-- Strong organic revenue growth1 in 2025 of 8% driven by all operating 
      segments 
 
   -- Driven by an exceptional Q4, full year operating income2 growth of 27% 
      reached top end of financial outlook, resulting in a significant margin 
      step up to 11.3% 
 
   -- Reported operating income grew by 31%, reported net income3 by 82% 
 
   -- Earnings per share2 (EPS) grew by 44%, supported by the accelerated share 
      buyback program 
 
   -- Dividend of EUR 1.49 (+3%) planned to be proposed 
 
   -- FY 2026 outlook operating income is forecast to remain on a consistent 
      level despite significant additional headwinds 

BAD HOMBURG, Germany, Feb. 24, 2026 /PRNewswire/ -- "Fresenius Medical Care closed a milestone year marked by outstanding profitability gains. Over the past three years, we built a stronger and more resilient company, meeting all key financial and strategic aspects of the mid-term outlook that we had set for 2025. These achievements reflect our disciplined focus on operational and financial excellence. In 2025, we delivered revenue and operating income growth at the upper end of our outlook, overcoming a difficult market environment," said Helen Giza, Chief Executive Officer of Fresenius Medical Care AG. "Our operating income margin of 11.3% is well within the mid-term margin target band we established three years ago for 2025. The Group's step-up in profitability was the result of solid business growth, accelerated FME25+ efficiency gains, higher-than-expected benefits from TDAPA regulation and favorable reimbursement developments, with all segments making meaningful contributions. This progress underscores our ongoing commitment and value creation focus."

Helen Giza continued, "Looking ahead to 2026, we are set to build on the remarkable transformation of recent years and advance the execution of our FME Reignite strategy. For our patients, we are excited to expand access to high-volume hemodiafiltration in the U.S. with the large-scale rollout of our innovative 5008X CAREsystem. We remain steadfast in our commitment to further improve profitability, while investing in our future and overcoming regulatory headwinds. As such, we expect to grow operating income by three to seven percent CAGR out to 2028 and to increase returns for our shareholders."

Key figures Q4 and FY 2025

 
                Q4      Q4 
              2025    2024  Growth   Growth  FY 2025  FY 2024  Growth   Growth 
             EUR m   EUR m     yoy  yoy, cc    EUR m    EUR m     yoy  yoy, cc 
----------  ------  ------  ------  -------  -------  -------  ------  ------- 
Revenue      5,070   5,085     0 %     +7 %   19,628   19,336    +2 %     +5 % 
Operating 
 income        594     259  +129 %   +144 %    1,827    1,392   +31 %    +36 % 
excl. 
 special 
 items(2)      705     489   +44 %    +53 %    2,212    1,797   +23 %    +27 % 
Net 
 income(3)     327      67  +389 %   +421 %      978      538   +82 %    +88 % 
excl. 
 special 
 items(2)      412     266   +55 %    +64 %    1,248      903   +38 %    +43 % 
Basic EPS 
 (EUR)        1.14    0.23  +402 %   +434 %     3.36     1.83   +83 %    +89 % 
excl. 
 special 
 items(2)     1.44    0.91   +59 %    +68 %     4.28     3.08   +39 %    +44 % 
----------  ------  ------  ------  -------  -------  -------  ------  ------- 
 
 
 
yoy = year-on-year, cc = at constant currency, EPS = earnings per share 
 

FME Reignite set for next phase of value creation

Fresenius Medical Care, the world's leading provider of products and services for individuals with renal disease, successfully concluded its milestone year 2025 and embarked into the next phase of value creation with its FME Reignite strategy. Introduced at the Capital Markets Day in June 2025, the new strategy focuses on strengthening our core operations, driving profitable growth and innovation, and advancing the company culture.

In 2025, Fresenius Medical Care began a soft launch of the high-volume hemodiafiltration (HVHDF) capable 5008X CAREsystem in select U.S. clinics, with plans for a large-scale rollout starting in 2026. The company invests in the training of over 7,200 nurses and technicians and the transition of about 36,000 patients to the new system across 28 states. By replacing approximately 20% of its dialysis machines every year, Fresenius Medical Care aims to provide faster access to this therapy and its associated mortality benefits.

Operational efficiency: In 2025, the FME25+ transformation program further accelerated its positive momentum, delivering EUR 238 million additional sustainable savings for the full year 2025, ahead of the upgraded full year target of around EUR 220 million. Accumulated savings of the entire program reached EUR 804 million. Related one-time costs, treated as special items, were EUR 194 million in 2025, adding up to EUR 793 million since the start of the program in 2021. The company is continuing its strong progress and will accelerate and further expand the FME25+ program. It now projects additional savings of EUR 150 million, increasing the total to EUR 1.2 billion by the end of 2027. Program costs are expected to also be around EUR 1.2 billion within the same period.

Portfolio Optimization: Fresenius Medical Care continued the execution of its portfolio optimization plan to exit non-core and dilutive assets, emphasizing the company's focus on product areas, businesses and markets with the best strategic fit, scale and sustainable profitable growth potential. Transactions negatively impacted revenue by EUR 244 million in 2025, translating into a 130 basis points growth headwind. The related negative impact on operating income was EUR 97 million in the full year 2025, treated as special item. All assets divested since 2023 include 391 facilities, around 12,600 employees and 53,600 dialysis patients.

Dividend and share buyback: In 2025, Fresenius Medical Care introduced a new capital allocation framework. The framework foresees a stable and predictable dividend development that results in a payout ratio of 30% to 40% of net income(4) . The planned dividend proposal for fiscal year 2025 of EUR 1.49 per share is a 3% increase and corresponds to a payout of 33% of adjusted net income. Shareholder returns through dividends are complemented by a share buyback program of EUR 1.0 billion currently being executed in two tranches. The first tranche of up to EUR 600 million was initiated on August 11, 2025, and completed in an accelerated way on December 29, 2025. As of December 31, 2025, 14.1 million shares were repurchased for a total investment amount of EUR 586 million. The second tranche of around EUR 414 million started on January 12, 2026, and is planned to end by May 8, 2026. The entire program is therefore expected to be completed in less than one year instead of within two years.

In parallel, net financial debt was further reduced by 6% to EUR 9.2 billion. The corresponding net leverage ratio (net debt/EBITDA) decreased to 2.5x at the end of 2025, compared to 2.9x at the end of 2024, and sits at the lower end of the target corridor of 2.5x to 3.0x.

Fresenius Medical Care ends the year with strong revenue growth

In the fourth quarter 2025, Group revenue remained stable compared to prior year (+7% at constant currency, +8% organic(1) ) with EUR 5,070 million. Strong organic revenue growth was driven by Value-Based Care and Care Delivery. Significant currency effects negatively impacted revenue development in all three operating segments. Divestitures realized as part of the portfolio optimization plan negatively affected the revenue development by 70 basis points.

Care Delivery revenue decreased by 2% (+6% at constant currency, +7% organic(1) ) to EUR 3,507 million. Divestitures realized as part of the portfolio optimization plan negatively affected the revenue development by 120 basis points.

In Care Delivery U.S., revenue decreased by 1% (+8% at constant currency, +8% organic(1) ) to EUR 2,956 million. Impacts from TDAPA reimbursement regulations, favorable rate and payor mix effects, and reduced implicit price concessions had a positive impact while exchange rates developed unfavorably. U.S. same market treatment growth remained flat (-0.2%).

In Care Delivery International, revenue decreased by 6% (-4% at constant currency, +3% organic(1) ) to EUR 551 million. The effects of closed or sold operations, mainly related to portfolio optimization, and unfavorable exchange rates were partially offset by organic growth(1) . International same market treatment growth amounted to 1.7%.

Value-Based Care revenue significantly grew by 32% (+42% at constant currency, +42% organic(1) ) to EUR 637 million. Growth in the quarter was driven by a significantly higher number of member months mainly due to contract expansion, while exchange rates developed unfavorably.

Care Enablement revenue decreased by 9% (-3% at constant currency, -3% organic(1) ) to EUR 1,401 million. Unfavorable exchange rate effects as well as lower volumes, driven by negative impacts from volume-based procurement and other regulatory policies in China, were partly offset by overall positive pricing momentum.

Within Inter-segment eliminations(5) , revenue for services provided and products transferred between the operating segments at fair market value came in at negative EUR 475 million.

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February 24, 2026 07:00 ET (12:00 GMT)