Overall assessment of the business situation

Trends towards a changing geopolitical order have been observable since the beginning of the 2025 fiscal year. The potential implications of this for customs duties, taxes, regulation, administration and political decision-making, for example, may have direct and indirect negative effects on the industry environment and the business activities of the Fresenius Group, although these cannot be estimated at present.

Irrespective of this, the Management Board considers the business outlook for the Group to be positive and expects a successful fiscal year 2025.