Overall assessment of the business situation

The prevailing trends of a changing geopolitical order continued to exist in fiscal year 2025. The potential implications of this for customs duties, taxes, regulation, administration, and political decision-making, for example, may have direct and indirect 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 2026. Fresenius sees excellent opportunities to meet the growing demand for healthcare services resulting from the aging population and its increasing need for comprehensive care, as well as from technological advances worldwide. We therefore anticipate steadily growing demand for our products, services, and therapies worldwide.