Annual Report 2025

Change report

Results of operations

The growth rates of Fresenius Kabi have been adjusted. Adjustments relate to the hyperinflation in Argentina. The growth rates of the Fresenius Group have also been adjusted accordingly.

With the gradual exit from Fresenius Vamed, the information on results of operations, financial position, and assets and liabilities have been adjusted in accordance with accounting requirements to reflect continuing and discontinued operations.

The results of operations are presented before special items.

Revenue1

Group revenue increased by 5% (6% in constant currency) to €22,554 million (2024: €21,526 million). Organic growth amounted to 7%. Group revenue reported was €22,873 million (2024: €21,954 million).

In detail, the revenue performance of the business segments2 was as follows:

  • Fresenius Kabi increased revenue by 2% (6% in constant currency) to €8,612 million (2024: €8,414 million). Currency translation effects had a negative impact of 4%. They mainly resulted from the hyperinflation in Argentina as well as the depreciation of the U.S. dollar. Organic growth amounted to 7%. The business performance was especially driven by the growth vectors (MedTech, Nutrition, and Biopharma) with a total growth of 7% (11% in constant currency).

    Revenue in the MedTech business increased by 3% (6% in constant currency) to €1,610 million (2024: €1,568 million). The organic growth of 6% was driven by a good performance across all regions.

    Revenue in the Nutrition business remained almost stable (5% growth in constant currency) at €2,396 million (2024: €2,399 million). The organic growth of 5% benefited from the good development in Europe, Latin America, and the United States. The tender business related to the Nutrition product Ketosteril in China had a negative impact.

    Revenue in the Biopharma business increased by 43% in fiscal year 2025 (51% in constant currency) to €871 million (2024: €611 million). The strong growth was driven by the ramp up of the Tyenne® biosimilar molecule in Europe and the United States.

    Revenue in the Pharma business (IV Drugs & Fluids) decreased to €3,735 million, mainly due to currency exchange rate effects (2024: €3,835 million). Organic growth amounted to 2% and was driven by recorded good volume demand, despite a strong prior-year base and disciplined pricing in Europe as well as continued growth in I.V. solutions in the United States.

  • Fresenius Helios increased revenue by 6% (7% in constant currency) to €13,550 million (2024: €12,739 million). Organic revenue growth amounted to 7%.

    Helios Germany’s revenue increased by 6% to €8,121 million (2024: €7,662 million). Organic growth was 6% and was driven by positive volume and price effects.

    Helios Spain’s revenue increased by 7% (7% in constant currency) to €5,429 million (2024: €5,077 million). Organic growth was 7% and was primarily driven by continued strong demand for treatments, higher reimbursement rates.

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

Revenue by business segment1

€ in millions

 

2025

 

2024

 

Growth

 

Currency translation effects

 

Constant currency growth2

 

Organic growth2

 

Acquisitions

 

Divesti­tures / others

 

% of total revenue

Fresenius Kabi

 

8,612

 

8,414

 

2%

 

-4%

 

6%

 

7%

 

0%

 

-1%

 

38%

Fresenius Helios

 

13,550

 

12,739

 

6%

 

-1%

 

7%

 

7%

 

0%

 

0%

 

60%

Corporate / Others

 

392

 

373

 

n / a

 

n / a

 

n / a

 

n / a

 

n / a

 

n / a

 

2%

Total

 

22,554

 

21,526

 

5%

 

-1%

 

6%

 

7%

 

0%

 

-1%

 

100%

1

Before special items

2

Growth rate adjusted for accounting effects related to Argentina hyperinflation

Revenue by region1

€ in millions

 

2025

 

2024

 

Growth

 

Currency translation effects

 

Constant currency growth2

 

Organic growth2

 

Acquisitions

 

Divesti­tures / others

 

% of total revenue

North America

 

2,737

 

2,701

 

1%

 

-5%

 

6%

 

6%

 

0%

 

0%

 

12%

Europe

 

16,774

 

15,662

 

7%

 

0%

 

7%

 

7%

 

0%

 

0%

 

74%

Asia-Pacific

 

1,505

 

1,603

 

-6%

 

-4%

 

-2%

 

-2%

 

0%

 

0%

 

7%

Latin America

 

1,375

 

1,404

 

-2%

 

-12%

 

10%

 

13%

 

0%

 

-3%

 

6%

Africa

 

163

 

156

 

4%

 

-2%

 

6%

 

6%

 

0%

 

0%

 

1%

Total

 

22,554

 

21,526

 

5%

 

-1%

 

6%

 

7%

 

0%

 

-1%

 

100%

1

Before special items

2

Growth rate adjusted for accounting effects related to Argentina hyperinflation

Earnings structure

In 2025, Group net income3 before special items increased by 14% (16% in constant currency) to €1,995 million (2024: €1,749 million) due to a strong operating business development.

Earnings per share3 before special items increased by 14% (16% in constant currency) to €3.54 (2024: €3.11). The weighted average number of shares was 563.2 million.

In 2025, Core net income3 before special items increased by 11% (12% in constant currency) to €1,619 million (2024: €1,461 million).

Core Earnings per share3 before special items increased by 11% (12% in constant currency) to €2.87 (2024: €2.59).

Reported Group net income3 increased to €1,264 million (2024: €471 million).

Reported earnings per share3 was €2.24 (2024: €0.84).

Group EBITDA before special items increased by 2% (3% in constant currency) to €3,693 million (2024: €3,614 million). Group EBITDA reported was €3,430 million (2024: €3,313 million).

Group EBIT before special items increased by 4% (6% in constant currency) to €2,595 million (2024: €2,489 million). Group EBIT reported was €2,310 million (2024: €2,073 million).

Statement of income (summary)

€ in millions

 

2025

 

2024 restated2

 

2024 previous

Revenue

 

22,873

 

21,954

 

21,833

Costs of revenue

 

-17,180

 

-16,317

 

-16,455

Gross profit

 

5,693

 

5,637

 

5,378

Selling, general, and administrative expenses

 

-2,883

 

-2,888

 

-2,919

Other operating income and expenses

 

133

 

-35

 

-36

Research and development expenses

 

-633

 

-641

 

-641

Operating income (EBIT)

 

2,310

 

2,073

 

1,782

Income from investments accounted for using the equity method

 

198

 

38

 

38

Interest result

 

-329

 

-429

 

-432

Other financial result

 

9

 

 

Income before income taxes

 

2,188

 

1,682

 

1,388

Income taxes

 

-582

 

-530

 

-521

Net income from continuing operations

 

1,606

 

1,152

 

867

Noncontrolling interests in continuing operations

 

70

 

24

 

-34

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

 

1,536

 

1,128

 

901

 

 

 

 

 

 

 

Net income from discontinued operations

 

-272

 

-856

 

-571

Noncontrolling interests from discontinued operations

 

0

 

-199

 

-141

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

 

-272

 

-657

 

-430

 

 

 

 

 

 

 

Net income

 

1,334

 

296

 

296

Noncontrolling interests in net income

 

70

 

-175

 

-175

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

 

1,264

 

471

 

471

 

 

 

 

 

 

 

Earnings per share in € (basic and diluted)

 

2.24

 

0.84

 

0.84

thereof based on net income from continuing operations

 

2.72

 

2.00

 

1.60

thereof based on net income from discontinued operations

 

-0.48

 

-1.16

 

-0.76

1

Prior-year figures have been adjusted due to the gradual exit from Fresenius Vamed. The Health Tech Engineering unit, which was responsible for the international project business, was classified as continuing operation in fiscal year 2024 and was reclassified as discontinued operation in fiscal year 2025. In fiscal year 2024 the remaining parts of Vamed’s Austrian activities, that are not the Austrian project business and the thermal spas operations of VAMED Vitality World, were classified as discontinued operation, while they were reclassified to continued operations in fiscal year 2025. For more details please refer to section Divestments.

Growth rates adjusted for Argentina hyperinflation.

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

Group return ratios

in %

 

2025

 

20242

 

2023

 

2022

 

2021

EBITDA margin1

 

16.4

 

16.8

 

16.3

 

15.4

 

16.8

EBIT margin1

 

11.5

 

11.6

 

11.2

 

10.2

 

11.7

1

Before special items; the previous year’s figures were adjusted due to divestments and the deconsolidation of Fresenius Medical Care.

2

Prior-year figures have been adjusted for the gradual exit from Fresenius Vamed

EBIT1 development by business segment was as follows:

  • Fresenius Kabi’s EBIT increased by 7% (9% in constant currency) to €1,413 million (2024: €1,319 million) driven by the strong organic revenue development, especially of the growth vectors, and ongoing improvements in the cost base. The EBIT margin was 16.4% (2024: 15.7%) and thus within the structural EBIT margin band.

    The EBIT of the growth vectors increased by 17% (20% in constant currency) to €743 million (2024: €635 million), driven by strong EBIT growth in Biopharma and MedTech. The EBIT margin improved to 15.2% (2024: 13.9%).

    EBIT in the Pharma (IV Drugs & Fluids) business increased by 5% (9% in constant currency) to €813 million (2024: €771 million), especially driven by good business development in Europe as well as by ongoing productivity gains and cost measures. The EBIT margin was 21.8% (2024: 20.1%).

  • The EBIT of Fresenius Helios increased by 3% (3% in constant currency) to €1,328 million (2024: €1,288 million). The EBIT margin was 9.8% (2024: 10.1%) and was thus within the structural EBIT margin range.

    The EBIT of Helios Germany remained almost stable at €662 million (2024: €660 million), driven by a good revenue development and excellent cost savings achieved, whereas the prior year was significantly supported by energy relief funds. The EBIT margin was 8.2% (2024: 8.6%).

    The EBIT of Helios Spain increased by 6% (7% in constant currency) to €669 million (2024: €629 million), which was driven by strong revenue growth of hospitals in Spain, based on volume and price effects. The EBIT margin was 12.3% (2024: 12.4%).

Development of other major items in the statement of income

Group gross profit increased by 1% (3% in constant currency) to €5,693 million (2024: €5,637 million). The gross margin decreased to 24.9% (2024: 25.7%). The cost of revenue increased by 5% to €17,180 million (2024: €16,317 million). Cost of revenue as a percentage of Group revenue was 75.1% (2024: 74.3%).

Selling, general, and administrative expenses consisted primarily of personnel costs, marketing and distribution costs, as well as depreciation and amortization. These expenses, excluding other operating income and expenses, decreased by 6% to €2,750 million (2024: €2,923 million), mainly due to other operating income.

R & D expenses decreased by 1% to €633 million (2024: €641 million).

Depreciation and amortization was €1,098 million1 (2024: €1,125 million1). The ratio as a percentage of revenue was 4.9%1 (2024: 5.2%1). Depreciation and amortization reported was €1,120 million (2024: €1,239 million).

Group personnel costs increased to €10,099 million (2024: €9,621 million). The reported personnel cost ratio was 44.2% (2024: 43.8%).

Income from investments accounted for using the equity method related mainly to Fresenius Medical Care, and was €198 million in fiscal year 2025 (2024: €38 million).

The Group financial result1 was -€324 million (2024: -€433 million), mainly due to a reduction in financial debt following strong cash flow. The Group financial result reported was -€320 million (2024: -€429 million).

The Group tax rate1 was 25.6% (2024: 25.9%), hence in line with expectation. The Group tax rate reported was 26.6% (2024: 31.5%).

Noncontrolling interests1 were -€70 million (2024: -€63 million) and mainly relate to the discontinued business segment Fresenius Vamed.

Net income from discontinued operations attributable to shareholders of Fresenius SE & Co. KGaA was -€272 million (2024: -€657 million) and relates to the discontinued operation Fresenius Vamed.

Reconciliation Fresenius Group

To present the underlying operational business performance and in order to compare the results with the scope of the guidance provided for fiscal year 2025, the respective key figures are presented before special items.

Consolidated results for fiscal year 2025 as well as for fiscal year 2024 include special items. These concern:

  • Cost and efficiency programs

  • Legacy portfolio adjustments

  • Fresenius transformation (discontinued operations Vamed, Vamed transformation and Vamed exit, IT transformation, legal form conversion costs Fresenius Medical Care, among others)

  • Reduction of participation in Fresenius Medical Care

  • Special items Fresenius Medical Care (impact of PPA equity method Fresenius Medical Care, special items at Fresenius Medical Care (stake as of December 31, 2025: ~29%))

  • Legal and regulatory matters

The special items shown within the reconciliation tables are reported in the Corporate / Other segment.

Reconciliation Fresenius Group

€ in millions

 

2025

 

2024 restated

 

Growth rate

 

Growth rate in constant currency

Revenue reported (after special items)

 

22,873

 

21,954

 

4%

 

6%

Legacy portfolio adjustments

 

-7

 

-30

 

 

 

 

Fresenius transformation

 

-312

 

-398

 

 

 

 

Revenue reported (before special Items)

 

22,554

 

21,526

 

5%

 

6%

 

 

 

 

 

 

 

 

 

EBIT reported (after special items)

 

2,310

 

2,073

 

11%

 

13%

Cost and efficiency programs

 

174

 

144

 

 

 

 

Legacy portfolio adjustments

 

-6

 

46

 

 

 

 

Reduction of participation in Fresenius Medical Care

 

-85

 

 

 

 

 

Fresenius transformation

 

190

 

226

 

 

 

 

Legal and regulatory matters

 

12

 

 

 

 

 

EBIT (before special items)

 

2,595

 

2,489

 

4%

 

6%

 

 

 

 

 

 

 

 

 

Net income reported (after special items)1

 

1,264

 

471

 

168%

 

175%

Cost and efficiency programs

 

149

 

115

 

 

 

 

Legacy portfolio adjustments

 

10

 

54

 

 

 

 

Fresenius transformation

 

471

 

859

 

 

 

 

Reduction of participation in Fresenius Medical Care

 

-86

 

 

 

 

 

Legal and regulatory matters

 

9

 

 

 

 

 

Special items Fresenius Medical Care

 

178

 

250

 

 

 

 

Net income (before special items)1

 

1,995

 

1,749

 

14%

 

16%

1

Net income attributable to Fresenius SE & Co. KGaA

Growth rates adjusted for the exit from Fresenius Vamed

Growth rates adjusted for Argentina hyperinflation

1 Before special items

2 The following description of revenue relates to the respective external revenue of the business segments. Consolidation effects and corporate entities are not taken into account. Therefore, aggregation to total Group revenue is not possible.

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

Growth rates adjusted for Argentina hyperinflation.

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

Before special items
In order to measure the operating performance extending over several periods, key performance measures are adjusted by special items, where applicable. Adjusted measures are labelled with “before special items”. A reconciliation table is available within the respective quarterly or annual report and presents the composition of special items.
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Cash flow
Financial key figure that shows the net balance of incoming and outgoing payments during a reporting period.
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Constant currencies
Constant currencies for income and expenses are calculated using prior-year average rates; constant currencies for assets and liabilities are calculated using the mid-closing rate on the date of the respective statement of financial position.
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EBIT (Earnings before Interest and Taxes)
EBIT does include depreciation and write-ups on property, plant and equipment.

EBIT is calculated by subtracting costs of revenue, selling, general, and administrative expenses, and research and development expenses from revenue.
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EBIT margin
EBIT margin is calculated as the ratio of EBIT to revenue.
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EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization)
EBITDA is calculated from EBIT by adding depreciations recognized in income and deducting write-ups recognized in income, both on intangible assets as well as property, plant and equipment.
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Organic growth
Growth that is generated by a company’s existing businesses and not by acquisitions, divestitures, or foreign exchange impact.
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