehensive income -394 -394 -- - -394 Comprehensive income (loss) -803 14 32 1 -394 -591 2 -589 As of June 30, 2025 -67 -42 -123 -34 -266 18,282 660 18,942 The following notes are an integral part of the condensed interim financial statements.
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 37 FRESENIUS SE & CO. KGAA CONSOLIDATED SEGMENT REPORTING FIRST HALF All figures are reported excluding the discontinued operations of Fresenius Vamed, except for net income. Fresenius Kabi Fresenius Helios Corporate / Other Fresenius Group by business segment, € in millions 20252 20242 Growth 20252 20242 Growth 20253 20243, 5 Growth 2025 20245 Growth Revenue 4,257 4,152 3% 6,764 6,384 6% 211 254 -17% 11,232 10,790 4% thereof contribution to consolidated revenue 4,230 4,126 3% 6,761 6,371 6% 241 293 -18% 11,232 10,790 4% thereof intercompany revenue 27 26 4% 3 13 -77% -30 -39 23% --- -- - contribution to consolidated revenue 38% 38% 60% 59% 2% 3% 100% 100% EBITDA 951 912 4% 934 959 -3% -108 -119 9% 1,777 1,752 1% Depreciation and amortization 245 268 -9% 264 254 4% 21 72 -71% 530 594 -11% EBIT 706 644 10% 670 705 -5% -129 -191 32% 1,247 1,158 8% Net interest / other financial result -52 -70 26% -110 -142 23% -39 -8 -- -201 -220 9% Income taxes -142 -144 1% -137 -133 -3% -7 -72 90% -286 -349 18% Noncontrolling interests -23 -35 34% -5 -6 17% 0 31 -100% -28 -10 -180% Income from investments accounted for using the equity method n.a. n.a. n.a. n.a. 56 -29 -- 56 -29 -- Net income from discontinued Fresenius Vamed operations n.a. n.a. n.a. n.a. -229 -645 64% -229 -645 64% Net income attributable to shareholders of Fresenius SE & Co. KGaA 489 395 24% 418 424 -1% -348 -914 62% 559 -95 -- Operating cash flow 327 416 -21% 340 487 -30% -193 -193 0% 474 710 -33% Cash flow before acquisitions and dividends 181 284 -36% 135 292 -54% -111 -100 -11% 205 476 -57% Assets excl. Fresenius Medical Care1 15,674 16,594 -6% 22,556 22,192 2% 287 1,125 -74% 38,517 39,911 -3% Fresenius Medical Care investment accounted for using the equity method 1 n.a. n.a. n.a. n.a. 2,803 3,639 -23% 2,803 3,639 -23% Debt1 3,552 3,568 0% 7,169 7,269 -1% 2,131 2,740 -22% 12,852 13,577 -5% Other operating liabilities1 3,817 4,004 -5% 3,782 3,573 6% 936 1,479 -37% 8,535 9,056 -6% Capital expenditure, gross 125 120 4% 205 196 5% 38 17 124% 368 333 11% Acquisitions, gross / investments 21 45 -53% 67 0 1 0 89 45 98% Research and development expenses 301 292 3% 2 1 100% 1 1 0% 304 294 3% Employees (per capita on balance sheet date)1 41,347 41,586 -1% 128,975 128,558 0% 5,885 6,342 -7% 176,207 176,486 0% Key figures EBITDA margin 22.3% 22.0% 13.8% 15.0% 16.4%2 17.2% 2 EBIT margin 16.6% 15.5% 9.9% 11.0% 11.7%2 12.1% 2 Depreciation and amortization in % of revenue 5.8% 6.5% 3.9% 4.0% 4.7%2 5.1% 2 Operating cash flow in % of revenue 7.7% 10.0% 5.0% 7.6% 4.2%2 6.6% 2 ROIC1 8.4% 8.0% 5.4% 5.8% 6.2%4 6.2% 4 1 2024: December 31 2 Before special items 3 After special items 4 The underlying pro forma EBIT does not include special items. 5 Prior year figures recognized in earnings have been adjusted due to the gradual exit from Fresenius Vamed. For information regarding special items, please see note 3, Special items. The consolidated segment reporting is an integral part of the notes.
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 38 FRESENIUS SE & CO. KGAA CONSOLIDATED SEGMENT REPORTING SECOND QUARTER All figures are reported excluding the discontinued operations of Fresenius Vamed, except for net income. Fresenius Kabi Fresenius Helios Corporate / Other Fresenius Group by business segment, € in millions 20251 20241 Growth 20251 20241 Growth 20252 20242, 3 Growth 2025 20243 Growth Revenue 2,111 2,101 0% 3,370 3,230 4% 100 109 -8% 5,581 5,440 3% thereof contribution to consolidated revenue 2,097 2,088 0% 3,369 3,223 5% 115 129 -11% 5,581 5,440 3% thereof intercompany revenue 14 13 8% 1 7 -86% -15 -20 25% --- -- - contribution to consolidated revenue 38% 38% 60% 59% 2% 3% 100% 100% EBITDA 472 472 0% 469 485 -3% -113 -73 -55% 828 884 -6% Depreciation and amortization 126 138 -9% 132 128 3% 10 59 -83% 268 325 -18% EBIT 346 334 4% 337 357 -6% -123 -132 7% 560 559 0% Net interest -25 -35 29% -56 -69 19% -26 -5 -- -107 -109 2% Income taxes -67 -79 15% -69 -68 -1% -10 -66 85% -146 -213 31% Noncontrolling interests -12 -17 29% -2 -5 60% 1 31 -97% -13 9 -- Income from investments accounted for using the equity method n.a. n.a. n.a. n.a. 38 1 -- 38 1 -- Net income from discontinued Fresenius Vamed operations n.a. n.a. n.a. n.a. -2 -620 100% -2 -620 100% Net income attributable to shareholders of Fresenius SE & Co. KGaA 242 203 19% 210 215 -2% -122 -791 85% 330 -373 188% Operating cash flow 217 259 -16% 348 604 -42% -147 -155 5% 418 708 -41% Cash flow before acquisitions and dividends 147 192 -23% 241 530 -55% -61 -52 -17% 327 670 -51% Capital expenditure, gross 69 68 1% 106 74 43% 35 8 -- 210 150 40% Acquisitions, gross / investments --- 37 -100% 67 0 0 0 67 37 81% Research and development expenses 163 155 5% 1 1 0% 0 -1 100% 164 155 6% Key figures EBITDA margin 22.4% 22.5% 13.9% 15.0% 16.5%1 17.3% 1 EBIT margin 16.4% 15.9% 10.0% 11.1% 11.7%1 12.2% 1 Depreciation and amortization in % of revenue 6.0% 6.6% 3.9% 4.0% 4.8%1 5.1% 1 Operating cash flow in % of revenue 10.3% 12.3% 10.3% 18.7% 7.5%1 13.1% 1 1 Before special items 2 After special items 3 Prior year figures recognized in earnings have been adjusted due to the gradual exit from Fresenius Vamed. For information regarding special items, please see note 3, Special items. The consolidated segment reporting is an integral part of the notes.
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 39 TABLE OF CONTENTS NOTES 40 General Notes 48 Notes on th e consolidated statement of financial position 54 Other notes 40 1. Principles 48 8. Trade accounts and other receivables 54 18. Legal and regulatory matters 40 I. Group structure 48 9. Inventories 54 19. Financial instruments 41 II. Basis of presentation 48 10. Other financial assets 57 20. Information on capital management 41 III. Summary of significant accounting policies 49 11. Goodwill 57 21. Notes on the consolidated segment reporting 42 IV. Recent pronouncements, applied 49 12. Interests in associates 58 22. Share-based compensation plans 42 V. Recent prono uncements, not yet applied 50 13. Debt 59 23. Subsequent events 42 2. Acquisitions and divestitures 52 14. Bonds 59 24. Corporate Governance 53 15. Bonds – exchangeable bond 53 16. Noncontrolling interests 45 Notes on the consolidated statement of income 53 17. Fresenius SE & Co. KGaA shareholders‘ equity 45 3. Special items 46 4. Revenue 47 5. Research and development expenses 47 6. Taxes 47 7. Earnings per share
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 40 GENERAL NOTES 1. PRINCIPLES Fresenius is a global healthcare group. As a therapy-focused healthcare company, Fresenius offers system-critical prod- ucts and services for leading therapies for the treatment of critically and chronically ill patients. Besides the activities of the parent company Fresenius SE & Co. KGaA, Bad Hom- burg v. d. H., Germany, the activities are organized amongst the following legally independent business segments as of June 30, 2025: ► Fresenius Kabi ► Fresenius Helios The reporting and functional currency of the Fresenius Group is the euro. In order to improve the clarity of presen- tation, amounts are generally presented in million euros. Amounts less than €1 million, after rounding, are marked with ‘‘0’’. In May 2024, the Fresenius Group initiated the structured exit from its Investment Company Fresenius Vamed. Based on an overall plan, the exit takes place in the following major steps: ► the sale of a 70% majority stake in Vamed’s rehabilita- tion business to PAI Partners. The transaction was completed on March 31, 2025. ► the sale of Vamed’s activities in Austria to an Austrian consortium of construction companies Porr and Strabag. The sale is expected to be completed during the course of the second half of 2025. ► the sale of the Health Tech Engineering (HTE) unit, which was responsible for the international project busi- ness and accounted for approximately 15% of Fresenius Vamed’s revenue, to the Worldwide Hospitals Group. Originally, it was planned to gradually scale back the HTE project business in an orderly manner by 2026. The transaction was closed at March 31, 2025. The Vamed High-End Services (HES) business unit, which provides services for Fresenius Helios and other hospitals, was transferred to Fresenius and operates under the name Fresenius Health Services (FHS). Since May 2024, in accordance with IFRS 5, the Vamed activities in Austria have been reported as a separate item (discontinued operations) in the consolidated statement of income and the consolidated statement of cash flows as well as in the consolidated statement of financial position (assets held for sale and liabilities directly associated with the assets held for sale, respectively). For reasons beyond the control of the Fresenius Group, the transaction will not be completed within 12 months of classification as held for sale. The Fresenius Group remains committed to the divest- iture plan and continues to consider a divestiture highly probable. The rehabilitation business was also reported as a sepa- rate item in the consolidated statement of income, the con- solidated statement of financial position and the consoli- dated statement of cash flows in accordance with IFRS 5 since May 2024 until its disposal in September 2024. Since October 1, 2024, the investment has been accounted for using the equity method in accordance with IAS 28. Since January 31, 2025 until the disposal on March 31, 2025, the business unit HTE was reported as discontinued operations in the consolidated statement of income and the consolidated statement of cash flows in accordance with IFRS 5. The relevant IFRS requires valuation at fair value, which is derived from the purchase prices, if the fair value is below the carrying amount of the net assets. For the coming years, including the expenses already incurred in fiscal year 2024, the exit from the project busi- ness is still expected to result in special items in the high three-digit million euro range, most of which are cash- effective. The special items will be recognized in the con- solidated financial statements if and to the extent that the respective recognition criteria are met. As a result of the exit from the project business including the wind-down of the remaining Vamed activities, Fresenius Vamed reassessed the business activities and already recognized special items of €473 million in EBIT in fiscal year 2024; further special items of €43 million were recognized in EBIT in the first half of 2025. Moreover, in conne ction with the sale of the international project business to the Worldwide Hospitals Group, an expense of €223 million, including operating losses, was recognized in the first half of 2025. The expense is reported in net income from discontinued operations and mainly results from future payment obligations in the coming years. Accordingly, the Fresenius Group has recognized an other financial liability of €201 million for these payment obligations.
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 41 Due to the application of IFRS 5 for use cases newly added in fiscal year 2025, the prior year figures have been adjusted in the consolidated statement of income and the consoli- dated statement of cash flows. Fresenius SE & Co. KGaA, as a stock exchange listed com- pany with a domicile in a member state of the European Union (EU), fulfills its obligation to prepare and publish the consolidated financial statements in accordance with the International Financial Reporting Standards (IFRS) as adopted by the EU and applying Section 315e of the German Commercial Code (HGB). The consolidated interim financial statements and accompanying condensed notes are prepared in accord- ance with the International Accounting Standard (IAS) 34. The primary financial statements are presented in a format basically consistent with the consolidated financial state- ments as of December 31, 2024. The consolidated interim financial statements have been prepared in accordance with the Standards and interpretations in effect on the reporting date, and endorsed in the EU, as issued by the International Accounting Standards Board (IASB) and the IFRS Interpretations Committee (IFRS IC). The interim financial statements have been prepared in accordance with the same general accounting policies applied in the preparation of the consolidated financial statements as of December 31, 2024. The condensed consolidated financial statements and interim management report for the first half and the sec- ond quarter ended June 30, 2025 have been reviewed by our auditor PricewaterhouseCoopers GmbH Wirtschafts- prüfungsgesellschaft, Frankf urt am Main, and should be read in conjunction with the notes included and published in the consolidated financial statements as of December 31, 2024 applying Section 315e HGB in accordance with IFRS as adopted by the EU. Except for the reported sale of Vamed’s international project business (see note 2, Acquisitions and divestitures), there have been no other material changes in the Fresenius Group’s consolidation structure. The consolidated financial statements for the first half and the second quarter ende d June 30, 2025 include all adjustments that, in the opinion of the Management Board, are of a normal and recurring nature and are necessary to provide a fair presentation of the assets and liabilities, financial position and results of operations of the Fresenius Group. The results of operations for the first half ended June 30, 2025 are not necessarily indicative of the results of opera- tions for fiscal year 2025. The prior year figures have been adjusted in the consoli- dated statement of income, the consolidated statement of cash flows and in the corresponding notes due to the application of IFRS 5 for use cases newly added in fiscal year 2025. To improve the presentation of cash flows from continuing operations, changes due to purchase prices received or liquidity provided in connection with discontinued opera- tions are reported under discontinued operations in the consolidated statement of cash flows starting with the first half of 2025; prior year periods are presented on a compa- rable basis. In the first half of 2025, Fresenius Helios used subsidies for investments in property, plant and equipment in the amount of €47 million (H1/ 2024: €14 million), that were offset in the consolidated statement of cash flows in the item purchase of property, plant and equipment. Due to inflation in Argentina, Fresenius Group’s subsidiaries operating in Argentina apply IAS 29, Financial Reporting in Hyperinflationary Economies. For the first half of 2025, the application of IAS 29 resulted in an effect on net income from continuing operations attributable to shareholders of Fresenius SE & Co. KGaA of -€6 million (H1 / 2024: -€15 mil- lion) included in selling, general and administrative expenses. The ongoing re-translation effects of hyperinflationary accounting and its impact on comparative amounts are recorded in other comprehensive income (loss) within the consolidated financial statements.
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 42 The preparation of consolidated financial statements in conformity with IFRS requires management to make esti- mates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial state- ments and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Fresenius Group has prepared its consolidated finan- cial statements at and for the first half ended June 30, 2025 in conformity with IFRS, as adopted by the EU, that must be applied for the interim periods starting on or after January 1, 2025. For the first half of 2025, no new standards relevant for Fresenius Group’s business were applied for the first time. The IASB issued the following new standard relevant for the Fresenius Group’s business: In April 2024, the IASB issued IFRS 18, Presentation and Disclosure in Financial Statements. IFRS 18 amends a number of other standards and replaces IAS 1, Presentation of Financial Statements. However, the new standard carries forward most of its requirements while introducing new guidance to increase transpar ency and comparability of financial statements. IFRS 18 requires structuring the state- ment of profit or loss in three newly defined categories and enhanced disclosures for company-specific measures, among others. IFRS 18 is effective for fiscal years beginning on or after January 1, 2027. Earlier adoption is permitted. The Fresenius Group is currently evaluating the impact of IFRS 18 on the consolidated financial statements. The EU Commission’s endorsement of IFRS 18 is still outstanding. Generally, the Fresenius Group does not make use of the option of earlier adoption. In the Fresenius Group’s view, there are no other IFRS standards not yet effective that would be expected to have a material impact on the consolidated financial statements. 2. ACQUISITIONS AND DIVESTITURES The Fresenius Group made acquisitions, investments and purchases of intangible assets of €89 million and €45 mil- lion in the first half of 2025 and 2024, respectively. Of this amount, €67 million was used to buy back own receivables. In the first half of 2025, €9 0 million was paid in cash, including €1 million in subsequent purchase price payments already recognized as liabilities. In the first half of 2025, Fresenius Kabi spent €21 million (H1 / 2024: €45 million) on acquisitions, mainly for mile- stone payments relating to the acquisition of Merck KGaA’s biosimilars business which were already recognized as liabilities as part of the acquisition.
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 43 On May 2, 2024, the Freseniu s Group announced that it would sell a majority stake in Fresenius Vamed’s rehabili- tation business to PAI Partners, an international private equity firm. Subseq uent to the sale in September 2024, the Fresenius Group held a 30% stake in the business through an investment in Aceso Topco 1 S.à r.l. accounted for using the equity method. Due to a capital increase at Aceso Topco 1 S.à r.l. in June 2025, the Fresenius Group's stake was decreased to 23.4%. The rehabilitation business which also includes specialized healthcare services in the areas of prevention, acute care and nursing, was Fresenius Vamed's largest business unit. With approximately 13,000 employees, it provides inpatient and outpatient rehabilita- tion services to approximately 100,000 patients every year in various European countries. On May 8, 2024, the Fresenius Group announced that it initiated the structured exit from its Investment Company Fresenius Vamed. An Austrian consortium of construction companies Porr and Strabag has agreed to acquire Fresenius Vamed’s activities in its Austrian home market. The trans- action includes Fresenius Vamed’s entities responsible for the technical management of the Vienna General Hospital (AKH Wien), the Austrian project business that is part of Fresenius Vamed’s Health Tech Engineering business unit and shares in several spas throughout Austria. The sale is expected to be completed during the course of the second half of 2025. An agreement on the sale of the international project business of the Health Tech Engineering (HTE) business unit to Worldwide Hospitals Group (WWH) was reached on January 31, 2025. The transaction was closed at March 31, 2025 and involved the transfer of liquidity and future payment obligations. The sale resulted in a negative special item of €210 million, which is reported in net income from discontinued operations. Thereof, €201 million will be cash-effective in future periods up to 2027. Taking into ac- count the expenses already incurred in fiscal year 2024, the total special items for the exit from the project business are therefore in the expected high three-digit million euro range. The Fresenius Group also holds bank guarantees for perfor- mance commitments in connection with the divested inter- national project business in the low three-digit million euro range. The Fresenius Vamed business units earmarked for sale are reported as separate items (discontinued operations and assets held for sale and liabilities directly associated with the assets held for sale, respectively) in the relevant periods. Net income from Fresenius Vamed's discontinued operations (including special items) was comprised of the following: € in millions H1 / 2025 H1 / 2024 Revenue 238 765 Expenses -244 -1,092 Income before income taxes -6 -327 Income taxes -11 54 Net income -17 -273 Loss due to subsequent remeasurement of discontinued operations at fair value less cost to sell and due to deconsolidation -212 -573 Net income from discontinued Fresenius Vamed operations under IFRS 5 -229 -846
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 44 For a more appropriate presentation of the financial effects, eliminations of intercompany transactions with Fresenius Vamed have been allocated to discontinued Fresenius Vamed operations, taking into account future supply and service relationships. As of June 30, 2025, the cumulative losses recognized in other comprehensive income (loss) relating to the discontinued Fresenius Vamed operations amounted to €49 million. The carrying amounts of the main groups of assets and liabilities disposed of as part of the exit from Fresenius Vamed at the time of disposal on March 31, 2025 were as follows: € in millions March 31, 2025 Cash and cash equivalents 207 Other current assets 177 Non-current assets 109 Assets disposed of 493 Short-term liabilities 283 Long-term liabilities 176 Liabilities disposed of 459 On March 4, 2025, the Fresenius Group announced the sale of 10.6 million existing shares of Fresenius Medical Care AG at a placement price of €44.50 per share. Furthermore, the Fresenius Group announced the placement of senior unsecured bonds due in 2028 with an aggregate principal amount of €600 million exchangeable into shares of Fresenius Medical Care AG (see note 15, Bonds --- exchangeable bond). In total, the Fresenius Group received gross proceeds of approximately €1.1 billion. On April 8, 2025, the Fresenius Group signed an agree- ment to transfer its plant in Anápolis, Brazil, to EMS, a mul- tinational pharmaceutical company. The plant has been classified as held for sale as of March 31, 2025. The trans- action is subject to the necessary regulatory approvals and is expected to be completed in the third quarter of 2025. The following assets and liabilities were classified as held for sale as of June 30, 2025: € in millions June 30, 2025 Dec. 31, 2024 Current assets 190 198 Non-current assets 39 112 Assets held for sale 229 310 Short-term liabilities 292 311 Long-term liabilities 32 113 Liabilities held for sale 324 424
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 45 NOTES ON THE CONSOLIDATED STATEMENT OF INCOME The prior year figures have been adjusted in the notes on the consolidated statement of income due to the gradual exit from Fresenius Vamed. 3. SPECIAL ITEMS Starting with the first quarter of 2025, the special items have been presented in a new, consistent structure to im- prove comparability. The prior year figures are presented accordingly on a comparable basis. Accordingly, all legacy portfolio adjustments are reported in one item. The effects from the sale of Fresenius Medical Care AG shares and from the exchangeable bond are summarized under "Reduction of participation in Fresenius Medical Care". All effects from the exit from Fresenius Vamed and from the Group-wide IT transformation are included in the item "Fresenius transformation". The effects from the amorti- zation of the purchase price allocation in the context of accounting of the investment in Fresenius Medical Care using the equity method and the special items of Fresenius Medical Care are shown together as "Special items Fresenius Medical Care". Revenue in the amount of €11,232 million and net in- come attributable to shareholders of Fresenius SE & Co. KGaA in the amount of €559 milli on for the first half of 2025 include special items which impacted the consolidated statement of income as shown in the table below. Special items mainly result from the Fresenius transformation and primarily relate to the costs for the exit from Fresenius Vamed in the amount of €283 million and the associated classification as discontinued operations in accordance with IFRS 5 and to the Group-wide IT transformation. The posi- tion ‘‘Reduction of participation in Fresenius Medical Care’’ includes the income from the sale of 10.6 million existing shares in Fresenius Medical Care AG; the income is reported in the consolidated statement of income under other oper- ating result. Other special items mainly relate to expenses in connection with the Group-wide Fresenius cost and effi- ciency program as well as legacy portfolio adjustments and divestitures. In addition, they include expenses from the amortization of the purchase price allocation in connection with the accounting of the investment using the equity method as well as other special items of Fresenius Medical Care in the position ‘‘Special items Fresenius Medical Care’’. The amounts shown correspond to the effects on earnings recognized in accordance with IFRS. € in millions Revenue EBIT Net income attributable to shareholders of Fresenius SE & Co. KGaA Earnings H1 / 2025, before special items 11,202 1,308 982 Cost and efficiency programs -- - -53 -43 Legacy portfolio adjustments 1 -11 -9 Fresenius transformation 29 -69 -305 Reduction of participation in Fresenius Medical Care -- - 72 32 Special items Fresenius Medical Care -- - -- - -98 Earnings H1 / 2025 according to IFRS 11,232 1,247 559
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 46 Revenue in the amount of €10,790 million and net income attributable to shareholders of Fresenius SE & Co. KGaA in the amount of -€95 million for the first half of 2024 included special items which had the following impact on the consolidated statement of income: € in millions Revenue EBIT Net income attributable to shareholders of Fresenius SE & Co. KGaA Earnings H1 / 2024, before special items 10,697 1,291 888 Cost and efficiency programs -- - -26 -27 Legacy portfolio adjustments 30 -8 -20 Fresenius transformation 63 -99 -778 Special items Fresenius Medical Care -- - -- - -158 Earnings H1 / 2024 according to IFRS 10,790 1,158 -95 4. REVENUE Revenue by activity was as follows: H1 / 2025 € in millions Fresenius Kabi Fresenius Helios Corporate / Other Fresenius Group Revenue from contracts with customers 4,228 6,755 241 11,224 thereof revenue of services 92 6,752 215 7,059 thereof revenue of products and related services 4,101 -- - 11 4,112 thereof revenue from longterm production contracts -- - -- - 15 15 thereof further revenue from contracts with customers 35 3 -- - 38 Other revenue 2 6 -- - 8 Revenue 4,230 6,761 241 11,232 H1 / 2024 € in millions Fresenius Kabi Fresenius Helios Corporate / Other Fresenius Group Revenue from contracts with customers 4,123 6,354 293 10,770 thereof revenue of services 83 6,353 269 6,705 thereof revenue of products and related services 4,019 -- - 1 4,020 thereof revenue from longterm production contracts -- - -- - 23 23 thereof further revenue from contracts with customers 21 1 -- - 22 Other revenue 3 17 -- - 20 Revenue 4,126 6,371 293 10,790 Other revenue includes revenue from lease contracts.
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 47 5. RESEARCH AND DEVELOPMENT EXPENSES Research and development expenses of €304 million (H1 / 2024: €294 million) included expenditures for research and non-capitalizable development costs as well as regular depreciation and amortization expenses relating to capital- ized development costs of €23 million (H1 / 2024: €20 mil- lion). The expenses for the further development of the Bio- pharma business included in the research and development expenses amounted to €102 million in the first half of 2025 (H1 / 2024: €92 million). 6. TAXES In the first half of 2025, tax provisions of €46 million were recognized in income tax liabilities. Further information can be found in the consolidated financial statements as of December 31, 2024 applying Section 315e HGB in accord- ance with IFRS. 7. EARNINGS PER SHARE The following table shows the earnings per share: H1 / 2025 H1 / 2024 Numerators, € in millions Net income from continuing operations attributable to shareholders of Fresenius SE & Co. KGaA 788 550 Net income from discontinued operations attributable to shareholders of Fresenius SE & Co. KGaA -229 -645 Net income attributable to share- holders of Fresenius SE & Co. KGaA 559 -95 Denominators in number of shares Weighted average number of ordinary shares outstanding 563,237,277 563,237,277 Earnings per share from continuing operations in € 1.40 0.98 Earnings per share from discontinued operations in € -0.41 -1.15 Total earnings per share in € 0.99 -0.17 There were no dilutive effects from stock options issued on earnings per share in the first half of 2025 and 2024.
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 48 NOTES ON THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION 8. TRADE ACCOUNTS AND OTHER RECEIVABLES As of June 30, 2025 and December 31, 2024, trade accounts and other receivables were as follows: June 30, 2025 December 31, 2024 € in millions thereof credit impaired thereof credit impaired Trade accounts and other receivables 4,113 334 3,816 389 less allowances for expected credit losses 310 255 316 254 Trade accounts and other receivables, net 3,803 79 3,500 135 Within trade accounts and other receivables (before allow- ances) as of June 30, 2025, €4,113 million (December 31, 2024: €3,816 million) relate to revenue from contracts with customers as defined by IFRS 15. This amount includes €310 million (December 31, 2024: €316 million) of allow- ances for expected credit losses. Trade accounts and other receivables related to other revenue are immaterial. 9. INVENTORIES As of June 30, 2025 and December 31, 2024, inventories consisted of the following: € in millions June 30, 2025 Dec. 31, 2024 Raw materials and purchased components 852 883 Work in process 276 274 Finished goods 1,619 1,589 less reserves 155 173 Inventories, net 2,592 2,573 10. OTHER FINANCIAL ASSETS Other financial assets include a compensation receivable resulting from German hospital law of €1,410 million (December 31, 2024: €1,281 million) which mainly relates to income equalization claims for hospital services. In the first half of 2025, an impairment loss in the amount of €37 million was recognized on receivables for certain care services as a result of a ruling.
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 49 11. GOODWILL The carrying amount of goodwill has developed as follows: € in millions Fresenius Kabi Fresenius Helios Fresenius Vamed Corporate Fresenius Group Carrying amount as of January 1, 2024 6,149 8,626 314 0 15,089 Additions -- - 19 -- - 0 19 Disposals -18 -- - -- - -- - -18 Impairment loss -- - -- - -18 -- - -18 Reclassifications -- - -- - -57 57 -- - Foreign currency translation 252 -- - 0 0 252 Reclassifications to "Assets held for sale" -- - -- - -239 -- - -239 Carrying amount as of December 31, 2024 6,383 8,645 -- - 57 15,085 Disposals -- - -1 -- - -- - -1 Foreign currency translation -526 -- - -- - 0 -526 Carrying amount as of June 30, 2025 5,857 8,644 -- - 57 14,558 In fiscal year 2024, impairment losses of €18 million were recognized in connection with the original decision to scale back the international project business. 12. INTERESTS IN ASSOCIATES After the sale of 10.6 million existing shares of Fresenius Medical Care AG at a placement price of €44.50 per share on March 4, 2025, Fresenius SE & Co. KGaA owned approx- imately 29% of the subscribed capital of Fresenius Medical Care AG at June 30, 2025. The sale resulted in a gain of €76 million which is included in other operating result. This investment is accounted for using the equity method. The carrying amount of the investment was €2,803 mil- lion at June 30, 2025 (December 31, 2024: €3,639 million), while the fair value based on the quoted market price of €48.65 per share on June 30, 2025 was €4,076 million. The income from investments accounted for using the equity method reported in the consolidated statement of income mainly includes the income from the investment in Fresenius Medical Care AG. The following table contains summarized financial infor- mation of Fresenius Medical Care AG. The statement of financial position values include fair value adjustments, the amortization of which is shown in the reconciliation table. € in millions June 30, 2025 Dec. 31, 2024 Current assets 8,136 7,923 Non-current assets 21,279 23,912 Short-term liabilities 5,667 5,697 Long-term liabilities 12,376 13,138 Net assets 11,372 13,000 Net assets of shareholders of Fresenius Medical Care AG 9,822 11,314 Net assets of noncontrolling interests 1,550 1,686 € in millions H1 / 2025 H1 / 2024 Revenue 9,673 9,491 Net income 462 359 Other comprehensive income (loss), net -1,457 391 Total comprehensive income (loss) -995 750
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 50 € in millions 2025 2024 Carrying amount of investment under the equity method at January 1 3,639 3,500 Dividends received -121 -112 Proportionate net income attributable to the shareholders of Fresenius Medical Care AG 111 83 Proportionate other comprehensive income (loss) attributable to the shareholders of Fresenius Medical Care AG -380 110 Proportionate other changes in equity 22 -12 Amortization of the effects of the purchase price allocation through profit or loss -57 -111 Effect from the sale of 3% of the stake in Fresenius Medical Care AG -411 n.a. Carrying amount of investment under the equity method at June 30 2,803 3,458 Subs equent to the capital increase effected at Aceso Topco 1 S.à r.l, Fresenius SE & Co. KGaA’s stake in Vamed’s rehabil- itation business, via Aceso Topco 1 S.à r.l., was 23.4% at June 30, 2025. The carrying amount of this investment accounted for using the equity method amounted to €50 million at June 30, 2025 (December 31, 2024: €45 million). Further investments in equity method investees are not material to the Fresenius Group. 13. DEBT A s of June 30, 2025 and December 31, 2024, debt consisted of the following: Book val ue June 30, 2025 December 31, 2024 € in millions thereof current thereof current Schuldschein Loans 1,377 309 1,377 --- Fresenius SE & Co. KGaA Commercial Paper 70 70 70 70 Loan from the European Investment Bank 400 400 400 400 Other debt 574 215 621 258 Interest liabilities 11 11 18 18 Debt 2,432 1,005 2,486 746
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 51 As of June 30, 2025 and December 31, 2024, Schuldschein Loans of the Fresenius Group net of debt issuance costs consisted of the following: Book value € in millions Notional amount Maturity Interest rate fixed / variable June 30, 2025 December 31, 2024 Fresenius SE & Co. KGaA 2023 / 2026 €309 million May 29, 2026 4.40% / variable 309 309 Fresenius SE & Co. KGaA 2019 / 2026 €238 million Sept. 23, 2026 0.85% / variable 238 238 Fresenius SE & Co. KGaA 2017 / 2027 €207 million Jan. 29, 2027 1.96% / variable 206 206 Fresenius SE & Co. KGaA 2023 / 2028 €405 million May 30, 2028 4.62% / variable 404 404 Fresenius SE & Co. KGaA 2019 / 2029 €84 million Sept. 24, 2029 1.10% 84 84 Fresenius SE & Co. KGaA 2023 / 2030 €136 million May 31, 2030 4.77% / variable 136 136 Schuldschein Loans 1,377 1,377 Interest liabilities 7 16 As of June 30, 2025, Fresenius SE & Co. KGaA's Schuldschein Loan of €309 million, due on May 29, 2026, is presented under short-term liabilities in the consolidated statement of financial position. The syndicated credit facility of Fresenius SE & Co. KGaA in the amount of €2.0 billion which was entered into in July 2021 serves as backup line. In June 2023, the syndicated credit facility was extended by a further year until July 1, 2028. It was undrawn as of Ju ne 30, 2025. In addition, further bilateral facilities are available to the Fresenius Group which have not been utilized, or have only been utilized in part, as of the reporting date. At June 30, 2025, the available borrowing capacity re- sulting from unutilized credit facilities was approximately €3.0 billion. Thereof, €2.0 billion related to the syndicated credit facility and approximatel y €1.0 billion to bilateral facilities with commercial banks.
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 52 14. BONDS As of June 30, 2025 and December 31, 2024, bonds of the Fresenius Group measured at amortized cost net of debt issuance costs consisted of the following: Book value € in millions Notional amount Maturity Interest rate June 30, 2025 December 31, 2024 Fresenius Finance Ireland PLC 2021 / 2025 €500 million Oct. 1, 2025 0.00% 500 499 Fresenius Finance Ireland PLC 2017 / 2027 €700 million Feb. 1, 2027 2.125% 699 698 Fresenius Finance Ireland PLC 2021 / 2028 €500 million Oct. 1, 2028 0.50% 498 498 Fresenius Finance Ireland PLC 2021 / 2031 €500 million Oct. 1, 2031 0.875% 496 496 Fresenius Finance Ireland PLC 2017 / 2032 €500 million Jan. 30, 2032 3.00% 497 497 Fresenius SE & Co. KGaA 2019 / 2025 €500 million Feb. 15, 2025 1.875% --- 500 Fresenius SE & Co. KGaA 2022 / 2025 €750 million May 24, 2025 1.875% --- 750 Fresenius SE & Co. KGaA 2022 / 2026 €500 million May 28, 2026 4.25% 499 499 Fresenius SE & Co. KGaA 2020 / 2026 €500 million Sept. 28, 2026 0.375% 499 498 Fresenius SE & Co. KGaA 2020 / 2027 €750 million Oct. 8, 2027 1.625% 747 746 Fresenius SE & Co. KGaA 2020 / 2028 €750 million Jan. 15, 2028 0.75% 748 747 Fresenius SE & Co. KGaA 2023 / 2028 CHF275 million Oct. 18, 2028 2.96% 293 291 Fresenius SE & Co. KGaA 2019 / 2029 €500 million Feb. 15, 2029 2.875% 497 497 Fresenius SE & Co. KGaA 2024 / 2029 CHF225 million Oct. 24, 2029 1.598% 238 236 Fresenius SE & Co. KGaA 2022 / 2029 €500 million Nov. 28, 2029 5.00% 497 497 Fresenius SE & Co. KGaA 2022 / 2030 €550 million May 24, 2030 2.875% 545 544 Fresenius SE & Co. KGaA 2023 / 2030 €500 million Oct. 5, 2030 5.125% 495 495 Fresenius SE & Co. KGaA 2020 / 2033 €500 million Jan. 28, 2033 1.125% 498 498 Bonds 8,246 9,486 Interest liabilities 83 105 As of June 30, 2025, the bond issued by Fresenius Finance Ireland PLC in the amount of €500 million which is due on October 1, 2025 as well as the bond issued by Fresenius SE & Co. KGaA in the amount of €500 million which is due on May 28, 2026 are presented under short-term liabilities in the consolidated statement of financial position.
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 53 15. BONDS – EXCHANGEABLE BOND As of March 11, 2025, Fresenius SE & Co. KGaA placed an exchangeable bond of €600 million with a three year ma- turity. The bond has been issued at a price of 101.50% of its principal amount and bears no interest, resulting in a yield-to-maturity of -0.50% per annum. Bondholders have the right to exchange their bonds into shares of Fresenius Medical Care AG during the exchange period. The standard exchange period commences 6 months and ends 35 busi- ness days prior to the maturity date. The exchange price was initially set at €57.85. Upon exchange, Fresenius SE & Co. KGaA has the flexibility to pay in cash, deliver the rele- vant underlying shares or deliver and pay a combination thereof. As of June 30, 2025, the book value (fair value) of the exchangeable bond amounted to €637 million. The effect from the measurement at fair value recognized in earnings is shown in other financial result. 16. NONCONTROLLING INTERESTS As of June 30, 2025 and December 31, 2024, noncontrol- ling interests in the Fresenius Group were as follows: € in millions June 30, 2025 Dec. 31, 2024 Noncontrolling interests in the business segments Fresenius Kabi 563 659 Fresenius Helios 94 89 Fresenius Corporate 3 0 Total noncontrolling interests 660 748 Accumulated other comprehensive income (loss) allocated to noncontrolling interests relates to currency effects from the translation of financial statements denominated in for- eign currencies. For changes in noncontrolling interests, please see the consolidated statement of changes in equity. 17. FRESENIUS SE & CO. KGAA SHAREHOLDERS’ EQUITY As of June 30, 2025, the subscribed capital of Fresenius SE & Co. KGaA consisted of 563,237,277 bearer ordinary shares. Under the German Stock Corporation Act (AktG), the amount of dividends available for distribution to shareholders is based upon the unconsolidated retained earnings of Fresenius SE & Co. KGaA as reported in its statement of financial position determined in accordance with the German Commercial Code (HGB). In May 2025, a dividend of €1.00 per bearer ordinary share was approved at the Annual General Meeting by Fresenius SE & Co. KGaA’s shareholders and subsequently a total dividend of €563 million was paid. Thereby, the Else Kröner-Fresenius-Stiftung was paid the dividend which it is entitled to as a shareholder in the share capital of Fresenius SE & Co. KGaA.
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 54 OTHER NOTES 18. LEGAL AND REGULATORY MATTERS Information regarding legal disputes, court proceedings and investigations can be found in the consolidated financial statements as of December 31, 2024 applying Section 315e HGB in accordance with IFRS. There have been no significant changes in the first half of 2025. 19. FINANCIAL INSTRUMENTS As of June 30, 2025 and December 31, 2024, the carrying amounts of financial instruments by item of the statement of financial position and structured according to categories were as follows: June 30, 2025 Relating to no category € in millions Carrying amount Amortized cost Fair value through profit and loss1 Fair value through other comprehensive income2 Derivatives designated as cash flow hedging instruments at fair value Put option liabilities measured at fair value Valuation according to IFRS 16 for leasing receivables and liabilities Valuation of continuing involvement Financial assets Cash and cash equivalents 1,226 1,168 58 Trade accounts and other receivables, less allowances for expected credit losses 3,803 3,263 531 0 9 Other financial assets 2,037 1,953 27 8 43 6 Financial assets 7,066 6,384 616 8 43 -- - 6 9 Financial liabilities Trade accounts payable 1,147 1,147 Debt 2,432 2,432 Lease liabilities 1,454 1,454 Bonds 8,966 8,329 637 Other financial liabilities 2,673 1,627 331 4 695 16 Financial liabilities 16,672 13,535 968 -- - 4 695 1,454 16 1 The option to measure the exchangeable bond at fair value thro ugh profit and loss was exercised. The own credit risk included in the exchangeable bond in the amount of €1 million is recognized in other comprehensive income. 2 The option to measure equity instruments at fair value through other comprehensive income has been exercised. The option has been used for €8 million other investments (included in other financial assets).
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 55 December 31, 2024 Relating to no category € in millions Carrying amount Amortized cost Fair value through profit and loss1 Fair value through other comprehensive income2 Derivatives designated as cash flow hedging instruments at fair value Put option liabilities measured at fair value Valuation according to IFRS 16 for leasing receivables and liabilities Valuation of continuing involvement Financial assets Cash and cash equivalents 2,282 2,055 227 Trade accounts and other receivables, less allowances for expected credit losses 3,500 2,931 538 14 0 17 Other financial assets 1,847 1,804 12 10 21 Financial assets 7,629 6,790 777 24 21 -- - 0 17 Financial liabilities Trade accounts payable 1,359 1,359 Debt 2,486 2,486 Lease liabilities 1,500 1,500 Bonds 9,591 9,591 Other financial liabilities 2,514 1,447 333 15 688 31 Financial liabilities 17,450 14,883 333 -- - 15 688 1,500 31 1 All included financial assets and liabilities are mandatorily me asured at fair value through profit and loss according to IFRS 9. 2 The option to measure equity instruments at fair value through other comprehensive income has been exercised. The option has been used for €10 million other investments (included in other financial assets).
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 56 The following table shows the carrying amounts and the fair value hierarchy levels as of June 30, 2025 and December 31, 2024: June 30, 2025 December 31, 2024 Fair value Fair value € in millions Carrying amount Level 1 Level 2 Level 3 Carrying amount Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents1 58 58 227 227 Trade accounts and other receivables, less allowances for expected credit losses1 531 531 551 551 Other financial assets1 Equity investments 24 24 16 15 1 Derivatives designated as cash flow hedging instruments 43 43 21 21 Derivatives not designated as hedging instruments 11 11 6 6 Financial liabilities Debt 2,432 2,428 2,486 2,456 Bonds 8,966 8,829 9,591 9,363 Other financial liabilities1 Put option liabilities 695 695 688 688 Accrued contingent payments outstanding for acquisitions 318 318 326 326 Derivatives designated as cash flow hedging instruments 4 4 15 15 Derivatives not designated as hedging instruments 13 13 7 7 1 Fair value information is not provided for financial instruments, if the carrying amount is a reasonable estimate of the fair value due to the relatively short period of maturity of these instruments. The fair value of the exchangeable bond is calculated on the basis of available market information (Level 1). Explanations regarding further significant methods and assumptions used to estimate the fair values of financial instruments and classification of fair value measurements according to the three-tier fair value hierarchy as well as explanations with regard to existing and expected risks from financial instruments and hedging can be found in the consolidated financial statements as of December 31, 2024 applying Section 315e HGB in accordance with IFRS.
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 57 The following table shows the changes of the fair values of financial instruments classified as level 3 in the first half of 2025: € in millions Equity investments Accrued contingent payments outstanding for acquisitions Put option liabilities As of January 1, 2025 1 326 688 Gain / loss recognized in profit or loss -- - 5 -- - Gain / loss recognized in equity -- - -- - 7 Currency effects and other changes -- - -12 -- - Reclassifications to „Assets / Liabilities directly associated with the assets held for sale‘‘ -1 -- - -- - As of June 30, 2025 -- - 318 695 20. INFORMATION ON CAPITAL MANAGEMENT The Fresenius Group has a solid financial profile. As of June 30, 2025, the equity rati o was 45.8% and the debt ratio (debt / total assets) was 31.1%. As of June 30, 2025, the leverage ratio (before special items) on the basis of net debt / EBITDA, calculated on the basis of closing rates, was 3.1 (December 31, 2024: 3.0). The aims of the capital management and further infor- mation can be found in the consolidated financial statements as of December 31, 2024 applying Section 315e HGB in accordance with IFRS. The Fresenius Group is covered by the rating agencies Moody’s, Standard & Poor’s and Fitch. The following table shows the corporate credit rating of Fresenius SE & Co. KGaA: June 30, 2025 Dec. 31, 2024 Standard & Poor’s Corporate credit rating BBB BBB Outlook stable stable Moody’s Corporate credit rating Baa3 Baa3 Outlook stable stable Fitch Corporate credit rating BBB- BBB- Outlook stable stable 21. NOTES ON THE CONSOLIDATED SEGMENT REPORTING The consolidated segment reporting tables shown on pages 37 and 38 of this interim report are an integral part of the notes. The Fresenius Group has identified the business segments Fresenius Kabi and Fresenius Helios, which corresponds to the internal organizational and reporting structures (Management Approach) at June 30, 2025. Due to the gradual exit of Fresenius Vamed, the prior year figures in the consolidated statement of income and the consolidated statement of cash flows have been restated and key figures adjusted.
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 58 The column Corporate / Other is comprised of all special items (see note 3, Special items), including discontinued operations and in net income the at equity result of Fresenius Medical Care and the 23.4% stake in Aceso Topco 1 S.à r.l. Furthermore, the holding functions of Fresenius SE & Co. KGaA and intersegment consolidation adjustments are included. Moreover, Corporate / Other includes further ac- tivities, in particular Fresenius Digital Technology GmbH, which provides services in the field of information technol- ogy, as well as the Fresenius Health Services (FHS) business unit, which provides services for Fresenius Helios and other hospitals. Revenue, EBIT and net income of the business segment Corporate / Other were composed as follows: € in millions H1 / 2025 H1 / 2024 Revenue Corporate / Other 211 254 Special items 30 93 Group functions / eliminations -30 -39 Other business activities 211 200 EBIT Corporate / Other -129 -191 Special items -61 -133 Group functions / eliminations -70 -50 Other business activities 2 -8 Net income Corporate / Other -348 -914 Special items -423 -983 Group functions / eliminations -70 -45 Other business activities -9 -15 Income from investments accounted for using the equity method before special items 154 129 The business segments were identified in accordance with IFRS 8, Operating Segments, which defines the segment reporting requirements in the annual financial statements and interim reports with regard to the operating business, product and service businesses and regions. Further expla- nations with regard to the business segments can be found in the consolidated financial statements as of December 31, 2024 applying Section 315e HGB in accordance with IFRS. Explanations regarding the notes on the business segments can be found in the consolidated financial statements as of December 31, 2024 applying Section 315e HGB in accord- ance with IFRS. RECONCILIATION OF KEY FIGURES TO CONSOLIDATED EARNINGS FROM CONTINUING OPERATIONS € in millions H1 / 2025 H1 / 2024 Total EBIT of reporting segments 1,376 1,349 Special items -61 -133 General corporate expenses Corporate (EBIT) -68 -58 Group EBIT 1,247 1,158 Income from investments accounted for using the equity method 56 -29 Net interest -167 -220 Other financial result -34 -- - Income before income taxes 1,102 909 RECONCILIATION OF NET DEBT WITH THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION € in millions June 30, 2025 Dec. 31, 2024 Debt 2,432 2,486 Lease liabilities 1,454 1,500 Bonds 8,966 9,591 Debt 12,852 13,577 less cash and cash equivalents 1,226 2,282 Net debt 11,626 11,295 22. SHARE-BASED COMPENSATION PLANS As of June 30, 2025, Fresenius SE & Co. KGaA had three share-based compensation plans in place: the Fresenius SE & Co. KGaA Long Term Incentive Program 2013 (2013 LTIP) which is based on stock options and phantom stocks, the Fresenius Long Term Incentive Plan 2018 (LTIP 2018) which is based on performance shares, and the Fresenius Performance Plan 2023 --- 2026 (LTIP 2023), under which cash-settled virtual Fresenius SE & Co. KGaA shares (stock awards) can be granted. During the first half of 2025, no stock options were exercised. On June 20, 2025, retroact ive to January 1, 2025, Fresenius SE & Co. KGaA granted 1,021,921 stock awards with a total fair value of €34 million to executives of the Fresenius Group under the LTIP 2023. On March 21, 2025, retroactive to January 1, 2025, Fresenius SE & Co. KGaA granted 227,930 stock awards wi th a total fair value of €8 million to the Management Board of Fresenius Manage- ment SE under the LTIP 2023. The fair value per stock award on the grant date of January 1, 2025 was €33.57. At June 30, 2025, 360,010 stock options issued under the 2013 LTIP were outstand ing and exercisable. The members of the Fresenius Management SE Management Board did not hold any stock options. At June 30, 2025, 1,819,577 performance shares issued under the LTIP 2018 were outstanding, the Management Board members of Fresenius Management SE held 93,165 performance shares. 4,030,709 stock awards issued under the LTIP 2023 were outstanding on June 30, 2025, of which 702,849 were held by the members of the Fresenius Management SE Manage- ment Board.
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 59 23. SUBSEQUENT EVENTS In July 2025, the law for an emergency tax investment pro- gram to strengthen Germany as a business location (Gesetz für ein steuerliches Investitionssofortprogramm zur Stärkung des Wirtschaftsstandorts Deutschland) was passed in Germany and the One Big Beautiful Bill Act was passed in the United States. The Fresenius Group is currently evaluating the impacts and expects a positive effect on the liquidity in the future. At the end of July 2025, th e United Stat es and the European Union reached an agreement in the tariff dispute. The new agreement provides for a base tariff rate of 15% on European exports to the United States. It remains unclear at this point in time whether, when and to what extent po- tential tariffs could be imposed on pharmaceutical products. The high level of uncertainty in connection with U.S. tariffs and the associated volatility pose additional challenges in the current business environment. Reactions from U.S. trad- ing partners, particularly China and the EU, could also have a negative impact on the U.S. business and the supply chains of the Fresenius Group. Following the end of the first half of 2025, no other events of material importance on the assets and liabilities, finan- cial position, and results of operations of the Group have occurred. 24. CORPORATE GOVERNANCE For each consolidated stock exchange listed entity, the declaration pursuant to Section 161 of the German Stock Corporation Act (Aktiengesetz) has been issued and made available to shareholders on the website of Fresenius SE & Co. KGaA (www.fresenius.com/corporate-governance). Bad Homburg v. d. H., August 5, 2025 Fresenius SE & Co. KGaA, represented by: Fresenius Management SE, its general partner The Management Board M. Sen P. Antonelli S. Hennicken R. Möller Dr. M. Moser
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 60 RESPONSIBILITY STATEMENT ‘‘To the best of our knowledge, and in accordance with the applicable reporting principles for interim financial report- ing, the interim consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group, and the interim Group management report includes a fair review of the develop- ment and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group for the remaining months of the financial year.’’ Bad Homburg v. d. H., August 5, 2025 Fresenius SE & Co. KGaA, represented by: Fresenius Management SE, its general partner The Management Board M. Sen P. Antonelli S. Hennicken R. Möller Dr. M. Moser
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 61 REVIEW REPORT To Fresenius SE & Co. KGaA, Bad Homburg v. d. Höhe We have reviewed the condensed consolidated interim finan- cial statements – comprising the consolidated statement of financial position, consolidated statement of income, consoli- dated statement of comprehensive income, consolidated statement of cash flows, consolidated statement of changes in equity and selected explanatory notes – and the interim group management report of Fresenius SE & Co. KGaA, Bad Homburg v. d. Höhe, for the period from January 1 2025 to June 30 2025 which are part of the half-year financial re- port pursuant to § [Article] 115 WpHG [Wertpapierhandels- gesetz: German Securities Trading Act]. The preparation of the condensed consolidated interim financial statements in accordance with the IFRS applicable to interim financial reporting as adopted by the EU and of the interim group management report in accordance with the provisions of the German Securities Trading Act applicable to interim group management reports is the responsibility of the Management Board of Fresenius Management SE (the gen- eral partner). Our responsibility is to issue a review report on the condensed consolidated interim financial statements and on the interim group management report based on our review. We conducted our review of the condensed consolidated interim financial statements and the interim group manage- ment report in accordance with German generally accepted standards for the review of financial statements promulgated by the Institut der Wirtschaftsprüfer [Institute of Public Audi- tors in Germany] (IDW) and supplementary compliance with the International Standard on Review Engagements "Review of Interim Financial Information Performed by the Independ- ent Auditor of the Entity" (ISRE 2410). Those standards re- quire that we plan and perform the review so that we can preclude through critical evaluation, with moderate assur- ance, that the condensed consolidated interim financial statements have not been prepared, in all material respects, in accordance with the IFRS applicable to interim financial reporting as adopted by the EU and that the interim group management report has not been prepared, in all material respects, in accordance with the provisions of the German Securities Trading Act applicable to interim group manage- ment reports. A review is limited primarily to inquiries of company personnel and analytical procedures and there- fore does not provide the assurance attainable in a financial statement audit. Since, in accordance with our engagement, we have not performed a financial statement audit, we can- not express an audit opinion. Based on our review, no matters have come to our attention that cause us to presume that the condensed consolidated interim financial statements have not been prepared, in all material respects, in accordance with the IFRS applicable to interim financial reporting as adopted by the EU nor that the interim group management report has not been pre- pared, in all material respects, in accordance with the pro- visions of the German Securities Trading Act applicable to interim group management reports. Frankfurt am Main, August 5, 2025 PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft Dietmar Prümm Aissata Touré Wirtschaftsprüfer Wirtschaftsprüferin (German Public Auditor) (German Public Auditor)
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At a Glance Shareholder Information In terim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025 62 FINANCIAL CALENDAR Report on 1st --- 3rd quarter 2025 November 5, 2025 Subject to change FRESENIUS SHARE/ADR Ordinary share ADR Securities identification no. 578 560 CUSIP 35804M105 Ticker symbol FRE Ticker symbol FSNUY ISIN DE0005785604 ISIN US35804M1053 Bloomberg symbol FRE GR Structure Sponsored Level 1 ADR Reuters symbol FREG.de Ratio 4 ADR = 1 share Main trading location Frankfurt / Xetra Trading platform OTC CONTACT Corporate Headquarters Else-Kröner-Straße 1 Bad Homburg v. d. H. Germany Postal address Fresenius SE & Co. KGaA 61346 Bad Homburg v. d. H. Germany Contact for shareholders Investor Relations Telephone: ++ 49 61 72 6 08-24 87 E-Mail: ir-fre@fresenius.com Contact for journalists Corporate Communications Telephone: ++ 49 61 72 6 08-23 02 E-mail: pr-fre@fresenius.com
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Commercial Register: Bad Homburg v. d. H.; HRB 11852 Chairman of the Supervisory Board: Wolfgang Kirsch General Partner: Fresenius Management SE Registered Office and Commercial Register: Bad Homburg v. d. H.; HRB 11673 Management Board: Michael Sen (Chairman), Pierluigi Antonelli, Sara Hennicken, Robert Möller, Dr. Michael Moser Chairman of the Supervisory Board: Wolfgang Kirsch For additional information on the performance indicators used please refer to our website https://www.fresenius.com/alternative-performance-measures. Forward-looking statements: This Half-year Financial Report contains forward-looking statements. These statements represent assessments which we have made on the basis of the information available to us at the time. Should the assumptions on which the statements are based on not occur, or if risks should arise – as mentioned in the consolidated financial statements and the management report as of December 31, 2024 applying Section 315e HBG in accordance with IFRS – the actual results could differ materially from the results currently expected.