Annual Report 2025

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Change report

Annual Report
Sustainability Highlights

Targets, results, and outlook

Targets, results, and outlook

 

 

Targets 20251

 

Results 2025

 

Outlook 2026

Fresenius Group

 

 

 

 

 

 

Revenue growth (organic)2

 

5% to 7%(base: €21,526 million)

 

7%

 

4% to 7%
(base: €22,554 million)

EBIT growth (in constant curreny)3

 

4% to 8%(base: €2,489 million)

 

6%

 

n/a

Core EPS growth (in constant curreny)3

 

n/a

 

12%

 

5% to 10%
(base: €2,87)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liquidity and capital management

 

 

 

 

 

 

Cash conversion rate

 

around 1

 

1.1

 

slightly below 1

Net debt / EBITDA4

 

within
the self-imposed target corridor
of 2.5× to 3.0×

 

2.7×

 

within the
self-imposed target corridor
of 2.5× to 3.0×

 

 

 

 

 

 

 

Capital efficiency

 

 

 

 

 

 

Return on invested capital (ROIC)3,5

 

above 6%

 

6.6%

 

above 6.5%

 

 

 

 

 

 

 

Operating Companies

 

 

 

 

 

 

 

 

 

 

 

 

 

Fresenius Kabi

 

 

 

 

 

 

Revenue growth2 (organic)

 

mid-to-high-single-digit percentage growth

 

7%

 

mid-to-high-single
digit percentage growth
(base: €8,612 million)

EBIT margin3

 

Within the margin band of 16.0% to 16.5%
(structural margin band:
16% to 18%)

 

16.4%

 

16.5% to 17% (structural margin band: 17% to 19%; base: €1,413 million)

 

 

 

 

 

 

 

Fresenius Helios

 

 

 

 

 

 

Revenue growth (organic)

 

mid-single-digit
percentage growth

 

7%

 

mid-single-digit
percentage growth
(base: €13,550 million)

EBIT margin3

 

around 10%
(structural margin band:
10% to 12%)

 

9.8%

 

10 to 10.5% (structural margin band: 10% to 12%; base: €1,328 million)

1

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

2

Organic growth rate adjusted for accounting effects related to Argentina hyperinflation

3

Before special items

4

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

5

Pro forma acquisitions

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

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