Annual Report 2025

Change report

Consolidated segment reporting

All figures are reported excluding the discontinued operations of Fresenius Vamed, except for net income.

By business segment

 

 

Fresenius Kabi

 

Fresenius Helios

 

Corporate/Other

 

Fresenius Group

€ in millions

 

20251

 

20241

 

Growth

 

20251

 

20241

 

Growth

 

20252

 

20242,3

 

Growth

 

2025

 

20243

 

Growth

Revenue

 

8,612

 

8,414

 

2%

 

13,550

 

12,739

 

6%

 

711

 

801

 

-11%

 

22,873

 

21,954

 

4%

thereof contribution
to consolidated revenue

 

8,559

 

8,362

 

2%

 

13,543

 

12,730

 

6%

 

771

 

862

 

-11%

 

22,873

 

21,954

 

4%

thereof intercompany revenue

 

53

 

52

 

2%

 

7

 

9

 

-22%

 

-60

 

-61

 

2%

 

 

 

 

contribution to consolidated revenue

 

37%

 

38%

 

 

 

59%

 

58%

 

 

 

4%

 

4%

 

 

 

100%

 

100%

 

 

Costs of revenue

 

-4,861

 

-4,798

 

-1%

 

-11,553

 

-10,760

 

-7%

 

-766

 

-759

 

-1%

 

-17,180

 

-16,317

 

-5%

EBITDA

 

1,934

 

1,875

 

3%

 

1,863

 

1,805

 

3%

 

-367

 

-367

 

0%

 

3,430

 

3,313

 

4%

Depreciation and amortization

 

521

 

556

 

-6%

 

535

 

517

 

3%

 

64

 

167

 

-62%

 

1,120

 

1,240

 

-10%

EBIT

 

1,413

 

1,319

 

7%

 

1,328

 

1,288

 

3%

 

-431

 

-534

 

19%

 

2,310

 

2,073

 

11%

Net interest / other financial result

 

-101

 

-130

 

22%

 

-207

 

-270

 

23%

 

-12

 

-29

 

59%

 

-320

 

-429

 

25%

Income taxes

 

-294

 

-284

 

-4%

 

-263

 

-236

 

-11%

 

-25

 

-10

 

-150%

 

-582

 

-530

 

-10%

Noncontrolling interests

 

59

 

52

 

13%

 

10

 

10

 

0%

 

1

 

-38

 

103%

 

70

 

24

 

192%

Income from investments accounted for using the equity method

 

n.a.

 

n.a.

 

 

 

n.a.

 

n.a.

 

 

 

198

 

38

 

--

 

198

 

38

 

--

Net income from discontinued Fresenius Vamed operations

 

n.a.

 

n.a.

 

 

 

n.a.

 

n.a.

 

 

 

-272

 

-657

 

59%

 

-272

 

-657

 

59%

Net income attributable to shareholders
of Fresenius SE & Co. KGaA

 

959

 

853

 

12%

 

848

 

772

 

10%

 

-543

 

-1,154

 

53%

 

1,264

 

471

 

168%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating cash flow

 

1,279

 

1,178

 

9%

 

1,607

 

1,575

 

2%

 

-312

 

-306

 

-2%

 

2,574

 

2,447

 

5%

Cash flow before acquisitions and dividends

 

914

 

798

 

15%

 

1,070

 

1,061

 

1%

 

-102

 

-236

 

57%

 

1,882

 

1,623

 

16%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets excl. Fresenius Medical Care

 

15,579

 

16,594

 

-6%

 

23,405

 

22,192

 

5%

 

-401

 

1,125

 

-136%

 

38,583

 

39,911

 

-3%

Fresenius Medical Care investment
accounted for using the equity method

 

n.a.

 

n.a.

 

 

 

n.a.

 

n.a.

 

 

 

2,813

 

3,639

 

-23%

 

2,813

 

3,639

 

-23%

Debt

 

2,768

 

3,568

 

-22%

 

7,244

 

7,269

 

0%

 

1,921

 

2,740

 

-30%

 

11,933

 

13,577

 

-12%

Other operating liabilities

 

3,898

 

4,004

 

-3%

 

3,945

 

3,573

 

10%

 

1,244

 

1,479

 

-16%

 

9,087

 

9,056

 

0%

Capital expenditure, gross

 

382

 

395

 

-3%

 

537

 

517

 

4%

 

82

 

48

 

71%

 

1,001

 

960

 

4%

Acquisitions, gross / investments

 

31

 

50

 

-38%

 

60

 

7

 

--

 

301

 

18

 

--

 

392

 

75

 

--

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development expenses

 

621

 

631

 

-2%

 

1

 

3

 

-67%

 

11

 

7

 

57%

 

633

 

641

 

-1%

Employees (per capita
on balance sheet date)

 

40,913

 

41,586

 

-2%

 

130,240

 

128,558

 

1%

 

7,241

 

6,342

 

14%

 

178,394

 

176,486

 

1%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Key figures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA margin

 

22.5%

 

22.3%

 

 

 

13.7%

 

14.2%

 

 

 

 

 

 

 

 

 

16.4%1

 

16.8%1

 

 

EBIT margin

 

16.4%

 

15.7%

 

 

 

9.8%

 

10.1%

 

 

 

 

 

 

 

 

 

11.5%1

 

11.6%1

 

 

Depreciation and amortization
in % of revenue

 

6.0%

 

6.6%

 

 

 

3.9%

 

4.1%

 

 

 

 

 

 

 

 

 

4.9%1

 

5.2%1

 

 

Operating cash flow in % of revenue

 

14.9%

 

14.0%

 

 

 

11.9%

 

12.4%

 

 

 

 

 

 

 

 

 

11.4%1

 

11.4%1

 

 

ROIC

 

8.8%

 

8.0%

 

 

 

6.1%

 

5.8%

 

 

 

 

 

 

 

 

 

6.6%4

 

6.2%4

 

 

1

Before special items

2

After special items

3

Prior-year figures recognized in earnings have been adjusted due to the gradual exit from Fresenius Vamed (see note 1. III. c, Classifications).

4

The underlying pro forma EBIT does not include special items.

For information regarding special items, please see note 3, Special items.

The consolidated segment reporting by business segment is an integral part of the notes.