# EDGAR Filing Document

**Accession Number:** 0001333141
**File Stem:** 0001104659-25-060221
**Filing Date:** 2025-6
**Character Count:** 37764
**Document Hash:** ff3b57224e7b9a96d9dab608e7805bd0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-060221.hdr.sgml**: 20250617

**ACCESSION NUMBER**: 0001104659-25-060221

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 8

**CONFORMED PERIOD OF REPORT**: 20250617

**FILED AS OF DATE**: 20250617

**DATE AS OF CHANGE**: 20250617

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Fresenius Medical Care AG
- **CENTRAL INDEX KEY:** 0001333141
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MISC HEALTH & ALLIED SERVICES, NEC [8090]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32749
- **FILM NUMBER:** 251053074

**BUSINESS ADDRESS:**
- **STREET 1:** ELSE-KROENER STRASSE 1
- **CITY:** BAD HOMBURG
- **STATE:** 2M
- **ZIP:** 61352
- **BUSINESS PHONE:** 011-49-6172-6090

**MAIL ADDRESS:**
- **STREET 1:** ELSE-KROENER STRASSE 1
- **CITY:** BAD HOMBURG
- **STATE:** 2M
- **ZIP:** 61352

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Fresenius Medical Care AG & Co. KGaA
- **DATE OF NAME CHANGE:** 20050714

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER**

Pursuant to Rule 13a-16 or 15d-16 of the

Securities Exchange Act of 1934

For the month of June 2025

Commission file number: 001-32749

**FRESENIUS MEDICAL CARE AG**

(Translation of registrant's name into English)

Else-Kröner Strasse 1

61346 Bad Homburg

Germany

*(Address of principal executive offices)*

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ⌧ Form 40-F ◻

On June 17, 2025, Fresenius Medical Care AG (the "Company" or "FME") published an ad-hoc notification in Germany noting the Company's decision to conduct a share buyback program. Additionally, the Company issued a Press Release announcing the share buy-back program and its Strategy FME Reignite. Copies of these documents are furnished as Exhibits to this Form 6-K.

The attached Press Release and financial figures contain non-GAAP financial measures. The historical segment data provided in Exhibit 99.2 reflect our new operating structure described in the press release. For purposes of Regulation G, a non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles. We have supplemented our consolidated and operating segment financial results presented in connection with this Form 6-K and in accordance with International Financial Reporting Standards, or IFRS, with non-GAAP financial measures, including results presented in constant currency and as adjusted for special items identified in the Press Release and associated tables. These non-GAAP measures are provided to enhance the user's overall understanding of our current financial performance and our prospects for the future. In addition, because we have historically reported certain non-GAAP financial measures in our financial results, we believe the inclusion of these non-IFRS financial measures provides consistency and comparability in our financial reporting to prior periods for which these non-GAAP financial measures were previously reported. These non-GAAP financial measures should not be used as a substitute for or be considered superior to GAAP financial measures. Reconciliations of the non-GAAP financial measures presented in the exhibits to this Form 6-K to the most comparable IFRS financial measures are included in the attached financial figures. As the reconciliation of amounts stated in Constant Currency is inherent in the disclosure included in the Press Release, we believe that a separate reconciliation would not provide any additional benefit.

The Exhibits attached hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities and Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.

**EXHIBITS**

The following exhibits are being furnished with this Report:

[Exhibit 99.1](tm2518144d2_ex99-1.htm) [Convenience translation of an ad-hoc notification issued by the Company on June 17, 2025.](tm2518144d2_ex99-1.htm)

---

| | |
|:---|:---|
| [Exhibit 99.2](tm2518144d2_ex99-2.htm) | [Press Release issued on June 17, 2025.](tm2518144d2_ex99-2.htm) |
| [Exhibit 99.3](tm2518144d2_ex99-3.htm) | [Financial Tables in New Segmentation issued on June 17, 2025.](tm2518144d2_ex99-3.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

DATE: June 17, 2025

---

| | |
|:---|:---|
| Fresenius Medical Care AG | Fresenius Medical Care AG |
| By: | /s/ Helen Giza |
| Name: | Helen Giza |
| Title: | Chief Executive Officer and Chair of the Management Board |
| By: | /s/ Martin Fischer |
| Name: | Martin Fischer |
| Title: | Chief Financial Officer and member of the Management Board |

---

## Exhibit 99.1

**Exhibit 99.1**

**Fresenius Medical Care AG resolves share buyback program with a total volume of EUR 1 billion in tranches within 2 years**

Bad Homburg, June 17, 2025 – Fresenius Medical Care AG ("Company") has decided to conduct a share buyback program with a volume of EUR 1 billion (excluding ancillary costs) in tranches within two years after the start of the program.

The execution of the share buyback program in tranches is planned to commence in the second half of 2025. The shares shall be acquired on the stock exchange and are to be predominantly redeemed and, to a significantly lesser extent, may be used for allocations under incentive-based compensation plans.

The share buyback program is based on the authorization to purchase and use treasury shares granted by the Company's Annual General Meeting on May 20, 2021. Continuation of the share buyback program beyond the current authorization is subject to the necessary resolutions of the Company's bodies.

Kontact:

Dr. Dominik K. Heger

Head of Investor Relations, Strategic Development & Communications

Executive Vice President

<u>Dominik.Heger@FreseniusMedicalCare.com</u>

+49 6172 2685822

## Exhibit 99.2

**Exhibit 99.2**

![](tm2518144d2_ex99-1img01.jpg)

---

| | |
|:---|:---|
| Press Release | **Media Contact**<br> Christine Peters<br> T +49 160 60 66 770<br> christine.peters@freseniusmedicalcare.com<br>Sven Jacobsen<br> T +49 171 28 79 127<br> sven.jacobsen@freseniusmedicalcare.com<br>**Contact for Analysts and Investors**<br> Dr. Dominik Heger<br> T +49 6172 609 2601<br> dominik.heger@freseniusmedicalcare.com<br>www.freseniusmedicalcare.com |

---

**Fresenius Medical Care Launches its Strategy FME Reignite with increased Profitability Aspirations, and a New Capital Allocation Framework to further enhance Value Creation**

&nbsp;&nbsp;&nbsp;&nbsp;· FME
Reignite sets the ambition to lead kidney care through exceptional patient care and innovation

&nbsp;&nbsp;&nbsp;&nbsp;· The
Company will set the new standard of care in the U.S. with the introduction of the 5008X dialysis machine and unveils launch plans

&nbsp;&nbsp;&nbsp;&nbsp;· Profitability
aspirations set for 2030 to advance to mid-teens percent industry-leading operating income<sup>1</sup> margins

&nbsp;&nbsp;&nbsp;&nbsp;· FME25+
savings target expanded by EUR 300 million to EUR 1.05 billion by 2027

&nbsp;&nbsp;&nbsp;&nbsp;· Annual
capex of EUR 0.8 to 1.0 billion for core business to drive profitable growth and to support innovation

&nbsp;&nbsp;&nbsp;&nbsp;· Further
optimization of capital structure with lowered net leverage ratio target band of 2.5x to 3.0x

&nbsp;&nbsp;&nbsp;&nbsp;· Commitment
to return excess capital to shareholders: 30-40 percent dividend payout<sup>2</sup> plus initial share buyback program of EUR 1 billion

**Bad Homburg / London, June 17, 2025** – Fresenius Medical Care (FME), the world's leading provider of products and services for people with kidney disease, today unveiled its new FME Reignite strategy at its Capital Markets Day in London. FME Reignite centers on value creation, based on three strategic elements: Reignite the core, Reignite growth and innovation and Reignite our culture.

<sup>1</sup> Operating income excluding special items

<sup>2</sup> Based on net income attributable to shareholders of FME AG excluding special items

Page 1/5

"FME Reignite sets the ambition to deliver both industry-leading outcomes and margins<sup>1</sup> with above-market growth", said **Helen Giza**, Chief Executive Officer of Fresenius Medical Care. "We have executed on our three-year turnaround and transformation plan and delivered significant progress against our key performance metrics of margin<sup>1</sup> improvement, FME25 savings and deleveraging. Based on attractive underlying business fundamentals and strong momentum, we have set profitability ambitions for 2030 at industry-leading margin<sup>1</sup> levels and an ambition to lead kidney care through exceptional patient care and innovation."

Helen Giza added: "By leveraging the benefits of vertical integration across our three operating segments – Care Delivery, Care Enablement and Value-Based Care – we advance to industry-leading operating income margins<sup>1</sup>. We aspire to reach a mid-teens percent operating income margin<sup>1</sup> for Fresenius Medical Care by 2030. While we continue to invest in profitable growth and innovation in our core business and continue to further optimize our capital structure, we have the additional opportunity to reignite value creation for shareholders. We plan to return excess capital to our shareholders through a 30 to 40 percent dividend payout<sup>2</sup> plus the opportunity for regular share buybacks. We will start in 2025 with an initial share buyback of EUR 1 billion within two years."

**FME Reignite to shape the future**

FME Reignite shapes the future of Fresenius Medical Care with three main elements.

REIGNITE THE CORE: delivering operational excellence with the Company´s core assets in its leading market positions. This will drive scalable, high-quality care to further enhance patient health, and increase agility and operational efficiency through further standardized and improved operations as well as focused investments in technology and special programs.

REIGNITE GROWTH AND INNOVATION: further enhancing clinic outcomes and patient safety; increasing R&D efficiency with its global innovative platforms; setting a new standard of care with the U.S. launch of high-volume hemodiafiltration; growing the clinic network in targeted international markets and driving AI-powered transformation in patient care.

REIGNITE OUR CULTURE: with a focus on its people, Fresenius Medical Care has the ambition to become the employer of choice in healthcare, attracting, retaining and engaging the best talent with a passion to make an impact, while living its new core values: We care. We connect. We commit. This new culture statement embodies the values and behaviors that all leaders and employees of Fresenius Medical Care aspire for every day.

Page 2/5

**Hemodiafiltration and value-based care upside to fundamental volume drivers**

In the global market the average annual growth for the number of dialysis patients is projected to be between 4 and 5 percent between 2025 and 2035. This includes an average annual patient number growth of 2 plus percent in the U.S. in the same timeframe. "The projection of dialysis patient growth numbers remains unchanged as our business fundamentals remain intact. The number of people on maintenance dialysis is expected to grow by 90 percent globally to 7 million people by 2035", said **Franklin W. Maddux**, M.D., Chief Global Medical Officer of Fresenius Medical Care.

Frank Maddux further commented: "Beyond the anticipated growth in patient numbers, we expect the introduction of high-volume hemodiafiltration in the U.S. and the benefits of value-based care to further accelerate the number of treatments. Future medical trends in favor of patient survival are preventive health, AI-based diagnostics, medications with survival benefits for CKD and ESRD patients and personalized medicine. Fresenius Medical Care is uniquely positioned to participate and benefit from these population trends."

**Launch of 5008X machine enables HVHDF to be the new standard of care in the U.S.**

Fresenius Medical Care shared further details of the upcoming U.S. market launch plan for its 5008X machine at the Capital Markets Day. Introducing high-volume hemodiafiltration (HVHDF) has the potential to transform the standard of care for kidney replacement therapies in the U.S. With the final FDA clearance secured, launch plans are underway for 2025 with full commercial launch following in 2026 with comprehensive considerations across all key stakeholders of the renal care community.

For CONVINCE\* study patients, survival benefits emerged after just 3 months of HVHDF treatment, as shown in the European study, resulting in 4.4 percent fewer deaths over 2.5 years of follow up. Other real-world evidence shows that this new therapy option also comes along with reduced hospitalization rates as well as improved quality of live and outcomes for patients, which is expected to reduce the number of missed treatments in the future.

By 2030, the Company expects to have replaced all existing 2008T dialysis machines in its own U.S. clinic network with the innovative 5008X machine, offering the new standard of care to all its eligible dialysis patients. Following an increasing penetration of HVHDF treatments, clinic operations are expected to benefit from reduced mortality rates, machine-related clinic labor and supply efficiencies and potential for reduced drug usage.

As the manufacturer of the 5008X machine, the first and until today only FDA-cleared hemodiafiltration machine, Fresenius Medical Care expects to benefit from its strong U.S. market leader position in the currently installed machine base and to further increase its captive market share in disposable products. Pricing of the 5008X machine is planned to reflect the innovative value that the Company has created for patients as well as for Care Delivery and 3<sup>rd</sup> party service providers.

Page 3/5

**Introducing Value-Based Care as separate operating segment**

Fresenius Medical Care announced the introduction of Value-Based Care (VBC) as a separate segment, formerly part of the Care Delivery segment. This will further enhance the transparency of the financial reporting and provide additional insights into an area that is growing in relevance. Value-Based Care generated revenue of EUR 1.8 billion in fiscal year 2024 in the U.S. The Value-Based Care segment comprises the value- and risk-based care programs with public and private payors in the U.S. to provide long-term care to CKD and ESRD patients.

The new segment leverages the power of vertical integration through the Company-wide use of patient and clinic data, treatment insights and medical innovation to provide high-quality care to further improve patient and quality of care outcomes. It supports practice management and relationships with around 2,200 partner nephrologists, while reducing total medical cost.

**Industry-leading margins – 2030 margin aspirations**

The new FME Reignite strategy supports the Company's profitability aspirations on industry-leading levels. Fresenius Medical Care aspires to realize a mid-teens percent operating income<sup>1</sup> margin by 2030.<sup>3</sup>

For Care Delivery and Care Enablement, the Company set the aspiration of a mid-teens percent operating income<sup>1</sup> margin. For Value-Based Care, Fresenius Medical Care set the aspiration of a low-single digit percent operating income<sup>1</sup> margin.

The Company announced additional EUR 300 million savings to be achieved through the expansion of its successful FME25 program by two years. The total program with its extension runs under the name 'FME25+'. For FME25+ the Company targets to realize EUR 1.05 billion of sustainable savings by the end of 2027, with one-time costs of a similar amount to be treated as special item to operating income. The expected sustainable savings will support the aspired operating income margin<sup>1</sup> improvement.

**Returning excess capital to shareholders**

Fresenius Medical Care plans to further improve its strong operating cash flow generation in the coming years and REIGNITE VALUE CREATION for shareholders.

"In support of the FME Reignite strategy, the new capital allocation framework puts a clear focus on shareholder value generation," explained **Martin Fischer**, Chief Financial Officer of Fresenius Medical Care. "To invest in our core business for sustainable profitable growth, we plan between EUR 800 million and 1 billion of capex annually for the years 2025 to 2030. In parallel, we will further optimize our capital structure."

<sup>3</sup> Assumptions to our margin aspirations include: broadly stable currency exchange rates; no further escalating geopolitical conflicts, tariffs and trade barriers; no major disruptions, such as, but not limited to, changes in regulatory environment and reimbursement systems, disruptions in financial markets, of global supply chains and at our manufacturing sites as well as new or potential export/import restrictions across key markets.

Page 4/5

A strong balance sheet, financial flexibility and a commitment to a sustainable Investment Grade rating are key aspects of the financial policy. Reflecting the volatile macroeconomic environment, Fresenius Medical Care lowered its self-imposed target band for the net financial leverage to between 2.5x and 3.0x (before: 3.0x to 3.5x).

Martin Fischer added: "Through this clear set of priorities focused on value creation, we plan for attractive returns of excess capital to our shareholders. The new dividend policy foresees a stable and predictable dividend development, resulting in a 30 to 40 percent payout ratio<sup>2</sup>. With our share buyback program, we are excited to introduce an additional way of returning value to our shareholders, besides dividends. The new program will start in 2025 and comprise initial share buybacks of EUR 1 billion within two years. Our new capital allocation framework provides further opportunities for regular buybacks."

**Webcast of the event**

Presentations will be held on June 17, 2025, starting at 10:00 AM BST / 11:00 AM CEST. The presentations and Q&A session will be live webcasted at <u>Capital Markets Day \| Fresenius Medical Care</u>. A replay and a transcript will be available on our website shortly after the event.

About Fresenius Medical Care:

Fresenius Medical Care is the world's leading provider of products and services for individuals with renal diseases of which around 4.2 million patients worldwide regularly undergo dialysis treatment. Through its network of 3,674 dialysis clinics, Fresenius Medical Care provides dialysis treatments for approx. 299,000 patients around the globe. Fresenius Medical Care is also the leading provider of dialysis products such as dialysis machines or dialyzers. Fresenius Medical Care is listed on the Frankfurt Stock Exchange (FME) and on the New York Stock Exchange (FMS).

For more information visit the company's website at www.freseniusmedicalcare.com

**\***Funded by the European Union, conducted by the CONVINCE consortium, and led by the University Medical Center Utrecht, the international, randomized controlled CONVINCE trial marked a crucial milestone in comparing high-volume hemodiafiltration with standard, high-flux hemodialysis.

The information in this document is provided as is and no guarantee or warranty is given that the information is fit for any particular purpose. The user thereof uses the information at its sole risk and liability. The opinions expressed in the document are of the authors only and in no way reflect the European Commission's opinions.

![](tm2518144d2_ex99-1img02.jpg)

The CONVINCE study was exclusively supported by the European Commission Research & Innovation, Horizon 2020, Call H2020-SC1-2016-2017 under the topic SC1-PM-10-2017: Comparing the effectiveness of existing healthcare interventions in the adult population (grant no 754803).

Disclaimer:

This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results could differ materially from those described in these forward-looking statements due to various factors, including, but not limited to, changes in business, economic and competitive conditions, legal changes, regulatory approvals, results of clinical studies, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. These and other risks and uncertainties are detailed in Fresenius Medical Care's reports filed with the U.S. Securities and Exchange Commission. Fresenius Medical Care does not undertake any responsibility to update the forward-looking statements in this release.

Page 5/5

## Exhibit 99.3

**Exhibit 99.3**

![](tm2518144d2_ex99-2img01.jpg)

**Fresenius Medical Care AG**

**New Segmentation**

June 17, 2025

**Investor Relations**

**phone: +49 6172 268 8795**

**email: ir@freseniusmedicalcare.com**

***<u>Content:</u>***

---

| | |
|:---|:---|
| Segment information | page 2 |
| Revenue development by segment | page 3 |
| Reconciliation | page 4 |

---

*Disclaimer*

This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results could differ materially from those described in these forward-looking statements due to various factors, including, but not limited to, changes in business, economic and competitive conditions, legal changes, regulatory approvals, impacts related to COVID-19, results of clinical studies, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. These and other risks and uncertainties are detailed in Fresenius Medical Care AG's reports filed with the U.S. Securities and Exchange Commission. Fresenius Medical Care AG does not undertake any responsibility to update the forward-looking statements in this release.

Rounding adjustments applied to individual numbers and percentages may result in these figures differing immaterially from their absolute values. Furthermore, totals and subtotals in tables may differ slightly from unrounded figures due to rounding in accordance with commercial rounding conventions.

Copyright by Fresenius Medical Care AG

![](tm2518144d2_ex99-2img02.jpg)

**Segment information**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2023** | **Q1 2024** | **Q2 2024** | **Q3 2024** | **Q4 2024** | **2024** | Change<br> yoy | Change<br> yoy, cc | **Q1 2025** | Change<br> yoy | Change<br> yoy, cc |
| **Total** |  |  |  |  |  |  |  |  |  |  |  |
| **Revenue in € million** | **19454** | **4725** | **4766** | **4760** | **5085** | **19336** | **-0.6%** | **0.0%** | **4881** | **3.3%** | **1.2%** |
| Revenue in € million excl. Tricare settlement | 19263 | 4725 | 4766 | 4760 | 5085 | 19336 | 0.4% | 1.0% | 4881 | 3.3% | 1.2% |
| **Operating income in € million** | **1369** | **246** | **425** | **463** | **259** | **1392** | **1.7%** | **2.6%** | **331** | **34.7%** | **31.6%** |
| Operating income in € million excl. special items <sup>1</sup> | 1560 | 403 | 436 | 469 | 489 | 1797 | 15.2% | 16.1% | 457 | 13.4% | 10.9% |
| **Operating income margin** | **7.0%** | **5.2%** | **8.9%** | **9.7%** | **5.1%** | **7.2%** |  |  | **6.8%** |  |  |
| Operating income margin excl. special items <sup>1</sup> | 8.1% | 8.5% | 9.1% | 9.9% | 9.6% | 9.3% |  |  | 9.4% |  |  |
| Days sales outstanding (DSO) <sup>2</sup> | 67 |  |  |  |  | 63 |  |  |  |  |  |
| Employees (headcount) | 119845 |  |  |  |  | 111513 |  |  |  |  |  |
| **Care Delivery segment** |  |  |  |  |  |  |  |  |  |  |  |
| **Revenue in € million** | **14749** | **3481** | **3481** | **3471** | **3571** | **14003** | **-5.1%** | **-4.6%** | **3447** | **-1.0%** | **-3.5%** |
| Revenue in € million excl. Tricare settlement | 14558 | 3481 | 3481 | 3471 | 3571 | 14003 | -3.8% | -3.4% | 3447 | -1.0% | -3.5% |
| **Operating income in € million** | **1612** | **168** | **335** | **456** | **260** | **1218** | **-24.4%** | **-24.1%** | **320** | **91.4%** | **83.3%** |
| Operating income in € million excl. special items <sup>1</sup> | 1597 | 327 | 379 | 459 | 430 | 1593 | -0.2% | 0.2% | 356 | 9.2% | 5.0% |
| **Operating income margin** | **10.9%** | **4.8%** | **9.6%** | **13.1%** | **7.3%** | **8.7%** |  |  | **9.3%** |  |  |
| Operating income margin excl. special items <sup>1</sup> | 11.0% | 9.4% | 10.9% | 13.2% | 12.0% | 11.4% |  |  | 10.3% |  |  |
| **Value-Based Care segment** |  |  |  |  |  |  |  |  |  |  |  |
| **Revenue in € million** | **1277** | **424** | **415** | **431** | **484** | **1752** | **37.2%** | **37.4%** | **529** | **25.0%** | **21.2%** |
| **Operating income in € million** | **(96)** | **21** | **(6)** | **(37)** | **(7)** | **(28)** | **-70.6%** | **-70.6%** | **3** | **-84.8%** | **-85.2%** |
| Operating income in € million excl. special items <sup>1</sup> | (96) | 21 | (6) | (37) | (7) | (28) | -70.6% | -70.6% | 4 | -81.0% | -81.6% |
| **Operating income margin** | **-7.5%** | **5.0%** | **-1.5%** | **-8.5%** | **-1.4%** | **-1.6%** |  |  | **0.6%** |  |  |
| Operating income margin excl. special items <sup>1</sup> | -7.5% | 5.0% | -1.5% | -8.5% | -1.4% | -1.6% |  |  | 0.8% |  |  |
| **Care Enablement segment** |  |  |  |  |  |  |  |  |  |  |  |
| **Revenue in € million** | **5345** | **1297** | **1363** | **1359** | **1537** | **5557** | **3.9%** | **5.1%** | **1367** | **5.4%** | **4.9%** |
| **Operating income in € million** | **(67)** | **70** | **65** | **61** | **71** | **267** | **n.a.** | **n.a.** | **94** | **34.3** | **32.9%** |
| Operating income in € million excl. special items <sup>1</sup> | 122 | 76 | 66 | 75 | 118 | 336 | 174.4% | 181.1% | 114 | 50.1% | 48.7% |
| **Operating income margin** | **-1.2%** | **5.4%** | **4.8%** | **4.5%** | **4.6%** | **4.8%** |  |  | **6.9%** |  |  |
| Operating income margin excl. special items <sup>1</sup> | 2.3% | 5.9% | 4.9% | 5.6% | 7.7% | 6.0% |  |  | 8.3% |  |  |
| **Inter-segment eliminations <sup>3</sup>** |  |  |  |  |  |  |  |  |  |  |  |
| **Revenue in € million** | **(1917)** | **(477)** | **(493)** | **(501)** | **(507)** | **(1976)** | **3.1%** | **3.4%** | **(462)** | **-3.1%** | **-5.6%** |
| **Operating income in € million** | **(13)** | **1** | **(5)** | **(4)** | **(8)** | **(17)** | **30.4%** | **24.5%** | **(5)** | **n.a.** | **n.a.** |
| Operating income in € million excl. special items <sup>1</sup> | (13) | (3) | (8) | (5) | (8) | (24) | 90.5% | 89.8% | (5) | 77.1% | 71.8% |
| **Corporate** |  |  |  |  |  |  |  |  |  |  |  |
| **Operating income in € million** | **(67)** | **(14)** | **36** | **(13)** | **(57)** | **(48)** | **-28.6%** | **-27.8%** | **(81)** | **494.9%** | **444.8%** |
| Operating income in € million excl. special items <sup>1</sup> | (50) | (18) | 5 | (23) | (44) | (80) | 57.3% | 58.2% | (12) | -31.4% | -55.7% |

---

<sup>1</sup> 2023: additionally, excluding the Tricare settlement. For a reconciliation, please refer to the table on page 4.

<sup>2</sup> Includes receivables related to assets held for sale.

<sup>3</sup> The Company transfers products from the Care Enablement segment to the Care Delivery segment at fair market value. Services provided by the Care Delivery segment for patients managed under the Value-Based Care segment are also provided at fair market value. The associated internal revenues and expenses and all other consolidation of transactions are included within "Inter-segment eliminations".

yoy = year-on-year; cc = constant currency. Changes in revenue, operating income and net income attributable to shareholders of FME AG include the impact of changes in foreign currency exchange rates. We calculate and present these financial measures using both IFRS Accounting Standards and at constant exchange rates to show changes in these metrics and other items without giving effect to period-to-period currency fluctuations. Under IFRS Accounting Standards, amounts received in local (non-euro) currency are translated into euro at the average exchange rate for the period presented. Once we translate the local currency for the constant currency, we then calculate the change, as a percentage, of the current period using the prior period exchange rates versus the prior period. The single quarter results are calculated as the variance between the current year-to-date results less the preceding quarter's year-to-date which makes the single quarter subject to further foreign exchange fluctuation. This resulting percentage is a non-IFRS measure referring to a change as a percentage at constant currency. These currency-adjusted financial measures are identifiable by the designated

Segment information page 2 of 4 June 17, 2025

![](tm2518144d2_ex99-2img02.jpg)

**Revenue development by segment**

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  |  | Same |  |  |  |  | Same |
|  |  |  |  |  |  |  |  |  | Organic | market |  |  |  | Organic | market |
|  |  |  |  |  |  |  | Change | Change | growth | treatment |  | Change | Change | growth | treatment |
| in € million | **2023** | **Q1 2024** | **Q2 2024** | **Q3 2024** | **Q4 2024** | **2024** | yoy | yoy, cc | yoy | growth yoy<sup>1</sup> | **Q1 2025** | yoy | yoy, cc | yoy | growth yoy<sup>1</sup> |
| **Total revenue** | **19454** | **4725** | **4766** | **4760** | **5085** | **19336** | **-0.6%** | **0.0%** | **4.1%** |  | **4881** | **3.3%** | **1.2%** | **5.4%** |  |
| **Care Delivery segment** | **14749** | **3481** | **3481** | **3471** | **3571** | **14003** | **-5.1%** | **-4.6%** | **0.7%** | **0.3%** | **3447** | **-1.0%** | **-3.5%** | **1.9%** | **0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thereof: U.S. | 11836 | 2795 | 2867 | 2881 | 2985 | 11526 | -2.6% | -2.5% | 0.1% | -0.1% | 2892 | 3.5% | 0.3% | 1.3% | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thereof: International | 2913 | 686 | 614 | 590 | 586 | 2477 | -14.9% | -13.3% | 3.8% | 1.4% | 555 | -19.1% | -19.0% | 4.8% | 2.5% |
| **Value-Based Care segment** | **1277** | **424** | **415** | **431** | **484** | **1752** | **37.2%** | **37.4%** | **37.4%** |  | **529** | **25.0%** | **21.2%** | **21.2%** |  |
| **Care Enablement segment** | **5345** | **1297** | **1363** | **1359** | **1537** | **5557** | **3.9%** | **5.1%** | **4.8%** |  | **1367** | **5.4%** | **4.9%** | **4.9%** |  |
| Inter-segment eliminations <sup>2</sup> | (1917) | (477) | (493) | (501) | (507) | (1976) | 3.1% | 3.4% |  |  | (462) | -3.1% | -5.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thereof: Care Enablement segment | (1469) | (360) | (368) | (369) | (397) | (1496) | 1.8% | 2.1% |  |  | (343) | -5.0% | -7.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thereof: Care Delivery segment | (448) | (117) | (125) | (132) | (110) | (480) | 7.4% | 7.5% |  |  | (119) | 2.6% | -0.6% |  |  |

---

<sup>1</sup> Same market treatment growth = organic growth less price effects.

<sup>2</sup> The Company transfers products from the Care Enablement segment to the Care Delivery segment at fair market value. Services provided by the Care Delivery segment for patients managed under the Value-Based Care segment are also provided at fair market value. The associated internal revenues and expenses and all other consolidation of transactions are included within "Inter-segment eliminations".

Revenue development by segment page 3 of 4 June 17, 2025

![](tm2518144d2_ex99-2img02.jpg)

**Reconciliation of non-IFRS financial measures to the most directly comparable IFRS Accounting Standards financial measures for comparability with the Company´s outlook**

These items are excluded to ensure comparability of the figures presented with the Company's financial targets which have been defined excluding special items.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| in € million | **2023** | **Q1 2024** | **Q2 2024** | **Q3 2024** | **Q4 2024** | **2024** | **Q1 2025** |
| **Revenue** |  |  |  |  |  |  |  |
| **Total revenue** | **19454** | **4725** | **4766** | **4760** | **5085** | **19336** | **4881** |
| Tricare settlement | (191) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue excl. Tricare settlement | 19263 | 4725 | 4766 | 4760 | 5085 | 19336 | 4881 |
| **Care Delivery segment** | **14749** | **3481** | **3481** | **3471** | **3571** | **14003** | **3447** |
| Tricare settlement | (191) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue excl. Tricare settlement | 14558 | 3481 | 3481 | 3471 | 3571 | 14003 | 3447 |
| **Value-Based Care segment** | **1277** | **424** | **415** | **431** | **484** | **1752** | **529** |
| **Care Enablement segment** | **5345** | **1297** | **1363** | **1359** | **1537** | **5557** | **1367** |
| **Inter-segment eliminations** | **(1917)** | **(477)** | **(493)** | **(501)** | **(507)** | **(1976)** | **(462)** |
| **Operating income** |  |  |  |  |  |  |  |
| **Total operating income** | **1369** | **246** | **425** | **463** | **259** | **1392** | **331** |
| FME25 Program | 153 | 28 | 40 | 39 | 73 | 180 | 28 |
| Legacy Portfolio Optimization | 204 | 143 | 15 | (17) | 146 | 288 | 24 |
| Legal Form Conversion Costs | 30 | 1 | 2 | 2 | 4 | 9 | 0 |
| Humacyte Remeasurements | (15) | (15) | (46) | (18) | 7 | (72) | 74 |
| Sum of special items | 372 | 157 | 11 | 6 | 230 | 405 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income excl. special items | 1741 | 403 | 436 | 469 | 489 | 1797 | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricare settlement | (181) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income excl. special items and Tricare settlement | 1560 | 403 | 436 | 469 | 489 | 1797 | 457 |
| **Care Delivery segment** | **1612** | **168** | **335** | **456** | **260** | **1218** | **320** |
| FME25 Program | 75 | 12 | 16 | 18 | 29 | 74 | 14 |
| Legacy Portfolio Optimization | 96 | 147 | 28 | (15) | 141 | 301 | 22 |
| Sum of special items | 171 | 159 | 44 | 3 | 170 | 375 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income excl. special items | 1783 | 327 | 379 | 459 | 430 | 1593 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricare settlement | (186) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income excl. special items and Tricare settlement | 1597 | 327 | 379 | 459 | 430 | 1593 | 356 |
| **Value-Based Care segment** | **(96)** | **21** | **(6)** | **(37)** | **(7)** | **(28)** | **3** |
| FME25 Program |  |  |  |  |  |  | 1 |
| Sum of special items | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income excl. special items | (96) | 21 | (6) | (37) | (7) | (28) | 4 |
| **Care Enablement segment** | **(67)** | **70** | **65** | **61** | **71** | **267** | **94** |
| FME25 Program | 78 | 16 | 24 | 21 | 42 | 104 | 11 |
| Legacy Portfolio Optimization | 108 | 0 | (11) | (1) | 5 | (7) | 2 |
| Legal Form Conversion Costs |  |  | 0 | 0 | 0 | 0 |  |
| Humacyte Remeasurements |  | (10) | (12) | (6) | 0 | (28) | 7 |
| Sum of special items | 186 | 6 | 1 | 14 | 47 | 69 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income excl. special items | 119 | 76 | 66 | 75 | 118 | 336 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricare settlement | 3 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income excl. special items and Tricare settlement | 122 | 76 | 66 | 75 | 118 | 336 | 114 |
| **Inter-segment eliminations** | **(13)** | **1** | **(5)** | **(4)** | **(8)** | **(17)** | **(5)** |
| Legacy Portfolio Optimization |  | (4) | (3) | (1) | 0 | (7) |  |
| Sum of special items | 0 | (4) | (3) | (1) | 0 | (7) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income excl. special items | (13) | (3) | (8) | (5) | (8) | (24) | (5) |
| **Corporate** | **(67)** | **(14)** | **36** | **(13)** | **(57)** | **(48)** | **(81)** |
| FME25 Program | 0 | 0 | 0 | 0 | 2 | 2 | 2 |
| Legacy Portfolio Optimization | 0 | 0 | 1 | 0 | 0 | 1 |  |
| Legal Form Conversion Costs | 30 | 1 | 2 | 2 | 4 | 9 | 0 |
| Humacyte Remeasurements | (15) | (5) | (34) | (12) | 7 | (44) | 67 |
| Sum of special items | 15 | (4) | (31) | (10) | 13 | (32) | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income excl. special items | (52) | (18) | 5 | (23) | (44) | (80) | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricare settlement | 2 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income excl. special items and Tricare settlement | (50) | (18) | 5 | (23) | (44) | (80) | (12) |

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Reconciliation page 4 of 4 June 17, 2025