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1、#FutureFresenius:REJUVENATE kicked-off with excellent momentum strong start to 2025Q1 2025 resultsConference call and webcast for investors and analystsBad Homburg,7 May 2025Safe Harbor StatementThis presentation contains forward-looking statements that are subject to various risks and uncertainties

2、.Future results could differ materially from those described in these forward-looking statements due to certain factors,e.g.changes in business,economic and competitive conditions,regulatory reforms,results of clinical trials,foreign exchange rate fluctuations,uncertainties in litigation or investig

3、ative proceedings,the availability of financing and unforeseen impacts of international conflicts.Fresenius does not undertake any responsibility to update the forward-looking statements contained in this presentation.Q1/25 Earnings Call,7 May 2025 Fresenius SE&Co.KGaA Investor Relations2Strategy an

4、d Business UpdateFinancials#FutureFreseniusAppendix01Strategy and Business Update02Financials03#FutureFresenius04Appendix01Strategy and Business UpdateStrategy and Business UpdateFinancials#FutureFreseniusAppendixOutlook confirmedQ1/25:A strong start to the yearHelios Performance Programme gaining t

5、raction and delivering on scheduleLeverage within new target corridorExecuting on value-enhancing capital allocation strategy with sale of stake in FMEQ1/25 Earnings Call,7 May 2025 Fresenius SE&Co.KGaA Investor Relations4Kabi delivering very strong 16.8%EBIT margin;Biopharma moving close to structu

6、ral EBIT margin rangeBefore special items;at constant currency|1Excl.FMC#FutureFreseniusExcellent momentum with very strong 12%EPS1growth driven by operating strength and significantly lower interest expenseStrategy and Business UpdateFinancials#FutureFreseniusAppendixQ1/25 highlights5Organic growth

7、 rates adjusted for accounting effects related to Argentina hyperinflationQ1/25 Earnings Call,7 May 2025 Fresenius SE&Co.KGaA Investor RelationsNUTRITIONBIOPHARMAPHARMATransfer of Brazilian production siteto EMSSecured a significant 5-year award with a major GPO in the U.S946mQ1/25REVENUE 0%ORGANICG

8、ROWTHKey milestone achieved in clinical trials for oncology product in APACManufacturing licenses received for key product in China612mQ1/25REVENUE+7%ORGANICGROWTHMEDTECHSigned multi-year full line contract with major U.S.health institution expected to purchase 7k Ivenix pumps,IV solutions and paren

9、teral nutritionFDA clearance for Adaptive Nomogram and expected completion of rollout in 160 U.S.plasma collection centers by end of 2025399mQ1/25REVENUE+7%ORGANICGROWTHLaunch of Ustekinumab biosimilar Otulfi;Q-Code grantedFDA approval for Denosumab biosimilar190mQ1/25REVENUE+40%ORGANICGROWTHStrateg

10、y and Business UpdateFinancials#FutureFreseniusAppendixTyenne progress continuesQ1/25 Earnings Call,7 May 2025 Fresenius SE&Co.KGaA Investor Relations6TYENNE MARKET SHARESTYENNE U.S.KABI PAYER ACCESSUnitsSource:IQVIADataQ3/232%Q4/236%0%Q1/2412%0%Q2/2418%1%Q3/2422%2%Q4/2422%8%Feb/25EU5U.S.69%96%IVSub

11、cutaneous 8%market share in the U.S.;dynamic increase sequentially Momentum driven by exclusive IL6/Tocilizumab contracting;majority of contracts exclusive Pull-through to be executed over the course of FY/25 Continuing to add new customers Advancing with tech transfer to mAbxienceSource:IQVIA DataS

12、trategy and Business UpdateFinancials#FutureFreseniusAppendixQ1/25 highlights7Q1/25 Earnings Call,7 May 2025 Fresenius SE&Co.KGaA Investor RelationsGERMANYGerman coalition agreement a positive:Continuation of hospital reform,strengthening of cross-sectoral careand reduction of bureaucracyUncompromis

13、ing quality focus:Outperforming the German national average for more than 90%of our medical targets2,046mQ1/25REVENUE+8%ORGANICGROWTHSPAINOutstanding patient care:13 Quirnsaludhospitals ranked as“Worlds Best Hospitals 2025”by NewsweekAdvancing digitalization:7.5 million patients now registered for d

14、igital care management platform Casiopeia1,348mQ1/25REVENUE+8%ORGANICGROWTHStrategy and Business UpdateFinancials#FutureFreseniusAppendixA resilient business with global footprint and broad,diverse source of revenuesQ1/25 Earnings Call,7 May 2025 Fresenius SE&Co.KGaA Investor Relations890%of Group r

15、evenues NOT exposedto U.S.tariffsFY/2421.5bnGROUPREVENUEEUROPE70%1NAM10%APAC10%ROW10%1 Including Helios and Kabi revenues;Helios contributing 60%of Group revenueDiversified portfolio:Strong European hospital businessLocal-for-Local manufacturing#FutureFresenius:Improved agility and flexibility thank

16、s to sharpened focus 70%of medicines sold in the U.S.are produced in the U.S.$1bn invested in expansion of manufacturing and supply capacityAiming to increase the number of employees in the U.S.U.S.a strategic priority for all Kabi business units Further investments in the U.S.planned over the next

17、5 yearsStrategy and Business UpdateFinancials#FutureFreseniusAppendixKicked off REJUVENATE phase with strong momentumQ1/25 Earnings Call,7 May 2025 Fresenius SE&Co.KGaA Investor Relations9REJUVENATERESETREIMAGINEREVITALIZE2023202720252030+202220242026Scale platformsUpgrade coreElevateperformanceStra

18、tegy and Business UpdateFinancials#FutureFreseniusAppendix02Financials02Financials03#FutureFresenius04Appendix01Strategy and Business UpdateStrategy and Business UpdateFinancials#FutureFreseniusAppendixQ1/25:Excellent bottom-line momentum Q1/25 Earnings Call,7 May 2025 Fresenius SE&Co.KGaA Investor

19、Relations11Strong revenue growth driven by consistent delivery of Kabi and strong performance at HeliosEBIT growth of 4%on the back of continued strong operating performance at Kabi;ceased energy relief payments weighing on Helios performanceExcellent EPS growth of 12%demonstrating bottom-line deliv

20、ery based on operational strength and improved interest expensesInterest expense at-81m(Q1/24:-112m)significantly improved driven by deleveraging based on strong Cash Flow in FY/24 Tax rate of 25.0%in line with expectations(Q1/24:24.5%)Operating Cash Flow significantly improved yoy(Q1/24:-42m)Levera

21、ge ratio within target corridor:3.0 in Q1/25;yoy improvement of 80 bps1 Organic growth rate adjusted for accounting effects related to ARG hyperinflation|2Excl.FMC|3Excl.FMC;at average exchange rates for both net debt and EBITDA;before special items;pro forma closed acquisitions/divestitures,includi

22、ng lease liabilities,including Fresenius Medical Care dividend;Net debt adjusted for valuation effect of equity-neutral exchangeable bond|4Excluding FMC:205mBefore special items;P&L growth rates at constant currency(cc)and adjusted for ARG hyperinflationNet income attributable to shareholders of Fre

23、senius SE&Co.KGaACash Flow from continuing operations0.74+12%EPS274mOperatingCash Flow3.0 xNet Debt/EBITDA3Special items Q1/25(EAT):261m4;thereof 221m exit of Vamed Project business5.6bn+7%org.1Revenue654m+4%EBIT416m+12%Netincome211.6%EBIT marginStrategy and Business UpdateFinancials#FutureFresenius

24、AppendixFresenius KabiQ1/25 highlightsQUARTERLY FINANCIALSBefore special items|1 Organic growth rate adjusted for accounting effects related to Argentina hyperinflation|2 Growth rate adjusted for accounting effects related to Argentina hyperinflationRevenue1growth org.EBIT mRevenuemEBIT Margin Pharm

25、a with flat organic revenue growth against a strong prior-year base;strong growth in Europe offset by softer development in U.S.and China Growth Vectors with strong 11%1organic revenue growth(MedTech:7%1;Nutrition:7%1;Biopharma:40%1)Strong organic revenue growth of 6%1 in the upper half of the struc

26、tural growth band;less pronounced Argentina pricing effectsStrong EBIT margin at 16.8%:Significant margin expansion(170 bps)and 16%2EBIT growth(constant currency)driven by volume effects and continued improvements of cost base;all business units with yoy margin improvements Growth Vectors with 390 b

27、ps margin expansion to 15.3%;broad-based positive development with Biopharma moving close to Kabis structural margin band9%31011%33411%3359%3401,8001,9002,0002,1002,20015.1%2,051Q1/2415.9%2,100Q2/2415.9%2,114Q3/2415.8%2,148Q4/2416.8%2,146Q1/25Q1/25 Earnings Call,7 May 2025 Fresenius SE&Co.KGaA Inves

28、tor RelationsMain developments6%36012Strategy and Business UpdateFinancials#FutureFreseniusAppendixStrong 8%organic revenue growth above structural growth band,driven equally by Helios Germany and Helios Spain;support from positive Easter effectHelios EBIT margin solid at 9.8%;expected softness at H

29、elios Germany partially offset by excellent profitability at Helios SpainFresenius HeliosQ1/25 highlightsQUARTERLY FINANCIALSBefore special itemsRevenue growth org.EBIT mRevenuemEBIT Margin 5%3486%3578%2446%3398%3332,6002,8003,0003,2003,40011.0%3,154Q1/2411.1%3,230Q2/247.9%3,082Q3/2410.4%3,273Q4/249

30、.8%3,394Q1/25Q1/25 Earnings Call,7 May 2025 Fresenius SE&Co.KGaA Investor Relations13Main developmentsHelios SpainStrong 8%organic revenue growth driven by activity growth and price effectsExcellent EBIT margin(13.1%;+160 bps yoy)and growth(+23%at constant currency)Helios GermanyStrong 8%organic rev

31、enue growth mainly driven by price effects;good admissions growth and case mixEBIT margin and growth affected by absence of energy relief payments;Performance Programme delivering in line with expectations with ramp-up expected in H2/25Strategy and Business UpdateFinancials#FutureFreseniusAppendixCo

32、ntinued strengthening of Free Cash FlowQ1/25 Earnings Call,7 May 2025 Fresenius SE&Co.KGaA Investor Relations14CASH FLOWmFrom continuing operations;Q1/25 LTM Free Cash Flow from discontinued operations amounted to-308m,mainly due to the disposals from the Vamed exit1After acquisitions,dividends and

33、lease liabilities616Q1/25 LTMOperating Cash Flow-903CAPEX112FMEdividendAcquisitions,net-96Minority interest-169LeasesQ1/25 LTMFreeCash Flow12,5542,114224Q1/24 LTMFreeCash Flow11Rigorous focus on cash conversion reflected in substantially improved Operating Cash FlowFree Cash Flow supported by FME sh

34、are sale and FY/24 dividend suspension1.1bn total proceeds from FME transactions in Q1/25:500m share sale 600m exchange-able bond(in Cash Flow from Financing Activities)incl.500m proceeds from FME share saleStrategy and Business UpdateFinancials#FutureFreseniusAppendixSuccessful FME transactions in

35、line withvalue-enhancing capital allocation strategyQ1/25 Earnings Call,7 May 2025 Fresenius SE&Co.KGaA Investor Relations15Strengthen balance sheet Grow bottom lineNet debt/EBITDA:0.1x decreaseEarnings per share:4-5ct improvement p.a.Interest expense:30-40m savings p.a.FME TRANSACTIONSREJUVENATECAP

36、ITAL ALLOCATION PRIORITIESGrowthAttractive shareholder returnsStrong balance sheetFINANCIAL IMPLICATIONSShare sale:500m proceedsExchangeable bond:600m proceedsStrategy and Business UpdateFinancials#FutureFreseniusAppendixFY/25 guidance:Continued performance momentumQ1/25 Earnings Call,7 May 2025 Fre

37、senius SE&Co.KGaA Investor Relations16FY/24 baseREVENUE GROWTHORGANIC46%FY/24 base:21,526mQ1/25:7%EBIT GROWTHAT CONSTANT CURRENCY37%FY/24 base:2,489mQ1/25:4%FY/25 guidance18,414mMid-to high-single-digit organic revenue growth1,319mEBIT margin of 1616.5%12,739mMid-single-digitorganic revenue growth1,

38、288mEBIT margin of 10%1Guidance given in February reflected the fast-moving macro-economic and geopolitical environment,resulting in a higher level of operational uncertainty.Guidance continues to reflect current factors and known uncertainties,such as potential impacts from tariffs,to the extent th

39、ey can currently be assessed.It does not take into account potential extreme scenarios.Strategy and Business UpdateFinancials#FutureFreseniusAppendix03#FutureFresenius02Financials03#FutureFresenius04Appendix01Strategy and Business UpdateStrategy and Business UpdateFinancials#FutureFreseniusAppendix1

40、8Q1/25 Earnings Call,7 May 2025 Fresenius SE&Co.KGaA Investor Relationsfurther bottom-linegrowth EARNINGSPER SHAREREJUVENATE:Providing an excellent setup forResilient business with strong and consistent revenue growth supported by secular growth trendsStrong balance sheet and value-enhancing capital

41、 allocationContinued margin expansion at KabiHelios Performance Programme setting strong base for coming years Strategy and Business UpdateFinancials#FutureFreseniusAppendix04Appendix02Financials03#FutureFresenius04Appendix01Strategy and Business UpdateStrategy and Business UpdateFinancials#FutureFr

42、eseniusAppendixAmbitions geared for substantial earnings growthStrong balanceacross growth and stable cash flowCommitted to strong balance sheetFresenius Financial FrameworkEBIT MARGIN1012%1618%ORGANIC REVENUE GROWTH46%47%Q1/25 Earnings Call,7 May 2025 Fresenius SE&Co.KGaA Investor Relations20CAPITA

43、L EFFICIENCYROIC68%CAPITAL STRUCTURELeverage ratio2.53.0 xCASHCCR11All figures before special items1 Cash conversion rate defined as adjusted FCFbIT/EBIT(before special items)|2 Before special items;excl.FMCDIVIDEND POLICYPay out 3040%of core net income2Strategy and Business UpdateFinancials#FutureF

44、reseniusAppendixFY/25 outlookEarnings phasing and assumptionsQ1/25 Earnings Call,7 May 2025 Fresenius SE&Co.KGaA Investor Relations21Q1/25Q2/25Q3/25Q4/25Ongoing growth momentum based on expected product launches and rolloutsIndicative1Alpha Ketoanalogues of essential amino acids for treatment of pat

45、ients with Chronic Kidney DiseaseKetosteril1expected to be included in VBP process in China starting Q2/25 Expected ramp-up of Performance Programme at Helios GermanyHeadwind from prior-year energy relief paymentsExpected soft Q3 as part of usual seasonalityEaster effect FY/25:Holidays in Q2Easter e

46、ffect FY/24:Holidays in Q1Strategy and Business UpdateFinancials#FutureFreseniusAppendixFY/25 outlookOther financial KPIsBefore special itemsQ1/25 Earnings Call,7 May 2025 Fresenius SE&Co.KGaA Investor Relations22mFY/24FY/25 expectationProfitabilityInterest expense433m370m to 390m(previously:400m to

47、 420m)Tax rate25.9%25 to 26%Capital AllocationCAPEX(%of revenue)4.3%Around 5%CCR LTM1.0Around 1ROIC6.2%Above 6%Leverage ratio3.0 xWithin the new target corridor of 2.5 to 3.0 x Net debt/EBITDAStrategy and Business UpdateFinancials#FutureFreseniusAppendixQ1/25Statement of income(Summary,IFRS,unaudite

48、d)Q1/25 Earnings Call,7 May 2025 Fresenius SE&Co.KGaA Investor Relations23After Special Items1Net income attributable to shareholders of Fresenius SE&Co.KGaAmQ1/25Q1/24restatedQ1/24previousGrowthRevenue5,6515,3505,7046%Costs of revenue-4,240-3,936-4,298-8%Gross profit1,4111,4141,4060%Selling,general

49、 and administrative expenses-643-670-7024%Research and development expenses-140-139-139-1%Other operating result59-6-6-Operating income(EBIT)68759955915%Income from investments accounted for using the equity method18-30-30160%Interest result-81-111-11527%Other financial result-13-Income before incom

50、e taxes61145841433%Income taxes-140-136-125-3%Net income from continuing operations47132228946%Noncontrolling interests in continuing operations151911-21%Net income from continuing operations145630327850%Net income from discontinued operations1-227-25n.a.-Net income244289289-Noncontrolling interests

51、 in net income151111-Net income1229278278-Earnings per ordinary share()0.410.490.49-Strategy and Business UpdateFinancials#FutureFreseniusAppendixQ1/25ReconciliationQ1/25 Earnings Call,7 May 2025 Fresenius SE&Co.KGaA Investor Relations24mQ1/25Q1/24Growth rateGrowth rateat constant currency Revenue r

52、eported(after special items)5,6515,3506%6%Legacy portfolio adjustments0-30Fresenius transformation-20-37Revenue(before special items)5,6315,2837%7%EBIT reported(after special items)68759915%15%Cost and efficiency programs1515Legacy portfolio adjustments47Reduction of participation in Fresenius Medic

53、al Care-76-Fresenius transformation2410EBIT(before special items)6546314%4%Net income reported(after special items)1229278-18%-19%Cost and efficiency programs1412Legacy portfolio adjustments312Fresenius transformation24539Reduction of participation in Fresenius Medical Care-57-Special items Freseniu

54、s Medical Care5690Net income(before special items)149043114%13%1Net income attributable to shareholders of Fresenius SE&Co.KGaAGrowth rates adjusted for Argentina hyperinflationStrategy and Business UpdateFinancials#FutureFreseniusAppendixQ1/25RevenueREVENUE BY REGIONREVENUE BY BUSINESS SEGMENT74127

55、61EuropeNorth AmericaAsia-PacificLatin AmericaAfrica5.5 bn38602Fresenius KabiFresenius HeliosCorporate/Other5.5 bnin%in%Q1/25 Earnings Call,7 May 2025 Fresenius SE&Co.KGaA Investor Relations25Before special itemsStrategy and Business UpdateFinancials#FutureFreseniusAppendixQ1/25 Revenue growth by bu

56、siness segmentQ1/25 Earnings Call,7 May 2025 Fresenius SE&Co.KGaA Investor Relations26mQ1/25Q1/24Growth at actual ratesCurrency translation effectsGrowth at constantrates1Organic growth1AcquisitionsDivestitures/OthersFreseniusKabi2,1462,0515%0%5%6%0%-1%Fresenius Helios3,3943,1548%0%8%8%0%0%Corporate

57、/Other9178n.a.n.a.n.a.n.a.n.a.n.a.Total5,6315,2837%0%7%7%0%0%1Growth rate adjusted for accounting effects related to Argentina hyperinflation Strategy and Business UpdateFinancials#FutureFreseniusAppendixQ1/25Calculation of noncontrolling interestsBefore special itemsFor a detailed overview of speci

58、al items and adjustments please see the reconciliation tables provided on our website https:/ before tax and noncontrolling interests573519Taxes-143-127Noncontrolling interests,thereof-14-21Fresenius Kabi-11-18Fresenius Helios-3-1Corporate0-2Net income from discontinued operations Vamed00Net income

59、from Fresenius Medical Care7460Net income attributable to Fresenius SE&Co.KGaA490431Q1/25 Earnings Call,7 May 2025 Fresenius SE&Co.KGaA Investor Relations27Strategy and Business UpdateFinancials#FutureFreseniusAppendixQ1/25&Q1/25 LTMCash flow developmentCash flow from continuing operationsmQ1/25Q1/2

60、4Q1/25LTMQ1/24LTMOCF74-422,5541,951thereof Kabi1101571,1311,151thereof Helios-8-1171,6841,019%OCF Margin1.3%-0.8%11.7%9.5%Capex(net)-178-190-903-1,035Capex in%of revenue-3.2%-3.6%-4.1%-5.0%Dividends received from FME-112106Acquisitions(net)450148616-57Dividends paid(Minority interest)-960-96-551Leas

61、e liabilities-32-43-169-190FCF218-1272,114224Q1/25 Earnings Call,7 May 2025 Fresenius SE&Co.KGaA Investor Relations28Strategy and Business UpdateFinancials#FutureFreseniusAppendixQ1/25 LTMReconciliation:Adjusted Free Cash Flow for CCR mQ1/25LTMQ1/24LTMOperating Cash Flow2,5541,951Capex(net)-791-929F

62、ree Cash Flow(before acquisitions,dividends,and lease liabilities)1,7631,022Special items(net income before minorities)148208Interests(before special items)402424Taxes(before special items)548519Adjusted Free Cash Flow for CCR2,8612,173Q1/25 Earnings Call,7 May 2025 Fresenius SE&Co.KGaA Investor Rel

63、ations29Cash flow from continuing operationsStrategy and Business UpdateFinancials#FutureFreseniusAppendixQ1/25Cash Flow development by business segmentOperating Cash FlowCapex(net)Free Cash Flow1mQ1/25Q1/24Q1/25MarginQ1/24MarginQ1/25Q1/24Q1/25%rev.Q1/24%rev.Q1/25Q1/24Q1/25MarginQ1/24Margin1101575.1

64、%7.7%-76-65-3.5%-3.2%34921.6%4.5%-8-117-0.2%-3.7%-98-121-2.9%-3.8%-106-238-3.1%-7.5%Corporate/Other-28-82-4-4-32-8674-421.3%0.8%-178-190-3.1%-3.6%-104-232-1.8%-4.4%Cash flow from continued operations1Before acquisitions,dividends and lease liabilitiesQ1/25 Earnings Call,7 May 2025 Fresenius SE&Co.KG

65、aA Investor Relations30Strategy and Business UpdateFinancials#FutureFreseniusAppendixQ1/25 LTMCash Flow development by business segmentOperating Cash FlowCapex(net)1Free Cash Flow2mQ1/25LTMQ1/24LTMQ1/25LTMMarginQ1/24LTMMarginQ1/25LTMQ1/24LTMQ1/25LTM%rev.Q1/24LTM%rev.Q1/25LTMQ1/24LTMQ1/25LTMMarginQ1/

66、24LTMMargin1,1311,15113.3%14.3%-391-425-4.6%5.3%7407268.7%9.0%1,6841,01913.0%8.4%-491-579-3.8%4.8%1,1934409.2%3.6%Corporate/Other-261-2199175-170-1442,5541,95111.7%9.5%-791-929-3.6%-4.5%1,7631,0228.1%5.0%Cash flow from continued operations1Total incl.FME dividend2Before acquisitions,dividends and le

67、ase liabilitiesQ1/25 Earnings Call,7 May 2025 Fresenius SE&Co.KGaA Investor Relations31Strategy and Business UpdateFinancials#FutureFreseniusAppendixROIC1CCR1,2,31Prior-year figures have been adjusted due to the deconsolidation of Fresenius Medical Care operations l2 LTM l 3Q2/23-Q3/23 CCR figures n

68、ot restated(FMC deconsolidation)4At average exchange rates for both net debt and EBITDA;pro forma closed acquisitions/divestitures,including lease liabilities,including Fresenius Medical Care dividend;Net debt adjusted for valuation effect of equity-neutral exchangeable bond5.05.05.25.56.06.16.26.22

69、%3%4%5%6%7%8%9%10%Capital efficiency and returns0.90.91.00.91.11.21.01.10,10,40,71,01,31,61,92,22.21.91.61.31.00.70.40.132Q1/25 Earnings Call,7 May 2025 Fresenius SE&Co.KGaA Investor RelationsQ223Q323Q423Q224Q124Q324Q424Q125Q223Q323Q423Q224Q124Q324Q424Q125Strategy and Business UpdateFinancials#Futur

70、eFreseniusAppendix4.24.03.83.83.43.23.03.02,5 x3,0 x3,5 x4,0 x4,5 xNET DEBT/EBITDA1,44.5 x4.0 x3.5 x3.0 x2.5 xQ223Q323Q423Q224Q124Q324Q424Q125Business overviewQ1/25 Earnings Call,7 May 2025 Fresenius SE&Co.KGaA Investor Relations331As stated at respective Capital Market Day|2Relates to private hospi

71、tal market in Spain|3Ketosteril expected to be in volume-based procurement starting Q2/25Driving growth,accelerating performanceStrong underlying,sustained leadershipBiopharmaContinued growth in FY/25 Mid term:more than 1bn sales;accretive to structural marginband(1618%)GermanyPharmaNutritionMedTech

72、2025PERFORMANCEDRIVERS:Tyenne rolloutUste/Deno launchTech transfersVolume&pricePerformance programmeClustering10+launchesSteady fluids supplyU.S.site ramp-upChina“new normal”3EU sip feedsU.S.parenteralIvenix rolloutPlasma nomogramCommercialexcellenceVolume&priceDigital rolloutsWHERE WEARE HEADED:Ver

73、tically-integratedBio powerhouseClear market leaderGlobal IV Gx&Fluids leaderLeader in integratednutritionScaled MedTech platformClear market leader2SpainREVENUE1:46%p.a.organic growth24%p.a.organic growth47%p.a.organic growth810%p.a.organic growth46%p.a.organic growthEarnings growth revenue growthS

74、table margin performance and growing earningsStable marginsat high levelwith upsideStrong marginimprovementEarnings growth revenue growthPROFITABILITY1:Strategy and Business UpdateFinancials#FutureFreseniusAppendixQ1/25Organic revenue growth by product group1Consists of MedTech,Nutrition,Biopharma2O

75、rganic growth rate adjusted for accounting effects related to Argentina hyperinflationmQ1/25 YoY organic2MedTech3997%Nutrition6127%Biopharma19040%Growth Vectors11,20111%Pharma(IV Drugs&Fluids)9460%Corporate0-Total revenue2,1466%Q1/25 Earnings Call,7 May 2025 Fresenius SE&Co.KGaA Investor Relations34

76、Strategy and Business UpdateFinancials#FutureFreseniusAppendixQ1/25EBIT(DA)developmentAll figures before special itemsMargin growth at actual rates1Consists of MedTech,Nutrition,Biopharma2Growth rate adjusted for Argentina hyperinflationFor a detailed overview of special items and adjustments please

77、 see the reconciliation tables provided on our website https:/ YoY cc2Total EBITDAMargin47922.3%8%+80 bpsTotal EBITMargin36016.8%16%+170 bpsGrowth Vectors1Margin18415.3%45%+390 bpsPharma(IV Drugs&Fluids)Margin21622.9%+4%+150 bpsCorporate-40-Q1/25 Earnings Call,7 May 2025 Fresenius SE&Co.KGaA Investo

78、r Relations35Strategy and Business UpdateFinancials#FutureFreseniusAppendixREFERENCEPRODUCT HumiraNeulasta(Ro)ActemraAvastinStelaraProlia/XgevaRituxanEyleaTHERAPEUTICAREAAIIDOncologyAIIDOncologyAIIDOncology&OsteoporosisOncology&AIIDOphthal-mologySTATUS2157Adalimumab4Pegfilgrastim3Tocilizumab7Bevaciz

79、umab11Ustekinumab7Denosumab7Rituximab10AfliberceptFurther assets mAbxience35Early-stage candidatesTotal160Biosimilar portfolio and pipelineSource:Evaluate PharmaFresenius KabimAbxience FK and mAbxience 1 Expected launch;U.S.approval received in Mar 2025;filed for approval in the EU|AIID=Autoimmune&I

80、nfectious DiseaseCURRENT BIOSIMILAR PIPELINEGLOBAL PEAK BRANDED SALES OF ORIGINATORS IN BNMB05MB12MB04MB11MB14Attractive and growing biosimilar market with upcoming near-and mid-term launchesStrong position with broad and attractive pipeline,leveraging end-to-end value chain capabilitiesRecurring re

81、venues from milestone payments and CDMO businessFY/251Q1/25 Earnings Call,7 May 2025 Fresenius SE&Co.KGaA Investor Relations36FURTHER PIPELINEBIOSIMILAR MARKET:20%CAGR until the early 2030s36IN-MARKETPLANNED LAUNCHESStrategy and Business UpdateFinancials#FutureFreseniusAppendixBiosimilar portfolio a

82、nd pipelineQ1/25 Earnings Call,7 May 2025 Fresenius SE&Co.KGaA Investor Relations37Candidate&TALaunchApprovalPre-clinicalClinical trialsRituximabOncology&AIFiled for approval(US only)UstekinumabAutoimmuneDenosumabOsteoporosis&OncologyEU:Filed for approvalEU:May 2019/US:Jul 2023AdalimumabAutoimmuneEU

83、:Apr 2019/US:Dec 2022EU PFS:Oct 2022/US PFS:Feb 2023PegfilgrastimOncologyEU:Mar 2022/US:Sep 2022 EU:Nov 2023US:Apr 2024(IV);Jul 2024(SC)TocilizumabAutoimmuneEU:Sep 2023/US:Mar 2024ARG:Feb 2015RituximabOncologyARG:Oct 2014EU:Apr 2021/US:May 2022BevacizumabOncologyEU:Mar 2021/US:Apr 2022DenosumabOsteo

84、porosis&OncologyMB05Infectious disease MB12OncologyMB04AutoimmuneMB11OncologyMB14HematologyEarly-stage candidatesFRESENIUS KABIMABXIENCEEU:Sep 2024/US:Sep 2024ARG:July 2024 EU/US:filed for approvalARG:July 2024EU/US TBCARG:Dec 2024ARG:Dec 2024EU/US TBCUS:Mar 2025EU:Mar 2025/US:Mar 2025Strategy and B

85、usiness UpdateFinancials#FutureFreseniusAppendixQ1/25 Key financialsAll figures before special items 1Organic growthFor a detailed overview of special items and adjustments please see the reconciliation tables provided on our website https:/ YoY ccTotal revenue3,3948%1Thereof Helios Germany2,0468%1T

86、hereof Helios Spain1,3488%1Total EBITMargin3339.8%-4%-120 bpsThereof Helios GermanyMargin1577.7%-23%-310 bpsThereof Helios Spain Margin17613.1%+23%+160 bpsThereof Corporate0-Q1/25 Earnings Call,7 May 2025 Fresenius SE&Co.KGaA Investor Relations38Strategy and Business UpdateFinancials#FutureFresenius

87、AppendixFresenius Helios:Key MetricsQ1/25 Earnings Call,7 May 2025 Fresenius SE&Co.KGaA Investor Relations39Q1/25YoYFY/24Helios GermanyHospitals-Acute care hospitals85820%0%8582Beds-Acute care hospitals29,80629,240-1%-1%30,02529,459Admissions-patients treated in hospital-patients treated as outpatie

88、nt1,413,638304,6481,108,9902%2%2%5,509,4091,162,9994,346,410Helios Spain(incl.Latin America)Hospitals57-2%57Beds8,112-2%8,131Admissions(including outpatients)-patients treated in hospital-patients treated as outpatient5,561,424315,4865,245,9385%3%5%20,837,0471,171,66619,665,381Strategy and Business

89、UpdateFinancials#FutureFreseniusAppendix13 May 2025 Berenberg Madrid Seminar 2025,Madrid/ESP13 May 2025 BofA Securities 2025 Health Care Conference,Las Vegas/USA13 May 2025 UBS Best of Europe One-on-One Virtual Conference20 May 2025 Berenberg European Conference 2025,New York/USA21 May 2025 RBC Capi

90、tal Markets Global Healthcare Conference,New York/USA27 May 2025 dbAccess European Champions Conference 2025,Frankfurt/GERFinancial Calendar&ContactFinancial CalendarQ1/25 Earnings Call,7 May 2025 Fresenius SE&Co.KGaA Investor Relations40Please note that these dates could be subject to change.Events

91、07 May 2025 Results Q1/2523 May 2025 Annual General Meeting06 Aug 2025 Results Q2/2505 Nov 2025 Results Q3/25Please note that these dates could be subject to change.For further information and current news:Investor Feedback and Social MediaContactInvestor Relations Fresenius SE&Co.KGaAphone:+49 6172

92、 608-97033e-mail:ir-Open dialogues are vital to us!We have teamed up with Quantifirefor quick and convenient feedback sharing.You can submit your feedback anonymously or with attribution by clicking here:Investor&Analyst F Fresenius Investor Relationson LinkedIn:Strategy and Business UpdateFinancials#FutureFreseniusAppendix