Annual Report 2025

Change report

Group in figures

Fresenius is a global healthcare company. Committed to life – the health and wellbeing of patients is Fresenius' top priority. For more than 100 years, we have been combining cutting-edge technology with a focus on patients, paving the way for the therapies of the future. We save and improve lives and health. We provide access to affordable and innovative medical products and clinical care of the highest quality.

Group in figures

€ in millions

 

2025

 

2024

 

2023

 

2022

 

2021

Revenue and earnings

 

 

 

 

 

 

 

 

 

 

Revenue1

 

22,554

 

21,526

 

20,307

 

21,532

 

19,969

EBITDA1,2

 

3,693

 

3,614

 

3,319

 

3,315

 

3,353

EBIT1,2

 

2,595

 

2,489

 

2,266

 

2,190

 

2,337

Net income1,2,3

 

1,995

 

1,749

 

1,543

 

1,729

 

1,867

Depreciation and amortization1,2

 

1,098

 

1,125

 

1,145

 

1,125

 

1,016

Earnings per share in €1,2,3

 

3.54

 

3.11

 

2.74

 

3.08

 

3.35

Cash flow and balance sheet

 

 

 

 

 

 

 

 

 

 

Operating cash flow1

 

2,606

 

2,474

 

2,131

 

2,031

 

2,589

Free cash flow before acquisitions, dividends and lease liabilities1

 

1,914

 

1,670

 

1,130

 

942

 

1,401

Free cashflow after acquisitions, dividends and lease liabilities1

 

1,285

 

1,679

 

188

 

-318

 

388

Cash conversion rate1

 

1.1

 

1.1

 

1.0

 

0.9

 

0.9

Total assets

 

41,396

 

43,550

 

45,284

 

76,400

 

71,962

Non-current assets

 

30,368

 

32,104

 

32,764

 

58,121

 

54,501

Equity4

 

19,762

 

20,290

 

19,651

 

32,218

 

29,288

Equity ratio4

 

48%

 

47%

 

43%

 

42%

 

41%

Net Debt1

 

10,348

 

11,295

 

13,268

 

13,316

 

12,650

Net Debt / EBITDA1,2,5

 

2.7

 

3.0

 

3.8

 

3.8

 

3.6

Investments1,6

 

1,393

 

1,035

 

1,346

 

2,015

 

1,635

Profitability

 

 

 

 

 

 

 

 

 

 

EBIT margin1,2

 

11.5%

 

11.6%

 

11.2%

 

10.2%

 

11.7%

Return on invested capital (ROIC)1,2

 

6.6%

 

6.2%

 

5.2%

 

5.6%

 

6.2%

Dividend per share in €

 

1.057

 

1.00

 

 

0.92

 

0.92

Employees (December 31)1

 

178,394

 

176,486

 

193,865

 

188,876

 

185,827

1

Prior-year figures have been adjusted due to divestments and the deconsolidation of Fresenius Medical Care

2

Before special items

3

Net income attributable to shareholders of Fresenius SE & Co. KGaA; before special items

4

Including noncontrolling interest

5

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

6

Investments in property, plant and equipment, and intangible assets, acquisitions

7

Proposal

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