General Credit Presentation
Fresenius General Credit Presentation
Fresenius SE & Co. KGaA's subscribed capital amounts to €563,237,277 and consists of 563,237,277 ordinary shares (last change as of 09.06.2022). The shares are notional no-par-value shares. Each share represents €1.00 of the capital stock.
Capitalization
| Date | Capital-related measures | Subscribed Capital / Total number of ordinary Shares |
|---|---|---|
09.06.2022 | Issuance of new shares (scrip dividend) | €563,237,277 / 563,237,277 |
30.11.2021 | Issuance of new shares from stock option plan | €558,502,143 / 558,502,143 |
31.10.2021 | Issuance of new shares from stock option plan | €558,457,143 / 558,457,143 |
30.09.2021 | Issuance of new shares from stock option plan | €558,454,143 / 558,454,143 |
31.08.2021 | Issuance of new shares from stock option plan | €558,453,018 / 558,453,018 |
31.07.2021 | Issuance of new shares from stock option plan | €558,437,193 / 558,437,193 |
30.06.2021 | Issuance of new shares from stock option plan | €558,040,523 / 558,040,523 |
31.05.2021 | Issuance of new shares from stock option plan | €557,716,248 / 557,716,248 |
30.04.2021 | Issuance of new shares from stock option plan | €557,556,509 / 557,556,509 |
31.03.2021 | Issuance of new shares from stock option plan | €557,541,659 / 557,541,659 |
| Date | Capital-related measures | ||
|---|---|---|---|
Subcribed Capital | Nominal Value | Total number of preference shares | Total number of ordinary shares |
2021 | Issuance of new shares from stock option plan | ||
€ 558,502,143 | 558,502,143 | ||
2020 | Issuance of new shares from stock option plan | ||
€ 557,540,909 | 557,540,909 | ||
2019 | Issuance of new shares from stock option plan | ||
€ 557,379,979 | 557,379,979 | ||
2018 | Issuance of new shares from stock option plan | ||
€ 556,225,154 | 556,225,154 | ||
2017 | Issuance of new shares from stock option plan | ||
€ 554,710,473 | 554,710,473 | ||
31.01.2017 | Capital increase from approved capital | ||
€ 553,316,547 | 553,316,547 | ||
2016 | Issuance of new shares from stock option plan | ||
€ 547,208,371 | 547,208,371 | ||
2015 | Issuance of new shares from stock option plan | ||
€ 545,727,950 | 545,727,950 | ||
2014 | Issuance of new shares from stock option plan | ||
€ 541,532,600 | 541,532,600 | ||
01.08.2014 | Stock split with Capital increase from company funds | ||
€ 540,511,632 | 540,511,632 | ||
31.07.2014 | Issuance of new shares from stock option plan | ||
€ 180,170,544 | 180,170,544 | ||
31.07.2014 | Issuance of new shares from stock option plan | ||
€ 180,170,544 | 180,170,544 | ||
2013 | Issuance of new shares from stock option plan | ||
€ 179,694,829 | 179,694,829 | ||
2012 | Issuance of new shares from stock option plan | ||
€ 178,188,260 | 178,188,260 | ||
15.05.2012 | Capital increase from approved capital | ||
€ 177,166,002 | 177,166,002 | ||
30.04.2012 | Issuance of new shares from stock option plan | ||
€ 163,366,002 | 163,366,002 | ||
2011 | Issuance of new shares from stock option plan | ||
€ 163,237,336 | 163,237,336 | ||
28.01.2011 | Unification of share classes | ||
€ 162,450,090 | 162,450,090 | ||
2010 | Issuance of new shares from stock option plan (P&O) | ||
€ 162,450,090 | 81,225,045 | 81,225,045 | |
2009 | Issuance of new shares from stock option plan (P&O) | ||
€ 161,315,376 | 80,657,688 | 80,657,688 | |
2008 | Issuance of new shares from stock option plan (P&O) | ||
€ 161,143,734 | 80,571,867 | 80,571,867 | |
| Capital increase from approval capital | ||
€ 160,863,550 | 80,426,775 | 80,426,775 | |
| Issuance of new shares from stock option plan (P&O) | ||
€ 155,357,436 | 77,678,718 | 77,678,718 | |
2007 | Issuance of new shares from stock option plan (P&O) | ||
€ 155,164,770 | 77,582,385 | 77,582,385 | |
| Share split with capital increase from the Company's funds4 | |||
€ 154,353,876 | 77,176,938 | 77,176,938 | |
2006 | Issuance of new shares from stock option plan (P&O) | ||
€ 131,715,308 | 25,725,646 | 25,725,646 | |
17.11.2006 | Capital increase through contribution in kind (P&O) | ||
€ 131.524.890 | 176,540 | 176,540 | |
2005 | Capital increase from approved capital 9:2 (P&O) | ||
€ 129,849,037 | 25,361,140 | 25,361,140 | |
2005 | Issuance of new shares from stock option plan (P&O) | ||
€ 105,785,037 | 20,661,140 | 20,661,140 | |
2004 | Issuance of new shares from stock option plan (P&O) | ||
€ 104,885,857 | 20,485,519 | 20,485,519 | |
2002 | Issuance of new shares from stock option plan (P&O) | ||
€ 104,882,391 | 20,484,842 | 20,484,842 | |
2001 | Issuance of new shares from stock option plan (P&O) | ||
€ 104,882,043 | 20,484,774 | 20,484,774 | |
| Capital increase through contribution in kind (P&O) | |||
€ 104,800,266 | 20,468,802 | 20,468,802 | |
| Capital increase from corporate funds by new share issue in the ratio 1:1 (P&O) | |||
€ 102,477,865 | 20,015,208 | 20,015,208 | |
| Issuance of new shares from stock option plan (P&O) | |||
€ 51,238,932 | 10,007,604 | 10,007,604 | |
2000 | Issuance of new shares from stock option plan (P&O) | ||
€ 51,238,523 | 10,007,524 | 10,007,524 | |
1999 | Conversion of subscribed capital into € and introduction of non-par shares3 | ||
€ 51,200,000 | 10,000,000 | 10,000,000 | |
1997 | Capital increase (P) | ||
DM 100,000,000 | DM 5 | 10,000,000 | 10,000,000 |
1995 | Change of nominal value from DM 50 to DM 5 | ||
DM 90,000,000 | DM 5 | 8,000,000 | 10,000,000 |
1994 | Capital increase (P) | ||
DM 90,000,000 | DM 50 | 800,000 | 1,000,000 |
1992 | Capital increase / listing (O)2 | ||
DM 80,000,000 | DM 50 | 600,000 | 1,000,000 |
1989 | Capital increase (P) | ||
DM 60,000,000 | DM 50 | 600,000 | 600,000 |
1986 | Listing at Frankfurt Stock Exchange (P)1 | ||
DM 45,000,000 | DM 50 | 300,000 | 600,000 |
1 (P) = Preference Shares
2 (O) = Ordinary Shares
3 Par value per share € 2.56
4 Par value per share € 1.00
105,288,804 shares of total share capital are not listed.
Notification pursuant to Art. 2 (3) Sentence 2 DELEGATED REGULATION (EU) No 2016/1052
Employee participation in our corporate success has a long tradition at Fresenius. In 2023, the employee share program "Fresenius SHARE" was launched. Attached please find an overview of transactions in connection with our employee share program.
| Date | Quantity | Price (€) | Total amount (€) | Detailed overview |
|---|---|---|---|---|
June 3, 2025 | 6,754 | 43.8378 | 296,080.20 | xls-file |
June 2, 2025 | 90,000 | 43.4463 | 3,910,171.18 | xls-file |
June 5, 2024 | 9,824 | 29.3653 | 288,484.71 | xls-file |
June 4, 2024 | 80,000 | 29.3091 | 2,344,728.00 | xls-file |
October 6, 2023 | 2,091 | 27.9371 | 58,416.48 | xls-file |
October 5, 2023 | 37,638 | 27.9559 | 1,052,204.16 | xls-file |
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Interactive ToolDividend policy reflects capital allocation priorities: As part of the full year reporting in February 2025, Fresenius defined a new dividend policy designed to ensure attractive shareholder returns while maintaining strategic flexibility. Going forward, Fresenius will pay out 30 to 40% of its Group core net income excluding Fresenius Medical Care and before special items as dividend.
Fresenius remains fully commitment to delivering attractive shareholder returns. For fiscal year 2025, the Company will propose a dividend of €1.05 per share. This corresponds to a payout ratio of 37%, at the upper half of the 30 to 40% range of core net income1,2, as specified in the Fresenius Financial Framework.
1 Before special items
2 Excluding Fresenius Medical Care
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Contact
Vice President Investor Relations
Deputy Head of Investor Relations
T: +49 (0) 6172 608-5167
florian.feick@fresenius.com
International financial analysts cover Fresenius SE & Co. KGaA and publish reports and updates on the development of its business and its shares. Once a quarter, VARA Research creates an up-to-date consensus from these various forecasts. An interactive and downloadable set of the consensus data for Fresenius SE & Co. KGaA can be found on Vara Research.
Contact
Vice President Investor Relations
Deputy Head of Investor Relations
T: +49 (0) 6172 608-5167
florian.feick@fresenius.com
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Interactive ToolDownload
The interactive tool allows you to analyze and graph the Fresenius SE & Co. KGaA share price, including the performance of its ordinary shares (ORD) and its ADR program in the United States.
Fresenius is one of the top 40 companies in Germany in terms of market capitalization and is included in Germany's leading index, the DAX. We are also listed in the STOXX Europe 600 Health Care, the FTSEurofirst 300 and the DAXsector Pharma & Healthcare indices.
Fresenius ordinary shares are traded on the stock exchanges in Frankfurt, Düsseldorf and Munich.
At the end of July 2022, Fresenius SE & Co. KGaA's capital stock was 563,237,277 ordinary shares. The shares are notional no-par-value shares. Each share represents €1.00 of the capital stock.
Basic Share information
| Ordinary share | |
|---|---|
Securities identification no. | 578 560 |
Ticker symbol | FRE |
ISIN | DE0005785604 |
Bloomberg symbol | FRE GR |
Reuters symbol | FREG.de |
Main trading location | Frankfurt/Xetra |
Paying agent | Deutsche Bank AG, Taunusanlage 12, 60325 Frankfurt am Main, Germany |
Key data
| 2024 | 2023 | 2022 | |
|---|---|---|---|
Numbers of shares | 563,237,277 | 563,237,277 | 563,237,277 |
Stock exchange quotation1 in € | |||
High | 34.85 | 31.11 | 37.88 |
Low | 24.54 | 23.46 | 20.04 |
Year-end quotation | 33.54 | 28.07 | 26.25 |
Market capitalization2 in million € | 18,891 | 15,810 | 14,785 |
Total dividend distribution in million € | 5633 | - | 518 |
Dividend per share in € | 1.003 | - | 0.92 |
Earnings per share in €4 | 3.11 | 2.67 | 3.08 |
Contact
Vice President Investor Relations
Deputy Head of Investor Relations
T: +49 (0) 6172 608-5167
florian.feick@fresenius.com
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Interactive ToolFresenius General Credit Presentation
Detailed information for credit investors.
Ensure financial flexibility, maintain our investment grade rating, limit refinancing risks and optimize the cost of capital are the main objectives in Fresenius’s financing strategy.
To remain financially flexible, we maintain adequate liquidity headroom. We are committed to our investment grade rating, which provides us with advantages with respect to funding costs, facilitates markets access, and thus contributes to greater financial flexibility overall. Our financing strategy aims at ensuring a stable investment grade rating in the long term.
Refinancing risks are limited due to a balanced maturity profile which is characterized by a broad range of maturities with a high proportion of mid- and long-term debt. We use various financing instruments in a targeted manner to diversify our financing mix and our investor base.
Relevant financing instruments include bonds, Schuldschein Loans and bank loans. In addition, Fresenius maintains a commercial paper program.
Another key objective of Fresenius’ financing strategy is to optimize the cost of capital by employing an adequate mix of equity and debt.
In 2026, adherence to our self-imposed target corridor will continue to be of central importance to us. Our self-imposed target corridor of 2.5 x to 3.0 x allows us to stay financially flexible while solidifying our investment grade rating.
1 Prior-year figures have been adjusted due to the deconsolidation of Fresenius Medical Care operations
2 Before special items
3 At average exchange rates for both net debt and EBITDA; pro forma closed acquisitions/divestitures, including lease liabilities, including Fresenius Medical Care dividend; Net debt adjusted for the valuation effect of the exchangeable bond
Bonds
| Issuer | Volume in million | Coupon | Maturity |
|---|---|---|---|
| €500 | 0.375% | 2026 | |
| €750 | 1.625% | 2027 | |
| €750 | 0.75% | 2028 | |
| CHF275 | 2.96% | 2028 | |
| €500 | 2.875% | 2029 | |
| CHF225 | 1.5975% | 2029 | |
| €500 | 5.00% | 2029 | |
| €500 | 2.75% | 2029 | |
| €550 | 2.875% | 2030 | |
| €500 | 5.125% | 2030 | |
| €500 | 1.125% | 2033 | |
| €500 | 3.50% | 2034 | |
| €700 | 2.125% | 2027 | |
| €500 | 0.50% | 2028 | |
| €500 | 0.875% | 2031 | |
| €500 | 3.00% | 2032 |
Schuldschein loans
| Issuer | Volume in million | Interest rate fixed/variable | Maturity |
|---|---|---|---|
Fresenius SE & Co. KGaA | €157 | 4.40% | 2026 |
Fresenius SE & Co. KGaA | €117 | 0.85% | 2026 |
Fresenius SE & Co. KGaA | €207 | 1.96%/variable | 2027 |
Fresenius SE & Co. KGaA | €101 | 4.62% | 2028 |
Fresenius SE & Co. KGaA | €84 | 1.10% | 2029 |
Fresenius SE & Co. KGaA | €66 | 4.77% | 2030 |
EIB loan
| Issuer | Volume in million | Coupon | Maturity |
|---|---|---|---|
Fresenius SE & Co. KGaA | €400 | variable | 2030 |
The European Investment Bank (EIB) is the biggest multilateral financial institution in the world and one of the largest providers of finance for climate action, providing economic support to sectors that contribute significantly to technological innovation, growth, employment, regional cohesion and environmental sustainability in Europe and beyond.
Fresenius received a €400 million loan in December 2025 to strengthen its European research and development (R&D) activities. The financing is used to support expansion of Fresenius Kabi's manufacturing of medical products and biosimilars in European countries.
The Fresenius SE & Co. KGaA Commercial Paper Program enables Fresenius to issue short-term notes of up to €1.5 bn on the money market. The issuances are made through the European Commercial Paper Program (ECP).
| Issuer: |
Fresenius SE & Co. KGaA, Fresenius Finance Ireland plc. |
| Program amount | € 1,500,000,000 |
| Arranger |
Commerzbank |
| Dealer |
Barclays, Commerzbank, Crédit Agricole, DZ BANK AG, Landesbank Baden-Württemberg, Landesbank Hessen-Thüringen, ING Bank N.V. |
| Issuing and paying agent | Commerzbank |
| Term | up to 1 year less 1 day |
Fresenius is covered by the leading rating agencies Standard & Poor's, Moody's and Fitch. The following table shows Fresenius SE & Co. KGaA's current ratings.
Rating
| Standard & Poor's | Moody's | Fitch | |
|---|---|---|---|
Corporate Credit Rating | BBB | Baa3 | BBB- |
Outlook | positive | stable | stable |
Contact
Director Investor Relations
T: +49 (0) 6172 608-2486
elisabeth.truckenbrodt@fresenius.com
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