Fresenius Medical Care (NYSE: FMS) lifts Q2 income and expands buybacks
Rhea-AI Filing Summary
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.
Positive
- Operating income excluding special items grew 20% in Q2 2026 to EUR 569 million, expanding the margin to 11.7% from 9.9%.
- Basic EPS excluding special items increased 24% in Q2 2026 to EUR 1.13, reflecting stronger underlying profitability.
- The FME25+ program delivered EUR 67 million additional Q2 savings and targets EUR 250 million savings in 2026 and EUR 1.2 billion by end-2027.
- Capital returns are significant: 24.8 million shares (8.5% of share capital) were cancelled and a second share buyback of about EUR 1 billion is underway.
Negative
- GAAP net income declined 3% in Q2 2026 to EUR 218 million and 11% in H1 2026 to EUR 336 million, partly due to EUR 71 million impacts from the recommended revocation of the TAVNEOS® marketing authorization.
- Corporate operating income moved from a EUR 7 million profit in Q2 2025 to a EUR 46 million loss in Q2 2026, reflecting virtual power purchase agreement impacts and strategic IT platform investments.
Filing Explained
The second buyback remained in phased execution on June 30, with EUR 94 million invested and 0.9% of issued shares repurchased.
Form 6-K is an interim report for a foreign private issuer. As of
The filing reports the buyback at two stages: an announced total volume of around
The company also completed its 2026 U.S. dialysis-clinic optimization plan by exiting around 100 clinics; it said most affected patients were retained in neighboring clinics, while related one-time costs included
The first buyback tranche was planned to run through
Key Figures
Key Terms
TDAPA reimbursement regulations regulatory
net leverage ratio financial
Value-Based Care financial
volume-based procurement regulatory
virtual power purchase agreements technical
HVHDF modality medical
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did Fresenius Medical Care (FMS) perform financially in Q2 2026?
What drove earnings growth for Fresenius Medical Care (FMS) in Q2 2026?
What progress has Fresenius Medical Care (FMS) made with the FME25+ program and clinic optimization?
How much stock has Fresenius Medical Care (FMS) repurchased and cancelled in 2026?
What is Fresenius Medical Care’s (FMS) cash flow and leverage position in 2026?
What outlook has Fresenius Medical Care (FMS) provided for full-year 2026?
How is Fresenius Medical Care (FMS) advancing its 5008X CAREsystem rollout in the U.S.?
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 August 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 August 3, 2026, Fresenius Medical Care AG (the “Company”) issued a Press Release announcing its second quarter results for the period ending June 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 second 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 August 3, 2026. |
| Exhibit 99.2 | Complete overview of the second quarter 2026 and first six 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: August 3, 2026
| Fresenius Medical Care AG | ||
| By: | /s/ Helen Giza | |
| Name: | Helen Giza | |
| 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 accelerates income growth to 23% in the second quarter of 2026 while advancing its strategic agenda
| · | Organic revenue growth1 of 5% with growth in all operating segments |
| · | Operating income2 grew by 23%, resulting in further margin expansion to 11.7% |
| · | Reported operating income grew by 10% and reported net income3 decreased by 3% |
| · | Earnings per share2 (EPS) increased by 28%, supported by the share buyback program |
| · | 227 U.S. clinics converted to the 5008X CAREsystem with more than 600,000 treatments4 |
| · | Reaffirms FY 2026 outlook |
Bad Homburg, Germany (August 3, 2026) – “Fresenius Medical Care delivered another quarter of highly profitable growth, driven by solid organic revenue growth and improved profitability,” said Helen Giza, Chief Executive Officer of Fresenius Medical Care. “Care Delivery achieved strong operating income2 growth. Importantly, underlying operating income2 improved by 34% excluding the positive TDAPA effects, driven by rate improvements and benefits from revenue cycle management. The U.S. rollout of our innovative 5008X CAREsystem is progressing at speed, now available in 227 U.S. clinics, having performed more than 600,000 treatments. We are excited by the benefits we are seeing through early insights from our scientific research initiative BEACON-US and the potential for this therapy to significantly improve patient outcomes in the U.S.” Giza continued, “Operating income growth in the first half was in line with our planned phasing for the full year and we confirm our outlook for 2026. Through disciplined execution of the FME Reignite strategy, we are further improving the quality of patient care, investing in innovation and profitable future growth, addressing regulatory headwinds – creating long-term value for our shareholders.”
| 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 July 24, 2026 |
Page 1/9
Key figures Q2 and H1 2026 (unaudited)
| Q2 2026 | Q2 2025 | Growth | Growth | H1 2026 | H1 2025 | Growth | Growth | |||||||||||||||||
| EUR m | EUR m | yoy | yoy, cc | EUR m | EUR m | yoy | yoy, cc | |||||||||||||||||
| Revenue | 4,861 | 4,792 | 1 | % | 4 | % | 9,473 | 9,673 | -2 | % | 3 | % | ||||||||||||
| Operating income | 466 | 425 | 10 | % | 15 | % | 752 | 757 | -1 | % | 5 | % | ||||||||||||
| excl. special items2 | 569 | 476 | 20 | % | 23 | % | 1,036 | 933 | 11 | % | 17 | % | ||||||||||||
| Net income3 | 218 | 225 | -3 | % | 3 | % | 336 | 376 | -11 | % | -6 | % | ||||||||||||
| excl. special items2 | 303 | 268 | 13 | % | 17 | % | 553 | 514 | 8 | % | 13 | % | ||||||||||||
| Basic EPS (EUR) | 0.81 | 0.77 | 6 | % | 13 | % | 1.24 | 1.28 | -4 | % | 1 | % | ||||||||||||
| excl. special items2 | 1.13 | 0.91 | 24 | % | 28 | % | 2.04 | 1.75 | 16 | % | 22 | % |
yoy = year-on-year, cc = at constant currency, EPS = earnings per share
Progress on FME Reignite
Fresenius Medical Care, the world’s leading provider of products and services for individuals with renal disease, continues the focused execution of its FME Reignite strategy. The strategy focuses on strengthening core operations, driving profitable growth and innovation, and advancing the company culture.
After initiating the large-scale launch of the innovative 5008X CAREsystem in the U.S. in early 2026, the upscaling of production at Care Enablement and accelerated machine replacement at Care Delivery is progressing at speed. By today, around 10% of dialysis machines in Fresenius Medical Care clinics in the U.S. were replaced by the new system, well on track for the full year target of around 20%. As more clinics transitioned to the 5008X CAREsystem, the number of performed treatments has increased to more than 600,000, thereof around 170,000 in HDF modality and already more than 100,000 in HVHDF modality. The early U.S. experience with HVHDF is encouraging, with many patients feeling better during and after dialysis – for example data showing 40% fewer muscle cramps. Early observations are tracking consistently with previously published international, randomized and real-world studies, including the landmark, EU-funded CONVINCE study, that collectively have associated HVHDF with fewer hospitalizations, fewer missed treatments, and improved survival outcomes compared with conventional hemodialysis.
During the second quarter of 2026, the FME25+ transformation program delivered EUR 67 million additional sustainable savings. Fresenius Medical Care successfully concluded the 2026 optimization plan of its U.S. dialysis clinic footprint by exiting around 100 clinics. The company retained the majority of its dialysis patients in neighboring clinics according to plan and expects the benefit of higher network efficiency to contribute to profitability in the second half of 2026. FME25+ one-time costs, including clinic closures cost, were treated as special items and amounted to EUR 42 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. Upon successful completion of the initial share buyback program on April 30, all 24.8 million repurchased shares were cancelled, thereby reducing the share capital by 8.5%. 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 June 30, 2,454,945 shares or 0.9% of total issued shares have been repurchased for a total investment amount of EUR 94 million.
Page 2/9
Solid organic revenue growth driven by all operating segments
In the second quarter of 2026, Group revenue increased by 1% compared to prior year (+4% at constant currency, +5% organic1) to EUR 4,861 million. Currency effects negatively impacted revenue development in all three operating segments. Divestitures realized as part of the portfolio optimization plan negatively affected the revenue development by 50 basis points.
Care Delivery revenue increased by 3% (+5% at constant currency, +7% organic1) to EUR 3,478 million. Divestitures realized as part of the portfolio optimization plan negatively affected the revenue development by 90 basis points.
In Care Delivery U.S., revenue increased by 3% (+6% at constant currency, +7% organic1) to EUR 2,897 million. TDAPA reimbursement regulations, favorable rate effects and lower implicit price concessions had a positive impact while exchange rates developed unfavorably. U.S. same market treatment growth came in at -0.9%.
In Care Delivery International, revenue increased by 3% (+5% at constant currency, +11% organic1) to EUR 581 million, driven by positive organic growth1. International same market treatment growth amounted to 0.8%.
Value-Based Care revenue increased by 6% (+9% at constant currency, +9% organic1) to EUR 536 million. The development in the quarter was driven by a higher number of member months and a positive effect from premium rates, partially offset by the changed risk contracting for one of the contracts.
Care Enablement revenue increased by 2% (+3% at constant currency, +3% organic1) to EUR 1,371 million. Positive pricing and volume development outside China, mainly driven by the sales of 5008X CAREsystem, were partly offset by negative impacts from volume-based procurement and stricter tender requirements in China.
Within Inter-segment eliminations5, revenue for services provided and products transferred between the operating segments at fair market value came in at negative EUR 524 million.
In the first half of 2026, Group revenue decreased by 2% (+3% at constant currency, +4% organic¹) to EUR 9,473 million. Significant 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 50 basis points. Care Delivery revenue decreased by 1% (+5% at constant currency, +7% organic1) to EUR 6,772 million, with Care Delivery U.S. decreased by 1% (+6% at constant currency, +7% organic1) to EUR 5,662 million and Care Delivery International decreasing by 1% (+2% at constant currency, +7% organic1) to EUR 1,110 million. Divestitures realized as part of the portfolio optimization plan negatively affected the revenue development of Care Delivery by 90 basis points and the revenue development of Care Delivery International by 4,700 basis points. U.S. same market treatment growth came in at -0.6% while international same market treatment growth amounted to 1.1%. Value-Based Care revenue decreased by 1% (+6% at constant currency, +6% organic1) to EUR 1,027 million. Care Enablement revenue decreased by 2% (+2% at constant currency, +2% organic1) to EUR 2,670 million. Inter-segment eliminations came in at negative EUR 996 million.
| 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”. |
Page 3/9
Significant earnings growth and margin expansion
In the second quarter of 2026, Group operating income increased by 10% (+15% at constant currency) to EUR 466 million, resulting in a margin of 9.6% (Q2 2025: 8.9%). Operating income excluding special items significantly increased by 20% (+23% at constant currency) to EUR 569 million, resulting in a margin2 of 11.7% (Q2 2025: 9.9%).
Operating income in Care Delivery increased by 26% (+33% at constant currency) to EUR 435 million, resulting in a margin of 12.5% (Q2 2025: 10.2%). Operating income excluding special items significantly increased by 40% (+45% at constant currency) to EUR 527 million, resulting in a margin2 of 15.1% (Q2 2025: 11.2%). Compared to previous year, the strong improvement was driven by positive rate effects, a positive impact from TDAPA reimbursement regulations as well as savings from the FME25+ program. Special items include EUR 71 million impacts from the recommended 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 from equity method investees.
Operating income in Value-Based Care improved to EUR 17 million, compared to a loss of EUR 9 million in the prior year, resulting in a margin of 3.2% (Q2 2025: -1.7%) Operating income excluding special items improved to EUR 18 million compared to a loss of EUR 9 million in the prior year, resulting in a margin2 of 3.3% (Q2 2025: -1.7%) and reflecting the quarterly earnings volatility, which is inherent to the business model. The improvement was driven by an enhanced savings rate and positive contributions from the FME25+ program.
Operating income in Care Enablement increased by 11% (+12% at constant currency) to EUR 99 million, resulting in a margin of 7.2% (Q2 2025: 6.6%). Operating income excluding special items decreased by 6% (-5% at constant currency) to EUR 111 million, resulting in a margin2 of 8.1% (Q2 2025: 8.7%). Compared to the previous year’s quarter, positive contributions from FME25+ program, the increased sales of 5008X CAREsystem as well as positive price and volume effects outside China contributed positively. This was offset mainly by inflationary cost increases as well as negative impacts from volume-based procurement and stricter tender requirements in China.
Operating income for Corporate amounted to a loss of EUR 46 million (Q2 2025: gain of EUR 7 million). Operating income excluding special items amounted to a loss of EUR 48 million (Q2 2025: loss of EUR 2 million). The development was mainly driven by the impacts from virtual power purchase agreements and the planned cost of the strategic IT platform investments.
Page 4/9
In the first half of 2026, Group operating income decreased by 1% (+5% at constant currency) to EUR 752 million, resulting in a margin of 7.9% (H1 2025: 7.8%). Operating income excluding special items increased by 11% (+17% at constant currency) to EUR 1,036 million, resulting in a margin2 of 10.9% (H1 2025: 9.6%). In Care Delivery, operating income increased by 6% (+16% at constant currency) to EUR 706 million, resulting in a margin of 10.4% (H1 2025: 9.8%). Operating income excluding special items significantly increased by 26% (+36% at constant currency) to EUR 924 million, resulting in a margin2 of 13.6% (H1 2025: 10.7%). In Value-Based Care operating income improved to EUR 6 million compared to a loss of EUR 6 million in the prior year, resulting in a margin of 0.6% (H1 2025: -0.5%). Operating income excluding special items improved to EUR 26 million compared to a loss of EUR 5 million in the prior year, resulting in a margin2 of 2.6% (H1 2025: -0.5%). In Care Enablement, operating income increased by 1% (+1% at constant currency) to EUR 186 million, resulting in a margin of 7.0% (H1 2025: 6.8%). Operating income excluding special items decreased by 3% (-2% at constant currency) to EUR 224 million, resulting in a margin2 of 8.4% (H1 2025: 8.5%). Operating income for Corporate amounted to a loss of EUR 85 million (H1 2025: loss of EUR 74 million). Operating income excluding special items amounted to a loss of EUR 77 million (H1 2025: loss of EUR 15 million).
Net income3 decreased by 3% compared to prior year (+3% at constant currency) to EUR 218 million in the second quarter of 2026. Net income excluding special items increased by 13% (+17% at constant currency) to EUR 303 million.
In the first half of 2026, net income3 decreased by 11% (-6% at constant currency) to EUR 336 million. Net income excluding special items increased by 8% (+13% at constant currency) to EUR 553 million.
Basic earnings per share (EPS) increased by 6% compared to prior year (+13% at constant currency) to EUR 0.81 in the second quarter of 2026, based on 268,438,292 shares. Basic EPS excluding special items increased by 24% (+28% at constant currency) to EUR 1.13.
In the first half of 2026, basic EPS decreased by 4% (+1% at constant currency) to EUR 1.24, based on 271,823,512 shares. Basic EPS excluding special items increased by 16% (+22% at constant currency) to EUR 2.04.
Strong operating cash flow, net leverage ratio stable around lower end of target corridor
In the second quarter of 2026, operating cash flow increased by 11% to EUR 860 million (Q2 2025: EUR 775 million), resulting in a margin of 17.7% (Q2 2025: 16.2%). In the first half of 2026, operating cash flow improved by 16% to EUR 1,087 million (H1 2025: EUR 938 million). The related margin came in at 11.5% (H1 2025: 9.7%). Both developments were mainly driven by favorable working capital development.
Free cash flow6 remained stable at EUR 625 million in the second quarter of 2026 (Q2 2025: EUR 628 million), resulting in a margin of 12.9% (Q2 2025: 13.1%). In the first half of 2026, Fresenius Medical Care increased free cash flow by 2% to EUR 665 million (H1 2025: EUR 649 million), resulting in a margin of 7.0% (H1 2025: 6.7%).
| 6 | Net cash provided by / used in operating activities, after capital expenditures, before acquisitions, investments, and dividends |
Page 5/9
Total net debt and lease liabilities increased by 6% to EUR 9,902 million (Q2 2025: EUR 9,315 million). The net leverage ratio (net debt/EBITDA) remained stable at 2.6x in Q2 2026 (Q1 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 June 30, 2026, Fresenius Medical Care treated 289,610 patients in 3,513 dialysis clinics worldwide and had 107,226 employees globally.
Outlook 2026 reaffirmed
In 2026, Fresenius Medical Care expects revenue growth1 to be broadly flat compared to prior year. The company expects operating income2 to remain on a consistent level, with a range between a positive and 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 second quarter, on August 4, 2026, at 10 a.m. CEST / 4:00 a.m. EDT. 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 second 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 3,513 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).
Page 6/9
Page 7/9
Page 8/9
Page 9/9
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 August 3, 2026 COMPLETE OVERVIEW OF THE SECOND QUARTER AND FIRST HALF YEAR 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 4,861 4,792 1.4% 3.6% 9,473 9,673 -2.1% 3.3% Costs of revenue 3,551 3,577 -0.7% 1.3% 6,983 7,275 -4.0% 1.5% Selling, general and administrative expense 736 792 -7.1% -5.8% 1,485 1,543 -3.7% 0.8% Research and development expense 40 38 4.0% 4.9% 78 82 -4.5% -1.7% (Income) loss from equity method investees 41 (45) n.a. n.a. 0 (93) -99.9% -99.9% Other operating income (208) (343) -39.5% -39.3% (366) (484) -24.4% -23.5% Other operating expense 235 348 -32.3% -33.5% 541 593 -9.1% -6.3% Operating income 466 425 9.5% 15.3% 752 757 -0.6% 4.6% Operating income excl. special items 1 569 476 19.6% 23.5% 1,036 933 11.1% 16.8% Interest income (15) (22) -32.7% -33.5% (29) (37) -20.4% -19.3% Interest expense 98 97 1.0% 2.0% 191 192 -0.7% 3.6% Interest expense, net 83 75 10.9% 12.3% 162 155 3.9% 9.0% Income before income taxes 383 350 9.3% 15.9% 590 602 -1.8% 3.4% Income tax expense 90 78 14.8% 22.2% 133 139 -4.8% -0.1% Net income 293 272 7.7% 14.1% 457 463 -0.9% 4.5% Net income attributable to noncontrolling interests 75 47 59.0% 65.6% 121 87 42.9% 52.6% Net income attributable to shareholders of FME AG 218 225 -3.1% 3.4% 336 376 -10.8% -6.4% Net income attributable to shareholders of FME AG excl. special items 1 303 268 13.1% 16.8% 553 514 7.6% 12.8% Weighted average number of shares 268,438,292 293,413,449 271,823,512 293,413,449 Basic earnings per share €0.81 €0.77 6.0% 13.0% €1.24 €1.28 -3.7% 1.0% Basic earnings per ADS €0.41 €0.38 6.0% 13.0% €0.62 €0.64 -3.7% 1.0% Operating income 466 425 9.5% 15.3% 752 757 -0.6% 4.6% Depreciation, amortization and impairment loss 363 376 -3.2% -2.7% 826 769 7.3% 13.0% EBITDA 829 801 3.6% 6.8% 1,578 1,526 3.4% 8.8% In percent of revenue Operating income margin 9.6% 8.9% 7.9% 7.8% Operating income margin excl. special items 1 11.7% 9.9% 10.9% 9.6% EBITDA margin 17.1% 16.7% 16.7% 15.8% EBITDA margin excl. special items 1 18.9% 17.5% 18.4% 17.4% 1 For a reconciliation of special items, please refer to the table on page 8. Three months ended June 30, Six months ended June 30, Statement of earnings page 2 of 9 August 3, 2026 |
| Segment information unaudited 2026 2025 Change Change at cc 2026 2025 Change Change at cc Total Revenue in € million 4,861 4,792 1.4% 3.6% 9,473 9,673 -2.1% 3.3% Operating income in € million 466 425 9.5% 15.3% 752 757 -0.6% 4.6% Operating income in € million excl. special items 1 569 476 19.6% 23.5% 1,036 933 11.1% 16.8% Operating income margin 9.6% 8.9% 7.9% 7.8% Operating income margin excl. special items 1 11.7% 9.9% 10.9% 9.6% Days sales outstanding (DSO) 2 60 63 Employees (headcount) 107,226 112,445 Care Delivery segment Revenue in € million 3,478 3,381 2.9% 5.5% 6,772 6,828 -0.8% 5.2% Operating income in € million 435 346 25.6% 33.1% 706 666 6.0% 15.8% Operating income in € million excl. special items 1 527 378 39.5% 45.3% 924 734 26.0% 36.1% Operating income margin 12.5% 10.2% 10.4% 9.8% Operating income margin excl. special items 1 15.1% 11.2% 13.6% 10.7% Days sales outstanding (DSO) 2 57 58 Value-Based Care segment Revenue in € million 536 506 6.0% 9.0% 1,027 1,035 -0.8% 5.9% Operating income in € million 17 (9) n.a. n.a. 6 (6) n.a. n.a. Operating income in € million excl. special items 1 18 (9) n.a. n.a. 26 (5) n.a. n.a. Operating income margin 3.2% -1.7% 0.6% -0.5% Operating income margin excl. special items 1 3.3% -1.7% 2.6% -0.5% Days sales outstanding (DSO) 2 31 29 Care Enablement segment Revenue in € million 1,371 1,348 1.7% 2.7% 2,670 2,715 -1.6% 1.9% Operating income in € million 99 89 10.8% 12.3% 186 183 1.4% 1.5% Operating income in € million excl. special items 1 111 117 -5.5% -4.8% 224 231 -3.3% -2.4% Operating income margin 7.2% 6.6% 7.0% 6.8% Operating income margin excl. special items 1 8.1% 8.7% 8.4% 8.5% Days sales outstanding (DSO) 2 86 92 Inter-segment eliminations 3 Revenue in € million (524) (443) 18.6% 21.4% (996) (905) 10.1% 16.5% Operating income in € million (39) (8) 367.3% 386.4% (61) (12) 342.5% 371.7% Operating income in € million excl. special items 1 (39) (8) 367.3% 386.4% (61) (12) 342.5% 371.7% Corporate Operating income in € million (46) 7 n.a. n.a. (85) (74) 16.1% 47.2% Operating income in € million excl. special items 1 (48) (2) 3338.5% 3580.6% (77) (15) 465.0% 621.8% 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 June 30, Six months ended June 30, Segment information page 3 of 9 August 3, 2026 |
| Balance sheet in € million, except for net leverage ratio, unaudited June 30, December 31, 2026 2025 Assets Cash and cash equivalents 1,061 1,599 Trade accounts and other receivables from unrelated parties 3,350 3,142 Inventories 2,332 2,141 Other current assets 946 1,016 Goodwill and intangible assets 15,248 14,826 Right-of-use assets 2,889 3,014 Other non-current assets 5,467 5,264 Total assets 31,293 31,002 Liabilities and equity Accounts payable to unrelated parties 810 738 Other current liabilities 6,368 5,507 Non-current liabilities 10,584 10,474 Total equity 13,531 14,283 Total liabilities and equity 31,293 31,002 Equity/assets ratio 43% 46% Debt and lease liabilities Short-term debt 1,741 1,613 Long-term debt, less current portion 5,825 5,692 Current portion of lease liabilities 584 584 Lease liabilities, less current portion 2,813 2,906 Total debt and lease liabilities 10,963 10,795 Minus: Cash and cash equivalents (1,061) (1,599) Total net debt and lease liabilities 9,902 9,196 Reconciliation of annualized adjusted EBITDA and net leverage ratio to the most directly comparable IFRS Accounting Standards financial measure Net income 1,187 1,191 Income tax expense 314 321 Interest income (62) (70) Interest expense 383 385 Depreciation and amortization 1,430 1,463 Adjustments 1 539 447 Annualized adjusted EBITDA 3,791 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 (2026: -€1 M; 2025: €1 M), non-cash charges, primarily related to pension expense (2026: €44 M; 2025: €47 M), impairment loss (2026: €127M; 2025: €37 M), and special items, including costs related to the FME25+ Program (2026: €193 M; 2025: €185 M), Legacy Portfolio Optimization (2026: €82 M; 2025: €83 M), Legal Form Conversion Costs (2026: €2 M; 2025: €4 M), Humacyte Remeasurements (2026: €21 M; 2025: €90 M) and Tavneos Impacts (2026: €71 M). Balance sheet page 4 of 9 August 3, 2026 |
| Cash flow statement in € million, unaudited 2026 2025 2026 2025 Operating activities Net income 293 272 457 463 Depreciation, amortization and impairment loss 363 376 826 769 Change in trade accounts and other receivables from unrelated parties 252 194 (134) (113) Change in inventories (17) (16) (164) (87) Change in other assets and liabilities and non-cash items (31) (51) 102 (94) Net cash provided by (used in) operating activities 860 775 1,087 938 In percent of revenue 17.7% 16.2% 11.5% 9.7% Investing activities Purchases of property, plant and equipment and capitalized development costs (240) (154) (430) (300) Proceeds from sale of property, plant and equipment 5 7 8 11 Capital expenditures, net (235) (147) (422) (289) Free cash flow 625 628 665 649 In percent of revenue 12.9% 13.1% 7.0% 6.7% Acquisitions and investments, net of cash acquired, and purchases of intangible assets (2) (9) (7) (15) Investments in debt securities (74) 0 (74) (11) Proceeds from divestitures, net of cash disposed (1) 1 1 20 Proceeds from sale of debt securities 42 13 62 45 Free cash flow after investing activities 590 633 647 688 Three months ended June 30, Six months ended June 30, Cash flow page 5 of 9 August 3, 2026 |
| in € million, unaudited 2026 2025 Change Change at cc Organic growth Same market treatment growth 1 Three months ended June 30, Total revenue 4,861 4,792 1.4% 3.6% 4.9% Care Delivery segment 3,478 3,381 2.9% 5.5% 7.4% -0.4% Thereof: U.S. 2,897 2,817 2.8% 5.5% 6.7% -0.9% Thereof: International 581 564 3.2% 5.3% 11.2% 0.8% Value-Based Care segment 536 506 6.0% 9.0% 9.0% Care Enablement segment 1,371 1,348 1.7% 2.7% 2.7% Inter-segment eliminations (524) (443) 18.6% 21.4% Thereof: Care Delivery segment (137) (118) 17.3% 20.8% Thereof: Care Enablement segment (387) (325) 19.1% 21.7% Six months ended June 30, Total revenue 9,473 9,673 -2.1% 3.3% 4.4% Care Delivery segment 6,772 6,828 -0.8% 5.2% 6.8% -0.1% Thereof: U.S. 5,662 5,709 -0.8% 6.0% 6.7% -0.6% Thereof: International 1,110 1,119 -0.8% 1.6% 7.3% 1.1% Value-Based Care segment 1,027 1,035 -0.8% 5.9% 5.9% Care Enablement segment 2,670 2,715 -1.6% 1.9% 1.9% Inter-segment eliminations (996) (905) 10.1% 16.5% Thereof: Care Delivery segment (259) (238) 9.4% 16.8% Thereof: Care Enablement segment (737) (667) 10.4% 16.3% 1 Same market treatment growth = organic growth less price effects Revenue development by segment Revenue development by segment page 6 of 9 August 3, 2026 |
| unaudited 2026 2025 Change 2026 2025 Change 2026 2025 Change Care Delivery segment 3,513 3,676 -4% 289,610 300,339 -4% 21,521,790 22,314,266 -4% Thereof: U.S. 2,539 2,627 -3% 203,177 206,259 -1% 15,150,505 15,327,129 -1% Thereof: International 974 1,049 -7% 86,433 94,080 -8% 6,371,285 6,987,137 -9% unaudited 2026 2025 Change 2026 2025 Change Value-Based Care segment Total U.S. 927,045 869,968 7% 154,349 147,532 5% Six months ended June 30, Member Months Membership Key metrics Six months ended June 30, Clinics Patients Treatments Key metrics page 7 of 9 August 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 Sum of special items Results 2025 excl. special items Change excl. special items Change excl. special items at cc Three months ended June 30, Total revenue 4,861 — — — — — 4,861 104 4,965 4,792 — — — — — 4,792 1.4% 3.6% Care Delivery segment 3,478 — — — — — 3,478 88 3,566 3,381 — — — — — 3,381 2.9% 5.5% Thereof: U.S. 2,897 — — — — — 2,897 76 2,973 2,817 — — — — — 2,817 2.8% 5.5% Thereof: International 581 — — — — — 581 12 593 564 — — — — — 564 3.2% 5.3% Value-Based Care segment 536 — — — — — 536 15 551 506 — — — — — 506 6.0% 9.0% Care Enablement segment 1,371 — — — — — 1,371 14 1,385 1,348 — — — — — 1,348 1.7% 2.7% Inter-segment eliminations (524) — — — — — (524) (13) (537) (443) — — — — — (443) 18.6% 21.4% EBITDA 829 24 3 (7) 71 91 920 24 944 801 49 (2) 1 (9) 39 840 9.5% 12.3% Total operating income 466 42 (3) (7) 71 103 569 19 588 425 53 6 1 (9) 51 476 19.6% 23.5% Care Delivery segment 435 26 (5) — 71 92 527 21 548 346 26 6 — — 32 378 39.5% 45.3% Value-Based Care segment 17 1 — — — 1 18 1 19 (9) 0 — — — 0 (9) n.a. n.a. Care Enablement segment 99 15 0 (3) — 12 111 0 111 89 27 0 — 1 28 117 -5.5% -4.8% Inter-segment eliminations (39) — — — — — (39) (2) (41) (8) — — — — — (8) 367.3% 386.4% Corporate (46) 0 2 (4) — (2) (48) (1) (49) 7 0 — 1 (10) (9) (2) 3338.5% 3580.6% Interest expense, net 83 — — — — — 83 1 84 75 — — — — — 75 10.9% 12.3% Income tax expense 90 11 6 (3) 4 18 108 6 114 78 14 (4) 0 (2) 8 86 25.9% 30.9% Net income attributable to noncontrolling interests 75 — — — — — 75 2 77 47 — — — — — 47 59.0% 65.6% Net income3 218 31 (9) (4) 67 85 303 10 313 225 39 10 1 (7) 43 268 13.1% 16.8% Basic earnings per share €0.81 €0.12 €(0.03) €(0.02) €0.25 €0.32 €1.13 €0.03 €1.16 €0.77 €0.13 €0.03 €0.00 €(0.02) €0.14 €0.91 23.6% 27.7% Six months ended June 30, Total revenue 9,473 — — — — — 9,473 523 9,996 9,673 — — — — — 9,673 -2.1% 3.3% Care Delivery segment 6,772 — — — — — 6,772 414 7,186 6,828 — — — — — 6,828 -0.8% 5.2% Thereof: U.S. 5,662 — — — — — 5,662 387 6,049 5,709 — — — — — 5,709 -0.8% 6.0% Thereof: International 1,110 — — — — — 1,110 27 1,137 1,119 — — — — — 1,119 -0.8% 1.6% Value-Based Care segment 1,027 — — — — — 1,027 70 1,097 1,035 — — — — — 1,035 -0.8% 5.9% Care Enablement segment 2,670 — — — — — 2,670 97 2,767 2,715 — — — — — 2,715 -1.6% 1.9% Inter-segment eliminations (996) — — — — — (996) (58) (1,054) (905) — — — — — (905) 10.1% 16.5% EBITDA 1,578 85 14 (4) 71 166 1,744 88 1,832 1,526 77 16 1 65 159 1,685 3.5% 8.7% Total operating income 752 208 9 (4) 71 284 1,036 53 1,089 757 80 30 1 65 176 933 11.1% 16.8% Care Delivery segment 706 144 3 — 71 218 924 75 999 666 40 28 — — 68 734 26.0% 36.1% Value-Based Care segment 6 20 — — — 20 26 2 28 (6) 1 — — — 1 (5) n.a. n.a. Care Enablement segment 186 44 1 (7) — 38 224 2 226 183 38 2 — 8 48 231 -3.3% -2.4% Inter-segment eliminations (61) — — — — — (61) (4) (65) (12) — — — — — (12) 342.5% 371.7% Corporate (85) 0 5 3 — 8 (77) (22) (99) (74) 1 — 1 57 59 (15) 465.0% 621.8% Interest expense, net 162 — — — — — 162 7 169 155 — — — — — 155 3.9% 9.0% Income tax expense 133 53 11 (1) 4 67 200 10 210 139 21 1 0 16 38 177 12.2% 17.8% Net income attributable to noncontrolling interests 121 — — — — — 121 9 130 87 — — — — — 87 42.9% 52.6% Net income3 336 155 (2) (3) 67 217 553 27 580 376 59 29 1 49 138 514 7.6% 12.8% Basic earnings per share €1.24 €0.57 €(0.01) €(0.01) €0.25 €0.80 €2.04 €0.09 €2.13 €1.28 €0.20 €0.10 €0.00 €0.17 €0.47 €1.75 16.2% 21.8% 3 Attributable to shareholders of FME AG. 2 The impacts from the recommended 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 costs associated with the 2025 divestiture of select assets of the FME AG’s wholly owned Spectra Laboratories; 2025: mainly related to the proposed divestiture of select assets of FME AG’s wholly owned Spectra Laboratories as well as the proposed divestitures in Brazil, Kazakhstan and Malaysia as well as impairment losses 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 August 3, 2026 |
| Outlook 2026 Spalte1 Outlook 2026 (at Constant Currency) Results 2025 Revenue growth1 Broadly flat €19,628 M Operating income growth1 Between positive and negative mid-single digit percent €2,212 M 1 Outlook 2026 is based on the assumptions outlined in the earnings release for the fourth quarter and full year of 2025 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 August 3, 2026 |
