Fresenius Medical Care AG & Co. KGaA Q1 FY2026 earnings call

• Solid organic revenue growth of 4% with positive contributions from all segments. • Strong operating income growth of 10% in line with planned phasing. • Completed 1 billion euro share buyback in less than a year. • FME25 Plus saving program delivered 50 million euro in sustainable savings. • Care delivery U.S. had issues from weather and insurance, but care delivery international had growth. • Value-based care had positive operating income and increased member months. • 5008X rollout and HDF therapy launch progressing. • Clinic closures in U.S. underway. • Revenue cycle management improved. • AI-driven interventions in VBC showed hospitalizations and missed treatments reduction. • Care enablement had sales ramp up of 5008X in U.S. but pressure in China.

Care delivery in the U.S. had same market treatment growth decline by 37 basis points due to weather, insurance issues, etc. Care delivery international had 1.3% same-market treatment growth. Value-based care delivered positive operating income and increased member months. Care enablement had 1% revenue growth with positive volumes and pricing outside China but pressure in China. Organic revenue growth was 4%, operating income growth 10%. Care delivery achieved 6% organic revenue growth, 26% operating income growth. Value-based care had 3% revenue growth and increased operating income margin. Care enablement had 1% revenue growth with margin improvement.

• Confirming full-year outlook with broadly flat revenue development. • Operating income expected to remain high with mid-single-digit percentage change. • Negative earnings growth in second half due to Tdapa effects. • Closely monitoring Middle East crisis impacts on inflation and supply chain. • Absorbing financial impacts of crisis within 2026 outlook assumptions.

• U.S. weather events impacting volumes. • Uncertainty from ACA subsidies expiring affecting patient inflows. • Regulatory pressure in China affecting care enablement revenue. • Inflationary impacts from Middle East crisis on costs like energy, transportation, plastics. • Competitive dynamics changing in China affecting care enablement market.

Q: Graham from UBS asked about growth drivers and census benefit.

A: Helen and Martin responded on building blocks for growth and census benefit from HDF and catheter lock solutions.

Q: Hassan from Barclays asked about Tdapa split and market treatment growth.

A: Martin and Helen discussed Tdapa contribution split and market treatment growth outlook.

Q: Veronica from Citi asked about HDF rollout and same market treatment growth.

A: Helen talked about HDF rollout progress and same market treatment growth expectations.

Q: Hugo from BNPP asked about inflation tracking and ACA subsidies.

A: Martin and Helen discussed inflation tracking and ACA subsidy impact.

Q: Aisha from Morgan Stanley asked about China impact and inflation sensitivity.

A: Martin responded on China impact and inflation-sensitive cost areas.

Q: James from Jefferies asked about operating cash flow and full-year outlook.

A: Helen and Martin addressed operating cash flow components and full-year outlook.

Q: David from JPMorgan asked about ACA revenue and care enablement COGS.

A: Helen and Martin answered on ACA revenue and care enablement COGS.

Q: Parco from Deutsche Bank asked about China in care enablement and care delivery international.

A: Helen and Martin responded on China in care enablement and care delivery international.

Q: Richard from Goldman Sachs asked about China competitive dynamics and care enablement plans.

A: Helen and Martin discussed China competitive dynamics and care enablement plans in China