Fresenius SE & Co. KGaA

Latest Results (31.08.2026):

Fresenius SE & Co. KGaA — Q2/26: The company reported a strong Q2/2026 with a clear operational improvement across core businesses, driving double‑digit core EPS growth and prompting an upward revision of FY/26 Core EPS guidance. Management highlighted revenue and EBIT expansion, margin improvement, stronger returns on invested capital and a stable leverage profile while continuing dividends.

Top-line and growth

Group revenue of approximately €5.86 billion (organic growth +6% adjusted for Argentina hyperinflation) in Q2/26, broadly in line with expected full‑year phasing; Fresenius Kabi contributed ~€2,244m (+7% organic) and Fresenius Helios ~€3,526m (+5% organic).

Profitability

Group EBIT before special items ~€719m (+10% in constant currency) with a Group EBIT margin expansion of ~60 basis points to 12.3%, driven by Fresenius Kabi scaling its Growth Vectors and resilient profitability at Fresenius Helios.

Earnings per share / Net income

Core net income about €469m and Core EPS roughly €0.82–0.83, up 14% in constant currency versus Q2/25, supported by operating leverage and lower interest expense (figures exclude Fresenius Medical Care and Vitrea).

Guidance and targets

FY/26 Core EPS guidance upgraded to +10% to +15% in constant currency (previously +5% to +10%). Fresenius Kabi’s FY/26 EBIT margin target was raised to the upper end of the 16.5–17.0% range.

Capital allocation and balance sheet

Net debt/EBITDA remained stable at ~2.6x (pro forma, including lease liabilities and certain adjustments) and is trending toward the lower end of the company’s 2.5–3.0x self-imposed target corridor; the company reported the highest capital returns in the decade while maintaining payouts.

Returns and cash conversion

Return on invested capital (ROIC) improved by roughly 200 basis points since the RESET program in 2022 to about 6.9%, cited as evidence of sustainable value creation.