Fresenius Medical Care (FME) investor relations material

Strategic positioning and market outlook

• Highly cash-generative business with a focus on shareholder returns and maintaining investment grade status.

• Differentiated, vertically integrated model with leading assets in kidney care and MedTech.

• Strong innovation pipeline, including the large-scale U.S. launch of the 5008X CAREsystem for dialysis.

• Ambition to achieve industry-leading profitability by 2030, targeting mid-teens operating income margin.

• Market fundamentals supported by global growth in chronic kidney disease, aging population, and rising diabetes and hypertension rates.

Segment performance and operational highlights

• Care Delivery segment treated around 290,000 patients in 3,600 clinics, with 37% of U.S. dialysis patients served.

• Value-Based Care leads U.S. renal VBC with 160,000 memberships and €6.8bn medical costs under management.

• Care Enablement holds a 40% global hemodialysis product market share, with 171 million dialyzers sold in 2025.

• Vertical integration enables innovation, operational efficiencies, and improved patient outcomes across segments.

• FME25+ program accelerated sustainable annual savings, reaching €804 million by 2025.

Financial performance and capital allocation

• Q1 2026 organic revenue grew 4%, with operating income up 10% and margin expanding to 10.1%.

• Operating cash flow significantly improved, with net leverage ratio at 2.6x, near the lower end of the target range.

• Share buyback program completed, repurchasing 7.9% of share capital for €941 million.

• Capital allocation priorities: invest in core business, optimize capital structure, and return excess capital via dividends and buybacks.

• Dividend policy targets 30–40% payout of adjusted net income.