Fresenius Se & Co. Kgaa · XETR:FRE
Fresenius Se & Co. Kgaa — Q3 2026 Earnings Presentation
60 slides from Fresenius Se & Co. Kgaa's earnings presentation, Nov 4, 2026
Slide 1: Scaling the Growth Vectors, Core EPS Guidance improved
Scaling the Growth Vectors, Core EPS Guidance improved Q3 2026 conference call and webcast Bad Homburg, 4 November 2026 © Fresenius 2026 | Q3 2026 Earnings Call | 4 November 2026
Slide 2: Safe harbor statement and Glossary
Safe harbor Glossary statement This presentation contains forward-looking statements that are subject to cc At constant currency various risks and uncertainties. Future results could differ materially from those described in these forward-looking statements due to certain factors, Core EPS Earnings
Slide 3: Strategy and Business Update
01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 02 03 04 Strategy and Financials #FutureFresenius Appendix Business Update 3 © Fresenius 2026 | Q3 2026 Earnings Call | 4 November 2026
Slide 4: Q3/26: Core EPS Guidance improved
Q3/26: Core EPS Guidance improved Healthy Raising FY/26 Excellent Return focus Substantially FY/26 organic Group margin bottom-line: pays off: improved Cash Guidance growth: indication: Flow: Across Fresenius Kabi Strong profitability Consistent delivery at ROIC reaching mid- Free Cash Flow more and
Slide 5: Fresenius Kabi: Q3/26 news
Fresenius Kabi: Q3/26 news Nutrition MedTech Biopharma Pharma Advancing innovation Ivenix momentum Expanding U.S. Expanding European agenda: further accelerated: direct-to-payer- production capacity • NutriChef® launch • Contract secured with access: New agreement for IV fluids: New • Addition of Fr
Slide 6: Fresenius Kabi: Biopharma growth engine
Fresenius Kabi: Biopharma growth engine Market shares, by molecule Tyenne EU5: 39% • 45% volume increase in Q3/26 (YOY) • Additional supply secured to U.S.: 20% address strong demand in growing market EU5: 12% Bomyntra & Conexxence U.S.: 8% • Strong uptake continues • #1 or #2 in several key Europea
Slide 7: Fresenius Kabi: Quality firmly embedded across all operations
Fresenius Kabi: Quality firmly embedded across all operations Rigorous execution on quality Melrose Park: management and process A specific and manageable enhancements is part of the self-help opportunity ReJuvenate agenda Digitalization & AI initiatives: • Facility remains fully operational: No mat
Slide 8: Fresenius Helios: Q3/26 news
Fresenius Helios: Q3/26 news Germany Spain Constructive reimburse- Peer-reviewed research ment environment in confirms benefits of FY/27: “Scribe”: • DRG inflator at 4.85%1 • Ambient AI reduces documentation burden while • €450m surcharge for all non- maintaining quality university hospitals introdu
Slide 9: Building a vertically-integrated Bio powerhouse
Building a vertically-integrated Bio powerhouse 100% ownership WuXi Biologics exclusive in mAbxience development agreement Ambition to achieve Full control over scalable, cost- • Option rights for up to 37 competitive development and potential first-to-market Top3 manufacturing platform: candidates
Slide 10: Scaling the Growth Vectors for innovation-led growth
Scaling the Growth Vectors for innovation-led growth Fresenius Kabi EBIT Growth Vectors margin1 Growth Vectors1 Pharma 17.3% 9.3% 33% 45% 48% 55% 30% of Group ~€850m EBIT Q3/26 LTM 67% 55% 52% Revenue from 45% new products2 FY/23 FY/24 FY/25 Q1-3/26 Before special items; excl. Corporate 1 Nutrition,
Slide 11: Financials
01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 02 03 04 Strategy and Financials #FutureFresenius Appendix Business Update 11 © Fresenius 2026 | Q3 2026 Earnings Call | 4 November 2026
Slide 12: Q3/26: Excellent EPS growth fueled by strong operating performance
Q3/26: Excellent EPS growth fueled by strong operating performance Revenue EBIT EBIT Organic Revenue growth of 5%, driven by both Fresenius Kabi and Fresenius Helios margin EBIT margin of 11.0% (+50bps YOY; Q1-3/26: 11.7%) despite usual seasonality at Helios €5.8bn €638m 11.0% Excellent Core EPS gro
Slide 13: Fresenius Kabi Q3/26 financials
Fresenius Kabi Q3/26 financials Consistent Organic Revenue growth of 6%, in the upper half of the structural growth band (4 – 7%) 16.7% 16.7% 17.0% 17.0% EBIT • Growth Vectors with strong 9%1 Organic growth (Biopharma: 15.8% margin 29%1; MedTech: 6%1; Nutrition: 4%1) • Pharma with organic growth of
Slide 14: Fresenius Helios Q3/26 financials
Fresenius Helios Q3/26 financials Strong Organic Revenue growth of 5%, in line with structural growth band (4 – 6%) 11.7% 10.5% 10.6% Excellent EBIT margin of 8.6% (+110bp YOY), reflecting usual seasonality at Helios Spain 8.6% EBIT 8% margin Helios Germany: 7.5% • Strong 5% organic revenue growth,
Slide 15: Free Cash Flow more than doubled year-on-year
Free Cash Flow more than doubled year-on-year Cash Flow, €m Strong Operating Cash ~€720m cash Flow and cash incl. proceeds outflow from conversion: from FME mAbxience Q3/26 LTM CCR2: 1.1 2,700 acquisition in share sales Cash Flow from FY/25 CCR : 2 1.1 Financing FY/24 CCR : 2 1.1 -781 Activities FY/
Slide 16: Biopharma transactions: Retaining strategic control, flexibility and economic ownership
Biopharma transactions: Retaining strategic control, flexibility and economic ownership We allocate capital to most We maintain compelling opportunities strategic flexibility Potential to triple portfolio without Committed to a upfront capital commitment strong Balance Sheet Full flexibility in sele
Slide 17: Core EPS growth expected in upper half of Guidance range
Core EPS growth expected in upper half of Guidance range, raising Group EBIT margin indication Indications Organic revenue Core EPS Fresenius Group growth growth cc EBIT margin above 11.5% (previously: around 11.5%) FY/25 base: €2,595m 4 – 7% 10 – 15% Fresenius Kabi Mid- to high-single-digit org. re
Slide 18: #FutureFresenius
01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 02 03 04 Strategy and Financials #FutureFresenius Appendix Business Update 18 © Fresenius 2026 | Q3 2026 Earnings Call | 4 November 2026
Slide 19: REJUVENATE in action
REJUVENATE in action Q1-3/26 FY/251 Structural step-up Seizing opportunities #FutureFresenius translating Converting strong EBIT margin into continued earnings strength operational momentum into innovation-led growth 11.7% 11.5% Core EPS growth cc Scaling growth platforms Sustainable value +14% +12%
Slide 20: Meet the Management Nutrition
10 December 2026 Meet the Management Nutrition Virtual event 20 © Fresenius 2026 | Q3 2026 Earnings Call | 4 November 2026
Slide 21: Appendix
01 Strategy and Business Update 02 Financials 03 #FutureFresenius 04 Appendix 01 02 03 04 Strategy and Financials #FutureFresenius Appendix Business Update 21 © Fresenius 2026 | Q3 2026 Earnings Call | 4 November 2026
Slide 22: Capital allocation priorities
Fresenius Group Capital allocation priorities Profitable Attractive Strong Growth shareholder returns balance sheet Disciplined CAPEX – Distribution of 30 – 40% Leverage within focus on investments in of Core net income1 self-imposed target corridor organic growth in line with dividend policy of 2.5
Slide 23: Fresenius Financial Framework
Fresenius Group Fresenius Financial Framework Fresenius Fresenius Ambitions geared for Kabi Helios substantial earnings growth EBIT margin 17 – 19% 10 – 12% Strong balance across growth and stable cash Organic revenue growth 4 – 7% 4 – 6% flow Capital Efficiency Capital Structure Cash Committed to s
Slide 24: FY/26 indications
Fresenius Group FY/26 indications €m FY/25 FY/26 indication Fresenius Kabi Organic revenue growth 7% Mid- to high-single-digit EBIT margin 16.4% At the upper end of the 16.5 – 17.0% range Operating Companies Fresenius Helios Organic revenue growth 7% Mid-single-digit EBIT margin 9.8% 10.0 – 10.5% Gr
Slide 25: FY/26 indications: Q4/26 effects and macro environment
Fresenius Group FY/26 indications Q4/26 effects Macroeconomic environment: Kabi: Consistent topline growth Geopolitical conflicts, i.e. Middle East Kabi: Annualization of Ketosteril®1 Volume-based Procurement impact in China Exchange rate fluctuation Helios: GER surcharge (Nov. 2025 – Oct. 2026) Sup
Slide 26: Currency sensitivities & exposure
Fresenius Group Currency sensitivities & exposure FY/26 currency sensitivities Other Growth sensitivities 14% Currency Variation Revenue EBIT Core EPS ARS 1% U.S. Dollar +1 Cent CNY ~-10bps ~-25bps ~-25bps (USD) EURUSD 3% Argentine +100 Pesos Currency ~-5bps ~-10bps ~-10bps Peso (ARS) EURARS USD 11%
Slide 27: Fresenius Group: Business overview
Fresenius Group: Business overview Fresenius Strong underlying, Driving growth, Fresenius Helios sustained leadership accelerating performance Kabi Germany Spain Pharma Nutrition MedTech Biopharma Leader in Vertically- WHERE WE Clear market Clear market Global IV Gx & Scaled MedTech integrated integ
Slide 28: Q3/26 Statement of income
Fresenius Group Q3/26 Statement of income (Summary, IFRS, unaudited) Q3/25 Q3/25 €m Q3/26 restated1 previous Growth Revenue 5,884 5,556 5,485 6% Costs of revenue -4,351 -4,252 -4,185 -2% Gross profit 1,533 1,304 1,300 18% Selling, general and administrative expenses -823 -679 -676 -21% Research and
Slide 29: Q1-3/26 Statement of income
Fresenius Group Q1-3/26 Statement of income (Summary, IFRS, unaudited) Q1-3/25 Q1-3/25 €m Q1-3/26 restated1 previous Growth Revenue 17,648 16,912 16,717 4% Costs of revenue -13,030 -12,733 -12,548 -2% Gross profit 4,618 4,179 4,169 10% Selling, general and administrative expenses -2,326 -2,064 -2,05
Slide 30: Q3/26 Reconciliation
Fresenius Group Q3/26 Reconciliation Growth rate €m Q3/26 Q3/25 Growth rate at cc Revenue reported (after special items) 5,884 5,556 6% 4% Legacy portfolio adjustments -9 - Fresenius transformation -73 -79 Revenue (before special items) 5,803 5,477 6% 4% EBIT reported (after special items) 575 467 2
Slide 31: Q1-3/26 Reconciliation
Fresenius Group Q1-3/26 Reconciliation Growth rate €m Q1-3/26 Q1-3/25 Growth rate at cc Revenue reported (after special items) 17,648 16,912 4% 4% Legacy portfolio adjustments -19 -1 Fresenius transformation -219 -232 Revenue (before special items) 17,411 16,679 4% 4% EBIT reported (after special it
Slide 32: Indicative presentation of future disclosure of operating profit in accordance with IFRS 18
Indicative presentation of future disclosure of operating profit in accordance with IFRS 18 IFRS 18 applied from 2027 onwards IFRS 18 amends a number of other standards and will replace IAS 1, Presentation of Financial Statements. IFRS 18 requires presenting the statement of profit or loss in three
Slide 33: Indicative comparison: EBIT (IAS 1) vs. operating profit (IFRS 18)
Indicative comparison: EBIT before special items (IAS 1) vs. operating profit before special items (IFRS 18) Q1/26 Q2/26 Q3/26 Q1-3/26 Q1/26 Q2/26 Q3/26 Q1-3/26 €m (before special items) IAS 1 IAS 1 IAS 1 IAS 1 €m (before special items) IFRS 18 IFRS 18 IFRS 18 IFRS 18 Revenue 5,744 5,864 5,803 17,41
Slide 34: Q3/26 Revenue
Fresenius Group Q3/26 Revenue Revenue by region, % Revenue by business segment, % 6 1 1 7 13 40 €5.8bn €5.8bn 59 73 Europe North America Asia-Pacific Latin America Africa Fresenius Kabi Fresenius Helios Corporate/ Other Before special items 34 © Fresenius 2026 | Q3 2026 Earnings Call | 4 November 20
Slide 35: Q1-3/26 Revenue
Fresenius Group Q1-3/26 Revenue Revenue by region, % Revenue by business segment, % 2 12 38 7 €17.4bn €17.4bn 74 6 1 60 Europe North America Asia-Pacific Latin America Africa Fresenius Kabi Fresenius Helios Corporate/ Other Before special items 35 © Fresenius 2026 | Q3 2026 Earnings Call | 4 Novembe
Slide 36: Q3/26 Revenue growth by business segment
Fresenius Group Q3/26 Revenue growth by business segment Growth at Currency Growth at % of actual translation constant Organic Acqui- Divestitures total €m Q3/26 Q3/25 rates effects rates 1 growth1 sitions /others revenue Fresenius Kabi 2,304 2,141 8% 3% 5% 6% 0% -1% 40% Fresenius Helios 3,405 3,240
Slide 37: Q1-3/26 Revenue growth by business segment
Fresenius Group Q1-3/26 Revenue growth by business segment Growth at Currency Growth at % of actual translation constant Organic Acqui- Divestitures total €m Q1-3/26 Q1-3/25 rates effects rates 1 growth1 sitions /others revenue Fresenius Kabi 6,699 6,398 5% -1% 6% 6% 0% 0% 38% Fresenius Helios 10,43
Slide 38: Q3/26 Corporate
Fresenius Group Q3/26 Corporate €m Q3/26 Q3/25 Corporate Revenue 93 96 thereof Corporate -68 -86 thereof FHS1 161 182 €m Q3/26 Q3/25 Corporate EBIT -45 -26 thereof Corporate -58 -40 thereof FHS1 13 14 Before special items 1 Fresenius Health Services: hospital services business, previously owned by V
Slide 39: Q1-3/26 Corporate
Fresenius Group Q1-3/26 Corporate €m Q1-3/26 Q1-3/25 Corporate Revenue 279 277 thereof Corporate -219 -247 thereof FHS1 498 524 €m Q1-3/26 Q1-3/25 Corporate EBIT -130 -94 thereof Corporate -162 -123 thereof FHS1 32 29 Before special items 1 Fresenius Health Services: hospital services business, prev
Slide 40: Q3/26 Calculation of noncontrolling interests
Fresenius Group Q3/26 Calculation of noncontrolling interests €m Q3/26 Q3/25 Earnings before tax and noncontrolling interests 563 493 Taxes -143 -122 Noncontrolling interests, thereof -16 -20 Fresenius Kabi -15 -18 Fresenius Helios -1 -2 Corporate 0 0 Net income from Fresenius Medical Care and Vitre
Slide 41: Q1-3/26 Calculation of noncontrolling interests
Fresenius Group Q1-3/26 Calculation of noncontrolling interests €m Q1-3/26 Q1-3/25 Earnings before tax and noncontrolling interests 1,820 1,635 Taxes -446 -408 Noncontrolling interests, thereof -41 -48 Fresenius Kabi -34 -41 Fresenius Helios -7 -7 Corporate -1 0 Net income from Fresenius Medical Car
Slide 42: Q3/26 & Q3/26 LTM Cash flow development
Fresenius Group Q3/26 & Q3/26 LTM Cash flow development Q3/26 Q3/25 €m Q3/26 Q3/25 LTM LTM OCF 633 758 2,694 2,260 thereof Kabi 462 443 1,400 1,158 thereof Helios 284 332 1,488 1,306 % OCF Margin 11% 13.8% 11.6% 10.2% Capex (net) -190 -234 -781 -973 Capex (net) in % of Revenue -3.3% -4.3% -3.4% -4.4
Slide 43: Reconciliation: Adjusted Free Cash Flow for CCR
Fresenius Group Q3/26 & LTM Reconciliation: Adjusted Free Cash Flow for CCR Q3/2026 Q3/2025 €m LTM LTM Operating Cash Flow 2,694 2,260 Capex -952 -973 Free Cash Flow 1,742 1,287 (Before acquisitions, dividends, and lease liabilities) Special items 410 290 (net income before minorities) Interests 292
Slide 44: Q3/26 Cash flow development by business segment
Fresenius Group Q3/26 Cash flow development by business segment Operating Cash Flow Capex Free Cash Flow1 Q3/26 Q3/25 Q3/26 Q3/25 Q3/26 Q3/25 €m Q3/26 Q3/25 Margin Margin Q3/26 Q3/25 % rev. % rev. Q3/26 Q3/25 Margin Margin Fresenius Kabi 462 443 20.1% 20.7% -100 -93 -4.3% -4.3% 362 350 15.7% 16.3% F
Slide 45: Q3/26 LTM Cash flow development by business segment
Fresenius Group Q3/26 LTM Cash flow development by business segment Operating Cash Flow Capex Free Cash Flow Q3/26 Q3/25 Q3/26 Q3/25 Q3/26 Q3/25 Q3/26 Q3/25 LTM LTM Q3/26 Q3/25 LTM LTM Q3/26 Q3/25 LTM LTM €m LTM LTM Margin Margin LTM LTM % rev. % rev. LTM LTM Margin Margin Fresenius Kabi 1,400 1,158
Slide 46: Capital efficiency and returns
Fresenius Group Capital efficiency and returns ROIC1, % CCR1,2 Net debt / EBITDA1,3 9.0 1.3 4.0 1.2 1.2 8.0 1.2 3.5 6.9 7.0 1.1 1.1 1.1 6.8 1.1 3.1 7.0 6.6 1.1 3.0 3.0 6.2 6.2 6.2 6.3 3.0 1.0 1.0 3.0 6.0 1.0 2.7 2.6 2.6 2.5 2.5 5.0 0.9 4.0 0.8 2.0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q
Slide 47: Fresenius Kabi Q3/26 Organic revenue growth by product group
Fresenius Kabi Q3/26 Organic revenue growth by product group ΔYoY €m Q3/26 organic2 MedTech 428 6% Nutrition 646 4% Biopharma 296 29% Growth Vectors1 1,370 9% Pharma (IV Drugs & Fluids) 935 1% Corporate 0 0 Total revenue 2,304 6% 1 Consists of MedTech, Nutrition, Biopharma 2 Organic growth rate adju
Slide 48: Fresenius Kabi Q1-3/26 Organic revenue growth by product group
Fresenius Kabi Q1-3/26 Organic revenue growth by product group ΔYoY €m Q1-3/26 organic2 MedTech 1,256 7% Nutrition 1,869 4% Biopharma 793 33% Growth Vectors1 3,918 10% Pharma (IV Drugs & Fluids) 2,781 2% Corporate 0 0 Total revenue 6,699 6% 1 Consists of MedTech, Nutrition, Biopharma 2 Organic growt
Slide 49: Fresenius Kabi Q3/26 EBIT(DA) development
Fresenius Kabi Q3/26 EBIT(DA) development ΔYoY €m Q3/26 cc Total EBITDA 520 5% Margin 22.6% -10 bps Total EBIT 391 8% Margin 17.0% +30 bps Growth Vectors1 251 27% Margin 18.3% +240 bps Pharma (IV Drugs & Fluids) 187 -10% Margin 20.0% -200 bps Corporate -47 -- All figures before special items Margin
Slide 50: Fresenius Kabi Q1-3/26 EBIT(DA) development
Fresenius Kabi Q1-3/26 EBIT(DA) development ΔYoY €m Q1-3/26 cc Total EBITDA 1,523 7% Margin 22.7% +20 bps Total EBIT 1,131 8% Margin 16.9% +30 bps Growth Vectors1 680 27% Margin 17.3% +210 bps Pharma (IV Drugs & Fluids) 558 -9% Margin 20.1% -210 bps Corporate -107 -- All figures before special items
Slide 51: Global biosimilars portfolio and pipeline value
Fresenius Kabi Global biosimilars portfolio and pipeline value Molecules by stage of clinical development, peak branded originator sales (€bn)1 9 5 8 44 66 molecules adalimumab aflibercept dupilumab denosumab2 rituximab2 guselkumab pegfilgrastim vedolizumab risankizumab tocilizumab etanercept* secuk
Slide 52: Marketed biosimilars portfolio
Fresenius Kabi Marketed biosimilars portfolio Launch1 Therapy Area Brand (Molecule) Reference Product Region Potential Revenue Contribution Oncology 2025 Izamby/Denbrayce (denosumab)2 Prolia®/Xgeva® US, EU, RoW (Osteoporosis) Oncology Conexxence/Bomyntra 2025 Prolia®/Xgeva® US, EU, RoW (Osteoporosis
Slide 53: Global biosimilars pipeline: approved, in registration, clinical
Fresenius Kabi: Global biosimilars pipeline Molecules approved / in registration / clinical/ process validation Status Therapy Area Reference Product Originator Peak Loss of Exclusivity3 Potential Revenue (Molecule) Sales (€bn)2 Contribution MabThera®/Rituxan® US: Expired, Approved (US) Oncology 7 (
Slide 54: Global biosimilars pipeline: early-stage development
Fresenius Kabi: Global biosimilars pipeline Disclosed molecules in early-stage development Therapy Area Reference Product (Molecule) Originator Peak Sales (€bn)1 Loss of Exclusivity2 Immunology Skyrizi® (risankizumab) 28 US: 2034-2036, EU: 2034-2036 Immunology Dupixent® (dupilumab) 25 US: 2031-2034,
Slide 55: Fresenius Helios Q3/26 Key financials
Fresenius Helios Q3/26 Key financials ΔYoY €m Q3/26 cc Total revenue 3,405 5%1 Thereof Helios Germany 2,099 5%1 Thereof Helios Spain 1,307 5%1 Total EBIT 293 19% Margin 8.6% +110 bps Thereof Helios Germany 202 25% Margin 9.6% +160 bps Thereof Helios Spain 92 10% Margin 7.0% +40 bps Thereof Corporate
Slide 56: Fresenius Helios Q1-3/26 Key financials
Fresenius Helios Q1-3/26 Key financials ΔYoY €m Q1-3/26 cc Total revenue 10,433 5%1 Thereof Helios Germany 6,287 5%1 Thereof Helios Spain 4,146 4%1 Total EBIT 1,034 13% Margin 9.9% +80 bps Thereof Helios Germany 548 17% Margin 8.7% +100 bps Thereof Helios Spain 486 8% Margin 11.7% +40 bps Thereof Co
Slide 57: Fresenius Helios Q1-3/26 Key metrics
Fresenius Helios Q1-3/26 Key metrics €m Q3/26 Q3/25 ΔYoY Q1-3/26 Q1-3/25 ΔYoY Helios Germany Hospitals 80 84 -5% 80 84 -5% Thereof acute care hospitals 77 81 -5% 77 81 -5% Beds 30,060 29,804 1% 30,060 29,804 1% Thereof acute care hospitals 29,540 29,238 1% 29,540 29,238 1% Admissions1 1,300,484 1,25
Slide 58: Helios Germany: Constructive framework for continued reimbursement growth
Helios Germany Constructive framework for continued reimbursement growth DRG Inflator Regular support from additional funds Annual price increase for reimbursement of hospital treatments Around 70% of German hospitals are loss-making amid continued cost pressure, requiring additional government supp
Slide 59: Helios Germany: Regulatory changes playing to our strengths
Helios Germany Regulatory changes playing to our strengths Structural hospital reform1 GKV Stabilization Act1,4 Create a more quality-driven and specialized hospital sector Stabilize the statutory health insurance system (GKV) and – in effect since January 2025 with multi-year, phased limit rising c
Slide 60: Financial Calendar & Contact
Financial Calendar & Contact Financial Calendar Please note that these dates could be subject to change. Investor Feedback and Social Media 10 Dec 2026 Meet the Management Nutrition (virtual) Open dialogues are vital to us! We have teamed up with Quantifire for quick and convenient feedback sharing.
Fresenius SE & Co. KGaA — Q3 2026 Earnings Presentation on 6ix