An overview of key financial figures is available at the end of the release.

FY/24: Upgraded outlook achieved, consistent financial performance with profitable growth. 

• Group revenue¹ at €21.5 billion with strong organic growth^1,2 of 8%
• Group EBIT¹ at €2.5 billion, increase of 10%³ in constant currency; EBIT margin¹ of 11.6%, 40 bps above prior year
• Net income^1,4 grew by 13%³ in constant currency to €1,461 million, outpacing revenue growth
• EPS^1,4 grew to €2.59 
• Accumulative Group structural productivity savings ahead of plan reached €474 million (planned €400 million)
• Excellent Group operating cash flow of €2.4 billion resulting from focused cash management 
• Deleveraging continued: net debt/EBITDA ratio further improved to 3.0x^1,5 driven by excellent cash flow. Decline of more than 70 bps since YE/23
• Dividend proposal of €1.00 per share

¹ Before special items
² Organic growth rate adjusted for accounting effects related to Argentina hyperinflation.
³ Growth rate adjusted for Argentina hyperinflation.
⁴ Excluding Fresenius Medical Care
⁵ At average exchange rates for both net debt and EBITDA; pro forma closed acquisitions/divestitures, including lease liabilities, including Fresenius Medical Care dividend 
Q4/2024: Continued growth and further deleveraging

• Group revenue¹ at €5.5 billion with organic growth of 7%^1,2 driven by consistent positive development of Kabi and a strong performance at Helios 
• Group EBIT¹ at €646 million with solid constant currency growth of 7%³ on the back of significant operational improvements at Kabi; end of energy relief payments weighing on Helios Germany; Group EBIT margin¹ of 11.7% 
• EPS^1,4 with outstanding constant currency growth of 29%³ to €0.69; upward impact due to high tax rate in prior-year quarter
• Strong operating cashflow of close to €1 billion in Q4

¹ Before special items
² Organic growth rate adjusted for accounting effects related to Argentina hyperinflation.
³ Growth rate adjusted for Argentina hyperinflation
⁴ Excluding Fresenius Medical Care

Michael Sen, CEO of Fresenius: “Thanks to a tremendous team effort, Fresenius delivered outstanding results in 2024 with high-single-digit organic revenue growth and double-digit EBIT and EPS growth. Our growth vectors – Nutrition, MedTech and Biopharma – and consistent performance from Helios paced this strong development. On top of this operating success, we ended the year with a significant reduction in leverage, which is at the lowest level in seven years.

The momentum for success will continue through 2025, as we move to the next phase of #FutureFresenius and take the company to the next level of performance.  For 2025 we expect 4% to 6% in revenue growth and 3% to 7% in EBIT growth.  We have also upgraded our ambition level of the Fresenius Financial Framework. This includes higher margin ambitions for Kabi, and for the Group a lower leverage corridor.

We also want to pass on our improving financial strength to our shareholders. Thus, we want to recommend a dividend payment for the year of 1 Euro per share.

As we move forward, we continue to focus on performance and delivery. Our mission to save and improve human lives is unwavering: Fresenius is Committed to Life." 

Outlook for Fiscal Year 2025

Fresenius Group¹: Organic revenue growth^3,5 of 4% to 6%, 
constant currency EBIT growth⁴ in the range of 3% to 7%
Fresenius Kabi²: Organic revenue growth³ in the mid- to high-single-digit percentage range; EBIT margin⁵ of 16.0% to 16.5% 
Fresenius Helios⁶: Organic revenue growth⁵ in the mid-single-digit percentage range; EBIT margin⁵ around 10% 
Assumptions to guidance: Guidance assumes current factors and known uncertainties, but it does not reflect potential extreme scenarios from a fast-moving geopolitical environment.

Fresenius Financial Framework – Ambitions further raised

• Structural EBIT margin⁵ ambition raised for Kabi to 16 to 18% (previously 14 to 17%).
• Self-imposed leverage target⁷ corridor upgraded to 2.5 to 3.0x net debt/EBITDA (previously 3.5 to 3.0x)

New dividend policy reflects capital allocation priorities

Fresenius’ new dividend policy is designed to ensure attractive shareholder returns while at the same time providing 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. 

For fiscal year 2024, Fresenius wants to propose a dividend of €1.00 per share. The dividend proposal is a strong increase over the 2022 base and demonstrates Fresenius’ improving financial strength and its commitment to delivering shareholder value. 

For fiscal year 2023, Fresenius’ dividend payment was interrupted by legal restrictions due to the receipt of the energy relief payments at Helios in Germany.

¹ 2024 base: €21,526 million (revenue) and €2,489 million (EBIT)
² 2024 base: €8,414 million (revenue) and €1,319 million (EBIT)
³ Organic growth rate adjusted for accounting effects related to Argentina hyperinflation
⁴ Growth rate adjusted for Argentina hyperinflation
⁵ Before special items
⁶ 2024 base: €12,739 million (revenue) and €1,288 million (EBIT)
⁷ At expected average exchange rates for both net debt and EBITDA; pro forma closed
acquisitions/divestitures; excluding further potential acquisitions/divestitures; before
special items; including lease liabilities, including Fresenius Medical Care dividend 
Fresenius Group – Business development FY/24

Fresenius closed fiscal year 2024 with a strong fourth quarter and achieved its twice-upgraded full-year guidance. The consistent positive delivery of Fresenius Kabi and the strong performance at Fresenius Helios drove an 8%¹ year-on-year group organic revenue² increase to €21.5 billion. Due to an improved operating business performance, Group EBIT before special items increased 10%³ in constant currency to €2.5 billion. Earnings per share^2,4 rose by 13%3 in constant currency to €2.59. 

End of 2024, the #FutureFresenius Revitalize phase has been successfully concluded, resulting in significant financial progress driven by a simpler Group structure, improved steering, an optimized portfolio and a refined operating model. In 2025, the focus will be on continued value creation by entering the Rejuvenate phase, which also aims to pursue platform-driven growth. In 2025 the emphasis will be on further debt reduction, delivering higher Kabi margins, drive Helios’ program and fostering innovation. 

A dedicated performance programme for Helios has been set up to increase efficiency and productivity, and to counteract the end of the energy relief funding. The programme is expected to contribute ~€100 million at EBIT level by 2025 at Helios Germany. Combined with further incremental growth of Helios in Germany and Spain, the Fresenius Helios EBIT margin is expected to be around 10% in FY/25. Contributions from the performance programme will be weighted to the second half of 2025, in particular, as some of the levers are process-related and will take time to deliver and realize benefits. Some of the performance measures are likely to materialize fully beyond 2025. This sets an excellent basis for further improving productivity within the 10 to 12% structural margin band in 2026 and beyond. 

¹ Organic growth rate adjusted for accounting effects related to Argentina hyperinflation.
² Before special items
³ Growth rate adjusted for Argentina hyperinflation
⁴ Ex Fresenius Medical Care

Operating Companies – Business development FY/24 and Q4

Fresenius Kabi

In FY/24, Fresenius Kabi delivered consistent financial performance over the course of the year with excellent organic revenue growth of 10%¹ above the top-end of the structural growth band and an impressive EBIT margin² expansion of 140 bps to 15.7%.

Q4/24: Fresenius Kabi delivered a strong finish to the year

• Organic revenue growth of 9%¹ driven by positive pricing effects, particularly in Argentina, revenue increased by 8% to €2,148 million.
• Growth vectors with strong organic revenue¹ increase of 18%: MedTech 7%, Nutrition 21%, Biopharma 39%.
  • Nutrition revenue: €614 million, benefited from positive pricing effects in Argentina and the good development in the U.S., driven by the ongoing roll-out of lipid emulsions.
  • Biopharma revenue: €144 million, driven by the overall good rollout of Tyenne in Europe and the U.S.
  • MedTech revenue: €424 million, driven by a broad-based positive development across most regions, including the U.S. and Europe
• Pharma revenue: €966 million, flat organic revenue development¹; the positive development in many regions was offset by a softer development in China.
• China business continued to be impacted by a general economic weakness, price declines in connection with tenders, and indirect effects of the government’s countrywide anti-corruption campaign. 
• EBIT² of Fresenius Kabi grew 21% to €340 million, driven by good revenue development and improved structural productivity. The EBIT-margin² was 15.8%, a 170 bps expansion.
• EBIT² of the Growth Vectors increased by 71% on a positive development across the board; EBIT margin² was 14.7%. EBIT positive in Biopharma in FY/24.
• EBIT² of Pharma increased by 5% to €198 million. EBIT margin² was 20.5% driven in particular by cost discipline.

¹ Organic growth rate adjusted for the accounting effects related to Argentina hyperinflation.
² Before special items

Fresenius Helios

In FY 2024, Fresenius Helios delivered organic revenue growth of 6% driven by solid activity growth and favorable price developments in Germany and Spain. EBIT margin¹ of 10.1% within the structural margin band ambition.

Q4/24: Fresenius Helios with strong EBIT development in Spain; end of energy relief payments weighing on Helios Germany 

• Strong 6% organic revenue growth at the top-end of structural growth band driven equally by Helios Germany (6% organic growth) and Helios Spain (6% organic growth); revenue before special items increased 6% to €3,273 million.
• Helios Germany with revenue of €1,937 million; growth driven by pricing effects and admissions growth. 
• Helios Spain with revenue before special items of €1,336 million, driven by solid activity levels and favourable price effects. The clinics in Latin America also showed a good performance.
• EBIT¹ of Fresenius Helios declined 5% to €339 million as the energy relief funds ended in Q4. EBIT margin¹ was solid at 10.4% driven by the excellent profitability at Helios Spain with a margin of 15.8% and 15% EBIT growth.
• EBIT¹ of Helios Germany decreased by 22% to €128 million as the prior-year quarter was significantly supported by energy relief funds.
• Dedicated Helios performance programme initiated to drive further operational excellence and compensate end of energy relief funding in Germany. Fresenius Helios EBIT margin is expected to be around 10% in FY/25. 

¹ Before special items

Financial figures and growth rates adjusted for the divestment of the fertility services group
Eugin and the hospital stake in Peru.

Group figures Q4 & FY 2024

Note on the presentation of financial figures 

• If no timeframe is specified, information refers to Q4/2024.
• Consolidated results for Q4/24 as well as for Q4/23 include special items. An overview of the results for Q4/2024 - before and after special items – is available on our website.
• The results of Fresenius Helios and accordingly of the Fresenius Group for Q4/24 and Q4/23 are adjusted by the sale of the fertility services group Eugin and the divestment of the majority stake in the hospital Clínica Ricardo Palma hospital in Lima, Peru.
• Growth rates in constant currency of Fresenius Kabi are adjusted. Adjustments relate to the hyperinflation in Argentina. Accordingly, in constant currency growth rates of the Fresenius Group are also adjusted. 
• Information on the performance indicators is available on our website at https://www.fresenius.com/alternative-performance-measures.

 

* * *

Conference call and Audio webcast 

As part of the publication Fourth Quarter and Full Year 2024 results, a conference call will be held on February 26, 2025 at 1:30 p.m. CET (7:30 a.m. EST). All investors are cordially invited to follow the conference call in a live audio webcast at www.fresenius.com/investors. Following the call, a replay will be available on our website.
 

We value open communication and strive to create an environment in which patients, employees, members of local communities, business partners, or other potentially affected persons can report human rights violations or non-compliance with environmental regulations. To this end, we have set up whistleblower systems.

Process for handling and investigating reports

The following graphic illustrates the steps for processing reports, starting from the acknowledgment of receipt to the feedback provided to the person filing the report, using the example of two fictional protagonists: Kate and Aditi.*

*The persons and stories depicted in this image are purely fictional. Any resemblance to actual persons is purely coincidental and unintentional.

Help us do the right thing!

Have you ever had the feeling that something isn’t quite right? Perhaps you noticed something that shouldn’t be the way it is, or you yourself were affected by such a situation. That’s when it’s time to report a grievance.

Watch the video to find out how to report a grievance, to learn why reporting grievances is so important, and to see what happens to a report after you submit it.

Reports received with human rights relevance in the reporting year 2024

The metrics describe the reports received through our reporting systems in the reporting year that were related to human rights – broken down into those affected in our own operations and those in our value chain. Of the 28 reports received, 4 were violations of working hours and rest breaks, remuneration and occupational health and safety. 

No report was related to a severe human rights violation in the upstream or downstream value chain or in our own operations.¹

Consideration of the interest of those affected

At Fresenius, we attach great importance to taking appropriate account of the interests of whistleblowers and those of potentially affected persons in the processing of reports. We achieve this through a transparent, fair and comprehensive examination of all incoming complaints by specially trained staff.

Our aim is to ensure that the concerns of those affected are taken seriously and processed in accordance with the applicable legal and internal company requirements. In doing so, we ensure that all relevant information and perspectives are included in the decision-making process to find a balanced and appropriate solution.

Through feedback from those affected, we analyze how our process is accepted in practice and where there is potential for optimization. This input is incorporated into the further development of our processes to ensure that the interests of those affected are taken into account even better in future.
 

Review and further development of our complaints procedure

The results of our risk analysis and the findings on potential target groups of our grievance and whistleblower channels are incorporated into the further development of our grievance mechanism and the processing of respective reports. Based on our findings, we review the effectiveness of the procedure on an annual basis, or more frequently if required. Where necessary, we make appropriate adjustments and changes with regard to accessibility and process.

To prevent, eliminate, or minimize human rights risks, both the Group and each business segment take appropriate preventive measures tailored to the individual case in our own business and in the value chain. In cases where our business activities have caused or contributed to human rights violations, we take appropriate and effective case-specific remedial action.

Preventive Measures

The following overview provides a non-exhaustive summary of potential standard preventive measures for Fresenius’s own operations and / or the value chain. 

Own Operations

Standard preventive measures within our own operations include, among others, a binding Code of Conduct for our employees, guidelines on social and labor standards, as well as management systems for occupational health and safety.

In addition to training on human rights and communication measures related to our Human Rights Statement, our Internal Control System (ICS) and regular internal audits strengthen the implementation and monitoring of our human rights due diligence obligations.

Value Chain

Our measures within the value chain include, among other things, a Code of Conduct for business partners as well as risk-based training on human rights requirements, including information on the grievance mechanism.

These are complemented by risk-based assessments and ongoing monitoring of our business partners. Human rights and environmental clauses in contracts, along with our memberships in industry and multi-stakeholder initiatives, further support the implementation of our due diligence obligations throughout the value chain. In addition, within the scope of our influence, we develop specific prevention measures tailored to the results of regular and event-driven risk analyses and document these accordingly.

Further information on specific preventive measures can be found under Risk Analysis and Impact as well as in the 2024 CSRD report in the chapters “Own workforce” and “Workers in the value chain”.

Remedial measures

The aim of any remedial action is to end or minimize and, if possible, reverse the human rights or environmental violation. To measure effectiveness, we review the implementation of the measures at a case-specific interval. If necessary, we initiate further measures. A process is only considered closed when all remediation measures have been fully implemented. 

To address negative impacts on rightsholders, we have developed a toolbox to provide practical support for human rights specific remediation measures. This is aimed at colleagues involved in investigating human rights and environmental violations affecting employees of Fresenius as well as workers in the value chain and consists of various components. These include general guidance on remediation in accordance with the LkSG and international human-rights-related standards and principles. It also includes guidance on dealing with specific human rights violations and a handout for evaluating the effectiveness of remediation.

Appropriateness and effectiveness review of the measures taken

We continuously review the effectiveness of preventive and corrective measures after implementation. This evaluation also incorporates new insights, such as those from our risk analysis and feedback from the affected stakeholder groups. If required, we initiate targeted adjustments to further enhance the effectiveness of the measures.

Human rights risks can change over time. We therefore conduct annual and event-related risk analyses. In the 2024 reporting period, this was done in the third and fourth quarters. An event-related risk analysis was not conducted.

Process for identifying and assessing human rights risks

Identifying and assessing human rights risks in our own company and in our value chain is a comprehensive process that consists of risk identification, risk analysis, and risk assessment. We follow a risk-based approach that can be divided into three phases and is explained below with the help of the fictional protagonist, John.*

*The persons and stories depicted in these images are purely fictional. Any resemblance to actual persons is purely coincidental and unintentional.

Curious about how we weigh and prioritize risks? Here's how:

To weight and prioritize risks, we introduced a comprehensive methodology for assessing their impact and likelihood of occurring. Using this method, the risks are plotted on a matrix (4x4).

The evaluated impact on those affected ranges from “low” to “severe”. It is assessed using four evaluation criteria: scope, scale, possibility for remedial action, and company involvement.
Probability of occurrence ranges from “unlikely” to “almost certain”. It is assessed using three different evaluation criteria: process evaluation, evaluation of similar cases which have already arisen, and context factors which could increase the likelihood of the risks materializing.

Results of the risk analysis

We carry out a regular risk analysis of human rights topics for both our own businesses and our supply chains in accordance with the specific requirements of applicable international and national laws and regulations. As part of this risk analysis, we identify areas that we consider to have high priority due to the potential severity of possible violations and due to our ability to influence them.

Prioritized risk areas for own operations

The risk analysis for the 2024 reporting year confirmed the following existing prioritized risk areas for our own operations and revealed additional potential risks: 

• Discrimination and unequal treatment
• Freedom of association and collective bargaining
• Occupational health and safety in the workplace 

Preventive measures to mitigate risks in our own operations

Prioritized risk areas for our value chain

The risk analysis for the 2024 reporting year confirmed the following existing prioritized risk areas for our value chain and revealed additional potential risks: 

• Remuneration and appropriate compensation
• Discrimination and unequal treatment
• Environmental pollution
• Freedom of association and collective bargaining
• Occupational health and safety in the workplace

Preventive measures to mitigate risks across our value chain

To counter the potentially negative effects, we have initiated and implemented further preventive measures in addition to existing ones. With the risk-based implementation of human rights and environmental clauses in contracts, we also agree with suppliers on specific requirements for cooperation and information obligations in the event of human rights violations. 

Our Code of Conduct for Business Partners also sets out fundamental expectations regarding respect for human rights. To monitor compliance with these principles and use the results to provide industry-wide support, Fresenius Kabi, for example, prepared to join the Pharmaceutical Supply Chain Initiative (PSCI) as an associate member in the reporting year (2024). In the future, the company will participate in the industry-wide audit pooling and thus contribute to greater transparency regarding working conditions and – where necessary – corresponding corrective or remedial measures in the pharmaceutical supply chain.

To further increase transparency in our upstream and downstream processes, we also plan to further expand the existing descriptions and visualizations of our value chains and carry out focus risk analyses on this basis. Further details on preventive and remedial measures, as well as on appropriateness and effectiveness, are available here.

Operational implementation of the Human Rights Program is ensured through Group-wide governance and clear responsibilities within the business segments and at Group level. The Management Board oversees our Group-wide Human Rights Program. The Group function Risk & Integrity reports directly to the Board member responsible for Sustainability.

Review of risk management: effectiveness and appropriateness

The Group Human Rights Office supports the business segments and monitors their activities for implementing human rights due diligence. The appropriateness and effectiveness of these are monitored via the implemented processes, measures and corresponding documentation. 

In addition, alongside the review by the Group Human Rights Office, internal controls are an integral part of Fresenius’ risk management. The internal control system (ICS) consists of a comprehensive set of internal controls and complementary processes. The results are incorporated into the regular review of the adequacy and effectiveness of our Human Rights Program.

We are continuously working to develop and expand the processes and procedures of our Human Rights Program. In addition, we test existing procedures as well as new approaches and concepts together with various participants. These include, for example, official advice centers for the implementation of human rights due diligence and specialized consulting firms.