Fresenius (FRE) Q2 2026 earnings summary

Executive summary

• Achieved highest capital returns in a decade and strong operational momentum, with Core EPS up 14% at constant currency and upgraded FY 2026 guidance for Core EPS growth to 10–15% (previously 5–10%).

• Transformation initiatives and strategic focus on scaling Biopharma, MedTech, and Care Provision platforms have resulted in a more focused business mix and disciplined capital allocation.

• Both Fresenius Kabi and Helios contributed to EBIT growth and margin expansion, reflecting a structurally higher quality business profile.

Financial highlights

• Q2 2026 revenue reached €5,864 million (+6% organic), EBIT before special items was €719 million (+10% YOY), and EBIT margin expanded by 60 bps to 12.3%.

• Core EPS was €0.83 in Q2, up 14% at constant currency; Core net income increased 14% to €560 million.

• ROIC improved to 6.9%, up ~200 bps since 2022.

• Net debt/EBITDA ratio stable at 2.6x, at the lower end of the 2.5–3.0x target corridor.

• Operating cash flow for Q2 was €344 million; LTM operating cash flow at €2.8 billion; cash conversion rate at 1.2.

Outlook and guidance

• FY 2026 guidance: organic revenue growth of 4–7%, Core EPS growth of 10–15% at constant currency, and EBIT margin of ~11.5%.

• Fresenius Kabi: mid- to high-single-digit organic revenue growth, EBIT margin at upper end of 16.5–17%.

• Fresenius Helios: mid-single-digit organic revenue growth, EBIT margin 10.0–10.5%.

• Guidance assumes continued macroeconomic and geopolitical volatility and does not account for extreme scenarios.

• Cash conversion rate expected slightly below 1.0; tax rate between 24–25%.