Group revenue1 at €5,477 million with organic growth of 6%1,2 driven by consistent delivery across Fresenius Kabi and Fresenius Helios.
Group EBIT1 at €574 million with 6%3 growth in constant currency; growth accelerated from Q2/2025 driven by the strong operating performance at Fresenius Kabi, and a solid development at Fresenius Helios despite usual seasonality in Spain and the high prior-year base due to energy relief payments in Germany; Group EBIT margin1 improved to 10.5%.
Core EPS1,4 increased by excellent 14%3 in constant currency to €0.62 based on strong operating results and significantly decreased interest expense.
Net debt/EBITDA ratio at 3.0x1,5 within the self-imposed target corridor driven by strong cash flow delivery.
1Before 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, net debt adjusted for the valuation effect of the equity-neutral exchangeable bond
Michael Sen, CEO of Fresenius: "Fresenius is accelerating with purpose, and our transformation is delivering tangible results. Our disciplined execution and performance-oriented culture have resulted in 14% growth in Core EPS, a 6% increase in organic revenue growth, and margin improvements, enabling us to raise our full-year EBIT guidance to 4%-8%. Fresenius Kabi and Fresenius Helios continue to perform well, while investments in digital health and advanced therapies are reshaping patient care. Despite the current macroeconomic environment, we continue to perform and meet our commitments. With Rejuvenate now driving measurable progress and a clear focus on patient care, we are creating sustainable value for patients, partners, and shareholders – today and into the future."
Guidance raised for Fiscal Year 20251
Based on the strong earnings growth in Q1-3/2025, Fresenius raised the Group EBIT growth guidance: Fresenius Group2 : organic revenue growth3 in the range of 5 to 7%; constant currency EBIT growth4 now expected in the range of 4% to 8% (previous: 3 to 7%) Fresenius Kabi5 : organic revenue growth3 in the mid- to high-single-digit percentage range; EBIT margin of 16.0% to 16.5% Fresenius Helios6: organic revenue growth in the mid-single-digit percentage range; EBIT margin around 10%
The strong performance in Q1-3/2025 gives the scope to deliberately take some investments in Q4/2025, for example in R&D. This is in line with Fresenius’ strategic roadmap for the Rejuvenate phase to upgrade core and scale platforms and with a view on future performance, i.e. investing in further long-term profitable growth.
1 Before special items
2 2024 base: €21,526 million (revenue) and €2,489 million (EBIT)
3 Organic growth rate adjusted for accounting effects related to Argentina hyperinflation
4 Growth rate adjusted for Argentina hyperinflation
5 2024 base: €8,414 million (revenue) and €1,319 million (EBIT)
6 2024 base: €12,739 million (revenue) and €1,288 million (EBIT)
Assumptions to guidance: When Fresenius gave guidance in February 2025, the company acknowledged the fast-moving macro-economic and geopolitical environment, resulting in a higher level of operational uncertainty. Fresenius’ guidance continues to reflect current factors and known uncertainties such as impacts from tariffs to the extend they can currently be assessed. 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 Q3/2025
In Q3/2025, the strong operating performance at Fresenius Kabi, and solid development at Fresenius Helios led to consistent Group organic revenue1 growth of 6%2 with revenues reaching €5,477 million.
Group EBIT before special items amounted to €574 million, a sequential acceleration with an increase of 6%3 in constant currency despite the absence of energy relief payments at Helios Germany, the usual seasonality at the Spanish hospital business in the third quarter, and the impact of the Volume Based Procurement of the nutrition product Ketosteril in China at Fresenius Kabi. Group EBIT margin1 improved to 10.5% (Q3/24: 10.4%). The Helios Performance Programme is advancing with material contributions expected in Q4/2025 with likely some spill-over into 2026. The strong Q3/2025 EBIT development was additionally supported by positive phasing effects.
Group net income1,4 increased by excellent 14%3 in constant currency to €351 million strongly outpacing revenue growth. The good operating performance of the core businesses, further productivity gains at Fresenius Kabi and strict cost discipline at Fresenius Helios drove this strong performance, and was supported by the significantly decreased year-over-year interest expenses. In the third quarter alone, interest expenses decreased by €35 million.
Core Earnings per share1,4 rose by excellent 14%3 in constant currency to €0.62.
1Before 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
Operating Companies – Business development Q3/2025
Fresenius Kabi showed strong organic growth at the upper end of the structural growth range with Growth Vectors driving the performance, headed by continued Biopharma strength; EBIT margin above the 2025 guidance range supported by productivity gains and some contributions realized earlier than originally expected.
Organic revenue growth of 7%1 driven by the Growth Vectors, also benefitting from some inflation related pricing effects in Argentina; disciplined execution on product rollouts led to contributions already realized in Q3/2025 that were originally expected for Q4; revenue increased to €2,141 million; growth as reported was negatively impacted by currency effects; increase in constant currency of 6%2.
Growth Vectors with excellent organic revenue1 growth of 11%: MedTech 7%, Nutrition 7%, Biopharma 37%.
Nutrition revenue: €601 million driven by strong growth in all regions except China; Latin America and Europe contributing nicely; continued strong market demand in the U.S. for lipid emulsions; China declined albeit slightly less than anticipated with respect to the Volume Based Procurement (VBP) tender impact on nutrition product Ketosteril.
Biopharma revenue: €226 million with growth mainly driven by the tocilizumab biosimilar Tyenne ramp up in Europe and the U.S.; first delivery of Tyenne vials for the EU market from fully vertically integrated supply chain; exclusive distribution contract for ustekinumab biosimilar Otulfi with CivicaScript in the U.S., first sales expected in Q4/2025.
MedTech revenue: €394 million with broad-based growth across all regions, Transfusion & Cell Therapy (TCT) and Infusion and Nutrition Systems (INS) both showed solid growth.
Pharma revenue: €920 million, organic revenue at solid 2%1 growth relative to a strong prior-year base; good volume demand and disciplined pricing in Europe, as well as continued growth in I.V. solutions in the U.S.
1 Organic growth rate adjusted for accounting effects related to Argentina hyperinflation
2 Growth rate adjusted for Argentina hyperinflation
EBIT1of Fresenius Kabi with 10%2 constant currency increase to €358 million driven by operating leverage and productivity gains; despite the effects of the tender for Ketosteril in China, EBIT margin1 increased to 16.7% mainly driven by the significant margin expansion of the Growth Vectors compared to the prior-year quarter and the excellent profitability at Pharma. The strong performance year-to-date gives the scope to deliberately take some targeted investments in Q4/2025, for example in R&D.
EBIT1 of the Growth Vectors increased by very strong 20%2 in constant currency and amounted to €194 million; EBIT margin1 improved by 140 bps to 15.9%, moving close to Kabi’s structural margin band.
EBIT1 of Pharma increased 17%2 in constant currency to €202 million driven by Europe and the U.S as well as by ongoing productivity gains. EBIT margin1 at 22.0%.
Fresenius Helios with strong organic revenue growth; sequential margin improvement at Helios Germany driven by progressing Performance Programme; EBIT margin at Helios Spain as expected reflecting the usual seasonality; EBIT growth supported by earlier than expected contributions.
Strong 5% organic revenue growth driven by year-over-year activity levels increase at both, Helios Germany and Helios Spain; revenue increased by 5% in constant currency to €3,240 million.
Helios Germany’s organic revenue growth was solid at 4% despite the elevated prior year revenue base resulting from technical reclassifications, reflecting strong admission growth and positive price effects; revenues at €2,019 million.
Helios Spain with strong organic revenue growth of 7% to €1,221 million driven by good activity growth year-over-year, particularly in the ORP business, and price effects.
EBIT1of Fresenius Helios at €242 million and thus at constant currency growth broadly in line with the prior-year quarter; overall the EBIT development was impacted by the high prior-year base related to the energy relief payments in Germany as well as to the usual seasonality in Spain in the third quarter. This was partially compensated by the advancements of the performance program in Germany; EBIT margin1 of Fresenius Helios was at 7.5%.
EBIT1of Helios Germany decreased by -5% to €161 million against the high prior-year base which included energy relief funds; EBIT margin1 is walking up its way standing at 8.0% compared to 7.5% in Q2/2025 and 6.6% in Q4/2024, which was the first quarter without energy relief funds.
EBIT1of Helios Spain increased by 10% in constant currency to €80 million; EBIT margin1 at 6.6%, impacted by the summer season.
Helios performance programme is advancing; material contributions expected in Q4/2025 with likely some spill-over into 2026 as some of the levers are process-related and will take time to deliver and realize benefits.
1Before special items
2 Growth rate adjusted for Argentina hyperinflation
Conference call and Audio webcast As part of the publication of the Q3/2025 results, a conference call will be held on November 5, 2025 at 1:30 p.m. CEST / 7:30 a.m. EDT. All investors 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.
If no timeframe is specified, information refers to Q3/2025.
Consolidated results for Q3/2025 as well as for Q3/2024 include special items. An overview of the results for Q3/2025 - 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.
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.
Group revenue1 at €5,477 million with organic growth of 6%1,2 driven by consistent delivery across Fresenius Kabi and Fresenius Helios.
Group EBIT1 at €574 million with 6%3 growth in constant currency; growth accelerated from Q2/2025 driven by the strong operating performance at Fresenius Kabi, and a solid development at Fresenius Helios despite usual seasonality in Spain and the high prior-year base due to energy relief payments in Germany; Group EBIT margin1 improved to 10.5%.
Core EPS1,4 increased by excellent 14%3 in constant currency to €0.62 based on strong operating results and significantly decreased interest expense.
Net debt/EBITDAratio at 3.0x1,5 within the self-imposed target corridor driven by strong cash flow delivery.
1Before 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, net debt adjusted for the valuation effect of the equity-neutral exchangeable bond
Michael Sen, CEO of Fresenius:
"Fresenius is accelerating with purpose, and our transformation is delivering tangible results. Our disciplined execution and performance-oriented culture have resulted in 14% growth in Core EPS, a 6% increase in organic revenue growth, and margin improvements, enabling us to raise our full-year EBIT guidance to 4%-8%.
Fresenius Kabi and Fresenius Helios continue to perform well, while investments in digital health and advanced therapies are reshaping patient care. Despite the current macroeconomic environment, we continue to perform and meet our commitments. With Rejuvenate now driving measurable progress and a clear focus on patient care, we are creating sustainable value for patients, partners, and shareholders – today and into the future."
Guidance raised for Fiscal Year 20251
Based on the strong earnings growth in Q1-3/2025, Fresenius raised the Group EBIT growth guidance:
Fresenius Group2: organic revenue growth3 in the range of 5 to 7%; constant currency EBIT growth4 now expected in the range of 4% to 8% (previous: 3 to 7%) Fresenius Kabi5: organic revenue growth3 in the mid- to high-single-digit percentage range; EBIT margin of 16.0% to 16.5% Fresenius Helios6: organic revenue growth in the mid-single-digit percentage range; EBIT margin around 10%
The strong performance in Q1-3/2025 gives the scope to deliberately take some investments in Q4/2025, for example in R&D. This is in line with Fresenius’ strategic roadmap for the Rejuvenate phase to upgrade core and scale platforms and with a view on future performance, i.e. investing in further long-term profitable growth.
1 Before special items
2 2024 base: €21,526 million (revenue) and €2,489 million (EBIT)
3 Organic growth rate adjusted for accounting effects related to Argentina hyperinflation
4 Growth rate adjusted for Argentina hyperinflation
5 2024 base: €8,414 million (revenue) and €1,319 million (EBIT)
6 2024 base: €12,739 million (revenue) and €1,288 million (EBIT)
Assumptions to guidance: When Fresenius gave guidance in February 2025, the company acknowledged the fast-moving macro-economic and geopolitical environment, resulting in a higher level of operational uncertainty. Fresenius’ guidance continues to reflect current factors and known uncertainties such as impacts from tariffs to the extend they can currently be assessed. 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 Q3/2025
In Q3/2025, the strong operating performance at Fresenius Kabi, and solid development at Fresenius Helios led to consistent Group organic revenue1 growth of 6%2 with revenues reaching €5,477 million.
Group EBIT before special items amounted to €574 million, a sequential acceleration with an increase of 6%3 in constant currency despite the absence of energy relief payments at Helios Germany, the usual seasonality at the Spanish hospital business in the third quarter, and the impact of the Volume Based Procurement of the nutrition product Ketosteril in China at Fresenius Kabi. Group EBIT margin1 improved to 10.5% (Q3/24: 10.4%). The Helios Performance Programme is advancing with material contributions expected in Q4/2025 with likely some spill-over into 2026. The strong Q3/2025 EBIT development was additionally supported by positive phasing effects.
Group net income1,4 increased by excellent 14%3 in constant currency to €351 million strongly outpacing revenue growth. The good operating performance of the core businesses, further productivity gains at Fresenius Kabi and strict cost discipline at Fresenius Helios drove this strong performance, and was supported by the significantly decreased year-over-year interest expenses. In the third quarter alone, interest expenses decreased by €35 million.
Core Earnings per share1,4 rose by excellent 14%3 in constant currency to €0.62.
1Before 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
Operating Companies – Business development Q3/2025
Fresenius Kabi showed strong organic growth at the upper end of the structural growth range with Growth Vectors driving the performance, headed by continued Biopharma strength; EBIT margin above the 2025 guidance range supported by productivity gains and some contributions realized earlier than originally expected.
Organic revenue growth of 7%1 driven by the Growth Vectors, also benefitting from some inflation related pricing effects in Argentina; disciplined execution on product rollouts led to contributions already realized in Q3/2025 that were originally expected for Q4; revenue increased to €2,141 million; growth as reported was negatively impacted by currency effects; increase in constant currency of 6%2.
Growth Vectors with excellent organic revenue1 growth of 11%: MedTech 7%, Nutrition 7%, Biopharma 37%.
Nutrition revenue: €601 million driven by strong growth in all regions except China; Latin America and Europe contributing nicely; continued strong market demand in the U.S. for lipid emulsions; China declined albeit slightly less than anticipated with respect to the Volume Based Procurement (VBP) tender impact on nutrition product Ketosteril.
Biopharma revenue: €226 million with growth mainly driven by the tocilizumab biosimilar Tyenne ramp up in Europe and the U.S.; first delivery of Tyenne vials for the EU market from fully vertically integrated supply chain; exclusive distribution contract for ustekinumab biosimilar Otulfi with CivicaScript in the U.S., first sales expected in Q4/2025.
MedTech revenue: €394 million with broad-based growth across all regions, Transfusion & Cell Therapy (TCT) and Infusion and Nutrition Systems (INS) both showed solid growth.
Pharma revenue: €920 million, organic revenue at solid 2%1 growth relative to a strong prior-year base; good volume demand and disciplined pricing in Europe, as well as continued growth in I.V. solutions in the U.S.
EBIT3 of Fresenius Kabi with 10%2 constant currency increase to €358 million driven by operating leverage and productivity gains; despite the effects of the tender for Ketosteril in China, EBIT margin3 increased to 16.7% mainly driven by the significant margin expansion of the Growth Vectors compared to the prior-year quarter and the excellent profitability at Pharma. The strong performance year-to-date gives the scope to deliberately take some targeted investments in Q4/2025, for example in R&D.
EBIT3 of the Growth Vectors increased by very strong 20%2 in constant currency and amounted to €194 million; EBIT margin3 improved by 140 bps to 15.9%, moving close to Kabi’s structural margin band.
EBIT3 of Pharma increased 17%2 in constant currency to €202 million driven by Europe and the U.S as well as by ongoing productivity gains. EBIT margin3 at 22.0%.
1Organic growth rate adjusted for accounting effects related to Argentina hyperinflation
2 Growth rate adjusted for Argentina hyperinflation
3 Before special items
Fresenius Helios with strong organic revenue growth; sequential margin improvement at Helios Germany driven by progressing Performance Programme; EBIT margin at Helios Spain as expected reflecting the usual seasonality; EBIT growth supported by earlier than expected contributions.
Strong 5% organic revenue growth driven by year-over-year activity levels increase at both, Helios Germany and Helios Spain; revenue increased by 5% in constant currency to €3,240 million.
Helios Germany’s organic revenue growth was solid at 4% despite the elevated prior year revenue base resulting from technical reclassifications, reflecting strong admission growth and positive price effects; revenues at €2,019 million.
Helios Spain with strong organic revenue growth of 7% to €1,221 million driven by good activity growth year-over-year, particularly in the ORP business, and price effects.
EBIT1 of Fresenius Helios at €242 million and thus at constant currency growth broadly in line with the prior-year quarter; overall the EBIT development was impacted by the high prior-year base related to the energy relief payments in Germany as well as to the usual seasonality in Spain in the third quarter. This was partially compensated by the advancements of the performance program in Germany; EBIT margin1 of Fresenius Helios was at 7.5%.
EBIT1 of Helios Germany decreased by -5% to €161 million against the high prior-year base which included energy relief funds; EBIT margin1 is walking up its way standing at 8.0% compared to 7.5% in Q2/2025 and 6.6% in Q4/2024, which was the first quarter without energy relief funds.
EBIT1 of Helios Spain increased by 10% in constant currency to €80 million; EBIT margin1 at 6.6%, impacted by the summer season.
Helios performance programme is advancing; material contributions expected in Q4/2025 with likely some spill-over into 2026 as some of the levers are process-related and will take time to deliver and realize benefits.
1 Before special items
Group figures Q3 and Q1-3 2025
Conference call and Audio webcast
As part of the publication of the Q3/2025 results, a conference call will be held on November 5, 2025 at 1:30 p.m. CEST / 7:30 a.m. EDT. All investors 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.
Information on Fresenius share and ADRs
Note on the presentation of financial figures
If no timeframe is specified, information refers to Q3/2025.
Consolidated results for Q3/2025 as well as for Q3/2024 include special items. An overview of the results for Q3/2025 - 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.
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 is a global healthcare company headquartered in Bad Homburg v. d. Höhe, Germany. The Fresenius Group comprises the operating companies Fresenius Kabi and Fresenius Helios as well as an investment in Fresenius Medical Care.
Fresenius is a global healthcare company headquartered in Bad Homburg v. d. Höhe, Germany. The Fresenius Group comprises the operating companies Fresenius Kabi and Fresenius Helios as well as an investment in Fresenius Medical Care.
Fresenius is a global healthcare company headquartered in Bad Homburg v. d. Höhe, Germany. The Fresenius Group comprises the operating companies Fresenius Kabi and Fresenius Helios as well as an investment in Fresenius Medical Care.
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The rate of change, a key parameter for determining the price increase for the reimbursement of hospital treatments in 2026 in Germany, has been set at 5.17%. The change in hospital costs is the other parameter used in the annual determination of the reimbursement increase. The final DRG inflator should be determined at the latest by the end of the year.
The rate of change, a key parameter for determining the price increase for the reimbursement of hospital treatments in 2026 in Germany, has been set at 5.17%. The change in hospital costs is the other parameter used in the annual determination of the reimbursement increase. The final DRG inflator should be determined at the latest by the end of the year.
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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 US, CANADA, JAPAN OR AUSTRALIA OR WHO ARE US PERSONS (AS DEFINED IN REGULATION S UNDER THE US SECURITIES ACT OF 1933, AS AMENDED), 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.
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After being absent from the Euro bond market for almost two years, Fresenius today successfully placed bonds with an aggregate volume of €1 billion across two tranches:
€500 million bonds with a maturity in September 2029 and an annual coupon of 2.75% and
€500 million bonds with a maturity in March 2034 and an annual coupon of 3.50%.
Today’s transaction follows the successful signing of a new €400 million loan agreement with the European Investment Bank.
The proceeds of the transaction will be used for general corporate purposes, including the refinancing of existing financial liabilities. Concurrently with the bond issuance Fresenius announced its intention to early repay the outstanding €500 million 4.250% bond due May 28, 2026, via a make-whole call, subject to the successful settlement of the bond issuance.
The bonds were drawn under the Fresenius Debt Issuance Program and issued by Fresenius SE & Co. KGaA. Fresenius has applied to the Luxembourg Stock Exchange to admit the bonds to trading on its regulated market.
The envisaged settlement date of the bonds is September 15, 2025.
With this transaction, Fresenius has successfully covered its funding needs for 2025 and further increased the financial flexibility in line with the company’s prudent financing strategy.
Fresenius remains committed to its investment grade rating and its self-imposed target leverage corridor of 2.5 to 3.0x net debt/EBITDA. Deleveraging and a strong balance sheet focus combined with clear capital allocation priorities are key aspects to deliver on #FutureFresenius.
This announcement does not contain or constitute an offer of, or the solicitation of an offer to buy or subscribe for, securities to any person in Australia, Canada, Japan, Singapore or the United States of America (the “United States”) or in any jurisdiction to whom or in which such offer or solicitation is unlawful. The securities referred to herein may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons, absent registration under the U.S. Securities Act of 1933, as amended (the “Securities Act”) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Subject to certain exceptions, the securities referred to herein may not be offered or sold in Australia, Canada, Japan or Singapore or to, or for the account or benefit of, any national, resident or citizen of Australia, Canada, Japan or Singapore. The offer and sale of the securities referred to herein has not been and will not be registered under the Securities Act or under the applicable securities laws of Australia, Canada, Japan or Singapore. There will be no public offer of the securities in the United States.
This announcement 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. Neither Fresenius SE & Co. KGaA, Fresenius Finance Ireland Public Limited Company nor Fresenius Finance Ireland II Public Limited Company undertake any responsibility to update the forward-looking statements in this announcement.
This announcement is a general information and not a prospectus. It has been prepared on the basis that any offer of securities in any Member State of the European Economic Area ("EEA") will be made pursuant to the prospectus and any supplement thereto prepared by Fresenius SE & Co. KGaA, Fresenius Finance Ireland Public Limited Company and Fresenius Finance Ireland II Public Limited Company in combination with the relevant final terms relating to such securities or pursuant to an exemption under Regulation (EU) 2017/1129 (the “Prospectus Regulation”) from the requirement to publish a prospectus for offers of securities. Investors should not purchase or subscribe for any securities referred to in this announcement except on the basis of information in the prospectus, as supplemented, in combination with the relevant final terms relating to such securities, to be issued by the company in connection with the offering of such securities. The applicable final terms for such securities, when published, will be available on the website of the Luxembourg Stock Exchange (www.LuxSE.com) together with the prospectus and any supplement thereto. Copies of the prospectus are also available free of charge from Fresenius SE & Co. KGaA at Else-Kröner Strasse 1, 61352 Bad Homburg, Germany.
This announcement is directed at and/or for distribution in the United Kingdom only to (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 (the “Order”) or (ii) high net worth entities falling within article 49(2)(a) to (d) of the Order (all such persons are referred to herein as “relevant persons”). This announcement is directed only at relevant persons. Any person who is not a relevant person should not act or rely on this announcement or any of its contents. Any investment or investment activity to which this announcement relates is available only to relevant persons and will be engaged in only with relevant persons.
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. Securities may not be offered or sold in the United States of America (“US”) absent registration under the US Securities Act of 1933, as amended, or an exemption from registration. The securities described on the following pages are not offered for sale in the US or to "US persons" (as defined in Regulation S under the US Securities Act of 1933, as amended).
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 US, CANADA, JAPAN OR AUSTRALIA OR WHO ARE US PERSONS (AS DEFINED IN REGULATION S UNDER THE US SECURITIES ACT OF 1933, AS AMENDED), 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 the United States of America, Canada, Japan or Australia or a "US person" (as defined in Regulation S under the US Securities Act of 1933, as amended), (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.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, SINGAPORE OR JAPAN.
After being absent from the Euro bond market for almost two years, Fresenius today successfully placed bonds with an aggregate volume of €1 billion across two tranches:
€500 million bonds with a maturity in September 2029 and an annual coupon of 2.75% and
€500 million bonds with a maturity in March 2034 and an annual coupon of 3.50%. Today’s transaction follows the successful signing of a new €400 million loan agreement with the European Investment Bank.
The proceeds of the transaction will be used for general corporate purposes, including the refinancing of existing financial liabilities. Concurrently with the bond issuance Fresenius announced its intention to early repay the outstanding €500 million 4.250% bond due May 28, 2026, via a make-whole call, subject to the successful settlement of the bond issuance.
The bonds were drawn under the Fresenius Debt Issuance Program and issued by Fresenius SE & Co. KGaA. Fresenius has applied to the Luxembourg Stock Exchange to admit the bonds to trading on its regulated market.
The envisaged settlement date of the bonds is September 15, 2025.
With this transaction, Fresenius has successfully covered its funding needs for 2025 and further increased the financial flexibility in line with the company’s prudent financing strategy.
Fresenius remains committed to its investment grade rating and its self-imposed target leverage corridor of 2.5 to 3.0x net debt/EBITDA. Deleveraging and a strong balance sheet focus combined with clear capital allocation priorities are key aspects to deliver on #FutureFresenius.
IMPORTANT NOTICE
This announcement does not contain or constitute an offer of, or the solicitation of an offer to buy or subscribe for, securities to any person in Australia, Canada, Japan, Singapore or the United States of America (the “United States”) or in any jurisdiction to whom or in which such offer or solicitation is unlawful. The securities referred to herein may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons, absent registration under the U.S. Securities Act of 1933, as amended (the “Securities Act”) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Subject to certain exceptions, the securities referred to herein may not be offered or sold in Australia, Canada, Japan or Singapore or to, or for the account or benefit of, any national, resident or citizen of Australia, Canada, Japan or Singapore. The offer and sale of the securities referred to herein has not been and will not be registered under the Securities Act or under the applicable securities laws of Australia, Canada, Japan or Singapore. There will be no public offer of the securities in the United States.
This announcement 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. Neither Fresenius SE & Co. KGaA, Fresenius Finance Ireland Public Limited Company nor Fresenius Finance Ireland II Public Limited Company undertake any responsibility to update the forward-looking statements in this announcement.
This announcement is a general information and not a prospectus. It has been prepared on the basis that any offer of securities in any Member State of the European Economic Area ("EEA") will be made pursuant to the prospectus and any supplement thereto prepared by Fresenius SE & Co. KGaA, Fresenius Finance Ireland Public Limited Company and Fresenius Finance Ireland II Public Limited Company in combination with the relevant final terms relating to such securities or pursuant to an exemption under Regulation (EU) 2017/1129 (the “Prospectus Regulation”) from the requirement to publish a prospectus for offers of securities. Investors should not purchase or subscribe for any securities referred to in this announcement except on the basis of information in the prospectus, as supplemented, in combination with the relevant final terms relating to such securities, to be issued by the company in connection with the offering of such securities. The applicable final terms for such securities, when published, will be available on the website of the Luxembourg Stock Exchange (www.LuxSE.com) together with the prospectus and any supplement thereto. Copies of the prospectus are also available free of charge from Fresenius SE & Co. KGaA at Else-Kröner Strasse 1, 61352 Bad Homburg, Germany.
This announcement is directed at and/or for distribution in the United Kingdom only to (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 (the “Order”) or (ii) high net worth entities falling within article 49(2)(a) to (d) of the Order (all such persons are referred to herein as “relevant persons”). This announcement is directed only at relevant persons. Any person who is not a relevant person should not act or rely on this announcement or any of its contents. Any investment or investment activity to which this announcement relates is available only to relevant persons and will be engaged in only with relevant persons.
The European Investment Bank (EIB) loan of €400 million will support Fresenius investments to increase availability of innovative medicines and biosimilars across Europe.
The loan demonstrates EIB’s ongoing commitment to high-quality and affordable healthcare.
This financing is a further step in the #FutureFresenius agenda.
Fresenius, a global healthcare company, will receive a new €400 million loan from the European Investment Bank (EIB) to strengthen Fresenius’ European research and development (R&D) activities. The financing will be used to support expansion of Fresenius Kabi's manufacturing of medical products and biosimilars in European countries.
The EIB-backed investments aim to strengthen resilience of pharmaceutical production in the EU and contribute to security of supply and financial relief for European healthcare systems. This will facilitate access to modern and affordable healthcare.
Sara Hennicken, CFO of Fresenius: "Our mission at Fresenius is to save and improve people’s lives. Investing in our core business with the development of innovative, affordable healthcare products is a key element of Rejuvenate, the current phase of our #FutureFresenius journey. Consequently, the continued trust of the European Investment Bank means more to us than just attractive financing; it is a valued recognition of our contribution to a healthy European future."
Nicola Beer, Vice President of the EIB: "Our long-standing partnership with Fresenius is a testament to the EIB’s enduring commitment to accessible, high-quality healthcare throughout Europe. By supporting the accelerated development of biosimilar and generic pharmaceuticals by Fresenius across several European countries, we are helping to deliver innovative, affordable solutions for millions of patients while strengthening the EU’s resilience in medicine supply and research excellence. Together, we are scaling up scientific advances and manufacturing capability, paving the way for a healthier, more sustainable future."
According to a study by IQVIA, generic drugs account for around 70% of prescriptions in Europe but represent only just under 20% of pharmaceutical costs, according to an IQVIA research.
As a manufacturer of pharmaceuticals, biosimilars, clinical nutrition and medical technologies with around 20 manufacturing plants and multiple R&D centers across Europe, Fresenius stands for the reliable supply of essential medicines.
Over the last five years, Fresenius has invested more than €1 billion in European manufacturing in key markets. These investments are intended to meet European demand. The aim of Fresenius' local-for-local strategy is to manufacture products for European patients in Europe.
Over the last 5 years, the EIB has provided more than €22 billion in financing for the health and life sciences sector, including €4 billion in countries outside the EU.
The EIB has backed long term innovation investments by Fresenius for around 20 years.
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.
