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Fresenius Medical Care AG (FMS) reported the publication of a large multinational real‑world evidence study in the Journal of the American Society of Nephrology comparing high‑volume hemodiafiltration (HVHDF) with conventional high‑flux hemodialysis. The study analyzed outcomes from 19,539 adult dialysis patients treated between 2014 and 2019 in eight European countries using a target trial emulation design. During a median follow‑up of 16 months, hemodiafiltration was associated with a 28% lower relative risk of all‑cause mortality versus high‑flux hemodialysis, with the strongest association in patients achieving convection volumes above 23 liters per session, who had a 33% lower relative risk of death. Fresenius Medical Care highlights this as reinforcing the evidence base for HVHDF and links it to its BEACON‑US initiative to generate U.S.‑specific real‑world evidence as access to HVHDF expands, while noting that the observational nature of the study does not establish causality.
Fresenius Medical Care AG (FMS) disclosed that its major shareholder Fresenius SE & Co. KGaA entered into a Share Purchase Agreement on August 20, 2026 to sell 7,800,000 Shares of Fresenius Medical Care AG in a block trade to J.P. Morgan SE at EUR 39.56 (approximately $46.16) per share in a private placement exempt from registration under the U.S. Securities Act. After this Block Trade, Fresenius SE & Co. KGaA remains the beneficial owner of 67,181,358 Shares, representing about 25.6% of the Company’s outstanding voting shares, based on 262,699,356 Shares outstanding as of August 21, 2026. Fresenius SE & Co. KGaA states that this sale is part of a broader portfolio optimization strategy and that it will continue to review its investment and may consider additional transactions involving the Shares over time.
The Share Purchase Agreement includes a lock-up under which Fresenius SE & Co. KGaA undertook not to dispose of additional Shares or similar securities, subject to exceptions, for a period beginning August 21, 2026 and ending 45 days thereafter without the Purchaser’s prior written consent. Management SE, as general partner of Fresenius SE & Co. KGaA, exercises investment and dispositive power over these Shares and may be deemed their beneficial owner.
Fresenius Medical Care reports mixed interim results for the three and six months ended June 30, 2026. Q2 revenue was €4,861 M, up 1% year over year, with operating income rising 10% to €466 M and margin improving to 9.6%, supported by FME25+ cost savings and favorable U.S. reimbursement effects. Net income was €293 M, while EPS increased to €0.81 helped by substantial share repurchases.
For the first half, revenue declined 2% to €9,473 M, but operating income was broadly stable at €752 M. Care Delivery and Care Enablement benefited from higher prices, TDAPA-related reimbursement and savings, partly offset by lower treatment volumes, inflation, and a €71 M Tavneos-related loss from equity investees. Value-Based Care turned profitable, with member months up 7%. Free cash flow improved to €665 M and the net leverage ratio was 2.6, within the 2.5x–3.0x target, while 27.3 M shares were repurchased across buyback programs.
Fresenius Medical Care has appointed Cassie McLean as a member of the Management Board and Chief Executive Officer of the Care Delivery operating segment, effective 1 August 2026. She succeeds Craig Cordola, who previously served as Chief Executive Officer of Care Delivery.
McLean joined the company in August 2025 as President, Fresenius Kidney Care, and will now have direct accountability for the global clinic business, including Fresenius Kidney Care in the U.S. and Care Delivery International. The role has been reshaped to increase direct accountability for operational execution and business performance. Company leaders highlight her dialysis expertise and leadership experience, and link her appointment to advancing the FME Reignite strategy and mid-term financial aspirations in Care Delivery.
Fresenius Medical Care reported Q2 2026 revenue of EUR 4,861 million, up 1% year-on-year (4% at constant currency), with operating income rising 10% to EUR 466 million. Operating income excluding special items grew 20% to EUR 569 million, lifting the margin to 11.7%. Net income was EUR 218 million (down 3%), but excluding special items increased 13% to EUR 303 million. Basic EPS rose to EUR 0.81, and to EUR 1.13 excluding special items, a 24% increase.
Growth was driven mainly by the Care Delivery segment, FME25+ cost savings and TDAPA reimbursement effects, while Care Enablement faced pricing pressure in China. The FME25+ program delivered EUR 67 million Q2 savings; 2026 savings are expected at EUR 250 million with related one-time costs of EUR 350 million, and total savings of EUR 1.2 billion by end-2027. Operating cash flow increased 11% to EUR 860 million, free cash flow was EUR 625 million, and net leverage remained at 2.6x. The company cancelled 24.8 million shares (8.5% of share capital) and is executing a second buyback program of around EUR 1 billion. Management reaffirmed 2026 guidance for broadly flat revenue and operating income around prior-year levels at constant currency, excluding special items.
Fresenius Medical Care AG reported unaudited second-quarter 2026 results that exceeded capital market expectations on both profit and sales. Operating income excluding special items was EUR 569 million, up 23% at constant currency from the prior year and above the EUR 515 million consensus.
Group revenue rose 4% at constant currency to EUR 4,861 million, slightly above the EUR 4,792 million consensus. The company confirmed its unchanged financial outlook for the full year 2026, based on constant currency and figures excluding special items.
Fresenius Medical Care is introducing BEACON-US, a comprehensive U.S. research initiative to expand clinical and real-world evidence for patients receiving online-hemodiafiltration (HDF). The program supports the ongoing rollout of high-volume hemodiafiltration (HVHDF) and is intended to help clinicians, patients, and healthcare systems understand how the therapy performs in routine practice.
Early U.S. experience with HVHDF is described as encouraging, with data showing 40% fewer muscle cramps and more than 70% of AutoSub plus treatments already reaching the HVHDF target of at least 23 liters of convective volume per session. Observations indicate improved achievement of dialysis adequacy targets (Kt/V), higher convective volumes without longer treatment times, and reduced water consumption, while clinicians report workflow simplification. Internationally, evidence including the CONVINCE trial reported a 23% lower risk of death for HVHDF versus conventional high-flux hemodialysis. Fresenius Medical Care serves approximately 290,000 patients in 3,539 clinics worldwide.
BlackRock, Inc. reports beneficial ownership of common stock of Fresenius Medical Care AG on Schedule 13G. BlackRock holds 13,447,914 shares, representing 5.00% of the outstanding common stock as of June 30, 2026.
BlackRock has sole voting power over 12,463,277 shares and sole dispositive power over all 13,447,914 shares, with no shared voting or dispositive power. Various underlying clients may receive dividends or sale proceeds, but no single client exceeds five percent ownership of the class.
Fresenius Medical Care has launched a new share buyback program with a total volume of up to EUR 1 billion, returning capital to shareholders under an authorization granted on May 21, 2026. The program runs for 12 months from May 28, 2026 to May 27, 2027 and allows repurchase of up to 29,341,344 shares on the stock exchange or via a multilateral trading facility.
The first tranche covers purchases of up to EUR 600,000,000 through December 15, 2026. Repurchased shares are predominantly intended to be cancelled, with a smaller portion available for incentive-based compensation. Purchases must comply with EU safe-harbor rules, including price caps relative to the last independent trade and limits of no more than 25% of average daily share turnover.
Fresenius Medical Care is emphasizing shareholder returns and strategic growth following a strong 2025. At its Annual General Meeting, shareholders approved a dividend of EUR 1.49 per share for 2025 and endorsed management and supervisory board actions with overwhelming majorities.
The company completed a EUR 1 billion share buyback program, repurchasing 24.8 million shares, or 8.5% of its share capital, and then cancelled 24,848,819 treasury shares, reducing share capital to 268,564,630 shares. A new authorization allows further use and cancellation of treasury shares, including exclusion of subscription rights under defined conditions.
Management highlighted an 8% organic revenue increase, an improvement in group operating margin to 11.3% from 7.9% in three years, and a reduction in the net leverage ratio to 2.5 times from 3.4 times in 2022. The company also launched its FME Reignite strategy through 2030 and is rolling out its FDA-approved 5008X CAREsystem in the United States.
Fresenius Medical Care has now announced another share buyback program with a total volume of around EUR 1 billion to be executed in tranches over 12 months, supported by strong operating cash flow and positioned as a key part of its capital allocation framework alongside dividends.