Q1/26 builds further on strong momentum: Continued operating strength of core businesses with solid topline development and excellent Core EPS growth; FY/26 guidance reconfirmed
- Group revenue1 at €5,744 million with organic growth of 5%1,2 in line with phasing outlined for 2026.
- Group EBIT1 at €678 million with 6% growth in constant currency driven by Fresenius Kabi’s Growth Vectors and strong performance at Fresenius Helios; Group EBIT margin1 improved to 11.8%.
- Core EPS1,3 increased by 13% in constant currency to €0.82 based on strong operating result, further reduction of interest expense and a lower tax rate.
2026 guidance reconfirmed
Operating cashflow of €389 million, a fourfold rise year-on-year supported by positive phasing effects at Fresenius Helios as well as the strong underlying performance and successful Working Capital management at Fresenius Kabi.
Net debt/EBITDA ratio improved further to 2.6x1,4 at the lower end of the self-imposed target corridor of 2.5 to 3.0x driven by strong cash flow.
Michael Sen, CEO of Fresenius: "Fresenius made an excellent start to 2026, delivering performance fully in line with our expectations and leading us to reconfirm our full‑year guidance. In an environment where volatility has become the norm and markets are increasingly focused on earnings visibility and balance sheet discipline, this quarter shows that Fresenius is better prepared than ever. Rejuvenate is working in practice: disciplined execution across our businesses is driving double-digit Core EPS growth, continued margin improvement and a balance sheet that reinforces our financial flexibility. Importantly, we achieved this while continuing targeted investment in innovation and digitalisation – from new product launches to AI-enabled hospital platforms – reinforcing our long-term competitive position. With a more focused organisation and a disciplined financial framework, we are well-positioned to navigate policy and macroeconomic uncertainty while maintaining earnings visibility and delivering sustainable long-term value to patients, partners, and shareholders."
Guidance for Fiscal Year 20261 reconfirmed
Fresenius Group5: organic revenue growth2 in the range of 4% to 7%; constant currency Core EPS3 growth expected in the range of 5% to 10%; EBIT margin8 of ~11.5%.
Fresenius Kabi6: organic revenue growth2 in the mid- to high-single-digit percentage range; EBIT margin of 16.5% to 17.0%.
Fresenius Helios7: organic revenue growth in the mid-single-digit percentage range; EBIT margin 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 Q1/26
group revenue1 grew organicallyby 5%1,2; revenue reaching €5,744 million.
Group EBIT before special items amounted to €678 million, an increase of 6% in constant currency. At Fresenius Kabi, the Growth Vectors showed strong performance, in particular Biopharma and MedTech, more than compensating the impact from the VBP of the nutrition product Ketosteril in China as well as intentionally higher expenses for R&D. EBIT at Helios was supported by operating leverage as well as the positive effects from the surcharge on invoices of publicly insured patients in Germany recognized under other operating income.
Group EBIT margin1 improved by 20 bp yoy to 11.8%.
Group Core net income1,3 increased by 13% in constant currency to €460 million strongly outpacing revenue growth. The good operating performance of the core businesses, further productivity gains, decreased year-over-year interest expenses and lower tax rate drove this performance.
Group Core earnings per share1,3 rose by 13% in constant currency to €0.82.
Operating Companies – Business development Q1/26
Fresenius Kabi
Q1/26: Ongoing strong execution: Solid organic growth well within the structural growth band of 4% to 7%; Growth Vectors driving the performance headed by continued Biopharma strength. Growth Vectors showing further EBIT margin expansion.
Organic revenue growth2 of 6% driven by the Growth Vectors and led by Biopharma with ongoing product roll-outs; revenue rose to €2,150 million.
Growth Vectors with 8% organic revenue growth2; Biopharma 34%, MedTech 3%, and Nutrition 4%.
Biopharma revenue: €238 million, with tocilizumab biosimilar Tyenne as the key growth driver with strong uptake in the U.S. and in Europe; ramp-up of denosumab biosimilars in the U.S.
MedTech revenue: €392 million supported by growth in almost all regions despite high prior-year base, Transfusion & Cell Therapy (TCT) contributed in particular to the solid growth.
Nutrition revenue: €610 million driven by strong underlying growth in Europe and Latin America more than offset the impact from the VBP tender on nutrition product Ketosteril in China.
Pharma revenue: €911 million, organic revenue grew by 3%2 driven by positive development in Europe as well as good volume growth and lower pricing pressure in the U.S.
EBIT1 of Fresenius Kabi increased to €358 million or 4% at constant currency. Growth was driven by the good organic growth coupled with operating leverage and cost efficiency that more than offset the impact of Ketosteril tender in China. The performance in the quarter also reflected the targeted ramp-up of R&D spending, mainly at Biopharma, and some negative impact from U.S. tariffs. The EBIT margin1 was 16.7%
- EBIT1 of the Growth Vectors rose by 14% in constant currency to €195 million mainly driven by the strong development at Biopharma and MedTech; EBIT margin1 improved by 40 bps to 15.7%, making further progress toward Fresenius Kabi’s structural margin band.
EBIT1 of Pharma decreased 3% in constant currency to €194 million against a high prior-year-base. EBIT margin1 at 21.3%.
Fresenius Helios
Q1/26: Fresenius Helios with solid organic revenue growth despite tough prior-year comparison and strong EBIT growth; Helios Germany with further year-on-year margin improvement.
4% organic revenue growth1 against a high prior-year base. Growth was mainly driven by favourable pricing and solid activity levels increase at both Germany and Spain; revenue1 increased by 3% in constant currency to €3,501 million.
Helios Germany’s organic revenue1 growth at 3%, reflecting a tough prior-year comparison alongside strong in-patient admission growth which was partially offset by case mix; revenue at €2,092 million.
Helios Spain with organic revenue growth of 4% to €1,409 million driven by stable underlying business dynamics, with solid activity growth, positive pricing, and continued growth in the ORP business.
EBIT1 of Fresenius Helios at €368 million with 10% growth at constant currency. The acceleration comes on the back of operating leverage and execution on additional structural cost saving initiatives as well as the positive effects from the surcharge on invoices of publicly insured patients in Germany recognized under other operating income. EBIT margin1 improved by 70 bps to 10.5%, reaching the top end of the 10% to 10.5% guide.
EBIT1 of Helios Germany increased by 10% to €173 million driven by the topline development and efficiency gains as well as the positive effects from the surcharge on invoices of publicly insured patient in Germany; EBIT margin1 improved by 60 bps to 8.3%.
EBIT1 of Helios Spain rose by 10% in constant currency to €195 million; EBIT margin1 at 13.8% reflects the solid revenue development and operating excellence as well as an one-timer.
Act to Stabilize Contribution Rates in the Statutory Health Insurance (GKV Stabilization Act): On April 29, 2026, the Federal Cabinet has approved a draft bill for the GKV Stabilization Act, which is in decisive parts more positive than the April 16, 2026 proposal. Importantly, the bill continues to foresee reimbursement increases linked to the base wage rate. While sector pressure persists, Helios Germany is well positioned through scale, quality leadership, disciplined structural and cost optimization, and ongoing clustering plus digital/AI rollout. Apart from the draft bill for the Act to Stabilize Contribution Rates in the Statutory Health Insurance System, structural reforms, digitalisation, and deregulation remain key levers to unlock sustainable efficiency across the German healthcare system. The legislative process is expected to be completed before the parliamentary summer break, with the law entering into force in January 2027.
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 EPS1,3)
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
Conference call and Audio webcast
As part of the publication of the Q1/26 results, a conference call will be held on May 6, 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.
Contact for shareholders
Investor Relations
Telephone: + 49 61 72 6 08-24 87
Telefax: + 49 61 72 6 08-24 88
E-mail: ir-fre@fresenius.com
Information on Fresenius share and ADRs
Note on the presentation of financial figures
- If no timeframe is specified, information refers to Q1/26.
- Consolidated results for Q1/26 as well as for Q1/25 include special items. An overview of the results- before and after special items – is available on our website.
- Growth rates in constant currency of Fresenius Kabi are adjusted. Adjustments relate to the hyperinflation in Argentina. Accordingly, constant currency growth rates of the Fresenius Group are also adjusted.
- Starting with the first quarter of 2026, the amounts presented are rounded commercially which may result in minor deviations from the stated sums in the addition of individual amounts.
- Information on the performance indicators is available on our website at https://www.fresenius.com/alternative-performance-measures.
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.
With our interactive tool you can analyze and graph a variety of key figures of the Fresenius Group and the business segments on an annual and quarterly basis.
Contact
Vice President Investor Relations
Deputy Head of Investor Relations
T: +49 (0) 6172 608-5167
florian.feick@fresenius.com
Related Links
Alternative Performance MeasuresWith our interactive tool you can analyze and graph a variety of key figures of the Fresenius Group and the business segments on an annual basis.
Contact
Vice President Investor Relations
Deputy Head of Investor Relations
T: +49 (0) 6172 608-5167
florian.feick@fresenius.com
Sitz der Gesellschaft/Registered Office: Bad Homburg
Handelsregister/Commercial Register: Amtsgericht Bad Homburg - HRB 6710
Geschäftsführer/Managing Directors: Matthijs Groot Wassink
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Fresenius announced today that the Company's Q1 2026 Aide Memoire is now available on the Company's Investor Relations website.
As a service to capital market participants, Fresenius provides a quarterly Aide Memoire ahead of the publication of the Company's quarterly results. This document includes a summary of relevant information that Fresenius has communicated previously or made publicly available to the capital market or otherwise. Fresenius' Q1 2026 financial results will be published on May 6, 2026.
April 20, 2026
Virtual
Barclays Conversations with the C-Suite in European Healthcare 2026
Please find below a selection of frequently asked questions and the respective answers (FAQ). If you cannot find the answer to your question please do not hesitate to contact the Investor Relations team at your convenience.
Where does Fresenius SE & Co. KGaA have its registered office?
The company’s registered office is situated at Else-Kröner-Str. 1, 61352 Bad Homburg v.d.H., Germany.
When was Fresenius SE & Co. KGaA founded?
The origins of Fresenius SE & Co. KGaA date back to the firm “Dr. Eduard Fresenius, Chemisch-pharmazeutische Industrie”, which was founded in 1912 by Dr. Eduard Fresenius, the proprietor of the Hirsch pharmacy in Frankfurt am Main. The founder’s wide-ranging contacts to doctors and scientists served as the foundations for the company and shaped its extensive portfolio of products. The company was converted into the joint stock company Fresenius AG at the end of 1981 in order to secure its continuity. The conversion of Fresenius SE into a partnership limited by shares (KGaA) took effect on January 28, 2011 with the entry of Fresenius SE & Co. KGaA in the commercial register of Bad Homburg municipal court.
What are Fresenius SE & Co. KGaA’s core businesses?
Fresenius is a global healthcare group. For more than 100 years, we have been combining cutting-edge technology with a focus on patients, paving the way for the therapies of the future. We save and improve lives and health. We provide access to affordable and innovative medical products and clinical care of the highest quality.
The Fresenius Group comprises the Operating Companies Fresenius Kabi and Fresenius Helios as well as the Investment Company Fresenius Medical Care. Each business segment is market leader in a major growth area of healthcare. In May 2024, Fresenius announced a structured exit from the Investment Company Vamed and completes the strategic portfolio restructuring as part of #FutureFresenius. As of Q2 2024, Vamed is no longer a reporting segment of Fresenius.
Fresenius has successfully completed the deconsolidation of Fresenius Medical Care: The change in legal form was entered in the commercial register on November 30, 2023.
How many employees does Fresenius SE & Co. KGaA have?
The Group has 178,394 employees as of December 2025 (December 31, 2024: 176,486).
When does Fresenius SE & Co. KGaA’s financial year end?
The financial year ends on December 31.
How does Fresenius SE & Co. KGaA draw up its Group financial statement?
Fresenius SE & Co. KGaA ("Fresenius") reports since January 1, 2017 in accordance with International Financial Reporting Standards (IFRS).
Fresenius, as a publicly traded company based in a European Union member country, is required to prepare and publish its consolidated financial statements in accordance with International Financial Reporting Standards (IFRS) pursuant to Section 315e of the German Commercial Code (HGB).
How high were total assets and shareholders’ equity?
The Group had total assets of €41,395 million as of December 31, 2025 (December 31, 2024: €43,550 million) while shareholders’ equity including minority interests amounted to €19,767 million (December 31, 2024: €20,290 million).
What were Fresenius SE & Co. KGaA’s revenue?
Revenue of €22,554 million was achieved in the financial year 2025 (December 31, 2024: €21,526).
How do financial analysts’ current estimates look like?
For an overview of analysts’ current recommendation please click here.
When will the next earnings results be released?
For an overview of our next earnings releases please click here.
Which key performance indicators are important for Fresenius SE & Co. KGaA?
In the Fresenius Financial Framework, organic revenue growth represents the key performance indicator for the Group’s growth and that of the business segments. With the Fresenius Financial Framework, we have defined annual organic revenue growth ranges (ambition levels) for the operating companies. No annual ambition levels were defined for organic sales growth of the investment companies.
As part of the Fresenius financial framework, we have defined annual margin bands (ambition levels) for the business segments. These serve as an ambition level for the internal management of our business sectors and are benchmarked against leading competitors. The annual EBIT margin is defined as earnings before interest and taxes divided by revenue. To improve comparability of operating performance over several periods, the earnings figure is adjusted for special items where necessary.
At Group level, we primarily use earnings before interest and taxes (EBIT) and EBIT growth in constant currency. To improve comparability of operating performance over several periods, the earnings figure is adjusted for special items where necessary.
For an overview of our performance measures please click here.
When was the IPO of Fresenius?
The Fresenius preference shares were admitted to trading in December 1986. The Fresenius ordinary shares were admitted to trading in July 1992. The shares were listed on the stock exchanges in Frankfurt, Düsseldorf and Munich. In January 2011, the legal form of Fresenius SE was changed to a partnership limited by shares (KGaA) and all preference shares were mandatorily converted into ordinary shares.
Under what quotation symbols are the Fresenius SE & co. KGaA shares to be found?
The Bloomberg symbol of the Fresenius SE ordinary share on XETRA is FRE GR. The Reuters symbol on XETRA is FREG.de.
What is a registered share and why is Fresenius converting to registered shares?
At the 2026 Annual General Meeting, Fresenius approved the conversion from bearer shares to registered shares, as well as the corresponding amendments to the Articles of Association (agenda item 13).
A registered share is issued in the name of the respective shareholder. Shareholders are entered into the company's share register with the information required by law. For the purposes of the company, the person entered in the share register is deemed to be the shareholder.
The conversion will enable Fresenius to communicate even more directly and transparently with its shareholders in the future. The share register allows the company to contact shareholders directly and provide them with relevant information in a targeted and timely manner.
Further information can be found in the Annual General Meeting section.
What changes as a result of the conversion to registered shares, and do I need to take any action as a shareholder?
For shareholders, the main change resulting from the conversion is that their personal data, such as name and address, will be recorded in the share register.
All rights associated with the shares remain unchanged. This applies in particular to dividend rights, voting rights, and the right to attend the Annual General Meeting. The custody of shares in securities accounts and the payment of dividends through the custodian bank will also remain unchanged.
Shareholders do not need to take any action in connection with the conversion. The conversion will be carried out automatically through the respective custodian banks and the relevant settlement institutions.
Further information about the share register can be found in the Annual General Meeting section.
When will the conversion to registered shares take place, and what will be the new WKN/ISIN?
The technical conversion in securities accounts will take place after market close on August 12, 2026. Starting August 13, 2026, Fresenius shares will be traded as registered shares.
The German Securities Identification Number (WKN) and the International Securities Identification Number (ISIN) of the Fresenius share will change as follows:
Fresenius SE & Co. KGaA Registered Shares (new):
ISIN: DE000FRE5EN2 // WKN: FRE5EN
Fresenius SE & Co. KGaA Bearer Shares (old):
ISIN: DE0005785604 // WKN: 578560
The stock exchange ticker symbol FRE will remain unchanged.
What does Fresenius' dividend policy look like?
As part of its financial strategy, Fresenius has defined a dividend policy designed to ensure attractive shareholder returns while maintaining financial flexibility.
Going forward, Fresenius intends to distribute 30% to 40% of its Group core net income, i.e. net income excluding Fresenius Medical Care and before special items, as dividends.
At the 2026 Annual General Meeting, Fresenius approved a dividend of € 1.05 per share for the 2025 financial year. The dividend reflects the company’s disciplined capital allocation and earnings development.
What was the dividend for the past financial year, and when was it paid?
For the 2025 financial year, the Management Board and Supervisory Board propose a dividend of €1.05 per share.
Based on the AGM resolution proposal, this corresponds to a total distribution of approximately €591 million.
The dividend is scheduled to be paid on May 27, 2026.
Further information on the dividend policy of Fresenius SE & Co. KGaA can be found https://www.fresenius.com/dividends.
What do I have to do as a shareholder in order to receive the dividend?
German shares must be deposited no later than the day of the Annual General Meeting in order for shareholders to be entitled to a dividend. The dividend will be paid automatically to your account by your bank/saving bank.
What is the structure of Fresenius SE & Co. KGaA’s capital stock?
The subscribed capital of Fresenius SE & Co. KGaA amounted to 563,237,277 ordinary shares as of December 31, 2025 (December 31, 2024: 563,237,277). The shares of Fresenius SE & Co. KGaA are non-par-value registered shares. Each share represents € 1.00 of the capital stock.
Who are the principal shareholders of Fresenius SE & Co. KGaA?
The Else Kröner-Fresenius-Stiftung is the largest shareholder of Fresenius SE & Co. KGaA, holding approximately 27% of the voting capital. An overview of our shareholder structure can be found here.
Where can I find information on the Fresenius share price?
Under "Share Price" you can find our interactive tool that allows you to analyze and graph the Fresenius SE & Co. KGaA share price.
Where can I find information on the Fresenius’ financial targets?
Under "Outlook" you can find the outlook for the Fresenius Group and each of the business segments.
When will the next Annual General Meeting take place?
Our Annual General Meeting (AGM) of Fresenius SE & Co. KGaA took place on May 23, 2025, at the Congress Center, Messe Frankfurt, Ludwig-Erhard-Anlage 1, 60327 Frankfurt am Main, Germany.
The next Annual General Meeting is scheduled to take place on 21 May 2027.
When was the record date in 2026?
The record date for the 2026 Annual General Meeting was April 30, 2026. In order to participate in the Annual General Meeting and to exercise voting rights shareholders have to submit special proof of share ownership which refers to the beginning of the record date, i.e. 24.00 h CEST.
The record date does not result in a blocking period during which it is not allowed to sell shares. Even in the event of full or partial disposal of the shareholding following the record date, only the shares owned by the shareholder on the record date will be relevant for participation in the Annual General Meeting and the scope of voting rights, i.e. disposal of shares after the record date will not affect entitlement to participate in the Annual General Meeting and the scope of voting rights. This also applies if (additional) shares are purchased after the record date. Persons who do not own any shares on the record date, and become shareholders only after the record date, are not entitled to participate in the Annual General Meeting and to exercise voting rights.
Can every shareholder attend the Annual General Meeting?
All shareholders were able to follow the Annual General Meeting online or appoint a representative as long as he/she fulfils the conditions stated in the agenda. However, only holders of ordinary shares have a voting right as a general rule. You can enter the agenda on our website as from the day of its publication.
How and where can I register for the Annual General Meeting?
The invitation with the agenda of the Annual General Meeting will be delivered to you by your depositary bank before the Annual General Meeting. Enclosed with the invitation is a letter from your depositary bank with which you can order the admission ticket either for yourself or for someone else of your choice.
Is it possible to receive a free copy of the documents regarding the Annual General Meeting? Who should I contact?
Of course you can receive a free copy of the documents regarding the Annual General Meeting. Please contact our Investor Relations department.
What does sustainability mean for Fresenius?
Sustainability is part of our corporate strategy and anchored in our operational business.
Our mission is to save and improve human lives. We are “Committed to Life”. We focus on opportunities that arise from sustainable business practices and use them to drive measurable progress. This approach is built on a unique corporate legacy that spans more than a century. We are guided by strong principles and a clear direction for the future.
Our Sustainability Framework guides our daily actions and shapes how we integrate sustainability into our business.
We focus on three core dimensions:
➔ Human Dimension
➔ Planet Dimension
➔ Ethical Foundation
For a detailed overview of our approach to sustainability, our focus topics and related goals please refer to the Sustainability section on our website and to our Annual Report 2025.
How is Sustainability/ESG (Environment, Social, Governance) anchored in the Groups’ organization?
The Group-wide topic of sustainability, related impacts, risks and opportunities, are anchored in the Management Board member responsible for Legal, Compliance, Risk Management, Sustainability, Human Resources, Corporate Audit and transformation of the Vamed businesses (Management Board member Sustainability).
The Group Sustainability function acts as a center of expertise for all sustainability aspects within the Group. The function monitors regulatory developments, identifies material topics, and develops priorities and potential for implementing the sustainability strategy. The Group function supports its Group-wide implementation and reviews progress as part of the annual reporting. Furthermore, there are repeated exchanges with all Group functions and the sustainability officers of the operating companies during the course of the year in order to take into account the respective business models and discuss the feasibility of measures. In addition, the Group Sustainability function is responsible for internal and external stakeholder communication related to sustainability and, together with the Group Accounting function, for sustainability reporting.
The Human Rights Office and Environmental Compliance are also integrated in the Group Sustainability organization. This strengthens close alignment between sustainability strategy, regulatory requirements, and operational implementation. In this context, the Group Sustainability function supports a consistent Group-wide approach to respecting human rights and ensuring environmental compliance, while fostering close cooperation with relevant Group functions and the operating companies.
The identification, assessment, monitoring, management, and supervision of potential sustainability risks takes place both at Group level and in the Operating Companies as part of the risk management system. Sustainability risks are covered by the Group’s risk catalogs and risk reporting.
For further details please refer to our Annual Report 2025.
Does the Management Board compensation include ESG related targets?
Sustainability related performance targets are an integral part of the Compensation System 2023+ for the Management Board members. These reflect our company strategy and enforce our commitment to environmental, social, and governance (ESG) aspects. The ESG targets are integrated into both – short-term and long-term variable compensation.
The non-financial performance targets relevant for the Short-Term Incentive cover the key sustainability topics of medical quality and employees. The Long-Term Incentive includes a CO2 emission reduction target in line with externally communicated company goal of achieving greenhouse gas neutrality in its own operations by 2040.
For further details please refer to our Annual Report 2025.
What are the most important sustainability topics at Fresenius?
Our Sustainability Framework guides our daily actions and shapes how we integrate sustainability into our business.
We focus on three core dimensions:
➔ Human Dimension
➔ Planet Dimension
➔ Ethical Foundation
Please find more information about our sustainability framework in the Sustainability section of our website. Information on the material topics presented in our audited Sustainability Report (according to CSRD) can be found in our Annual Report 2025.
How is Fresenius rated by the ESG rating agencies?
Leading ESG rating agencies regularly evaluate and review our sustainability performance. An overview of the current ESG ratings is available on our website.
What is Fresenius' position on environmental protection?
Our Group Environmental Policy sets out our commitment to sound environmental management practices. It outlines the key elements of our approach and provides an overview of our priorities in environmental protection and applicable minimum standards. These are further specified in Operating Companies-specific documents.
For further information inter alia on the relevance of the topics of climate change, water resources, resource use and circular economy please consult our Annual Report 2025.
Does Fresenius have a climate target?
Fresenius has set a climate target for the Group. By 2030, we aim to reduce Scope 1 & 2 emissions in our own operations in absolute value by 50%; by 2040, we want to achieve greenhouse gas neutrality in our own operations (baseline: 2020). We aim to reach net zero along the value chain by 2050.
For further information please refer to our Annual Report 2025.
How does Fresenius implement the company commitment to respect human rights?
Medical care for patients and the well-being of our employees are among the most important engagement areas of our human rights due diligence. Our commitment to respecting human rights is set out in our Group-wide Human Rights Statement.
We rely on highly complex value chains to help ensure that people worldwide have access to healthcare and the medical technology and pharmaceuticals they need. Therefore, our commitment to respecting human rights extends beyond our company and also includes our value chain. We have established the Fresenius Human Rights Program to fulfill our responsibility and meet our due diligence obligations.
Further information on our Human Rights Program is available on our homepage and in our Annual Report 2025.
Where can I find sustainability related key figures?
Our interactive tool offers a variety of key figures of the Fresenius Group and the business segments. These figures can individually be analyzed and visualized.
Further, we provide a comprehensive overview of metrics in our Sustainability Factbook.
What is good corporate governance for Fresenius?
The Supervisory Board and the Management Board are committed to responsible management that is focused on achieving a sustainable increase in the value of the Company. Long-term corporate strategies, solid financial management, strict adherence to legal and ethical business standards, and transparency in corporate communication are key factors.
Our Corporate Governance Declaration can be found here.
How is the compensation of the Management Board structured at Fresenius?
On May 17, 2023, the Annual General Meeting approved a new compensation system for the members of the Management Board. In particular, the Compensation System 2023+ provides for a new plan for long-term variable compensation that takes even greater account of promoting the long-term and sustainable development of the Company. In addition, the aspect of sustainability has been anchored even more strongly in the long-term variable compensation.
Details on the compensation of the Management Board are available in the AGM invitation 2023.
How is the compensation of the Supervisory Board structured at Fresenius?
On May 21, 2021, the Annual General Meeting approved a new compensation system for the members of the Supervisory Board.
Details on the compensation of the Supervisory Board are available in the AGM invitation 2021.
What is an American Depositary Receipt (ADR)?
An American Depositary Receipt (ADR) is a U.S. dollar denominated negotiable certificate that represents ownership of shares in a non-U.S. company.
Each ADR is issued by a U.S. depositary bank (which is a bank in the United States which oversees all the stock transfer and agency services in connection with a depositary receipt program) and represents one or more shares of a foreign stock or a fraction of a share. If investors own an ADR they have the right to obtain the foreign stock it represents, but U.S. investors usually find it more convenient to own the ADR. The price of an ADR is often close to the price of the foreign stock in its home market, adjusted for the ratio of ADRs to foreign company shares. ADRs were specifically designed to facilitate the purchase, holding and sale of non-U.S. securities by U.S. investors.
Fresenius ADRs represent Fresenius’ local shares deposited with the depositary bank (J.P. Morgan Chase Bank, N.A), to underlie such certificates and carry the rights attached to them as detailed in the Depositary Agreement. Holders of ADRs receive dividends in U.S. dollars and have the right to vote on shareholders resolutions, where applicable.
What is the difference between an ADR and an ADS?
An ADR (American Depositary Receipt) is a negotiable certificate issued by a depositary bank representing a specific number of shares of a non-U.S. company traded on a U.S. stock exchange.
An ADS (American Depositary Share) is the share issued under the ADR deposit agreement which is actually traded.
Although the terms ADR and ADS are often used interchangeably, the difference is that an ADR is the certificate while the ADSs are the shares.
What are the benefits of ADRs to U.S. investors?
Whereas ADRs allow non-U.S. companies to make their shares available outside their home markets, they also offer a convenient and cost-effective way for U.S. investors to buy shares in non-U.S. companies.
Benefits include:
• Stocks are quoted in U.S dollars
• Dividends are paid in U.S dollars
• ADRs trade during normal U.S trading hours
• ADRs settle and clear according to U.S standards
• No need for custody arrangements outside of the U.S
• Facilitates price comparisons between securities listed in the U.S
What is an ADR ratio?
The ADR ratio is the relation between the number of ADRs and the number of local shares. Four Fresenius ADRs represent one Fresenius local share, the ratio is 4:1. The ratio was changed in conjunction with the stock split on August 1, 2014, becoming effective on August 4, 2014. Before that the ADR ratio was 8:1.
How can I buy Fresenius ADRs?
Fresenius ADRs can be purchased like any other stocks, through your U.S. banks and brokers.
Where are Fresenius ADRs traded?
Fresenius ADRs are traded in the U.S. OTC (over-the-counter) market under the ticker FSNUY. The CUSIP Number is 35804M105.
Fresenius ADRs are issued by the depositary bank, JPMorgan. The underlying ordinary shares are deposited by a local custodian bank, usually by a broker who has purchased the ordinary shares in the open market. Once issued, Fresenius ADRs may be traded in the U.S in the OTC market.
When the ADR holder sells, the ADR can either be sold to another investor in the U.S market or cancelled. In the latter case, the ADR is surrendered to the depositary, and the ordinary shares held with the depositary’s custodian would be released back into the home market (i.e. Germany). A Fresenius ADR holder is able to request delivery of the underlying Fresenius Ordinary Shares at any time.
What is an OTC Market?
The OTC market is the market for over-the-counter securities in the United States. This is where sponsored Level I ADR programs are traded. You can refer to www.otcmarkets.com and www.adr.com.
How are dividends paid?
ADR holders will receive the dividend in U.S. dollars. The depositary bank typically announces the final ADR dividend rate following currency conversion into U.S. dollars. ADR rates and pay dates will be published on www.adr.com.
Where do I get information and updates on Fresenius?
Financial and stock information is available in our Share Price tool and in our Interactive Tool.
Trading information is readily available on our depositary bank’s website on www.adr.com/drprofile/35804M105 and on the website of OTC Markets on www.otcmarkets.com/stock/FSNUY/overview.
Who is Fresenius’ depositary bank, transfer agent, registrar and exchange agent for ADR shares?
Fresenius’ ADR program is administered by J.P. Morgan Chase Bank, N.A. As the depositary bank, J.P. Morgan Chase Bank, N.A performs the following roles for ADR holders as further detailed in the Deposit Agreement:
- Records and maintains the register of ADR holders
- Is the stock transfer agent
- Distributes dividends in U.S. dollars
- Facilitates the voting process and the exercise of the voting rights of ADR holders at any Company General Meeting if permitted by the Company and the Depositary Agreement
- Issues and cancels Fresenius American Depositary Receipts (ADRs)
- Can distribute Company circulars and General Meetings (including Annual General Meeting) documentation, if applicable.
For those holders who are not registered because their ADRs are held through a ‘Street name’ (nominee account), your nominee will receive company documents from time to time from J.P. Morgan Chase Bank, N.A to distribute to ADR holders. You need to make arrangements with your nominee if you wish to receive such documents and to be able to exercise your vote through the depositary bank at General Meetings (if applicable).
How can I contact J.P. Morgan Chase Bank, N.A?
If you do not hold via a broker, bank or nominee, please contact our ADR Transfer Agent, Computershare Trust Company, N.A:
Computershare Trust Company, N.A
General: + +1 888-697-8018
From outside the US: +1-781-575-2844
Email: web.queries@computershare.com
Website: www.computershare.com/investor
For regular correspondence:
Computershare Trust Company, N.A.
P.O. Box 43304
Providence, RI 02940-3304, USA
For delivery of stock certificates & overnight mail:
Computershare Trust Company, N.A
150 Royall Street Canton, MA 02021
How do I convert my local shares into ADRs?
Converting ordinary shares into ADRs must be done through a broker or through J.P. Morgan Chase Bank, N.A. You can contact J.P. Morgan Chase Bank, N.A. broker services desk on +1 212 552 8926 or drx_depo@jpmorgan.com.
What if I lose my ADR certificate, dividend check or tax voucher?
If you do not hold via a broker, bank or nominee, please contact our ADR Transfer Agent, Computershare Trust Company N.A:
Computershare Trust Company, N.A
General: + 1 888-697-8018
From outside the US: +1-781-575-2844
Email: web.queries@computershare.com
Website: www.computershare.com/investor
For regular correspondence:
Computershare Trust Company, N.A
P.O. Box 44304
Providence, RI 02940- 3304, USA
For delivery of stock certificates & overnight mail:
Computershare Trust Company, N.A
150 Royall Street Canton, MA 02021
What if I have more than one ADR certificate? Can they be combined?
Yes. Certificates can be combined by contacting our Transfer Agent, Computershare:
Computershare Trust Company, N.A
+ 1 888-697-8018
Website: www.computershare.com/investor
For regular correspondence:
Computershare Trust Company, N.A
P.O. Box 44304
Providence, RI 02940-3304, USA
How can I get the latest news of Fresenius?
Stay informed about the latest news and developments at our Group by subscribing to our Investor News and/or to the Fresenius Brief News. These services are free of charge and may be cancelled at any time. Our Information & Order Service is available here. Please scroll fully down this page.
Where can I find financial and sustainability key figures?
Our interactive tool offers a variety of key figures of the Fresenius Group and the business segments on an annual and quarterly basis. These figures can individually be analyzed and visualized.
Share Price Tool
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.Key Data
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. | FRE5EN |
Ticker symbol | FRE |
ISIN | DE000FRE5EN2 |
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
| 2025 | 2024 | 2023 | |
|---|---|---|---|
Numbers of shares | 563,237,277 | 563,237,277 | 563,237,277 |
Stock exchange quotation1 in € | |||
High | 50.56 | 34.85 | 31.11 |
Low | 33.49 | 24.54 | 23.46 |
Year-end quotation | 48.98 | 33.54 | 28.07 |
Market capitalization2 in million € | 27,587 | 18,891 | 15,810 |
Total dividend distribution in million € | 5913 | 563 | - |
Dividend per share in € | 1.053 | 1.00 | - |
Earnings per share in €4 | 3.54 | 3.11 | 2.74 |
-
- 1 Xetra closing price on the Frankfurt Stock Exchange
- 2 Total number of ordinary shares multiplied by the respective Xetra year-end quotation on the Frankfurt Stock Exchange
- 3 Proposal
- 4 Net income attributable to shareholders of Fresenius SE & Co. KGaA; before special items
Contact
Vice President Investor Relations
Deputy Head of Investor Relations
T: +49 (0) 6172 608-5167
florian.feick@fresenius.com
Related Links
Interactive ToolEvent
August 05, 2026 | Bad Homburg, Germany
