EQS-News: Fresenius Q3/2026

Fresenius delivers an excellent quarter and is scaling its Growth Vectors - Core EPS guidance improved In Q3/26, Fresenius continued to build on the structural improvements from its #FutureFresenius transformation, delivering healthy organic revenue growth, double-digit Core EPS growth while further improving returns. The company’s Growth Vectors continued to gain share, while the hospital business sustained resilient growth. Based on the upgraded core and the increased strategic flexibility, Fresenius started to scale its Biopharma business through targeted investments.

• Group revenue¹ at €5,803 million with organic growth of 5%^1,2 driven by both Fresenius Kabi and Fresenius Helios.
• Group EBIT¹ at €638 million with 10% growth in constant currency driven by Fresenius Kabi’s Growth Vectors, and Fresenius Helios’ excellent EBIT growth despite the usual seasonality in the hospital business; Group EBIT margin¹ expansion by 50 bps to 11.0%.
• Core EPS^1,3 growth at 14% in constant currency to €0.72 largely driven by strong operating performance and further reduction of interest expense, reflecting the benefits of continued debt reduction.
• Group FY/26 guidance on Core EPS growth improved: now expected at the upper half of the 10% to 15% range in constant currency.
• Group EBIT margin indication raised: now expected above 11.5% (before around 11.5%)
• ROIC at 7.0%, moving up within the Fresenius Financial Framework ambition range of 6% to 8% reaching its highest level of the decade.
• Net debt/EBITDA ratio at 2.5x^1,4, including about 20bps impact related to mAbxience transaction.

Michael Sen, CEO of Fresenius: “Fresenius delivered another excellent quarter, underscoring the strength and consistency of our execution. Organic revenue grew by 5%, while EBIT and Core EPS increased by 10% and 14%, respectively, at constant currency. Margins and returns also continued to improve, with ROIC reaching a new high. This performance enables us to improve our Core EPS outlook and raise our Group EBIT margin indication. Our strategy is translating into measurable results. Kabi’s Growth Vectors delivered 9% organic growth, led by Biopharma at 29%, while Helios achieved strong growth and margin expansion. We are progressing #FutureFresenius with disciplined investments, including the acquisition of the remaining 45% of mAbxience and our strategic agreement with WuXi Biologics, which will significantly expand and accelerate our biosimilars pipeline. Fresenius continues to demonstrate resilience, with improving earnings visibility. We have strengthened our core and improved our financial position, laying the foundation for our next phase of profitable, innovation-led growth and sustainable long-term value creation.”

Fresenius entered exclusive development agreement to expand biosimilars pipeline
On November 2, 2026, Fresenius announced that it has entered an exclusive development agreement with WuXi Biologics. This is the largest development agreement announced in the biosimilars industry to date and provides Fresenius with exclusive access to up to 37 potential first-to-market biosimilar candidates to significantly expand Fresenius’ portfolio from 29 marketed and pipeline molecules today to up to 66 in the next decade, addressing more than €370 billion in originator sales. The agreement gives Fresenius full strategic flexibility to select and advance biosimilar candidates to develop, while retaining full commercialization economics of products under the agreement.

Fresenius will determine the long-term manufacturing strategy for each candidate, with optionality to leverage the mAbxience network. The next-generation portfolio spans 13 therapeutic areas and multiple biologic technologies, including monoclonal and bispecific antibodies, antibody-drug conjugates and fusion proteins. The agreement significantly expands and accelerates Fresenius’ biosimilars pipeline, extending Biopharma growth in the long term beyond its 2030 ambition.

Guidance for Fiscal Year 2026¹ - Group Core EPS³ guidance improved
Fresenius Group⁵: organic revenue growth² in the range of 4% to 7%; constant currency Core EPS³ growth now expected to reach the upper half of the 10% to 15% range; EBIT margin⁸ above 11.5% expected.
Fresenius Kabi⁶: organic revenue growth² in the mid- to high-single-digit percentage range; EBIT margin¹ at the upper end of the 16.5% to 17.0% range expected.
Fresenius Helios⁷: organic revenue growth in the mid-single-digit percentage range; EBIT margin¹ of 10.0% to 10.5%.

Assumptions to guidance: The company acknowledges that the prevailing trends of fast-moving macroeconomic and geopolitical environment continue, resulting in increased volatility and a higher level of operational uncertainty. The guidance does not take into account potential extreme scenarios that could affect the company, its peers, and the healthcare sector as a whole.

Fresenius Group – Business development Q3/26
group revenue¹ grew organically by 5%^1,2 reaching €5,803 million.
Group EBIT before special items amounted to €638 million, an increase of 10% in constant currency. Growth was supported by both Fresenius Kabi and Fresenius Helios. At Fresenius Kabi, the Growth Vectors – Biopharma, MedTech and Nutrition – showed a particularly strong performance. EBIT growth at Fresenius Helios was strongly positive driven by solid topline growth, continued improvements in cost management, and the effects from the surcharge on invoices of publicly insured patients in Germany recognized under other operating income, which expired at the end of October 2026, as well as positive phasing effects. Group EBIT margin¹ improved by 50 bps yoy to 11.0%.
Group Core net income^1,3 increased by 14% in constant currency to €403 million based on the operating result and the significant deleveraging in recent years benefitting the interest line supporting the earnings performance.
Group Core EPS^1,3 rose by 14% in constant currency to €0.72 and underscores the durable, higher-quality operational performance.

Operating Companies – Business development Q3/26
Fresenius Kabi
Q3/26: Growth Vectors continued to scale through innovation-led growth, contributing more than half to Fresenius Kabi’s overall EBIT, further strengthening Kabi’s earnings and growth profile. Organic revenue growth was at the upper end of the structural growth band of 4% to 7% driven by the Growth Vectors. Biopharma momentum continued. The Growth Vectors’ EBIT margin¹ increased by 240 bps to 18.3%, surpassing the FY/26 Fresenius Kabi EBIT guidance range of 16.5% to 17.0%.
Organic revenue growth² of 6% driven by the Growth Vectors and led by Biopharma; revenue rose to €2,304 million.
Growth Vectors with 9% organic revenue growth²; Biopharma 29%, MedTech 6%, and Nutrition 4%.

• Biopharma revenue: €296 million, performance was mainly driven by the tocilizumab biosimilar Tyenne and the strong volume uptake for the denosumab products in the U.S.
• MedTech revenue: €428 million mainly driven by the Ivenix large-volume pump installations in the U.S.; growth across multiple regions supported the overall positive topline performance at MedTech.
• Nutrition revenue: €646 million supported by strong volume growth in Europe, while performance in China reflected temporary supply- and procurement-related constraints.

Pharma revenue: €935 million, organic revenue grew by 1%² driven by strong I.V. solutions growth in Europe and broad-based volume growth in the U.S., partially offset by ongoing pricing pressure in the U.S. IV Drugs.
EBIT¹ of Fresenius Kabi increased to €391 million or 8% in constant currency. Growth was driven by the strong operational performance coupled with scaling effects and continued productivity gains. The Growth Vectors contributed more than half to Fresenius Kabi’s EBIT, reflecting rising earnings contribution and increased profitability. The EBIT margin¹ of 17.0% reflects the strong operating performance and productivity gains.
EBIT¹ of the Growth Vectors rose by 27% in constant currency to €251 million mainly driven by the strong development at Biopharma; EBIT margin¹ improved by 240 bps to 18.3%, clearly within Fresenius Kabi’s structural margin band of 17% to 19%.
EBIT¹ of Pharma decreased 10% in constant currency to €187 million. Positive developments in Europe and good volume demand in the U.S. only partially compensated for pricing pressure in the U.S. The EBIT margin¹ was 20.0%. The year-to-date EBIT margin¹ was 20.1% and hence well in line with the FY/26 expectations.

Fresenius Helios
Q3/26: Fresenius Helios demonstrated resilience and delivered organic revenue growth within its ambition band, excellent EBIT growth and strong profitability despite the typical third-quarter seasonality in Spain. Helios Germany expanded its EBIT margin by 160 bps to 9.6% year-on-year, supported for the last time from the full-quarter benefit of the reimbursement surcharge. Helios Spain achieved solid revenue growth and a margin in line with third-quarter expectations.
5% organic revenue growth¹ mainly driven by favourable pricing and activity levels increasing at both Germany and Spain; revenue¹ increased by 4% in constant currency to €3,405 million.

• Helios Germany’s organic revenue¹ grew by 5% to €2,099 million, reflecting positive pricing and solid in-patient admission growth, partly offset by case mix effects from the ongoing shift to Hybrid-DRGs.
• Helios Spain with organic revenue growth of 5% to €1,307 million driven by positive pricing and good activity levels, as well as contributions from the ORP business. Organic growth was moderated by reduced activity levels in the Colombian hospitals.
• EBIT¹ of Fresenius Helios at €293 million with 19% growth in constant currency. The acceleration comes on the back of the underlying growth, continued cost management, and the positive effects from the surcharge on invoices of publicly insured patients in Germany recognized under other operating income, which expired at the end of October 2026, as well as positive phasing effects.
• EBIT margin¹ improved by 110 bps to 8.6%.
• EBIT¹ of Helios Germany increased by 25% to €202 million driven by the solid topline development and continued cost management as well as the positive effects from the surcharge on invoices of publicly insured patients in Germany; EBIT margin¹ improved by 160 bps to 9.6%.
• EBIT¹ of Helios Spain rose by 10% in constant currency to €92 million; EBIT margin¹ improved by 40 bps to 7.0% and reflects the solid revenue development translating into good operating leverage.

Regulatory update Germany: The 2027 DRG inflator was set at 4.85% confirming a supportive reimbursement environment. It includes a 3.42% base wage rate net of the statutory deduction, an additional 0.29% tariff effect and an 1.14% one-time base effect.
As part of the emergency care reform, in October, the Bundestag has adopted a draft bill introducing a surcharge per inpatient case from 1 January 2027, providing €450 million in additional funding to non-university hospitals. The law will enter the Bundesrat later this month for final approval.

Footnotes
¹ Before special items
² Organic growth rate adjusted for accounting effects related to Argentina hyperinflation
³ Excluding Fresenius Medical Care and Vitrea
⁴ At average exchange rates for both net debt and EBITDA; pro forma closed acquisitions/divestitures, including lease liabilities, including dividends from Fresenius Medical Care and Vitrea, net debt adjusted for the valuation effect of the exchangeable bond
⁵ 2025 base: €22,554 million (revenue), €2.87 (Core EPS)
⁶ 2025 base: €8,612 million (revenue) and €1,413 million (EBIT)
⁷ 2025 base: €13,550 million (revenue) and €1,328 million (EBIT)
⁸ This metric (EBIT margin) is provided solely for modelling purposes and does not form part of the official guidance; 2025 Base: €2,595 million


Note on the presentation of financial figures

• If no timeframe is specified, information refers to Q3/26.
• Unless otherwise stated, growth is compared with the prior year quarter.
• Consolidated results for Q3/26 as well as for Q3/25 include special items. An overview of the
  results- before and after special items – is available on our website.
• Growth rates in constant currency of Fresenius Kabi are adjusted. Adjustments relate to the hyperinflation in Argentina. Accordingly, constant currency growth rates of the Fresenius Group are also adjusted.
• Started with the first quarter of 2026, the amounts presented are rounded commercially which may result in minor deviations from the stated sums in the addition of individual amounts.
• Information on the performance indicators is available on our website at https://www.fresenius.com/alternative-performance-measures.

Key figures Q3 2026
as of November 4, 2026
				Q3/26		Q3/25		Growth	Growth		Q1-3/26		Q1-3/25		Growth	Growth
									cc							cc
Revenue
Group1	€m			5.803		5.477		6%	4%		17.411		16.679		4%	4%
Fresenius Kabi1	€m			2.304		2.141		8%	5%		6.699		6.398		5%	6%
MedTech	€m			428		394		9%	6%		1.256		1.185		6%	7%
Nutrition	€m			646		601		8%	4%		1.869		1.794		4%	4%
Biopharma	€m			296		226		31%	29%		793		606		31%	33%
Growth Vectors	€m			1.370		1.221		12%	9%		3.918		3.585		9%	10%
Pharma	€m			935		920		2%	0%		2.781		2.813		-1%	0%
Kabi Corporate	€m			0		0		--	--		0		0		--	--
Fresenius Helios	€m			3.405		3.240		5%	4%		10.433		10.004		4%	4%
Helios Germany	€m			2.099		2.019		4%	4%		6.287		6.066		4%	4%
Helios Spain	€m			1.307		1.221		7%	5%		4.146		3.938		5%	4%
Helios Corporate	€m			0		0		--	--		0		0		--	--
Group Corporate	€m			93		96		-3%	-3%		279		277		1%	1%
Organic revenue growth
Group2	%			5%		6%					5%		6%
Fresenius Kabi2	%			6%		7%					6%		6%
MedTech	%			6%		7%					7%		6%
Nutrition	%			4%		7%					4%		5%
Biopharma	%			29%		37%					33%		36%
Growth vectors	%			9%		11%					10%		10%
Pharma	%			1%		2%					2%		2%
Fresenius Helios	%			5%		5%					5%		6%
Helios Germany	%			5%		4%					5%		6%
Helios Spain	%			5%		7%					4%		6%
EBIT
Group	€m			638		574		11%	10%		2.035		1.882		8%	9%
Fresenius Kabi	€m			391		358		9%	8%		1.131		1.064		6%	8%
Growth vectors	€m			251		194		29%	27%		680		544		25%	27%
Pharma	€m			187		202		-8%	-10%		558		624		-11%	-9%
Kabi Corporate	€m			-47		-38		-22%	-11%		-107		-104		--	--
Fresenius Helios	€m			293		242		21%	19%		1.034		912		13%	13%
Helios Germany	€m			202		161		25%	25%		548		468		17%	17%
Helios Spain	€m			92		80		15%	10%		486		445		9%	8%
Helios Corporate	€m			-1		1		-175%	-175%		0		-1		--	--
Group Corporate	€m			-45		-26		-74%	-74%		-130		-94		-38%	-38%
EBIT margin
Group	%			11,0%		10,5%					11,7%		11,3%
Fresenius Kabi	%			17,0%		16,7%					16,9%		16,6%
Growth vectors	%			18,3%		15,9%					17,3%		15,2%
Pharma	%			20,0%		22,0%					20,1%		22,2%
Fresenius Helios	%			8,6%		7,5%					9,9%		9,1%
Helios Germany	%			9,6%		8,0%					8,7%		7,7%
Helios Spain	%			7,0%		6,6%					11,7%		11,3%
Net Income
Net Interest	€m			-75		-81		7%	8%		-215		-247		13%	13%
Income Tax	€m			-143		-122		-17%	-15%		-446		-408		-9%	-10%
Core net income3	€m			403		351		15%	14%		1.333		1.179		13%	14%
EPS (Core EPS)3	€/share			0,72		0,62		15%	14%		2,37		2,09		13%	14%
Operating cash flow4,7	€m			633		758		-17%			1.366		1278		7%
Free Cash Flow5,7	€m			722		434		66%			926		331		180%
Net debt/EBITDA (Sept 30 / Dec 31)				2.5x		2.7x					2.5x		2.7x
ROIC (Sept 30 / Dec 31)	%			7,0		6,6					7,0		6,6
Employees (Sept 30 / Dec. 31)				179.493		178.394					179.493		178.394
Before special items
1 Growth constant currency adjusted for accounting effects related to Argentina hyperinflation
2 Growth rate adjusted for accounting effects related to Argentina hyperinflation
3 Excluding Fresenius Medical Care and Vitrea
4 Continuing operations
5 FCF after acquisitions, dividends and lease liabilities (continuing operations)
6 At average exchange rates for both net debt and EBITDA; pro forma closed acquisitions/divestitures, including lease liabilities,
including dividends from Fresenius Medical Care and Vitrea, net debt adjusted for the valuation effect of the exchangeable bond.
7 Prior year figures have been adjusted due to the gradual exit from Fresenius Vamed.

Conference call and Audio webcast
As part of the publication of the Q3/26 results, a conference call will be held on November 4, 2026 at
1:30 p.m. CEST / 7:30 a.m. EST. You are cordially invited to follow the conference call in a live audio webcast at https://www.fresenius.com/investors. Following the call, a replay will be available on our website.

Media Contact
Edith Müller-Callsen
Group Communications
Fresenius SE & Co. KGaA 
Else-Kröner-Straße 1
61352 Bad Homburg
Germany
T +49 160 9968 4046
edith.mueller-callsen@fresenius.com

# # #

Fresenius (XFRA: FRE, OTC: FSNUY) is a global, therapy-focused healthcare company dedicated to saving and improving human lives around the world. Through Fresenius Kabi and Fresenius Helios, the company delivers system-critical, innovative and affordable healthcare across the full continuum of care: Fresenius Kabi is a leading provider of lifesaving medicines, medical nutrition, and medical technologies for critically and chronically ill patients, reaching around 450 million people each year. Fresenius Helios is Europe’s largest private hospital operator, treating around 27 million patients annually.

With more than 178,000 employees and operating in more than 60 countries, Fresenius generated €22.6 billion in revenue in 2025.

For more information, visit www.fresenius.com and follow Fresenius on LinkedIn.

This release contains forward-looking statements that are subject to various risks and uncertainties. Future results could differ materially from those described in these forward-looking statements due to certain factors, e.g. changes in business, economic and competitive conditions, regulatory reforms, results of clinical trials, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, the availability of financing and unforeseen impacts of international conflicts. Fresenius does not undertake any responsibility to update the forward-looking statements in this release.

Fresenius SE & Co. KGaA
Registered Office: Bad Homburg, Germany / Commercial Register: Amtsgericht Bad Homburg, HRB 11852
Chairman of the Supervisory Board: Wolfgang Kirsch

General Partner: Fresenius Management SE
Registered Office: Bad Homburg, Germany / Commercial Register: Amtsgericht Bad Homburg, HRB 11673
Management Board: Michael Sen (Chairman), Sara Hennicken, Dr. Marc-Alexander Mahl,
Dr. Michael Moser, Dr. Christian Pawlu  
Chairman of the Supervisory Board: Wolfgang Kirsch