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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange Act of 1934
For the month of May 2025
Commission file number: 001-32749
FRESENIUS MEDICAL CARE AG
(Translation of registrant's name into English)
Else-Kröner Strasse 1
61346 Bad Homburg
Germany
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
On May 6, 2025, Fresenius Medical Care AG (the “Company”) issued a Press Release announcing its first quarter results for the period ending March 31, 2025. A copy of the Press Release is furnished as Exhibit 99.1 and the corresponding financial figures as Exhibit 99.2.
The attached Press Release contains non-GAAP financial measures. For purposes of Regulation G, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles. To supplement our first quarter 2025 consolidated financial results presented in accordance with International Financial Reporting Standards, or IFRS, we have used non-GAAP financial measures, including (a) EBITDA, or operating income excluding interest, taxes, depreciation and amortization, (b) free cash flow, (c) net leverage ratio (ratio of net debt to adjusted EBITDA) and (d) results presented in constant currency and as adjusted for special items identified in the Press Release and associated tables. These non-GAAP measures are provided to enhance the user’s overall understanding of our current financial performance and our prospects for the future. In addition, because we have historically reported certain non-GAAP financial measures in our financial results, we believe the inclusion of these non-IFRS financial measures provides consistency and comparability in our financial reporting to prior periods for which these non-GAAP financial measures were previously reported. These non-GAAP financial measures should not be used as a substitute for or be considered superior to GAAP financial measures. Reconciliation of the non-GAAP financial measures to the most comparable IFRS financial measures are included in the attached Financial Statements. As the reconciliation of amounts stated in Constant Currency is inherent in the disclosure included in the Press Release, we believe that a separate reconciliation would not provide any additional benefit.
The Exhibits attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.
EXHIBITS
The following exhibits are being furnished with this Report:
| Exhibit 99.1 | Press release issued on May 6, 2025. |
| Exhibit 99.2 | Complete overview of the first quarter 2025. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
DATE: May 6, 2025
| Fresenius Medical Care AG | ||
| By: | /s/ Helen Giza | |
| Name: | Helen Giza | |
| Title: | Chief Executive Officer and Chair of the Management Board | |
| By: | /s/ Martin Fischer | |
| Name: | Martin Fischer | |
| Title: | Chief Financial Officer and member of the Management Board |
Exhibit 99.1
| Press Release | Media contact |
| Christine Peters | |
| T +49 160 60 66 770 | |
| christine.peters@freseniusmedicalcare.com | |
| Contact for analysts and investors | |
| Dr. Dominik Heger | |
| T +49 6172 609 2601 | |
| dominik.heger@freseniusmedicalcare.com | |
| www.freseniusmedicalcare.com |
Fresenius Medical Care starts 2025 with strong organic revenue and income growth
| · | Strong organic revenue growth1 of 5% driven by Care Enablement and Care Delivery |
| · | Stable U.S. same market treatment development despite impact from a severe flu season |
| · | FME25 savings of EUR 68 million contributed to earnings |
| · | Operating income2 grew 11% at constant currency resulting in margin expansion |
| · | Reported operating income grew by 35% and reported net income3 by 113% |
| · | Net leverage ratio further improved to 2.8x and FY 2025 outlook confirmed |
Bad Homburg, Germany (May 6, 2025) – “The results of the first quarter of 2025 once again demonstrate our continuous operational and financial progress as we are executing the third and last year of our current strategic plan”, said Helen Giza, Chief Executive Officer of Fresenius Medical Care. “Revenue of both segments grew organically, and the phasing of the operating income development was in-line with our expectations. Care Enablement executed strongly against its transformation plan and further expanded its operating income margin, reaching its target margin band for the first time. Care Delivery maintained prior year´s margin level despite one dialysis day less and the negative impact from a severe flu season. Continuing last year´s positive momentum, patient referrals further increased. We therefore expect accelerating same market treatment growth in the U.S. to above 0.5% for the full year, after a stable development in Q1. We also continue to expect operational and financial improvements in both segments during the year, translating into significant earnings and margin growth. We therefore confirm our financial outlook for the full year 2025.”
1 At constant currency, adjusted for certain reconciling items including revenue from acquisitions, closed or sold operations and differences in dialysis days.
2 Adjusted for special items.
3 Net income attributable to shareholders of Fresenius Medical Care AG.
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Key figures Q1 2025 (unaudited)
| Q1 2025 EUR m |
Q1 2024 EUR m |
Growth yoy |
Growth yoy, cc |
|||||||||||||
| Revenue | 4,881 | 4,725 | 3 | % | 1 | % | ||||||||||
| Operating income | 331 | 246 | 35 | % | 32 | % | ||||||||||
| excl. special items2 | 457 | 403 | 13 | % | 11 | % | ||||||||||
| Net income3 | 151 | 71 | 113 | % | 109 | % | ||||||||||
| excl. special items2 | 246 | 188 | 31 | % | 29 | % | ||||||||||
| Basic EPS (EUR) | 0.52 | 0.24 | 113 | % | 109 | % | ||||||||||
| excl. special items2 (EUR) | 0.84 | 0.64 | 31 | % | 29 | % | ||||||||||
yoy = year-on-year, cc = at constant currency, EPS = earnings per share
Execution momentum underpins a good start to fiscal 2025
Fresenius Medical Care, the world’s leading provider of products and services for individuals with renal disease, has made a good start to the third year of its strategic plan. During the first quarter, the FME25 transformation program continued its positive momentum, delivering EUR 68 million additional sustainable savings while related one-time costs, treated as special items, amounted to EUR 28 million. The Company confirms its full year target of around EUR 180 million additional annual savings, totaling to EUR 750 million by year end 2025.
Fresenius Medical Care continues the execution of its portfolio optimization plan to exit non-core and margin-dilutive assets. Announced divestments include select assets of Spectra Laboratories, our U.S. laboratory testing services business, as well as our clinic operations in Malaysia. Special items associated with portfolio optimization amounted to negative EUR 24 million in the first quarter.
All transactions that were realized as part of the Company’s portfolio optimization plan in 2024 are estimated to negatively impact full year 2025 Group revenue growth by around one percent. Related cost will be treated as special items in operating income.
Strong organic revenue growth1 in both segments
In the first quarter 2025, Group revenue increased by 3% (+1% at constant currency, +5% organic1) to EUR 4,881 million. Divestitures realized as part of the portfolio optimization plan affected the revenue development by -260 basis points.
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Care Delivery revenue increased by 2% (-1% at constant currency, +4% organic1) to EUR 3,857 million. Divestitures realized as part of the portfolio optimization plan affected the revenue development by -370 basis points.
In Care Delivery U.S., revenue increased by 6% (+3% at constant currency, +4% organic1) to EUR 3,302 million. A growing value-based care business, reimbursement rate increases, and a favorable payor mix as well as exchange rate effects had a positive impact, compensating a decrease in dialysis days. A severe flu season in the U.S. drove elevated missed treatments. U.S. same market treatment growth came in flat year-on-year.
In Care Delivery International, revenue declined by 19% (-19% at constant currency, +5% organic1) to EUR 555 million. The effect of closed or sold operations, mainly related to Legacy Portfolio Optimization, as well as a decrease in dialysis days were partially offset by organic growth1. Same market treatment growth accelerated to 2.5%.
Care Enablement revenue grew by 5% (+5% at constant currency, +5% organic1) to EUR 1,367 million, mainly driven by volume growth in all our geographical regions and continued positive pricing momentum. Volume-based procurement in China developed in line with expectations and was supportive of volume growth, yet a headwind to price development.
Within Inter-segment eliminations4, revenue for products transferred between the operating segments at fair market value came in 5% below prior year at negative EUR 343 million (-7% at constant currency).
Significant operating income growth
Operating income significantly increased by 35% (+32% at constant currency) to EUR 331 million, resulting in a margin of 6.8% (Q1 2024: 5.2%). Operating income excluding special items increased by 13% (+11% at constant currency) to EUR 457 million, resulting in a margin2 of 9.4% (Q1 2024: 8.5%).
Operating income in Care Delivery increased by 71% (+64% at constant currency), resulting in a margin of 8.4% (Q1 2024: 5.0%). Operating income excluding special items increased by 4% (flat at constant currency), resulting in a margin2 of 9.3% (Q1 2024: 9.2%). Compared to previous year, operating income development was driven by the impact from phosphate binders, positive price effects and savings associated with the FME25 program. The development was negatively impacted by higher personnel expenses, that developed in line with expectations, less positive contribution from the value-based care business, a negative impact from treatment volumes as well as inflationary cost increases.
Operating income in Care Enablement increased by 34% (+33% at constant currency), resulting in a margin of 6.9% (Q1 2024: 5.4%). Operating income excluding special items increased by 50% (+49% at constant currency), resulting in a margin2 of 8.3% (Q1 2024: 5.9%). The improvement compared to the previous year’s quarter was mainly driven by savings from the FME25 program and globally positive volume and pricing developments. These positive effects were partially offset by inflationary cost increases that developed in line with expectations.
4 The company transfers products between segments at fair market value. The associated internal revenues and expenses and all other consolidation of transactions are included within “Inter-segment eliminations”.
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Operating income for Corporate amounted to EUR -81 million (Q1 2024: EUR -14 million). Humacyte remeasurements, that are treated as special items in the Corporate line, amounted to EUR -67 million and virtual power purchase agreements contributed EUR 3 million. Operating income excluding special items amounted to EUR -12 million (Q1 2024: EUR -18 million).
Net income3 more than doubled (+113%) to EUR 151 million (+109% at constant currency). Net income excluding special items increased by 31% (+29% at constant currency) to EUR 246 million.
Basic earnings per share (EPS) more than doubled (+113%) to EUR 0.52 (+109% at constant currency). EPS excluding special items increased by 31% (+29% at constant currency) to EUR 0.84.
Continued strong cash flow development and further improved net leverage ratio
In the first quarter, Fresenius Medical Care improved operating cash flow by 28% to EUR 163 million (Q1 2024: EUR 127 million), resulting in a margin of 3.3% (Q1 2024: 2.7%). The operating cash flow development was driven by the seasonality of invoicing, in line with expectations.
Free cash flow5 increased to EUR 21 million in the first quarter (Q1 2024: EUR -2 million).
Total net debt and lease liabilities were further reduced to EUR 9,753 million (Q4 2024: EUR 9,803 million). The net leverage ratio (net debt/EBITDA) slightly improved from 2.9x in Q4 2024 to 2.8x in Q1 2025.
Patients, clinics and employees
As of March 31, 2025, Fresenius Medical Care treated 299,358 patients in 3,674 dialysis clinics worldwide and had 112,035 employees (headcount) globally, compared to 111,513 employees as of December 31, 2024.
Outlook 2025 confirmed
Fresenius Medical Care confirms its outlook for fiscal 2025 and expects revenue growth to be positive to a low-single digit percent rate compared to prior year. The Company expects operating income excluding special items to grow by a high-teens to high-twenties percent rate compared to prior year.
The expected growth rates for 2025 are at constant currency, excluding special items in operating income. The 2024 basis for the revenue outlook is EUR 19,336 million and for the operating income outlook is EUR 1,797 million.
5 Net cash provided by / used in operating activities, after capital expenditures, before acquisitions, investments, and dividends
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Investor conference call
Fresenius Medical Care will host a conference call for analysts and investors to discuss the results of the first quarter 2025 today, May 6, 2025, at 2:00 p.m. CEST / 8:00 a.m. EDT. Details are available on the Fresenius Medical Care website in the “Investors” section. A replay and a transcript will be available shortly after the call.
Please refer to our statement of earnings included at the end of this press release and to the attachments as separate PDF files for a complete overview of the results of the first quarter 2025. Our FORM 6-K disclosure provides more details.
About Fresenius Medical Care:
Fresenius Medical Care is the world's leading provider of products and services for individuals with renal diseases of which around 4.2 million patients worldwide regularly undergo dialysis treatment. Through its network of 3,674 dialysis clinics, Fresenius Medical Care provides dialysis treatments for approx. 299,000 patients around the globe. Fresenius Medical Care is also the leading provider of dialysis products such as dialysis machines or dialyzers. Fresenius Medical Care is listed on the Frankfurt Stock Exchange (FME) and on the New York Stock Exchange (FMS).
For more information visit the company’s website at www.freseniusmedicalcare.com.
Disclaimer:
This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results could differ materially from those described in these forward-looking statements due to various factors, including, but not limited to, changes in business, economic and competitive conditions, legal changes, regulatory approvals, results of clinical studies, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. These and other risks and uncertainties are detailed in Fresenius Medical Care’s reports filed with the U.S. Securities and Exchange Commission. Fresenius Medical Care does not undertake any responsibility to update the forward-looking statements in this release.
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Statement of earnings
| Three months ended March 31, | ||||||||||||
| in € million, except share data, unaudited | 2025 | 2024 | Change | Change at cc |
||||||||
| Revenue | 4,881 | 4,725 | 3.3 | % | 1.2 | % | ||||||
| Costs of revenue | 3,697 | 3,551 | 4.1 | % | 2.0 | % | ||||||
| Selling, general and administrative expense | 751 | 776 | -3.2 | % | -4.9 | % | ||||||
| Research and development expense | 43 | 48 | -9.0 | % | -10.1 | % | ||||||
| Income from equity method investees | (48 | ) | (29 | ) | 65.8 | % | 65.9 | % | ||||
| Other operating income | (141 | ) | (113 | ) | 24.5 | % | 24.1 | % | ||||
| Other operating expense | 248 | 246 | 0.4 | % | -0.4 | % | ||||||
| Operating income | 331 | 246 | 34.7 | % | 31.6 | % | ||||||
| Operating income excl. special items1 | 457 | 403 | 13.4 | % | 10.9 | % | ||||||
| Interest expense, net | 81 | 88 | -8.4 | % | -11.1 | % | ||||||
| Income before taxes | 250 | 158 | 58.8 | % | 55.5 | % | ||||||
| Income tax expense | 61 | 40 | 54.5 | % | 51.6 | % | ||||||
| Net income | 189 | 118 | 60.3 | % | 56.8 | % | ||||||
| Net income attributable to noncontrolling interests | 38 | 47 | -18.9 | % | -21.2 | % | ||||||
| Net income2 | 151 | 71 | 113.1 | % | 108.8 | % | ||||||
| Net income2 excl. special items1 | 246 | 188 | 31.3 | % | 28.6 | % | ||||||
| Weighted average number of shares | 293,413,449 | 293,413,449 | ||||||||||
| Basic earnings per share | € | 0.52 | € | 0.24 | 113.1 | % | 108.8 | % | ||||
| Basic earnings per share excl. special items1 | € | 0.84 | € | 0.64 | 31.3 | % | 28.6 | % | ||||
| In percent of revenue | ||||||||||||
| Operating income margin | 6.8 | % | 5.2 | % | ||||||||
| Operating income margin excl. special items1 | 9.4 | % | 8.5 | % | ||||||||
1 For a reconciliation of special items, please refer to the table at the end of the press release.
2 Attributable to shareholders of FME AG.
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Reconciliation of non-IFRS financial measures to the most directly comparable IFRS Accounting Standards financial measures for comparability with the Company's outlook
| Three months ended March 31, | |||||||
| in € million, unaudited | 2025 | 2024 | |||||
| Operating performance excl. special items | |||||||
| These items are excluded to ensure comparability of the figures presented with the Company's financial targets which have been defined excluding special items. | |||||||
| Revenue | 4,881 | 4,725 | |||||
| Operating income | 331 | 246 | |||||
| FME25 Program | 28 | 28 | |||||
| Legacy Portfolio Optimization1 | 24 | 143 | |||||
| Legal Form Conversion Costs | 0 | 1 | |||||
| Humacyte Remeasurements | 74 | (15 | ) | ||||
| Sum of special items | 126 | 157 | |||||
| Operating income excl. special items | 457 | 403 | |||||
| Net income2 | 151 | 71 | |||||
| FME25 Program | 20 | 20 | |||||
| Legacy Portfolio Optimization1 | 20 | 107 | |||||
| Legal Form Conversion Costs | 0 | 1 | |||||
| Humacyte Remeasurements | 55 | (11 | ) | ||||
| Sum of special items | 95 | 117 | |||||
| Net income2 excl. special items | 246 | 188 | |||||
1 2025: mainly comprise severance payments and the impairment of goodwill resulting from the measurement of assets held for sale; 2024: mainly comprise the impairment of intangible and tangible assets resulting from the measurement of assets held for sale as well as losses from divestitures.
2 Attributable to shareholders of FME AG.
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Exhibit 99.2
Fresenius Medical Care AG
COMPLETE OVERVIEW OF THE FIRST QUARTER 2025
May 6, 2025
Investor Relations
phone: +49 6172 609 2525
email: ir@freseniusmedicalcare.com
Content:
| Statement of earnings | page 2 |
| Segment information | page 3 |
| Balance sheet | page 4 |
| Cash flow | page 5 |
| Revenue development by segment | page 6 |
| Key metrics | page 7 |
| Reconciliation results excl. special items | page 8 |
| Outlook 2025 | page 9 |
Disclaimer
This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results could differ materially from those described in these forward-looking statements due to various factors, including, but not limited to, changes in business, economic and competitive conditions, legal changes, regulatory approvals, impacts related to COVID-19, results of clinical studies, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. These and other risks and uncertainties are detailed in Fresenius Medical Care AG’s reports filed with the U.S. Securities and Exchange Commission. Fresenius Medical Care AG does not undertake any responsibility to update the forward-looking statements in this release.
Rounding adjustments applied to individual numbers and percentages may result in these figures differing immaterially from their absolute values. Furthermore, totals and subtotals in tables may differ slightly from unrounded figures due to rounding in accordance with commercial rounding conventions.
Copyright by Fresenius Medical Care AG
Statement of earnings
| in € million, except share data, unaudited | Three months ended March 31, | |||||||||||||||
| 2025 | 2024 | Change | Change at cc |
|||||||||||||
| Total revenue | 4,881 | 4,725 | 3.3 | % | 1.2 | % | ||||||||||
| Costs of revenue | 3,697 | 3,551 | 4.1 | % | 2.0 | % | ||||||||||
| Selling, general and administrative expense | 751 | 776 | -3.2 | % | -4.9 | % | ||||||||||
| Research and development expense | 43 | 48 | -9.0 | % | -10.1 | % | ||||||||||
| Income from equity method investees | (48 | ) | (29 | ) | 65.8 | % | 65.9 | % | ||||||||
| Other operating income | (141 | ) | (113 | ) | 24.5 | % | 24.1 | % | ||||||||
| Other operating expense | 248 | 246 | 0.4 | % | -0.4 | % | ||||||||||
| Operating income | 331 | 246 | 34.7 | % | 31.6 | % | ||||||||||
| Operating income excl. special items 1 | 457 | 403 | 13.4 | % | 10.9 | % | ||||||||||
| Interest income | (15 | ) | (16 | ) | -4.4 | % | -2.9 | % | ||||||||
| Interest expense | 96 | 104 | -7.8 | % | -9.8 | % | ||||||||||
| Interest expense, net | 81 | 88 | -8.4 | % | -11.1 | % | ||||||||||
| Income before income taxes | 250 | 158 | 58.8 | % | 55.5 | % | ||||||||||
| Income tax expense | 61 | 40 | 54.5 | % | 51.6 | % | ||||||||||
| Net income | 189 | 118 | 60.3 | % | 56.8 | % | ||||||||||
| Net income attributable to noncontrolling interests | 38 | 47 | -18.9 | % | -21.2 | % | ||||||||||
| Net income attributable to shareholders of FME AG | 151 | 71 | 113.1 | % | 108.8 | % | ||||||||||
| Net income attributable to shareholders of FME AG excl. special items 1 | 246 | 188 | 31.3 | % | 28.6 | % | ||||||||||
| Weighted average number of shares | 293,413,449 | 293,413,449 | ||||||||||||||
| Basic earnings per share | € | 0.52 | € | 0.24 | 113.1 | % | 108.8 | % | ||||||||
| Basic earnings per ADS | € | 0.26 | € | 0.12 | 113.1 | % | 108.8 | % | ||||||||
| Operating income | 331 | 246 | 34.7 | % | 31.6 | % | ||||||||||
| Depreciation, amortization and impairment loss | 395 | 512 | -23.0 | % | -24.5 | % | ||||||||||
| EBITDA | 726 | 758 | -4.3 | % | -6.3 | % | ||||||||||
| In percent of revenue | ||||||||||||||||
| Operating income margin | 6.8 | % | 5.2 | % | ||||||||||||
| Operating income margin excl. special items 1 | 9.4 | % | 8.5 | % | ||||||||||||
| EBITDA margin | 14.9 | % | 16.1 | % | ||||||||||||
1 For a reconciliation of special items, please refer to the table on page 8.
| Statement of earnings | Page |
May 6, 2025 |
Segment information
| unaudited | Three months ended March 31, | |||||||||||||||
| 2025 | 2024 | Change | Change at cc |
|||||||||||||
| Total | ||||||||||||||||
| Revenue in € million | 4,881 | 4,725 | 3.3 | % | 1.2 | % | ||||||||||
| Operating income in € million | 331 | 246 | 34.7 | % | 31.6 | % | ||||||||||
| Operating income in € million excl. special items 1 | 457 | 403 | 13.4 | % | 10.9 | % | ||||||||||
| Operating income margin | 6.8 | % | 5.2 | % | ||||||||||||
| Operating income margin excl. special items 1 | 9.4 | % | 8.5 | % | ||||||||||||
| Days sales outstanding (DSO) 2 | 67 | 76 | ||||||||||||||
| Employees (headcount) | 112,035 | 117,128 | ||||||||||||||
| Care Delivery segment | ||||||||||||||||
| Revenue in € million | 3,857 | 3,788 | 1.8 | % | -0.9 | % | ||||||||||
| Operating income in € million | 323 | 189 | 71.4 | % | 64.3 | % | ||||||||||
| Operating income in € million excl. special items 1 | 360 | 348 | 3.6 | % | -0.3 | % | ||||||||||
| Operating income margin | 8.4 | % | 5.0 | % | ||||||||||||
| Operating income margin excl. special items 1 | 9.3 | % | 9.2 | % | ||||||||||||
| Days sales outstanding (DSO) 2 | 61 | 71 | ||||||||||||||
| Care Enablement segment | ||||||||||||||||
| Revenue in € million | 1,367 | 1,297 | 5.4 | % | 4.9 | % | ||||||||||
| Operating income in € million | 94 | 70 | 34.3 | % | 32.9 | % | ||||||||||
| Operating income in € million excl. special items 1 | 114 | 76 | 50.1 | % | 48.7 | % | ||||||||||
| Operating income margin | 6.9 | % | 5.4 | % | ||||||||||||
| Operating income margin excl. special items 1 | 8.3 | % | 5.9 | % | ||||||||||||
| Days sales outstanding (DSO) 2 | 91 | 92 | ||||||||||||||
| Inter-segment eliminations 3 | ||||||||||||||||
| Revenue in € million | (343 | ) | (360 | ) | -5.0 | % | -7.2 | % | ||||||||
| Operating income in € million | (5 | ) | 1 | n.a. | n.a. | |||||||||||
| Operating income in € million excl. special items 1 | (5 | ) | (3 | ) | 77.1 | % | 71.8 | % | ||||||||
| Corporate | ||||||||||||||||
| Operating income in € million | (81 | ) | (14 | ) | 494.9 | % | 444.8 | % | ||||||||
| Operating income in € million excl. special items 1 | (12 | ) | (18 | ) | -31.4 | % | -55.7 | % | ||||||||
1 For a reconciliation of special items, please refer to the table on page 8.
2 Includes receivables related to assets held for sale.
3 The Company transfers products between segments at fair market value. The associated internal revenues and expenses and all other consolidation of transactions are included within “Inter-segment eliminations”.
cc = constant currency. Changes in revenue, operating income and net income attributable to shareholders of FME AG include the impact of changes in foreign currency exchange rates. We calculate and present these financial measures using both IFRS Accounting Standards and at constant exchange rates to show changes in these metrics and other items without giving effect to period-to-period currency fluctuations. Under IFRS Accounting Standards, amounts received in local (non-euro) currency are translated into euro at the average exchange rate for the period presented. Once we translate the local currency for the constant currency, we then calculate the change, as a percentage, of the current period using the prior period exchange rates versus the prior period. The single quarter results are calculated as the variance between the current year-to-date results less the preceding quarter’s year-to-date which makes the single quarter subject to further foreign exchange fluctuation. This resulting percentage is a non-IFRS measure referring to a change as a percentage at constant currency. These currency-adjusted financial measures are identifiable by the designated term "Constant Currency".
| Segment information | Page |
May 6, 2025 |
Balance sheet
| in € million, except for net leverage ratio, unaudited | March 31, | December 31, | ||||||
| 2025 | 2024 | |||||||
| Assets | ||||||||
| Cash and cash equivalents | 1,071 | 1,180 | ||||||
| Trade accounts and other receivables from unrelated parties | 3,565 | 3,367 | ||||||
| Inventories | 2,079 | 2,068 | ||||||
| Other current assets | 1,243 | 1,308 | ||||||
| Goodwill and intangible assets | 15,971 | 16,541 | ||||||
| Right-of-use assets | 3,475 | 3,612 | ||||||
| Other non-current assets | 5,331 | 5,491 | ||||||
| Total assets | 32,735 | 33,567 | ||||||
| Liabilities and equity | ||||||||
| Accounts payable to unrelated parties | 769 | 904 | ||||||
| Other current liabilities | 4,678 | 4,756 | ||||||
| Non-current liabilities | 11,783 | 12,138 | ||||||
| Total equity | 15,505 | 15,769 | ||||||
| Total liabilities and equity | 32,735 | 33,567 | ||||||
| Equity/assets ratio | 47 | % | 47 | % | ||||
| Debt and lease liabilities | ||||||||
| Short-term debt from unrelated parties | 95 | 2 | ||||||
| Current portion of long-term debt | 591 | 575 | ||||||
| Current portion of lease liabilities from unrelated parties | 603 | 616 | ||||||
| Current portion of lease liabilities from related parties | 25 | 25 | ||||||
| Long-term debt, less current portion | 6,149 | 6,261 | ||||||
| Lease liabilities from unrelated parties, less current portion | 3,275 | 3,412 | ||||||
| Lease liabilities from related parties, less current portion | 83 | 88 | ||||||
| Debt and lease liabilities included within liabilities directly associated with assets held for sale | 11 | 9 | ||||||
| Total debt and lease liabilities | 10,832 | 10,988 | ||||||
| Minus: Cash and cash equivalents 1 | (1,079 | ) | (1,185 | ) | ||||
| Total net debt and lease liabilities | 9,753 | 9,803 | ||||||
| Reconciliation of annualized adjusted EBITDA and net leverage ratio to the most directly comparable IFRS Accounting Standards financial measure | ||||||||
| Net income | 812 | 741 | ||||||
| Income tax expense | 338 | 316 | ||||||
| Interest income | (71 | ) | (72 | ) | ||||
| Interest expense | 399 | 407 | ||||||
| Depreciation and amortization | 1,530 | 1,536 | ||||||
| Adjustments 2 | 432 | 450 | ||||||
| Annualized adjusted EBITDA | 3,440 | 3,378 | ||||||
| Net leverage ratio | 2.8 | 2.9 | ||||||
1 Includes cash and cash equivalents included within assets held for sale.
2 Acquisitions and divestitures made for the last twelve months with a purchase price above a €50 M threshold as defined in the Syndicated Credit Facility (2025: -€9 M; 2024: -€23 M), non-cash charges, primarily related to pension expense (2025: €52 M; 2024: €52 M), impairment loss (2025: €94 M; 2024: €207 M) and special items, including costs related to the FME25 Program (2025: €167 M; 2024: €164 M), Legacy Portfolio Optimization (2025: €103 M; 2024: €113 M), Legal Form Conversion Costs (2025: €8 M; 2024: €9 M) and Humacyte Remeasurements (2025: €17 M; 2024: -€72 M).
| Balance Sheet | Page |
May 6, 2025 |
Cash flow statement
| in € million, unaudited | Three months ended March 31, | |||||||
| 2025 | 2024 | |||||||
| Operating activities | ||||||||
| Net income | 189 | 118 | ||||||
| Depreciation, amortization and impairment loss | 395 | 512 | ||||||
| Change in trade accounts and other receivables from unrelated parties | (307 | ) | (669 | ) | ||||
| Change in inventories | (71 | ) | (41 | ) | ||||
| Change in other working capital and non-cash items | (43 | ) | 207 | |||||
| Net cash provided by (used in) operating activities | 163 | 127 | ||||||
| In percent of revenue | 3.3 | % | 2.7 | % | ||||
| Investing activities | ||||||||
| Purchases of property, plant and equipment and capitalized development | ||||||||
| costs | (146 | ) | (134 | ) | ||||
| Proceeds from sale of property, plant and equipment | 4 | 5 | ||||||
| Capital expenditures, net | (142 | ) | (129 | ) | ||||
| Free cash flow | 21 | (2 | ) | |||||
| In percent of revenue | 0.4 | % | 0.0 | % | ||||
| Acquisitions and investments, net of cash acquired, and purchases of | ||||||||
| intangible assets | (6 | ) | 0 | |||||
| Investments in debt securities | (12 | ) | 0 | |||||
| Proceeds from divestitures, net of cash disposed | 19 | 40 | ||||||
| Proceeds from sale of debt securities | 33 | 21 | ||||||
| Free cash flow after investing activities | 55 | 59 | ||||||
| Cash flow | Page |
May 6, 2025 |
Revenue development by segment
| Same market | ||||||||||||||||||
| Change | Organic | treatment | ||||||||||||||||
| in € million, unaudited | 2025 | 2024 | Change | at cc | growth | growth 1 | ||||||||||||
| Three months ended March 31, | ||||||||||||||||||
| Total revenue | 4,881 | 4,725 | 3.3 | % | 1.2 | % | 5.4 | % | ||||||||||
| Care Delivery segment | 3,857 | 3,788 | 1.8 | % | -0.9 | % | 4.2 | % | 0.8 | % | ||||||||
| Thereof: U.S. | 3,302 | 3,102 | 6.4 | % | 3.2 | % | 4.1 | % | 0.0 | % | ||||||||
| Thereof: International | 555 | 686 | -19.1 | % | -19.0 | % | 4.8 | % | 2.5 | % | ||||||||
| Care Enablement segment | 1,367 | 1,297 | 5.4 | % | 4.9 | % | 4.9 | % | ||||||||||
| Inter-segment eliminations | (343 | ) | (360 | ) | -5.0 | % | -7.2 | % |
1 Same market treatment growth = organic growth less price effects
Health care services and health care products revenue by segment
| 2025 | 2024 | |||||||||||||||||||||||
| Care Delivery |
Care Enablement |
Inter- segment |
Care Delivery | Care Enablement |
Inter- segment |
|||||||||||||||||||
| in € million, unaudited | segment | segment | eliminations | Total | segment | segment | eliminations | Total | ||||||||||||||||
| Three months ended March 31, | ||||||||||||||||||||||||
| Health care services revenue | 3,780 | — | — | 3,780 | 3,748 | — | — | 3,748 | ||||||||||||||||
| Health care products revenue | 77 | 1,024 | — | 1,101 | 40 | 937 | — | 977 | ||||||||||||||||
| Inter-segment revenue | — | 343 | (343 | ) | — | — | 360 | (360 | ) | — | ||||||||||||||
| Revenue | 3,857 | 1,367 | (343 | ) | 4,881 | 3,788 | 1,297 | (360 | ) | 4,725 | ||||||||||||||
| Revenue development by segment | Page |
May 6, 2025 |
Key metrics Care Delivery segment
| unaudited | Three months ended March 31, 2025 | ||||||||||||||||||||
| Growth | Growth | Growth | |||||||||||||||||||
| Clinics | in
% yoy |
Net
change in clinics 1 |
Patients | in
% yoy |
Treatments | in
% yoy |
|||||||||||||||
| Total | 3,674 | -5 | % | (1 | ) | 299,358 | -8 | % | 11,007,408 | -10 | % | ||||||||||
| Thereof: U.S. | 2,623 | 0 | % | (1 | ) | 205,662 | 0 | % | 7,548,182 | -1 | % | ||||||||||
| Thereof: International | 1,051 | -16 | % | 0 | 93,696 | -21 | % | 3,459,226 | -26 | % | |||||||||||
1 Net change in clinics (acquired, de novo, combined, closed and sold) in comparison to December 31, 2024.
yoy = year-on-year
| Key metrics | Page |
May 6, 2025 |
Reconciliation of non-IFRS financial measures to the most directly comparable IFRS Accounting Standards financial measures for comparability with the Company´s outlook
| Special items | Special items | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| in € million, except share data, unaudited | Results 2025 |
FME25 Program |
Legacy Portfolio Optimiza- tion1 |
Legal Form Conversion Costs |
Humacyte Remeasure- ments |
Sum of special items |
Results 2025 excl. special items |
Currency translation effects |
Results 2025 excl. special items at cc |
Results 2024 |
FME25 Program |
Legacy Portfolio Optimiza- tion1 |
Legal Form Conversion Costs |
Humacyte Remeasure- ments |
Sum of special items |
Results 2024 excl. special items |
Change excl. special items |
Change excl. special items at cc |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Three months ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total revenue | 4,881 | — | — | — | — | — | 4,881 | (99 | ) | 4,782 | 4,725 | — | — | — | — | — | 4,725 | 3.3 | % | 1.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Care Delivery segment | 3,857 | — | — | — | — | — | 3,857 | (101 | ) | 3,756 | 3,788 | — | — | — | — | — | 3,788 | 1.8 | % | -0.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Thereof: U.S. | 3,302 | — | — | — | — | — | 3,302 | (102 | ) | 3,200 | 3,102 | — | — | — | — | — | 3,102 | 6.4 | % | 3.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Thereof: International | 555 | — | — | — | — | — | 555 | 1 | 556 | 686 | — | — | — | — | — | 686 | -19.1 | % | -19.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Care Enablement segment | 1,367 | — | — | — | — | — | 1,367 | (6 | ) | 1,361 | 1,297 | — | — | — | — | — | 1,297 | 5.4 | % | 4.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Inter-segment eliminations | (343 | ) | — | — | — | — | — | (343 | ) | 8 | (335 | ) | (360 | ) | — | — | — | — | — | (360 | ) | -5.0 | % | -7.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||
| EBITDA | 726 | 28 | 17 | 0 | 74 | 119 | 845 | (18 | ) | 827 | 758 | 26 | 27 | 1 | (15 | ) | 39 | 797 | 6.0 | % | 3.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Total operating income | 331 | 28 | 24 | 0 | 74 | 126 | 457 | (11 | ) | 446 | 246 | 28 | 143 | 1 | (15 | ) | 157 | 403 | 13.4 | % | 10.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Care Delivery segment | 323 | 15 | 22 | — | — | 37 | 360 | (14 | ) | 346 | 189 | 12 | 147 | — | — | 159 | 348 | 3.6 | % | -0.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Care Enablement segment | 94 | 11 | 2 | — | 7 | 20 | 114 | (1 | ) | 113 | 70 | 16 | 0 | — | (10 | ) | 6 | 76 | 50.1 | % | 48.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Inter-segment eliminations | (5 | ) | — | — | — | — | — | (5 | ) | 0 | (5 | ) | 1 | — | (4 | ) | — | — | (4 | ) | (3 | ) | 77.1 | % | 71.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Corporate | (81 | ) | 2 | — | 0 | 67 | 69 | (12 | ) | 4 | (8 | ) | (14 | ) | 0 | 0 | 1 | (5 | ) | (4 | ) | (18 | ) | -31.4 | % | -55.7 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Interest expense, net | 81 | — | — | — | — | — | 81 | (3 | ) | 78 | 88 | — | — | — | — | — | 88 | -8.4 | % | -11.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense | 61 | 8 | 4 | 0 | 19 | 31 | 92 | (3 | ) | 89 | 40 | 8 | 36 | 0 | (4 | ) | 40 | 80 | 14.7 | % | 12.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income attributable to noncontrolling interests | 38 | — | — | — | — | — | 38 | 0 | 38 | 47 | — | — | — | — | — | 47 | -18.9 | % | -21.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income2 | 151 | 20 | 20 | 0 | 55 | 95 | 246 | (5 | ) | 241 | 71 | 20 | 107 | 1 | (11 | ) | 117 | 188 | 31.3 | % | 28.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Basic earnings per share | € | 0.52 | € | 0.07 | € | 0.07 | € | 0.00 | € | 0.18 | € | 0.32 | € | 0.84 | € | (0.02 | ) | € | 0.82 | € | 0.24 | € | 0.07 | € | 0.37 | € | 0.00 | € | (0.04 | ) | € | 0.40 | € | 0.64 | 31.3 | % | 28.6 | % | ||||||||||||||||||||||||||||||||||
1 2025: mainly comprise severance payments and the impairment of goodwill resulting from the measurement of assets held for sale; 2024: mainly comprise the impairment of intangible and tangible assets resulting from the measurement of assets held for sale as well as losses from divestitures.
2 Attributable to shareholders of FME AG.
| Reconciliation results excl. special items | Page |
May 6, 2025 |
Outlook 2025
| Outlook 2025 | ||||||
| Results 2024 | (at Constant Currency) | |||||
| Revenue1 | €19,336 M | Positive to a low-single digit percentage rate growth | ||||
| Operating income1 | €1,797 M | High-teens to high-twenties percentage rate growth |
1 Outlook 2025 is based on the assumptions outlined in the earnings release for the fourth quarter and full year of 2024 and excludes special items. Special items include the costs related to the FME25 Program, the impacts from Legacy Portfolio Optimization, the Legal Form Conversion Costs, the Humacyte Remeasurements and other effects that are unusual in nature and have not been foreseeable or not foreseeable in size or impact at the time of providing the outlook. The growth rates are based on the results 2024 excluding the costs related to the FME25 Program (€180 M for operating income), the impacts from Legacy Portfolio Optimization (€288 M for operating income), the Legal Form Conversion Costs (€9 M for operating income) and the Humacyte Remeasurements (-€72 M for operating income).
| Outlook 2025 | Page |
May 6, 2025 |