Fresenius Medical Care (FME) Q2 2026 earnings summary

Executive summary

• Organic revenue grew 5% year-over-year in Q2 2026, with all operating segments contributing and strong earnings growth driven by Care Delivery.

• Adjusted operating income rose 23% year-over-year, with margin expanding to 11.7%; reported operating income up 9.5% to €466M.

• EPS excluding special items increased 28% year-over-year, supported by share buybacks.

• Strategic initiatives, including FME25+ and FME Reignite, delivered €67 million in sustainable savings and drove profitability.

• Net leverage ratio maintained at 2.6x, at the lower end of the target corridor.

Financial highlights

• Q2 2026 revenue: €4,861m (+1% reported, +4% at constant currency, +5% organic).

• Q2 2026 adjusted operating income: €569m (+23% at constant currency); reported operating income: €466m (+10%).

• Q2 2026 net income: €218m reported; adjusted net income: €303m.

• Operating cash flow in Q2 2026: €860m (+11% year-over-year); free cash flow stable at €625m.

• Operating margin improved to 9.6% (11.7% excluding special items); EBITDA margin at 17.1%.

Outlook and guidance

• 2026 revenue expected to be broadly flat versus prior year at constant currency.

• Operating income for 2026 expected to remain consistent, within a mid-single digit percent range (positive or negative) at constant currency and excluding special items.

• Implied group operating income margin for FY 2026 is 10.5–12.0%.

• TDAPA expected to be a sizable headwind in H2, with a full-year negative impact of €50 million, less than previously anticipated.

• Guidance confirmed for Care Enablement margin improvement and Value-Based Care to perform around breakeven.