Fresenius Medical Care AG
Investor PresentationQ1 2026
FME | Positioned to drive long-term value creation
Highly cash generative business with clear commitment to
shareholder returns while maintaining investment grade
Supportive underlying drivers within a growing chronic disease market
Differentiated vertically integrated business model with
market-leading assets
Strong history of innovation and on track to set new standard of care
Strategy to reach industry-leading profitability in 2030, with a track record to deliver on targets
2030 industry-leading group margin aspiration
Mid-teens
11.3%
2025 2030e
Operating income margin excl. special items
Investor Presentation Q1 2026 Page 3
FME at a glance
FME segments
Q1 2026 financials
Outlook
Creating a future worth living. For patients.
Worldwide. Every day.
Care Delivery
Value-Based Care
Care Enablement
We offer a tailored range of products and services for patients with kidney disease
Dialysis services in our own dialysis centers as well as home therapy options
Bundled services including a range of complementary services, such as vascular access, pharmacy and pharma
We improve patient outcomes and lower cost of care
Dialysis products, including digital solutions, technical services and operational management
FME | We are the leading kidney care company
Care Delivery
A leading provider of kidney care services
~290k patients, incl. ~205k in U.S.
Value-Based Care Care Enablement
#1 in U.S. renal value-based care
#1 Global leading renal MedTech company
~€6.8bn in MCUM
~50% patients use FME products
171m dialyzers sold
40% HD market-share
2,300+ aligned nephrologists
~160k memberships
~3,600 clinics globally
~25 core markets
Note: MCUM = medical costs under management; HD = hemodialysis | Data as of FY 2025
FME | Market-leading assets with strong and competitive positioning
Clinics recognize customer needs to drive innovation in technology
Care Delivery
€13.7bn
Revenue 2025
Medical value creation
Care Enablement
€5.5bn
Revenue 2025
Provide differentiated therapies to clinics
Provide high quality care that improves quality outcomes and reduces costs
Patient data and
insights, future innovation and R&D
Value-Based Care
€2.2bn
Revenue 2025
Apply innovation in medical
technology to drive improved patient outcomes
Support practice management and relationships with partner nephrologists
FME | Leveraging the power of vertical integration
Extrapolation from 2020 to 2035
Aging global
population
+60%
1/3
+40%
+90%
Hypertension
Diabetes
Dialysis
patients
Global population aged 65+1
One out of three people worldwide has hypertension2
People living with diabetes3 People on maintenance dialysis4
0.75
billion
1.2
billion
500
million
690
million
3.7
million
~7
million
2020
2035e
2020
2035e
2020
2035e
1 United Nations, Department of Economic and Social Affairs, Population Division (2024). World Population Prospects 2024, Online Edition | 2 Age-standardized prevalence of hypertension among adults aged 30-79 years as published in Global report on hypertension 2025: high stakes - turning evidence into action. Geneva: World Health Organization; 2025 | 3 IDF Diabetes Atlas 11th Edition - 2025, adults aged 20-79 living with diabetes | 4 FME 2025 Long Range Patient Projection | All numbers rounded and approximations
Market growth | Attractive underlying business fundamentals intact
MARGIN TARGETS ACHIEVED
Operating income margin¹
9,5%
9,7%
10,2%
7,9%
8,1%
9,3%
6,0%
13,1%
11,3%
8,1%
Group
Care Delivery Care Enablement
1,9%
2022
2,3%
2023
2024
2025
FME25+ SAVINGS ACCELERATED
Accumulated FME25+ sustainable annual savings in € million
804
567
346
131
2022
2023
2024
2025
INCREASED SHAREHOLDER RETURNS
Shareholder returns in € million
1.12 1.19 1.44
1.49
1,002
Dividend per share in €
586
329
349
423
416
Share buyback
Dividend
2022
2023
2024
20252
NET LEVERAGE RATIO IMPROVED
Net financial leverage ratio (net debt/EBITDA) at year end
3.4³x
3.2x
2.9x
Target band⁴: 2.5x to 3.0x
2.5x
2022
2023
2024
2025
1 Adjusted operating income margin as defined by the financial outlook for the respective years; corresponding definitions and reconciliation tables provided in our full year 2025 earnings results documents; in 2025 excluding Value-Based Care | 2 Dividend planned to be proposed to the AGM 2026 (based on reduced shares outstanding due to share buyback program initiated in August 2025) | 3 Excluding U.S. federal relief funding and advanced payments under the CARES Act | 4 Former self imposed target band of 3.0x to 3.5x lowered at CMD June 2025
FME | Proven execution and clear progress in key performance metrics
FME Reignite | Our strategy will Reignite Value Creation
Reignite the Core
Strengthen core operations
Reignite Growth & Innovation
Drive profitable growth and innovation
Reignite our Culture
Develop together and strengthen our culture
€ Reignite Value Creation
Production capacity
Annual 5008X production capacity of Care Enablement Planned 5008X penetration in Care Delivery clinics
Around
15,000
Up to
20,000
Up to
20,000
2026e
2027e
2028e
~20%
Planned rollout
30% - 50%
50% - 70%
2026e 2027e 2028-2030e
per year
2029e
2030e
70% - 90%
100%
Addressable market
Market rollout from a position of strength
90% machine market share
Total U.S. in-center HD machines ~160k
Current installed base of 2008 machines ~145k
66% of external disposable market share of 2008 machines' installed base
Aspiration to achieve 100% consumables market share for 5008X by 2030
Improved mortality rates following HVHDF penetration
Clinical benefit
Survival benefits in CONVINCE emerge after 3 months
4.4% fewer deaths over 2.5 years of therapy with HVHDF, reflecting a 23% lower risk of mortality over the CONVINCE study period
Note: HD = hemodialysis; HVHDF = high volume hemodiafiltration
U.S. HVHDF | Game changer to transform the standard of care and leverage FME's vertical integration
€400m
€1,200m
Planned phasing of FME25+ savings
2021-2027e
Sustainable savings in 2026-2027e
Care Delivery
~30%
~40%
Supply chain optimization
Clinic footprint optimization
Efficiencies in real estate operations
Care Enablement
~35%
Innovative application of technology including AI
~35%
Further expansion of Global
Business Services
Process optimization across all three segments Procurement optimization
▪
▪
~35%
▪
G&A areas
-50
Innovative application of technology including AI
in € million
2025
2026e
2027e
Sustainable savings
+1,200
+150
+804
+250
-793
-350
-1,200
One-time costs
▪
~25%
Manufacturing and supply
chain optimization
Restructuring of international commercial operations
G&A = General and Administrative areas | One-time costs to be reported as special items to operating income
FME25+ | Accelerating and extending sustainable savings until 2027
Cash generation
Strong cash generation to further increase over time
Operating cash flow of 13-15% of revenue in 2025-2030e
Capital allocation
Invest in core business for profitable growth
Capex of €0.8bn to €1.0bn p.a. in 2025-2030e
Optimize capital structure
Strong balance sheet, financial flexibility and commitment to a sustainable Investment Grade rating
Self-imposed target band: net leverage of 2.5x to 3.0x
Return of excess capital to shareholders
Dividend policy: 30% to 40% payout ratio of adjusted net income1
Share buybacks: complement dividends as instrument to return excess capital.
Invest in core business
for profitable growth
>€2.5bn
Operating cash flow, annually in 2025-2030e
Optimize capital structure
Return of excess capital to shareholders
1 Net income attributable to shareholders of the FME AG
Capital allocation | Clear set of priorities focus on shareholder value creation
FME at a glance
FME segments
Q1 2026 financials
Outlook
Care Delivery
Value-Based Care
Care Enablement
Productivity and operational excellence
Improvements to realized dialysis rates
Continued footprint optimization
Clinical quality to help patients live longer and healthier; HVHDF
Exceptional experience to retain patients
Taking responsibility for the integrated health care of our patients
Creating mutual value between FME and VBC through key quality and outcomes initiatives
Drive profitable growth and innovation
Commercial excellence and operational efficiency to enable robust growth and margin expansion
Above-the-market growth, value-based pricing and share gain
Operational excellence
5008X roll-out in the U.S.
Focused R&D program driving innovation
FME segments | Aligned for value creation
2030
Advancing to industry-
leading margins
Progressing on a path
to profitable growth
Accelerating
profitable growth
Care Delivery | A leading provider of dialysis services
Around
290,000
Patients worldwide
Around
3,600
Dialysis centers
65%
of dialysis centers rated 3 stars or better by CMS¹
Treated Around
37%
of all dialysis patients in the U.S.
Around
45m
Dialysis treatments in 2025
79%
of patients would highly recommend our service
Note: HD = hemodialysis; HHD = home hemodialysis; PD = peritoneal dialysis | Data as of FY 2025 1 As of FY 2024
Care Delivery U.S.
Care Delivery International
Dialysis clinic network treating
~205k patients in ~2,600 clinics across the U.S.
Provides outpatient vascular care services to individuals requiring dialysis access
Produces and distributes drugs and pharmaceuticals, including Vifor JV
Provides dialysis medications, delivered to dialysis centers or to patients at home
Provides dialysis therapy in 34 markets
Care Delivery revenue
€13.7bn FY 2025
U.S.
Int'l
84%
16%
Primarily in EMEA and APAC regions
Care Delivery | Portfolio positioned for profitable growth
2026 will be pivotal transition year to execute large-scale 5008X launch in the U.S.
Around 20% of machines to replace
Over 7,200 nurses and technicians to train
Up to 17.3m
units of consumables to ship/produce
~36,000
FME patients to transition to 5008X CAREsystem
Across 28
states
FME U.S. clinic conversion
Large-scale launch of 5008X CAREsystem in FME clinics and transitioning eligible patients to HVHDF treatments is a major undertaking
Replacement should drive in the future
Reduced mortality for patients on HVHDF1
Operational efficiencies in clinics
Competitive advantage for Care Delivery U.S.
As of Q1 reporting, 5008X CAREsystem available in around 100 clinics and with more than 100,000 treatments performed
Note: HVHDF = high volume hemodiafiltration
1 Based on CONVINCE study: 4.4% fewer deaths over 2.5 years of therapy with HVHDF, reflecting a 23% lower risk of mortality over the study period
Care Delivery | Largest product launch in FME history
HVHDF
Medical trends and how we are participating
Patient numbers | Accelerating growth
Dialysis patients
+90%
2025-2035e CAGR
U.S. treatment yield
Treatment growth further accelerated by additional benefits from HVHDF and value-based care
Patient number growth
Global
+4-5%
U.S.
+2%
plus
Value-based care
People on maintenance dialysis
3.7
Meds improving CKD/ESRD survival
million 2020
~7
Preventive health, AI, diagnostics
million
2035e
Personalized medicine
Source: FME 2025 Long Range Patient Projection
Patient inflow | U.S. kidney care patient flow dynamics
Complex U.S. patient population
10-12 co-morbidities on average
Hypertension (31%)
Diabetes (44%)
Glomerular diseases (6%)
~45% of patients "crash" into dialysis
Cardiovascular events primary cause of CKD Stage 3 patients not surviving to CKD Stage 4 and ESRD
Small improvement in survival in total CKD Stage 3 would lead to double the at-risk ESRD population
Note: ESRD = End-Stage Renal Disease
Scale of U.S. CKD/ESRD patient
population (in million)
10,5
1,08
0,55
CKD
Stage 3a/3b
CKD
Stages 4/5
ESRD
Value-Based Care | Leading renal value-based care in the U.S.
Around
160,000
Memberships
2,300+
Aligned nephrologists in provider network
Around
1.8m
Member months
Around
€6.8bn
Medical cost under management
#1Renal value-based care in the U.S.
All
10of top 10 highest scoring kidney contracting entities in
CKCC program1
Note: Data as of FY 2025 | CKCC = Comprehensive Kidney Care Contracting program, a value-based care program of the Centers for Medicare & Medicaid Services (CMS) Innovation Center 1 Announced in October 2024
Three unique sources of differentiation
85%
Business at a glance
2025
31%
39%
~€6.8bn
Medical costs under management
Subcap
Shared risk CKCC
30%
2%
1%
24%
~160k
Memberships
€2.2bn
Revenue
76%
97%
ESRD
CKD
MA²
CKCC
Other³
Connectivity to FME
85% of ESRD patients have access to an FME dialysis clinic
Leading provider network
2,300+ aligned nephrologists, growing from 1,600
in 2022
Unique Acumen EHR technology
Nephrology-specific electronic health record used by 62% of aligned providers¹
1 Providers defined as Physicians and Advanced Practice Providers | 2 Medicare Advantage | 3 Includes revenue from Acumen
Value-Based Care | A leading and differentiated player in renal VBC
Benefits of vertical integration
Visible value creation
VBC creates value for FME
VBC directly improves outcomes and survival for dialysis patients, a key growth driver for FME
Benefits other parts of FME: a lever for driving HVHDF adoption in the U.S.
Anchors our participation in a 'must play' space through a leading asset poised for growth
FME creates value for VBC
FME gives VBC access to patients and clinics to accelerate growth
FME best practices and resources support VBC in its growth
Initiating new reporting segment to increase financial reporting transparency
Creating greater insight into drivers of growing part of FME
Value-Based Care | Vertical integration as an advantage and enhanced visibility into performance
Renal VBC is a large and growing market Currently poised for stability and growth phase
11%
55%
$18bn
34%
CKD 4-5 MCUM1
ESRD2 MCUM1
12%
41%
$38bn
47%
Value-based kidney care recognized as a critical opportunity for payors, including
Emergence
2010 - 2018
U.S. government
Rapid acceleration and innovation 2019 - 2024
Renal services industry has attracted an inflow of well-funded new entrants:
$2bn+ in industry investments
FME VBC Other Kidney VBC Hospital ACO
Stability and growth 2025+
Growth expectations are normalizing
Industry focusing on scaling proven models and phasing out unviable ones
25%
CAGR
ESRD patients in VBC
programs 2019 - 2023
1 MCUM = medical costs under management as of 2023; Kidney VBC companies include VBCs focusing on renal care (e.g. Evergreen Nephrology, Monogram Health, Somatus). Hospital Accountable Care Organizations (ACOs) include hospitals that are implementing VBC programs through CMS and directly contracting with health plans. | 2 Includes ESRD patients on dialysis. Sources: USRDS, CMS, NAACOS, Pitchbook, FME estimates
Value-Based Care | Rapidly evolving market plays an important role in the industry and our future
Care Enablement | We are the market leading renal Medtech company
Around
56,000machines installed in 2025
Around
40%share in hemodialysis product market
171mdialyzers sold in 2025
Around
50%of all dialysis patients use our products
Global
#1Home HD machines
Global
#1In-center HD machines
Global
#2PD machines
Note: HD = hemodialysis; PD = peritoneal dialysis | Data as of FY 2025
€5.5bn FY 2025 revenue, across
three verticals:
In-Center Home Critical Care
Globally, and in each region,
in-center represents the majority of revenues
In-center mix by revenue, broadly
25% machines
75% consumables
Care Enablement
EMEA
U.S.
APAC
LatAm
Diverse, international footprint with U.S. representing around one-third of total revenues
Care Enablement | Attractive and industry-leading renal MedTech portfolio
Market share distribution¹
In-center HD products
Home products (PD & HHD)
Critical care
FME
Competitor 1
Competitor 2
Competitor 3
6%
8%
12%
39%
Competitor 1
FME
All other competitors
<3% each
27%
62%
Competitor 1
FME
Competitor 2 4%
Competitor 3 4%
31%
37%
Drive market to outcome-improving therapies
Introduce digitally-connected ecosystem based on new technology platform
Drive growth of Home HD
Grow PD share in profitable markets, while improving economics
Redefine the market in introducing point-of-care fluid generation in PD
Achieve market leadership with expansion of premium product portfolio in Americas and APAC
Expand ICU portfolio
1 As of FY 2025
Care Enablement | Growing our market leader position and transform kidney care
FME at a glance
FME segments
Q1 2026 financials
Outlook
Q1 2026 | Delivering strong operating income growth while advancing the
U.S. rollout of 5008X CAREsystems at speed
Q1Solid organic revenue growth¹ of 4% driven by all segments
operating income margin² expansion to 10.1%
of 10% and further
Strong operating income² growth
FME25+ program savings of €50 million contributed to earnings growth
Share buyback program executed at pace through second tranche and successfully completed on April 30
Stable net financial leverage ratio of 2.6x continues to be around the lower end of the target corridor
FY 2026 outlook confirmed
2026Organic growth represents growth in revenue, adjusted for certain reconciling items including revenue from acquisitions, closed or sold operations and differences in dialysis days and presented at constant currency.
Adjusted for special items, growth at cc; reconciliation table for special items and currency to reported growth rates: page 43.
Investor Presentation
Q1 2026
Page 29
Revenue | in € million Operating income | in € million
Margin in %
6.8%
9.4%
10.1%
6.2%
4,881
+3.9% organic2
4,612
+3.1% at cc¹
-5.5% as reported
126
457
+9.8% at cc1
+2.2%
at current rate
331
286
-181
467
Q1 2025 Q1 2026
Q1 2025 Special items Q1 2025 excl.
special items
Q1 2026 excl. Special items Q1 2026
special items
Solid organic revenue growth of 4% supported by all segments
Care Enablement development negatively impacted by China business
Divestitures negatively impacted growth by approx. 50 bps
Operating income growth¹ driven by Care Delivery
Special items mainly include costs related to FME25+ program
Q1 2026 | Solid organic revenue and operating income growth
Revenue | in € million
Margin in %
Operating income | in € million
12.1%
10.3%
+11.6%
at current rate
+5.0% at cc¹
3,447
+6.1% organic2
3,294
-4.4% as reported
529
555
2,765
2,892
International
+26.4% at cc1
356
-54
398
-52
120 28
Q1 2025 Q1 2026
Q1 2025
operating income excl. special items
Business growth
FME25+
savings
Labor / Inflation
Fx translation Q1 2026
operating income excl. special items
U.S. organic growth of 7% driven by positive impact from TDAPA reimbursement regulations and underlying growth
Solid organic growth in International business
Divestitures negatively impacted growth by approx. 80 bps
Business growth supported by
− benefits from TDAPA reimbursement regulations
− underlying operating income improvement of 6% driven by positive rate and mix effects
Q1 2026 | Care Delivery delivers profitable growth
Revenue | in € million Operating income | in € million
+3.0% organic2
490
+3.0% at cc¹
529
-7.4% as reported
Margin in %
113.5%
1.8%
0.8%
at current rate
137.4% at cc1
4
-1
-1
9
4
3
Q1 2025 Q1 2026
Q1 2025
operating income excl. special items
Business growth
FME25+
savings
Inflation
Fx translation Q1 2026
operating income excl. special items
Organic revenue growth mainly driven by higher number of member months and positive effects from premium rates, partly offset by the changed risk contracting for one contract
Business growth mainly driven by improved savings rate
FME25+ supported by integration synergies
Q1 2026 | Value-Based Care continues with positive operating income
Revenue | in € million
1,367
+1.1% organic2
1,299
+1.1% at cc¹
-5.0% as reported
Margin in %
Operating income | in € million
8.7%
8.3%
-1.0%
113
18
114
+0.1% at cc1
at current rate
-8
-10
-1
Q1 2025 Q1 2026
Q1 2025
operating income excl. special items
Business growth
FME25+
savings
Inflation Fx translation Q1 2026
operating income excl. special items
Organic revenue development with continued positive volumes and pricing, excluding adverse regulatory impacts in China
Positive impact from sales of 5008X CAREsystems
Business growth driven by
− adverse regulatory impacts in China and negative Fx transaction effects
− positive volume and price effects outside China
Continued FME25+ progress in manufacturing and supply chain
Q1 2026 | Care Enablement further improves operating income margin
in € million
Q1 2026
Q1 2025
∆ in %
Operating cash flow
227
163
39
-187
-142
31
Free cash flow
40
21
94
58
55
5
Capital expenditures, net
Free cash flow after investing activities
Total net debt and lease liabilities
9,790
9,753 0
Key developments
Operating cash flow strongly increased mainly driven by favorable working capital management despite seasonality in invoicing
Broadly stable total debt and lease liabilities (€11.0 billion) as well as total net debt and lease liabilities (€9.8 billion)
23.3 million shares or 7.9% of share capital repurchased (€941 million) under the program
Net leverage ratio continues to be around the lower end of the target corridor
Net leverage ratio (Net debt/EBITDA)
Target corridor 2.5x to 3.0x
2.9x
2.6x
Previous target corridor
3.0x to 3.5x
3.2x
2.5x
2023 2024 2025 Q1 2026
Q1 2026 | Operating cash flow significantly improved
Diversified financing mix1, 2 Prudent financial policy1
USD Bonds 24%
Lease Obligations 32%
€11.0bn
EUR Bonds 40%
Other 2²%
739
200
435
800
750
500
500
600
25
1.250
1.435
Share of fixed rate4: 74% Average maturity4: 3.2 years Average interest4: 2.7%
Well-balanced maturity profile1, 3
2.000
1.600
1.200
800
400
0
Schuldschein Loans 2%
Sufficient liquidity reserve
Undrawn ESG-linked Revolver Credit Facility of €2.0bn
Committed bilateral credit lines of ~€510m, supplemented by further uncommitted facilities (~€804m) and Commercial Paper program of
€1.5bn (fully unutilized as of March 31, 2026)
Sound financing strategy
Commitment to investment grade ratings
Conservative fix/floating mix of ~74%/26%4
Balanced currency mix of ~54%5 US-Dollar and ~46% Euro
Proactive refinancing strategy of upcoming maturities
Proven long-term track record within bank and capital markets
Large and strong banking group
Proven ability to access US-Dollar (incl. 144A) and Euro bond markets
2026 2027 2028 2029 2030 2031 2032
EUR Bonds USD Bonds Schuldschein Loans1 As of March 31, 2026 | 2 Does not include debt and lease liabilities included within liabilities directly associated with assets held for sale | 3 Based on utilization of major financing instruments, excl. Commercial Paper and other cash management lines | 4 Calculations based on total financial debt, excluding Lease & Purchase Money Obligations | 5 Including ~4% other currencies
Optimal capital structure | Building on sound and proven financing strategy
FME at a glance
FME segments
Q1 2026 financials
Outlook
FY 2026 Revenue and operating income
Revenue
growth
Broadly flat
FY 2025 basis: € 19,628 million
Operating income growth
Between positive and negative mid-single digit percent
Implied Group operating income margin
10.5 - 12.0 percent
FY 2025 basis: € 2,212 million
Revenue and operating income, as referred to in the outlook, are both on a constant currency basis and excluding special items. Special items will be provided as separate KPI ("Operating income excl. special items") to capture effects that are unusual in nature and have not been foreseeable or not foreseeable in size or impact at the time of providing the outlook. These items are excluded to ensure comparability of the figures presented with the Company's financial targets which have been defined excluding special items. The outlook assumes current laws/policies/regulations and tariffs. See page 43 for reconciliation table for Q1 2026 special items.
Growth rates as shown above are year-on-year basis
FY 2026 | Outlook & margin assumptions
Special items
− FME25+ costs around € 350 million
− Legacy Portfolio Optimization costs of around € 50 million
Operating income base
− FY 2025 operating income excluding special items of € 2,212 million
Revenue assumptions Operating income assumptions
Care Delivery
− Normal flu season with same market treatment growth in the U.S. broadly flat and in International with solid growth
− Moderate reimbursement rate increases and lower contribution from TDAPA regulation
Value-Based Care
− Around € 300 million lower due to changed contracting approach
Care Enablement
− Solid organic volume growth with moderately negative impacts from regulatory policy changes in China
Other drivers
− Portfolio optimization (realized in 2025 and 2026) negatively impacts growth by around 0.3%
− Currency assumptions based on EUR/USD 1.18
Revenue base
− FY 2025 revenue of € 19,628 million
Operating income drivers | in € million | ||||||
Headwind | Tailwind | ||||||
Business growth1 | 250-350 | ||||||
Incremental FME25+ savings | 250 | ||||||
Inflation (labor & cost) | 200-300 | ||||||
Regulatory effects2 | 150-200 | ||||||
Strategic investments3 | 100-150 |
The outlook assumes current laws/policies/regulations and tariffs
1 Excl. regulatory effects and strategic investments | 2 Incl. phosphate binders, expiry of extended tax subsidies for ACA | 3 Incl. 5008X rollout costs (OPEX), IT platform investments (in Corporate line)
FY 2026 | Outlook assumptions
2028 Aspirations 2030 Aspirations
Operating income growth CAGR
2025-2028
Revenue growth CAGR
3 to 7 percent
2025-2030
Operating income margin in %
Care Delivery | low- to mid-single digit percent
Care Enablement | mid-single digit percent
Excluding Value-Based Care
Group | Mid-teens
Care Delivery | Mid-teens Value-Based Care | Low-single digit Care Enablement | Mid-teens
Revenue and operating income, as referred to in the outlook, are both on a constant currency basis and excluding special items. Special items will be provided as separate KPI ("Operating income excl. special items") to capture effects that are unusual in nature and have not been foreseeable or not foreseeable in size or impact at the time of providing the outlook. These items are excluded to ensure comparability of the figures presented with the Company's financial targets which have been defined excluding special items. The outlook assumes current laws/policies/regulations and tariffs. See page 43 for reconciliation table for Q1 2026 special items.
Aspirations | Industry-leading growth and margins
Appendix
Q1 2026
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FMC - Fresenius Medical Care AG published this content on May 07, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 07, 2026 at 12:40 UTC.
