Overall business development

Over the course of the year the Fresenius Group increased its consolidated revenue guidance once and its consolidated earnings guidance once, despite the continuing volatility of the overall economic environment. This was particularly affected by inflation-driven increases in material costs, tariffs, staffing shortages, tender business in China, and significant exchange rate effects.

For this reason, the Management Board believes that 2025 was a very successful fiscal year for the Fresenius Group.

Fresenius Kabi achieved organic revenue growth of 7%. EBIT¹ increased by 7% (9% in constant currency) to €1,413 million (2024: €1,319 million). The EBIT margin¹ was 16.4% (2024: 15.7%).

The organic revenue growth of Fresenius Helios was 7%. EBIT¹ increased by 3% (3% in constant currency) to €1,328 million (2024: €1,288 million). The EBIT margin¹ was 9.8% (2024: 10.1%).

Following the deconsolidation of Fresenius Medical Care, this former business segment is accounted for using the equity method. The profit attributable to the shareholders of Fresenius SE & Co. KGaA is recognized in a separate line in the income statement. Since fiscal year 2024, it also includes the shares in Aceso Topco 1 S.à r.l., which are also accounted for using the equity method. In fiscal year 2025, the reported income from investments accounted for using the equity method related mainly to Fresenius Medical Care and amounted to €198 million (2024: €38 million).

Comparison of the actual business results with the forecasts

Over the course of the year, Group revenue and earnings¹ guidance was increased each once. In total, the Group guidance was raised twice.

The table Achieved group targets 2025 shows how the outlook for the Group and the business segments developed in 2025.

Revenue¹ increased organically by 7% in fiscal year 2025 and was thus at the upper end of the guidance adjusted in August 2025 (guidance for 2025: 5–7% growth; previously: 4–6% growth). The increase is driven by the ongoing strong operational performance at Fresenius Kabi and Fresenius Helios.

EBIT¹ increased by 6% in constant currency and was therefore in line with the guidance, adjusted in November 2025 (guidance for 2025: 4–8% growth; previously: 3–7% growth). The increase was driven by strong operating performance at Fresenius Kabi, particularly the growth vectors and Fresenius Helios. Continued cost discipline in both Operating Companies also contributed to further earnings improvement.

We invested €1,001 million in property, plant and equipment (2024: €960 million). At 4.4% of Group revenue¹, the investments in property, plant and equipment are below the prior-year level of 4.5%, and hence below the expectation (expectation for 2025: around 5%).

The cash conversion rate (CCR) was 1.1 and is therefore above the expectations (expectation for 2025: around 1).

The net financial debt / EBITDA ratio was 2.7ײ (December 31, 2024: 3.0ײ) and thus in line with expectations. We had projected that the leverage ratio would be within the self-imposed target corridor of 2.5× to 3.0ײ by the end of 2025.

Group ROIC was 6.6%^1,3 (2024: 6.2%^1,3) and thus in line with expectations. We had projected a figure of above 6% for fiscal year 2025.

The non-financial performance targets of the Fresenius Group cover the key sustainability topics of medical quality / patient satisfaction and employees and are anchored in the compensation of the Management Board. The following actual figures for fiscal year 2025 were determined as part of the assessment of target achievement for the short-term variable compensation of the Management Board (STI) of Fresenius SE & Co. KGaA.

In the area of medical quality, Fresenius Kabi achieved an Audit & Inspection Score of 0.9 (target value: no more than 2.3), Fresenius Helios Germany achieved an Inpatient Quality Indicator (G-IQI) Score of 91.9% (target value: at least 88%), and Fresenius Helios Spain an Inpatient Quality Indicator (E-IGI) Score of 77.4% (target value: at least 75%). As a result, all divisions met their respective targets for fiscal year 2025.

In the area of employees, the Employee Engagement Index (EEI) of the Fresenius Group was 4.14 in fiscal year 2025 (target value: 4.33).

¹ Before special items

² At average exchange rates for both net debt and EBITDA; pro forma closed acquisitions / divestitures, before special items, including lease liabilities, including Fresenius Medical Care dividend, net debt adjusted for the valuation effect of the exchangeable bond

³ Pro forma acquisitions

Organic growth rate adjusted for accounting effects related to Argentina hyperinflation.

For a detailed overview of special items please see section Reconciliation Fresenius Group.