06/10/2026 | Press Release

• Interwell achieved top quality scores and sustained savings growth over the first three years of the Kidney Care Choices Model 

Bad Homburg (June 10, 2026) - Interwell Health, the value-based care operating segment of Ģ����ý, has released new results showcasing exceptional performance in the U.S. Center for Medicare & Medicaid InnovationĢ����ý�s (CMMI) Kidney Care Choices (KCC) Model¹. As the largest participant in the Comprehensive Kidney Care Contracting (CKCC) program option, Interwell delivered $273 million in shared savings² to the government program and consistently achieved top quality scores (88% average, 9 points higher than non-Interwell CKCC participants) over the first three years of the program, solidifying its leadership in value-based kidney care.

The Centers for Medicare & Medicaid Services (CMS) recently released new data that highlights InterwellĢ����ý�s strong results in the CKCC program:

• Industry-leading quality: Largest share of high performer pool (44% of three-year total), with the most high performers and most perfect scores in 2024 
• Outstanding financial results: 43% higher three-year average adjusted gross savings rate compared to non-Interwell Kidney Care Entities (KCEs)
• Scalable growth: Increased gross savings 1 percentage point year over year while serving the largest patient population (in 2024, Interwell served 59,520 patients across 23 KCEs)

Ģ����ý�Our leadership in the CKCC program further validates that Interwell Health is setting the standard for kidney care,Ģ����ý� said Tommy OĢ����ý�Connor, CEO of Interwell Health. Ģ����ý�Our consistent quality results and ability to improve patient outcomes at scale demonstrate that value-based care transforms lives and delivers significant savings to the healthcare system. When you combine a compassionate network of patient-centered nephrologists with InterwellĢ����ý�s hands-on care model and advanced technology, patients win.

Year-over-year improvement and industry leadership

CMMI developed the KCC Model to test strategies that increase care coordination for Medicare patients with chronic kidney disease (CKD) and end-stage renal disease (ESRD) while improving outcomes and reducing total cost of care. Since the programĢ����ý�s inception, Interwell has consistently delivered measurable improvements in quality metrics including:

• Higher rates of optimal dialysis starts, which measures the percent of patients who transition from late-stage CKD to ESRD care by starting dialysis at home, starting dialysis in-center with permanent dialysis access, or receiving a preemptive kidney transplant
• Improved Patient Activation Measure (PAM) scores, which measure a patientĢ����ý�s knowledge and confidence in managing their health
• Increased use of home-based therapies, which measures the percent of patients who start dialysis at home instead of in-center 

Additionally, Interwell grew its gross shared savings rate 71% over three years (3.6% in 2024 from 2.1% in 2022), reflecting the growing financial success of the CKCC Model as it matures.

Interwell supports nephrology practices in the CKCC with resources including embedded renal care coordinators (RCCs), clinical documentation support, and advanced analytics. Ģ����ý�Without an RCC I don't know how this program would work, because the RCCs do so much in terms of increasing optimal starts and engaging family members,Ģ����ý� said Dr. William McElhaugh, a nephrologist at Kidney Care Specialists. Ģ����ý�We also use Acumen®, Interwell's electronic health record system, which allows us to see patients' medical histories to ensure that they are risk stratified properly, which you need to do to be successful in a value-based program." Kidney Care Specialists is part of the Interwell Philadelphia KCE, one of only five KCEs to earn a perfect score in the 2024 program year. 

InterwellĢ����ý�s ongoing success in value-based kidney care is powered by its robust network of more than 2,300 nephrologist partners, comprehensive care model, proprietary Epic® Connect EHR platform Interwell Acumen™, and tight alignment with Ģ����ý. Together, these capabilities enable a sustainable approach to kidney disease management that reduces costs and improves outcomes across the care continuum. 

¹ The statements contained in this press release are solely those of the authors and do not necessarily reflect the views or policies of CMS. The authors assume responsibility for the accuracy and completeness of the information contained in this document.
² Savings fully reflected in prior yearsĢ����ý� financial figures reported by FME

Ģ����ý Ģ����ý:
Ģ����ý is the world's leading provider of products and services for individuals with renal diseases of which around 4.5 million patients worldwide regularly undergo dialysis treatment. Through its network of 3,539 dialysis clinics, Ģ����ý provides dialysis treatments for approx. 290,000 patients around the globe. Ģ����ý is also the leading provider of dialysis products such as dialysis machines or dialyzers. Ģ����ý is listed on the Frankfurt Stock Exchange (FME) and on the New York Stock Exchange (FMS).

Ģ����ý Interwell Health:
As a leading provider of value-based kidney care, Interwell Health is on a mission to reimagine healthcare to help patients live their best lives. Interwell, the value-based care operating segment of Ģ����ý, is setting the standard for the industry by producing sustainable savings and driving exceptional quality results at unmatched scale. The company leverages a two-pronged approach that includes total patient care and provider enablement to serve patients with chronic kidney disease (CKD) from stage 3 to kidney failure. In partnership with more than 2,300 nephrologists, the Interwell interdisciplinary care team leverages advanced machine learning algorithms to personalize care for patients.
To learn more, visit .

Disclaimers:
This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results could differ materially from those described in these forward-looking statements due to various factors, including, but not limited to, changes in business, economic and competitive conditions, legal changes, regulatory approvals, results of clinical studies, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. These and other risks and uncertainties are detailed in Ģ����ýĢ����ý�s reports filed with the U.S. Securities and Exchange Commission. Ģ����ý does not undertake any responsibility to update the forward-looking statements in this release.

Epic and Epic Connect are trademarks of Epic Systems Corporation. Acumen® has licensed an instance of Epic EHR software but is otherwise not affiliated with Epic Systems Corporation.

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06/03/2026 | Press Release

• Global launch of a single, integrated digital platform connecting remote therapy monitoring and operational workflows for home dialysis programs
• Designed to simplify care processes for healthcare teams and their patients to support high-quality, personalized care for patients dialyzing at home
• Enables managing peritoneal dialysis and home hemodialysis therapies across Ģ����ýĢ����ý�s global home dialysis portfolio in one digital platform

Bad Homburg (June 3, 2026) Ģ����ý� Ģ����ý, the worldĢ����ý�s leading provider of products and services for individuals with renal diseases, today announced the global launch of kinexus, a unified digital platform designed to support home dialysis programs and strengthen connected, patient-centered care.

With kinexus, Ģ����ý (FME) is advancing connected home dialysis care by bringing together digital modules supporting peritoneal dialysis (PD) and home hemodialysis (HHD) within a single, unified platform. For both therapies, kinexus supports remote therapy monitoring by enabling treatment information collected at home to be regularly transmitted to the clinic for review, as well as remote prescription management that allows for greater efficiency within the healthcare team to adapt and send updated prescriptions to a patient remotely. 

kinexus also supports integrated supply ordering for both PD and HHD, with the aim of streamlining workflows for care teams and simplifying the treatment experience for patients.

Ģ����ý�kinexus represents an important step in strengthening how we support home dialysis programs through digital infrastructure and demonstrates our long-term commitment to home therapies globally,Ģ����ý� said Joe Turk, Chief Executive Officer of Care Enablement at Ģ����ý. Ģ����ý�By launching a unified platform that connects therapy management and operational workflows, we are continuing to build a digital foundation designed for the realities of home dialysis care.Ģ����ý� 

Designed as a modular solution on the Huma Cloud Platform, kinexus is built to support existing and future home dialysis functionality within a consistent regulated digital framework. The platform is intended for use by healthcare teams responsible for managing peritoneal and home hemodialysis programs as well as their patients. It enables Ģ����ý to easily integrate additional capabilities over time while maintaining a unified system architecture for home therapies.

The launch of kinexus is part of Ģ����ýĢ����ý�s broader portfolio of products, services, and digital solutions supporting kidney care across settings. Through kinexus, the Company is bringing together and expanding existing home dialysis digital capabilities globally, with availability across regions aligned with local regulatory and operational requirements, and showcasing kinexus at the European Renal Association Congress 2026, taking place June 3-6 in Glasgow, Scotland. 

To learn more about kinexus, please visit this website. 

Ģ����ý Ģ����ý:

Ģ����ý is the world's leading provider of products and services for individuals with renal diseases of which around 4.5 million patients worldwide regularly undergo dialysis treatment. Through its network of 3,539 dialysis clinics, Ģ����ý provides dialysis treatments for approx. 290,000 patients around the globe. Ģ����ý is also the leading provider of dialysis products such as dialysis machines or dialyzers. Ģ����ý is listed on the Frankfurt Stock Exchange (FME) and on the New York Stock Exchange (FMS).

Disclaimer:
This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results could differ materially from those described in these forward-looking statements due to various factors, including, but not limited to, changes in business, economic and competitive conditions, legal changes, regulatory approvals, results of clinical studies, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. These and other risks and uncertainties are detailed in Ģ����ýĢ����ý�s reports filed with the U.S. Securities and Exchange Commission. Ģ����ý does not undertake any responsibility to update the forward-looking statements in this release.

Huma Therapeutics Limited is the digital health platform partner and legal manufacturer of kinexus. Ģ����ý Deutschland GmbH acts as the authorized distributor.

For more information about Huma Therapeutics Limited visit the companyĢ����ý�s website at . 

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05/28/2026 | Press Release

Bad Homburg (May 28, 2026) Ģ����ý� Ģ����ý (FME), the worldĢ����ý�s leading provider of products and services for individuals with renal diseases, today announced the launch of the first tranche of its new share buyback program with a total volume of around EUR 1 billion. The first tranche, amounting up to EUR 600 million, was initiated today and is expected to be completed by December 15, 2026.

The share buyback program is part of the CompanyĢ����ý�s capital allocation framework, complementing dividends and reflecting FMEĢ����ý�s commitment to disciplined, value-focused capital management.

The program is based on the authorization to purchase and use treasury shares granted by the CompanyĢ����ý�s Annual General Meeting on May 21, 2026.

FME will provide regular updates on the progress of the share buyback program at: 
Share buyback | Ģ����ý

Ģ����ý Ģ����ý:

Ģ����ý is the world's leading provider of products and services for individuals with renal diseases of which around 4.5 million patients worldwide regularly undergo dialysis treatment. Through its network of 3,539 dialysis clinics, Ģ����ý provides dialysis treatments for approx. 290,000 patients around the globe. Ģ����ý is also the leading provider of dialysis products such as dialysis machines or dialyzers. Ģ����ý is listed on the Frankfurt Stock Exchange (FME) and on the New York Stock Exchange (FMS).

Disclaimer:
This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results could differ materially from those described in these forward-looking statements due to various factors, including, but not limited to, changes in business, economic and competitive conditions, legal changes, regulatory approvals, results of clinical studies, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. These and other risks and uncertainties are detailed in Ģ����ýĢ����ý�s reports filed with the U.S. Securities and Exchange Commission. Ģ����ý does not undertake any responsibility to update the forward-looking statements in this release.

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05/27/2026 | Press release

• Hemodiafiltration (HDF) research reinforces Ģ����ýĢ����ý�s continued leadership in advancing evidence-based dialysis care and treatment personalization
• New research focuses on applying real-world evidence, patient-centered outcomes and artificial intelligence across dialysis modalities and continuity of kidney care
• A preview of kinexus, a unified digital platform intended to support home dialysis programs by connecting therapy management and care workflows

Bad Homburg (May 27, 2026) Ģ����ý� Ģ����ý (FME), the worldĢ����ý�s leading provider of products and services for individuals with kidney diseases, presents new research highlighting ongoing innovation at the European Renal Association (ERA) Congress 2026, June 3-6 in Glasgow, Scotland, and virtually. The Company highlights advancements including new hemodiafiltration research that reaffirm its leadership in evidence based and personalized dialysis care, real-world evidence to strengthen patient centered outcomes across dialysis modalities, and the application of artificial intelligence (AI) to improve patient outcomes. 

Ģ����ý�Ģ����ý is focused on the research that can meaningfully advance the standard of care for people living with kidney disease,Ģ����ý� said Charles Hugh-Jones, Global Chief Medical Officer at Ģ����ý. Ģ����ý�At ERA Congress 2026, we continue demonstrating our CompanyĢ����ý�s leadership in evidence-based hemodiafiltration research and present abstracts covering the use of real-world evidence, patient-centered outcomes and artificial intelligence that are designed to help clinicians make better informed decisions and support patients across multiple care settings.Ģ����ý�

FMEĢ����ý�s Global Medical Office and Renal Research Institute (RRI) teams present multiple abstracts across a range of critical topics in nephrology, demonstrating how data, artificial intelligence, and patient-centered outcomes are shaping the future of kidney care.

Key presentations include:

• Impact of Matching and Weighting Strategy on Patient Retention and 3Ģ����ý�Year Mortality in RealĢ����ý�World Hemodialysis and Hemodiafiltration: In a real-world analysis, hemodiafiltration was associated with lower three-year mortality risk than hemodialysis, with consistent results across different comparison methods.
• The Association Between PatientĢ����ý�Reported Dialysis Recovery Time and Missed Treatments: Hemodialysis patients who reported longer recovery times after treatment also had a higher number of missed treatments.
• ClinicsĢ����ý� Utilization of an AI-Based Model Predicting Peritoneal Dialysis Dropouts Is Associated with Lower Hospitalization Rates: Clinics with higher use of an AI-based dashboard for identifying peritoneal dialysis patients at risk of dropping out saw lower all-cause hospitalization rates.
• A HighĢ����ý�Precision LargeĢ����ý�Language Model Approach for Abstract Screening in Systematic Reviews: GPT-5 may help researchers sort through large numbers of research studies by identifying ones that are most relevant.

In addition to these presentations, FME leaders and researchers will also be available onsite at Booth #C.210 and the Renal Research InstituteĢ����ý�s Booth #C.410 to discuss research insights, clinical collaborations, and innovations in kidney care. 

As part of its broader innovation portfolio highlighted at the Congress, FME previews kinexus, a unified digital platform for home dialysis. Designed as a single, integrated ecosystem, kinexus brings together remote therapy management and operational workflows to help simplify care processes for healthcare teams and support high-quality, personalized care for patients dialyzing at home.

To learn more about FMEĢ����ý�s presence at ERA, please click here.

Ģ����ý Ģ����ý:

Ģ����ý is the world's leading provider of products and services for individuals with renal diseases of which around 4.5 million patients worldwide regularly undergo dialysis treatment. Through its network of 3,539 dialysis clinics, Ģ����ý provides dialysis treatments for approx. 290,000 patients around the globe. Ģ����ý is also the leading provider of dialysis products such as dialysis machines or dialyzers. Ģ����ý is listed on the Frankfurt Stock Exchange (FME) and on the New York Stock Exchange (FMS).

Disclaimer:
This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results could differ materially from those described in these forward-looking statements due to various factors, including, but not limited to, changes in business, economic and competitive conditions, legal changes, regulatory approvals, results of clinical studies, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. These and other risks and uncertainties are detailed in Ģ����ýĢ����ý�s reports filed with the U.S. Securities and Exchange Commission. Ģ����ý does not undertake any responsibility to update the forward-looking statements in this release.

Huma Therapeutics Limited is the digital health platform partner and legal manufacturer of kinexus. Ģ����ý Deutschland GmbH acts as the authorized distributor.

For more information about Huma Therapeutics Limited visit the companyĢ����ý�s website at . 

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05/26/2026 | Press Release

• Total volume of the share buyback is around EUR 1 billion over 12 months
• Share buyback expected to begin in the near future

Bad Homburg (May 26, 2026) Ģ����ý� Ģ����ý (FME), the worldĢ����ý�s leading provider of products and services for individuals with renal diseases, intends to execute a new share buyback program with a total volume of around EUR 1 billion. The program shall be executed in tranches over a period of 12 months from its start.

The share buyback program is based on the authorization to purchase and use treasury shares granted by the CompanyĢ����ý�s Annual General Meeting on May 21, 2026. It is expected to begin in the near future and only a few weeks after the previous share buyback program was successfully completed on April 30, 2026. As part of FMEĢ����ý�s capital allocation framework, regular share buyback programs complement dividend payments and reflect the CompanyĢ����ý�s continued focus on disciplined capital allocation and value creation. 

Helen Giza, CEO and Chair of the Management Board of Ģ����ý AG, said, Ģ����ý�The new share buyback program reflects our unwavering commitment to create value and return capital to shareholders. Launching a new share buyback program shortly after successfully completing our initial EUR 1 billion share buyback Ģ����ý� ahead of schedule Ģ����ý� demonstrates our financial strength and disciplined execution. This new program underscores our confidence in our FME Reignite strategy, our performance, and the future sustainable profitable growth trajectory of Ģ����ý.Ģ����ý�

Martin Fischer, Chief Financial Officer of Ģ����ý, said, Ģ����ý�The new share buyback program is enabled by our strong operating cash-flow generation and financial discipline. Allocating capital to share buybacks delivers attractive and sustainable returns for shareholders.Ģ����ý�

Information to previous FME share buyback programs can be found here:

Share buyback | Ģ����ý

Ģ����ý Ģ����ý:

Ģ����ý is the world's leading provider of products and services for individuals with renal diseases of which around 4.5 million patients worldwide regularly undergo dialysis treatment. Through its network of 3,539 dialysis clinics, Ģ����ý provides dialysis treatments for approx. 290,000 patients around the globe. Ģ����ý is also the leading provider of dialysis products such as dialysis machines or dialyzers. Ģ����ý is listed on the Frankfurt Stock Exchange (FME) and on the New York Stock Exchange (FMS).

Disclaimer:
This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results could differ materially from those described in these forward-looking statements due to various factors, including, but not limited to, changes in business, economic and competitive conditions, legal changes, regulatory approvals, results of clinical studies, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. These and other risks and uncertainties are detailed in Ģ����ýĢ����ý�s reports filed with the U.S. Securities and Exchange Commission. Ģ����ý does not undertake any responsibility to update the forward-looking statements in this release.

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05/21/2026 | Press release

• Shareholders approve proposed dividend of EUR 1.49 per share
• FME Reignite strategy launched in 2025 successfully drives the next phase of value creation
• 5008X CAREsystem introduced in U.S. clinics; full U.S. commercial launch underway in 2026
• EUR 1 billion share buyback program successfully completed, and a new authorization granted to support the CompanyĢ����ý�s capital allocation framework which includes share buyback programs

At todayĢ����ý�s Annual General Meeting, Michael Sen, Chairman of the Supervisory Board of Ģ����ý AG, said, Ģ����ý�We are firmly operating in a new time, defined by geopolitical uncertainty, transactional global relationships, and market volatility. For a global healthcare company such as Ģ����ý, adaptability is decisive. The ability to recognize changes early on and anticipate them will be essential for success. For this, the Company laid the groundwork last year.Ģ����ý�

Michael Sen added, Ģ����ý�Ģ����ý looks back on a strong year. Financial performance and margins have improved, and leverage has been reduced. Organic revenue growth reached 8 percent¹, driven by positive contributions from all operating segments. On behalf of the Supervisory Board, I thank the Management Board, under the leadership of Helen Giza, and all 110,000 employees of Ģ����ý for their performance. More than 44 million dialysis treatments delivered worldwide, and life-sustaining medical technology supplied to patients in 140 countries are impressive figures. The Company did a lot of things right last year and is now well-positioned. I am confident that Ģ����ý will continue to provide top-tier kidney care in the future while also achieving financial success.Ģ����ý�

Helen Giza, CEO and Chair of the Management Board of Ģ����ý AG, said, Ģ����ý�2025 marked the culmination of our FME25 turnaround and transformation, a multi-year effort to fundamentally strengthen Ģ����ý. Despite a challenging external environment, we set out to make this Company healthier, more resilient, and more disciplined. I am proud to say that we delivered, and that we have the aspiration to lead kidney care through exceptional patient care and innovation. We closed 2025 at the upper end of our outlook, with solid revenue results and strong operating income growth. Our group operating margin² increased to 11.3 percent, up from 7.9 percent just three years ago; firmly within our midĢ����ý�term target range of 10 to 14 percent. By the end of last year, we reduced our net leverage ratio to 2.5 times down from 3.4 times in 2022.Ģ����ý�

Helen Giza added, Ģ����ý�Equally important, we reached a major milestone in 2025 with the U.S. Food and Drug Administration approval of our hemodiafiltrationĢ����ý�capable 5008X CAREsystem in the United States. This approval enabled the introduction of highĢ����ý�volume hemodiafiltration therapy in select U.S. clinics, laying the groundwork for the full commercial launch that is currently underway in 2026. We are launching this therapy in the U.S. from a strong foundation. In the United States, nearly 90% of inĢ����ý�center dialysis machines are Ģ����ý devices. The transition to the 5008X CAREsystem will be the largest infrastructure upgrade in our CompanyĢ����ý�s history Ģ����ý� and a defining moment for kidney care in the U.S.Ģ����ý�

Ģ����ý�Everything we do must serve the people who depend on us: patients and their loved ones,Ģ����ý� said Giza. Ģ����ý�At our Capital Markets Day in June 2025, we introduced FME Reignite Ģ����ý� our fiveĢ����ý�year strategy through 2030. Our ambition is clear: We strive to deliver industryĢ����ý�leading outcomes, generate margins with above-market growth, and drive value creation. We have the science, the systems, and the people to deliver.Ģ����ý� The CEO thanked employees for their dedication and commitment to ensuring high-quality care for patients worldwide.

A majority of 99.87 percent of the votes cast at the Annual General Meeting approved the dividend proposal for fiscal year 2025 of EUR 1.49 per share entitled to dividend (2024: EUR 1.44 per share).  Ģ����ýĢ����ý�s dividend policy foresees a stable and predictable dividend development, resulting in a 30 to 40 percent payout ratio of net income³.

As part of the capital allocation framework, shareholder returns through dividends are complemented by share buybacks. Under an initial €1.0 billion share buyback program, 24.8 million shares Ģ����ý� representing 8.5% of the share capital Ģ����ý� were repurchased in a significantly accelerated manner. On April 30, 2026, the share buyback program, consisting of two tranches, was successfully completed in under one year, instead of the originally announced two year period.

With a majority of 97.59 percent, the Annual General Meeting granted the Management Board a new authorization to acquire and use treasury shares for a period of five years. This renewed authorization is intended to support the FME capital allocation framework, which includes share buyback programs to continue shareholder value creation.

The Annual General Meeting approved the Compensation Report for the Management Board and the Supervisory Board for fiscal year 2025 with a majority of 84.67 percent.

The actions of the Management Board and the Supervisory Board for 2025 were formally approved by majorities of 99.87 percent and 97.42 percent, respectively.

Further details on the voting results for these and other agenda items will be published here. 

At the Annual General Meeting, 78.71 percent of the share capital was represented.

¹ At constant currency, adjusted for certain reconciling items including revenue from acquisitions, closed or sold operations and differences in dialysis days
² Adjusted for special items
³ Net income attributable to shareholders of FME AG excluding special items

Ģ����ý Ģ����ý:
Ģ����ý is the world's leading provider of products and services for individuals with renal diseases of which around 4.5 million patients worldwide regularly undergo dialysis treatment. Through its network of 3,539 dialysis clinics, Ģ����ý provides dialysis treatments for approx. 290,000 patients around the globe. Ģ����ý is also the leading provider of dialysis products such as dialysis machines or dialyzers. Ģ����ý is listed on the Frankfurt Stock Exchange (FME) and on the New York Stock Exchange (FMS).

Disclaimer:
This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results could differ materially from those described in these forward-looking statements due to various factors, including, but not limited to, changes in business, economic and competitive conditions, legal changes, regulatory approvals, results of clinical studies, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. These and other risks and uncertainties are detailed in Ģ����ýĢ����ý�s reports filed with the U.S. Securities and Exchange Commission. Ģ����ý does not undertake any responsibility to update the forward-looking statements in this release.

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05/20/2026 | Press release

Bad Homburg (May 20, 2026) Ģ����ý� The Supervisory Board of Ģ����ý AG, the worldĢ����ý�s leading provider of products and services for individuals with renal disease, today has reappointed Chief Financial Officer (CFO) and Management Board Member Martin Fischer (49) for a period of five years until 2031. 

Michael Sen, Chairman of the Supervisory Board, commented, Ģ����ý�Martin Fischer has demonstrated strong and consistent leadership and has further strengthened Ģ����ýĢ����ý�s governance, transparency, and financial discipline.Ģ����ý� Michael Sen added, Ģ����ý�Over the past few years, Martin Fischer has made a significant contribution to driving forward the transformation of Ģ����ý. We are therefore very pleased that he will continue to serve the company.Ģ����ý�

Helen Giza, CEO and Chair of the Management Board, said, Ģ����ý�Martin has been a trusted partner in driving performance across the organization. He has played a critical role in strengthening our financial resilience, supporting disciplined capital allocation, and advancing our strategic priorities. I welcome the Supervisory BoardĢ����ý�s decision and look forward to continuing our close collaboration.Ģ����ý�

Martin Fischer said, Ģ����ý�I highly appreciate the Supervisory BoardĢ����ý�s trust and confidence and look forward to the continued partnership with Helen, the Management Board and our great team at Ģ����ý. Our company has a clear strategic direction, and I am excited about shaping the next chapter by further strengthening financial discipline, resilience, and long term value creation as we execute our priorities.Ģ����ý�

Prior to joining Ģ����ý, Martin Fischer served as Head of Finance for the Diagnostics Division at Siemens Healthineers. He holds a degree in business informatics from Reutlingen University of Applied Sciences, an MBA from Friedrich Alexander University in Nuremberg, and completed the Chief Financial Officer Program at Columbia Business School.

Ģ����ý Ģ����ý:
Ģ����ý is the world's leading provider of products and services for individuals with renal diseases of which around 4.5 million patients worldwide regularly undergo dialysis treatment. Through its network of 3,539 dialysis clinics, Ģ����ý provides dialysis treatments for approx. 290,000 patients around the globe. Ģ����ý is also the leading provider of dialysis products such as dialysis machines or dialyzers. Ģ����ý is listed on the Frankfurt Stock Exchange (FME) and on the New York Stock Exchange (FMS).

Disclaimer:
This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results could differ materially from those described in these forward-looking statements due to various factors, including, but not limited to, changes in business, economic and competitive conditions, legal changes, regulatory approvals, results of clinical studies, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. These and other risks and uncertainties are detailed in Ģ����ýĢ����ý�s reports filed with the U.S. Securities and Exchange Commission. Ģ����ý does not undertake any responsibility to update the forward-looking statements in this release.

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05/05/2026 | Press release

• Organic revenue growth¹ of 4% with growth in all operating segments
• Operating income² grew 10%, resulting in further margin expansion to 10.1%
• FME25+ transformation program related one-time costs mainly drove reported operating income decline of 14% and reported net income³ decrease of 22%
• Earnings per share² (EPS) increased by 16%, supported by the share buyback program
• FY 2026 outlook confirmed 

Bad Homburg, Germany (May 5, 2026) Ģ����ý� Ģ����ý�Ģ����ý delivered continued operational and financial progress in the first quarter, with organic revenue growth, improved profitability and adjusted EPS growth. Operating income growth was in line with our planned phasing,Ģ����ý� said Helen Giza, Chief Executive Officer of Ģ����ý. Ģ����ý�Care Delivery posted strong operating income growth supported by positive TDAPA effects. Excluding positive TDAPA effects, underlying Care Delivery operating income² improved by 6%. We are pleased with the speed of the rollout of our innovative 5008X CAREsystem, now available in around 100 clinics and with more than 100,000 treatments performed.Ģ����ý� Giza continued, Ģ����ý�Through focused execution of our FME Reignite strategy, we remain on track to maintain Group operating income at a consistent high level while overcoming significant regulatory headwinds. We confirm our outlook for 2026 and are firmly committed to creating long-term value for our shareholders.Ģ����ý�

Key figures Q1 (unaudited)

yoy = year-on-year, cc = at constant currency, EPS = earnings per share

Progress on FME Reignite 

Ģ����ý, the worldĢ����ý�s leading provider of products and services for individuals with renal disease, successfully advances the next phase of value creation with its FME Reignite strategy. The strategy focuses on strengthening core operations, driving profitable growth and innovation, and advancing the company culture.

During the first quarter, the FME25+ transformation program delivered EUR 50 million additional sustainable savings. Ģ����ý started the optimization of its U.S. dialysis clinic footprint by exiting 64 of up to 100 selected clinics. The company expects to retain the majority of its dialysis patients in neighboring clinics. FME25+ one-time costs, driven mainly by clinic closures cost, were treated as special items and amounted to EUR 166 million. The company expects EUR 250 million savings and EUR 350 million related one-time costs in 2026. FME25+ savings are expected to total EUR 1.2 billion by the end of 2027.

As part of the capital allocation framework, shareholder returns through dividends are complemented by share buybacks. Through an initial share buyback program of EUR 1.0 billion, 24.8 million shares or 8.5% of share capital were bought back in a significantly accelerated way. On April 30, the program was successfully completed in less than one year instead of within two years, as originally announced. As of March 31, 23.3 million shares or 7.9% of total share capital have been repurchased for a total investment amount of EUR 941 million.

Solid organic revenue growth driven by all operating segments  

In the first quarter 2026, Group revenue decreased by 6% compared to prior year (+3% at constant currency, +4% organic¹) to EUR 4,612 million. Significant currency effects negatively impacted revenue development in all three operating segments. Divestitures realized as part of the portfolio optimization plan negatively affected the revenue development by 50 basis points.

Care Delivery revenue decreased by 4% (+5% at constant currency, +6% organic¹) to EUR 3,294 million. Divestitures realized as part of the portfolio optimization plan negatively affected the revenue development by 80 basis points.

In Care Delivery U.S., revenue decreased by 4% (+6% at constant currency, +7% organic¹) to EUR 2,765 million. TDAPA reimbursement regulations as well as favorable rate and payor mix effects had a positive impact while exchange rates developed unfavorably. U.S. same market treatment growth came in at -0.4%. 

In Care Delivery International, revenue decreased by 5% (-2% at constant currency, +3% organic¹) to EUR 529 million. The effects of closed or sold operations, mainly related to portfolio optimization, and unfavorable exchange rates were partially offset by positive organic growth¹. International same market treatment growth amounted to 1.3%.

Value-Based Care revenue decreased by 7% (+3% at constant currency, +3% organic¹) to EUR 490 million. The development in the quarter was driven by higher number of member months and positive effects from premium rates, offset by the changed risk contracting for one of the contracts and negative exchange rate effects. 

Care Enablement revenue decreased by 5% (+1% at constant currency, +1% organic¹) to EUR 1,299 million. Unfavorable exchange rate effects as well as lower volumes, driven by negative impacts from volume-based procurement and stricter tender requirements in China, were partly offset by positive pricing and volume development outside China, mainly driven by the sales of 5008X CAREsystems.

Within Inter-segment eliminations⁴, revenue for services provided and products transferred between the operating segments at fair market value came in at negative EUR 471 million. 

Continued earnings growth and margin expansion 

In the first quarter 2026, Group operating income decreased by 14% (-9% at constant currency) to EUR 286 million, resulting in a margin of 6.2% (Q1 2025: 6.8%). Operating income excluding special items increased by 2% (+10% at constant currency) to EUR 467 million, resulting in a margin² of 10.1% (Q1 2025: 9.4%).

Operating income in Care Delivery decreased by 15% (-3% at constant currency) to EUR 271 million, resulting in a margin of 8.2% (Q1 2025: 9.3%). Operating income excluding special items increased by 12% (+26% at constant currency) to EUR 398 million, resulting in a margin² of 12.1% (Q1 2025: 10.3%). Compared to previous year, operating income development was driven by positive impact from TDAPA reimbursement regulations as well as positive rate and payor mix effects. The development was negatively impacted by higher personnel expenses. 

Operating income in Value-Based Care amounted to a loss of EUR 11 million, compared to a profit of EUR 3 million in the prior year, resulting in a margin of -2.3% (Q1 2025: 0.6%) Operating income excluding special items more than doubled with an increase of 113% (+137% at constant currency) to EUR 9 million, resulting in a margin² of 1.8% (Q1 2025: 0.8%). The improvement was driven by an enhanced savings rate and positive contributions from the FME25+ program. 

Operating income in Care Enablement decreased by 7% (-9% at constant currency) to EUR 87 million, resulting in a margin of 6.7% (Q1 2025: 6.9%). Operating income excluding special items decreased by 1% (stable at constant currency) to EUR 113 million, resulting in a margin² of 8.7% (Q1 2025: 8.3%). Compared to the previous yearĢ����ý�s quarter, positive contributions from FME25+ program, the sales of 5008X CAREsystems as well as positive price and volume effects outside China contributed positively. This was offset mainly by unfavorable currency transaction as well as negative volume and price effects in China. 

Operating income for Corporate amounted to a loss of EUR 40 million (Q1 2025: loss of EUR 81 million). Operating income excluding special items amounted to a loss of EUR 32 million (Q1 2025: loss of EUR 12 million). This development was mainly driven by the planned cost of the strategic IT platform investments.

Net income³ decreased by 22% compared to prior year (-21% at constant currency) to EUR 118 million in the first quarter 2026. Net income excluding special items increased by 2% (+9% at constant currency) to EUR 251 million. 

Basic earnings per share (EPS) decreased by 17% compared to prior year (-16% at constant currency) to EUR 0.43 in the first quarter 2026, based on 275,246,345 shares. Basic EPS excluding special items increased by 8% (+16% at constant currency) to EUR 0.91. 

Significantly improved cash flow, net leverage ratio around lower end of target corridor 

In the first quarter 2026, operating cash flow significantly increased by 39% to EUR 227 million (Q1 2025: EUR 163 million), resulting in a margin of 4.9% (Q1 2025: 3.3%). The operating cash flow development was mainly driven by favorable working capital development despite seasonality in invoicing.

Free cash flow⁵ increased by 94% to EUR 40 million in the first quarter 2026 (Q1 2025: EUR 21 million), resulting in a margin of 0.9% (Q1 2025: 0.4%). 

Total net debt and lease liabilities slightly increased to EUR 9,790 million (Q1 2025: EUR 9,753 million). The net leverage ratio (net debt/EBITDA) came in at 2.6x in Q1 2026 (Q4 2025: 2.5x) and continues to be around the lower end of our 2.5x to 3.0x target band. 

Patients, clinics and employees

As of March 31, 2026, Ģ����ý treated 289,923 patients in 3,539 dialysis clinics worldwide and had 108,165 employees globally.

Outlook 2026 confirmed

In 2026, Ģ����ý expects revenue growth to be broadly flat compared to prior year. The company expects operating income to remain on a consistent level, with a range between a positive and negative mid-single digit percent growth rate compared to prior year.

The expected growth rates for 2026 are at constant currency and excluding special items in operating income. The 2025 basis for the revenue outlook is EUR 19,628 million and for the operating income outlook is EUR 2,212 million.

Investor conference call

Ģ����ý will host a conference call for analysts and investors to discuss the results of the first quarter today, May 5, 2026, at 2:00 p.m. CEST / 8:00 a.m. EDT. Details are available here. A replay and a transcript will be available shortly after the call.

Please refer to our statement of earnings included at the end of this press release and to the attachments as separate PDF files for a complete overview of the results of the first quarter 2026. Our form 6-K disclosure provides more details.

¹At constant currency, adjusted for certain reconciling items including revenue from acquisitions, closed or sold operations and differences in dialysis days

²Adjusted for special items; growth rate at constant currency (if not stated otherwise); for further details please see the reconciliation attached to the press release

³Net income attributable to shareholders of Ģ����ý AG 

⁴The company transfers products from the Care Enablement segment to the Care Delivery segment at fair market value. Services provided by the Care Delivery segment for patients managed under the Value-Based Care segment are also provided at fair market value. The associated internal revenues and expenses and all other consolidation of transactions are included within Ģ����ý�Inter-segment eliminationsĢ����ý�.

⁵Net cash provided by / used in operating activities, after capital expenditures, before acquisitions, investments, and dividends

Ģ����ý Ģ����ý:
Ģ����ý is the world's leading provider of products and services for individuals with renal diseases of which around 4.5 million patients worldwide regularly undergo dialysis treatment. Through its network of 3,539 dialysis clinics, Ģ����ý provides dialysis treatments for approx. 290,000 patients around the globe. Ģ����ý is also the leading provider of dialysis products such as dialysis machines or dialyzers. Ģ����ý is listed on the Frankfurt Stock Exchange (FME) and on the New York Stock Exchange (FMS).

Disclaimer:
This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results could differ materially from those described in these forward-looking statements due to various factors, including, but not limited to, changes in business, economic and competitive conditions, legal changes, regulatory approvals, results of clinical studies, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. These and other risks and uncertainties are detailed in Ģ����ýĢ����ý�s reports filed with the U.S. Securities and Exchange Commission. Ģ����ý does not undertake any responsibility to update the forward-looking statements in this release.

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03/12/2026 | Press release

• The Company launched its FME Reignite strategy in 2025 to focus on strengthening core operations, driving profitable growth and innovation, and advancing company culture
• Full year operating income¹ growth of 27% reached top end of financial outlook, resulting in a margin step up to 11.3%
• Continued progress in sustainability, particularly in patient experience, digitalization, climate targets, and employee development

Bad Homburg (March 12, 2026) - Ģ����ý, the world's leading provider of products and services for individuals with renal diseases, today published its Annual Report for the 2025 fiscal year. Titled "The power of care," the report details financial performance, highlights the launch of the CompanyĢ����ý�s FME Reignite strategy and achievements, and includes the CompanyĢ����ý�s Sustainability Report.  

"Our achievements made us a stronger, more resilient company and we are well positioned with FME Reignite to set new standards of care, drive profitable growth, and create sustainable value for patients, shareholders, and employees," said Helen Giza, CEO and Chair of the Management Board.

The FME Reignite strategy further strengthens the CompanyĢ����ý�s position in global kidney care. It focuses on three strategic priorities, including continuously improving the core business through operational excellence, driving growth and innovation, and advancing the organizationĢ����ý�s culture. 

The Annual Report 2025 summarizes the CompanyĢ����ý�s financial results and operational achievements. Ģ����ý achieved strong organic revenue growth of 8% at constant currency in 2025, driven by positive contributions from all operating segments. Supported by an exceptional fourth quarter, operating income, excluding special items, increased by 27% for the full year, reaching the upper end of the CompanyĢ����ý�s financial outlook. The operating income margin rose to 11.3%. The Company expanded its FME25 program to create FME25+ and delivered sustainable savings beyond the original 2025 target, deepening the focus on operational excellence.

The Annual Report contains Ģ����ýĢ����ý�s Sustainability Statement, which was prepared in full compliance with the European Sustainability Reporting Standards (ESRS). Sustainability is integrated into the new FME Reignite corporate strategy and is a component of operational management. The statement documents the CompanyĢ����ý�s progress in implementing its strategic sustainability priorities in 2025, including the following highlights:

• Patient experience, expansion of digital solutions, and innovation: The global Patient Net Promoter Score increased to 73 (2024: 72). Data- and analysis-based tools support clinical teams worldwide in identifying risks earlier, personalizing treatments, and improving the quality of care. Through its clinical research activities, the Company aims to provide high-quality therapies and products and to make treatments safer and more individualized.
• Strengthening resource efficiency and climate protection: The emission reduction targets were validated by the Science Based Targets initiative. Compared with the 2020 base year, the Company reduced its Scope 1 and market-based Scope 2 emissions by more than 29%, supported by numerous environmental initiatives to improve energy and resource efficiency. Emission reduction targets for the value chain (Scope 3) were published for the first time.
• Promoting employee and corporate culture: Higher employee engagement, updated corporate values, and an expanded range of training programs strengthened skills, collaboration, and sustainable action across the Company.

The Ģ����ý Annual Report 2025 is now available online here.

¹ Adjusted for special items; growth rate at constant currency.

Ģ����ý Ģ����ý:
Ģ����ý is the world's leading provider of products and services for individuals with renal diseases of which around 4.5 million patients worldwide regularly undergo dialysis treatment. Through its network of 3,601 dialysis clinics, Ģ����ý provides dialysis treatments for approx. 292,000 patients around the globe. Ģ����ý is also the leading provider of dialysis products such as dialysis machines or dialyzers. Ģ����ý is listed on the Frankfurt Stock Exchange (FME) and on the New York Stock Exchange (FMS).

Disclaimer:
This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results could differ materially from those described in these forward-looking statements due to various factors, including, but not limited to, changes in business, economic and competitive conditions, legal changes, regulatory approvals, results of clinical studies, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. These and other risks and uncertainties are detailed in Ģ����ýĢ����ý�s reports filed with the U.S. Securities and Exchange Commission. Ģ����ý does not undertake any responsibility to update the forward-looking statements in this release.

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Ģ����ý, the worldĢ����ý�s leading provider of products and services for individuals with renal diseases, is joining the global community to mark World Kidney Day on March 12 and National Kidney Month in the U.S. throughout March. These annual observances highlight the importance of kidney health, early detection, and education to help reduce the risk of chronic kidney disease (CKD).

Often referred to as a Ģ����ý�silent condition,Ģ����ý� kidney disease can progress with few or no symptoms in its early stages. Millions of people worldwide are living with CKD, many without knowing it.  As a trusted leader in kidney care, Ģ����ý supports people affected by kidney disease every day through patientĢ����ý�centered care, innovation, and education.

To celebrate National Kidney Month in the U.S., Fresenius Kidney Care is unveiling a reimagined kidney care education program. This clinically approved curriculum is designed to support people with kidney disease, and their loved ones, at every stage of the journey.

The program features dynamic, on-demand video modules that allow participants to tailor their learning experience. Individuals can explore topics most relevant to their needs, whether they are newly diagnosed, working to slow progression, or exploring treatment options. Each module delivers practical, real-world guidance in a supportive and empowering way.

Every kidney journey is unique, and education should be, too. Which is why the experience will be available in both self-paced and small group, facilitator-led formats, providing flexibility to meet individual preferences.

Throughout March, Ģ����ý will continue to spotlight kidney health education, awareness, and resources for patients, caregivers, employees, and communities around the world. 

Learn more and watch our clinicians discuss what you should know about kidney disease here.

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02/24/2026 | Press Release

• Strong organic revenue growth¹ in 2025 of 8% driven by all operating segments
• Driven by an exceptional Q4, full year operating income² growth of 27% reached top end of financial outlook, resulting in a significant margin step up to 11.3% 
• Reported operating income grew by 31%, reported net income³ by 82%
• Earnings per share² (EPS) grew by 44%, supported by the accelerated share buyback program
• Dividend of EUR 1.49 (+3%) planned to be proposed
• FY 2026 outlook operating income is forecast to remain on a consistent level despite significant additional headwinds

Bad Homburg, Germany (February 24, 2026) Ģ����ý� Ģ����ý�Ģ����ý closed a milestone year marked by outstanding profitability gains. Over the past three years, we built a stronger and more resilient company, meeting all key financial and strategic aspects of the mid-term outlook that we had set for 2025. These achievements reflect our disciplined focus on operational and financial excellence. In 2025, we delivered revenue and operating income growth at the upper end of our outlook, overcoming a difficult market environment,Ģ����ý� said Helen Giza, Chief Executive Officer of Ģ����ý AG. Ģ����ý�Our operating income margin of 11.3% is well within the mid-term margin target band we established three years ago for 2025. The GroupĢ����ý�s step-up in profitability was the result of solid business growth, accelerated FME25+ efficiency gains, higher-than-expected benefits from TDAPA regulation and favorable reimbursement developments, with all segments making meaningful contributions. This progress underscores our ongoing commitment and value creation focus.Ģ����ý�

Helen Giza continued, Ģ����ý�Looking ahead to 2026, we are set to build on the remarkable transformation of recent years and advance the execution of our FME Reignite strategy. For our patients, we are excited to expand access to high-volume hemodiafiltration in the U.S. with the large-scale rollout of our innovative 5008X CAREsystem. We remain steadfast in our commitment to further improve profitability, while investing in our future and overcoming regulatory headwinds. As such, we expect to grow operating income by three to seven percent CAGR out to 2028 and to increase returns for our shareholders.Ģ����ý�

Key figures Q4 and FY 2025 

yoy = year-on-year, cc = at constant currency, EPS = earnings per share

FME Reignite set for next phase of value creation 

Ģ����ý, the worldĢ����ý�s leading provider of products and services for individuals with renal disease, successfully concluded its milestone year 2025 and embarked into the next phase of value creation with its FME Reignite strategy. Introduced at the Capital Markets Day in June 2025, the new strategy focuses on strengthening our core operations, driving profitable growth and innovation, and advancing the company culture. 

In 2025, Ģ����ý began a soft launch of the high-volume hemodiafiltration (HVHDF) capable 5008X CAREsystem in select U.S. clinics, with plans for a large-scale rollout starting in 2026. The company invests in the training of over 7,200 nurses and technicians and the transition of about 36,000 patients to the new system across 28 states. By replacing approximately 20% of its dialysis machines every year, Ģ����ý aims to provide faster access to this therapy and its associated mortality benefits.

Operational efficiency: In 2025, the FME25+ transformation program further accelerated its positive momentum, delivering EUR 238 million additional sustainable savings for the full year 2025, ahead of the upgraded full year target of around EUR 220 million. Accumulated savings of the entire program reached EUR 804 million. Related one-time costs, treated as special items, were EUR 194 million in 2025, adding up to EUR 793 million since the start of the program in 2021. The company is continuing its strong progress and will accelerate and further expand the FME25+ program. It now projects additional savings of EUR 150 million, increasing the total to EUR 1.2 billion by the end of 2027. Program costs are expected to also be around EUR 1.2 billion within the same period.

Portfolio Optimization: Ģ����ý continued the execution of its portfolio optimization plan to exit non-core and dilutive assets, emphasizing the company´s focus on product areas, businesses and markets with the best strategic fit, scale and sustainable profitable growth potential. Transactions negatively impacted revenue by EUR 244 million in 2025, translating into a 130 basis points growth headwind. The related negative impact on operating income was EUR 97 million in the full year 2025, treated as special item. All assets divested since 2023 include 391 facilities, around 12,600 employees and 53,600 dialysis patients.

Dividend and share buyback: In 2025, Ģ����ý introduced a new capital allocation framework. The framework foresees a stable and predictable dividend development that results in a payout ratio of 30% to 40% of net income⁴. The planned dividend proposal for fiscal year 2025 of EUR 1.49 per share is a 3% increase and corresponds to a payout of 33% of adjusted net income. Shareholder returns through dividends are complemented by a share buyback program of EUR 1.0 billion currently being executed in two tranches. The first tranche of up to EUR 600 million was initiated on August 11, 2025, and completed in an accelerated way on December 29, 2025. As of December 31, 2025, 14.1 million shares were repurchased for a total investment amount of EUR 586 million. The second tranche of around EUR 414 million started on January 12, 2026, and is planned to end by May 8, 2026. The entire program is therefore expected to be completed in less than one year instead of within two years. 

In parallel, net financial debt was further reduced by 6% to EUR 9.2 billion. The corresponding net leverage ratio (net debt/EBITDA) decreased to 2.5x at the end of 2025, compared to 2.9x at the end of 2024, and sits at the lower end of the target corridor of 2.5x to 3.0x.

Ģ����ý ends the year with strong revenue growth

In the fourth quarter 2025, Group revenue remained stable compared to prior year (+7% at constant currency, +8% organic¹) with EUR 5,070 million. Strong organic revenue growth was driven by Value-Based Care and Care Delivery. Significant currency effects negatively impacted revenue development in all three operating segments. Divestitures realized as part of the portfolio optimization plan negatively affected the revenue development by 70 basis points.

Care Delivery revenue decreased by 2% (+6% at constant currency, +7% organic¹) to EUR 3,507 million. Divestitures realized as part of the portfolio optimization plan negatively affected the revenue development by 120 basis points.

In Care Delivery U.S., revenue decreased by 1% (+8% at constant currency, +8% organic¹) to EUR 2,956 million. Impacts from TDAPA reimbursement regulations, favorable rate and payor mix effects, and reduced implicit price concessions had a positive impact while exchange rates developed unfavorably. U.S. same market treatment growth remained flat (-0.2%).

In Care Delivery International, revenue decreased by 6% (-4% at constant currency, +3% organic¹) to EUR 551 million. The effects of closed or sold operations, mainly related to portfolio optimization, and unfavorable exchange rates were partially offset by organic growth¹. International same market treatment growth amounted to 1.7%.

Value-Based Care revenue significantly grew by 32% (+42% at constant currency, +42% organic¹) to EUR 637 million. Growth in the quarter was driven by a significantly higher number of member months mainly due to contract expansion, while exchange rates developed unfavorably. 

Care Enablement revenue decreased by 9% (-3% at constant currency, -3% organic¹) to EUR 1,401 million. Unfavorable exchange rate effects as well as lower volumes, driven by negative impacts from volume-based procurement and other regulatory policies in China, were partly offset by overall positive pricing momentum.

Within Inter-segment eliminations⁵, revenue for services provided and products transferred between the operating segments at fair market value came in at negative EUR 475 million.

In the full year 2025, Group revenue increased by 2% (+5% at constant currency, +8% organic¹) to EUR 19,628 million. Divestitures realized as part of the portfolio optimization plan negatively impacted the revenue development by 130 basis points. Care Delivery revenue decreased by 2% (+2% at constant currency, +5% organic¹) to EUR 13,736 million, with Care Delivery U.S. flat year-on-year (+4% at constant currency, +5% organic¹) at EUR 11,507 million and Care Delivery International decreasing by 10% (-9% at constant currency, +4% organic¹) to EUR 2,229 million. Divestitures realized as part of the portfolio optimization plan negatively affected the revenue development of Care Delivery by 210 basis points and the revenue development of Care Delivery International by 1,200 basis points. U.S. same market treatment growth came in flat (0.0%) while international same market treatment growth amounted to 2.0%. Value-Based Care revenue increased by 28% (+34% at constant currency, +34% organic¹) to EUR 2,247 million. Care Enablement revenue decreased by 1% (+2% at constant currency, +2% organic¹) to EUR 5,476 million. Inter-segment eliminations decreased to a deduction of EUR 1,831 million.

Strong earnings growth momentum and double-digit operating income margin 

In the fourth quarter 2025, Group operating income more than doubled and increased by 129% (+144% at constant currency) to EUR 594 million, resulting in a margin of 11.7% (Q4 2024: 5.1%). Operating income excluding special items significantly increased by 44% (+53% at constant currency) to EUR 705 million, resulting in a margin² of 13.9% (Q4 2024: 9.6%). Divestitures realized during the fourth quarter were neutral on operating income margin development.

Operating income in Care Delivery increased by 103% (+122% at constant currency) to EUR 528 million, resulting in a margin of 15.1% (Q4 2024: 7.3%). Operating income excluding special items significantly grew by 34% (+45% at constant currency) to EUR 574 million, resulting in a margin² of 16.4% (Q4 2024: 12.0%). Compared to previous year, operating income development was driven by the further accelerated positive impact from TDAPA reimbursement regulations, positive rate and payor mix effects, income attributable to a consent agreement on certain pharmaceuticals and savings from the FME25+ program. The development was negatively impacted by higher personnel expenses including elevated medical benefit costs as well as other inflationary cost increases.

Operating income in Value-Based Care increased to EUR 29 million, compared to a loss of EUR 7 million in the prior year, resulting in a margin of 4.5% (Q4 2024: -1.4%) and reflecting the quarterly earnings volatility, which is inherent to the business model. There were no special items in the fourth quarter of the current and prior year. The improvement compared to the previous yearĢ����ý�s quarter was driven by a favorable savings rate for certain contracts, partially offset by an unfavorable effect from CKCC programs.

Operating income in Care Enablement decreased by 21% (-20% at constant currency) to EUR 56 million, resulting in a margin of 4.0% (Q4 2024: 4.6%). Operating income excluding special items decreased by 9% (-6% at constant currency) to EUR 107 million, resulting in a margin² of 7.7% (Q4 2024: 7.7%). The development compared to the previous yearĢ����ý�s quarter was mainly driven by lower volumes in China, inflationary cost increases which developed in line with expectations, as well as higher-than-expected currency transaction effects. These negative effects were partially offset by savings from the FME25+ program and overall positive pricing developments.

Operating income for Corporate amounted to a loss of EUR 41 million (Q4 2024: loss of EUR 57 million). Humacyte remeasurements, treated as a special item in the Corporate line, amounted to EUR -14 million and virtual power purchase agreements amounted to EUR -5 million. Operating income excluding special items amounted to a loss of EUR 27 million (Q4 2024: loss of EUR 44 million).

In the full year 2025, Group operating income increased by 31% (+36% at constant currency) to EUR 1,827 million, resulting in a margin of 9.3% (FY 2024: 7.2%). Operating income excluding special items increased by 23% (+27% at constant currency) to EUR 2,212 million, reaching the upper end of the full year outlook and resulting in a margin² of 11.3% (FY 2024: 9.3%) within the 2025 mid-term target band. Divestitures realized during the full year were neutral on operating income margin² development. In Care Delivery, operating income increased by 33% (+40% at constant currency) to EUR 1,614 million, resulting in a margin of 11.8% (FY 2024: 8.7%). Operating income excluding special items increased by 13% (+19% at constant currency) to EUR 1,801 million, resulting in a margin² of 13.1% (FY 2024: 11.4%), within the 2025 mid-term target band. In Value-Based Care operating income improved to EUR 1 million compared to a loss of EUR 28 million in the prior year, resulting in a margin of 0.1% (FY 2024: -1.6%). Operating income excluding special items improved to EUR 3 million compared to a loss of EUR 28 million in the prior year, in line with the full year target of turning break-even and resulting in a positive margin² of 0.1% (FY 2024: -1.6%). In Care Enablement, operating income increased by 22% (+23% at constant currency) to EUR 326 million, resulting in a margin of 6.0% (FY 2024: 4.8%). Operating income excluding special items increased by 32% (+33% at constant currency) to EUR 442 million, resulting in a margin² of 8.1% (FY 2024: 6.0%), within the 2025 mid-term target band. Operating income for Corporate amounted to a loss of EUR 119 million (FY 2024: loss of EUR 48 million). Operating income excluding special items improved to a loss of EUR 38 million (FY 2024: loss of EUR 80 million), mainly due to a favorable impact from the valuation of virtual power purchase agreements.

Net income³ more than quadrupled compared to prior year (+421% at constant currency) to EUR 327 million in the fourth quarter 2025. Net income excluding special items increased by 55% (+64% at constant currency) to EUR 412 million.

In the full year 2025, net income³ significantly increased by 82% (+88% at constant currency) to EUR 978 million. Net income excluding special items increased by 38% (+43% at constant currency) to EUR 1,248 million.

Basic earnings per share (EPS) more than quadrupled compared to prior year (+434% at constant currency) to EUR 1.14 in the fourth quarter 2025, based on 285,906,303 shares. Basic EPS excluding special items increased by 59% (+68% at constant currency) to EUR 1.44. 

In the full year 2025, basic EPS increased by 83% (+89% at constant currency) to EUR 3.36, based on 291,190,575 shares. Basic EPS excluding special items increased by 39% (+44% at constant currency) to EUR 4.28.

Solid cash flow growth, net leverage ratio at low end of target corridor

In the fourth quarter 2025, operating cash flow increased by 20% to EUR 1,002 million (Q4 2024: EUR 832 million), resulting in a margin of 19.8% (Q4 2024: 16.4%). In the full year 2025, operating cash flow improved by 12% to EUR 2,681 million (FY 2024: EUR 2,386 million). The related margin came in at 13.7% (FY 2024: 12.3%). Both developments were mainly driven by the increase in net income, the improvement in cash collections and prior-year phasing of income tax payments.

During the quarter, the company closed the agreement to purchase its main production sites in Schweinfurt and St. Wendel, Germany, from Fresenius SE for a total amount of EUR 181 million.

Free cash flow⁶ decreased by 2% to EUR 584 million in the fourth quarter 2025 (Q4 2024: EUR 599 million), resulting in a margin of 11.5% (Q4 2024: 11.8%). In the full year 2025, Ģ����ý increased free cash flow by 5% to EUR 1,782 million (FY 2024: EUR 1,701 million), resulting in a margin of 9.1% (FY 2024: 8.8%). 

Total net debt and lease liabilities were further reduced to EUR 9,196 million (Q4 2024: EUR 9,803 million). The net leverage ratio (net debt/EBITDA) further improved to 2.5x in Q4 2025 (Q3 2025: 2.6x), thus finishing the year at the lower end of our 2.5x to 3.0x target band.

Patients, clinics and employees

As of December 31, 2025, Ģ����ý treated 291,902 patients in 3,601 dialysis clinics worldwide and had 109,698 employees (headcount) globally.

Outlook 2026

In 2026, Ģ����ý expects revenue growth to be broadly flat compared to prior year. The company expects operating income to remain on a consistent level, with a range between a positive and negative mid-single digit percent growth rate compared to prior year. 

The expected growth rates for 2026 are at constant currency and excluding special items in operating income. The 2025 basis for the revenue outlook is EUR 19,628 million and for the operating income outlook is EUR 2,212 million.

Aspirations 2028 and 2030 

Ģ����ý aspires operating income growth (CAGR) of between 3 and 7 percent between 2025 and 2028.

Ģ����ý aspires revenue growth (CAGR) between 2025 and 2030 for Care Delivery to amount to a low- to mid-single digit percent rate and for Care Enablement to a mid-single digit percent rate.

The company confirms its 2030 aspiration to achieve an industry-leading mid-teens percent operating income margin for the Group, for Care Delivery and for Care Enablement as well as a low single-digit operating income margin for Value-Based Care. 

The assumed growth rates are at constant currency and exclude special items. The assumed margins exclude special items in operating income.

Press conference

Ģ����ý will host a virtual press conference to discuss the results of the fourth quarter and the full year 2025 today, February 24, 2026, at 10:00 a.m. CET / 4:00 a.m. EST.

Investor conference call

Ģ����ý will host a conference call for analysts and investors to discuss the results of the fourth quarter and full year 2025 today, February 24, 2026, at 2:00 p.m. CET / 8:00 a.m. EST. Details are available on the Ģ����ý website in the "Investors" section. A replay and a transcript will be available shortly after the call.

Please refer to our statement of earnings included at the end of this press release and to the attachments as separate PDF files for a complete overview of the results of the fourth quarter and full year 2025. Our form 20-F disclosure provides more details.

¹At constant currency, adjusted for certain reconciling items including revenue from acquisitions, closed or sold operations and differences in dialysis days
² Adjusted for special items; growth rate at constant currency (if not stated otherwise); for further details please see the reconciliation attached to the press release
³ Net income attributable to shareholders of Ģ����ý AG 
⁴ Net income attributable to shareholders of FME AG excluding special items
⁵ The company transfers products from the Care Enablement segment to the Care Delivery segment at fair market value. Services provided by the Care Delivery segment for patients managed under the Value-Based Care segment are also provided at fair market value. The associated internal revenues and expenses and all other consolidation of transactions are included within Ģ����ý�Inter-segment eliminationsĢ����ý�.
⁶ Net cash provided by / used in operating activities, after capital expenditures, before acquisitions, investments, and dividends

Ģ����ý Ģ����ý:
Ģ����ý is the world's leading provider of products and services for individuals with renal diseases of which around 4.5 million patients worldwide regularly undergo dialysis treatment. Through its network of 3,601 dialysis clinics, Ģ����ý provides dialysis treatments for approx. 292,000 patients around the globe. Ģ����ý is also the leading provider of dialysis products such as dialysis machines or dialyzers. Ģ����ý is listed on the Frankfurt Stock Exchange (FME) and on the New York Stock Exchange (FMS).

Disclaimer:
This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results could differ materially from those described in these forward-looking statements due to various factors, including, but not limited to, changes in business, economic and competitive conditions, legal changes, regulatory approvals, results of clinical studies, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. These and other risks and uncertainties are detailed in Ģ����ýĢ����ý�s reports filed with the U.S. Securities and Exchange Commission. Ģ����ý does not undertake any responsibility to update the forward-looking statements in this release.

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02/24/2026 | Press release

Bad Homburg (February 24, 2026) Ģ����ý� Ģ����ý (FME), the worldĢ����ý�s leading provider of products and services for individuals with renal diseases, has filed the Annual Report 2025 on Form 20-F with the U.S. Securities and Exchange Commission (SEC). The report is available at FMEĢ����ý�s website in the Ģ����ý�InvestorsĢ����ý� section as well as on the . 

A hard copy of FMEĢ����ý�s Annual Report on Form 20-F, including the complete audited consolidated financial statements, may be obtained from the Company free of charge upon request to FMEĢ����ý�s Investor Relations department by email at ir@freseniusmedicalcare.com.

Ģ����ý Ģ����ý:
Ģ����ý is the world's leading provider of products and services for individuals with renal diseases of which around 4.5 million patients worldwide regularly undergo dialysis treatment. Through its network of 3,601 dialysis clinics, Ģ����ý provides dialysis treatments for approx. 292,000 patients around the globe. Ģ����ý is also the leading provider of dialysis products such as dialysis machines or dialyzers. Ģ����ý is listed on the Frankfurt Stock Exchange (FME) and on the New York Stock Exchange (FMS).

Disclaimer:
This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results could differ materially from those described in these forward-looking statements due to various risk factors and uncertainties, including, but not limited to, changes in business, economic or competitive conditions, changes in reimbursement, regulatory compliance issues, regulatory reforms, results of clinical studies, foreign exchange rate and interest rate fluctuations, uncertainties in litigation or investigative proceedings, cyber security issues and the availability of financing. These and other risks and uncertainties are detailed in Ģ����ýĢ����ý�s reports filed with the U.S. Securities and Exchange Commission. Ģ����ý does not undertake any responsibility to update the forward-looking statements in this release.

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Ģ����ý is preparing for the major winter storm forecast to impact much of the Southern, Central, Mid-Atlantic, and Northeastern regions in the United States this weekend. Our top priority is ensuring that patients can continue to access high-quality, lifeĢ����ý�sustaining dialysis care safely as severe weather develops.

We are proactively educating patients on emergency preparedness, including the importance of not missing scheduled treatments which could put their lives at risk. We have asked them to keep their treatment information easily accessible in case of an emergency and to refill prescriptions well ahead of the storm. Our teams are adjusting operating schedules where appropriate to limit travel during periods of hazardous ice and snow and help ensure patients can complete their prescribed treatments. We remain connected with local authorities and have backup generators ready in many locations should power outages occur.

Home dialysis patients are receiving guidance to proactively check their supplies and tips for managing treatments safely throughout the storm. 

Patients who need assistance or have questions about their dialysis center or schedule can call the Fresenius Kidney Care 24Ģ����ý�hour Patient Emergency Line at 1Ģ����ý�800Ģ����ý�626Ģ����ý�1297. 

Ģ����ý is committed to ensuring that every person in need of dialysis treatment can receive care, regardless of their usual provider. In the event of a medical emergency, patients should call 911.

As this storm brings dangerous cold, ice, and heavy snowfall across multiple states, Ģ����ý remains committed to doing everything possible to support continuity of care and patient and staff safety throughout the event.

Media Contact:
Ģ����ý Media Relations
T +1 800 723-2384
media(at)freseniusmedicalcare.com

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01/09/2026 | Press Release

• The second tranche of the share buyback is expected to be executed by May 8, 2026
• The share buyback program with a total volume of EUR 1 billion is expected to be completed in less than a year, significantly earlier than originally planned

Bad Homburg (January 9, 2026) Ģ����ý� Ģ����ý (FME), the worldĢ����ý�s leading provider of products and services for individuals with renal disease, will accelerate its share buyback program and start the repurchase of the second tranche. The program Ģ����ý� presented during the companyĢ����ý�s Capital Markets Day on June 17, 2025 Ģ����ý� has a total volume of EUR 1 billion. Under the second tranche, the company plans to repurchase its own shares for a total amount of around EUR 415 million from January 12 to May 8, 2026.

The first tranche of the company's share buyback program was completed ahead of schedule on December 29, 2025. The share buyback program, which is part of the FME capital allocation framework within the Ģ����ý�FME ReigniteĢ����ý� strategy, is expected to be completed significantly earlier than originally planned, in less than a year.

Helen Giza, CEO and Chair of the Management Board, said, Ģ����ý�The successful acceleration of our EUR 1 billion share buyback program is supported by our strong financial performance and consistent execution against our Ģ����ý�FME ReigniteĢ����ý� strategy, with a focus on value creation and delivering returns to our shareholders.Ģ����ý�

Ģ����ý�Our strong cash-flow generation on the back of continued business momentum enables an acceleration of our share buyback program, demonstrating the effectiveness of our new capital allocation framework,Ģ����ý� said Martin Fischer, CFO of Ģ����ý.

FME will provide regular updates on the progress of the share buyback program at /en/investors/shares/share-buy-back/.

Ģ����ý Ģ����ý:
Ģ����ý is the world's leading provider of products and services for individuals with renal diseases of which around 4.2 million patients worldwide regularly undergo dialysis treatment. Through its network of 3,628 dialysis clinics, Ģ����ý provides dialysis treatments for approximately. 294,000 patients around the globe. Ģ����ý is also the leading provider of dialysis products such as dialysis machines and dialyzers. Ģ����ý is listed on the Frankfurt Stock Exchange (FME) and on the New York Stock Exchange (FMS).

Disclaimer:
This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results could differ materially from those described in these forward-looking statements due to various factors, including, but not limited to, changes in business, economic and competitive conditions, legal changes, regulatory approvals, results of clinical studies, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. These and other risks and uncertainties are detailed in Ģ����ýĢ����ý�s reports filed with the U.S. Securities and Exchange Commission. Ģ����ý does not undertake any responsibility to update the forward-looking statements in this release.

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• Effective January 1, 2026, Charles Hugh-Jones will join the Management Board as Global Chief Medical Officer
• As part of a planned transition Franklin W. Maddux will retire by year end

Bad Homburg (December 10, 2025) Ģ����ý� The Supervisory Board of Ģ����ý, the worldĢ����ý�s leading provider of products and services for individuals with renal disease, has appointed Charles Hugh-Jones, MD, FRCP (56) as a member of the Management Board, effective January 1, 2026. Mr. Hugh-Jones will serve as Global Chief Medical Officer.

Mr. Hugh-Jones will succeed Franklin (Frank) W. Maddux, MD (68) as part of a planned transition after Mr. Maddux informed the Supervisory Board of his intention to retire.

Mr. Hugh-Jones most recently served as CEO of Volastra Therapeutics from its inception as a discovery-stage startup to a clinical-stage biotech company, advancing novel oncology assets. Prior to Volastra, he served as Chief Medical Officer at Allergan Ģ����ý� later acquired by AbbVie Ģ����ý�, overseeing global medical operations and leading major product launches across multiple therapeutic areas. He also held senior leadership roles at Pfizer and Sanofi, driving innovation in chronic disease care, diabetes, cardiovascular and other therapeutic areas. Mr. Hugh-Jones holds an MD from Charing Cross and Westminster Medical School, University of London, and is a Fellow of the Royal College of Physicians of the UK.

Michael Sen, Chairman of the Supervisory Board, commented: Ģ����ý�We welcome Charles Hugh-Jones to the Management Board of Ģ����ý. His expertise, experience and recognition as a leader in the medical area will be key to fostering Ģ����ý´s leadership position in the renal area. We are delighted that we found such a capable successor.Ģ����ý� Michael Sen added: Ģ����ý�On behalf of the entire Supervisory Board, I would like to express my sincere appreciation to Frank for his excellent work and commitment over the past years. We wish him all the best for his retirement.Ģ����ý�

Helen Giza, CEO and Chair of the Management Board, said: Ģ����ý�The Management Board is further strengthened by CharlesĢ����ý� broad corporate experience and clinical leadership. He brings a fresh vantage point that reinforces our strength in renal care while pushing us to think wider and more creatively about the future of patient care. I would like to thank Frank for his dedication and contributions, which have left a lasting impact on our company. We wish him a very happy retirement and sincerely thank him for his outstanding service.Ģ����ý�

Charles Hugh-Jones said: Ģ����ý�I am excited to join Ģ����ý at a time when the company is about to set a new standard of kidney care in the U.S. with the rollout of the 5008X CAREsystem and continues to lead kidney care worldwide. The Global Medical Office will play an important role in advancing kidney care for patients and their families.Ģ����ý�

Ģ����ý Ģ����ý:
Ģ����ý is the world's leading provider of products and services for individuals with renal diseases of which around 4.2 million patients worldwide regularly undergo dialysis treatment. Through its network of 3,628 dialysis clinics, Ģ����ý provides dialysis treatments for approx. 294,000 patients around the globe. Ģ����ý is also the leading provider of dialysis products such as dialysis machines or dialyzers. Ģ����ý is listed on the Frankfurt Stock Exchange (FME) and on the New York Stock Exchange (FMS).

Disclaimer:
This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results could differ materially from those described in these forward-looking statements due to various factors, including, but not limited to, changes in business, economic and competitive conditions, legal changes, regulatory approvals, results of clinical studies, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. These and other risks and uncertainties are detailed in Ģ����ýĢ����ý�s reports filed with the U.S. Securities and Exchange Commission. Ģ����ý does not undertake any responsibility to update the forward-looking statements in this release.

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Ģ����ý places bond with a volume of 500 million Euros

11/17/2025 | Press Release

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA OR JAPAN.

Bad Homburg (November 17, 2025) Ģ����ý (FME), the worldĢ����ý�s leading provider of products and services for individuals with renal diseases, today successfully placed a bond with a volume of €500 million. The bond maturing in November 2030 and a coupon of 3.250% was issued at a price of 99.619% resulting in a yield of 3.334%.

The proceeds will be used for general corporate purposes, including the refinancing of existing financial liabilities.

The bond was issued under Ģ����ýĢ����ý�s Debt Issuance Program (DIP), and the company has applied to the Luxembourg Stock Exchange to admit the bond to trading on its regulated market.

The envisaged settlement date is November 24, 2025.

Ģ����ý Ģ����ý:
Ģ����ý is the world's leading provider of products and services for individuals with renal diseases of which around 4.2 million patients worldwide regularly undergo dialysis treatment. Through its network of 3,628 dialysis clinics, Ģ����ý provides dialysis treatments for approx. 294,000 patients around the globe. Ģ����ý is also the leading provider of dialysis products such as dialysis machines or dialyzers.

Disclaimer:
This announcement does not contain or constitute an offer of, or the solicitation of an offer to buy or subscribe for, securities to any person in Australia, Canada, Japan, or the United States of America (the Ģ����ý�United StatesĢ����ý�) or in any jurisdiction to whom or in which such offer or solicitation is unlawful. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the Ģ����ý�Securities ActĢ����ý�) and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons, absent such registration, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Subject to certain exceptions, the securities referred to herein may not be offered or sold in Australia, Canada or Japan or to, or for the account or benefit of, any national, resident or citizen of Australia, Canada or Japan. The offer and sale of the securities referred to herein has not been and will not be registered under the applicable securities laws of Australia, Canada or Japan. There will be no public offer of the securities in the United States.

This announcement has been prepared on the basis that any offer of bonds in any Member State of the European Economic Area (each, a Member State) will only be made (i) pursuant to a prospectus prepared by Ģ����ý AG pursuant to Regulation (EU) 1129/2017 (as amended, the Ģ����ý�Prospectus RegulationĢ����ý�), as supplemented, or (ii) pursuant to an exemption under the Prospectus Regulation from the requirement to publish a prospectus for offers of securities. Ģ����ý has not authorized, nor does it authorize, the making of any offer of securities in circumstances in which an obligation arises for Ģ����ý or any other person to publish or supplement a prospectus for such offer.

This announcement is directed at and/or for distribution only to persons who (i) are outside the United Kingdom; (ii) who have professional experience in matters relating to investments falling within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the Ģ����ý�OrderĢ����ý�), (iii) are high net worth entities falling within article 49(2)(a) to (d) of the Order; or (iv) other persons to whom it may otherwise be lawfully communicated (all such persons together being referred to as Ģ����ý�relevant personsĢ����ý�). This announcement is directed only at relevant persons. Any person who is not a relevant person should not act or rely on this announcement or any of its contents. Any investment or investment activity to which this announcement relates is available only to relevant persons and will be engaged in only with relevant persons.

This announcement has been prepared on the basis that any offer of bonds in the United Kingdom will only be made pursuant to an exemption under Section 86 of the Financial Services and Markets Act 2000 from the requirement to publish a prospectus for offers of securities. Ģ����ý has not authorized, nor does it authorize, the making of any offer of securities in circumstances in which an obligation arises for Ģ����ý or any other person to publish or supplement a prospectus for such offer.

This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results could differ materially from those described in these forward-looking statements due to various factors, including, but not limited to, changes in business, economic and competitive conditions, legal changes, regulatory approvals, impacts related to the COVID-19 pandemic results of clinical studies, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. These and other risks and uncertainties are detailed in Ģ����ýĢ����ý�s reports filed with the U.S. Securities and Exchange Commission. Ģ����ý does not undertake any responsibility to update the forward-looking statements in this release.

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Ģ����ý, the worldĢ����ý�s leading provider of products and services for individuals with renal diseases, is joining the global community to mark World Diabetes Day on November 14, 2025. This yearĢ����ý�s theme, Ģ����ý�Diabetes and Well-being,Ģ����ý� highlights the importance of supporting the physical, mental, and emotional health of people living with diabetes and those at risk. 

As a trusted leader in kidney care, FME supports thousands of people affected by diabetes and kidney diseases every day. Diabetes is a common condition, affecting 1 in 9 adults worldwide, and up to 40% of people with diabetes will develop chronic kidney disease (CKD). Within our clinics, more than half of our dialysis patients are living with diabetes. Our teams are dedicated to providing education, personalized care, and a range of treatment options to help people manage their kidney health and well-being. 

In a special interview, Dr. Benjamin Hippen, Chief Medical Officer, Care Delivery at Ģ����ý, discusses the global impact of diabetes, its connection to kidney health, and the importance of early detection.  

You can find the interview here.

Throughout November, FME is sharing educational resources, personal stories, and expert insights to empower patients, caregivers, employees, and others. To learn more about these resources and activities, please click here. 

World Diabetes Day is the world's largest diabetes awareness campaign, reaching a global audience of over one billion people in 160 countries. With 589 million people worldwide affected by diabetes, there is a great need for holistic care, comprehensive support, and education. This Day of education and awareness is marked every year on November 14. Please find more info via this link: .

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11/04/2025 | Press release

• Strong organic revenue growth¹ of 10% driven by all operating segments
• Positive U.S. same market treatment growth of 0.1 % in line with expectations
• Accelerated operating income² growth of 28% at constant currency, leading to a step-change in margin expansion to 11.7%
• Reported operating income grew by 3%, reported net income³ by 29%
• Net leverage ratio further improved to 2.6x, in parallel to share buyback and Value-Based Care investments
• FY 2025 outlook confirmed

Bad Homburg, Germany (November 4, 2025) Ģ����ý� Ģ����ý�In Q3 of 2025, we continued the momentum and further accelerated revenue growth. Conversion into operating income² growth increased as planned for the third consecutive quarter, underlining our continued operational and financial progress. Our Group operating income² margin of 11.7% extended well into the implied full year 2025 range of 11% to 12%. This demonstrates important progress on our trajectory to deliver our full year 2025 financial outlookĢ����ý�, said Helen Giza, Chief Executive Officer of Ģ����ý AG. Ģ����ý�All three operating segments contributed to the Group organic growth of 10%. U.S. same market treatment growth was slightly positive in Q3. Operating income² in Care Enablement grew strongly by 38%, leading to a margin of 7.6%. In parallel, Care Delivery significantly improved profitability, reaching a strong margin of 14.5%, at the top end of its 2025 target margin band.Ģ����ý� Helen Giza added: Ģ����ý�We advanced our FME Reignite strategy for value creation with the launch of the first tranche of our initial share buyback program, the ownership increase in our Value-Based Care entity Interwell Health and the continued rollout of the 5008X in the U.S. For 2025, we are well on track to achieve our commitments, while we are excited about what lies ahead with FME Reignite.Ģ����ý�

Key figures Q3 and 9M 2025 (unaudited)

yoy = year-on-year, cc = at constant currency, EPS = earnings per share

FME Reignite strategy advances 

Ģ����ý, the worldĢ����ý�s leading provider of products and services for individuals with renal disease, continued to advance the FME Reignite strategy. During the third quarter of 2025, the FME25+ transformation program continued its positive momentum, delivering EUR 47 million additional sustainable savings while related one-time costs, treated as special items, amounted to EUR 41 million. In the first nine months, the Company already delivered EUR 174 million of its full year FME25+ target of around EUR 180 million additional annual savings. FME25+ savings are expected to total EUR 1,050 million by year end 2027, while program cost of EUR 1,000 million to 1,050 million are anticipated in the same time frame.

During the third quarter, as part of the portfolio optimization plan, closed divestments included clinic operations in Brazil and Malaysia. Special items associated with portfolio optimization amounted to negative EUR 50 million in the third quarter.

All transactions realized as part of Ģ����ýĢ����ý�s portfolio optimization plan in 2024 and 2025 are estimated to negatively impact full year 2025 Group revenue growth by around one percent. Related costs will be treated as special items in operating income.

As part of the new capital allocation framework, Ģ����ý announced an initial share buyback of EUR 1.0 billion as a commitment to return excess capital to shareholders. The program commenced in August with a first tranche of up to EUR 600 million. As of September 30, 2025, 3.6 million shares have been repurchased for a total investment amount of EUR 151 million.

Strong organic revenue growth¹ across all segments 

In the third quarter 2025, Group revenue increased by 3% (+8% at constant currency, +10% organic¹) to EUR 4,885 million. Divestitures realized as part of the portfolio optimization plan affected the revenue development by -60 basis points.

Care Delivery revenue decreased by 2% (+4% at constant currency, +6% organic¹) to EUR 3,402 million. Divestitures realized as part of the portfolio optimization plan affected the revenue development by -120 basis points.

In Care Delivery U.S., revenue decreased by 1% (+5% at constant currency, +6% organic¹) to EUR 2,842 million. Reimbursement rate increases, a favorable payor mix development, the positive impact from phosphate binders and reduced implicit price concessions had a positive impact while exchange rates developed unfavorably. U.S. same market treatment growth slightly advanced to 0.1% year-on-year.

In Care Delivery International, revenue decreased by 5% (-4% at constant currency, +4% organic¹) to EUR 560 million. The effects of closed or sold operations, mainly related to portfolio optimization and unfavorable exchange rates, were partially offset by organic growth¹. Same market treatment growth amounted to 1.2%.

Value-Based Care revenue grew by 34% (+42% at constant currency, +42% organic¹) to EUR 576 million, driven by a significantly higher number of member months mainly due to contract expansion, while exchange rates developed unfavorably. 

Care Enablement revenue remained stable compared to prior year (+5% at constant currency, +5% organic¹) at EUR 1,361 million. Volume growth and continued positive pricing momentum were offset by unfavorable exchange rate effects.

Within Inter-segment eliminations⁴, revenue for services provided and products transferred between the operating segments at fair market value came in at negative EUR 454 million. 

In the first nine months, Group revenue increased by 2% (+5% at constant currency, +7% organic¹) to EUR 14,558 million. Divestitures realized as part of the portfolio optimization plan impacted the revenue development by  150 basis points. Care Delivery revenue decreased by 2% (0% at constant currency, +4% organic¹) to EUR 10,229 million, with Care Delivery U.S. flat year-on-year (+3% at constant currency, +4% organic¹) at EUR 8,550 million and Care Delivery International decreasing by 11% (-11% at constant currency, +5% organic¹) to EUR 1,679 million. Divestitures realized as part of the portfolio optimization plan affected the revenue development of Care Delivery by -240 basis points and the revenue development of Care Delivery International by -1,350 basis points. U.S. same market treatment growth came in at 0.1% while international same market treatment growth amounted to 2.0%. Value-Based Care revenue increased by 27% (+31% at constant currency, +31% organic¹) to EUR 1,611 million. Care Enablement revenue increased by 1% (+4% at constant currency, +4% organic¹) to EUR 4,075 million. Inter-segment eliminations decreased to a deduction of EUR 1,357 million.

Accelerated earnings growth and double-digit operating income margin 

In the third quarter 2025, Group operating income increased by 3% (+8% at constant currency) to EUR 477 million, resulting in a margin of 9.8% (Q3 2024: 9.7%). Operating income excluding special items significantly increased by 22% (+28% at constant currency) to EUR 574 million, resulting in a margin² of 11.7% (Q3 2024: 9.9%). Divestitures realized during the third quarter were neutral on operating income margin development.

Operating income in Care Delivery decreased by 8% (-1% at constant currency) to EUR 419 million, resulting in a margin of 12.3% (Q3 2024: 13.1%). Operating income excluding special items grew by 7% (+14% at constant currency) at EUR 493 million, resulting in a margin² of 14.5% (Q3 2024: 13.2%). Compared to previous year, operating income development was driven by the positive impact from phosphate binders, positive rate and payor mix effects and savings from the FME25+ program. The development was negatively impacted by the absence of income attributable to a consent agreement on certain pharmaceuticals compared to the prior year, higher personnel expenses due to planned merit increases as well as other inflationary cost increases. 

Operating income in Value-Based Care amounted to a loss of EUR 22 million, compared to a loss of EUR 37 million in the prior year, resulting in a margin of -3.8% (Q3 2024: -8.5%) and reflecting the quarterly earnings volatility, which is inherent to the business model. Operating income excluding special items amounted to a loss of EUR 21 million, compared to a loss of EUR 37 million in the prior year, resulting in a margin² of -3.7% (Q3 2024: -8.5%). The improvement compared to the previous yearĢ����ý�s quarter was driven by a favorable savings rate, partially offset by delayed CKCC reporting from CMS.

Operating income in Care Enablement increased by 43% (+44% at constant currency) to EUR 87 million, resulting in a margin of 6.4% (Q3 2024: 4.5%). Operating income excluding special items increased by 36% (+38% at constant currency) to EUR 103 million, resulting in a margin² of 7.6% (Q3 2024: 5.6%). The improvement compared to the previous yearĢ����ý�s quarter was mainly driven by higher volumes as well as positive pricing developments and savings from the FME25+ program. These positive effects were partially offset by higher-than-expected currency transaction effects as well as inflationary cost increases, which developed in line with expectations.

Operating income for Corporate amounted to a loss of EUR 4 million (Q3 2024: loss of EUR 13 million). Humacyte remeasurements, treated as special items in the Corporate line, amounted to EUR -5 million and virtual power purchase agreements amounted EUR -2 million. Operating income excluding special items amounted to EUR 3 million (Q3 2024: loss of EUR 23 million). 

In the first nine months, Group operating income increased by 9% (+11% at constant currency) to EUR 1,233 million, resulting in a margin of 8.5% (9M 2024: 8.0%). Operating income excluding special items increased by 15% (+18% at constant currency) to EUR 1,507 million, resulting in a margin² of 10.3% (9M 2024: 9.2%). Divestitures realized during the first nine months of the year were neutral on operating income margin development. In Care Delivery, operating income increased by 13% (+17% at constant currency) to EUR 1,086 million, resulting in a margin of 10.6% (9M 2024: 9.2%). Operating income excluding special items increased by 5% (+9% at constant currency) to EUR 1,226 million, resulting in a margin² of 12.0% (9M 2024: 11.2%). In Value-Based Care operating income amounted to a loss of EUR 28 million compared to a loss of EUR 21 million in the prior year, resulting in a margin of -1.7% (9M 2024: -1.7%). Operating income excluding special items amounted to a loss of EUR 26 million compared to a loss of EUR 21 million in the prior year, resulting in a margin² of -1.6% (9M 2024: -1.7%). In Care Enablement, operating income increased by 38% (+38% at constant currency) to EUR 270 million, resulting in a margin of 6.6% (9M 2024: 4.9%). Operating income excluding special items increased by 53% (+54% at constant currency) to EUR 334 million, resulting in a margin² of 8.2% (9M 2024: 5.4%). Operating income for Corporate amounted to a loss of EUR 78 million (9M 2024: EUR 9 million). Operating income excluding special items amounted to a loss of EUR 9 million (9M 2024: loss of EUR 37 million).

Net income³ significantly increased by 29% (+34% at constant currency) to EUR 275 million in the third quarter 2025. Net income excluding special items increased by 36% (+41% at constant currency) to EUR 322 million. 

In the first nine months, net income³ increased by 38% (+41% at constant currency) to EUR 651 million. Net income excluding special items increased by 31% (+34% at constant currency) to EUR 836 million.

Basic earnings per share (EPS) increased by 30% (+35% at constant currency) to EUR 0.94 in the third quarter 2025, based on 292,101,583 shares. Basic EPS excluding special items increased by 37% (+42% at constant currency) to EUR 1.10. 

In the first nine months, basic EPS increased by 38% (+41% at constant currency) to EUR 2.22, based on 292,971,355 shares. Basic EPS excluding special items increased by 31% (+34% at constant currency) to EUR 2.85.

Cash flow development and net leverage ratio 

In the third quarter 2025, operating cash flow decreased by 25% to EUR 742 million (Q3 2024: EUR 985 million), resulting in a margin of 15.2% (Q3 2024: 20.7%). Operating cash flow declined compared to prior year, which was inflated by around EUR 400 million catch-up following the cyber incident at Change Healthcare, while favorable working capital development contributed positively. In the first nine months, operating cashflow improved by 8% to EUR 1,679 million (9M 2024: EUR 1,554 million), resulting in a margin of 11.5% (9M 2024: 10.9%). 

Free cash flow⁵ significantly decreased by 33% to EUR 550 million in the third quarter 2025 (Q3 2024: EUR 815 million), resulting in a margin of 11.3% (Q3 2024: 17.1%). In the first nine months, Ģ����ý increased free cash flow by 9% to EUR 1,199 million (9M 2024: EUR 1,102 million), resulting in a margin of 8.2% (9M 2024: 7.7%). 

The ownership increase in our Value-Based Care entity Interwell Health by an investment of EUR 312 million was reflected in cash flow from financing activities. 

Total net debt and lease liabilities were further reduced to EUR 9,218 million (Q3 2024: EUR 9,831 million). The net leverage ratio (net debt/EBITDA) further improved to 2.6x in Q3 2025 (Q2 2025: 2.7x). 

Patients, clinics and employees

As of September 30, 2025, Ģ����ý treated 293,620 patients in 3,628 dialysis clinics worldwide and had 109,916 employees (headcount) globally, compared to 112,445 employees as of June 30, 2025.

Outlook 2025 confirmed

Ģ����ý confirms its outlook for fiscal 2025 and expects revenue growth to be positive to a low-single digit percent rate compared to prior year. The Company expects operating income excluding special items to grow by a high-teens to high-twenties percent rate compared to prior year.

The expected growth rates for 2025 are at constant currency, excluding special items in operating income. The 2024 basis for the revenue outlook is EUR 19,336 million and for the operating income outlook is EUR 1,797 million.

Investor conference call

Ģ����ý will host a conference call for analysts and investors to discuss the results of the third quarter 2025 today, November 4, 2025, at 2:00 p.m. CET / 8:00 a.m. ET. Details are available here. A replay and a transcript will be available shortly after the call.

Please refer to our statement of earnings included at the end of this press release and to the attachments as separate PDF files for a complete overview of the results of the third quarter 2025. Our form 6-K disclosure provides more details.

¹At constant currency, adjusted for certain reconciling items including revenue from acquisitions, closed or sold operations and differences in dialysis days

²Adjusted for special items; growth rate at constant currency (if not stated otherwise); for further details please see the reconciliation attached to the press release 

³Net income attributable to shareholders of Ģ����ý AG 

⁴The Company transfers products from the Care Enablement segment to the Care Delivery segment at fair market value. Services provided by the Care Delivery segment for patients managed under the Value-Based Care segment are also provided at fair market value. The associated internal revenues and expenses and all other consolidation of transactions are included within Ģ����ý�Inter-segment eliminationsĢ����ý�.

⁵Net cash provided by / used in operating activities, after capital expenditures, before acquisitions, investments, and dividends

Ģ����ý Ģ����ý:
Ģ����ý is the world's leading provider of products and services for individuals with renal diseases of which around 4.2 million patients worldwide regularly undergo dialysis treatment. Through its network of 3,628 dialysis clinics, Ģ����ý provides dialysis treatments for approx. 294,000 patients around the globe. Ģ����ý is also the leading provider of dialysis products such as dialysis machines or dialyzers. Ģ����ý is listed on the Frankfurt Stock Exchange (FME) and on the New York Stock Exchange (FMS).

Disclaimer:
This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results could differ materially from those described in these forward-looking statements due to various factors, including, but not limited to, changes in business, economic and competitive conditions, legal changes, regulatory approvals, results of clinical studies, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. These and other risks and uncertainties are detailed in Ģ����ýĢ����ý�s reports filed with the U.S. Securities and Exchange Commission. Ģ����ý does not undertake any responsibility to update the forward-looking statements in this release.

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• Ģ����ý researchers will present multiple abstracts that demonstrate proven, real-world benefits of hemodiafiltration (HDF), with one accepted as an oral presentation.
• Oral presentation highlights the association between HDF and reduced risk of cardiovascular and fluid-related hospitalization outcomes.
• Research shows how artificial intelligence is moving from theory into practice, supporting clinicians and patients in daily kidney disease care.

Bad Homburg (October 30, 2025) Ģ����ý� Ģ����ý AG (FME), the worldĢ����ý�s leading provider of products and services for people with kidney diseases, will present new research showing how hemodiafiltration (HDF) is associated with improved outcomes for kidney patients and how innovations in artificial intelligence (AI) can support clinicians in daily care at the American Society of Nephrology (ASN) Kidney Week 2025, November 5-9 in Houston.

Ģ����ý�This research reflects Ģ����ýĢ����ý�s commitment to patient-centered innovation, demonstrating how advanced therapies like hemodiafiltration can be tailored to improve outcomes in real-world settings,Ģ����ý� said Frank Maddux, MD, Global Chief Medical Officer at Ģ����ý. Ģ����ý�By applying novel physical principles to kidney replacement therapy, we are leading the field in delivering transformative solutions that elevate the standard of care and advance precision medicine globally.Ģ����ý�

FMEĢ����ý�s Global Medical Office will present multiple abstracts across a range of critical topics in nephrology, underscoring the companyĢ����ý�s commitment to advancing kidney care through innovation and evidence-based science.

Key presentations include: 

• Hemodiafiltration is associated with reduced risk of cardiovascular and fluid-related hospitalization outcomes: Highlights how HDF may lower the risk of cardiovascular- and fluid-related hospitalizations.
• Implementation of Online High-Volume Hemodiafiltration in a Chronic Hemodialysis Center in the U.S.: Describes the first chronic dialysis unit to introduce high-volume HDF in the U.S.
• Preventing Falls in Patients on Dialysis Through Artificial Intelligence (AI)-Driven Risk Prediction: Showcases an AI model that predicts patientsĢ����ý� fall risk within a 31-day period.
• Supporting Clinician Adoption of Hemodiafiltration: A Real-Time Artificial Intelligence (AI) Chatbot with Verified Clinical Sources: Introduces a clinician-facing AI chatbot  designed to educate and support clinicians implementing HDF.
• From Prompt to Plate: Can ChatGPT Plan a Safe and Clinically Appropriate Diet for Hemodialysis Patients?: Evaluates whether generative AI and large language models can provide safe, nutritionally accurate meal plans for dialysis patients.

Ģ����ý�It excites us to see how our research and innovation can translate to everyday practice,Ģ����ý� said Maddux. Ģ����ý�By combining real-world evidence with innovative technologies, Ģ����ý is helping shape the future of nephrology and set new standards for kidney care.Ģ����ý�

In addition to scientific presentations, FME will participate in the following events during ASN Kidney Week:

• FME will host a breakfast symposium, Ģ����ý�HighVolumeHDF: The Next Standard of Care for U.S. Patients Ģ����ý� Evidence and Practical Use,Ģ����ý� as part of the ASN Exhibitor Spotlight series (Thursday, November 6).
• ASN will present an educational symposium, Ģ����ý�Hemodiafiltration: Considerations for Incorporation into Dialysis Care,Ģ����ý� supported by an educational grant from Ģ����ý (Friday, November 7).
• The , a subsidiary of Ģ����ý, will host its annual symposium, Ģ����ý�Reimagining Frontline Care: The Power of Research, AI, and Innovation,Ģ����ý� highlighting real-world applications of AI and digital tools in kidney care (Tuesday, November 4).

FME leaders and researchers will also be available onsite at Booth #1815 to discuss research insights, clinical collaborations, and innovations in kidney care. Representatives from RRI will be available at Booth #1838.

To learn more about the companyĢ����ý�s presence at ASN this year, please visit /en-us/asn-2025/.

Ģ����ý Ģ����ý:
Ģ����ý is the world's leading provider of products and services for individuals with renal diseases of which around 4.2 million patients worldwide regularly undergo dialysis treatment. Through its network of 3,676 dialysis clinics, Ģ����ý provides dialysis treatments for approx. 300,000 patients around the globe. Ģ����ý is also the leading provider of dialysis products such as dialysis machines or dialyzers. Ģ����ý is listed on the Frankfurt Stock Exchange (FME) and on the New York Stock Exchange (FMS).

Disclaimer:
This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results could differ materially from those described in these forward-looking statements due to various factors, including, but not limited to, changes in business, economic and competitive conditions, legal changes, regulatory approvals, results of clinical studies, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. These and other risks and uncertainties are detailed in Ģ����ýĢ����ý�s reports filed with the U.S. Securities and Exchange Commission. Ģ����ý does not undertake any responsibility to update the forward-looking statements in this release.

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Ģ����ý, the worldĢ����ý�s leading provider of products and services for individuals with renal diseases, has again been named to the Top 100 Women-Led Businesses in Massachusetts. The annual list is compiled by The WomenĢ����ý�s Edge in partnership with The Boston Globe Magazine. Ģ����ý ranked #4 Ģ����ý� as it did in 2024. 

Helen Giza, CEO and Chair of the Management Board, continues to lead the companyĢ����ý�s strategic realignment under the FME Reignite strategy, which will guide Ģ����ýĢ����ý�s direction and innovation in kidney care for the coming years. In 2024, Ģ����ý received FDA clearance for the 5008X™ CAREsystem, enabling hemodiafiltration (HDF) therapy in the United States for the first time. The company continues the rollout of the 5008X in the U.S. for the commercial rollout in 2026. This advancement introduces our patients in the U.S. to a new treatment that has demonstrated promising results in Europe and other regions, including reduced hospitalization rates and lower mortality rates. 

FME has achieved a global Patient Net Promoter Score of 72, reflecting strong patient trust and satisfaction across care settings. The company is uniquely positioned in the industry as the only dialysis provider with a successful vertically integrated structure that combines services and medtech. 

The WomenĢ����ý�s Edge is a Boston-based nonprofit organization that supports women leaders across industries. This year marks the 25th anniversary of its Top 100 list, which recognizes organizations making a measurable impact on the Massachusetts economy through leadership, innovation, and performance. Rankings are based on revenue, diversity, and other key metrics. 

The ranked list was revealed at the WomenĢ����ý�s Edge awards breakfast on Friday, October 24, and published in the October 26 edition of the Boston GlobeĢ����ý�s Women & Power magazine. The full list can be viewed .

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• Effective January 1, 2026, Joseph Turk will join the Management Board as Chief Executive Officer of the global operating segment Care Enablement
• As part of a planned transition Dr. Katarzyna Mazur-Hofsäß will retire by year end

Bad Homburg (October 1, 2025) Ģ����ý� The Supervisory Board of Ģ����ý (FME), the worldĢ����ý�s leading provider of products and services for individuals with renal disease, has appointed Joseph E. (Joe) Turk (57) as a member of the Management Board, effective January 1, 2026. Mr. Turk will serve as Chief Executive Officer of the global operating segment Care Enablement.

Mr. Turk will succeed Dr. Katarzyna Mazur-Hofsäß (62) as part of a planned transition after she informed the Supervisory Board of her intention to retire. Dr. Mazur-Hofsäß joined Ģ����ý in 2018 and has been leading Care Enablement since its creation in 2022.

Mr. Turk joined Ģ����ý in 2019, following the acquisition of NxStage Medical. He currently serves as Executive Vice President of Global Home and Critical Care Therapies as well as Head of US Commercial Operations. Before joining, he held positions at Boston Scientific, McKinsey & Company and Deloitte and holds a masterĢ����ý�s in marketing, finance and operations from the J.L. Kellogg Graduate School of Management, Northwestern University (Illinois, U.S.), and a degree in economics and chemistry from Wabash College (Indiana, U.S.).

Michael Sen, Chairman of the Supervisory Board of Ģ����ý AG commented: Ģ����ý�We are delighted to have Joe Turk join the Management Board of Ģ����ý. With his expertise and commitment, he will be instrumental in continuing the margin improvement track of Care Enablement, successfully rolling out the innovative 5008X CAREsystem to the U.S. and advancing innovation in the space. It is great to have such an experienced and capable successor from within the organization.Ģ����ý� Michael Sen added: Ģ����ý�On behalf of the entire Supervisory Board, I would like to express my sincere appreciation to Katarzyna for her excellent work and her commitment over the past years. We wish her all the best for her retirement.Ģ����ý�

Helen Giza, CEO and Chair of the Management Board, said: Ģ����ý�Joe joins the Ģ����ý Management Board as a well-known colleague with a strong proven track record. He will be a valuable member of my leadership team and ensure uninterrupted execution of our FME Reignite strategy in this important phase for Care Enablement. I would like to thank Katarzyna for her significant contribution to fundamentally transforming and reshaping Care Enablement. I wish her well in her retirement.Ģ����ý�

Joe Turk said: Ģ����ý�I am excited to join the Ģ����ý Management Board at a time when it has embarked on the FME Reignite strategy, where Care Enablement will play a crucial role in innovating for patients, caregivers and customers. I look forward to continuing working with all committed employees worldwide.Ģ����ý�

Ģ����ý Ģ����ý:
Ģ����ý is the world's leading provider of products and services for individuals with renal diseases of which around 4.2 million patients worldwide regularly undergo dialysis treatment. Through its network of 3,676 dialysis clinics, Ģ����ý provides dialysis treatments for approx. 300,000 patients around the globe. Ģ����ý is also the leading provider of dialysis products such as dialysis machines or dialyzers. Ģ����ý is listed on the Frankfurt Stock Exchange (FME) and on the New York Stock Exchange (FMS).

Disclaimer:
This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results could differ materially from those described in these forward-looking statements due to various factors, including, but not limited to, changes in business, economic and competitive conditions, legal changes, regulatory approvals, results of clinical studies, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. These and other risks and uncertainties are detailed in Ģ����ýĢ����ý�s reports filed with the U.S. Securities and Exchange Commission. Ģ����ý does not undertake any responsibility to update the forward-looking statements in this release.

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• Ģ����ý invests EUR 312 million and successfully closes a share purchase agreement with all non-physician investors in Interwell Health (IWH), accelerating the timeline originally set during the merger of Cricket Health, IWH, and Fresenius Health Partners when it was completed in August 2022
• Tommy P. OĢ����ý�Connor appointed CEO of Interwell Health and Operating Segment leader of Value-Based Care to enhance benefits of the vertical integration and accelerate value creation in line with the FME Reignite strategy

Bad Homburg (September 18, 2025) Ģ����ý� Ģ����ý (FME), the worldĢ����ý�s leading provider of products and services for individuals with renal diseases, today announced several important developments in its Value-Based Care (VBC) operating segment, reinforcing its commitment to delivering high-quality, cost-effective care for patients with kidney disease.

These updates mark a step forward in the companyĢ����ý�s FME Reignite strategy, which is focused on creating value for all stakeholders through three strategic priorities: strengthening the core, driving growth and innovation, and developing the company culture. By leveraging FMEĢ����ý�s unique vertically integrated structure Ģ����ý� VBC, alongside Care Delivery and Care Enablement Ģ����ý� the company aims to accelerate innovation, improve patient and quality outcomes, drive growth while reducing costs, and set the standard of care for the dialysis industry.
 

Ģ����ý accelerates investment in VBC

FME invested EUR 312 million and successfully closed a share purchase agreement with all non-physician investors, accelerating the timeline originally set during the merger of Cricket Health, Interwell Health (IWH), and Fresenius Health Partners when it was completed in August 2022. The transaction, finalized in early September, increases FMEĢ����ý�s ownership stake in IWH. IWH has emerged as the leader in the renal value-based care industry, partnering with over 2,200 nephrologists in the U.S., generating EUR 1,035 million in revenue for the first six months of the year and experiencing revenue growth of 23.5% during this time. This move enables FME to leverage its full scale and resources in support of the companyĢ����ý�s overall strategy and VBC ambitions. The investment will allow for streamlined decision-making and enhance IWHĢ����ý�s ability to deliver high-quality kidney care at lower cost.
 

Leadership transition at IWH

FME is pleased to announce the appointment of Tommy P. OĢ����ý�Connor as Chief Executive Officer of Interwell Health and business segment leader of VBC, effective October 1, 2025. Mr. OĢ����ý�Connor brings extensive experience in healthcare leadership, most recently serving as CEO of the Empire and Midwest Markets for United Healthcare, Medicare. His proven track record in developing value-based partnerships, driving growth and operational excellence, and improving clinical outcomes will be instrumental as FME continues to expand its leadership in renal value-based care. Mr. OĢ����ý�Connor will report to Helen Giza, CEO and Chair of the Management Board.

He succeeds Robert Sepucha, who informed the Management Board of his intention to leave the company at the end of September 2025. Mr. Sepucha has been instrumental in the creation, development, and execution of IWHĢ����ý�s VBC strategy, since being named CEO in August 2022.

Helen Giza said: Ģ����ý�With the acceleration of the buyout transaction at favorable terms and the appointment of Tommy OĢ����ý�Connor, we are well placed to strengthen IWHĢ����ý�s ability to deliver better outcomes for patients while lowering the total cost of care, and supporting the long-term success of our nephrologist partners in the U.S. Harnessing our global scale and leveraging efficiencies across the group, weĢ����ý�re advancing a bold vision for Value-Based Care and unlocking the full potential of our vertical integration Ģ����ý� propelling us forward in alignment with the FME Reignite strategy. I would like to thank Bobby for his contributions as CEO of Interwell Health and I'm excited to welcome Tommy to my team as we continue to lead the future of kidney care.Ģ����ý�

Tommy OĢ����ý�Connor, incoming CEO of Interwell Health, added: Ģ����ý�IĢ����ý�m honored to join Ģ����ý and lead Interwell Health at such a pivotal time. The opportunity to build on the strong foundation laid by the IWH team and to help scale innovative, patient-centered care models is incredibly exciting. I look forward to working with our physician partners and colleagues across FME to advance our mission and deliver meaningful impact for patients, payors, and physicians nationwide.Ģ����ý�

Ģ����ý Ģ����ý:
Ģ����ý is the world's leading provider of products and services for individuals with renal diseases of which around 4.2 million patients worldwide regularly undergo dialysis treatment. Through its network of 3,676 dialysis clinics, Ģ����ý provides dialysis treatments for approx. 300,000 patients around the globe. Ģ����ý is also the leading provider of dialysis products such as dialysis machines or dialyzers. Ģ����ý is listed on the Frankfurt Stock Exchange (FME) and on the New York Stock Exchange (FMS).

Disclaimer:
This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results could differ materially from those described in these forward-looking statements due to various factors, including, but not limited to, changes in business, economic and competitive conditions, legal changes, regulatory approvals, results of clinical studies, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. These and other risks and uncertainties are detailed in Ģ����ýĢ����ý�s reports filed with the U.S. Securities and Exchange Commission. Ģ����ý does not undertake any responsibility to update the forward-looking statements in this release.

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Ģ����ý (FME), the world's leading provider of products and services for individuals with renal diseases, celebrates nurses for the vital role they play in improving the quality of life of patients every day.

During Nephrology Nurses Week (September 14-20, 2025), FME reaffirms the commitment to professional growth and patient-centered care to ensure long-term resilience and quality patient care, which play a key role in the Ģ����ý�FME ReigniteĢ����ý� corporate strategy.

Ģ����ý�Our patients are at the heart of everything we do, and our nurses are beside them every step of the way, fostering strong relationships that impact every aspect of the patient's experience,Ģ����ý� said Michelle Carver, Chief Nursing Officer and Senior Vice President, Nursing & Clinical Services. Ģ����ý�As we celebrate nephrology nurses, we also recognize the vital need to care for the caregiver and continue supporting the well-being of our nurses.Ģ����ý�

Ģ����ý offers comprehensive support, education, learning and development of nurses, including offering best practices, innovation, and practical advice for caregivers who support people with chronic kidney disease. To honor nurses, the company continues to prioritize their growth, professional development, and career advancement.

As part of Nephrology Nurses Week, FME is also honoring care teams with The CARE (Caring Ģ����ý Renal Excellence) Award. The CARE Award is awarded annually to exceptional care team members who deliver unwavering commitment to providing exceptional care. Nephrology nurses receive The CARE Award during Nephrology Nurses Week, observed every year in mid-September.

At The CARE Award annual recognition event, FME celebrates committed nephrology care team members who embody clinical excellence and have exemplified mastery in one of the following clinical pillars: quality and safety, growth, clinical leadership, clinical excellence, and patient experience.

The CARE Award brings together hundreds of care team members from across the U.S., each nominated by their peers, leaders, and patients.

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08/11/2025 | Press Release

• Total volume of the initial share buyback is up to EUR 1 billion over two years
• Share buyback to take place until August 10, 2027
   

Bad Homburg (August 11, 2025) Ģ����ý� Ģ����ý (FME), the worldĢ����ý�s leading provider of products and services for individuals with renal diseases, announced the launch of the first tranche of its initial EUR 1 billion share buyback, which is part of its new capital allocation framework as presented at its Capital Markets Day on June 17. Today, the first tranche of up to EUR 600 million was initiated, which is planned to be completed at the latest by April 30, 2026.

Ģ����ý�With the share buyback program, we are rapidly implementing an important component supporting our new FME Reignite strategy. The new program relates to initial share buybacks totaling EUR one billion over two years. This underscores our goal of reigniting value creation for shareholders and enables our shareholders to participate in the strength of our company,Ģ����ý� said Helen Giza, CEO of Ģ����ý.

Ģ����ý�The implementation of regular share buybacks in addition to a consistent dividend policy is part of our new capital allocation framework,Ģ����ý� stated Martin Fischer, CFO of Ģ����ý.  

FME will provide regular updates on the progress of the share buyback program at /en/investors/shares/share-buy-back/.

Ģ����ý Ģ����ý:
Ģ����ý is the world's leading provider of products and services for individuals with renal diseases of which around 4.2 million patients worldwide regularly undergo dialysis treatment. Through its network of 3,676 dialysis clinics, Ģ����ý provides dialysis treatments for approx. 300,000 patients around the globe. Ģ����ý is also the leading provider of dialysis products such as dialysis machines or dialyzers. Ģ����ý is listed on the Frankfurt Stock Exchange (FME) and on the New York Stock Exchange (FMS).

Disclaimer:
This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results could differ materially from those described in these forward-looking statements due to various factors, including, but not limited to, changes in business, economic and competitive conditions, legal changes, regulatory approvals, results of clinical studies, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. These and other risks and uncertainties are detailed in Ģ����ýĢ����ý�s reports filed with the U.S. Securities and Exchange Commission. Ģ����ý does not undertake any responsibility to update the forward-looking statements in this release.

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08/05/2025 | Press release

• Strong organic revenue growth¹ of 7% driven by all operating segments
• Stable U.S. same market treatment development driven by accelerating patient inflow 
• FME25+ savings of EUR 58 million contributed to earnings 
• Operating income² grew by 13% at constant currency, further driving margin expansion 
• Stable reported operating income and 20% increase in reported net income³
• Operating cash flow improved strongly by 75%, net leverage ratio improved to 2.7x
• FY 2025 outlook confirmed
• First tranche of announced share buyback to be initiated in August

Bad Homburg, Germany (August 5, 2025) Ģ����ý� Ģ����ý�In the second quarter of 2025, we further improved our operational performance as strong organic revenue growth and double-digit operating income growth put us fully on track to deliver our full year 2025 financial outlookĢ����ý�, said Helen Giza, Chief Executive Officer of Ģ����ý AG. Ģ����ý�Organic revenue growth of 7% was supported by all operating segments. The overall phasing of earnings in the first half of the year developed in line with our planning. Strong profitability gains in Care Enablement led to double-digit operating income growth. Care Delivery also drove improvements in operating income and margin, despite flat U.S. volume development. We remain encouraged by the strong and accelerating momentum in patient referrals that continued in the second quarter. However, this positive development in patient inflow was offset by higher-than-expected patient outflow driven by continued elevated mortality and a greater number of missed treatments following the severe flu season in the first months of the year. In the second half of the year, we expect to realize further significant operational and financial improvements.Ģ����ý� Giza added: Ģ����ý�Reflecting our confidence and the strong cash generation, we are about to initiate the first tranche of the announced share buyback in August.Ģ����ý�

Key figures Q2 and H1 2025 (unaudited)

yoy = year-on-year, cc = at constant currency, EPS = earnings per share

Strategic execution on track 

Ģ����ý, the worldĢ����ý�s leading provider of products and services for individuals with renal disease, maintained strong focus on the execution of its strategic plan. During the second quarter of 2025, the FME25+ transformation program continued its positive momentum, delivering EUR 58 million additional sustainable savings while related one-time costs, treated as special items, amounted to EUR 53 million. The Company confirms its full year FME25+ target of around EUR 180 million additional annual savings, totaling to EUR 1,050 million by year end 2027. The Company assumes related one-time costs of EUR 100 million to 150 million in 2025 and EUR 1,000 million to 1,050 million for the total program.

The Company continues the execution of its portfolio optimization plan to exit non-core and margin-dilutive assets. Special items associated with portfolio optimization amounted to negative EUR 6 million in the second quarter.

All transactions that were realized as part of Ģ����ýĢ����ý�s portfolio optimization plan in 2024 are estimated to negatively impact full year 2025 Group revenue growth by around one percent. Related costs will be treated as special items in operating income.

As part of the new capital allocation framework, as presented at its recent Capital Markets Day, Ģ����ý commits to return excess capital to shareholders. The Company announced an initial share buyback of EUR 1 billion within two years. The Company intends to initiate the first tranche of the program in August.  

Organic revenue growth¹ across all segments 

In the second quarter 2025, Group revenue increased by 1% (+5% at constant currency, +7% organic¹) to EUR 4,792 million. Divestitures realized as part of the portfolio optimization plan affected the revenue development by -110 basis points.

Care Delivery revenue decreased by 3% (+1% at constant currency, +4% organic¹) to EUR 3,381 million. Divestitures realized as part of the portfolio optimization plan affected the revenue development by -190 basis points.

In Care Delivery U.S., revenue decreased by 2% (+3% at constant currency, +3% organic¹) to EUR 2,817 million. Reimbursement rate increases and a favorable payor mix development had a positive impact while exchange rates developed unfavorably. The severe flu season in the U.S. in the first months of the year resulted in significantly increased mortality compared to the elevated mortality level in the prior year. This impacted the treatment numbers in the second quarter and for the remainder of the year. The effect was partially offset in the second quarter by an accelerated number of patient new starts. Therefore, U.S. same market treatment growth came in flat year-on-year.

In Care Delivery International, revenue decreased by 8% (-8% at constant currency, +5% organic¹) to EUR 564 million. The effect of closed or sold operations, mainly related to portfolio optimization, were partially offset by organic growth¹. Same market treatment growth amounted to +1.7%.

Ģ����ý now reports Value-Based Care, previously part of Care Delivery, as a standalone segment. The new segmentation reflects the growing importance of this business and the CompanyĢ����ý�s clear commitment towards enhancing financial reporting transparency. Value-Based Care revenue grew by 22% (+28% at constant currency, +28% organic¹) to EUR 506 million, mainly driven by significantly higher number of member months due to contract expansion, while exchange rates developed unfavorably. 

Care Enablement revenue declined by 1% (+3% at constant currency, +3% organic¹) to EUR 1,348 million. Volume growth and continued positive pricing momentum was offset by unfavorable exchange rate effects.

Within Inter-segment eliminations⁴, revenue for services provided and products transferred between the operating segments at fair market value came in 10% below prior year at negative EUR 443 million (-6% at constant currency). In line with the new segment reporting, services provided by the Care Delivery segment for patients managed under the Value-Based Care segment are now being included within inter-segment eliminations.

In the first half 2025, Group revenue increased by 2% (+3% at constant currency, +6% organic¹) to EUR 9,673 million. Divestitures realized as part of the portfolio optimization plan impacted the revenue development by  190 basis points. Care Delivery revenue decreased by 2% (-1% at constant currency, +3% organic¹) to EUR 6,828 million, with Care Delivery U.S. growing by 1% (+2% at constant currency, +2% organic¹) to EUR 5,709 million and Care Delivery International decreasing by 14% (-14% at constant currency, +5% organic¹) to EUR 1,119 million. Divestitures realized as part of the portfolio optimization plan affected the revenue development of Care Delivery by -300 basis points and the revenue development of Care Delivery International by -1,600 basis points. U.S. same market treatment growth came in flat while International same market treatment growth improved to 2.1%. Value-Based Care revenue increased by 24% (+25% at constant currency, +25% organic¹) to EUR 1,035 million. Care Enablement revenue increased by 2% (+4% at constant currency, +4% organic¹) to EUR 2,715 million. Inter-segment eliminations decreased by 7% (-6% at constant currency) to a deduction of EUR 905 million.

Double-digit operating income growth and further margin expansion 

In the second quarter 2025, Group Operating income remained stable (+3% at constant currency) at EUR 425 million, resulting in a margin of 8.9% (Q2 2024: 8.9%). Operating income excluding special items increased by 9% (+13% at constant currency) to EUR 476 million, resulting in a margin² of 9.9% (Q2 2024: 9.1%). Divestitures realized during the second quarter were neutral on operating income margin development.

Operating income in Care Delivery increased by 3% (+9% at constant currency) to EUR 346 million, resulting in a margin of 10.2% (Q2 2024: 9.6%). Operating income excluding special items came in flat (+5% at constant currency) at EUR 378 million, resulting in a margin² of 11.2% (Q2 2024: 10.9%). Compared to previous year, operating income development was driven by positive price effects, the impact from phosphate binders, and savings from the FME25+ program. The development was negatively impacted by higher personnel expenses due to planned merit increases and unfavorable medical benefit costs as well as other inflationary cost increases. 

Operating income in Value-Based Care amounted to a loss of EUR 9 million, compared to a loss of EUR 6 million in the prior year, resulting in a margin of -1.7% (Q2 2024: -1.5%). Identically, operating income excluding special items amounted to a loss of EUR 9 million, compared to a loss of EUR 6 million in the prior year, resulting in a margin² of -1.7% (Q2 2024: -1.5%). The development was mainly driven by an unfavorable savings rate and inflation, while the effect from an increase in member months contributed positively. 

Operating income in Care Enablement increased by 36% (+39% at constant currency) to EUR 89 million, resulting in a margin of 6.6% (Q2 2024: 4.8%). Operating income excluding special items significantly increased by 76% (+79% at constant currency) to EUR 117 million, resulting in a margin² of 8.7% (Q2 2024: 4.9%). The improvement compared to the previous yearĢ����ý�s quarter was mainly driven by globally higher volumes and positive pricing developments as well as savings from the FME25+ program. These positive effects were partially offset by inflationary cost increases, which developed in line with expectations.

Operating income for Corporate amounted to EUR 7 million (Q2 2024: EUR 36 million). Humacyte remeasurements, treated as special items in the Corporate line, amounted to EUR 10 million and virtual power purchase agreements contributed EUR 15 million. Operating income excluding special items amounted to a loss of EUR 2 million (Q2 2024: EUR 5 million). 

In the first half 2025, Group operating income increased by 13% (13% at constant currency) to EUR 757 million, resulting in a margin of 7.8% (H1 2024: 7.1%). Operating income excluding special items increased by 11% (+12% at constant currency) to EUR 933 million, resulting in a margin² of 9.6% (H1 2024: 8.8%). Divestitures realized during the half year were neutral on operating income margin development. In Care Delivery, operating income increased by 33% (+34% at constant currency) to EUR 666 million, resulting in a margin of 9.8% (H1 2024: 7.2%). Operating income excluding special items increased by 4% (+5% at constant currency) to EUR 734 million, resulting in a margin² of 10.7% (H1 2024: 10.1%). In Value-Based Care operating income amounted to a loss of EUR 6 million compared to an income of EUR 15 million in the prior year, resulting in a margin of -0.5% (H1 2024: 1.8%). Operating income excluding special items amounted to a loss of EUR 5 million compared to an income of EUR 15 million in the prior year, resulting in a margin² of -0.5% (H1 2024: 1.8%). In Care Enablement, operating income increased by 35% (+36% at constant currency) to EUR 183 million, resulting in a margin of 6.8% (H1 2024: 5.1%). Operating income excluding special items increased by 62% (+63% at constant currency) to EUR 231 million, resulting in a margin² of 8.5% (H1 2024: 5.4%).  

Net income³ increased by 20% (+23% at constant currency) to EUR 225 million in the second quarter 2025. Net income excluding special items increased by 26% (+30% at constant currency) to EUR 268 million. 

In the first half 2025, net income³ increased by 46% (+46% at constant currency) to EUR 376 million. Net income excluding special items increased by 28% (+29% at constant currency) to EUR 514 million.

Basic earnings per share (EPS) increased by 20% (+23% at constant currency) to EUR 0.77 in the second quarter 2025. Basic EPS excluding special items increased by 26% (+30% at constant currency) to EUR 0.91. 

In the first half 2025, basic EPS increased by 46% (+46% at constant currency) to EUR 1.28. Basic EPS excluding special items increased by 28% (+29% at constant currency) to EUR 1.75. 

Strong cash flow development and further improved net leverage ratio 

In the second quarter 2025, Ģ����ý improved operating cash flow by 75% to EUR 775 million (Q2 2024: EUR 442 million), resulting in a margin of 16.2% (Q2 2024: 9.3%). The operating cash flow development was mainly driven by a favorable working capital development and phasing of federal income tax payments in the U.S. In the first half 2025, operating cashflow improved by 65% to EUR 938 million (H1 2024: EUR 570 million), resulting in a margin of 9.7% (H1 2024: 6.0%). 

Free cash flow⁵ significantly increased by 117% to EUR 628 million in the second quarter 2025 (Q2 2024: EUR 289 million), resulting in a margin of 13.1% (Q2 2024: 6.1%). In the first half 2025, Ģ����ý generated free cash flow of EUR 649 million (H1 2024: EUR 287 million), resulting in a margin of 6.7% (H1 2024: 3.0%). 

Total net debt and lease liabilities were further reduced to EUR 9,315 million (Q2 2024: EUR 10,658 million). The net leverage ratio (net debt/EBITDA) improved to 2.7x in Q2 2025 (Q1 2025: 2.8x). Upon maturity, the Company redeemed a EUR 500 million bond on July 11, 2025. 

Patients, clinics and employees

As of June 30, 2025, Ģ����ý treated 300,339 patients in 3,676 dialysis clinics worldwide and had 112,445 employees (headcount) globally, compared to 112,035 employees as of March 31, 2025.

Outlook 2025 confirmed

Ģ����ý confirms its outlook for fiscal 2025 and expects revenue growth to be positive to a low-single digit percent rate compared to prior year. The Company expects operating income excluding special items to grow by a high-teens to high-twenties percent rate compared to prior year.

The expected growth rates for 2025 are at constant currency, excluding special items in operating income. The 2024 basis for the revenue outlook is EUR 19,336 million and for the operating income outlook is EUR 1,797 million.

Media conference call

Ģ����ý will host a media conference call to discuss the results of the second quarter and first half of 2025 today, August 5, 2025, at 9:30 a.m. CEST / 3:30 a.m. EDT. The media conference call is for journalists, who can register via the following link: . Details on the media conference call are also available here. Attendees who would like to follow the presentation parallel to the conference call can register for the webcast. The webcast will only be broadcasted in Ģ����ý�listen onlyĢ����ý� mode.

Investor conference call

Ģ����ý will host a conference call for analysts and investors to discuss the results of the second quarter 2025 today, August 5, 2025, at 2:00 p.m. CEST / 8:00 a.m. EDT. Details are available here. A replay and a transcript will be available shortly after the call.

Please refer to our statement of earnings included at the end of this press release and to the attachments as separate PDF files for a complete overview of the results of the second quarter 2025. Our form 6-K disclosure provides more details.

¹At constant currency, adjusted for certain reconciling items including revenue from acquisitions, closed or sold operations and differences in dialysis days

²Adjusted for special items; for further details please see the reconciliation attached to the press release 

³Net income attributable to shareholders of Ģ����ý AG

⁴The Company transfers products from the Care Enablement segment to the Care Delivery segment at fair market value. Services provided by the Care Delivery segment for patients managed under the Value-Based Care segment are also provided at fair market value. The associated internal revenues and expenses and all other consolidation of transactions are included within Ģ����ý�Inter-segment eliminationsĢ����ý�. 

⁵Net cash provided by / used in operating activities, after capital expenditures, before acquisitions, investments, and dividends

Ģ����ý Ģ����ý:
Ģ����ý is the world's leading provider of products and services for individuals with renal diseases of which around 4.2 million patients worldwide regularly undergo dialysis treatment. Through its network of 3,676 dialysis clinics, Ģ����ý provides dialysis treatments for approx. 300,000 patients around the globe. Ģ����ý is also the leading provider of dialysis products such as dialysis machines or dialyzers. Ģ����ý is listed on the Frankfurt Stock Exchange (FME) and on the New York Stock Exchange (FMS).

Disclaimer:
This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results could differ materially from those described in these forward-looking statements due to various factors, including, but not limited to, changes in business, economic and competitive conditions, legal changes, regulatory approvals, results of clinical studies, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. These and other risks and uncertainties are detailed in Ģ����ýĢ����ý�s reports filed with the U.S. Securities and Exchange Commission. Ģ����ý does not undertake any responsibility to update the forward-looking statements in this release.

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07/03/2025 | Press Release

• High-Volume Hemodiafiltration is used for the first time in seven out of 10 CCINSHAE centers in Mexico
• In Mexico, 240 CCINSHAE patients are now being treated; more than 410 regular patients also treated
• Ģ����ý is committed to expanding HighVolumeHDF therapy to all markets where it is not already present, including the United States

Bad Homburg (July 3, 2025) Ģ����ý� Ģ����ý (FME), the worldĢ����ý�s leading provider of products and services for individuals with renal diseases, will extend High-Volume Hemodiafiltration (HighVolumeHDF) access for patients in seven out of 10 centers in Mexico, by partnering with the countryĢ����ý�s Coordination of National Institutes of Health and Specialty Hospitals (CCINSHAE) to develop a pilot program that provides low-income patients without medical coverage in Mexico with access to hemodialysis therapies.

Ģ����ý Mexico and CCINSHAE signed a two-year contract to enable the installation of the Ģ����ý 5008S CorDiax technology in participating renal treatment centers in CCINCSHAE Centers in Mexico City (CDMX) and its metropolitan area, for a total of 150 systems in all.

Ģ����ý�The groundbreaking pilot program, with its mission to provide chronic kidney disease patients with access to high quality treatments that were previously out of their reach, represents an important advancement in CKD in Mexico,Ģ����ý� said Edgar Robles, Ģ����ý MexicoĢ����ý�s Managing Director of Care Enablement Commercial Operations.

This technology provides standard hemodialysis as well as HighVolumeHDF, a therapy that has demonstrated improved patient well-being while increasing cost-effectiveness in most health care systems.

The initiative between Ģ����ý and the CCINSHAE has recently provided HighVolumeHDF treatment to 240 new CCINSHAE patients who do not have public or private medical coverage. Further 410 regular patients, who are covered by public or private medical insurance, already started receiving HighVolumeHDF last year.

Some of these patients were part of the hemodialysis (HD) program in CCINSHAE centers and transitioned to HighVolumeHDF, while others were new patients assigned to CCINSHAE centers for various reasons, including new diagnoses, transitions from peritoneal dialysis to hemodiafiltration or patients entering the transplant program, thus doubling the number of patients via these other sources.  

Ģ����ý�Ģ����ý is committed to providing access to innovative therapies such as HighVolumeHDF,Ģ����ý� continued Robles. Ģ����ý�Our approach is to raise quality standards in dialysis, which also improves the quality of life of patients, and simplifies operational procedures and provides efficient hemodialysis solutions for healthcare professionals.Ģ����ý�    

High-Volume Hemodiafiltration is backed by multiple clinical studies, including the international, randomized and controlled CONVINCE¹ Trial, which compares high-volume hemodiafiltration with standard high-flux hemodialysis. The study reported a 23% reduction rate on average of all-cause mortality for patients treated with High-Volume Hemodiafiltration compared to those treated with the more commonly used high-flux hemodialysis.  

In the Americas, Ģ����ýĢ����ý�s HighVolumeHDF therapy is currently used in Argentina, Brazil, Canada, Caribbean Islands, Chile, Colombia, Ecuador, Mexico, Panama, Peru, and Uruguay.

In the future, the company wants to bring HighVolumeHDF therapy Ģ����ý� already widely used in Europe, Latin America, and Asia Pacific Ģ����ý� for people living with kidney diseases in the U.S. In February 2024, Ģ����ý announced it was the first company to receive U.S. Food and Drug Administration (FDA) 510(k) clearance of the companyĢ����ý�s 5008X Hemodialysis System.

In May 2025, the company received FDA 510(k) clearance for the updated version of its new, hemodiafiltration-capable 5008X CAREsystem with additional features, a key benchmark enabling the next steps in the companyĢ����ý�s broader commercialization efforts across the U.S. later this year, followed by a full-scale commercial launch in 2026.

Coordination of National Institutes of Health and Specialty Hospitals (CCINSHAE) is part of the Public Healthcare system in Mexico (Comisión Coordinadora de Institutos Nacionales de Salud y Hospitales de Alta Especialidad).

¹ Blankestijn PJ et al., CONVINCE Scientific Committee Investigators, Effect of Hemodiafiltration or Hemodialysis on Mortality in Kidney Failure, N Engl J Med 2023 Aug 24;389(8):700-709

Ģ����ý Ģ����ý:
Ģ����ý is the world's leading provider of products and services for individuals with renal diseases of which around 4.2 million patients worldwide regularly undergo dialysis treatment. Through its network of 3,675 dialysis clinics, Ģ����ý provides dialysis treatments for approx. 299,000 patients around the globe. Ģ����ý is also the leading provider of dialysis products such as dialysis machines or dialyzers. Ģ����ý is listed on the Frankfurt Stock Exchange (FME) and on the New York Stock Exchange (FMS).

The CONVINCE study was exclusively supported by the European Commission Research & Innovation, Horizon 2020, Call H2020-SC1-2016-2017 under the topic SC1-PM-10-2017: Comparing the effectiveness of existing healthcare interventions in the adult population (grant no 754803).

Disclaimer:
This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results could differ materially from those described in these forward-looking statements due to various factors, including, but not limited to, changes in business, economic and competitive conditions, legal changes, regulatory approvals, impacts related to the COVID-19 pandemic results of clinical studies, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. These and other risks and uncertainties are detailed in Ģ����ýĢ����ý�s reports filed with the U.S. Securities and Exchange Commission. Ģ����ý does not undertake any responsibility to update the forward-looking statements in this release.

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06/04/2025 | Press Release

• Updated 5008X CAREsystem with Additional Features Receives FDA 510(k) Clearance
• Company announces first wave of Fresenius Kidney Care clinics in the U.S. to begin offering high-volume hemodiafiltration therapy to dialysis patients
• Introducing the 5008X CAREsystem and hemodiafiltration kidney replacement therapy is a key pillar of the companyĢ����ý�s growth strategy

Bad Homburg, June 4, 2025 Ģ����ý� Ģ����ý (FME), the world's leading provider of products and services for individuals with renal diseases, today begins the second phase of the companyĢ����ý�s efforts to introduce high-volume hemodiafiltration (HVHDF) kidney replacement therapy across the United States. The company last week received FDA 510(k) clearance for the updated version of its new, hemodiafiltration-capable 5008X CAREsystem with additional features, a key benchmark enabling the next steps in the companyĢ����ý�s broader commercialization efforts across the U.S. later this year, followed by a full-scale commercial launch in 2026.

Ģ����ý�Last weekĢ����ý�s FDA clearance of our updated 5008X CAREsystem with additional features was a critical milestone in our work to improve the lives of people living with kidney disease by bringing industry-leading, high-volume hemodiafiltration dialysis therapy to the U.S.Ģ����ý�, said Helen Giza, CEO for Ģ����ý AG. Ģ����ý�Hemodiafiltration is already the treatment standard across much of Europe, Latin America, and Asia, and we are very well experienced with it. Our great familiarity with this treatment, combined with the outcome and promising results of the external CONVINCE* research study, reiterated the significant patient health and well-being benefits available with high-volume hemodiafiltration. With this additional clearance, we now begin the next steps of our national U.S. rollout by deploying the machine to a first wave of Fresenius Kidney Care clinics for the remainder of 2025 and continuing broadly across the U.S. in 2026 and beyond. ItĢ����ý�s a landmark moment in the industry. We will set the new standard of kidney care in the U.S.Ģ����ý�

Ģ����ý first received 510(k) clearance for its 5008X CAREsystem in February 2024, which allowed the company to conduct focused testing, clinical evaluations, and user-studies of the device in a pilot clinic. Last weekĢ����ý�s May 2025 FDA 510(k) notice provided clearance for an updated 5008X CAREsystem with additional features, including the Fresenius Clinical Data Exchange^® (CDX), a unique Ģ����ý technology built into the 5008X that enables ONE-TOUCH access to providersĢ����ý� medical information systems (MIS) directly at chairside without the need for additional computer stations. By providing direct access to providersĢ����ý� MIS, the CDX helps to optimize clinic workflows, reduce the risk of cross contamination and CMS V-tag citations, and open up clinic space by reducing computer and cabling clutter.

Beginning in a few months and continuing through the remainder of the year, Ģ����ýĢ����ý�s Care Delivery patient care business segment will begin offering hemodiafiltration dialysis therapy in selected first wave clinics across regions in its U.S. Fresenius Kidney Care dialysis clinics. In the U.S. there is an estimated installed base of around 160,000 in-center hemodialysis machines across all service providers that could be replaced to adapt this new standard of care.

The 5008X CAREsystem is one of Ģ����ýĢ����ý�s latest medical device innovations. Along with the companion FX CorAL^® dialyzer Ģ����ý� approved by FDA Ģ����ý�, the 5008X CAREsystem combines the latest device engineering and cutting-edge membrane technologies that facilitate high-volume hemodiafiltration with many additional workflow and therapy improvements possible.

The results of the groundbreaking CONVINCE* study demonstrated that patients treated with high-volume hemodiafiltration experienced a remarkable 23% decrease in mortality rates compared to those treated with the more commonly used high-flux hemodialysis. Funded by the European Union, the CONVINCE study was a multinational research study that compared these two types of hemodialysis techniques in a three-year trial performed at 61 dialysis centers in eight European countries.

Ģ����ý Ģ����ý:
Ģ����ý is the world's leading provider of products and services for individuals with renal diseases of which around 4.2 million patients worldwide regularly undergo dialysis treatment. Through its network of 3,674 dialysis clinics, Ģ����ý provides dialysis treatments for approx. 299,000 patients around the globe. Ģ����ý is also the leading provider of dialysis products such as dialysis machines or dialyzers. Ģ����ý is listed on the Frankfurt Stock Exchange (FME) and on the New York Stock Exchange (FMS).

*Funded by the European Union, conducted by the CONVINCE consortium, and led by the University Medical Center Utrecht, the international, randomized controlled CONVINCE trial marked a crucial milestone in comparing high-volume hemodiafiltration with standard, high-flux hemodialysis.

The information in this document is provided as is and no guarantee or warranty is given that the information is fit for any particular purpose. The user thereof uses the information at its sole risk and liability. The opinions expressed in the document are of the authors only and in no way reflect the European CommissionĢ����ý�s opinions.

The CONVINCE study was exclusively supported by the European Commission Research & Innovation, Horizon 2020, Call H2020-SC1-2016-2017 under the topic SC1-PM-10-2017: Comparing the effectiveness of existing healthcare interventions in the adult population (grant no 754803).

Disclaimer:
This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results could differ materially from those described in these forward-looking statements due to various factors, including, but not limited to, changes in business, economic and competitive conditions, legal changes, regulatory approvals, results of clinical studies, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. These and other risks and uncertainties are detailed in Ģ����ýĢ����ý�s reports filed with the U.S. Securities and Exchange Commission. Ģ����ý does not undertake any responsibility to update the forward-looking statements in this release.

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• Shareholders approved the proposed dividend of 1.44 Euro per share, representing a 21 percent increase year-over-year and marking the highest dividend in the companyĢ����ý�s history
• Excellent progress in the companyĢ����ý�s transformation and turnaround plans continues to strengthen the foundation for sustainable, profitable growth
• In 2024, organic revenue growth¹ was 4 percent, and operating income increased by 18 percent on an outlook base², coming in at the upper end of the companyĢ����ý�s outlook
• The company is well positioned for double digit earnings growth in 2025, translating to an 11-12 percent margin

Bad Homburg, May 22, 2025 Ģ����ý� Ģ����ý (FME), the worldĢ����ý�s leading provider of products and services for people with kidney disease, continuously executed its strategic plan during the 2024 fiscal year. The success of this transformation is strengthening the foundation for sustainable, profitable growth Ģ����ý� both now and in the future.

At todayĢ����ý�s Annual General Meeting (AGM), Michael Sen, Chair of the Supervisory Board of Ģ����ý AG, said: Ģ����ý�In a geopolitical and geoeconomic challenging environment, Ģ����ý successfully completed its first full fiscal year following its conversion into a stock corporation. The sustainable reduction of debt, the realignment into two global operating segments, Care Delivery and Care Enablement, the strategic optimization of the legacy portfolio, and, not least, the companyĢ����ý�s independence are beginning to pay off.Ģ����ý�

Michael Sen added: Ģ����ý�On behalf of the Supervisory Board, I would like to thank the Management Board, under the leadership of Helen Giza, and the 112,000 employees for their dedication in the past financial year. Thanks to their work, Ģ����ý has regained trust of its shareholders and is on a strong path to continuing to set the highest standards in dialysis treatment in the future Ģ����ý� for the benefit of millions of people with kidney diseases.Ģ����ý�

Helen Giza, Chief Executive Officer (CEO) of Ģ����ý AG, said: Ģ����ý�2024 was our proving year. We delivered strong financial performance and enhanced value creation for the fiscal year. The companyĢ����ý�s performance drove improvement toward our target operating income margin bands for 2025, supported by both operating segments. With a margin² contribution of more than 10 percent, Care Delivery reached the lower end of its target band of 10 to 14 percent. Care Enablement drove an exceptionally strong margin² performance of 6.1 percent in 2024 Ģ����ý� nearly tripling its prior year contribution and entering for the first time its target margin band of 8 -12 percent in Q1 2025. I am proud of all our employees for their dedication, hard work, and commitment to ensuring high-quality care for our patients, every single day.Ģ����ý�

Helen Giza added: Ģ����ý�The improved profitability of both segments was supported by the acceleration of our FME25 transformation program, which now reflects a 750 million Euro savings target by the end of this year Ģ����ý� a 50 percent increase over the original target of 500 million Euro. I am fully confident in our ability to deliver this expanded target, supported by a very strong first quarter in 2025.Ģ����ý�

The CEO continued: Ģ����ý�Last year we achieved a major milestone with the 510(k) clearance for the 5008X machine from the U.S. Food and Drug Administration. The 5008X is the first, and still only, machine for high-volume hemodiafiltration dialysis therapy in the U.S. to receive FDA approval. We are excited to be bringing this innovative therapy to our industry. We are confident that this will set the new standard of care in the U.S. and bring this important new therapy to patients and improve the quality of life and outcomes for the patients we serve. It is what to expect from the leading kidney care company.Ģ����ý�

A clear majority of 96.85 percent of shareholders at the AGM approved the proposed dividend of 1.44 Euro per share for the 2024 fiscal year, representing a 21 percent increase compared to the previous year (2023: 1.19 Euro per share). This marks the highest dividend per share in the companyĢ����ý�s history. In line with Ģ����ýĢ����ý�s dividend policy, the dividend payout is aligned with the companyĢ����ý�s development of net income excluding special items.

The compensation report for the Management Board and the Supervisory Board for the 2024 fiscal year was approved with a majority of 88.57 percent.

The authorizations of the Management Board to increase the companyĢ����ý�s share capital by up to a total of 60 million Euro, which have not been made use of, have been renewed and combined into one authorization to simplify the companyĢ����ý�s capital structure. The new authorization again has a term of five years and was approved by the AGM with a majority of 95.40 percent.

The AGM also granted an authorization to the Management Board to issue option bonds and/or convertible bonds for a total nominal amount of up to two billion Euro. The authorization, which has a term of five years, is in line with the common practice of large, listed companies and will enable Ģ����ý to respond more flexibly to potential financing needs in the future. The AGM approved this proposal with a majority of 94.53 percent.

The Management Board and the Supervisory Board were each granted approval of their actions for the year 2024 with majorities of 99.06 percent and 99.80 percent, respectively.

The details of the voting results on these and the other agenda items will be made available on the companyĢ����ý�s website in due course.

At the AGM, 88.79 percent of the share capital was represented.

¹ At constant currency, adjusted for certain reconciling items including revenues from acquisitions, closed, or sold operations and differences in dialysis days.

² Operating income outlook, as referred to in the 2024 outlook, is at constant currency, excluding special items as well as the business impact from closed divestitures in 2023 and the settlement agreement with the U.S. government (Tricare) in 2023. For Full Year 2023 and 2024, special items include costs related to the FME25 program, the Humacyte remeasurements, the legal form conversion costs and effects from legacy portfolio optimization.

Ģ����ý Ģ����ý:
Ģ����ý is the world's leading provider of products and services for individuals with renal diseases of which around 4.2 million patients worldwide regularly undergo dialysis treatment. Through its network of 3,674 dialysis clinics, Ģ����ý provides dialysis treatments for approx. 299,000 patients around the globe. Ģ����ý is also the leading provider of dialysis products such as dialysis machines or dialyzers. Ģ����ý is listed on the Frankfurt Stock Exchange (FME) and on the New York Stock Exchange (FMS).

Disclaimer:
This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results could differ materially from those described in these forward-looking statements due to various factors, including, but not limited to, changes in business, economic and competitive conditions, legal changes, regulatory approvals, results of clinical studies, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. These and other risks and uncertainties are detailed in Ģ����ýĢ����ý�s reports filed with the U.S. Securities and Exchange Commission. Ģ����ý does not undertake any responsibility to update the forward-looking statements in this release.

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05/06/2025 | Press release

• Strong organic revenue growth¹ of 5% driven by Care Enablement and Care Delivery
• Stable U.S. same market treatment development despite impact from a severe flu season
• FME25 savings of EUR 68 million contributed to earnings
• Operating income² grew 11% at constant currency resulting in margin expansion
• Reported operating income grew by 35% and reported net income³ by 113%
• Net leverage ratio further improved to 2.8x and FY 2025 outlook confirmed

Bad Homburg, Germany (May 6, 2025) Ģ����ý� Ģ����ý�The results of the first quarter of 2025 once again demonstrate our continuous operational and financial progress as we are executing the third and last year of our current strategic planĢ����ý�, said Helen Giza, Chief Executive Officer of Ģ����ý. Ģ����ý�Revenue of both segments grew organically, and the phasing of the operating income development was in-line with our expectations. Care Enablement executed strongly against its transformation plan and further expanded its operating income margin, reaching its target margin band for the first time. Care Delivery maintained prior year´s margin level despite one dialysis day less and the negative impact from a severe flu season. Continuing last year´s positive momentum, patient referrals further increased. We therefore expect accelerating same market treatment growth in the U.S. to above 0.5% for the full year, after a stable development in Q1. We also continue to expect operational and financial improvements in both segments during the year, translating into significant earnings and margin growth. We therefore confirm our financial outlook for the full year 2025.Ģ����ý�

Key figures Q1 2025 (unaudited)

yoy = year-on-year, cc = at constant currency, EPS = earnings per share

Execution momentum underpins a good start to fiscal 2025

Ģ����ý, the worldĢ����ý�s leading provider of products and services for individuals with renal disease, has made a good start to the third year of its strategic plan. During the first quarter, the FME25 transformation program continued its positive momentum, delivering EUR 68 million additional sustainable savings while related one-time costs, treated as special items, amounted to EUR 28 million. The Company confirms its full year target of around EUR 180 million additional annual savings, totaling to EUR 750 million by year end 2025.

Ģ����ý continues the execution of its portfolio optimization plan to exit non-core and margin-dilutive assets. Announced divestments include select assets of Spectra Laboratories, our U.S. laboratory testing services business, as well as our clinic operations in Malaysia. Special items associated with portfolio optimization amounted to negative EUR 24 million in the first quarter. 

All transactions that were realized as part of the CompanyĢ����ý�s portfolio optimization plan in 2024 are estimated to negatively impact full year 2025 Group revenue growth by around one percent. Related cost will be treated as special items in operating income.

Strong organic revenue growth¹ in both segments

In the first quarter 2025, Group revenue increased by 3% (+1% at constant currency, +5% organic¹) to EUR 4,881 million. Divestitures realized as part of the portfolio optimization plan affected the revenue development by -260 basis points.

Care Delivery revenue increased by 2% (-1% at constant currency, +4% organic¹) to EUR 3,857 million. Divestitures realized as part of the portfolio optimization plan affected the revenue development by -370 basis points.

In Care Delivery U.S., revenue increased by 6% (+3% at constant currency, +4% organic¹) to EUR 3,302 million. A growing value-based care business, reimbursement rate increases, and a favorable payor mix as well as exchange rate effects had a positive impact, compensating a decrease in dialysis days. A severe flu season in the U.S. drove elevated missed treatments. U.S. same market treatment growth came in flat year-on-year.

In Care Delivery International, revenue declined by 19% (-19% at constant currency, +5% organic¹) to EUR 555 million. The effect of closed or sold operations, mainly related to Legacy Portfolio Optimization, as well as a decrease in dialysis days were partially offset by organic growth1. Same market treatment growth accelerated to 2.5%.

Care Enablement revenue grew by 5% (+5% at constant currency, +5% organic¹) to EUR 1,367 million, mainly driven by volume growth in all our geographical regions and continued positive pricing momentum. Volume-based procurement in China developed in line with expectations and was supportive of volume growth, yet a headwind to price development.

Within Inter-segment eliminations⁴, revenue for products transferred between the operating segments at fair market value came in 5% below prior year at negative EUR 343 million (-7% at constant currency).

Significant operating income growth

Operating income significantly increased by 35% (+32% at constant currency) to EUR 331 million, resulting in a margin of 6.8% (Q1 2024: 5.2%). Operating income excluding special items increased by 13% (+11% at constant currency) to EUR 457 million, resulting in a margin² of 9.4% (Q1 2024: 8.5%).

Operating income in Care Delivery increased by 71% (+64% at constant currency), resulting in a margin of 8.4% (Q1 2024: 5.0%). Operating income excluding special items increased by 4% (flat at constant currency), resulting in a margin² of 9.3% (Q1 2024: 9.2%). Compared to previous year, operating income development was driven by the impact from phosphate binders, positive price effects and savings associated with the FME25 program. The development was negatively impacted by higher personnel expenses, that developed in line with expectations, less positive contribution from the value-based care business, a negative impact from treatment volumes as well as inflationary cost increases. 

Operating income in Care Enablement increased by 34% (+33% at constant currency), resulting in a margin of 6.9% (Q1 2024: 5.4%). Operating income excluding special items increased by 50% (+49% at constant currency), resulting in a margin² of 8.3% (Q1 2024: 5.9%). The improvement compared to the previous yearĢ����ý�s quarter was mainly driven by savings from the FME25 program and globally positive volume and pricing developments. These positive effects were partially offset by inflationary cost increases that developed in line with expectations.

Operating income for Corporate amounted to EUR -81 million (Q1 2024: EUR -14 million). Humacyte remeasurements, that are treated as special items in the Corporate line, amounted to EUR -67 million and virtual power purchase agreements contributed EUR 3 million. Operating income excluding special items amounted to EUR -12 million (Q1 2024: EUR -18 million). 

Net income³ more than doubled (+113%) to EUR 151 million (+109% at constant currency). Net income excluding special items increased by 31% (+29% at constant currency) to EUR 246 million. 

Basic earnings per share (EPS) more than doubled (+113%) to EUR 0.52 (+109% at constant currency). EPS excluding special items increased by 31% (+29% at constant currency) to EUR 0.84.

Continued strong cash flow development and further improved net leverage ratio

In the first quarter, Ģ����ý improved operating cash flow by 28% to EUR 163 million (Q1 2024: EUR 127 million), resulting in a margin of 3.3% (Q1 2024: 2.7%). The operating cash flow development was driven by the seasonality of invoicing, in line with expectations.

Free cash flow⁵ increased to EUR 21 million in the first quarter (Q1 2024: EUR -2 million). 

Total net debt and lease liabilities were further reduced to EUR 9,753 million (Q4 2024: EUR 9,803 million). The net leverage ratio (net debt/EBITDA) slightly improved from 2.9x in Q4 2024 to 2.8x in Q1 2025.

Patients, clinics and employees

As of March 31, 2025, Ģ����ý treated 299,358 patients in 3,674 dialysis clinics worldwide and had 112,035 employees (headcount) globally, compared to 111,513 employees as of December 31, 2024.

Outlook 2025 confirmed

Ģ����ý confirms its outlook for fiscal 2025 and expects revenue growth to be positive to a low-single digit percent rate compared to prior year. The Company expects operating income excluding special items to grow by a high-teens to high-twenties percent rate compared to prior year.

The expected growth rates for 2025 are at constant currency, excluding special items in operating income. The 2024 basis for the revenue outlook is EUR 19,336 million and for the operating income outlook is EUR 1,797 million.

Investor conference call

Ģ����ý will host a conference call for analysts and investors to discuss the results of the first quarter 2025 today, May 6, 2025, at 2:00 p.m. CEST / 8:00 a.m. EDT. Details are available here. A replay and a transcript will be available shortly after the call.

Please refer to our statement of earnings included at the end of this press release and to the attachments as separate PDF files for a complete overview of the results of the first quarter 2025. Our FORM 6-K disclosure provides more details.

¹At constant currency, adjusted for certain reconciling items including revenue from acquisitions, closed or sold operations and differences in dialysis days.

²Adjusted for special items. 

³Net income attributable to shareholders of Ģ����ý AG.

⁴The company transfers products between segments at fair market value. The associated internal revenues and expenses and all other consolidation of transactions are included within Ģ����ý�Inter-segment eliminationsĢ����ý�.

⁵Net cash provided by / used in operating activities, after capital expenditures, before acquisitions, investments, and dividends

Ģ����ý Ģ����ý:
Ģ����ý is the world's leading provider of products and services for individuals with renal diseases of which around 4.2 million patients worldwide regularly undergo dialysis treatment. Through its network of 3,674 dialysis clinics, Ģ����ý provides dialysis treatments for approx. 299,000 patients around the globe. Ģ����ý is also the leading provider of dialysis products such as dialysis machines or dialyzers. Ģ����ý is listed on the Frankfurt Stock Exchange (FME) and on the New York Stock Exchange (FMS).

Disclaimer:
This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results could differ materially from those described in these forward-looking statements due to various factors, including, but not limited to, changes in business, economic and competitive conditions, legal changes, regulatory approvals, results of clinical studies, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. These and other risks and uncertainties are detailed in Ģ����ýĢ����ý�s reports filed with the U.S. Securities and Exchange Commission. Ģ����ý does not undertake any responsibility to update the forward-looking statements in this release.

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This year, the dialysis center in Sokolov, Czech Republic, celebrates its 40th anniversary. Operating under the Ģ����ý (FME) brand, NephroCare delivers comprehensive care to approximately 100 dialysis patientsĢ����ý�from nephrological assessments to the preparation and administration of dialysis. Located in the western Bohemia region, the clinic is one of the largest dialysis centers in the country.

Since its founding in 1985, the Sokolov dialysis center has been a pioneer in the treatment of chronic kidney disease in the Czech Republic. From 1986 to 1990, it was the first dialysis center in the former Czechoslovakia to offer respite stays in the Ore Mountains for dialysis patients and their families. In 1997, Ģ����ý (FME), the worldĢ����ý�s leading provider of products and services for people with kidney disease, assumed responsibility for the center. 

Ģ����ý�We provide comprehensive care for patients with advanced kidney failure. This includes presenting various treatment options and determining the approach that best aligns with each patientĢ����ý�s health condition and lifestyle,Ģ����ý� says Dr. Vlasák, managing director of the dialysis center since 1985. He adds, Ģ����ý�We also offer support to patients who choose home dialysis.Ģ����ý�

Since its inception, the Sokolov dialysis center has prioritized a comfortable environment for its patients. On-site amenities include Wi-Fi access, and patients can receive support from a psychologist or social worker, as well as nutritional counseling.

Ģ����ý�State-of-the-art equipment is now an integral part of treating chronic kidney failure in Sokolov. We continuously strive to enhance the care we provide to our patients,Ģ����ý� says Dana Hrubá, the centerĢ����ý�s head nurse.

Miroslav Karl, a patient at the Sokolov dialysis center for 33 years, shares, Ģ����ý�IĢ����ý�ve been coming to the clinic since January 1992. Over the years, IĢ����ý�ve witnessed remarkable improvements in both the quality and scope of treatment options available. I am deeply grateful to the entire staff, who have not only enabled me to live a normal life but have also allowed me to continue working and enjoy life to its fullest.Ģ����ý�

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