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The information and documents contained on the following pages of this website are for information purposes only. These materials do neither constitute an offer nor an invitation to subscribe to or to purchase securities, nor any investment advice or service, and are not meant to serve as a basis for any kind of obligation, contractual or otherwise. The securities described on the following pages have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States of America (the "United States") absent registration or an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There will be no public offering of such securities in the United States or anywhere else and, if offered, any such securities will be offered and sold only (i) outside of the United States in "offshore transactions" in accordance with Regulation S of the Securities Act and (ii) in the United States to "qualified institutional buyers" (as defined in Rule 144A under the Securities Act) in transactions exempt from the registration requirements of the Securities Act.
THE FOLLOWING INFORMATION AND DOCUMENTS ARE NOT DIRECTED AT AND ARE NOT INTENDED FOR USE BY (I) PERSONS WHO ARE RESIDENTS OF OR LOCATED IN THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR SOUTH AFRICA, OR (II) PERSONS IN ANY OTHER JURISDICTION WHERE THE COMMUNICATION OR RECEIPT OF SUCH INFORMATION IS RESTRICTED IN SUCH A WAY THAT PROVIDES THAT SUCH PERSONS SHALL NOT RECEIVE IT. SUCH PERSONS, OR PERSONS ACTING FOR THE BENEFIT OF ANY SUCH PERSONS, ARE NOT PERMITTED TO VISIT THE FOLLOWING PAGES OF THE WEBSITE.
To visit the following parts of this website you must confirm that
(i) you are not a resident of or located in the United States, Canada, Australia, Japan or South Africa,
(ii) you are not a person to whom the communication of the information contained on the website is restricted,
(iii) you will not distribute any of the information and documents contained thereon to any such person, and
(iv) you are not acting for the benefit of any such person.
By clicking on the "Accept" button below, you will be deemed to have made this confirmation.
THIS ANNOUNCEMENT, INCLUDING THE INFORMATION INCLUDED HEREIN, IS RESTRICTED AND IS NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE IN OR INTO THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH OFFERS OR SALES OF THE SECURITIES WOULD BE PROHIBITED BY APPLICABLE LAW.
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN OFFER OF SECURITIES IN ANY JURISDICTION.
Bad Homburg, Germany, 12 November 2026 — Fresenius SE & Co. KGaA (XETR: FRE; OTCM: FSNUY) today completed the sale of 13.4 million shares in Fresenius Medical Care AG (XETR: FME; NYSE: FMS), announced on 11 November 2026, at a placing price of €39.00 per share. The placing generates gross proceeds of approximately €524 million and reduces Fresenius's financial investment in Fresenius Medical Care to approximately 20 per cent1 of issued share capital. Settlement is expected on 16 November 2026.
“The successful transaction is another step in our disciplined management of our Fresenius Medical Care investment and reflects the strategic direction we have set out with #FutureFresenius. We are freeing up capital to invest in our growth platforms and pursue our strategic priorities in the REJUVENATE phase," said Sara Hennicken, CFO of Fresenius.
The net proceeds will be available for investment in Fresenius’ growth platforms, consistent with the stated capital allocation priorities set out under #FutureFresenius.
Transaction Details
Footnote
1 Prior to any future exchange of bonds into Fresenius Medical Care shares and prior to any share cancellation under the current Fresenius Medical Care share buyback program
About Fresenius
Fresenius SE & Co. KGaA (XETR:FRE; OTCM:FSNUY) is a global healthcare company headquartered in Bad Homburg vor der Höhe, Germany. In the full-year 2025, Fresenius generated €22.6 billion (excluding special items) in annual revenue. Fresenius employs more than 178,000 people. The Fresenius Group comprises the operating companies Fresenius Kabi and Fresenius Helios as well as an investment in the separately listed Fresenius Medical Care AG. With around 140 hospitals, 330 outpatient facilities and 300 occupational risk prevention centres, Fresenius Helios is the leading private hospital operator in Germany and Spain, treating around 27 million patients every year. Fresenius Kabi’s product portfolio touches the lives of 450 million patients annually and includes a range of highly complex biopharmaceuticals, clinical nutrition, medical technology, and intravenous generic drugs and fluids. Fresenius was established in 1912 by the Frankfurt pharmacist Dr. Eduard Fresenius. After his death, Else Kröner took over management of the company in 1952. She laid the foundations for a global enterprise that today pursues the goal of improving people’s health. The largest shareholder is the non-profit Else Kröner Fresenius Foundation, which is dedicated to advancing medical research and supporting humanitarian projects.
For more information, visit fresenius.com and follow Fresenius Group on LinkedIn.
Fresenius Medical Care AG is an independent, separately listed company (XETR: FME; NYSE: FMS), in which Fresenius SE & Co. KGaA holds a financial investment of approximately 20 per cent1; Fresenius Medical Care's results are not consolidated in the Fresenius Group's revenue and earnings.
Forward-Looking Statements
This release contains forward-looking statements that are subject to various risks and uncertainties. Future results could differ materially from those described in these forward-looking statements due to certain factors, e.g. changes in business, economic and competitive conditions, regulatory reforms, results of clinical trials, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, the availability of financing and unforeseen impacts of international conflicts. Fresenius does not undertake any responsibility to update the forward-looking statements in this release.
Correspondence Address
Fresenius SE & Co. KGaA
Registered Office: Bad Homburg, Germany
Commercial Register: Amtsgericht Bad Homburg, HRB 11852
Chairman of the Supervisory Board: Wolfgang Kirsch
Fresenius Management SE
Registered Office: Bad Homburg, Germany
Commercial Register: Amtsgericht Bad Homburg, HRB 11673
Management Board: Michael Sen (Chairman), Sara Hennicken, Dr. Marc-Alexander Mahl, Dr. Michael Moser, Dr. Christian Pawlu
Chairman of the Supervisory Board: Wolfgang Kirsch
Securities Information
Fresenius SE & Co. KGaA is listed on the Frankfurt Stock Exchange and is a member of the DAX 40 index. The shares are traded on Xetra, the electronic trading venue of Deutsche Börse, under the ticker FRE.
ISIN: DE000FRE5EN2 ● WKN: FRE5EN
American Depository Receipts
Fresenius SE & Co. KGaA maintains a sponsored Level I American Depositary Receipt programme, traded over the counter in the United States on the OTC Markets platform under the ticker FSNUY, at a ratio of four American Depositary Receipts to one ordinary share. Depositary bank: J.P. Morgan Chase Bank N.A.
ISIN: US35804M1053 ● CUSIP: 35804M105
Contacts
For Media contacts, click here, and to contact Investor Relations, click here.
IMPORTANT NOTICE
This announcement is not a prospectus and does not contain or constitute an offer of securities for sale in or into any jurisdiction, including the United States, Canada, Australia, Japan, South Africa or any jurisdiction in which offers or sales of the securities would be prohibited by applicable law. Neither this announcement nor anything contained herein shall form the basis of, or be relied upon in connection with, any offer or commitment whatsoever in any jurisdiction.
This announcement is not an offer to sell, or solicitation of an offer to buy, any securities in the United States. The securities described herein have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States absent registration or an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There will be no public offering of the securities described herein in the United States or anywhere else.
In member states of the European Economic Area ("EEA") and the United Kingdom, this announcement is directed exclusively at persons who are "qualified investors" within the meaning of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 ("Prospectus Regulation") or the Public Offers and Admissions to Trading Regulations 2024 ("POATRs") ("Qualified Investors").
In addition, in the UK, this announcement is only being distributed to and is only directed at (i) persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order"), (ii) high net worth entities falling within Article 49(2) of the Order, and (iii) persons at or to whom it can otherwise lawfully be distributed or directed (all such persons together being referred to as "relevant persons"). Any person who is not a relevant person should not act or rely on this announcement or any of its contents.
The information contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy or completeness.
This announcement may include statements that are, or may be deemed to be, "forward‐looking statements". These forward‐looking statements may be identified by the use of forward‐looking terminology, including the terms "believes", "estimates", "plans", "projects", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward‐looking statements may and often do differ materially from actual results. Any forward‐looking statements reflect the Company's current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to its business, results of operations, financial position, liquidity, prospects, growth or strategies. Forward‐looking statements speak only as of the date they are made.
The Company and its affiliates expressly disclaim any obligation or undertaking to update, review or revise any forward-looking statement contained in this announcement whether as a result of new information, future developments or otherwise.
No reliance may or should be placed by any person for any purposes whatsoever on the information contained in this announcement or on its completeness, accuracy or fairness. The information in this announcement is subject to change.
The information and documents contained on the following pages of this website are for information purposes only. These materials do neither constitute an offer nor an invitation to subscribe to or to purchase securities, nor any investment advice or service, and are not meant to serve as a basis for any kind of obligation, contractual or otherwise. The securities described on the following pages have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States of America (the "United States") absent registration or an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There will be no public offering of such securities in the United States or anywhere else and, if offered, any such securities will be offered and sold only (i) outside of the United States in "offshore transactions" in accordance with Regulation S of the Securities Act and (ii) in the United States to "qualified institutional buyers" (as defined in Rule 144A under the Securities Act) in transactions exempt from the registration requirements of the Securities Act.
THE FOLLOWING INFORMATION AND DOCUMENTS ARE NOT DIRECTED AT AND ARE NOT INTENDED FOR USE BY (I) PERSONS WHO ARE RESIDENTS OF OR LOCATED IN THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR SOUTH AFRICA, OR (II) PERSONS IN ANY OTHER JURISDICTION WHERE THE COMMUNICATION OR RECEIPT OF SUCH INFORMATION IS RESTRICTED IN SUCH A WAY THAT PROVIDES THAT SUCH PERSONS SHALL NOT RECEIVE IT. SUCH PERSONS, OR PERSONS ACTING FOR THE BENEFIT OF ANY SUCH PERSONS, ARE NOT PERMITTED TO VISIT THE FOLLOWING PAGES OF THE WEBSITE.
To visit the following parts of this website you must confirm that
(i) you are not a resident of or located in the United States, Canada, Australia, Japan or South Africa,
(ii) you are not a person to whom the communication of the information contained on the website is restricted,
(iii) you will not distribute any of the information and documents contained thereon to any such person, and
(iv) you are not acting for the benefit of any such person.
By clicking on the "Accept" button below, you will be deemed to have made this confirmation.
THIS ANNOUNCEMENT, INCLUDING THE INFORMATION INCLUDED HEREIN, IS RESTRICTED AND IS NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE IN OR INTO THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH OFFERS OR SALES OF THE SECURITIES WOULD BE PROHIBITED BY APPLICABLE LAW.
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN OFFER OF SECURITIES IN ANY JURISDICTION.
Bad Homburg, Germany, 11 November 2026 — Fresenius SE & Co. KGaA (XETR: FRE; OTCM: FSNUY) today announced its intention to sell approximately 13.4 million shares in Fresenius Medical Care AG (XETR: FME; NYSE: FMS) through a placing to institutional investors by way of an accelerated bookbuild offering. The placing price will be determined on completion of the bookbuild, and the result will be announced thereafter. The sale would reduce Fresenius's financial investment in Fresenius Medical Care from approximately 25 per cent1 to approximately 20 per cent1 of issued share capital.
“With the structured reduction of our stake in Fresenius Medical Care we are creating further capacity to redeploy that capital into our growth platforms. That was the purpose of #FutureFresenius, and it is the foundation REJUVENATE builds on - a more focused Fresenius, with a stronger balance sheet and the strategic flexibility to act on the opportunities in front of us," said Michael Sen, CEO of Fresenius.
The net proceeds will be applied consistent with the stated capital allocation priorities set out under #FutureFresenius.
Since the deconsolidation of Fresenius Medical Care on 30 November 2023, Fresenius has managed its holding as a financial investment and has progressively reduced it, including through participation on a pro-rata basis in Fresenius Medical Care's share buyback program as well as a sale of 7.8 million shares in August this year. Today's placing is a further step in that reduction, supporting Fresenius’ commitment to delivering long-term profitable growth and creating shareholder value.
●●●
Transaction Details
1 Prior to any future exchange of bonds into Fresenius Medical Care shares and prior to any share cancellation under the current Fresenius Medical Care share buyback program
About Fresenius
Fresenius SE & Co. KGaA (XETR:FRE; OTCM:FSNUY) is a global healthcare company headquartered in Bad Homburg vor der Höhe, Germany. In the full-year 2025, Fresenius generated €22.6 billion (excluding special items) in annual revenue. Fresenius employs more than 178,000 people. The Fresenius Group comprises the operating companies Fresenius Kabi and Fresenius Helios as well as an investment in the separately listed Fresenius Medical Care AG. With around 140 hospitals, 330 outpatient facilities and 300 occupational risk prevention centres, Fresenius Helios is the leading private hospital operator in Germany and Spain, treating around 27 million patients every year. Fresenius Kabi’s product portfolio touches the lives of 450 million patients annually and includes a range of highly complex biopharmaceuticals, clinical nutrition, medical technology, and intravenous generic drugs and fluids. Fresenius was established in 1912 by the Frankfurt pharmacist Dr. Eduard Fresenius. After his death, Else Kröner took over management of the company in 1952. She laid the foundations for a global enterprise that today pursues the goal of improving people’s health. The largest shareholder is the non-profit Else Kröner Fresenius Foundation, which is dedicated to advancing medical research and supporting humanitarian projects.
For more information, visit fresenius.com and follow Fresenius Group on LinkedIn.
Fresenius Medical Care AG is an independent, separately listed company (XETR: FME; NYSE: FMS), in which Fresenius SE & Co. KGaA holds a financial investment of approximately 25 per cent1; Fresenius Medical Care's results are not consolidated in the Fresenius Group's revenue and earnings.
Forward-Looking Statements
This release contains forward-looking statements that are subject to various risks and uncertainties. Future results could differ materially from those described in these forward-looking statements due to certain factors, e.g. changes in business, economic and competitive conditions, regulatory reforms, results of clinical trials, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, the availability of financing and unforeseen impacts of international conflicts. Fresenius does not undertake any responsibility to update the forward-looking statements in this release.
Correspondence Address
Fresenius SE & Co. KGaA
Registered Office: Bad Homburg, Germany
Commercial Register: Amtsgericht Bad Homburg, HRB 11852
Chairman of the Supervisory Board: Wolfgang Kirsch
Fresenius Management SE
Registered Office: Bad Homburg, Germany
Commercial Register: Amtsgericht Bad Homburg, HRB 11673
Management Board: Michael Sen (Chairman), Sara Hennicken, Dr. Marc-Alexander Mahl, Dr. Michael Moser, Dr. Christian Pawlu
Chairman of the Supervisory Board: Wolfgang Kirsch
Securities Information
Fresenius SE & Co. KGaA is listed on the Frankfurt Stock Exchange and is a member of the DAX 40 index. The shares are traded on Xetra, the electronic trading venue of Deutsche Börse, under the ticker FRE.
ISIN: DE000FRE5EN2 ● WKN: FRE5EN
American Depository Receipts
Fresenius SE & Co. KGaA maintains a sponsored Level I American Depositary Receipt programme, traded over the counter in the United States on the OTC Markets platform under the ticker FSNUY, at a ratio of four American Depositary Receipts to one ordinary share. Depositary bank: J.P. Morgan Chase Bank N.A.
ISIN: US35804M1053 ● CUSIP: 35804M105
Contacts
For Media contacts, click here, and to contact Investor Relations, click here.
IMPORTANT NOTICE
This announcement is not a prospectus and does not contain or constitute an offer of securities for sale in or into any jurisdiction, including the United States, Canada, Australia, Japan, South Africa or any jurisdiction in which offers or sales of the securities would be prohibited by applicable law. Neither this announcement nor anything contained herein shall form the basis of, or be relied upon in connection with, any offer or commitment whatsoever in any jurisdiction.
This announcement is not an offer to sell, or solicitation of an offer to buy, any securities in the United States. The securities described herein have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States absent registration or an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There will be no public offering of the securities described herein in the United States or anywhere else.
In member states of the European Economic Area ("EEA") and the United Kingdom, this announcement is directed exclusively at persons who are "qualified investors" within the meaning of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 ("Prospectus Regulation") or the Public Offers and Admissions to Trading Regulations 2024 ("POATRs") ("Qualified Investors").
In addition, in the UK, this announcement is only being distributed to and is only directed at (i) persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order"), (ii) high net worth entities falling within Article 49(2) of the Order, and (iii) persons at or to whom it can otherwise lawfully be distributed or directed (all such persons together being referred to as "relevant persons"). Any person who is not a relevant person should not act or rely on this announcement or any of its contents.
The information contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy or completeness.
This announcement may include statements that are, or may be deemed to be, "forward‐looking statements". These forward‐looking statements may be identified by the use of forward‐looking terminology, including the terms "believes", "estimates", "plans", "projects", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward‐looking statements may and often do differ materially from actual results. Any forward‐looking statements reflect the Company's current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to its business, results of operations, financial position, liquidity, prospects, growth or strategies. Forward‐looking statements speak only as of the date they are made.
The Company and its affiliates expressly disclaim any obligation or undertaking to update, review or revise any forward-looking statement contained in this announcement whether as a result of new information, future developments or otherwise.
No reliance may or should be placed by any person for any purposes whatsoever on the information contained in this announcement or on its completeness, accuracy or fairness. The information in this announcement is subject to change.
March 24, 2027
Bad Homburg, Germany
Consolidated Financial Statements and Management Report (IFRS)
The information and documents contained on the following pages of this website are for information purposes only. These materials do neither constitute an offer nor an invitation to subscribe to or to purchase securities, nor any investment advice or service, and are not meant to serve as a basis for any kind of obligation, contractual or otherwise. The securities described on the following pages have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States of America (the "United States") absent registration or an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There will be no public offering of such securities in the United States or anywhere else and, if offered, any such securities will be offered and sold only (i) outside of the United States in "offshore transactions" in accordance with Regulation S of the Securities Act and (ii) in the United States to "qualified institutional buyers" (as defined in Rule 144A under the Securities Act) in transactions exempt from the registration requirements of the Securities Act.
THE FOLLOWING INFORMATION AND DOCUMENTS ARE NOT DIRECTED AT AND ARE NOT INTENDED FOR USE BY (I) PERSONS WHO ARE RESIDENTS OF OR LOCATED IN THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR SOUTH AFRICA, OR (II) PERSONS IN ANY OTHER JURISDICTION WHERE THE COMMUNICATION OR RECEIPT OF SUCH INFORMATION IS RESTRICTED IN SUCH A WAY THAT PROVIDES THAT SUCH PERSONS SHALL NOT RECEIVE IT. SUCH PERSONS, OR PERSONS ACTING FOR THE BENEFIT OF ANY SUCH PERSONS, ARE NOT PERMITTED TO VISIT THE FOLLOWING PAGES OF THE WEBSITE.
To visit the following parts of this website you must confirm that
(i) you are not a resident of or located in the United States, Canada, Australia, Japan or South Africa,
(ii) you are not a person to whom the communication of the information contained on the website is restricted,
(iii) you will not distribute any of the information and documents contained thereon to any such person, and
(iv) you are not acting for the benefit of any such person.
By clicking on the "Accept" button below, you will be deemed to have made this confirmation.
THIS ANNOUNCEMENT, INCLUDING THE INFORMATION INCLUDED HEREIN, IS RESTRICTED AND IS NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE IN OR INTO THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH OFFERS OR SALES OF THE SECURITIES WOULD BE PROHIBITED BY APPLICABLE LAW. THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN OFFER OF SECURITIES IN ANY JURISDICTION.
Fresenius SE & Co. KGaA (XETR: FRE; OTCM: FSNUY) today announced its intention to sell approximately 13.4 million shares in Fresenius Medical Care AG (XETR: FME; NYSE: FMS) through a placing to institutional investors by way of an accelerated bookbuild offering. The placing price will be determined on completion of the bookbuild, and the result will be announced thereafter. The sale would reduce Fresenius's financial investment in Fresenius Medical Care from approximately 25 per cent1 to approximately 20 per cent1 of issued share capital.
“With the structured reduction of our stake in Fresenius Medical Care we are creating further capacity to redeploy that capital into our growth platforms. That was the purpose of #FutureFresenius, and it is the foundation REJUVENATE builds on - a more focused Fresenius, with a stronger balance sheet and the strategic flexibility to act on the opportunities in front of us," said Michael Sen, CEO of Fresenius.
The net proceeds will be applied consistent with the stated capital allocation priorities set out under #FutureFresenius.
Since the deconsolidation of Fresenius Medical Care on 30 November 2023, Fresenius has managed its holding as a financial investment and has progressively reduced it, including through participation on a pro-rata basis in Fresenius Medical Care's share buyback program as well as a sale of 7.8 million shares in August this year. Today's placing is a further step in that reduction, supporting Fresenius’ commitment to delivering long-term profitable growth and creating shareholder value.
Transaction Details
Footnotes
1 Prior to any future exchange of bonds into Fresenius Medical Care shares and prior to any share cancellation under the current Fresenius Medical Care share buyback program
Fresenius (XFRA: FRE, OTC: FSNUY) is a global, therapy-focused healthcare company dedicated to saving and improving human lives around the world. Through Fresenius Kabi and Fresenius Helios, the company delivers system-critical, innovative and affordable healthcare across the full continuum of care: Fresenius Kabi is a leading provider of lifesaving medicines, medical nutrition, and medical technologies for critically and chronically ill patients, reaching around 450 million people each year. Fresenius Helios is Europe’s largest private hospital operator, treating around 27 million patients annually.
With more than 178,000 employees and operating in more than 60 countries, Fresenius generated €22.6 billion in revenue in 2025.
For more information, visit www.fresenius.com and follow Fresenius on LinkedIn.
Fresenius Medical Care AG is an independent, separately listed company (XETR: FME; NYSE: FMS), in which Fresenius SE & Co. KGaA holds a financial investment of approximately 25 per cent1; Fresenius Medical Care's results are not consolidated in the Fresenius Group's revenue and earnings.
Forward-Looking Statements
This release contains forward-looking statements that are subject to various risks and uncertainties. Future results could differ materially from those described in these forward-looking statements due to certain factors, e.g. changes in business, economic and competitive conditions, regulatory reforms, results of clinical trials, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, the availability of financing and unforeseen impacts of international conflicts. Fresenius does not undertake any responsibility to update the forward-looking statements in this release.
IMPORTANT NOTICE
This announcement is not a prospectus and does not contain or constitute an offer of securities for sale in or into any jurisdiction, including the United States, Canada, Australia, Japan, South Africa or any jurisdiction in which offers or sales of the securities would be prohibited by applicable law. Neither this announcement nor anything contained herein shall form the basis of, or be relied upon in connection with, any offer or commitment whatsoever in any jurisdiction.
This announcement is not an offer to sell, or solicitation of an offer to buy, any securities in the United States. The securities described herein have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States absent registration or an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There will be no public offering of the securities described herein in the United States or anywhere else.
In member states of the European Economic Area ("EEA") and the United Kingdom, this announcement is directed exclusively at persons who are "qualified investors" within the meaning of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 ("Prospectus Regulation") or the Public Offers and Admissions to Trading Regulations 2024 ("POATRs") ("Qualified Investors").
In addition, in the UK, this announcement is only being distributed to and is only directed at (i) persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order"), (ii) high net worth entities falling within Article 49(2) of the Order, and (iii) persons at or to whom it can otherwise lawfully be distributed or directed (all such persons together being referred to as "relevant persons"). Any person who is not a relevant person should not act or rely on this announcement or any of its contents.
The information contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy or completeness.
This announcement may include statements that are, or may be deemed to be, "forward‐looking statements". These forward‐looking statements may be identified by the use of forward‐looking terminology, including the terms "believes", "estimates", "plans", "projects", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward‐looking statements may and often do differ materially from actual results. Any forward‐looking statements reflect the Company's current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to its business, results of operations, financial position, liquidity, prospects, growth or strategies. Forward‐looking statements speak only as of the date they are made.
The Company and its affiliates expressly disclaim any obligation or undertaking to update, review or revise any forward-looking statement contained in this announcement whether as a result of new information, future developments or otherwise.
No reliance may or should be placed by any person for any purposes whatsoever on the information contained in this announcement or on its completeness, accuracy or fairness. The information in this announcement is subject to change.
The information and documents contained on the following pages of this website are for information purposes only. These materials do neither constitute an offer nor an invitation to subscribe to or to purchase securities, nor any investment advice or service, and are not meant to serve as a basis for any kind of obligation, contractual or otherwise. The securities described on the following pages have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States of America (the "United States") absent registration or an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There will be no public offering of such securities in the United States or anywhere else and, if offered, any such securities will be offered and sold only (i) outside of the United States in "offshore transactions" in accordance with Regulation S of the Securities Act and (ii) in the United States to "qualified institutional buyers" (as defined in Rule 144A under the Securities Act) in transactions exempt from the registration requirements of the Securities Act.
THE FOLLOWING INFORMATION AND DOCUMENTS ARE NOT DIRECTED AT AND ARE NOT INTENDED FOR USE BY (I) PERSONS WHO ARE RESIDENTS OF OR LOCATED IN THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR SOUTH AFRICA, OR (II) PERSONS IN ANY OTHER JURISDICTION WHERE THE COMMUNICATION OR RECEIPT OF SUCH INFORMATION IS RESTRICTED IN SUCH A WAY THAT PROVIDES THAT SUCH PERSONS SHALL NOT RECEIVE IT. SUCH PERSONS, OR PERSONS ACTING FOR THE BENEFIT OF ANY SUCH PERSONS, ARE NOT PERMITTED TO VISIT THE FOLLOWING PAGES OF THE WEBSITE.
To visit the following parts of this website you must confirm that
(i) you are not a resident of or located in the United States, Canada, Australia, Japan or South Africa,
(ii) you are not a person to whom the communication of the information contained on the website is restricted,
(iii) you will not distribute any of the information and documents contained thereon to any such person, and
(iv) you are not acting for the benefit of any such person.
By clicking on th
THIS ANNOUNCEMENT, INCLUDING THE INFORMATION INCLUDED HEREIN, IS RESTRICTED AND IS NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE IN OR INTO THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH OFFERS OR SALES OF THE SECURITIES WOULD BE PROHIBITED BY APPLICABLE LAW. THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN OFFER OF SECURITIES IN ANY JURISDICTION.
Fresenius has sold 13.4 million shares in Fresenius Medical Care AG at a price of €39.00 per share, generating gross proceeds of approximately €524 million
Fresenius's financial investment in Fresenius Medical Care reduces from approximately 25 per cent1 to approximately 20 per cent1 of issued share capital
Since the deconsolidation of Fresenius Medical Care, Fresenius has reduced the financial investment from approximately 32 per cent1 at deconsolidation to approximately 20 per cent1, for cumulative gross proceeds of approximately €2.3 billion
Proceeds will be used consistently with the stated capital allocation priorities set out under #FutureFresenius
Fresenius SE & Co. KGaA (XETR: FRE; OTCM: FSNUY) today completed the sale of 13.4 million shares in Fresenius Medical Care AG (XETR: FME; NYSE: FMS), announced on 11 November 2026, at a placing price of €39.00 per share. The placing generates gross proceeds of approximately €524 million and reduces Fresenius's financial investment in Fresenius Medical Care to approximately 20 per cent1 of issued share capital. Settlement is expected on 16 November 2026.
“The successful transaction is another step in our disciplined management of our Fresenius Medical Care investment and reflects the strategic direction we have set out with #FutureFresenius. We are freeing up capital to invest in our growth platforms and pursue our strategic priorities in the REJUVENATE phase," said Sara Hennicken, CFO of Fresenius.
The net proceeds will be available for investment in Fresenius’ growth platforms, consistent with the stated capital allocation priorities set out under #FutureFresenius.
●●●
Transaction Details
The placing was conducted as an accelerated bookbuild offering to institutional investors, with BNP Paribas, BofA Securities Europe SA, Deutsche Bank Aktiengesellschaft and J.P. Morgan SE acting as Joint Bookrunners.
Fresenius remains subject to a lock-up on its remaining shares of 90 days.
The anticipated book gain in the low to mid double-digit million euro range will be reflected in Fresenius Group’s Q4 2026 results, classified as special item.
Footnotes
1 Prior to any future exchange of bonds into Fresenius Medical Care shares and prior to any share cancellation under the current Fresenius Medical Care share buyback program
Forward-Looking Statements
This release contains forward-looking statements that are subject to various risks and uncertainties. Future results could differ materially from those described in these forward-looking statements due to certain factors, e.g. changes in business, economic and competitive conditions, regulatory reforms, results of clinical trials, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, the availability of financing and unforeseen impacts of international conflicts. Fresenius does not undertake any responsibility to update the forward-looking statements in this release.
IMPORTANT NOTICE
This announcement is not a prospectus and does not contain or constitute an offer of securities for sale in or into any jurisdiction, including the United States, Canada, Australia, Japan, South Africa or any jurisdiction in which offers or sales of the securities would be prohibited by applicable law. Neither this announcement nor anything contained herein shall form the basis of, or be relied upon in connection with, any offer or commitment whatsoever in any jurisdiction.
This announcement is not an offer to sell, or solicitation of an offer to buy, any securities in the United States. The securities described herein have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States absent registration or an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There will be no public offering of the securities described herein in the United States or anywhere else.
In member states of the European Economic Area ("EEA") and the United Kingdom, this announcement is directed exclusively at persons who are "qualified investors" within the meaning of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 ("Prospectus Regulation") or the Public Offers and Admissions to Trading Regulations 2024 ("POATRs") ("Qualified Investors").
In addition, in the UK, this announcement is only being distributed to and is only directed at (i) persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order"), (ii) high net worth entities falling within Article 49(2) of the Order, and (iii) persons at or to whom it can otherwise lawfully be distributed or directed (all such persons together being referred to as "relevant persons"). Any person who is not a relevant person should not act or rely on this announcement or any of its contents.
The information contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy or completeness.
This announcement may include statements that are, or may be deemed to be, "forward‐looking statements". These forward‐looking statements may be identified by the use of forward‐looking terminology, including the terms "believes", "estimates", "plans", "projects", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward‐looking statements may and often do differ materially from actual results. Any forward‐looking statements reflect the Company's current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to its business, results of operations, financial position, liquidity, prospects, growth or strategies. Forward‐looking statements speak only as of the date they are made.
The Company and its affiliates expressly disclaim any obligation or undertaking to update, review or revise any forward-looking statement contained in this announcement whether as a result of new information, future developments or otherwise.
No reliance may or should be placed by any person for any purposes whatsoever on the information contained in this announcement or on its completeness, accuracy or fairness. The information in this announcement is subject to change.
Quarterly Financial Report Q3 2026 (IFRS)
Conference Call Q3/2026 Presentation
In Q3/26, Fresenius continued to build on the structural improvements from its #FutureFresenius transformation, delivering healthy organic revenue growth, double-digit Core EPS growth while further improving returns. The company’s Growth Vectors continued to gain share, while the hospital business sustained resilient growth. Based on the upgraded core and the increased strategic flexibility, Fresenius started to scale its Biopharma business through targeted investments.
Michael Sen, CEO of Fresenius: “Fresenius delivered another excellent quarter, underscoring the strength and consistency of our execution. Organic revenue grew by 5%, while EBIT and Core EPS increased by 10% and 14%, respectively, at constant currency. Margins and returns also continued to improve, with ROIC reaching a new high. This performance enables us to improve our Core EPS outlook and raise our Group EBIT margin indication. Our strategy is translating into measurable results. Kabi’s Growth Vectors delivered 9% organic growth, led by Biopharma at 29%, while Helios achieved strong growth and margin expansion. We are progressing #FutureFresenius with disciplined investments, including the acquisition of the remaining 45% of mAbxience and our strategic agreement with WuXi Biologics, which will significantly expand and accelerate our biosimilars pipeline. Fresenius continues to demonstrate resilience, with improving earnings visibility. We have strengthened our core and improved our financial position, laying the foundation for our next phase of profitable, innovation-led growth and sustainable long-term value creation.”
Fresenius entered exclusive development agreement to expand biosimilars pipeline
On November 2, 2026, Fresenius announced that it has entered an exclusive development agreement with WuXi Biologics. This is the largest development agreement announced in the biosimilars industry to date and provides Fresenius with exclusive access to up to 37 potential first-to-market biosimilar candidates to significantly expand Fresenius’ portfolio from 29 marketed and pipeline molecules today to up to 66 in the next decade, addressing more than €370 billion in originator sales. The agreement gives Fresenius full strategic flexibility to select and advance biosimilar candidates to develop, while retaining full commercialization economics of products under the agreement.
Fresenius will determine the long-term manufacturing strategy for each candidate, with optionality to leverage the mAbxience network. The next-generation portfolio spans 13 therapeutic areas and multiple biologic technologies, including monoclonal and bispecific antibodies, antibody-drug conjugates and fusion proteins. The agreement significantly expands and accelerates Fresenius’ biosimilars pipeline, extending Biopharma growth in the long term beyond its 2030 ambition.
Guidance for Fiscal Year 20261 - Group Core EPS3 guidance improved
Fresenius Group5: organic revenue growth2 in the range of 4% to 7%; constant currency Core EPS3 growth now expected to reach the upper half of the 10% to 15% range; EBIT margin8 above 11.5% expected.
Fresenius Kabi6: organic revenue growth2 in the mid- to high-single-digit percentage range; EBIT margin1 at the upper end of the 16.5% to 17.0% range expected.
Fresenius Helios7: organic revenue growth in the mid-single-digit percentage range; EBIT margin1 of 10.0% to 10.5%.
Assumptions to guidance: The company acknowledges that the prevailing trends of fast-moving macroeconomic and geopolitical environment continue, resulting in increased volatility and a higher level of operational uncertainty. The guidance does not take into account potential extreme scenarios that could affect the company, its peers, and the healthcare sector as a whole.
Fresenius Group – Business development Q3/26
Group revenue1 grew organically by 5%1,2 reaching €5,803 million. Group EBIT before special items amounted to €638 million, an increase of 10% in constant currency. Growth was supported by both Fresenius Kabi and Fresenius Helios. At Fresenius Kabi, the Growth Vectors – Biopharma, MedTech and Nutrition – showed a particularly strong performance. EBIT growth at Fresenius Helios was strongly positive driven by solid topline growth, continued improvements in cost management, and the effects from the surcharge on invoices of publicly insured patients in Germany recognized under other operating income, which expired at the end of October 2026, as well as positive phasing effects. Group EBIT margin1 improved by 50 bps yoy to 11.0%. Group Core net income1,3 increased by 14% in constant currency to €403 million based on the operating result and the significant deleveraging in recent years benefitting the interest line supporting the earnings performance.Group Core EPS1,3 rose by 14% in constant currency to €0.72 and underscores the durable, higher-quality operational performance.
Operating Companies – Business development Q3/26
Fresenius Kabi
Q3/26: Growth Vectors continued to scale through innovation-led growth, contributing more than half to Fresenius Kabi’s overall EBIT, further strengthening Kabi’s earnings and growth profile. Organic revenue growth was at the upper end of the structural growth band of 4% to 7% driven by the Growth Vectors. Biopharma momentum continued. The Growth Vectors’ EBIT margin1 increased by 240 bps to 18.3%, surpassing the FY/26 Fresenius Kabi EBIT guidance range of 16.5% to 17.0%.
Organic revenue growth2 of 6% driven by the Growth Vectors and led by Biopharma; revenue rose to €2,304 million. Growth Vectors with 9% organic revenue growth2; Biopharma 29%, MedTech 6%, and Nutrition 4%.
Pharma revenue: €935 million, organic revenue grew by 1%2 driven by strong I.V. solutions growth in Europe and broad-based volume growth in the U.S., partially offset by ongoing pricing pressure in the U.S. IV Drugs. EBIT1 of Fresenius Kabi increased to €391 million or 8% in constant currency. Growth was driven by the strong operational performance coupled with scaling effects and continued productivity gains. The Growth Vectors contributed more than half to Fresenius Kabi’s EBIT, reflecting rising earnings contribution and increased profitability. The EBIT margin1 of 17.0% reflects the strong operating performance and productivity gains. EBIT1 of the Growth Vectors rose by 27% in constant currency to €251 million mainly driven by the strong development at Biopharma; EBIT margin1 improved by 240 bps to 18.3%, clearly within Fresenius Kabi’s structural margin band of 17% to 19%. EBIT1 of Pharma decreased 10% in constant currency to €187 million. Positive developments in Europe and good volume demand in the U.S. only partially compensated for pricing pressure in the U.S. The EBIT margin1 was 20.0%. The year-to-date EBIT margin1 was 20.1% and hence well in line with the FY/26 expectations.
Fresenius Helios
Q3/26: Fresenius Helios demonstrated resilience and delivered organic revenue growth within its ambition band, excellent EBIT growth and strong profitability despite the typical third-quarter seasonality in Spain. Helios Germany expanded its EBIT margin by 160 bps to 9.6% year-on-year, supported for the last time from the full-quarter benefit of the reimbursement surcharge. Helios Spain achieved solid revenue growth and a margin in line with third-quarter expectations.
5% organic revenue growth1 mainly driven by favourable pricing and activity levels increasing at both Germany and Spain; revenue1 increased by 4% in constant currency to €3,405 million.
Regulatory update Germany: The 2027 DRG inflator was set at 4.85% confirming a supportive reimbursement environment. It includes a 3.42% base wage rate net of the statutory deduction, an additional 0.29% tariff effect and an 1.14% one-time base effect.
As part of the emergency care reform, in October, the Bundestag has adopted a draft bill introducing a surcharge per inpatient case from 1 January 2027, providing €450 million in additional funding to non-university hospitals. The law will enter the Bundesrat later this month for final approval.
Footnotes
1 Before special items
2 Organic growth rate adjusted for accounting effects related to Argentina hyperinflation
3 Excluding Fresenius Medical Care and Vitrea
4 At average exchange rates for both net debt and EBITDA; pro forma closed acquisitions/divestitures, including lease liabilities, including dividends from Fresenius Medical Care and Vitrea, net debt adjusted for the valuation effect of the exchangeable bond
5 2025 base: €22,554 million (revenue), €2.87 (Core EPS)
6 2025 base: €8,612 million (revenue) and €1,413 million (EBIT)
7 2025 base: €13,550 million (revenue) and €1,328 million (EBIT)
8 This metric (EBIT margin) is provided solely for modelling purposes and does not form part of the official guidance; 2025 Base: €2,595 million
Note on the presentation of financial figures
Conference call and Audio webcast
As part of the publication of the Q3/26 results, a conference call will be held on November 4, 2026 at 1:30 p.m. CEST / 7:30 a.m. EST. You are cordially invited to follow the conference call in a live audio webcast at https://www.fresenius.com/investors. Following the call, a replay will be available on our website.
About Fresenius
Fresenius SE & Co. KGaA (XETR: FRE; OTCM: FSNUY) is a global healthcare company headquartered in Bad Homburg vor der Höhe, Germany. In the full-year 2025, Fresenius generated €22.6 billion (excluding special items) in annual revenue. Fresenius employs more than 178,000 people. The Fresenius Group comprises the operating companies Fresenius Kabi and Fresenius Helios as well as an investment in the separately listed Fresenius Medical Care AG.
With around 140 hospitals, 330 outpatient facilities and 300 occupational risk prevention centres, Fresenius Helios is the leading private hospital operator in Germany and Spain, treating around 27 million patients every year. Fresenius Kabi’s product portfolio touches the lives of 450 million patients annually and includes a range of highly complex biopharmaceuticals, clinical nutrition, medical technology, and intravenous generic drugs and fluids.
Fresenius was established in 1912 by the Frankfurt pharmacist Dr. Eduard Fresenius. After his death, Else Kröner took over management of the company in 1952. She laid the foundations for a global enterprise that today pursues the goal of improving people’s health. The largest shareholder is the non-profit Else Kröner Fresenius Foundation, which is dedicated to advancing medical research and supporting humanitarian projects.
For more information, visit fresenius.com and follow Fresenius Investor Relations on LinkedIn.
About Fresenius Medical Care
Fresenius Medical Care AG is an independent, separately listed company (XETR: FME; NYSE: FMS), in which Fresenius SE & Co. KGaA holds a financial investment of approximately 25%; Fresenius Medical Care's results are not consolidated in the Fresenius Group's revenue and earnings.
Forward-Looking Statements
This release contains forward-looking statements that are subject to various risks and uncertainties including statements regarding the potential number of biosimilar candidates developed under the agreement with WuXi Biologics, the resulting pipeline size (including references to "up to 66" molecules), the timing and scope of any transfer of manufacturing to the mAbxience network, and Fresenius' growth prospects beyond 2030. Whether, when and how many candidates are developed under the agreement remains subject to Fresenius' future exercise of options on a candidate-by-candidate basis, and no assurance can be given that any, or all, of the identified candidates will be developed or will reach the market. Future results could differ materially from those described in these forward-looking statements due to certain factors, e.g. changes in business, economic and competitive conditions, regulatory reforms, results of clinical trials, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, the availability of financing and unforeseen impacts of international conflicts. Fresenius does not undertake any responsibility to update the forward-looking statements in this release.
Correspondence Address
Fresenius SE & Co. KGaA
Registered Office: Bad Homburg, Germany
Commercial Register: Amtsgericht Bad Homburg, HRB 11852
Chairman of the Supervisory Board: Wolfgang Kirsch
Fresenius Management SE
Registered Office: Bad Homburg, Germany
Commercial Register: Amtsgericht Bad Homburg, HRB 11673
Management Board: Michael Sen (Chairman), Sara Hennicken, Dr. Marc-Alexander Mahl, Dr. Michael Moser, Dr. Christian Pawlu
Chairman of the Supervisory Board: Wolfgang Kirsch
Securities Information
Fresenius SE & Co. KGaA is listed on the Frankfurt Stock Exchange and is a member of the DAX 40 index. The shares are traded on Xetra, the electronic trading venue of Deutsche Börse, under the ticker FRE.
ISIN: DE000FRE5EN2 ● German Securities Code: FRE5EN
American Depository Receipts
Fresenius SE & Co. KGaA maintains a sponsored Level I American Depositary Receipt programme, traded over the counter in the United States on the OTC Markets platform under the ticker FSNUY, at a ratio of four American Depositary Receipts to one ordinary share. Depositary bank: J.P. Morgan Chase Bank N.A.
ISIN: US35804M1053 ● CUSIP: 35804M105
Contacts
For Media contacts, click here, and to contact Investor Relations, click here.
In Q3/26, Fresenius continued to build on the structural improvements from its #FutureFresenius transformation, delivering healthy organic revenue growth, double-digit Core EPS growth while further improving returns. The company’s Growth Vectors continued to gain share, while the hospital business sustained resilient growth. Based on the upgraded core and the increased strategic flexibility, Fresenius started to scale its Biopharma business through targeted investments.
Michael Sen, CEO of Fresenius: “Fresenius delivered another excellent quarter, underscoring the strength and consistency of our execution. Organic revenue grew by 5%, while EBIT and Core EPS increased by 10% and 14%, respectively, at constant currency. Margins and returns also continued to improve, with ROIC reaching a new high. This performance enables us to improve our Core EPS outlook and raise our Group EBIT margin indication. Our strategy is translating into measurable results. Kabi’s Growth Vectors delivered 9% organic growth, led by Biopharma at 29%, while Helios achieved strong growth and margin expansion. We are progressing #FutureFresenius with disciplined investments, including the acquisition of the remaining 45% of mAbxience and our strategic agreement with WuXi Biologics, which will significantly expand and accelerate our biosimilars pipeline. Fresenius continues to demonstrate resilience, with improving earnings visibility. We have strengthened our core and improved our financial position, laying the foundation for our next phase of profitable, innovation-led growth and sustainable long-term value creation.”
Fresenius entered exclusive development agreement to expand biosimilars pipeline On November 2, 2026, Fresenius announced that it has entered an exclusive development agreement with WuXi Biologics. This is the largest development agreement announced in the biosimilars industry to date and provides Fresenius with exclusive access to up to 37 potential first-to-market biosimilar candidates to significantly expand Fresenius’ portfolio from 29 marketed and pipeline molecules today to up to 66 in the next decade, addressing more than €370 billion in originator sales. The agreement gives Fresenius full strategic flexibility to select and advance biosimilar candidates to develop, while retaining full commercialization economics of products under the agreement.
Fresenius will determine the long-term manufacturing strategy for each candidate, with optionality to leverage the mAbxience network. The next-generation portfolio spans 13 therapeutic areas and multiple biologic technologies, including monoclonal and bispecific antibodies, antibody-drug conjugates and fusion proteins. The agreement significantly expands and accelerates Fresenius’ biosimilars pipeline, extending Biopharma growth in the long term beyond its 2030 ambition.
Guidance for Fiscal Year 20261 - Group Core EPS3 guidance improved
Fresenius Kabi6: organic revenue growth2 in the mid- to high-single-digit percentage range; EBIT margin1 at the upper end of the 16.5% to 17.0% range expected.
Fresenius Helios7: organic revenue growth in the mid-single-digit percentage range; EBIT margin1 of 10.0% to 10.5%.
Assumptions to guidance: The company acknowledges that the prevailing trends of fast-moving macroeconomic and geopolitical environment continue, resulting in increased volatility and a higher level of operational uncertainty. The guidance does not take into account potential extreme scenarios that could affect the company, its peers, and the healthcare sector as a whole.
Fresenius Group – Business development Q3/26
Group revenue1 grew organically by 5%1,2 reaching €5,803 million.
Group EBIT before special items amounted to €638 million, an increase of 10% in constant currency. Growth was supported by both Fresenius Kabi and Fresenius Helios. At Fresenius Kabi, the Growth Vectors – Biopharma, MedTech and Nutrition – showed a particularly strong performance. EBIT growth at Fresenius Helios was strongly positive driven by solid topline growth, continued improvements in cost management, and the effects from the surcharge on invoices of publicly insured patients in Germany recognized under other operating income, which expired at the end of October 2026, as well as positive phasing effects. Group EBIT margin1 improved by 50 bps yoy to 11.0%.
Group Core net income1,3 increased by 14% in constant currency to €403 million based on the operating result and the significant deleveraging in recent years benefitting the interest line supporting the earnings performance.
Group Core EPS1,3 rose by 14% in constant currency to €0.72 and underscores the durable, higher-quality operational performance.
Operating Companies – Business development Q3/26
Fresenius Kabi
Q3/26: Growth Vectors continued to scale through innovation-led growth, contributing more than half to Fresenius Kabi’s overall EBIT, further strengthening Kabi’s earnings and growth profile. Organic revenue growth was at the upper end of the structural growth band of 4% to 7% driven by the Growth Vectors. Biopharma momentum continued. The Growth Vectors’ EBIT margin1 increased by 240 bps to 18.3%, surpassing the FY/26 Fresenius Kabi EBIT guidance range of 16.5% to 17.0%.
Organic revenue growth2 of 6% driven by the Growth Vectors and led by Biopharma; revenue rose to €2,304 million.
Growth Vectors with 9% organic revenue growth2; Biopharma 29%, MedTech 6%, and Nutrition 4%.
Pharma revenue: €935 million, organic revenue grew by 1%2 driven by strong I.V. solutions growth in Europe and broad-based volume growth in the U.S., partially offset by ongoing pricing pressure in the U.S. IV Drugs.
EBIT1 of Fresenius Kabi increased to €391 million or 8% in constant currency. Growth was driven by the strong operational performance coupled with scaling effects and continued productivity gains. The Growth Vectors contributed more than half to Fresenius Kabi’s EBIT, reflecting rising earnings contribution and increased profitability. The EBIT margin1 of 17.0% reflects the strong operating performance and productivity gains.
EBIT1 of the Growth Vectors rose by 27% in constant currency to €251 million mainly driven by the strong development at Biopharma; EBIT margin1 improved by 240 bps to 18.3%, clearly within Fresenius Kabi’s structural margin band of 17% to 19%.
EBIT1 of Pharma decreased 10% in constant currency to €187 million. Positive developments in Europe and good volume demand in the U.S. only partially compensated for pricing pressure in the U.S. The EBIT margin1 was 20.0%. The year-to-date EBIT margin1 was 20.1% and hence well in line with the FY/26 expectations.
Fresenius Helios
Q3/26: Fresenius Helios demonstrated resilience and delivered organic revenue growth within its ambition band, excellent EBIT growth and strong profitability despite the typical third-quarter seasonality in Spain. Helios Germany expanded its EBIT margin by 160 bps to 9.6% year-on-year, supported for the last time from the full-quarter benefit of the reimbursement surcharge. Helios Spain achieved solid revenue growth and a margin in line with third-quarter expectations.
5% organic revenue growth1 mainly driven by favourable pricing and activity levels increasing at both Germany and Spain; revenue1 increased by 4% in constant currency to €3,405 million.
Regulatory update Germany: The 2027 DRG inflator was set at 4.85% confirming a supportive reimbursement environment. It includes a 3.42% base wage rate net of the statutory deduction, an additional 0.29% tariff effect and an 1.14% one-time base effect.
As part of the emergency care reform, in October, the Bundestag has adopted a draft bill introducing a surcharge per inpatient case from 1 January 2027, providing €450 million in additional funding to non-university hospitals. The law will enter the Bundesrat later this month for final approval.
Footnotes
1 Before special items
2 Organic growth rate adjusted for accounting effects related to Argentina hyperinflation
3 Excluding Fresenius Medical Care and Vitrea
4 At average exchange rates for both net debt and EBITDA; pro forma closed acquisitions/divestitures, including lease liabilities, including dividends from Fresenius Medical Care and Vitrea, net debt adjusted for the valuation effect of the exchangeable bond
5 2025 base: €22,554 million (revenue), €2.87 (Core EPS)
6 2025 base: €8,612 million (revenue) and €1,413 million (EBIT)
7 2025 base: €13,550 million (revenue) and €1,328 million (EBIT)
8 This metric (EBIT margin) is provided solely for modelling purposes and does not form part of the official guidance; 2025 Base: €2,595 million
Note on the presentation of financial figures
This release contains forward-looking statements that are subject to various risks and uncertainties. Future results could differ materially from those described in these forward-looking statements due to certain factors, e.g. changes in business, economic and competitive conditions, regulatory reforms, results of clinical trials, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, the availability of financing and unforeseen impacts of international conflicts. Fresenius does not undertake any responsibility to update the forward-looking statements in this release.
Fresenius SE & Co. KGaA
Registered Office: Bad Homburg, Germany / Commercial Register: Amtsgericht Bad Homburg, HRB 11852
Chairman of the Supervisory Board: Wolfgang Kirsch
General Partner: Fresenius Management SE
Registered Office: Bad Homburg, Germany / Commercial Register: Amtsgericht Bad Homburg, HRB 11673
Management Board: Michael Sen (Chairman), Sara Hennicken, Dr. Marc-Alexander Mahl, Dr. Michael Moser, Dr. Christian Pawlu
Chairman of the Supervisory Board: Wolfgang Kirsch
