Information relating to Fresenius SE & Co. KGaA
The management report of Fresenius SE & Co. KGaA has been combined with the management report of the Fresenius Group for the first time for fiscal year 2025.
Fresenius SE & Co. KGaA acts as a holding company that holds the shares of the Fresenius Group management companies. Fresenius SE & Co. KGaA collects income from service contracts, and in a higher amount, income from participations.
The financial statements of Fresenius SE & Co. KGaA are prepared in accordance with the principles of the German Commercial Code (HGB) and the German Stock Corporation Act (AktG), while the consolidated financial statements are prepared in accordance with IFRS Accounting Standards (IFRS) as adopted by the EU.
Corporate performance criteria
The key performance indicator for Fresenius SE & Co. KGaA as group parent company is retained earnings. The goal is to implement our long-term, earnings-driven dividend policy by means of profit transfers and distributions from affiliates.
Employees
The number of employees of Fresenius SE & Co. KGaA at the end of 2025 was 749 (December 31, 2024: 694).
Results of operations, financial position, assets and liabilities
Results of operations
€ in millions |
|
2025 |
|
2024 |
|---|---|---|---|---|
Income from participations |
|
396 |
|
18 |
Revenues and other operating income |
|
1,294 |
|
344 |
Other operating expenses |
|
-670 |
|
-1,203 |
Net interest |
|
-132 |
|
-141 |
Income taxes |
|
-78 |
|
-10 |
After tax profit |
|
810 |
|
-992 |
Other taxes |
|
-6 |
|
-1 |
Net income / loss |
|
804 |
|
-993 |
Retained earnings brought forward |
|
– |
|
– |
Increase / Decrease of other reserves |
|
-213 |
|
1,556 |
Retained earnings |
|
591 |
|
563 |
Net income of Fresenius SE & Co. KGaA in the fiscal year 2025 was €804 million (2024: net loss of €993 million). The increase in net result is mainly due to extraordinary gains, which in the previous year was offset by extraordinary expenses in connection with the exit from the former business segment Fresenius Vamed.
In fiscal year 2025, extraordinary income of €510 million was generated from the sale of shares in Fresenius Medical Care AG and from the reversal of provisions of impending losses from financial commitments to VIACAMA companies and from warranties in the amount of €496 million.
All the following companies have profit and loss transfer agreements with Fresenius SE & Co. KGaA: Fresenius Kabi AG, Fresenius ProServe GmbH and Fresenius Versicherungsvermittlungs GmbH.
Fresenius ProServe GmbH contributed with earnings of €30 million (2024: loss of €546 million) to the net income from participations. The increase mainly results from €445 million lower extraordinary expenses than in the previous year related to the exit from the former business segment Fresenius Vamed and from included income of €113 million from the sale of the Schweinfurt and St. Wendel production sites to Fresenius Medical Care Deutschland GmbH.
The profit and loss transfer agreement with Fresenius Kabi AG yielded earnings of €243 million (2024: €471 million). The decrease in relation to the previous year mainly results from lower dividend income from foreign Fresenius Kabi affiliated companies.
Other significant income from participations came from a €121 million Fresenius Medical Care AG dividend (2024: €112 million).
In addition to earnings from dividends and from profit and loss transfer agreements, Fresenius SE & Co. KGaA receives €84 million of income from rents and from providing personnel services (2024: €82 million). Other operating income includes €135 million (2024: €213 million) of foreign currency gains while €137 million (2024: €210 million) of foreign currency losses are included in other operating expenses.
The decrease in other operating expenses is mainly due to €549 million lower extraordinary expenses than in the prior year in connection with the exit from the former business segment Fresenius Vamed.
The general partner and the Supervisory Board of Fresenius SE & Co. KGaA will propose to the Annual General Meeting a dividend of €1.05 per ordinary share to be paid to shareholders for fiscal year 2025. Accordingly, the total dividend distribution amounts to €591 million (2024: no dividend distribution).
Financial position
The following paragraphs “financial position” and “investments, divestments, and acquisitions” describe material positions of the cash flow statements in more detail.
Fresenius believes that its existing credit facilities, as well as the operating cash flows, income from transfer agreements and additional sources of short-term funding, are sufficient to meet the Company’s foreseeable liquidity needs. More information on credit facilities can be found in the notes to the financial statements.
As of December 31, 2025, Fresenius SE & Co. KGaA complied with the covenants under all the credit agreements.
€ in millions |
|
2025 |
|
2024 |
|---|---|---|---|---|
Net Income / Net loss |
|
804 |
|
-993 |
Depreciation and amortization on intangible assets and on property, plant and equipment |
|
8 |
|
9 |
Write-ups of financial assets |
|
-12 |
|
– |
Compounding of loans to subsidiaries |
|
-4 |
|
-4 |
Increase in pension liabilities |
|
– |
|
2 |
Interest result |
|
132 |
|
141 |
Loss from participations |
|
-396 |
|
-18 |
Cash flow |
|
532 |
|
-863 |
|
|
|
|
|
Decrease / Increase in accruals for income taxes and other accrued expenses |
|
-287 |
|
646 |
Increase / Decrease in trade accounts payable |
|
12 |
|
-5 |
Decrease in other operating assets and liabilities |
|
-45 |
|
-9 |
Decrease / Increase in working capital |
|
-320 |
|
632 |
Cash flows from operating activities |
|
212 |
|
-231 |
|
|
|
|
|
Payments for purchasing shares of subsidiaries, for contributions to equity of subsidiaries and for loans to subsidiaries |
|
-446 |
|
-1,227 |
Proceeds from merger of subsidiaries and from disposal of shares in subsidiaries |
|
53 |
|
25 |
Proceeds from loans to subsidiaries |
|
519 |
|
750 |
Payments for investments in intangible assets and property plant and equipment |
|
-17 |
|
-6 |
Proceeds from the disposal of intangible and tangible fixed assets |
|
-1 |
|
3 |
Payments for investments in short-term time deposits |
|
-300 |
|
– |
Interest received |
|
234 |
|
335 |
Dividends received |
|
27 |
|
362 |
Cash flows from investing activities |
|
69 |
|
242 |
|
|
|
|
|
Proceeds from bank loans |
|
2,000 |
|
260 |
Repayment of bank loans |
|
-2,823 |
|
-1,094 |
Change in financing activities with related parties |
|
884 |
|
1,025 |
Interest paid |
|
-366 |
|
-392 |
Dividends paid |
|
-563 |
|
– |
Cash flows from financing activities |
|
-868 |
|
-201 |
Change of cash and cash equivalents |
|
-587 |
|
-190 |
|
|
|
|
|
Cash and cash equivalents at the beginning of the year |
|
1,318 |
|
1,508 |
Cash and cash equivalents at the end of the year |
|
731 |
|
1,318 |
Assets and liabilities
€ in millions |
|
Dec. 31, 2025 |
|
Dec. 31, 2024 |
|---|---|---|---|---|
Intangible assets |
|
2 |
|
3 |
Tangible assets |
|
123 |
|
112 |
Financial assets |
|
12,200 |
|
12,310 |
Fixed Assets |
|
12,325 |
|
12,425 |
Accounts receivable from related parties |
|
4,423 |
|
4,448 |
Other assets |
|
461 |
|
129 |
Cash and cash equivalents |
|
731 |
|
1,318 |
Current Assets |
|
5,615 |
|
5,895 |
Deferred expense |
|
58 |
|
21 |
Total Assets |
|
17,998 |
|
18,341 |
Shareholders’ equity |
|
5,602 |
|
5,361 |
Accruals |
|
851 |
|
1,138 |
Senior notes and exchangeable bonds |
|
6,674 |
|
6,824 |
Bank loans |
|
1,441 |
|
2,114 |
Accounts payable to related parties |
|
3,272 |
|
2,782 |
Other liabilities |
|
158 |
|
122 |
Deferred income |
|
0 |
|
0 |
Total Liabilities and Shareholders’ equity |
|
17,998 |
|
18,341 |
Total assets of Fresenius SE & Co. KGaA decreased by €343 million to €17,998 million (December 31, 2024: €18,341 million).
On the asset side, other increased from €129 million to €461 million mainly due to fixed-term deposits with a maturity of more than 3 months in the amount of €300 million.
In addition, financial assets decreased due to significant changes described in chapter Investments, divestments, and acquisitions.
On the liability side, accruals have decreased from €1,138 million to €851 million, mainly due to a €420 million decrease in provisions for onerous contracts from financial commitments to VIACAMA companies and from warranties in connection with the exit from the former business segment Fresenius Vamed.
Moreover, liabilities have decreased from €11,842 million to €11,545 million, mainly due to following transactions:
In the fiscal year 2025, bonds in the amount of €1,750 million and Schuldschein loans in the amount of €648 million were repaid early and as scheduled.
This was partly offset by the Issuance of bonds in the amount of €1,000 million and the exchangeable bond in the amount of €600 million.
Utilisation of intercompany loans and financing accounts with Helios Health GmbH and VIACAMA subsidiaries in the context of and inhouse banking (cash pool) increased.
The equity ratio increased from 29.2% to 31.1%.
Investments, divestments, and acquisitions
Total investments in property, plant and equipment and intangible assets were €17 million in 2025.
Changes in the financial assets in the fiscal year 2025 mainly resulted from following transactions:
As part of the ongoing exit from the Fresenius Vamed business segment, Fresenius SE & Co. KGaA has made contributions to the capital reserves of Fresenius ProServe GmbH and to the capital reserves of Fresenius Immobilien-Verwaltungs-GmbH & Co. Objekt Friedberg 2 KG.
In fiscal year 2025, the company sold shares of Fresenius Medial Care AG and generated income of €510 million.
In addition, loans to Fresenius Finance Ireland PLC in the amount of €42 million were granted, and €12 million of the loans granted to VIACAMA AG and fully impaired in the previous year were repaid.
Outlook, opportunities and risk report
The income from investments and, with it, the result of operations, financial position, and the assets and liabilities are highly dependent on the performance of the whole Group.
The business development is essentially based on the same assumptions regarding the development of the economic environment as well as the same risks and opportunities as those underlying the Fresenius Group.
For fiscal year 2026, the Company expects a net income in the mid-three-digit million euro range. Retained earnings are expected to be similar to those in fiscal year 2025.