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1、Q1|2025QUARTERLY FINANCIAL REPORTAt a Glance Shareholder Information Interim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius|Quarterly Financial Report|1st Quarter 20252TABLE OF CONTENTS 19 Business segments 3 Fresenius Group figures at a glance 19

2、 Fresenius Kabi 27 Consolidated financial statements 21 Fresenius Helios 27 Consolidated statement of income 23 Employees 28 Consolidated statement of comprehensive income 4 Shareholder information 23 Research and development 29 Consolidated statement of financial position 23 Rating 30 Consolidated

3、statement of cash flows 24 Opportunities and risk report 32 Consolidated statement of changes in equity 6 Interim Group Management Report 25 Outlook 2025 34 Consolidated segment reporting first quarter of 2025 6 Strategy and goals9 Healthcare industry9 External factors 35 Notes 10 Results of operati

4、ons,financial position,assets and liabilities 10 Revenue 11 Earnings 56 Financial Calendar 14 Reconciliation 15 Investments 15 Divestments 16 Cash flow 17 Asset and liability structure At a Glance Shareholder Information Interim Group Management Report Financial Statements Financial Calendar/Contact

5、 Table of contents Fresenius|Quarterly Financial Report|1st Quarter 2025 3 FRESENIUS GROUP FIGURES AT A GLANCE Fresenius is a global healthcare company.Committed to life the health and wellbeing of patients is Fresenius top priority.For more than 100 years,we have been combining cutting-edge technol

6、ogy with a focus on patients,paving the way for the therapies of the future.REVENUE AND EARNINGS in millions Q1/2025 Growth Growth in constant currency1 Revenue2 5,631 7%7%Organic growth3 7%EBIT2 654 4%4%EBIT margin2 11.6%Net income2,4 490 14%13%Earnings per share2,4 0.87 14%13%LEVERAGE RATIO March

7、31,2025 Dec.31,2024 Net debt/EBITDA2,5 3.0 3.0 RETURNS Q1/2025 Q1/2024 Cash Conversion Rate(CCR);LTM 1.1 0.9 Return on invested capital(ROIC)2,6 6.2%6.2%1 Growth rate adjusted for the hyperinflation in Argentina 2 Before special items 3 Organic growth rate adjusted for accounting effects related to

8、Argentina hyperinflation 4 Net income attributable to shareholders of Fresenius SE&Co.KGaA 5 At LTM average exchange rates for both net debt and EBITDA;pro forma acquisitions/divestitures;before special items including lease liabilities,including Fresenius Medical Care dividend;net debt adjusted for

9、 the valuation effect of the equity-neutral exchangeable bond 6 2024:annual return FY/24 At a Glance Shareholder Information Interim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius|Quarterly Financial Report|1st Quarter 2025 4.SHAREHOLDER INFORMATI

10、ON The Fresenius stock surged around 18%in the first three months of the fiscal year,outperforming the leading German and U.S.indices amidst a volatile macroeconomic environment.KEY DATA OF THE FRESENIUS SHARE Q1/2025 2024 Growth Number of shares(Mar.31/Dec.31)563,237,277563,237,277 563,237,277 0%St

11、ock exchange quotation1 in High 40.9040.90 31.11 31%Low 33.5433.54 23.46 43%Period-end quotation closing price 39.3739.37 28.07 40%Trading volume(number of shares per trading day)1,166,4551,166,455 1,286,530 -9%Market capitalization2 in million (Mar.31/Dec.31)22,17522,175 15,810 40%1 Xetra closing p

12、rice on the Frankfurt Stock Exchange 2 Total number of ordinary shares multiplied by the respective Xetra period-end quotation on the Frankfurt Stock Exchange The European Central Bank(ECB)has recently revised its global growth forecasts for 2025 downward.As of March 2025,the ECB has cut its project

13、ion for real GDP growth in the Eurozone to 0.9%for 2025(previously:1.1%).This ad-justment is largely due to lingering effects from notably weaker investment and export performance in the fourth quarter of 2024,which are unlikely to be recouped in 2025.For the year 2025,the ECB expects average inflat

14、ion as measured by the Harmonized Index of Consumer Prices to be 2.2%,marking a slight increase from the previous esti-mate of 2.1%.To further support economic growth,the ECB lowered the key interest rate for the Eurozone by 0.25 percentage points in January,March,and April 2025,bringing it to 2.25%

15、.Meanwhile,the Federal Reserve(FED)in December 2024 cut its real GDP growth projection for the United States to 1.7%for 2025(previously:2.1%)due to uncer-tainties stemming from geopolitical tensions and waning consumer demand.809010011012013031.12.202431.01.202528.02.202531.03.2025Fresenius share in

16、%DAX in%S&P 500 in%STOXX Europe 600 Health Care in%RELATIVE SHARE PRICE PERFORMANCE VS.INDICES31.12.2023=100%At a Glance Shareholder Information Interim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius|Quarterly Financial Report|1st Quarter 2025 5Th

17、e FED also adjusted its inflation forecast for 2025 upward to 2.7%during the first quarter(previously:2.5%),mainly influenced by tariff-related uncertainties.Amidst these on-going uncertainties,the FED,in March 2025,opted to main-tain its interest rate band steady at 4.50 to 4.75%.In this climate of

18、 economic uncertainty,both the DAX in Germany and the S&P 500 in the United States have reached new all-time highs.However,increased geopoliti-cal uncertainties led to higher market volatility towards the end of the quarter.While the DAX climbed approximately 11%in the first three months,the U.S.ben

19、chmark index saw a decline of around 9%.In the same timeframe,Fresenius shares exhib-ited robust performance,closing at 39.37 on March 31,2025,up approximately 18%from the beginning of the year.At a Glance Shareholder Information Interim Group Management Report Financial Statements Financial Calenda

20、r/Contact Table of contents Fresenius|Quarterly Financial Report|1st Quarter 2025 6 INTERIM GROUP MANAGEMENT REPORT Fresenius Q1/25:Strong start to 2025#FutureFresenius Rejuvenate phase kicked-off with excellent momentum Q1/2025:Strong top line and excellent EPS growth,outlook confirmed.Group revenu

21、e1 at 5.63 billion with strong organic growth of 7%1,2 driven by consistent delivery of Fresenius Kabi and a strong performance at Fresenius Helios.Group EBIT1 at 654 million,increase of 4%3 in constant currency on the back of strong operating performance at Kabi;absence of energy relief payments we

22、ighing on Helios Germany;Group EBIT margin1 of 11.6%.Net income1,4 grew by an excellent 12%3 in constant currency to 416 million significantly outpacing revenue growth.EPS1,4 rose by excellent 12%3 in constant currency to 0.74 resulting from broad based operational strength and lower interest expens

23、es.Operating cash flow from continuing operations of 74 million significantly improved year-on-year driven by operating development and increased focus on cash generation.Leverage ratio within target corridor:Net debt/EBITDA ratio at 3.0 x1,5 showing 80 bps improvement in the last twelve months.#Fut

24、ureFresenius REJUVENATE phase:Pivotal milestone delivered with the reduction of participation in Fresenius Medical Care stake enhancing strategic flexibility while setting basis for long-term profitable growth.STRATEGY AND GOALS At Fresenius,we live up to our promise of being committed to life.We sa

25、ve and improve human lives with affordable,accessible,and innovative healthcare products and the highest quality in clinical care.In doing so,we consider sig-nificant paradigm shifts in the healthcare environment with regards to biologic products and therapies,technological change,and new forms of d

26、ata generation,processing,and usage.Patients are always in the focus of our activities.Our vision is to be the trusted,market-leading healthcare com-pany that unites cutting-edge technology and human care to shape next-level therapies.Our portfolio targets three platforms:(Bio)Pharma-in-cluding clin

27、ical nutrition,MedTech,and Care Provision.With these platforms,we cater to major trends in healthcare and are becoming a more therapy-focused company.The health and quality of life of our patients is at the core.At the same time,our platforms address attractive value pools in healthcare,which will p

28、rovide opportunities for future profitable growth.Hence,we orient our portfolio towards businesses that enable a strong focus on margins and capi-tal returns,and the highest ambitions for operational excel-lence and competitiveness.1 Before special items 2 Organic growth rate adjusted for accounting

29、 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 dividen

30、d,net debt adjusted for the valuation effect of the equity-neutral exchangeable bond At a Glance Shareholder Information Interim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius|Quarterly Financial Report|1st Quarter 2025 7Fresenius operates in key

31、healthcare areas.We continu-ously develop our business segments and strive to assume leading positions in system-critical healthcare markets and segments.At the same time,we hold ourselves accountable to the highest standards of quality and integrity.All of our busi-ness segments make an overall con

32、tribution to increasing the quality,affordability,and efficiency of healthcare as well as patient satisfaction.At the same time,we care for our environment by protecting nature and using its resources carefully.Fresenius Kabis commitment is to improving the qual-ity of life of its patients.The quali

33、ty and safety of its prod-ucts and services is thus of paramount importance to Fresenius Kabi.Fresenius Helios hospitals are characterized by high standards of treatment quality,hygiene,patient safety,and quality of care.At Fresenius,we combine our medical expertise with extensive production capacit

34、ies,and clinical practice with technology know-how to continuously improve therapies for our patients.We will continue building on our strength in technology,our competence and quality in patient care,and our ability to manufacture cost-effectively.Developing products and systems that provide a high

35、 level of safety and user-friendliness and enable tailoring to individual pa-tient needs is an inherent part of our strategy of sustainable and profitable growth.We plan to develop more effective products and treatment methods in order to offer best-in-class medical standards.Digitalization is playi

36、ng an increas-ingly important role-whether it is in healthcare facilities or in production.It drives innovative technologies and treatment concepts and can contribute to solving numer-ous challenges in the healthcare system.The commitment of our more than 175,000 employees worldwide is key for the s

37、uccess and sustained growth of Fresenius.We firmly believe in a culture of diversity,as we are convinced that different perspectives,opinions,experi-ences,and values enable Fresenius to continue successfully growing as a global healthcare company.To tackle the upcoming challenges and be able to con-

38、tinue to grow as a company,attracting new employees is key.Not only do we try to attract new talent,but also do everything we can to retain and develop our employees over the long term.We offer a variety of flexible working-time models and incentive programs to ensure that our long-term needs for hi

39、ghly qualified employees are met.Furthermore,we offer our employees attractive opportuni-ties to develop their careers in an international and dynamic environment.The Fresenius Group offers a broad spectrum of system-critical products and services for the health and quality of life of our patients.O

40、ur business segments hold leading positions in key areas of healthcare,and all of them are continuing to execute their respective strategic priorities to sustain leadership and contribute significantly to the bene-fit of healthcare systems.At the level of the Fresenius Group,we manage the strategic

41、direction of the Group,and orient our portfolio towards value-maximizing business areas and maximum patient impact.With its Vision 2026,Fresenius Kabi has developed a strategic plan to transform the company for the next decade and to better capture new growth opportunities.Fresenius Kabi will contin

42、ue to focus on high-quality products and services for critically and chronically ill patients.Within this clear direction,Fresenius Kabi has defined three growth vectors,alongside the strengthening of the resilience of our volume business IV business(3+1 strategy).The growth vectors are:the broadeni

43、ng of our biopharmaceutical offering,further rollout of clinical nutrition,expansion in the MedTech area.We consistently pursued our segment strategy in fiscal year 2024.Fresenius Kabi and mAbxience form a complete,ver-tically integrated biopharmaceutical business,that holds a strong portfolio and p

44、ipeline,provides extensive and cost-efficient manufacturing,and is strengthening the targeted commercial footprint in Fresenius Kabis and mAbxiences target regions.In addition,Fresenius Kabi and mAbxience continue to strengthen the biopharma business and strate-gic network through new agreements and

45、 partnerships.Successful market launches have made Fresenius Kabi the leading provider of intravenous lipid nutrition in North America.This strengthens the global clinical nutrition busi-ness beyond its solid base in Europe,Latin America,and Asia-Pacific.Our MedTech business has been further strengt

46、hened by Ivenix.With the award-winning Ivenix infusion system,we are entering the infusion therapy market in the United States.The design of the Ivenix infusion system is easier to use than conventional systems and increases the safety of infusions.The pump also works seamlessly with other systems.I

47、n parallel,Fresenius Kabi has continued to build resili-ence in its volume-driven IV business and is extending the portfolio with continued launches in all regions.At a Glance Shareholder Information Interim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fr

48、esenius|Quarterly Financial Report|1st Quarter 2025 8Fresenius Helios wants to further strengthen its position as the leading private healthcare service provider in Europe.Helios Germany will continue to focus its offerings on cross-sector healthcare,further specialize hospitals,and coordinate their

49、 respective medical service portfolios within regional structures.In regional competence centers,we are already pooling expertise in various specialist areas in order to achieve the best treatment results for our pa-tients.We will continue to drive this clustering forward in the future in order to f

50、urther enhance medical quality.We intend to exploit the growth potential in the outpatient sec-tor by linking our medical care centers(MVZs)even more closely with hospitals.In addition,we will seize the newly created regulatory opportunity of daytime inpatient treat-ment as a further form of care.We

51、 also aim to increase the efficiency of our energy consumption in the interests of sustainability and climate protection.In Spain,we expect demand for hospital and other healthcare services to continue to rise.We aim to integrate our diverse range of inpatient and outpatient services even better and

52、 further expand them across the entire network of sites.We will selectively consider building new clinics and expanding existing hospital sites.Fresenius Helios consistently puts focus on the strategic factors of medical excellence,innovation,and service qual-ity in order to attract patients.Our foc

53、us here is on optimal treatment quality as well as patient satisfaction.Fresenius Helios is constantly advancing its digitalization agenda in order to further improve patient care and service,building on our already extensive digital offering in particu-lar through the Quirnsalud patient portal and

54、app.Along-side the digitalization of our documents and internal pro-cesses,we will focus even more strongly on the digitaliza-tion of direct clinical processes and clinical decision support in the future.In doing so,we also want to make responsible use of the opportunities offered by artificial inte

55、lligence.In fiscal year 2024,we further advanced our#FutureFrese-nius program in order to transform our Group and position it for the coming decades.We continued to make great pro-gress in fiscal year 2024,in both the structural and finan-cial progression of the Group,and kept the transformation mom

56、entum.The healthcare industry has a long runway for growth,which will be accelerated by quickly evolving technologies,new therapies such as biopharmaceuticals,more and more professional steering of patient journeys,and a true digital revolution.We want Fresenius to be at the forefront of these trend

57、s and have thus charted our course for contin-ued system relevance in our businesses.The first step of this journey was a Reset:strengthening our return focus,driving structural productivity,and creat-ing change momentum across the organization.The next step in the journey was the Revitalize phase,w

58、ith continu-ous portfolio optimization and the pursuit of growth verti-cals.In fiscal year 2025,we started the rejuvenate phase,in which we aim to grow profitably along our strategic plat-forms.In addition to the disciplined continued development of our portfolio,we will also succeed in driving forw

59、ard future-oriented innovations.After the deconsolidation of Fresenius Medical Care and targeted divestments in fiscal year 2023,we further sharp-ened the focus of the portfolio in 2024 with a structured exit from Fresenius Vamed,achieving structural simplifica-tion.Financial progression was further

60、 driven based on the clear structures and responsibilities defined with the new operating model as well as rigorous productivity measures.The Fresenius Financial Framework enabled us to steer and enhance performance more effectively and will continue to guide us in the future.At a Glance Shareholder

61、 Information Interim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius|Quarterly Financial Report|1st Quarter 20259HEALTHCARE INDUSTRY The healthcare sector is one of the worlds largest indus-tries and we are convinced that it shows excellent growth

62、opportunities.The main growth factors are:rising medical needs deriving from aging populations,the growing number of chronically ill and multimorbidpatients,stronger demand for innovative products and therapies,advances in medical technology,the growing health consciousness,which increases thedemand

63、 for healthcare services and facilities,and the increasing demand for digital health services forpatients.In the emerging countries,additional drivers are:expanding availability and correspondingly greaterdemand for basic healthcare,and increasing national incomes and hence higher spend-ing on healt

64、hcare.Healthcare structures are being reviewed and cost-cutting potential identified in order to contain the steadily rising healthcare expenditures.However,such measures cannot compensate for the cost pressure.Market-based elements are increasingly being introduced into the healthcare system to cre

65、ate incentives for cost-and quality-conscious behavior.Overall treatment costs will be reduced through improved quality standards.In addition,ever-greater importance is being placed on disease prevention and innovative reim-bursement models linked to treatment quality standards.In addition,increasin

66、g digitization in healthcare can contribute to improved cost efficiency and patient care.The industry-specific framework for the operating busi-ness of the Fresenius Group remained essentially unchanged in the reporting period.EXTERNAL FACTORS In the period under review,the overall challenging macro

67、e-conomic environment continued to be characterized by ge-opolitical tensions,elevated cost levels due to inflation as well as persistently high interest rates.Despite the challenging market environment,the struc-tural growth drivers in the non-cyclical healthcare markets are in place.The legal fram

68、ework for the operating business of the Fresenius Group remained essentially unchanged in the period under review.Currency exchange rate effects can be found in the statement of comprehensive income on page 28.The extra-ordinarily high inflation in Argentina and the associated devaluation of the Arg

69、entinian peso had a negative impact on the consolidated income statement.In the period under review,the Fresenius Group was in-volved in various legal disputes resulting from business op-erations.Although it is not possible to predict the outcome of these disputes,none is expected to have a signific

70、ant ad-verse impact on the assets and liabilities,financial position,and results of operations of the Group.We carefully monitor and evaluate country-specific,polit-ical,legal,and financial conditions regarding their impact on our business activities.This also applies to the potential impact of infl

71、ation and currency risks.At a Glance Shareholder Information Interim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius|Quarterly Financial Report|1st Quarter 2025 10RESULTS OF OPERATIONS,FINANCIAL POSITION,ASSETS AND LIABILITIES As part of the portfo

72、lio optimization,the sale of the fertility services group Eugin was completed on January 31,2024.The divestment of the majority stake in the hospital Clnica Ricardo Palma in Lima,Peru,was completed on April 23,2024.Therefore,results of operations and financial position of Fresenius Helios and accord

73、ingly of the Fresenius Group are adjusted.Organic growth rates and growth at constant rates of Fresenius Kabi are adjusted.Adjustments relate to the hyper-inflation in Argentina.Accordingly,growth rates of the Fresenius Group are also adjusted.With the announced exit from Vamed,results of operations

74、 and financial position of the Fresenius Group are adjusted.REVENUE In Q1/2025,Group revenue before special items increased by 7%(7%in constant currency)to 5,631 million(Q1/2024:5,283 million).Organic growth was 7%driven by consistent delivery of Kabi and a strong performance at Helios.Acquisitions/

75、divestitures contributed net 0%to growth.In total,currency translation had no effect(0%)on revenue growth.REVENUE BY BUSINESS SEGMENT in millions Q1/2025 Q1/2024 Growth Currency translation effects Growth at constant rates1 Organic growth1 Acquisitions Divesti-tures/Others%of total revenue Fresenius

76、 Kabi 2,146 2,051 5%0%5%6%0%-1%38%Fresenius Helios 3,394 3,154 8%0%8%8%0%0%60%Corporate/Other 91 78 n.a.n.a.n.a.n.a.n.a.n.a.2%Total 5,631 5,283 7%0%7%7%0%0%100%REVENUE BY REGION in millions Q1/2025 Q1/2024 Growth Currency translation effects Growth at constant rates1 Organic growth1 Acquisitions Div

77、esti-tures/Others%of total revenue North America 692 674 3%3%0%0%0%0%12%Europe 4,157 3,871 7%0%7%8%0%-1%74%Asia-Pacific 394 390 1%1%0%0%0%0%7%Latin America 351 314 12%-11%23%26%0%-3%6%Africa 37 34 9%3%6%6%0%0%1%Total 5,631 5,283 7%0%7%7%0%0%100%1 Growth rate adjusted for accounting effects related t

78、o Argentina hyperinflation At a Glance Shareholder Information Interim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius|Quarterly Financial Report|1st Quarter 2025 11EARNINGS In Q1/2025,Group EBITDA before special items increased by 2%(1%in constant

79、 currency)to 916 million(Q1/2024:900 million).Reported Group EBITDA was 949 million(Q1/2024:868 million).In Q1/2025,Group EBIT before special items increased by 4%(4%in constant currency)to 654 million(Q1/2024:631 million)on the back of significant operational improve-ments at Kabi.The end of energy

80、 relief payments weighted on Helios Germany.The EBIT margin before special items was 11.6%(Q1/2024:11.9%).Reported Group EBIT was 687 million(Q1/2024:599 million).In Q1/2025,Group net interest(including other finan-cial result)before special items increased to-81million(Q1/2024:-112million)due to fi

81、nancial debt reduction and lower interest rates.Reported Group net interest(includ-ing other financial result)was-94 million(Q1/2024:-111 million).In Q1/2025,Group tax rate before special items was 25.0%(Q1/2024:24.5%).Reported Group tax rate was 22.9%(Q1/2024:29.7%).In Q1/2025,Noncontrolling intere

82、sts from continuing operations before special items were-14 million(Q1/2024:-21 million).Reported noncontrolling interests were 15 million(Q1/2024:-19 million).In Q1/2025,Net income1 from deconsolidated Fresenius Medical Care operations before special items increased by 23%(20%in constant currency)t

83、o 74 million(Q1/2024:60 million).In Q1/2025,Reported net income from discontinued operations1 was-227 million(Q1/2024:-25 million).In Q1/2025,Group net income1 before special items in-creased by 14%(13%in constant currency)to 490 mil-lion(Q1/2024:431 million)based on broad-based opera-tional strengt

84、h and improved interest expenses.Reported Group net income1 decreased to229 million(Q1/2024:278 million).In Q1/2025,Earnings per share1 before special items increased by 14%(13%in constant currency)to 0.87(Q1/2024:0.77).Reported earnings per share1 were 0.41(Q1/2024:0.49).1 Net income attributable t

85、o shareholders of Fresenius SE&Co.KGaA For a detailed overview of special items,please see the reconciliation table on page 14.At a Glance Shareholder Information Interim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius|Quarterly Financial Report|1s

86、t Quarter 2025 12KEY FINANCIAL FIGURES(BEFORE SPECIAL ITEMS)in millions Q1/2025 Q1/2024 Growth Growth cc4 RevenueRevenue 5,6315,631 5,2835,283 7%7%7%7%Fresenius Kabi 2,146 2,051 5%5%Fresenius Helios 3,394 3,154 8%8%Corporate/Other 91 78 -Operating income(EBIT)654 631 4%4%4%Fresenius Kabi 360 310 16%

87、16%Fresenius Helios 333 348 -4%-4%Corporate/Other -39 -27 -Financial result -81 -112 28%29%29%Income before income taxes 573 519 10%13%13%Income taxes -143 -127 -13%-16%Net income 430 392 10%11%less noncontrolling interests -14 -21 33%19%Net income from deconsolidated Fresenius Medical Care operatio

88、ns 1 74 60 23%20%Net income1 490 431 14%13%13%EBITDA 916 900 2%1%EBITDA margin 16.3%17.0%Depreciation and amortization 262 269 -3%-5%EBIT margin 11.6%11.9%Operating cash flow from continuing operations 74 -42 -as%of revenue(continuing operations)1.3%-0.8%Cash flow before acquisitions and dividends(f

89、rom continuing operations)-104 -232 55%as%of revenue(continuing operations)-1.8%-4.4%ROIC2 6.2%6.2%Net debt/EBITDA3 3.00 3.03 1 Net income attributable to shareholders of Fresenius SE&Co.KGaA 2 The underlying pro forma EBIT does not include special items;2024:annual return FY/24 3 At LTM average exc

90、hange rates for both net debt and EBITDA;pro forma acquisitions/divestitures;including lease liabilities,including FME dividend;net debt adjusted for the valuation effect of the equity-neutral exchangeable bond;2024:December 31 4 Growth rates adjusted for hyperinflation in Argentina At a Glance Shar

91、eholder Information Interim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius|Quarterly Financial Report|1st Quarter 2025 13CONSOLIDATED STATEMENT OF INCOME in millions Q1/2025 Q1/2024 restated Q1/2024 previous Growth Revenue 5,651 5,350 5,704 6%Cost

92、s of revenue -4,240 -3,936 -4,298 -8%Gross profit 1,411 1,414 1,406 0%Selling,general and administrative expenses -643 -670 -702 4%Research and development expenses -140 -139 -139 -1%Other operating result 59 -6 -6 -Operating income(EBIT)687 599 559 15%Income from investments accounted for using the

93、 equity methodIncome from investments accounted for using the equity method 1818 -30 -30 -Interest result -81 -111 -115 27%Other financial result -13 -Income before income taxesIncome before income taxes 611611 458458 414414 33%33%Income taxes -140 -136 -125 -3%Net income from continuing operations

94、471 322 289 46%Noncontrolling interests in continuing operations 15 19 11 -21%Net income from continuing operations1 456 303 278 50%Net income from discontinued operationsNet income from discontinued operations1 1 -227-227 -25-25 n.a.n.a.-Net income 244 289 289 -Noncontrolling interests in net incom

95、e 15 11 11 -Net incomeNet income1 1 229229 278278 278278 -Earnings per ordinary share()Earnings per ordinary share()0.41 0.490.49 0.490.49 -1 Net income attributable to shareholders of Fresenius SE&Co.KGaA At a Glance Shareholder Information Interim Group Management Report Financial Statements Finan

96、cial Calendar/Contact Table of contents Fresenius|Quarterly Financial Report|1st Quarter 2025 14RECONCILIATION To present the underlying operational business perfor-mance and in order to compare the results with the scope of the guidance provided for fiscal year 2025,key figures are presented before

97、 special items.Consolidated results for Q1/2025 and Q1/2024 include special items.These concern:Cost and efficiency programs Legacy portfolio adjustments Fresenius transformation(amongst other discontinued operations Vamed,Vamed transformation and Vamed exit,IT-transformation,legal form conversion c

98、osts Fresenius Medical Care)Reduction of participation in Fresenius Medical Care Special items Fresenius Medical Care(impact of PPA equity method Fresenius Medical Care,special items at Fresenius Medical Care(March 31,2025:29%)The special items shown within the reconciliation tables are reported in

99、the Corporate/Other segment.RECONCILIATION FRESENIUS GROUP in millions Q1/2025 Q1/2024 Growth rate Growth rate in constant currency Revenue reported(after special items)5,651 5,350 6%6%Legacy portfolio adjustments 0 -30 Fresenius transformation -20 -37 Revenue(before special items)Revenue(before spe

100、cial items)5,6315,631 5,2835,283 7%7%7%7%EBIT reported(after special items)687 599 15%15%Cost and efficiency programs 15 15 Legacy portfolio adjustments 4 7 Reduction of participation in Fresenius Medical Care -76 -Fresenius transformation 24 10 EBIT(before special items)654 631 4%4%Net income repor

101、ted(after special items)1 229 278 -18%-19%Cost and efficiency programs 14 12 Legacy portfolio adjustments 3 12 Fresenius transformation 245 39 Reduction of participation in Fresenius Medical Care -57 -Special items Fresenius Medical Care 56 90 Net income(before special items)1 490 431 14%13%1 Net in

102、come attributable to shareholders of Fresenius SE&Co.KGaA Growth rates adjusted for Argentina hyperinflation At a Glance Shareholder Information Interim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius|Quarterly Financial Report|1st Quarter 2025 15I

103、NVESTMENTS In Q1/2025,spending on property,plant and equipment was 158 million corresponding to 2.8%of revenue(Q1/2024:183 million;3.5%of revenue).These invest-ments served primarily for the modernization and expan-sion of production facilities as well as hospitals.In Q1/2025,total acquisition spend

104、ing was 22 million(Q1/2024:8 million)mainly for milestone payments in the biosimilars business at Fresenius Kabi.DIVESTMENTS On May 2,2024,the Fresenius Group announced to sell a majority stake in Fresenius Vameds rehabilitation business to PAI Partners,an international private equity firm.After hav

105、ing received the necessary regulatory approvals,the transaction was completed on Mach 31,2025,and the Fresenius Group holds a 30%stake in the business.The rehabilitation business which also includes specialized healthcare services in the areas of prevention,acute care and nursing,was Fresenius Vamed

106、s largest business unit.With approximately 13,000 employees,it provides inpatient and outpatient rehabilitation services to approximately 100,000 patients every year in various European countries.On May 8,2024,the Fresenius Group announced that it initiated the structured exit from its investment co

107、mpany Fresenius Vamed.An Austrian consortium of construction companies Porr and Strabag has agreed to acquire Fresenius Vameds activities in its Austrian home market.The transac-tion includes Fresenius Vameds entities responsible for the technical management of the Vienna General Hospital(AKH Wien),

108、the Austrian project business that is part of Fresenius Vameds Health Tech Engineering business unit and shares in several spas throughout Austria.The transaction is ex-pected to be completed by the end of the third quarter INVESTMENTS/ACQUISITIONS BY BUSINESS SEGMENT of 2025.An agreement on the sal

109、e of the international pro-ject business of the Health Tech Engineering(HTE)busi-ness unit to Worldwide Hospitals Group(WWH)was reached on January 31,2025.The transaction was closed at March 31,2025 and involved the transfer of liquidity and liquidity still to be provided in the future.The sale resu

110、lted in a negative special item of 210 million,which is reported in net income from discontinued operations.Thereof,201 million will be cash-effective in future peri-ods up to 2027.Taking into account the expenses already incurred in fiscal year 2024,the total special items for the exit from the pro

111、ject business and the wind-down of the re-maining activities of Fresenius Vamed are therefore in the expected high three-digit million euro range.The Fresenius Group also holds bank guarantees for performance commit-ments in connection with the divested international project business in the low thre

112、e-digit million euro range.The business units earmarked for sale of Fresenius Vamed are reported as separate items(discontinued opera-tions and assets held for sale and liabilities directly associ-ated with the assets held for sale,respectively)in the rele-vant periods.On March 4,2025,the Fresenius

113、Group announced the sale of 10.6 million existing shares of Fresenius Medical Care AG at a placement price of 44.50 per share.Furthermore,the Fresenius Group announced the placement of senior unsecured bonds due in 2028 with an aggregate principal amount of 600 million exchangeable into shares of Fr

114、esenius Medical Care AG.In total,the Fresenius Group will receive gross proceeds of approximately 1.1 billion.On April 8,2025,the Fresenius Group signed an agree-ment to transfer its plant in Anpolis,Brazil,to EMS,a mul-tinational pharmaceutical company.The plant is classified as held for sale as of

115、 March 31,2025.Therewith,32 mil-lion in assets and 5 million in liabilities are classified with their carrying amount as held for sale.The transaction is subject to the necessary regulatory approvals and is ex-pected to be completed in the third quarter of 2025.in millions Q1/2025 Q1/2024 Thereof pr

116、operty,plant and equipment Thereof acquisitions Growth%of total Fresenius Kabi 77 60 56 21 28%43%Fresenius Helios 99 122 99 0 -19%55%Corporate/Other 4 9 3 1 -56%2%Total 180 191 158 22 -6%100%At a Glance Shareholder Information Interim Group Management Report Financial Statements Financial Calendar/C

117、ontact Table of contents Fresenius|Quarterly Financial Report|1st Quarter 2025 16CASH FLOW In Q1/2025,Group operating cash flow(continuing opera-tions)increased to 74 million(Q1/2024:-42 million).Group operating cash flow margin was 1.3%(Q1/2024:-0.8%).In Q1/2025,Free cash flow before acquisitions,d

118、ivi-dends and lease liabilities(continuing operations)in-creased to-104 million(Q1/2024:-232 million).In Q1/2025,Free cash flow after acquisitions,dividends and lease liabilities(continuing operations)increased to 218 million(Q1/2024:-127 million).The dividend payment of 96 million was made to the m

119、inority shareholders of a company in which Fresenius holds a majority interest.Free cash flow after acquisitions and dividends and lease liabilities increased to-13 million(Q1/2024:-103 million).Free cash flow after acquisitions and divi-dends includes the proceeds from the block sale of the shares

120、in Fresenius Medical Care(472 million).This was offset by the deconsolidated cash and cash equivalents re-lated to the sale of the international project business of the Health Tech Engineering division to Worldwide Hospitals Group(WWH).The cash conversion rate(CCR),which is defined as the ratio of a

121、djusted free cash flow1 to EBIT before special items,was 1.1(LTM)in Q1/2025.This positive development is due to the increased cash flow focus across the Group.CASH FLOW STATEMENT(SUMMARY)in millions Q1Q1 /20252025 Q1/2024 Growth Net income 471 322 46%Depreciation and amortization 262 269 -3%Income/E

122、xpense from the investments accounted for using the equity method -18 30 -160%Change working capital and others -641 -663 3%Operating cash flow Operating cash flow continuing operations continuing operations 7474 -42-42 -Operating cash flow Operating cash flow discontinued operations discontinued op

123、erations -18-18 4444 -141%-141%Operating cash flow 56 2 -Capital expenditure,net -178 -190 6%Dividends received from Fresenius Medical Care -Cash flow before acquisitions and dividends Cash flow before acquisitions and dividends continuing operations continuing operations -104-104 -232-232 55%55%Cas

124、h flow before acquisitions and dividends Cash flow before acquisitions and dividends discontinued operations discontinued operations -18-18 3838 -147%-147%Cash flow before acquisitions and dividends -122 -194 37%Cash used for acquisitions/proceeds from divestitures 450 148 -Dividends paid -96 -Payme

125、nts from lease liabilities -32 -43 26%Free cash flow after acquisitions,dividends and leases Free cash flow after acquisitions,dividends and leases continuing operations continuing operations 218218 -127-127 -Free cash flow after acquisitions,dividends and leases Free cash flow after acquisitions,di

126、vidends and leases discontinued operations discontinued operations -231 24 -Free cash flow after acquisitions,dividends and leasesFree cash flow after acquisitions,dividends and leases -13-13 -103-103 87%87%Cash provided by/used in financing activities -77 -1,400 95%Effect of exchange rates on chang

127、e in cash and cash equivalents -9 1 -Net change in cash and cash equivalentsNet change in cash and cash equivalents 132132 -1,526-1,526 109%109%1 Cash flow before acquisitions and dividends;before interest,tax,and special items At a Glance Shareholder Information Interim Group Management Report Fina

128、ncial Statements Financial Calendar/Contact Table of contents Fresenius|Quarterly Financial Report|1st Quarter 2025 17ASSET AND LIABILITY STRUCTURE Total assets decreased by-1%(0%in constant currency)to 43,207 million(Dec.31,2024:43,550 million).Current assets increased by 4%(5%in constant cur-rency

129、)to 11,908 million(Dec.31,2024:11,446 million).Non-current assets decreased by-3%(-2%in con-stant currency)to 31,299 million(Dec.31,2024:32,104 million).Assets held for sale were 245 million(Dec.31,2024:310 million).Liabilities directly associated with the assets held for sale were 335 million(Dec.3

130、1,2024:424 million.Total shareholders equity decreased by-1%(0%in constant currency)to 20,070 million(Dec.31,2024:20,290 million).The equity ratio was 46.5%(Dec.31,2024:46.6%).Group debt increased by 0%(0%in constant cur-rency)to 13,630 million(Dec.31,2024:13,577 million).Group net debt decreased by

131、 0%(-1%in constant cur-rency)to 11,243 million(Dec.31,2024:11,295 million).As of March 31,2025,the net debt/EBITDA ratio was 3.0 x1,2(Dec.31,2024:3.0 x1,2).On March 31,2025,ROIC2 was 6.2%(Dec.31,2024:6.2%).1 At LTM average exchange rates for both net debt and EBITDA;pro forma closed acquisitions/div

132、estitures,before special items,including lease liabilities,including Fresenius Medical Care dividend;net debt adjusted for the valuation effect of the equity-neutral exchangeable bond 2 Before special items For a detailed overview of special items,please see the reconciliation table on page 14.At a

133、Glance Shareholder Information Interim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius|Quarterly Financial Report|1st Quarter 2025 18BALANCE SHEET in millions March 31,2025 December 31,2024 Cash and cash equivalents 2,387 2,282 Trade accounts and o

134、ther receivables,less allowances for expected credit losses 3,748 3,500 Inventories 2,636 2,573 Other financial assets 1,558 1,422 Other assets 1,145 1,145 Income tax receivables 189 214 Assets held for sale 245 310 I.Total current assets 11,908 11,446 Property,plant and equipment 8,467 8,569 Right-

135、of-use assets 1,303 1,321 Goodwill 14,904 15,085 Other intangible assets 2,344 2,422 Fresenius Medical Care investment accounted for using the equity method 3,147 3,639 Other financial assets 458 426 Other assets 230 231 Deferred taxes 446 411 II.Total non-current assets 31,299 32,104 Total assets 4

136、3,207 43,550 in millions March 31,2025 December 31,2024 Trade accounts payable 1,256 1,359 Debt 724 746 Lease liabilities 173 172 Bonds 1,338 1,854 Other financial liabilities 1,644 1,549 Other liabilities 2,030 2,094 Provisions 621 663 Income tax liabilities 210 148 Liabilities directly associated

137、with the assets held for sale 335 424 A.Total short-term liabilities 8,331 9,009 Debt 1,739 1,740 Lease liabilities 1,306 1,328 Bonds1 8,350 7,737 Other financial liabilities 1,005 965 Other liabilities 236 252 Pension liabilities 565 605 Provisions 655 717 Income tax liabilities 286 280 Deferred ta

138、xes 664 627 B.Total long-term liabilities 14,806 14,251 I.Total liabilities 23,137 23,260 A.Noncontrolling interests 663 748 Subscribed capital 563 563 Capital reserve 4,315 4,315 Other reserves 14,288 14,038 Accumulated other comprehensive income 241 626 B.Total Fresenius SE&Co.KGaA shareholders eq

139、uity 19,407 19,542 II.Total shareholders equity 20,070 20,290 Total liabilities and shareholders equity 43,207 43,550 1 This includes the exchangeable bond issued.At a Glance Shareholder Information Interim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fre

140、senius|Quarterly Financial Report|1st Quarter 202519BUSINESS SEGMENTS FRESENIUS KABI Fresenius Kabi specializes in products for the therapy and care of critically and chronically ill patients.The portfolio includes biopharmaceuticals,clinical nutrition,MedTech products,intravenously administered gen

141、eric drugs(generic IV drugs),and IV fluids.in millions Q1/2025 Q1/2024 Growth Growth in constant currency Revenue 2,146 2,051 5%5%Organic revenue growth36%9%EBITDA1 4794409%8%EBITDA margin1 22.3%21.5%EBIT1 360 310 16%16%EBIT margin1 16.8%15.1%Net income1,2 247 192 29%28%Employees(Mar.31/Dec.31)41,30

142、2 41,586-1%In Q1/2025,revenue in Nutrition increased by 6%(in-creased 7%in constant currency,organic growth:7%3)to 612 million(Q1/2024:579 million)and benefited from positive pricing effects in Argentina and the good develop-ment in Europe.In the United States,the development was driven by the ongoi

143、ng successful roll-out of lipid emulsions.In Q1/2025,revenue in Biopharma increased by 37%(40%in constant currency;organic growth:40%3)to 190 million(Q1/2024:139 million)driven by the growth of Tyenne in Europe and the United States.In Q1/2025,revenue in the Pharma(IV Drugs&Fluids)business decreased

144、 by-2%(-3%in constant currency;organic growth:0%3)and amounted to 946 million(Q1/2024:962 million)against a high prior-year base.A positive pricing-driven development in Europe was offset by a softer development in the United States and China.In Q1/2025,revenue increased by 5%(5%in constant currency

145、)to 2,146 million(Q1/2024:2,051 million).Or-ganic growth was 6%3,clearly driven by the development of the Growth Vectors.In Q1/2025,revenue of the Growth Vectors(MedTech,Nutrition and Biopharma)increased by 10%(11%in con-stant currency)to 1,201 million(Q1/2024:1,089 million).Organic growth was 11%3.

146、In Q1/2025,revenue in MedTech increased by 7%(7%in constant currency)to 399 million(Q1/2024:372 million).Organic growth was 7%3 driven by strong growth related to the Ivenix pump in the United States,and broad-based positive development across most regions.1 Before special items 2 Net income attribu

147、table to shareholders of Fresenius SE&Co.KGaA 3 Organic growth rate adjusted for accounting effects related to Argentina hyperinflation Growth rates adjusted for Argentina hyperinflation For a detailed overview of special items,please see the reconciliation table on page 14.At a Glance Shareholder I

148、nformation Interim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius|Quarterly Financial Report|1st Quarter 2025 20In Q1/2025,EBIT1 of Fresenius Kabi increased by 16%(16%in constant currency)to 360 million(Q1/2024:310 million)driven by the good reven

149、ue development of the Growth vectors and ongoing cost savings.EBIT margin1 was 16.8%(Q1/2024:15.1%).In Q1/2025,EBIT1 of the Growth Vectors increased by 48%(constant currency:45%)to 184 million(Q1/2024:124 million)due to a positive development across the board.EBIT margin1 was 15.3%(Q1/2024:11.4%).In

150、 Q1/2025,EBIT1 in the Pharma business increased by 5%(constant currency:4%)to 216 million(Q1/2024:206 million)due to ongoing cost savings and a strong pricing development in Europe.EBIT margin1 was 22.9%(Q1/2024:21.4%).In Q1/2025,Net income1,2 increased by 29%(constant currency:28%)to 247 million(Q1

151、/2024:192 million).In Q1/2025,Operating cash flow was 110 million(Q1/2024:157 million)with a margin of 5.1%(Q1/2024:7.7%).Fresenius Kabi expects organic revenue growth in a mid-to high-single-digit percentage range4 in 2025.The EBIT margin1 is expected to be in a range of 16%to 16.5%5(structural mar

152、gin band:16%to 18%).1 Before special items 2 Net income attributable to shareholders of Fresenius SE&Co.KGaA 3 Organic growth rate adjusted for accounting effects related to Argentina hyperinflation 4 FY/2024 base:8,414 million 5 FY/2024 base:EBIT margin:15.7%,before special items;FY/2025 before spe

153、cial items Growth rates adjusted for Argentina hyperinflation For a detailed overview of special items,please see the reconciliation table on page 14.At a Glance Shareholder Information Interim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius|Quarte

154、rly Financial Report|1st Quarter 2025 21FRESENIUS HELIOS Fresenius Helios is Europes leading private health care provider.The company comprises Helios Germany and Helios Spain.Helios Germany operates 85 hospitals,around 220 outpatient centers,30 occupational health centers and 6 prevention centers.H

155、elios Spain operates 50 hospitals,around 100 outpatient centers and around 300 occupational risk prevention centers.In addition,the company is active in Latin America with 7 hospitals and as a provider of medical diagnostics.in millions Q1/2025 Q1/2024 Growth Growth in constant currency Revenue1 3,3

156、94 3,154 8%8%Organic revenue growth 8%5%EBITDA1 465 474 -2%-2%EBITDA margin1 13.7%15.0%EBIT1 333 348 -4%-4%EBIT margin1 9.8%11.0%Net income1,2 208 209 0%0%Employees(Mar.31/Dec.31)128,038 128,558 0%In Q1/2025,Revenue1 increased by 8%(8%in constant currency)to 3,394 million(Q1/2024:3,154 million).Or-g

157、anic growth was 8%and hence clearly above the struc-tural growth band driven equally by Helios Germany and Helios Spain;positive phasing effect related to Easter sup-ports growth.In Q1/2025,revenue of Helios Germany increased by 8%(organic growth:8%)to 2,046 million(Q1/2024:1,903 million).The growth

158、 was driven by price effects,admissions growth and favorable case mix In Q1/2025,revenue of Helios Spain1 increased by 8%(8%in constant currency)to 1,348 million(Q1/2024:1,251 million).Organic growth was 8%,driven by solid activity levels and price increases.The clinics in Latin America also showed

159、a good performance.In Q1/2025,EBIT1 of Fresenius Helios decreased by -4%(-4%in constant currency)to 333 million(Q1/2024:348 million)as the energy relief funds ended in Q4/2024.This expected softness was partially offset by excellent profitability at Helios Spain.The EBIT margin1 was 9.8%(Q1/2024:11.

160、0%).In Q1/202,EBIT1 of Helios Germany decreased by-23%to 157 million(Q1/2024:205 million),against the high prior-year base which included energy relief funds.The EBIT margin1 was 7.7%(Q1/2024:10.8%).In Q1/2025,EBIT1 of Helios Spain increased by 22%(23%in constant currency)to 176 million(Q1/2024:144

161、million),driven by strong activity growth of hospitals in Spain.Latin America upholds strong EBIT margin.The EBIT margin1 was 13.1%(Q1/2024:11.5%).1 Before special items 2 Net income attributable to shareholders of Fresenius SE&Co.KGaA For a detailed overview of special items,please see the reconcil

162、iation table on page 14.At a Glance Shareholder Information Interim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius|Quarterly Financial Report|1st Quarter 2025 22In Q1/2025,Net income1,2 remained stable(growth:0%;0%in constant currency)at 208 milli

163、on(Q1/2024:209 million).In Q1/2025,Operating cash flow was-8 million(Q1/2024:-117 million)The operating cash flow margin was-0.2%(Q1/2024:-3.7%).For FY/2025,Fresenius Helios expects organic revenue3 growth in a mid-single-digit percentage range.The EBIT margin4 is expected to be around 10%(structura

164、l margin band:10%to 12%).1 Before special items 2 Net income attributable to shareholders of Fresenius SE&Co.KGaA 3 FY/2024 base:12,739 million 4 FY/2024 base:EBIT margin:10.1%,before special items,FY/2025 before special items For a detailed overview of special items,please see the reconciliation ta

165、ble on page 14.At a Glance Shareholder Information Interim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius|Quarterly Financial Report|1st Quarter 2025 23EMPLOYEES As of March 31,2025,the number of employees was 175,202(Dec.31,2024:176,486).The decr

166、ease in the number of employees is mainly due to the business activi-ties of Fresenius Vamed(discontinued operations)and other business activities held for sale.NUMBER OF EMPLOYEES Number of employees March 31,2025 Dec.31,2024 Growth Fresenius Kabi 41,302 41,586 -1%Fresenius Helios 128,038 128,558 0

167、%Corporate/Other 5,862 6,342 -8%Total 175,202 176,486 -1%RESEARCH AND DEVELOPMENT Product and process development as well as the improve-ment of therapies are at the core of our growth strategy.Fresenius focuses its R&D efforts on its core competencies in the following areas:Generic IV drugs Biosimi

168、lars Infusion and nutrition therapies Medical devices Apart from new products,we are concentrating on develop-ing optimized or completely new therapies and treatment methods.RESEARCH AND DEVELOPMENT EXPENSES BY BUSINESS SEGMENT in millions Q1/2025 Q1/2024 Growth Fresenius Kabi1 138 137 1%Fresenius H

169、elios 1 0 0%Corporate 1 1 -Total1 140 138 1%1 Before special items RATING Fresenius is covered by the rating agencies Standard&Poors,Moodys,and Fitch.The following table shows the corporate credit rating of Fresenius SE&Co.KGaA:Standard&Poors Moodys Fitch Corporate credit rating BBB Baa3 BBB-Outlook

170、 stable stable stable At a Glance Shareholder Information Interim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius|Quarterly Financial Report|1st Quarter 2025 24OPPORTUNITIES AND RISK REPORT Compared to the presentation in the consolidated financial

171、 statements and the Group management report as of Decem-ber 31,2024,applying section 315e HGB in accordance with IFRS,there have been the following important devel-opments in Fresenius Groups overall opportunities and risk situation until March 31,2025.In summary,the risks to our net assets,financia

172、l posi-tion and results of operations remain essentially unchanged.Particularly in April 2025,there were significant changes in U.S.trade policy.The latest tariff increases by the U.S.administration may have a negative impact on the Fresenius Groups business activities,particularly with regard to im

173、-ports of medical technology into the United States and on the supply chain.It remains unclear whether and to what extent potential tariffs could be imposed on pharmaceutical products.The high level of uncertainty in connection with U.S.tariffs and the associated volatility pose additional challenge

174、s in the current business environment.Reactions from U.S.trading partners,particularly China and the EU,could also have a negative impact on the U.S.business and the supply chains of the Fresenius Group.While we con-tinue to monitor developments and their impact on our business,we are analyzing alte

175、rnative production and pro-curement strategies for the affected products.Apart from this,the risk situation across the top 10 risk groups remains unchanged.For the risk group healthcare financing,innovation and competition,national tenders in China as part of the National Volume-based Procurement an

176、d Provincial Volume-based Procurement as well as planning uncertainties surrounding the hospital reform and the Nursing Staff Strengthening Act in Germany continue to be significant risk drivers.In addition,we continue to be confronted with an intense competitive environment-particularly in the Unit

177、ed States and with regard to the development of new products,tech-nologies and services.Risks also continue to arise in connection with the pro-duction of our vital products,the provision of services to our patients and the project business.We are continuously working to improve our business continu

178、ity management and are constantly expanding our production capacities in order to be able to react to potential manufacturing inter-ruptions and delivery delays.The development of case numbers in German hospitals continues to harbor a sales risk for Fresenius Helios within the sales,customers and pr

179、oduct strategy risk group.The same applies to the development of customer dependencies in the United States as well as potential delays in market entry and market sales deficits for new products for Fresenius Kabi.In the ordinary course of Fresenius Groups operations,the Fresenius Group is subject t

180、o litigation,arbitration as well as external and internal investigations relating to vari-ous aspects of its business.We report on legal proceedings on page 50 in the notes of this report.Compliance risks,particularly with regard to the con-stantly changing regulatory environment,continue to be rele

181、vant for Fresenius.Other potential risks are also regu-larly examined as part of compliance investigations.Currency and interest rate risks as well as risks resulting from the potential withdrawal of bank guarantees for per-formance commitments in connection with the divested in-ternational project

182、business of Vamed continue to be rele-vant for the Group.In addition,errors in financial or non-financial reporting can have a material impact on Fresenius.In addition,we continue to face a very pronounced gen-eral cyber security threat situation,especially in relation to our healthcare facilities a

183、nd production sites.The war in Ukraine and the tension between the Russian government and the countries that support Ukraines efforts continues to be an influential factor.We are continuing to monitor de-velopments in this context very closely and are developing plans and measures in the event of a

184、possible escalation.Certain dependencies on individual suppliers-as well as a shortage of qualified personnel still constitute risks which can adversely affect our business operations.This also applies to risks in connection with drug approval or quality of products and services.At a Glance Sharehol

185、der Information Interim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius|Quarterly Financial Report|1st Quarter 202525OUTLOOK 2025 ASSUMPTIONS FOR GUIDANCE FY/25 Trends towards a changing geopolitical order have been observable since the beginning o

186、f the fiscal year 2025.The potential implications of this for customs duties,taxes,reg-ulation,administration and political decision-making,for example,may have direct and indirect negative effects on the industry environment and the business activities of the Fresenius Group,although these cannot b

187、e estimated at present.When Fresenius gave guidance in February,the com-pany 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 po-tent

188、ial impacts from tariffs to the extent they can currently be assessed.The guidance does not take into account poten-tial extreme scenarios that could affect the company,its peers,and the healthcare sector as a whole.Regardless of this,the Management Board assesses the business prospects for the Grou

189、p as positive and expects a successful fiscal year 2025.Fresenius will continue to closely monitor the potential impact of increased volatility and reduced visibility on its business and balance sheet.All of these assumptions are subject to considerable uncertainty.GROUP REVENUE AND EARNINGS In 2025

190、,we expect revenue and earnings development of the Group as shown in the table below:GROUP FINANCIAL TARGETS 2025 Targets 2025 Base 2024 Revenue growth(organic)4-6%21,526 m(organic growth 8%)EBIT growth1(in constant currency)3-7%2,489 m(growth in constant currency:10%)1 Before special items Organic

191、growth rate adjusted for accounting effects related to Argentina hyperinflation REVENUE AND EARNINGS OF THE OPERATING COMPANIES In 2025,we expect revenue and earnings development in our operating companies as shown in the table below:FINANCIAL TARGETS OF THE OPERATING COMPANIES 2025 Operating Compan

192、ies1 Targets 2025 Base 2024 Fresenius Kabi Revenue growth(organic)Mid-to-high-single-digit percentage growth 8,414 m EBIT margin 16-16.5%(structural margin band:16-18%)1,319 m(margin:15.7%)Fresenius Helios Revenue growth(organic)Mid-single-digit per-centage growth 12,739 m EBIT margin Around 10%(str

193、uctural margin band:10-12%)1,288 m(margin:10.1%)1 Before special items Organic growth rate adjusted for accounting effects related to Argentina hyperinflation EXPENSES For fiscal year 2025,we expect selling,general,and admin-istrative expenses(before special items)as a percentage of consolidated net

194、 revenue to slightly increase compared to 2024(2024:11.8%).TAX RATE For fiscal year 2025,we expect a tax rate between 25%and 26%(2024:25.9%).LIQUIDITY AND CAPITAL MANAGEMENT For fiscal year 2025,we expect a cash conversion rate of around 1.0.In addition,undrawn credit lines under syndicated or bilat

195、eral credit facilities from banks provide us with suffi-cient financial headroom.Financing activities in fiscal year 2025 will be largely geared towards refinancing existing financial liabilities maturing in 2025.Net interest expenses are now expected to be in the range of 370 million to 390 million

196、(previously:400 million to 420 million),depending on the respective financ-ing activities.In fiscal year 2025,deleveraging will remain a key pri-ority for us and we therefore have adjusted our target corri-dor which is now set at 2.5x to 3.0 x.At a Glance Shareholder Information Interim Group Manage

197、ment Report Financial Statements Financial Calendar/Contact Table of contents Fresenius|Quarterly Financial Report|1st Quarter 2025 26Without further acquisitions and divestments,Fresenius ex-pects the net debt/EBITDA1 ratio at the end of 2025 to be within the new self-imposed target corridor of 2.5

198、 to 3.0(December 31,2024:3.0).Other than that,there are no significant changes in the financing strategy planned for 2025.INVESTMENTS In 2025,we expect to invest about 5%of revenue in prop-erty,plant and equipment.About 56%of the capital ex-penditure planned will be invested at Fresenius Helios and

199、about 38%at Fresenius Kabi.Fresenius Helios will primarily invest in measures at the individual hospital locations in Germany and in new hospi-tal buildings and expansions in Spain.Fresenius Kabi will mainly invest in expansion and maintenance in 2025.This includes,in particular,the expan-sion of pr

200、oduction facilities and in-licensing projects for biosimilars molecules.With a share of around 88%,Europe is the regional fo-cus of investment in the planning period.Around 8%of the investments are planned for North America and around 2%for Asia-Pacific,Latin America,and Africa.About 43%of total fun

201、ds will be invested in Germany.For 2025,we expect return on invested capital(ROIC)to be above 6.0%(2024:6.2%).CAPITAL STRUCTURE For fiscal year 2025,we expect the equity ratio to increase about 2 percentage points compared to fiscal year 2024(2024:47%).Furthermore,we expect that financial liabili-ti

202、es in relation to total assets will slightly decrease in fiscal year 2024(2024:31%).DIVIDEND Fresenius is committed to generating attractive and pre-dictable dividend yields as set out in the Fresenius Financial Framework.As part of the full-year reporting in February 2025,Fresenius defined a new di

203、vidend policy.Our target is to distribute 30-40%of core net income(net income excluding FMC,before special items).The new dividend policy reflects the capital allocation priorities in line with the#FutureFresenius strategy.It also underscores our in-tention to reinvest in growth,reduce leverage,main

204、tain a solid investment grade rating and provide attractive share-holder returns.Fresenius will propose to the 2025 Annual General Meeting to distribute a dividend of 1.00 for the fiscal year 2024.NON-FINANCIAL TARGETS The KPIs cover the key sustainability topics of medical quality and employees and

205、 these quantitative ESG KPIs are reflected in the short-term variable Management Board compensation(Short-Term Incentive-STI).The topic of employees is measured with the key figure of the Employee Engagement Index(EEI)for the Fresenius Group.Fresenius is aiming for an EEI of 4.33(achieved 2024:4.02)

206、for fiscal year 2025(corresponds to 100%tar-get achievement).The Medical Quality topic is composed of equally weighted key figures that are defined at the business segment level.The indicators are based on the respective relevance for the business model.Fresenius Kabi aims for an Audit&Inspection Sc

207、ore of at most 2.3(achieved 2024:1.7;100%target achievement).Helios Germany aims to achieve an Inpatient Quality Indicator(G-IQI)score of at least 88%(achieved 2024:90.7%;100%target achievement),and Helios Spain aims to achieve a score of at least 75%(achieved 2024:73.3%;100%target achievement).1 Bo

208、th net debt and EBITDA calculated at LTM average exchange rates;pro forma closed acquisitions/divestitures;before special items;including lease liabilities;including Fresenius Medical Care dividend;net debt adjusted for the valuation effect of the equity-neutral exchangeable bond At a Glance Shareho

209、lder Information Interim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius|Quarterly Financial Report|1st Quarter 2025 27FRESENIUS SE&CO.KGAA CONSOLIDATED STATEMENT OF INCOME(UNAUDITED)in millions Q1/2025 Q1/2024 restated Q1/2024 previous Revenue 5,6

210、51 5,350 5,704 Costs of revenue -4,240 -3,936 -4,298 Gross profit 1,411 1,414 1,406 Selling,general and administrative expenses -643 -670 -702 Research and development expenses -140 -139 -139 Other operating result 59 -6 -6 Operating income(EBIT)687 599 559 Income from investments accounted for usin

211、g the equity method 18 -30 -30 Net interest -81 -111 -115 Other financial result -13 -Income before income taxes 611 458 414 Income taxes -140 -136 -125 Net income from continuing operations 471 322 289 Noncontrolling interests in continuing operations 15 19 11 Net income from continuing operations

212、attributable to shareholders of Fresenius SE&Co.KGaA 456 303 278 Net income from discontinued operations -227 -33 n.a.Noncontrolling interests in discontinued operations 0 -8 n.a.Net income from discontinued operations attributable to shareholders of Fresenius SE&Co.KGaA -227 -25 n.a.Net income 244

213、289 289 Noncontrolling interests in net income 15 11 11 Net income attributable to shareholders of Fresenius SE&Co.KGaA 229 278 278 Earnings per share in (basic and diluted)0.41 0.49 0.49 thereof based on net income from continuing operations 0.81 0.54 0.49 thereof based on net income from discontin

214、ued operations -0.40 -0.05 n.a.1 Prior-year figures have been adjusted due to the exit from Fresenius Vamed.The following notes are an integral part of the unaudited condensed interim financial statements.At a Glance Shareholder Information Interim Group Management Report Financial Statements Financ

215、ial Calendar/Contact Table of contents Fresenius|Quarterly Financial Report|1st Quarter 2025 28FRESENIUS SE&CO.KGAA CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME(UNAUDITED)in millions Q1/2025 Q1/2024 Net income 244 289 Other comprehensive income(loss)Positions which will be reclassified into net in

216、come in subsequent years Foreign currency translation -292 114 Cash flow hedges 10 2 FVOCI debt instruments -2 -Equity method investees-share of comprehensive income -143 47 Income taxes on positions which will be reclassified -1 0 Positions which will not be reclassified into net income in subseque

217、nt years Actuarial gains on defined benefit pension plans 42 0 FVOCI equity investments 3 0 Equity method investees-share of comprehensive income 10 3 Income taxes on positions which will not be reclassified -13 0 Other comprehensive income(loss),net -386 166 Total comprehensive income(loss)-142 455

218、 Comprehensive income attributable to noncontrolling interests 6 21 Comprehensive income(loss)attributable to shareholders of Fresenius SE&Co.KGaA -148 434 The following notes are an integral part of the unaudited condensed interim financial statements.At a Glance Shareholder Information Interim Gro

219、up Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius|Quarterly Financial Report|1st Quarter 2025 29FRESENIUS SE&CO.KGAA CONSOLIDATED STATEMENT OF FINANCIAL POSITION(UNAUDITED)ASSETS in millions March 31,2025 December 31,2024 Cash and cash equivalents 2,387

220、 2,282 Trade accounts and other receivables,less allowances for expected credit losses 3,748 3,500 Inventories 2,636 2,573 Other financial assets 1,558 1,422 Other assets 1,145 1,145 Income tax receivables 189 214 Assets held for sale 245 310 I.Total current assets 11,908 11,446 Property,plant and e

221、quipment 8,467 8,569 Right-of-use assets 1,303 1,321 Goodwill 14,904 15,085 Other intangible assets 2,344 2,422 Fresenius Medical Care investment accounted for using the equity method 3,147 3,639 Other financial assets 458 426 Other assets 230 231 Deferred taxes 446 411 II.Total non-current assets 3

222、1,299 32,104 Total assets 43,207 43,550 LIABILITIES in millions March 31,2025 December 31,2024 Trade accounts payable 1,256 1,359 Debt 724 746 Lease liabilities 173 172 Bonds 1,338 1,854 Other financial liabilities 1,644 1,549 Other liabilities 2,030 2,094 Provisions 621 663 Income tax liabilities 2

223、10 148 Liabilities directly associated with the assets held for sale 335 424 A.Total short-term liabilities 8,331 9,009 Debt 1,739 1,740 Lease liabilities 1,306 1,328 Bonds1 8,350 7,737 Other financial liabilities 1,005 965 Other liabilities 236 252 Pension liabilities 565 605 Provisions 655 717 Inc

224、ome tax liabilities 286 280 Deferred taxes 664 627 B.Total long-term liabilities 14,806 14,251 I.Total liabilities 23,137 23,260 A.Noncontrolling interests 663 748 Subscribed capital 563 563 Capital reserve 4,315 4,315 Other reserves 14,288 14,038 Accumulated other comprehensive income 241 626 B.Tot

225、al Fresenius SE&Co.KGaA shareholders equity 19,407 19,542 II.Total shareholders equity 20,070 20,290 Total liabilities and shareholders equity 43,207 43,550 1 See notes 14,Bonds and 15,Bonds-exchangeable bond The following notes are an integral part of the unaudited condensed interim financial state

226、ments.At a Glance Shareholder Information Interim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius|Quarterly Financial Report|1st Quarter 2025 30FRESENIUS SE&CO.KGAA CONSOLIDATED STATEMENT OF CASH FLOWS(UNAUDITED)in millions Q1/2025 Q1/2024 restated

227、 Q1/2024 previous Operating activities Operating activities-continuing operations Net income from continuing operations 471 322 289 Adjustments to reconcile net income from continuing operations to cash and cash equivalents provided by operating activities Depreciation and amortization 262 269 291 C

228、hange in deferred taxes -6 -17 -22 Gain on sale of fixed assets and of investments and divestitures -76 0 0 Gain/loss from investments accounted for using the equity method -18 30 30 Changes in assets and liabilities,net of amounts from businesses acquired or disposed of Trade accounts and other rec

229、eivables -314 -384 -357 Inventories -122 -116 -114 Other current and non-current assets -248 -286 -277 Accounts receivable from/payable to related parties -13 -41 -30 Trade accounts payable,provisions and other short-term and long-term liabilities 68 86 96 Income tax liabilities 70 95 96 Net cash pr

230、ovided by/used in operating activities-continuing operations 74 -42 2 Net cash used in/provided by operating activities-discontinued operations -18 44 n.a.Net cash provided by operating activities 56 2 2 Investing activities Investing activities-continuing operations Purchase of property,plant and e

231、quipment and capitalized development costs -179 -191 -197 Proceeds from sales of property,plant and equipment 1 1 1 Acquisitions and investments and purchases of intangible assets -22 -10 -10 Proceeds from sale of investments and divestitures 472 158 158 Net cash provided by/used in investing activi

232、ties-continuing operations 272 -42 -48 Net cash used in investing activities-discontinued operations -213 -6 n.a.Net cash provided by/used in investing activities 59 -48 -48 1 Prior-year figures have been adjusted due to the exit from Fresenius Vamed.At a Glance Shareholder Information Interim Group

233、 Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius|Quarterly Financial Report|1st Quarter 2025 31FRESENIUS SE&CO.KGAA CONSOLIDATED STATEMENT OF CASH FLOWS(UNAUDITED)in millions Q1/2025 Q1/2024 restated Q1/2024 previous Financing activities Financing activi

234、ties-continuing operations Proceeds from short-term debt 33 246 260 Repayments of short-term debt -10 -64 -77 Proceeds from long-term debt 65 2 2 Repayments of long-term debt -43 -421 -404 Repayments of lease liabilities -32 -43 -57 Repayments of liabilities from bonds -500 -700 -700 Proceeds from t

235、he issuance of the exchangeable bond 609 -Repayments of convertible bonds -500 -500 Dividends paid -96 -Change in noncontrolling interests,net 0 -3 -5 Net cash provided by/used in financing activities-continuing operations 26 -1,483 -1,481 Net cash provided by financing activities-discontinued opera

236、tions 0 2 n.a.Net cash provided by/used in financing activities 26 -1,481 -1,481 Effect of exchange rate changes on cash and cash equivalents -9 1 1 Net increase/decrease in cash and cash equivalents 132 -1,526 -1,526 Cash and cash equivalents at the beginning of the reporting period 2,282 2,562 2,5

237、62 less cash and cash equivalents at the end of the reporting period shown under assets held for sale 27 17 17 Cash and cash equivalents at the end of the reporting period 2,387 1,019 1,019 1 Prior-year figures have been adjusted due to the exit from Fresenius Vamed.ADDITIONAL INFORMATION ON PAYMENT

238、S THAT ARE INCLUDED IN NET CASH PROVIDED BY OPERATING ACTIVITIES CONTINUING OPERATIONS in millions Q1/2025 Q1/2024 restated Q1/2024 previous Received interest 18 20 21 Paid interest -133 -96 -100 Income taxes paid -35 -29 -31 1 Prior-year figures have been adjusted due to the exit from Fresenius Vam

239、ed.The following notes are an integral part of the unaudited condensed interim financial statements.At a Glance Shareholder Information Interim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius|Quarterly Financial Report|1st Quarter 2025 32FRESENIUS

240、SE&CO.KGAA CONSOLIDATED STATEMENT OF CHANGES IN EQUITY(UNAUDITED)Subscribed Capital Reserves Number of ordinary shares in thousand Amount in thousands Amount in millions Capital reserve in millions Other reserves in millions As of December 31,2023 563,237 563,237 563 4,326 14,092 Other changes in eq

241、uity from investments accounted for using the equity method -2 11 Put option liabilities -3 Comprehensive income(loss)Net income 278 Other comprehensive income(loss)Cash flow hedges Change of FVOCI equity investments Foreign currency translation Actuarial loss on defined benefit pension plans Equity

242、 method investees-share of comprehensive income Comprehensive income(loss)278 As of March 31,2024 563,237 563,237 563 4,328 14,378 As of December 31,2024 563,237 563,237 563 4,315 14,038 Dividends paid -Other changes in equity from investments accounted for using the equity method -0 17 Transactions

243、 with noncontrolling interests without loss of control -Noncontrolling interests due to changes in consolidation group -Put option liabilities -4 Reclassification of cumulative gains/losses of equity investments,defined benefit pension plans and share of equity method investees 8 Comprehensive incom

244、e(loss)Net income 229 Other comprehensive income(loss)Cash flow hedges Change of FVOCI equity investments Foreign currency translation Actuarial gain on defined benefit pension plans Debt instruments Equity method investees-share of comprehensive income Comprehensive income(loss)229 As of March 31,2

245、025 563,237 563,237 563 4,315 14,288 At a Glance Shareholder Information Interim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius|Quarterly Financial Report|1st Quarter 2025 33FRESENIUS SE&CO.KGAA CONSOLIDATED STATEMENT OF CHANGES IN EQUITY(UNAUDITE

246、D)Accumulated other comprehensive income(loss)Foreign currency translation in millions Cash flow hedges in millions Pensions in millions Equity investments and debt instruments in millions Equity method investees-share of compre-hensive income in millions Total Fresenius SE&Co.KGaA shareholders equi

247、ty in millions Non-controlling interests in millions Total shareholders equity in millions As of December 31,2023 313 -65 -156 -31 -43 18,999 652 19,651 Other changes in equity from investments accounted for using the equity method 13 -13 Put option liabilities -3 -3 Comprehensive income(loss)Net in

248、come 278 11 289 Other comprehensive income(loss)Cash flow hedges 2 2 -2 Change of FVOCI equity investments 0 0 -0 Foreign currency translation 104 0 0 -104 10 114 Actuarial loss on defined benefit pension plans 0 0 -0 Equity method investees-share of comprehensive income 50 50 -50 Comprehensive inco

249、me(loss)104 2 0 0 50 434 21 455 As of March 31,2024 417 -63 -156 -31 7 19,443 673 20,116 As of December 31,2024 736 -56 -151 -33 130 19,542 748 20,290 Dividends paid -94 -94 Other changes in equity from investments accounted for using the equity method 17 -17 Transactions with noncontrolling interes

250、ts without loss of control 0 -2 -2 Noncontrolling interests due to changes in consolidation group -5 5 Put option liabilities -4 -4 Reclassification of cumulative gains/losses of equity investments,defined benefit pension plans and share of equity method investees -4 -2 -2 -Comprehensive income(loss

251、)Net income 229 15 244 Other comprehensive income(loss)Cash flow hedges 8 8 -8 Change of FVOCI equity investments 2 2 -2 Foreign currency translation -284 0 1 -283 -9 -292 Actuarial gain on defined benefit pension plans 30 30 -30 Debt instruments -1 -1 -1 Equity method investees-share of comprehensi

252、ve income -133 -133 -133 Comprehensive income(loss)-284 8 31 1 -133 -148 6 -142 As of March 31,2025 452 -48 -124 -34 -5 19,407 663 20,070 The following notes are an integral part of the unaudited condensed interim financial statements.At a Glance Shareholder Information Interim Group Management Repo

253、rt Financial Statements Financial Calendar/Contact Table of contents Fresenius|Quarterly Financial Report|1st Quarter 2025 34FRESENIUS SE&CO.KGAA CONSOLIDATED SEGMENT REPORTING FIRST QUARTER(UNAUDITED)All figures are reported excluding the discontinued operations of Fresenius Vamed,except for net in

254、come.Fresenius Kabi Fresenius Helios Corporate/Other Fresenius Group by business segment,in millions 20252 20242 Growth 20252 20242 Growth 20253 20243 Growth 2025 2024 Growth Revenue 2,146 2,051 5%3,394 3,154 8%111 145 -23%5,651 5,350 6%thereof contribution to consolidated revenue 2,133 2,038 5%3,39

255、2 3,148 8%126 164 -23%5,651 5,350 6%thereof intercompany revenue 13 13 0%2 6 -67%-15 -19 21%-contribution to consolidated revenue 38%38%60%59%2%3%100%100%EBITDA 479 440 9%465 474 -2%5 -46 111%949 868 9%Depreciation and amortization 119 130 -8%132 126 5%11 13 -15%262 269 -3%EBIT 360 310 16%333 348 -4

256、%-6 -59 90%687 599 15%Net interest/other financial result -27 -35 23%-54 -73 26%-13 -3 -94 -111 15%Income taxes -75 -65 -15%-68 -65 -5%3 -6 150%-140 -136 -3%Noncontrolling interests -11 -18 39%-3 -1 -200%-1 0 -15 -19 21%Income from investments accounted for using the equity method n.a.n.a.n.a.n.a.18

257、 -30 160%18 -30 160%Net income from discontinued Fresenius Vamed operations n.a.n.a.n.a.n.a.-227 -25 -227 -25 -Net income attributable to shareholders of Fresenius SE&Co.KGaA 247 192 29%208 209 0%-226 -123 -84%229 278 -18%Operating cash flow 110 157 -30%-8 -117 93%-46 -38 -21%56 2 -Cash flow before

258、acquisitions and dividends 34 92 -63%-106 -238 55%-50 -48 -4%-122 -194 37%Assets excl.Fresenius Medical Care1 16,243 16,594 -2%22,502 22,192 1%1,315 1,125 17%40,060 39,911 0%Fresenius Medical Care investment accounted for using the equity method1 n.a.n.a.n.a.n.a.3,147 3,639 -14%3,147 3,639 -14%Debt1

259、 3,476 3,568 -3%7,308 7,269 1%2,846 2,740 4%13,630 13,577 0%Other operating liabilities1 3,897 4,004 -3%3,691 3,573 3%920 1,479 -38%8,508 9,056 -6%Capital expenditure,gross 56 52 8%99 122 -19%3 9 -67%158 183 -14%Acquisitions,gross/investments 21 8 163%0 0 1 0 22 8 175%Research and development expens

260、es 138 137 1%1 0 1 2 -50%140 139 1%Employees(per capita on balance sheet date)1 41,302 41,586 -1%128,038 128,558 0%5,862 6,342 -8%175,202 176,486 -1%Key figures EBITDA margin 22.3%21.5%13.7%15.0%16.3%2 17.0%2 EBIT margin 16.8%15.1%9.8%11.0%11.6%2 11.9%2 Depreciation and amortization in%of revenue 5.

261、5%6.3%3.9%4.0%4.7%2 5.1%2 Operating cash flow in%of revenue 5.1%7.7%-0.2%-3.7%1.0%0.0%ROIC1 8.3%8.0%5.5%5.8%6.2%4 6.2%4 1 2024:December 31 2 Before special items 3 After special items 4 The underlying pro forma EBIT does not include special items.For information regarding special items,please see no

262、te 3,Special items.The consolidated segment reporting is an integral part of the notes.At a Glance Shareholder Information Interim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius|Quarterly Financial Report|1st Quarter 2025 35 TABLE OF CONTENTS NOTE

263、S 36 General Notes 45 Notes on the consolidated statement of financial position 50 Other notes 36 1.Principles 45 8.Trade accounts and other receivables 50 18.Legal and regulatory matters 36 I.Group structure 45 9.Inventories 50 19.Financial instruments 37 II.Basis of presentation 45 10.Other financ

264、ial assets 53 20.Information on capital management 37 III.Summary of significant accounting policies 45 11.Goodwill 53 21.Notes on the consolidated segment reporting 38 IV.Recent pronouncements,applied 46 12.Interests in associates 54 22.Share-based compensation plans 38 V.Recent pronouncements,not

265、yet applied 47 13.Debt 55 23.Subsequent events 38 2.Acquisitions and divestitures 48 14.Bonds 55 24.Corporate Governance 49 15.Bonds exchangeable bond 49 16.Noncontrolling interests 41 Notes on the consolidated statement of income 49 17.Fresenius SE&Co.KGaA shareholders equity 41 3.Special items 43

266、4.Revenue 44 5.Research and development expenses 44 6.Taxes 44 7.Earnings per share At a Glance Shareholder Information Interim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius|Quarterly Financial Report|1st Quarter 2025 36GENERAL NOTES 1.PRINCIPLES

267、 Fresenius is a global healthcare group.As a therapy-focused healthcare company,Fresenius offers system-critical prod-ucts and services for leading therapies for the treatment of critically and chronically ill patients.Besides the activities of the parent company Fresenius SE&Co.KGaA,Bad Hom-burg v.

268、d.H.,Germany,the activities are organized amongst the following legally independent business segments as of March 31,2025:Fresenius Kabi Fresenius Helios The reporting and functional currency of the Fresenius Group is the euro.In order to improve the clarity of presen-tation,amounts are generally pr

269、esented in million euros.Amounts less than 1 million,after rounding,are marked with 0.In May 2024,the Fresenius Group initiated the structured exit from its investment company Fresenius Vamed.Based on an overall plan,the exit takes place in the following major steps:the sale of a 70%majority stake i

270、n Vameds rehabili-tation business to PAI Partners.The transaction was completed on March 31,2025.the sale of Vameds activities in Austria to an Austrian consortium of construction companies Porr and Strabag.The transaction is expected to be completed by the end of the third quarter of 2025.the sale

271、of the Health Tech Engineering(HTE)segment,which is responsible for the international project busi-ness and accounts for approximately 15%of Fresenius Vameds revenue,to the Worldwide Hospitals Group.Originally,it was planned to gradually scale back the HTE project business in an orderly manner by 20

272、26.The transaction was closed at March 31,2025.The Vamed High-End Services(HES)business unit,which provides services for Fresenius Helios and other hospitals,was transferred to Fresenius and operates under the name Fresenius Health Services(FHS).Since May 2024,in accordance with IFRS 5,the Vamed act

273、ivities in Austria have been reported as a separate item(discontinued operations)in the consolidated statement of income and the consolidated statement of cash flows as well as in the consolidated statement of financial position(assets held for sale).For reasons beyond the control of the Fresenius G

274、roup,the transaction will not be completed within 12 months of classification as held for sale.The Fresenius Group remains committed to the divestiture plan and continues to consider a divestiture highly probable.The rehabilitation business is also reported as a separate item in the consolidated sta

275、tement of income,the consoli-dated statement of financial position and the consolidated statement of cash flows in accordance with IFRS 5 since May 2024 until its disposal in September 2024.Since October 1,2024,the investment has been accounted for using the equity method in accordance with IAS 28.S

276、ince January 31,2025 until the disposal on March 31,2025,the business unit HTE is reported as discontinued operations in the consolidated statement of income and the consolidated statement of cash flows in accordance with IFRS 5.The relevant IFRS require valuation at fair value,which is derived from

277、 the purchase prices,if the fair value is below the carrying amount of the net assets.The exit from the project business and the wind-down of the remaining activities of Fresenius Vamed are still expected to result in special items in the high three-digit million euro range for fiscal year 2024 and

278、for the coming years,most of which are cash-effective.They will be recognized in the con-solidated financial statements if and to the extent that the re-spective recognition criteria are met.As a result of the exit from the project business,Fresenius Vamed has reassessed the business activities to b

279、e wound down and already recog-nized special items of 473 million in EBIT in fiscal year 2024.Further special items of 16 million were recognized in EBIT in the first quarter of 2025.Moreover,in connec-tion with the sale of the international project business to the Worldwide Hospitals Group,an expen

280、se of 221 mil-lion including operating losses was recognized in the first quarter of 2025.The expense is reported in net income At a Glance Shareholder Information Interim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius|Quarterly Financial Report|1

281、st Quarter 2025 37from discontinued operations and mainly results from future payment obligations in the coming years.Accordingly,the Fresenius Group has recognized an other financial liability of 201 million for these payment obligations.Due to the application of IFRS 5 for use cases newly added in

282、 fiscal year 2025,the prior year figures have been adjusted in the consolidated statement of income and the consolidated statement of cash flows.Fresenius SE&Co.KGaA,as a stock exchange listed com-pany with a domicile in a member state of the European Union(EU),fulfills its obligation to prepare and

283、 publish the consolidated financial statements in accordance with the International Financial Reporting Standards(IFRS)as adopted by the EU and applying Section 315e of the German Commercial Code(HGB).The consolidated interim financial statements and ac-companying condensed notes are prepared in acc

284、ordance with the International Accounting Standard(IAS)34.The primary financial statements are presented in a format ba-sically consistent with the consolidated financial statements as of December 31,2024.The consolidated interim finan-cial statements have been prepared in accordance with the Standa

285、rds and interpretations in effect on the reporting date,and endorsed in the EU,as issued by the International Accounting Standards Board(IASB)and the IFRS Interpre-tations Committee(IFRS IC).The interim financial statements have been prepared in accordance with the same general accounting policies a

286、pplied in the preparation of the consolidated financial statements as of December 31,2024.The condensed consolidated financial statements and interim management report for the first quarter ended March 31,2025 have not been audited nor reviewed and should be read in conjunction with the notes includ

287、ed and published in the consolidated financial statements as of December 31,2024 applying Section 315e HGB in accord-ance with IFRS as adopted by the EU.Except for the reported sale of Vameds international project business(see note 2,Acquisitions and divestitures),there have been no other material c

288、hanges in the Fresenius Groups consolidation structure.The consolidated financial statements for the first quarter ended March 31,2025 include all adjustments that,in the opinion of the Management Board,are of a normal and re-curring nature and are necessary to provide a fair presenta-tion of the as

289、sets and liabilities,financial position and results of operations of the Fresenius Group.The results of operations for the first quarter ended March 31,2025 are not necessarily indicative of the results of operations for the fiscal year 2025.The prior year figures have been adjusted in the consoli-d

290、ated statement of income,the consolidated statement of cash flows and in the corresponding notes due to the application of IFRS 5 for use cases newly added in fiscal year 2025.In the first quarter of 2025,Fresenius Helios has used sub-sidies for investments in property,plant and equipment in the amo

291、unt of 24 million(Q1/2024:6 million),that were offset in the consolidated statement of cash flows in the item purchase of property,plant and equipment.Due to inflation in Argentina,Fresenius Groups subsidiaries operating in Argentina apply IAS 29,Financial Reporting in Hyperinflationary Economies.Fo

292、r the first quarter of 2025,the application of IAS 29 resulted in an effect on net income from continuing operations attributable to shareholders of Fresenius SE&Co.KGaA of-4 million(Q1/2024:-9 mil-lion)included in selling,general and administrative expenses.The ongoing re-translation effects of hyp

293、erinflationary ac-counting and its impact on comparative amounts are rec-orded in other comprehensive income(loss)within the consolidated financial statements.The preparation of consolidated financial statements in conformity with IFRS requires management to make esti-mates and assumptions that affe

294、ct the reported amounts of assets and liabilities,the disclosure of contingent assets and liabilities at the date of the consolidated financial state-ments and the reported amounts of income and expenses during the reporting period.Actual results could differ from those estimates.At a Glance Shareho

295、lder Information Interim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius|Quarterly Financial Report|1st Quarter 2025 38 The Fresenius Group has prepared its consolidated financial statements at and for the first quarter ended March 31,2025 in confo

296、rmity with IFRS,as adopted by the EU,that must be applied for the interim periods starting on or after January 1,2025.For the first quarter of 2025,no new standards relevant for Fresenius Groups business were applied for the first time.The IASB issued the following new standard relevant for the Fres

297、enius Groups business:In April 2024,the IASB issued IFRS 18,Presentation and Disclosure in Financial Statements.IFRS 18 amends a number of other standards and replaces IAS 1,Presenta-tion of Financial Statements.However,the new standard carries forward most of its requirements while introducing new

298、guidance to increase transparency and comparability of financial statements.IFRS 18 requires structuring the statement of profit or loss in three newly defined categories and enhanced disclosures for company-specific measures,among others.IFRS 18 is effective for fiscal years beginning on or after J

299、anuary 1,2027.Earlier adoption is permitted.The Fresenius Group is currently evaluating the impact of IFRS 18 on the consolidated financial statements.The EU Commissions endorsement of IFRS 18 is still outstanding.In the Fresenius Groups view,there are no other IFRS standards not yet effective that

300、would be expected to have a material impact on the consolidated financial statements.2.ACQUISITIONS AND DIVESTITURES The Fresenius Group made acquisitions,investments and purchases of intangible assets of 22 million and 8 million in the first quarter of 2025 and 2024,respectively.The pur-chase price

301、 payments of 22 million were paid in cash in the first quarter of 2025.In the first quarter of 2025,Fresenius Kabi spent 21 million(Q1/2024:8 million)on acquisitions,mainly for milestone payments relating to the acquisition of Merck KGaAs bio-similars business which were already recognized as liabil

302、ities as part of the acquisition.In the first quarter of 2025 and 2024,respectively,Fresenius Helios did not incur any acquisition expenses.On May 2,2024,the Fresenius Group announced to sell a majority stake in Fresenius Vameds rehabilitation business to PAI Partners,an international private equity

303、 firm.After having received the necessary regulatory approvals,the transaction was completed on March 31,2025,and the Fresenius Group holds a 30%stake in the business.The rehabilitation business which also includes specialized healthcare services in the areas of prevention,acute care and nursing,was

304、 Fresenius Vameds largest business unit.With approximately 13,000 employees,it provides inpatient and outpatient rehabilitation services to approximately 100,000 patients every year in various European countries.On May 8,2024,the Fresenius Group announced that it initiated the structured exit from i

305、ts investment company Fresenius Vamed.An Austrian consortium of construction companies Porr and Strabag has agreed to acquire Fresenius Vameds activities in its Austrian home market.The trans-action includes Fresenius Vameds entities responsible for the technical management of the Vienna General Hos

306、pital(AKH Wien),the Austrian project business that is part of Fresenius Vameds Health Tech Engineering business unit and shares in several spas throughout Austria.The trans-action is expected to be completed by the end of the third quarter of 2025.An agreement on the sale of the interna-tional proje

307、ct business of the Health Tech Engineering(HTE)business unit to Worldwide Hospitals Group(WWH)was reached on January 31,2025.The transaction was closed at March 31,2025 and involved the transfer of liquidity and liquidity still to be provided in the future.The sale resulted in a negative special ite

308、m of 210 million,which is reported in net income from discontinued opera-tions.Thereof,201 million will be cash-effective in future periods up to 2027.Taking into account the expenses already incurred in fiscal year 2024,the total special items for the exit from the project business and the wind dow

309、n of the re-maining activities of Fresenius Vamed are therefore in the expected high three-digit million euro range.The Fresenius At a Glance Shareholder Information Interim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius|Quarterly Financial Report

310、|1st Quarter 2025 39Group also holds bank guarantees for performance commit-ments in connection with the divested international project business in the low three-digit million euro range.The business units earmarked for sale of Fresenius Vamed are reported as separate items(discontinued operations a

311、nd assets held for sale and liabilities directly associated with the assets held for sale,respectively)in the relevant periods.Net income from Fresenius Vameds discontinued operations(including special items)was comprised of the following:in millions Q1/2025 Q1/2024 Revenue 132 375 Expenses -136 -41

312、9 Income before income taxes -4 -44 Income taxes -11 11 Net income -15 -33 Loss due to subsequent remeasurement of discontinued operations at fair value less cost to sell and due to deconsolidation -212 -Net income from discontinued Fresenius Vamed operations under IFRS 5 -227 -33 For a more appropr

313、iate presentation of the financial effects,eliminations of intercompany transactions with Fresenius Vamed have been allocated to discontinued Fresenius Vamed operations,taking into account future supply and service relationships.As of March 31,2025,the cumulative losses recognized in other comprehen

314、sive income(loss)relating to the discontinued Fresenius Vamed operations amounted to 49 million.The following assets and liabilities were classified as held for sale as of March 31,2025:in millions Mar.31,2025 Dec.31,2024 Current assets 193 198 Non-current assets 52 112 Assets held for sale 245 310

315、Short-term liabilities 303 311 Long-term liabilities 32 113 Liabilities held for sale 335 424 The carrying amounts of the main groups of assets and lia-bilities disposed of as part of the exit from Fresenius Vamed at the time of disposal on March 31,2025 were as follows:in millions March 31,2025 Cas

316、h and cash equivalents 207 Other current assets 177 Non-current assets 109 Assets disposed of 493 Short-term liabilities 283 Long-term liabilities 176 Liabilities disposed ofLiabilities disposed of 459459 At a Glance Shareholder Information Interim Group Management Report Financial Statements Financ

317、ial Calendar/Contact Table of contents Fresenius|Quarterly Financial Report|1st Quarter 2025 40On March 4,2025,the Fresenius Group announced the sale of 10.6 million existing shares of Fresenius Medical Care AG at a placement price of 44.50 per share.Furthermore,the Fresenius Group announced the pla

318、cement of senior unse-cured bonds due in 2028 with an aggregate principal amount of 600 million exchangeable into shares of Fresenius Medical Care AG(see note 15,Bonds-exchangeable bond).In total,the Fresenius Group has received gross proceeds of approximately 1.1 billion.On April 8,2025,the Freseni

319、us Group signed an agree-ment to transfer its plant in Anpolis,Brazil,to EMS,a mul-tinational pharmaceutical company.The plant is classified as held for sale as of March 31,2025.Therewith,32 mil-lion in assets and 5 million in liabilities are classified with their carrying amount as held for sale.Th

320、e transaction is subject to the necessary regulatory approvals and is expected to be completed in the third quarter of 2025.At a Glance Shareholder Information Interim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius|Quarterly Financial Report|1st Q

321、uarter 2025 41NOTES ON THE CONSOLIDATED STATEMENT OF INCOME The prior year figures have been adjusted in the notes on the consolidated statement of income due to the exit from Fresenius Vamed.3.SPECIAL ITEMS Starting with the first quarter of 2025,the special items are presented in a new,consistent

322、structure to improve comparability.Accordingly,all legacy portfolio adjust-ments are reported in one item.The effects from the sale of Fresenius Medical Care AG shares and from the ex-changeable bond are summarized under Reduction of participation in Fresenius Medical Care.All effects from the exit

323、from Fresenius Vamed and from the Group-wide IT transformation are included in the item Fresenius trans-formation.The effects from the amortization of the pur-chase price allocation in the context of accounting of the investment in Fresenius Medical Care using the equity method and the special items

324、 of Fresenius Medical Care are shown together as Special items Fresenius Medical Care.Revenue in the amount of 5,651 million and net in-come attributable to shareholders of Fresenius SE&Co.KGaA in the amount of 229 million for the first quarter of 2025 include special items which impacted the consol

325、i-dated statement of income as shown in the table below.Special items mainly result from the Fresenius transfor-mation and primarily relate to the costs for the exit from Fresenius Vamed in the amount of 239 million and the associated classification as discontinued operations in accordance with IFRS

326、 5 and to the Group-wide IT trans-formation.The position Reduction of participation in Fresenius Medical Care includes the income from the sale of 10.6 million existing shares in Fresenius Medical Care AG;the income is reported in the consolidated statement of income under other operating result.Oth

327、er special items mainly relate to expenses in connection with the Group-wide Fresenius cost and efficiency program as well as leg-acy portfolio adjustments and divestitures.In addition,they include expenses from the amortization of the purchase price allocation in connection with the accounting of t

328、he investment in Fresenius Medical Care using the equity method as well as other special items of Fresenius Medical Care.The amounts shown correspond to the effects on earnings recognized in accordance with IFRS.in millions Revenue EBIT Net income attributable to shareholders of Fresenius SE&Co.KGaA

329、 Earnings Q1/2025,before special items 5,631 654 490 Cost and efficiency programs -15 -14 Legacy portfolio adjustments -4 -3 Fresenius transformation 20 -24 -245 Reduction of participation in Fresenius Medical Care -76 57 Special items Fresenius Medical Care -56 Earnings Q1/2025 according to IFRS 5,

330、651 687 229 At a Glance Shareholder Information Interim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius|Quarterly Financial Report|1st Quarter 2025 42Starting with the second quarter of 2024,the Fresenius Group has adjusted the definition of specia

331、l items in con-nection with the exit from Fresenius Vamed;the special items for the first quarter of 2024 are presented accord-ingly on a comparable basis.Revenue in the amount of 5,350 million and net income attributable to shareholders of Fresenius SE&Co.KGaA in the amount of 278 million for the f

332、irst quarter of 2024 in-cluded special items which had the following impact on the consolidated statement of income:in millions Revenue EBIT Net income attributable to shareholders of Fresenius SE&Co.KGaA Earnings Q1/2024,before special items 5,283 631 431 Cost and efficiency programs -15 -12 Legacy

333、 portfolio adjustments 30 -7 -12 Fresenius transformation 37 -10 -39 Special items Fresenius Medical Care -90 Earnings Q1/2024 according to IFRS 5,350 599 278 At a Glance Shareholder Information Interim Group Management Report Financial Statements Financial Calendar/Contact Table of contents Fresenius|Quarterly Financial Report|1st Quarter 2025 434.REVENUE Revenue by activity was as follows:Q1/202