Fresenius Medical Care AG

Latest Results (28.08.2026):

Fresenius Medical Care AG – Q2 2026: The company reported another quarter of profitable growth with Group revenue of EUR 4,861m (+1% yoy; +4% at constant currency) and strong margin expansion driven by operational improvements. Operating income rose (EUR 466m, +10% yoy) and operating income excluding special items improved notably (EUR 569m, +20% yoy), while net income was EUR 218m (-3% yoy) with EPS of EUR 0.81 (+6% yoy). Management confirmed the 2026 outlook (revenue broadly flat; operating income roughly stable, at constant currency and excluding special items).

Revenue

Group revenue Q2 2026: EUR 4,861m (+1% yoy; +4% cc; +5% organic). H1 2026 revenue: EUR 9,473m (-2% yoy; +3% cc). Currency headwinds and portfolio divestitures (c.50 bps) weighed on topline.

Profitability (operating income)

Q2 operating income: EUR 466m (+10% yoy) with margin 9.6%. Operating income excl. special items: EUR 569m (+20% yoy) with margin 11.7%. Care Delivery drove the improvement (operating income excl. special items EUR 527m, +40% yoy) supported by rate effects, TDAPA reimbursement and FME25+ savings.

Net income and EPS

Q2 net income: EUR 218m (-3% yoy); net income excl. special items: EUR 303m (+13% yoy). Basic EPS Q2: EUR 0.81 (+6% yoy); EPS excl. special items: EUR 1.13 (+24% yoy).

Cash flow and leverage

Operating cash flow Q2: EUR 860m (+11% yoy); free cash flow Q2: EUR 625m (stable). Total net debt and lease liabilities rose to EUR 9,902m (+6% yoy); net leverage remained at c.2.6x (lower end of 2.5–3.0x target).

Operational highlights – 5008X CAREsystem

U.S. rollout accelerating: 5008X CAREsystem available in 227 U.S. clinics, >600,000 treatments performed (c.170,000 HDF; >100,000 HVHDF). ~10% of U.S. clinic machines replaced to date, on track for ~20% by year‑end; early clinical signals (e.g., fewer cramps) are encouraging.

FME25+ transformation and restructuring

Q2 delivered EUR 67m of sustainable FME25+ savings. The 2026 U.S. clinic optimization included exits of ~100 clinics; Q2 one‑time FME25+ costs were EUR 42m. Company expects EUR 250m savings and EUR 350m one‑time costs in 2026, and total EUR 1.2bn savings by end‑2027.

Capital allocation & share buybacks

Initial buyback of 24.8m shares completed and cancelled (share capital down 8.5%). New EUR ~1bn program announced; first tranche underway (as of June 30 repurchased 2,454,945 shares for EUR 94m).

Segment notes

Care Delivery revenue Q2: EUR 3,478m (+3% yoy; +5% cc; +7% organic) with strong margin improvement. Value‑Based Care and Care Enablement showed revenue and margin improvements overall, though Care Enablement faced headwinds in China.

Guidance

2026 outlook (at constant currency, excl. special items): revenue expected broadly flat vs. 2025 (2025 basis EUR 19,628m); operating income expected to be broadly stable, within a positive or negative mid‑single digit percent range versus 2025 (2025 basis EUR 2,212m).

Operational scale

As of June 30, 2026: 289,610 patients treated in 3,513 dialysis clinics and 107,226 employees globally.