Fresenius share

Stock markets and development of the Fresenius share

The global economy has proven resilient this year, even though economic developments have varied across countries and sectors. Inflation has slowed and is approaching central bank targets in most countries. The situation on the labor market has eased somewhat, but unemployment rates remain low by historical standards. Inflation in the euro area is expected to stabilize at around 1.9% in 2026 as cost pressures ease and the monetary policy measures taken to date take effect. Economic activity is expected to recover gradually, supported by rising household incomes, a strong labor market, and improved financing conditions, despite ongoing geopolitical and political uncertainties.

In the wake of these developments, global stock markets once again posted significant gains over the course of the year. In the United States, growth in the leading indices, the S&P 500 and Dow Jones Industrial Average, was once again driven primarily by companies in the technology and artificial intelligence sectors. In Europe, the STOXX® Europe 600 rose by around 17% in fiscal year 2025, while the most important German stock market barometer, the DAX 40, rose by around 23%. The STOXX® Europe 600 Health Care, which tracks the traditionally comparatively defensive European healthcare sector, rose by around 5% over the course of the year.

The closing price of Fresenius shares on December 30, 2025, the last trading day of the year, was €48.98, around 46% above the closing price at the end of 2024. Fresenius shares reached their low for the year of €33.49 on January 2, 2025, and their high for the year of €50.56 on October 29, 2025.

At https://www.fresenius.com/shareprice-center you can find an interactive chart tool for graphical display and further analysis of the share price development. You can also find out how the Fresenius share has performed compared to the shares of competitors.

As of December 31, 2025, Fresenius’ market capitalization stood at €27.6 billion. The average daily Xetra trading volume for Fresenius shares in fiscal year 2025 was 908,099.

Capitalization

The total number of issued shares at the end of 2025 was 563,237,277 and thus remained unchanged during fiscal year 2025.

Investor relations

Our investor relations activities are in accordance with the transparency rules of the German Corporate Governance Code. We communicate comprehensively, promptly, and openly with private and institutional investors, as well as financial analysts. The equal treatment of all market actors is very important to us. In addition to our current financial results and guidance, the focus is also on the strategy and long-term positioning of the Fresenius Group.

We maintained an intense dialog with the capital markets in 2025, both virtually and in person. We were in direct contact with institutional investors and analysts on 39 days at international investor conferences, 31 roadshow days, and in numerous one-on-one meetings. We also organized CEO calls and virtual field trips with banks, giving investors and analysts the opportunity to discuss matters with the Management Board. In addition, Fresenius held a corporate governance roadshow together with the Supervisory Board. Communication with private investors was maintained both virtually and in person at events organized by shareholder associations.

In addition, interested parties had access to live webcasts of the conference calls on our quarterly results at www.fresenius.com/events-and-presentations as well as the constantly expanding range of information on our social media channels on LinkedIn and Instagram.

Fresenius’ Investor Relations team was recognized in this year’s Investors’ Darling competition by manager magazin with second place in the overall ranking.

In addition, Fresenius’ capital market communication achieved second place in the IR-Benchmark ranking of the NetFed agency.

Relative share price performance 2021–2025 Fresenius share vs. indices

Absolute share price performance 2025 Fresenius share in €

If you would like to contact the Investor Relations team or find out about our 2026 financial calendar, please take a look at the contact page. For additional information on the Fresenius Group and share, please visit us at www.fresenius.com/investors.

Dividend

Fresenius is committed to generating attractive and predictable dividend yields as set out in the Fresenius Financial Framework. As part of the full-year reporting in February 2025, Fresenius defined a new dividend policy. Our target is to distribute 30% to 40% of core net income (net income excluding Fresenius Medical Care, before special items). The new dividend policy reflects the capital allocation priorities in line with the #FutureFresenius strategy. It also underscores our intention to reinvest in growth, reduce leverage, maintain a solid investment-grade rating, and provide attractive shareholder returns.

Fresenius will propose to the 2026 Annual General Meeting to distribute a dividend of €1.05 for fiscal year 2025. This corresponds to a payout ratio of around 37%.

Shareholder structure

The Else Kröner-Fresenius-Stiftung was the largest shareholder of Fresenius & SE & Co. KGaA, with 27.1% of the shares.

According to notifications pursuant to the German Securities Trading Act (WpHG), there were three investors in the Fresenius shareholder base apart from the Else Kröner-Fresenius-Stiftung with voting rights of more than 3%. Voting rights notifications can be found at www.fresenius.com/shareholder-structure.

As of December 31, 2025, a shareholder survey identified the ownership of about 98% of our subscribed capital. According to this analysis, Fresenius can rely on a solid shareholder base: a total of about 600 institutional investors held more than 63% (December 31, 2024: 62%) of shares outstanding. The 10 largest institutional investors held about 20% (2024: 19%) of the share capital. 8% of Fresenius shares (2024: 8%) were identified as retail holdings.

Including those of the Else-Kröner-Fresenius-Stiftung, our shares were mostly held by investors in Germany, the United States, and the United Kingdom.

Shareholder structure by investors

Shareholder structure institutional investors by region

Analyst recommendations

The recommendations published by financial analysts are an important guide for institutional and private investors when making investment decisions. According to our survey, as of February 9, 2026, we were rated with 17 “buy” and 2 “hold” and no “sell” recommendations.

At www.fresenius.com/analyst-and-consensus you can find out which banks regularly report on Fresenius and rate our shares.

Analyst recommendations

ADR program

In the United States, Fresenius has a Sponsored Level I American Depositary Receipt (ADR) program. In this program, four Fresenius ADRs correspond to one Fresenius share. They are priced in U.S. dollars and traded in the U.S. over-the-counter (OTC) market.

You can find further information on our ADR program on www.fresenius.com/adr.