Fresenius Medical Care AG reports interim operating updates and segment changes. As of June 1, 2025, the company created a new Value‑Based Care segment, recognizing full‑risk arrangements under IFRS 17 with premiums and claim costs presented separately. For the nine months ended September 30, 2025, 16% of consolidated revenue was attributable to U.S. federally funded programs.
Capital efficiency remained modest: ROIC was 4.1%, or 4.9% excluding Legacy Portfolio Optimization costs, based on NOPAT of €1,101 M and average invested capital of €27,150 M. Total assets were €30,887 M and invested capital €25,471 M as of September 30, 2025.
Regulatory dynamics continue to influence U.S. operations. CMS proposed to terminate the mandatory ETC model on December 31, 2025; 971 U.S. facilities (about 35%) are currently in ETC regions and the program to date produced a net positive payment adjustment. The company participates in 21 KCEs, with approximately 52,000 patients aligned as of September 2025, reflecting scale in value‑based kidney care.
Fresenius Medical Care AG furnished a Form 6-K announcing its third quarter results for the period ended September 30, 2025. The submission includes a press release (Exhibit 99.1) and accompanying financial figures (Exhibit 99.2).
The company highlights non-GAAP measures alongside IFRS results, including EBITDA, free cash flow, net leverage ratio (net debt to adjusted EBITDA), constant-currency metrics, and results adjusted for special items, with reconciliations provided in the exhibits. The exhibits are furnished, not filed.