Fresenius Medical Care Q3 net income falls 42%
As of September 30, 2026, Fresenius Medical Care had repurchased 9.1 million shares, or 3.4% of total shares issued, for EUR 357 million.
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Rhea-AI Filing Summary
Fresenius Medical Care AG reported third-quarter 2026 revenue of EUR 4,937 million, up 1% year over year, while operating income fell 19% to EUR 384 million and net income fell 42% to EUR 160 million. Operating income excluding special items declined 5% to EUR 545 million. For the first nine months, operating income excluding special items rose 5% to EUR 1,581 million and operating cash flow increased 12% to EUR 1,885 million.
Third-quarter operating cash flow increased 8% to EUR 798 million. The company narrowed its 2026 operating-income outlook to growth between flat and a negative mid-single digit percent growth rate; revenue growth is expected to be broadly flat. Both outlook rates are at constant currency, and operating income excludes special items. A China strategy change involved ending local production and sales of the 4008A system and exiting peritoneal dialysis while maintaining existing obligations; related one-time costs were EUR 108 million, primarily for impairment, scrappage and termination costs. The 5008X CAREsystem was available in 348 U.S. clinics after 1.3 million treatments.
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Positive
- Moderate pointNine-month operating cash flow increased 12% to EUR 1,885 million.
- Moderate pointNine-month operating income excluding special items increased 5% to EUR 1,581 million.
Negative
- Major point. Forward-looking: it has not happened yet and may not happen.The 2026 operating-income outlook was narrowed to growth between flat and a negative mid-single digit percent.
- Moderate pointThird-quarter operating income fell 19% to EUR 384 million.
- Moderate pointThird-quarter net income fell 42% to EUR 160 million.
Filing Explained
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Key Figures
Key Terms
constant currency financial
special items financial
net leverage ratio financial
TDAPA regulations regulatory
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange Act of 1934
For the month of November 2026
Commission file number: 001-32749
FRESENIUS MEDICAL CARE AG
(Translation of registrant's name into English)
Else-Kröner Strasse 1
61346 Bad Homburg
Germany
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
On November 3, 2026, Fresenius Medical Care AG (the “Company”) issued a Press Release announcing its third quarter results for the period ending September 30, 2026. A copy of the Press Release is furnished as Exhibit 99.1 and the corresponding financial figures as Exhibit 99.2.
The attached Press Release contains non-GAAP financial measures. For purposes of Regulation G, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles. To supplement our third quarter 2026 consolidated financial results presented in accordance with International Financial Reporting Standards, or IFRS, we have used non-GAAP financial measures, including (a) EBITDA, or operating income excluding interest, taxes, depreciation and amortization, (b) free cash flow, (c) net leverage ratio (ratio of net debt to adjusted EBITDA) and (d) results presented in constant currency and as adjusted for special items identified in the Press Release and associated tables. These non-GAAP measures are provided to enhance the user’s overall understanding of our current financial performance and our prospects for the future. In addition, because we have historically reported certain non-GAAP financial measures in our financial results, we believe the inclusion of these non-IFRS financial measures provides consistency and comparability in our financial reporting to prior periods for which these non-GAAP financial measures were previously reported. These non-GAAP financial measures should not be used as a substitute for or be considered superior to GAAP financial measures. Reconciliation of the non-GAAP financial measures to the most comparable IFRS financial measures are included in the attached Financial Statements. As the reconciliation of amounts stated in Constant Currency is inherent in the disclosure included in the Press Release, we believe that a separate reconciliation would not provide any additional benefit.
The Exhibits attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.
EXHIBITS
The following exhibits are being furnished with this Report:
| Exhibit 99.1 | Press release issued on November 3, 2026. |
| Exhibit 99.2 | Complete overview of the third quarter 2026 and first nine months 2026. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
DATE: November 3, 2026
| Fresenius Medical Care AG |
| By: | /s/ Shervin J. Korangy | |
| Name: | Shervin J. Korangy | |
| Title: | Chief Executive Officer and Chair of the Management Board |
| By: | /s/ Martin Fischer | |
| Name: | Martin Fischer | |
| Title: | Chief Financial Officer and member of the Management Board |
Exhibit 99.1
| Press Release | Media contact |
| Christine Peters | |
| T +49 160 60 66 770 | |
| Christine.Peters@FreseniusMedicalCare.com | |
| Contact for analysts and investors | |
| Dr. Dominik Heger | |
| T +49 6172 609 2525 | |
| Dominik.Heger@FreseniusMedicalCare.com | |
| www.freseniusmedicalcare.com |
Fresenius Medical Care reports third quarter 2026 performance partially offsetting headwinds and narrowing full year outlook
| · | Stable organic revenue1 development driven by growth in Care Delivery and Care Enablement, offset by the expected decline in profit-neutral Value-Based Care |
| · | Operating income2 decreased by 6%, due to regulatory and inflation headwinds |
| · | Reported operating income decreased by 19% and reported net income3 decreased by 42%, mainly due to one-time costs related to the China strategy refinement |
| · | Earnings per share2 (EPS) remained stable supported by the share buyback program |
| · | 348 U.S. clinics representing 16% of our U.S. dialysis machines converted to the 5008X CAREsystemTM with 1.3 million treatments4 |
| · | FY 2026 outlook – revenue outlook broadly flat, operating income outlook narrowed to between flat and a negative mid-single digit percent growth rate |
Bad Homburg, Germany (November 3, 2026) – “Three weeks into my role as CEO, I am energized by the opportunities ahead. As a global leader in kidney care, Fresenius Medical Care combines exceptional capabilities with unparalleled reach. Following the structural changes of recent years, many parts of our business are still at an early stage of development. This creates a compelling opportunity to deliver transformational improvements in performance, not simply the incremental gains typically associated with more mature businesses. We are muted in our assessment of performance and endeavor to improve the current trajectory over time,” said Shervin J. Korangy, new Chief Executive Officer and Chair of the Management Board of Fresenius Medical Care. “With the FME25+ transformation, the company has built a solid foundation to continue to profitably grow and create value for all stakeholders. My focus will be on identifying opportunities to accelerate innovation, expand access to care, improve outcomes and drive long-term profitable growth.”
| 1 | At constant currency, adjusted for certain reconciling items including revenue from acquisitions, closed or sold operations and differences in dialysis days |
| 2 | Adjusted for special items; growth rate at constant currency (if not stated otherwise); for further details please see the reconciliation attached to the press release |
| 3 | Net income attributable to shareholders of Fresenius Medical Care AG |
| 4 | Data as of Sep 30, 2026 |
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Martin Fischer, Chief Financial Officer of Fresenius Medical Care outlined, “Fresenius Medical Care delivered a quarter of broadly stable revenue and resilient earnings development, as continued underlying performance improvements counter the expected negative effects from TDAPA regulations and increased inflation headwinds. Care Delivery further increased operating income2, driven by continued underlying operating income2 improvement of 21% excluding the negative TDAPA effects. The U.S. rollout of our innovative 5008X CAREsystem is progressing on plan, now available in 348 U.S. clinics, having performed 1.3 million treatments. The ongoing experience with the HvHDF modality in our clinics is exciting and clinical observations are consistently tracking very well compared with real-world data outside the U.S., which show to significantly improve patient outcomes.”
Shervin J. Korangy concluded, “Based on the operating income development in the first nine months and the anticipated headwinds in the fourth quarter we narrowed our outlook for 2026 to the lower half of our outlook range.”
Key figures Q3 and 9M 2026 (unaudited)
| Q3 2026 | Q3 2025 | Growth | Growth | 9M 2026 | 9M 2025 | Growth | Growth | |||||||||||||||||||||||||
| EUR m | EUR m | yoy | yoy, cc | EUR m | EUR m | yoy | yoy, cc | |||||||||||||||||||||||||
| Revenue | 4,937 | 4,885 | 1 | % | -1 | % | 14,409 | 14,558 | -1 | % | 2 | % | ||||||||||||||||||||
| Operating income | 384 | 477 | -19 | % | -19 | % | 1,136 | 1,233 | -8 | % | -5 | % | ||||||||||||||||||||
| excl. special items2 | 545 | 574 | -5 | % | -6 | % | 1,581 | 1,507 | 5 | % | 8 | % | ||||||||||||||||||||
| Net income3 | 160 | 275 | -42 | % | -41 | % | 496 | 651 | -24 | % | -21 | % | ||||||||||||||||||||
| excl. special items2 | 291 | 322 | -10 | % | -10 | % | 844 | 836 | 1 | % | 4 | % | ||||||||||||||||||||
| Basic EPS (EUR) | 0.61 | 0.94 | -35 | % | -34 | % | 1.84 | 2.22 | -17 | % | -14 | % | ||||||||||||||||||||
| excl. special items2 | 1.11 | 1.10 | 0 | % | 0 | % | 3.14 | 2.85 | 10 | % | 13 | % | ||||||||||||||||||||
yoy = year-on-year, cc = at constant currency, EPS = earnings per share
Strategic progress
Fresenius Medical Care, the world’s leading provider of products and services for individuals with renal disease, continues to focus on execution to improve core operations and to drive profitable growth.
The large-scale U.S. commercial rollout of the innovative 5008X CAREsystem is progressing as planned. Since its launch in early 2026, approximately 16% of dialysis machines in Fresenius Medical Care’s U.S. clinics have been replaced, keeping the company on track to reach its full-year target of around 20%. As adoption expands, treatments performed with the system have risen to 1.3 million, including more than 500,000 HDF treatments and more than 300,000 HvHDF treatments. Early observations are directionally better than previously published real-world data associating HvHDF with fewer hospitalizations, fewer missed treatments, and improved survival compared with conventional hemodialysis. At ASN Kidney Week in Denver, Colorado, we presented updates demonstrating the ability to achieve HvHDF for U.S. patients, with typical treatment times, blood and dialysate flows during therapy and look forward to presenting data in publications and congresses specifically around patient experience, hospitalizations, and survival through 2027.
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In October, Fresenius Medical Care launched the multiFiltratePRO™ system in the U.S. for critically ill patients with acute kidney injury (AKI). The system continuously cleans the blood, removing waste and extra fluid when a patient’s kidneys can no longer do this on their own. multiFiltratePRO is the first FDA-cleared continuous kidney replacement therapy (CKRT) system in the U.S. for regional citrate anticoagulation using the Ci-Ca Protocol. The system brings important treatment steps together in one place, helping make a complex therapy easier for healthcare professionals to manage so they can focus on patient care.
The launch followed FDA clearance of multiFiltratePRO and approval of Cienby™, a sodium citrate solution, and Calrezdy™, a calcium chloride solution. Together, these advances reflect Fresenius Medical Care’s longstanding experience in developing and bringing complex kidney therapies to patients around the world.
In China, the company refined its commercial strategy by discontinuing production and sales of the 4008A hemodialysis system locally and exited its peritoneal dialysis (PD) business while maintaining existing obligations in the market. The resulting one-time costs of EUR 108 million are primarily attributable to impairment charges, scrappage and termination costs, treated as a special item in Care Enablement.
During the third quarter of 2026, the FME25+ transformation program delivered EUR 74 million additional sustainable savings while related one-time costs, treated as special items amounted to EUR 54 million. The company expects EUR 250 million savings and EUR 350 million related one-time costs in 2026. FME25+ savings are expected to total EUR 1.2 billion by the end of 2027.
As part of the capital allocation framework, share buyback programs complement shareholder returns through dividends. On May 26, a second program for a total volume of around EUR 1 billion (excluding ancillary costs) was announced and is being executed in tranches within 12 months. The first tranche was initiated on May 28 and is planned to end by December 15, 2026. As of September 30, 9.1 million shares or 3.4% of total shares issued have been repurchased for a total investment of EUR 357 million.
Organic revenue growth in Care Delivery and Care Enablement
In the third quarter of 2026, Group revenue increased by 1% compared to prior year (-1% at constant currency, +0.1% organic1) to EUR 4,937 million. Divestitures realized as part of the portfolio optimization plan negatively affected the revenue development by 30 basis points.
Care Delivery revenue increased by 3% (+1% at constant currency, +2% organic1) to EUR 3,492 million. Divestitures realized as part of the portfolio optimization plan negatively affected the revenue development by 40 basis points.
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In Care Delivery U.S., revenue increased by 3% (+1% at constant currency, +1% organic1) to EUR 2,920 million. Favorable rate effects were offset by the TDAPA reimbursement regulations headwind as expected. U.S. same market treatment growth came in at -1.1%.
In Care Delivery International, revenue increased by 2% (+3% at constant currency, +6% organic1) to EUR 572 million, driven by positive organic growth1. International same market treatment growth amounted to 1.4%.
Value-Based Care revenue declined by 7% (-9% at constant currency, -9% organic1) to EUR 537 million. The development in the quarter was driven by the changed risk contracting for one of the contracts, partially offset by positive effects from payor premium rates and prior-year phasing of CKCC reporting from CMS.
Care Enablement revenue increased by 7% (+5% at constant currency, +5% organic1) to EUR 1,451 million. Positive pricing globally and positive volume development outside China were mainly driven by the sales of 5008X CAREsystem.
Within Inter-segment eliminations5, revenue for services provided and products transferred between the operating segments at fair market value came in at negative EUR 543 million.
In the first nine months of 2026, Group revenue decreased by 1% (+2% at constant currency, +3% organic¹) to EUR 14,409 million. Currency effects negatively impacted revenue development in all three operating segments. Divestitures realized as part of the portfolio optimization plan negatively impacted the revenue development by 40 basis points. Care Delivery revenue remained flat (+4% at constant currency, +5% organic1) at EUR 10,264 million, with Care Delivery U.S. flat (+4% at constant currency, +5 organic1) at EUR 8,582 million and Care Delivery International flat (+2% at constant currency, +7% organic1) at EUR 1,682 million. Divestitures realized as part of the portfolio optimization plan negatively affected the revenue development of Care Delivery by 70 basis points and the revenue development of Care Delivery International by 3,900 basis points. U.S. same market treatment growth came in at -0.8% while international same market treatment growth amounted to 1.2%. Value-Based Care revenue decreased by 3% (+1% at constant currency, +1% organic1) to EUR 1,563 million. Care Enablement revenue increased by 1% (+3% at constant currency, +3% organic1) to EUR 4,121 million. Inter-segment eliminations came in at negative EUR 1,539 million.
Earnings development in line with planned full-year phasing
In the third quarter of 2026, Group operating income declined by 19% (-19% at constant currency) to EUR 384 million, resulting in a margin of 7.8% (Q3 2025: 9.8%). Operating income excluding special items declined by 5% (-6% at constant currency) to EUR 545 million, resulting in a margin2 of 11.0% (Q3 2025: 11.7%).
| 5 | The company transfers products from the Care Enablement segment to the Care Delivery segment at fair market value. Services provided by the Care Delivery segment for patients managed under the Value-Based Care segment are also provided at fair market value. The associated internal revenues and expenses and all other consolidation of transactions are included within “Inter-segment eliminations”. |
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Operating income in Care Delivery increased by 18% (+17% at constant currency) to EUR 497 million, resulting in a margin of 14.2% (Q3 2025: 12.3%). Operating income excluding special items increased by 4% (+2% at constant currency) to EUR 513 million, resulting in a margin2 of 14.7% (Q3 2025: 14.5%). Compared to previous year, the improvement was driven by positive rate effects, as well as savings from the FME25+ program, offsetting negative impacts from TDAPA reimbursement regulations and increased labor costs.
Operating income in Value-Based Care improved to a breakeven in the quarter from a loss of EUR 22 million in the prior year, resulting in a margin of 0.0% (Q3 2025: -3.8%) Operating income excluding special items improved to EUR 1 million compared to a loss of EUR 21 million in the prior year, resulting in a margin2 of 0.1% (Q3 2025: -3.7%) and reflecting the quarterly earnings volatility, which is inherent to the business model. The improvement was driven by the prior-year phasing of CKCC reporting by CMS, an enhanced savings rate and positive contributions from the FME25+ program.
Operating income in Care Enablement resulted in a loss of EUR 32 million and a margin of -2.2% (Q3 2025: 6.4%) mainly due to one-time costs related to the China strategy refinement. Operating income excluding special items increased by 3% (+4% at constant currency) to EUR 106 million, resulting in a margin2 of 7.3% (Q3 2025: 7.6%). Compared to the previous year’s quarter, increased sales of the 5008X CAREsystem, the FME25+ program as well as positive price globally and volume effects outside China contributed positively. This was offset mainly by accelerated inflationary cost increases.
Operating income for Corporate amounted to a loss of EUR 35 million (Q3 2025: loss of EUR 4 million). Operating income excluding special items amounted to a loss of EUR 29 million (Q3 2025: gain of EUR 3 million). The development was mainly driven by the planned costs for strategic IT platform investments, while the impact from virtual power purchase agreements was positive.
In the first nine months of 2026, Group operating income decreased by 8% (-5% at constant currency) to EUR 1,136 million, resulting in a margin of 7.9% (9M 2025: 8.5%). Operating income excluding special items increased by 5% (+8% at constant currency) to EUR 1,581 million, resulting in a margin2 of 11.0% (9M 2025: 10.3%). In Care Delivery, operating income increased by 11% (+16% at constant currency) to EUR 1,203 million, resulting in a margin of 11.7% (9M 2025: 10.6%). Operating income excluding special items increased by 17% (+23% at constant currency) to EUR 1,437 million, resulting in a margin2 of 14.0% (9M 2025: 12.0%). In Value-Based Care operating income improved to EUR 6 million compared to a loss of EUR 28 million in the prior year, resulting in a margin of 0.4% (9M 2025: -1.7%). Operating income excluding special items improved to EUR 27 million compared to a loss of EUR 26 million in the prior year, resulting in a margin2 of 1.7% (9M 2025: -1.6%). In Care Enablement, operating income declined by 43% (-42% at constant currency) to EUR 153 million, resulting in a margin of 3.7% (9M 2025: 6.6%). Operating income excluding special items declined by 2% (flat at constant currency) to EUR 329 million, resulting in a margin2 of 8.0% (9M 2025: 8.2%). Operating income for Corporate amounted to a loss of EUR 119 million (9M 2025: loss of EUR 78 million). Operating income excluding special items amounted to a loss of EUR 105 million (9M 2025: loss of EUR 9 million).
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Net income3 decreased by 42% compared to prior year (-41% at constant currency) to EUR 160 million in the third quarter of 2026. Net income excluding special items decreased by 10% (-10% at constant currency) to EUR 291 million.
In the first nine months of 2026, net income3 decreased by 24% (-21% at constant currency) to EUR 496 million. Net income excluding special items increased by 1% (+4% at constant currency) to EUR 844 million.
Basic earnings per share (EPS) decreased by 35% compared to prior year (-34% at constant currency) to EUR 0.61 in the third quarter of 2026, based on 262,951,005 shares. Basic EPS excluding special items remained flat (flat at constant currency) at EUR 1.11.
In the first nine months of 2026, basic EPS decreased by 17% (-14% at constant currency) to EUR 1.84, based on 268,833,509 shares. Basic EPS excluding special items increased by 10% (+13% at constant currency) to EUR 3.14.
Strong operating cash flow, net leverage ratio stable around lower end of target corridor
In the third quarter of 2026, operating cash flow increased by 8% to EUR 798 million (Q3 2025: EUR 742 million), resulting in a margin of 16.2% (Q3 2025: 15.2%). In the first nine months of 2026, operating cash flow improved by 12% to EUR 1,885 million (9M 2025: EUR 1,679 million). The related margin came in at 13.1% (9M 2025: 11.5%). Both developments were mainly driven by favorable working capital development.
Free cash flow6 increased by 3% to EUR 564 million in the third quarter of 2026 (Q3 2025: EUR 550 million), resulting in a margin of 11.4% (Q3 2025: 11.3%). In the first nine months of 2026, Fresenius Medical Care increased free cash flow by 3% to EUR 1,229 million (9M 2025: EUR 1,199 million), resulting in a margin of 8.5% (9M 2025: 8.2%).
Total net debt and lease liabilities increased by 6% to EUR 9,787 million (Q3 2025: EUR 9,218 million). The net leverage ratio (net debt/EBITDA) remained stable at 2.6x in Q3 2026 (Q2 2026: 2.6x) and continues to be around the lower end of our 2.5x to 3.0x target band.
Patients, clinics and employees
As of September 30, 2026, Fresenius Medical Care treated 289,014 patients in 3,512 dialysis clinics worldwide and had 106,291 employees globally.
| 6 | Net cash provided by / used in operating activities, after capital expenditures, before acquisitions, investments, and dividends |
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Outlook 2026 narrowed
Fresenius Medical Care continues to expect revenue growth1 to be broadly flat in 2026 compared to prior year. The company narrows its outlook for operating income2 and now expects operating income2 growth to be between flat and a negative mid-single digit percent growth rate compared to prior year.
The expected growth rates for 2026 are at constant currency and excluding special items in operating income. The 2025 basis for the revenue outlook is EUR 19,628 million and for the operating income outlook is EUR 2,212 million.
Investor conference call
Fresenius Medical Care will host a conference call for analysts and investors to discuss the results of the third quarter, on November 3, 2026, at 2:00 p.m. CET / 8:00 a.m. ET. Details are available on the Fresenius Medical Care website in the “Investors” section. A replay and a transcript will be available shortly after the call.
Please refer to our statement of earnings included at the end of this press release and to the attachments as separate PDF files for a complete overview of the results of the third quarter of 2026. Our form 6-K disclosure provides more details.
About Fresenius Medical Care:
Fresenius Medical Care is the world's leading provider of products and services for individuals with renal diseases of which around 4.5 million patients worldwide regularly undergo dialysis treatment. Through its network of 3,512 dialysis clinics, Fresenius Medical Care provides dialysis treatments for approx. 290,000 patients around the globe. Fresenius Medical Care is also the leading provider of dialysis products such as dialysis machines or dialyzers. Fresenius Medical Care is listed on the Frankfurt Stock Exchange (FME) and on the New York Stock Exchange (FMS).
For more information visit the company’s website at www.freseniusmedicalcare.com.
Disclaimer:
This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results could differ materially from those described in these forward-looking statements due to various factors, including, but not limited to, changes in business, economic and competitive conditions, legal changes, regulatory approvals, results of clinical studies, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. These and other risks and uncertainties are detailed in Fresenius Medical Care’s reports filed with the U.S. Securities and Exchange Commission. Fresenius Medical Care does not undertake any responsibility to update the forward-looking statements in this release.
The CONVINCE study was exclusively supported by the European Commission Research & Innovation, Horizon 2020, Call H2020-SC1-2016-2017 under the topic SC1-PM-10-2017: Comparing the effectiveness of existing healthcare interventions in the adult population (grant no 754803).
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| Page 8/10 in € million, except share data, unaudited 2026 2025 Change Change at cc Revenue 4,937 4,885 1.1% -0.5% Costs of revenue 3,661 3,643 0.5% -1.2% Selling, general and administrative expense 744 705 5.4% 3.6% Research and development expense 4 1 3 8 9.7% 8.4% (Income) loss from equity method investees (18) (47) -61.1% -61.1% Other operating income (116) (56) 107.5% 105.0% Other operating expense 241 125 92.2% 87.2% Operating income 384 477 -19.4% -18.9% Operating income excl. special items1 545 574 -5.1% -5.7% Interest expense, net 8 1 7 4 10.2% 7.5% Income before taxes 303 403 -24.8% -23.8% Income tax expense 7 8 7 5 3.5% 6.1% Net income 225 328 -31.3% -30.6% Net income attributable to noncontrolling interests 6 5 5 3 23.7% 21.7% Net income2 160 275 -41.9% -40.6% Net income2 excl. special items1 291 322 -9.6% -10.0% Weighted average number of shares 262,951,005 292,101,583 Basic earnings per share €0.61 €0.94 -35.4% -34.1% Basic earnings per share excl. special items 1 €1.11 €1.10 0.4% 0.0% In percent of revenue Operating income margin 7.8 % 9.8% Operating income margin excl. special items 1 11.0% 11.7% 2 Attributable to shareholders of FME AG. Statement of earnings Three months ended September 30, 1 For a reconciliation of special items, please refer to the table at the end of the press release. 26-28784-1 C1.1 P8 |
| Page 9/10 in € million, except share data, unaudited 2026 2025 Change Change at cc Revenue 14,409 14,558 -1.0% 2.0% Costs of revenue 10,645 10,917 -2.5% 0.6% Selling, general and administrative expense 2,229 2,248 -0.9% 1.7% Research and development expense 119 119 0.0% 1.5% (Income) loss from equity method investees (18) (140) -87.0% -86.9% Other operating income (395) (397) -0.6% 0.1% Other operating expense 693 578 20.3% 22.0% Operating income 1,136 1,233 -7.9% -4.5% Operating income excl. special items1 1,581 1,507 5.0% 8.2% Interest expense, net 243 229 5.9% 8.5% Income before taxes 893 1,004 -11.0% -7.5% Income tax expense 210 215 -1.9% 2.0% Net income 683 789 -13.5% -10.1% Net income attributable to noncontrolling interests 187 138 35.6% 40.8% Net income2 496 651 -23.9% -20.9% Net income2 excl. special items1 844 836 1.0% 4.1% Weighted average number of shares 268,833,509 292,971,355 Basic earnings per share €1.84 €2.22 -17.1% -13.8% Basic earnings per share excl. special items 1 €3.14 €2.85 10.1% 13.4% In percent of revenue Operating income margin 7.9% 8.5% Operating income margin excl. special items 1 11.0% 10.3% 2 Attributable to shareholders of FME AG. Statement of earnings Nine months ended September 30, 1 For a reconciliation of special items, please refer to the table at the end of the press release. 26-28784-1 C1.1 P9 |
| Page 10/10 in € million, unaudited 2026 2025 2026 2025 Operating performance excl. special items These items are excluded to ensure comparability of the figures presented with the Company’s financial targets which have been defined excluding special items. Revenue 4,937 4,885 14,409 14,558 Operating income 384 477 1,136 1,233 FME25+ Program 5 4 4 1 262 122 Legacy Portfolio Optimization1 9 8 5 0 107 7 9 Legal Form Conversion Costs — 0 — 2 Humacyte Remeasurements 9 6 5 7 1 Tavneos Impacts2 — — 7 1 — Sum of special items 161 9 7 445 274 Operating income excl. special items 545 574 1,581 1,507 Net income3 160 275 496 651 FME25+ Program 4 0 3 0 195 9 0 Legacy Portfolio Optimization1 8 5 4 7 8 2 7 6 Legal Form Conversion Costs — 0 — 1 Humacyte Remeasurements 6 5 4 5 3 Interwell Health Deferred Tax Reversal — (35) — (35) Tavneos Impacts2 — — 6 7 — Sum of special items 131 4 7 348 185 Net income3 excl. special items 291 322 844 836 2 The impacts from the revocation of the TAVNEOS® marketing authorization which led primarily to an impairment of intangible assets recorded by Vifor Fresenius Medical Care Renal Pharma Ltd., resulting in a negative impact on FME AG’s income (loss) from equity method investees. 3 Attributable to shareholders of FME AG. Reconciliation of non-IFRS financial measures to the most directly comparable IFRS Accounting Standards financial measures for comparability with the Company´s outlook Three months ended September 30, Nine months ended September 30, 1 2026: mainly related to the China strategy refinement which primarily resulted in impairment of capitalized development costs, termination costs, accelerated depreciation of a production line, as well as inventory and fixed asset write-offs; 2025: mainly related to the divestitures in Brazil, Malaysia, and Kazakhstan as well as the select assets of FME AG’s wholly owned Spectra Laboratories, and impairment loss primarily related to right-of-use assets. 26-28784-1 C1.1 P10 |
Exhibit 99.2
| Content: Statement of earnings page 2 Segment information page 3 Balance sheet page 4 Cash flow page 5 page 6 Key metrics page 7 page 8 Outlook 2026 page 9 Disclaimer Copyright by Fresenius Medical Care AG email: ir@freseniusmedicalcare.com phone: +49 6172 609 2525 Revenue development by segment Reconciliation results excl. special items This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results could differ materially from those described in these forward-looking statements due to various factors, including, but not limited to, changes in business, economic and competitive conditions, legal changes, regulatory approvals, impacts related to COVID-19, results of clinical studies, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. These and other risks and uncertainties are detailed in Fresenius Medical Care AG’s reports filed with the U.S. Securities and Exchange Commission. Fresenius Medical Care AG does not undertake any responsibility to update the forward-looking statements in this release. Rounding adjustments applied to individual numbers and percentages may result in these figures differing immaterially from their absolute values. Furthermore, totals and subtotals in tables may differ slightly from unrounded figures due to rounding in accordance with commercial rounding conventions. Fresenius Medical Care AG November 3, 2026 COMPLETE OVERVIEW OF THE THIRD QUARTER AND FIRST NINE MONTHS 2026 Investor Relations |
| Statement of earnings in € million, except share data, unaudited 2026 2025 Change Change at cc 2026 2025 Change Change at cc Total revenue 4,937 4,885 1.1% -0.5% 14,409 14,558 -1.0% 2.0% Costs of revenue 3,661 3,643 0.5% -1.2% 10,645 10,917 -2.5% 0.6% Selling, general and administrative expense 744 705 5.4% 3.6% 2,229 2,248 -0.9% 1.7% Research and development expense 41 38 9.7% 8.4% 119 119 0.0% 1.5% (Income) loss from equity method investees (18) (47) -61.1% -61.1% (18) (140) -87.0% -86.9% Other operating income (116) (56) 107.5% 105.0% (395) (397) -0.6% 0.1% Other operating expense 241 125 92.2% 87.2% 693 578 20.3% 22.0% Operating income 384 477 -19.4% -18.9% 1,136 1,233 -7.9% -4.5% Operating income excl. special items 1 545 574 -5.1% -5.7% 1,581 1,507 5.0% 8.2% Interest income (16) (19) -16.2% -19.3% (45) (56) -19.0% -19.3% Interest expense 97 93 4.7% 2.0% 288 285 1.0% 3.0% Interest expense, net 81 74 10.2% 7.5% 243 229 5.9% 8.5% Income before income taxes 303 403 -24.8% -23.8% 893 1,004 -11.0% -7.5% Income tax expense 78 75 3.5% 6.1% 210 215 -1.9% 2.0% Net income 225 328 -31.3% -30.6% 683 789 -13.5% -10.1% Net income attributable to noncontrolling interests 65 53 23.7% 21.7% 187 138 35.6% 40.8% Net income attributable to shareholders of FME AG 160 275 -41.9% -40.6% 496 651 -23.9% -20.9% Net income attributable to shareholders of FME AG excl. special items 1 291 322 -9.6% -10.0% 844 836 1.0% 4.1% Weighted average number of shares 262,951,005 292,101,583 268,833,509 292,971,355 Basic earnings per share €0.61 €0.94 -35.4% -34.1% €1.84 €2.22 -17.1% -13.8% Basic earnings per ADS €0.30 €0.47 -35.4% -34.1% €0.92 €1.11 -17.1% -13.8% Operating income 384 477 -19.4% -18.9% 1,136 1,233 -7.9% -4.5% Depreciation, amortization and impairment loss 433 357 21.2% 18.4% 1,259 1,127 11.7% 14.7% EBITDA 817 834 -2.0% -2.9% 2,395 2,360 1.5% 4.7% In percent of revenue Operating income margin 7.8% 9.8% 7.9% 8.5% Operating income margin excl. special items 1 11.0% 11.7% 11.0% 10.3% EBITDA margin 16.6% 17.1% 16.6% 16.2% EBITDA margin excl. special items 1 18.3% 19.1% 18.4% 18.0% 1 For a reconciliation of special items, please refer to the table on page 8. Three months ended September 30, Nine months ended September 30, Statement of earnings page 2 of 9 November 3, 2026 |
| Segment information unaudited 2026 2025 Change Change at cc 2026 2025 Change Change at cc Total Revenue in € million 4,937 4,885 1.1% -0.5% 14,409 14,558 -1.0% 2.0% Operating income in € million 384 477 -19.4% -18.9% 1,136 1,233 -7.9% -4.5% Operating income in € million excl. special items 1 545 574 -5.1% -5.7% 1,581 1,507 5.0% 8.2% Operating income margin 7.8% 9.8% 7.9% 8.5% Operating income margin excl. special items 1 11.0% 11.7% 11.0% 10.3% Days sales outstanding (DSO) 2 59 62 Employees (headcount) 106,291 109,916 Care Delivery segment Revenue in € million 3,492 3,402 2.7% 1.1% 10,264 10,229 0.3% 3.9% Operating income in € million 497 419 18.5% 17.5% 1,203 1,086 10.8% 16.4% Operating income in € million excl. special items 1 513 493 4.1% 2.5% 1,437 1,226 17.2% 22.6% Operating income margin 14.2% 12.3% 11.7% 10.6% Operating income margin excl. special items 1 14.7% 14.5% 14.0% 12.0% Days sales outstanding (DSO) 2 54 57 Value-Based Care segment Revenue in € million 537 576 -6.8% -8.6% 1,563 1,611 -3.0% 0.7% Operating income in € million 0 (22) n.a. -99.6% 6 (28) n.a. n.a. Operating income in € million excl. special items 1 1 (21) n.a. -99.9% 27 (26) n.a. n.a. Operating income margin 0.0% -3.8% 0.4% -1.7% Operating income margin excl. special items 1 0.1% -3.7% 1.7% -1.6% Days sales outstanding (DSO) 2 35 27 Care Enablement segment Revenue in € million 1,451 1,361 6.7% 5.1% 4,121 4,075 1.1% 3.0% Operating income in € million (32) 87 n.a. n.a. 153 270 -43.2% -42.0% Operating income in € million excl. special items 1 106 103 2.5% 4.3% 329 334 -1.5% -0.3% Operating income margin -2.2% 6.4% 3.7% 6.6% Operating income margin excl. special items 1 7.3% 7.6% 8.0% 8.2% Days sales outstanding (DSO) 2 87 92 Inter-segment eliminations 3 Revenue in € million (543) (454) 19.9% 18.0% (1,539) (1,357) 13.4% 17.0% Operating income in € million (46) (3) 1243.6% 1237.4% (107) (17) 524.0% 546.1% Operating income in € million excl. special items 1 (46) (4) 944.0% 939.3% (107) (18) 489.9% 510.8% Corporate Operating income in € million (35) (4) 709.7% 631.3% (119) (78) 53.5% 78.7% Operating income in € million excl. special items 1 (29) 3 n.a. n.a. (105) (9) 984.3% 1171.5% 2 Includes receivables related to assets held for sale. 3 Services provided by the Care Delivery segment in the U.S. for patients managed under the Value-Based Care segment are provided at fair market value. The Company also transfers products from the Care Enablement segment to the Care Delivery segment at fair market value. The associated internal revenues and expenses and all other consolidation of transactions are included within “Inter-segment eliminations.” cc = constant currency. Changes in revenue, operating income and net income attributable to shareholders of FME AG include the impact of changes in foreign currency exchange rates. We calculate and present these financial measures using both IFRS Accounting Standards and at constant exchange rates to show changes in these metrics and other items without giving effect to period-to-period currency fluctuations. Under IFRS Accounting Standards, amounts received in local (non-euro) currency are translated into euro at the average exchange rate for the period presented. Once we translate the local currency for the constant currency, we then calculate the change, as a percentage, of the current period using the prior period exchange rates versus the prior period. The single quarter results are calculated as the variance between the current year-to-date results less the preceding quarter’s year-to-date which makes the single quarter subject to further foreign exchange fluctuation. This resulting percentage is a non-IFRS measure referring to a change as a percentage at constant currency. These currency-adjusted financial measures are identifiable by the designated term "Constant Currency." 1 For a reconciliation of special items, please refer to the table on page 8. Three months ended September 30, Nine months ended September 30, Segment information page 3 of 9 November 3, 2026 |
| Balance sheet in € million, except for net leverage ratio, unaudited September 30, December 31, 2026 2025 Assets Cash and cash equivalents 1,099 1,599 Trade accounts and other receivables from unrelated parties 3,314 3,142 Inventories 2,413 2,141 Other current assets 1,014 1,016 Goodwill and intangible assets 15,275 14,826 Right-of-use assets 2,848 3,014 Other non-current assets 5,486 5,264 Total assets 31,449 31,002 Liabilities and equity Accounts payable to unrelated parties 776 738 Other current liabilities 7,129 5,507 Non-current liabilities 9,787 10,474 Total equity 13,757 14,283 Total liabilities and equity 31,449 31,002 Equity/assets ratio 44% 46% Debt and lease liabilities Short-term debt 2,389 1,613 Long-term debt, less current portion 5,148 5,692 Current portion of lease liabilities 585 584 Lease liabilities, less current portion 2,764 2,906 Total debt and lease liabilities 10,886 10,795 Minus: Cash and cash equivalents (1,099) (1,599) Total net debt and lease liabilities 9,787 9,196 Reconciliation of annualized adjusted EBITDA and net leverage ratio to the most directly comparable IFRS Accounting Standards financial measure Net income 1,085 1,191 Income tax expense 317 321 Interest income (59) (70) Interest expense 387 385 Depreciation and amortization 1,428 1,463 Adjustments 1 603 447 Annualized adjusted EBITDA 3,761 3,737 Net leverage ratio 2.6 2.5 1 Acquisitions and divestitures made for the last twelve months with a purchase price above a €50 M threshold as defined in the Syndicated Credit Facility (2025: €1 M), non-cash charges, primarily related to pension expense (2026: €42 M; 2025: €47 M), impairment loss (2026: €205 M; 2025: €37 M), and special items, including costs related to the FME25+ Program (2026: €203 M; 2025: €185 M), Legacy Portfolio Optimization (2026: €57 M; 2025: €83 M), Legal Form Conversion Costs (2026: €2 M; 2025: €4 M), Humacyte Remeasurements (2026: €23 M; 2025: €90 M) and Tavneos Impacts (2026: €71 M). Balance sheet page 4 of 9 November 3, 2026 |
| Cash flow statement in € million, unaudited 2026 2025 2026 2025 Operating activities Net income 225 328 683 789 Depreciation, amortization and impairment loss 433 357 1,259 1,127 Change in trade accounts and other receivables from unrelated parties 54 (62) (80) (175) Change in inventories (85) (103) (249) (189) Change in other assets and liabilities and non-cash items 171 222 272 127 Net cash provided by (used in) operating activities 798 742 1,885 1,679 In percent of revenue 16.2% 15.2% 13.1% 11.5% Investing activities Purchases of property, plant and equipment and capitalized development costs (238) (192) (668) (492) Proceeds from sale of property, plant and equipment 4 0 12 12 Capital expenditures, net (234) (192) (656) (480) Free cash flow 564 550 1,229 1,199 In percent of revenue 11.4% 11.3% 8.5% 8.2% Acquisitions and investments, net of cash acquired, and purchases of intangible assets (12) (3) (18) (19) Investments in debt securities 0 (14) (75) (26) Proceeds from divestitures, net of cash disposed 22 144 23 164 Proceeds from sale of debt securities 14 11 76 57 Free cash flow after investing activities 588 688 1,235 1,375 Nine months ended September 30, Three months ended September 30, Cash flow page 5 of 9 November 3, 2026 |
| in € million, unaudited 2026 2025 Change Change at cc Organic growth Same market treatment growth 1 Three months ended September 30, Total revenue 4,937 4,885 1.1% -0.5% 0.1% Care Delivery segment 3,492 3,402 2.7% 1.1% 2.0% -0.4% Thereof: U.S. 2,920 2,842 2.8% 0.6% 1.2% -1.1% Thereof: International 572 560 2.1% 3.3% 6.0% 1.4% Value-Based Care segment 537 576 -6.8% -8.6% -8.6% Care Enablement segment 1,451 1,361 6.7% 5.1% 5.1% Inter-segment eliminations (543) (454) 19.9% 18.0% Thereof: Care Delivery segment (135) (129) 5.1% 3.0% Thereof: Care Enablement segment (408) (325) 25.8% 24.0% Nine months ended September 30, Total revenue 14,409 14,558 -1.0% 2.0% 2.9% Care Delivery segment 10,264 10,229 0.3% 3.9% 5.1% -0.2% Thereof: U.S. 8,582 8,550 0.4% 4.2% 4.8% -0.8% Thereof: International 1,682 1,679 0.1% 2.2% 6.9% 1.2% Value-Based Care segment 1,563 1,611 -3.0% 0.7% 0.7% Care Enablement segment 4,121 4,075 1.1% 3.0% 3.0% Inter-segment eliminations (1,539) (1,357) 13.4% 17.0% Thereof: Care Delivery segment (394) (365) 7.9% 12.0% Thereof: Care Enablement segment (1,145) (992) 15.4% 18.8% 1 Same market treatment growth = organic growth less price effects Revenue development by segment Revenue development by segment page 6 of 9 November 3, 2026 |
| unaudited 2026 2025 Change 2026 2025 Change 2026 2025 Change Care Delivery segment 3,512 3,628 -3% 289,014 293,620 -2% 32,526,949 33,561,556 -3% Thereof: U.S. 2,540 2,621 -3% 202,774 205,846 -1% 22,880,623 23,183,666 -1% Thereof: International 972 1,007 -3% 86,240 87,774 -2% 9,646,326 10,377,890 -7% unaudited 2026 2025 Change 2026 2025 Change Value-Based Care segment Total U.S. 1,364,132 1,347,196 1% 150,040 161,957 -7% Nine months ended September 30, Member Months Membership Key metrics Clinics Patients Nine months ended September 30, Treatments Key metrics page 7 of 9 November 3, 2026 |
| in € million, except share data, unaudited Results 2026 FME25+ Program Legacy Portfolio Optimiza-tion1 Humacyte Remeasure-ments Tavneos Impacts2 Sum of special items Results 2026 excl. special items Currency translation effects Results 2026 excl. special items at cc Results 2025 FME25+ Program Legacy Portfolio Optimiza-tion1 Legal Form Conversion Costs Humacyte Remeasure-ments Interwell Health Deferred Tax Reversal Sum of special items Results 2025 excl. special items Change excl. special items Change excl. special items at cc Three months ended September 30, Total revenue 4,937 — — — — — 4,937 (78) 4,859 4,885 — — — — — — 4,885 1.1% -0.5% Care Delivery segment 3,492 — — — — — 3,492 (54) 3,438 3,402 — — — — — — 3,402 2.7% 1.1% Thereof: U.S. 2,920 — — — — — 2,920 (61) 2,859 2,842 — — — — — — 2,842 2.8% 0.6% Thereof: International 572 — — — — — 572 7 579 560 — — — — — — 560 2.1% 3.3% Value-Based Care segment 537 — — — — — 537 (11) 526 576 — — — — — — 576 -6.8% -8.6% Care Enablement segment 1,451 — — — — — 1,451 (22) 1,429 1,361 — — — — — — 1,361 6.7% 5.1% Inter-segment eliminations (543) — — — — — (543) 9 (534) (454) — — — — — — (454) 19.9% 18.0% EBITDA 817 50 25 9 — 84 901 (9) 892 834 40 51 0 6 — 97 931 -3.2% -4.2% Total operating income 384 54 98 9 — 161 545 (4) 541 477 41 50 0 6 — 97 574 -5.1% -5.7% Care Delivery segment 497 27 (11) — — 16 513 (8) 505 419 23 51 — — — 74 493 4.1% 2.5% Value-Based Care segment 0 1 — — — 1 1 (1) 0 (22) 1 — — — — 1 (21) n.a. -99.9% Care Enablement segment (32) 25 109 4 — 138 106 1 107 87 17 (2) — 1 — 16 103 2.5% 4.3% Inter-segment eliminations (46) — — — — — (46) 0 (46) (3) — (1) — — — (1) (4) 944.0% 939.3% Corporate (35) 1 0 5 — 6 (29) 4 (25) (4) 0 2 0 5 — 7 3 n.a. n.a. Interest expense, net 81 — — — — — 81 (2) 79 74 — — — — — — 74 10.2% 7.5% Income tax expense 78 14 13 3 — 30 108 0 108 75 11 3 0 1 35 50 125 -14.4% -13.8% Net income attributable to noncontrolling interests 65 — — — — — 65 (1) 64 53 — — — — — — 53 23.7% 21.7% Net income3 160 40 85 6 — 131 291 (1) 290 275 30 47 0 5 (35) 47 322 -9.6% -10.0% Basic earnings per share €0.61 €0.16 €0.32 €0.02 — €0.50 €1.11 €(0.01) €1.10 €0.94 €0.10 €0.16 €0.00 €0.02 €(0.12) €0.16 €1.10 0.4% 0.0% Nine months ended September 30, Total revenue 14,409 — — — — — 14,409 446 14,855 14,558 — — — — — — 14,558 -1.0% 2.0% Care Delivery segment 10,264 — — — — — 10,264 359 10,623 10,229 — — — — — — 10,229 0.3% 3.9% Thereof: U.S. 8,582 — — — — — 8,582 326 8,908 8,550 — — — — — — 8,550 0.4% 4.2% Thereof: International 1,682 — — — — — 1,682 33 1,715 1,679 — — — — — — 1,679 0.1% 2.2% Value-Based Care segment 1,563 — — — — — 1,563 59 1,622 1,611 — — — — — — 1,611 -3.0% 0.7% Care Enablement segment 4,121 — — — — — 4,121 76 4,197 4,075 — — — — — — 4,075 1.1% 3.0% Inter-segment eliminations (1,539) — — — — — (1,539) (48) (1,587) (1,357) — — — — — — (1,357) 13.4% 17.0% EBITDA 2,395 135 39 5 71 250 2,645 78 2,723 2,360 117 66 2 71 — 256 2,616 1.1% 4.1% Total operating income 1,136 262 107 5 71 445 1,581 50 1,631 1,233 122 79 2 71 — 274 1,507 5.0% 8.2% Care Delivery segment 1,203 171 (8) — 71 234 1,437 67 1,504 1,086 62 78 — — — 140 1,226 17.2% 22.6% Value-Based Care segment 6 21 — — — 21 27 1 28 (28) 2 — — — — 2 (26) n.a. n.a. Care Enablement segment 153 69 110 (3) — 176 329 4 333 270 56 0 — 8 — 64 334 -1.5% -0.3% Inter-segment eliminations (107) — — — — — (107) (4) (111) (17) — (1) — — — (1) (18) 489.9% 510.8% Corporate (119) 1 5 8 — 14 (105) (18) (123) (78) 2 2 2 63 — 69 (9) 984.3% 1171.5% Interest expense, net 243 — — — — — 243 6 249 229 — — — — — — 229 5.9% 8.5% Income tax expense 210 67 25 1 4 97 307 11 318 215 32 3 1 18 35 89 304 1.2% 4.7% Net income attributable to noncontrolling interests 187 — — — — — 187 7 194 138 — — — — — — 138 35.6% 40.8% Net income3 496 195 82 4 67 348 844 26 870 651 90 76 1 53 (35) 185 836 1.0% 4.1% Basic earnings per share €1.84 €0.73 €0.31 €0.01 €0.25 €1.30 €3.14 €0.10 €3.24 €2.22 €0.31 €0.26 €0.00 €0.18 €(0.12) €0.63 €2.85 10.1% 13.4% 3 Attributable to shareholders of FME AG. 2 The impacts from the revocation of the TAVNEOS® marketing authorization which led primarily to an impairment of intangible assets recorded by Vifor Fresenius Medical Care Renal Pharma Ltd., resulting in a negative impact on FME AG’s income (loss) from equity method investees. 1 2026: mainly related to the China strategy refinement which primarily resulted in impairment of capitalized development costs, termination costs, accelerated depreciation of a production line, as well as inventory and fixed asset write-offs; 2025: mainly related to the divestitures in Brazil, Malaysia, and Kazakhstan as well as the select assets of FME AG’s wholly owned Spectra Laboratories, and impairment loss primarily related to right-of-use assets. Special items Reconciliation of non-IFRS financial measures to the most directly comparable IFRS Accounting Standards financial measures for comparability with the Company's outlook Special items Reconciliation results excl. special items page 8 of 9 November 3, 2026 |
| Outlook 2026 Spalte1 Outlook 2026 (at Constant Currency) Results 2025 Revenue growth1 Broadly flat €19,628 M Operating income growth1 Flat to negative mid-single digit percent €2,212 M 1 Outlook 2026 is based on current assumptions and excludes special items. Special items include the costs related to the FME25+ Program, the impacts from Legacy Portfolio Optimization, the Humacyte Remeasurements and the Tavneos Impacts as well as other effects that are unusual in nature and have not been foreseeable or not foreseeable in size or impact at the time of providing the outlook. The outlook assumes current laws, policies, regulations, and tariffs. The growth rates are based on the results 2025 excluding the costs related to the FME25+ Program (€194 M for operating income), the impacts from Legacy Portfolio Optimization (€97 M for operating income), the Legal Form Conversion Costs (€4 M for operating income) and the Humacyte Remeasurements (€90 M for operating income). Outlook 2026 page 9 of 9 November 3, 2026 |
