H1 2022

HALF-YEAR FINANCIAL REPORT

3 Fresenius Group figures at a glance 15 Fresenius Medical Care 33 Consolidated financial statements

9 Healthcare industry 23 Rating
10 Results of operations, financial position, assets and liabilities 24 Oppotunities and risk report
13 Cash flow
14 Asset and liability structure

15 Business segments

10 Sales 24 Subsequent events 42 Notes
11 Earnings 25 Outlook 2022
12 Reconciliation 28 Reconciliation tables
13 Investments 32 Estimated COVID-19 effects 67 Financial Calendar
17 Fresenius Kabi 33 Consolidated statement of income
19 Fresenius Helios 34 Consolidated statement of comprehensive income
4 Shareholder information 21 Fresenius Vamed 35 Consolidated statement of financial position
23 Employees 36 Consolidated statement of cash flows
23 Changes to the Supervisory Board 38 Consolidated statement of changes in equity
7 Management Report 23 Changes to the Management Board 40 Consolidated segment reporting first half of 2022
7 Strategy and goals 23 Research and development 41 Consolidated segment reporting second quarter of 2022

FRESENIUS GROUP FIGURES AT A GLANCE

Fresenius is a global healthcare group providing products and services for dialysis, hospitals, and outpatient medical care. In addition, Fresenius focuses on hospital operations. We also manage projects and provide services for hospitals and other healthcare facilities. In 2021, Group sales were €37.5 billion. As of June 30, 2022, more than 300,000 employees have dedicated themselves to the service of health in about 100 countries worldwide.

SALES AND EARNINGS

€ i illio n m ns	Q2 / 202 2	Gro wth	Gro wth in c tant ons cur ren cy	H1 / 202 2	Gro wth	Gro wth in c tant ons cur ren cy
Sa les	10, 018	8%	3%	19, 738	8%	4%
IT1 EB	1, 003	-3%	-9%	2, 003	-2%	-7%
1,2 Ne t in com e	45 0	-5%	3 -9%	913	0%	3 -3%

BALANCE SHEET

€ i illio n m ns	Jun e 30 , 20 22	Dec . 31 , 20 21	Cha nge
To tal ets ass	76, 112	71, 962	6%
4 uity Eq	32, 033	29, 288	9%
4 Eq uity tio ra	42 %	41 %
1,5 Ne t d ebt /E BIT DA	3.7 2	3.5 1

PROFITABILITY

	Q2 / 202 2	Q2 / 202 1	H1 / 202 2	H1 / 202 1
in1 EB IT ma rg	10. 0%	11. 2%	10. 1%	11. 2%
1,2,6 Ret uity af x ( RO E) ter ta urn on eq			9.0 %	9.8 %
1,6 Ret tin ts ( RO OA ) urn on op era g a sse			6.1 %	6.5 %
1,6 Ret in ted ita l (R OIC ) urn on ves ca p			5.5 %	5.9 %

2 Net income attributable to shareholders of Fresenius SE&Co. KGaA
3 Excluding Ivenix acquisition
4 Including noncontrolling interests
5 At LTM average exchange rates for both net debt and EBITDA; pro forma closed acquisitions /divestitures
6 2021: annual return FY/21

¹ Before special items

SHAREHOLDER INFORMATION

The war in Ukraine and the associated impact on the economy continue to cause uncertainty and high volatility on the stock markets. The DAX lost 20% in the first half of the year, while the Fresenius share closed 18% lower at €28.90.

KEY DATA OF THE FRESENIUS SHARE

	H1 / 2 022	202 1	Gro wth
Nu mb of sha (Ju 30 /D 31 ) er res ne ec.	563 237 277 , ,	55 8, 502 143 ,	1%
n1 Sto tio in € ck han ota exc ge qu
Hig h	37 .88	47 .44	-20 %
Low	27 .00	33 .45	-19 %
Per iod d q ati clo sin ric e in € uot -en on g p	28 .90	35 .40	-18 %
Ø T rad ing lum e ( mb of sha ad ing da ) r tr vo nu er res pe y	1, 627 534 ,	1, 40 5, 53 6	16 %
2 in Ma rke ital iza tio illio n € (Ju 30 /D 31 ) t ca p n m ne ec.	16, 278	19, 77 1	-18 %

1 Xetra closing price on the Frankfurt Stock Exchange

2 Total number of ordinary shares multiplied by the respective Xetra period-end quotation on the Frankfurt Stock Exchange

DEVELOPMENT IN FIRST HALF OF 2022

The war in Ukraine is causing great human suffering and has direct and indirect effects on the global economy. Thus, the outlook for the global economy has become even more uncertain in light of the war and depends crucially on how the conflict develops and the impact of current sanctions and possible further measures. Inflation is currently at a high level and is expected to remain high over the next months, mainly driven by the sharp rise in energy costs. Besides, the new COVID-19 related measures in Asia are likely to put additional pressure on the global economy and lead to further supply chain disruptions.

According to the ECB's current forecast, the economy in the euro zone will grow by 2.8% this year. The ECB decided on July 21 to raise the key interest rate by 0.5 percentage points to 0.5%, effective July 27, 2022.

The Federal Reserve's latest forecast projects the U.S. economy to grow by 1.7% in 2022. The U.S. Federal Reserve increased the existing interest rates corridor by 75 bps to 2.25% to 2.50% at its July meeting.

Within this economic environment, the DAX decreased by 20% in the first half of 2022 to 12,784 points. The Fresenius share lost 18% and closed at €28.90 on June 30, 2022.

SHAREHOLDER STRUCTURE BY INVESTORS

ANALYST RECOMMENDATIONS

SHAREHOLDER STRUCTURE

The charts opposite show the shareholder structure at the end of the first half of 2022. The Else Kröner-Fresenius-Stiftung was the largest shareholder of Fresenius SE&Co. KGaA, with 26.96% of the shares. According to notifications pursuant to the German Securities Trading Act (WpHG), BlackRock, Inc. held below 5% and Harris Associates L.P. above 3% of the shares. For further information on notifications, please visit

www.fresenius.com/shareholder-structure.

As of June 30, 2022, a shareholder survey identified the ownership of about 96% of our subscribed capital. A total of over 600 institutional investors held about 340 million shares or 60% (December 31, 2021: 61%) of the subscribed capital; 50.6 million (December 31, 2021: 48.1 million) shares were identified as retail holdings. Unchanged from the previous year, the 10 largest investors held about 20% of the share capital. Our shares were mostly held by investors in Germany, the United States, and the United Kingdom.

ANALYST RECOMMENDATIONS

The recommendations published by financial analysts are an important guide for institutional and private investors when making investment decisions. According to our survey, as of June 30, 2022, we were rated with 10 ''buy'', 8 ''hold'', and no ''sell'' recommendations.

The list of banks that provide regular analyst coverage of Fresenius and their latest recommendations can be found at www.fresenius.com/analysts-and-consensus.

VIRTUAL ANNUAL GENERAL MEETING

The virtual Annual General Meeting 2022 of Fresenius SE&Co. KGaA took place on May 13, 2022. With a large majority of 99.87%, the shareholders approved the proposal of the General Partner and the Supervisory Board to increase the dividend for the 29th consecutive year -- by 5% per share, to €0.92 (2020: €0.88). We offered our shareholders a scrip dividend for the first time this year, with the option to exchange part of their dividend entitlement for Fresenius shares, and thus reinvest directly into the Company. Investors have chosen this option for a total of 40% of shares carrying dividend rights.

The actions of Management Board and Supervisory Board were approved for the year 2021 with majorities of 99.02% and 92.57% respectively. At the virtual Annual General Meeting 2022 of Fresenius SE&Co. KGaA, 73.08% of the capital stock was represented.

SUSTAINABILITY PROGRAM

For Fresenius, sustainability is an integral part of its business model. The company is working to establish global sustainability standards and continuously improve its own sustainability performance. To this end, Fresenius continued to drive forward its ESG (Environment, Social, Governance) initiatives in the first half of 2022.

Fresenius has set a climate target for the Group complementing its existing sustainability targets and programs. The company aims to be climate neutral by 2040 and to reduce 50% of absolute scope 1 and scope 2 emissions by 2030 compared to 2020 levels. Fresenius will continuously assess scope 3 emission impacts for inclusion in our targets. Business segment specialists develop concepts and measures to achieve the climate target in a Group-wide project.

The Fresenius Group Sustainability Board (GSB) held three meetings in the first half of 2022 to discuss the implementation of regulatory requirements, in particular the EU taxonomy and the Due Diligence Act, as well as the EU Corporate Sustainability Reporting Directive (CSRD). Furthermore, quarterly figures of the ESG KPI included in the Management Board compensation system were collected for the first time. The business segments have also begun preparing a Group-wide employee engagement survey, which will be conducted for the first time, starting in the second half of fiscal year 2022.

INTERIM MANAGEMENT REPORT

Business development marked by significantly worsening headwinds at Fresenius Medical Care and increased macroeconomic challenges

►Fresenius Medical Care Business development impacted by unprecedented U.S. labor market situation and worsening macroeconomic environment
►Fresenius Kabi with solid organic sales growth despite tough prior-year-quarter
►Fresenius Helios with continued good admissions growth in Germany and Spain
►Fresenius Vamed still impacted by ongoing headwinds; service business supported by increasing elective treatment activity
►Cost and efficiency program evolving according to plan
►Fresenius revises FY / 22 Group guidance driven by significantly worsening headwinds at Fresenius Medical Care
►-- Outlook confirmed for Fresenius Kabi, Fresenius Helios and Fresenius Vamed
►Starting date for Dr. Carla Kriwet as CEO of Fresenius Medical Care advanced to October 1, 2022

STRATEGY AND GOALS

Our goal is to expand Fresenius' position as a leading global provider of products, services, and therapies for critically and chronically ill people.

Our purpose is to offer ''Ever better medicine for ever more people''. In line with this purpose, Fresenius develops innovative, affordable, and profitable medical solutions for the megatrends of health and demographics. What drives us to achieve top performance every day is our mission: we improve people's lives by providing high-quality and affordable healthcare. Consequently, Fresenius' business decisions are guided by this mission. At the same time, we want to grow profitably and use our capital efficiently.

We have lived up to our special responsibility as part of the healthcare system, even under the difficult circumstances of the current COVID-19 pandemic. With our

products, services, and therapies, we have made many important contributions worldwide.

In our view, a significant adjustment of our strategy due to the COVID-19 pandemic is not necessary.

PATH TO ACCELERATED GROWTH

Fresenius has defined a strategic path to pursue accelerated profitable growth and hence to strengthen the Group and each of its business segments by tapping new sources of capital and prioritizing segment capital allocation. All our stakeholders continue to benefit from the advantages of the Group's current structure, which offers stability through diversification as well as efficiency through economies of scale, access to attractive debt financing and tax savings.

All of Fresenius' business segments have excellent market positions and ample meaningful growth opportunities. Properly balancing the objectives of all our stakeholder groups requires an even more targeted approach to capital allocation. While Fresenius continues to believe in the virtues of vertical integration, The Company is keen to gradually re-balance the relative weights of its products and service businesses.

Primarily based on its superior profitability and excellent growth prospects, Fresenius Kabi is defined as top priority. With respect to Fresenius Medical Care, which has been particularly hard hit by the pandemic, the transformation program FME25 is expected to result in ever improving profitability and accelerated growth, driving improved valuation for Fresenius' controlling stake. For Fresenius Helios and Fresenius Vamed, smaller inorganic growth

opportunities will continue to be financed from Fresenius Group funds. For larger growth opportunities, Fresenius is open to value-enhancing external equity investments the level of these business segments. An equity increase on Group level would then be redundant and is hence not foreseen.

By setting this course, Fresenius will accelerate the growth of each of our business segments for the benefit of all stakeholders.

COST AND EFFICIENCY PROGRAM

In 2021, Fresenius initiated a cost and efficiency program to sustainably enhance profitability.

Through implementation of initiatives, Fresenius expects cost savings of at least €150 million p.a. after tax and minority interest in 2023. For the years thereafter, a further significant increase in sustainable cost savings is expected. The savings will be achieved by all four business segments and the corporate center.

Fresenius anticipates that achieving these sustainable efficiency improvements will require up-front expenses of more than €200 million in 2022 and further expenses of around €100 million in 2023, in each case after taxes and minority interest. No further significant expenses are expected thereafter. In line with previous practice, these expenses are classified as special items (see also reconciliation tables on page 28 onwards).

FME25

With a significantly simplified future structure of two global operating segments -- Care Enablement and Care Delivery -- Fresenius Medical Care orients its operating model along the relevant future value drivers.

Based on the implementation of the new global operating model, Fresenius Medical Care assumes to reduce its annual cost base by €500 million by the end of 2025.

Around 50% of these savings are expected to be realized by 2023. Around 80% of the anticipated one-time investments in FME25, amounting to approximately €450‒ 500 million, are expected to be made by the end of 2023. The investments will be treated as a special item. The Company thus expects to reach positive net savings by the end of 2023.

VISION 2026

Fresenius Kabi has developed a strategic plan to transform the company for the next decade and to better capture new growth opportunities. Given the sustainable growth potential and the company's already strong market position,

Fresenius Kabi will continue to focus on products and services for critically and chronically ill patients. Within this clear direction, Fresenius Kabi has defined three growth vectors:

►the broadening of our biopharmaceutical offering,
►further roll-out of clinical nutrition,
►expansion in the MedTech area.

The focus will be on further developing the portfolio to capitalize on key market and industry trends in order to capture future growth opportunities. In addition, the company will more actively go after growth opportunities in the

various regions with increased focus, especially once the pandemic normalizes.

In parallel, Fresenius Kabi will continue to build resilience in its volume-driven IV business.

Furthermore, Fresenius Kabi will improve its global competitiveness and the effectiveness of its organization; a first step is the introduction of a business-oriented instead of a regional organization.

In the new organizational structure, the business units and the regions will be given more accountability to support Fresenius Kabi's growth targets.

At the same time, the interfaces within the company will be streamlined to foster collaboration. The new organization was implemented as of January 2022.

HEALTHCARE INDUSTRY

The healthcare sector is one of the world's largest industries and we are convinced that it shows excellent growth opportunities.

The main growth factors are:

►rising medical needs deriving from aging populations,
► the growing number of chronically ill and multimorbid patients,
► stronger demand for innovative products and therapies,
►advances in medical technology,
► the growing health consciousness, which increases the demand for healthcare services and facilities, and
► the increasing demand for digital health services for patients.

In the emerging countries, additional drivers are:

► expanding availability and correspondingly greater demand for basic healthcare, and
► increasing national incomes and hence higher spending on healthcare.

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 create 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 reimbursement models linked to treatment quality standards.

In addition, increasing digitization in healthcare can contribute to improved cost efficiency and patient care.

The industry-specific framework for the operating business of the Fresenius Group remained essentially unchanged in the first half of 2022.

EXTERNAL FACTORS

The COVID-19 pandemic has a significant impact on the economic environment of the Fresenius Group. We demonstrated our special responsibility as part of the healthcare system even under the difficult circumstances of the COVID-19 pandemic.

Russia's war against the Ukraine, will continue to have a significant negative impact on our net assets, financial position, and results of operations. While the direct and indirect impact of the war is difficult to predict at the present time, the current, significant macroeconomic inflationary environment, including materially increasing energy prices, has resulted in and could continue to lead to, amongst other consequences, material increases in costs for energy, supplies, and transportation. Furthermore, supply chain disruptions as well as labor shortages and related increases in labor costs present risks which adversely effect our business operations. Further explanations can be found in the opportunity and risk report.

The legal framework for the operating business of the Fresenius Group remained essentially unchanged. We carefully monitor and evaluate country-specific, political, legal, and financial conditions.

RESULTSOF OPERATIONS, FINANCIAL POSITION, ASSETS AND LIABILITIES

SALES

Group sales increased by 8% (3% in constant currency) to €10,018 million (Q2/ 21: €9,246 million). Organic growth was 2%. Acquisitions /divestitures contributed net 1% to growth. Currency translation increased sales growth by 5%. Excluding estimated COVID-19 effects1, Group sales growth would have been 2% to 3% in constant currency (Q2/ 21: 6% to 7%).

In H1/ 22, Group sales increased by 8% (4% in constant currency) to €19,738 million (H1/21: €18,230 million). Organic growth was 3%. Acquisitions / divestitures contributed net 1% to growth. Currency translation increased sales growth by 4%. Excluding estimated COVID-19 effects1, Group sales growth would have been 4% to 5% in constant currency (H1/ 21: 5% to 6%).

SALES BY REGION

To tal	10, 018	9, 246	8%	5%	3%	2%	1%	0%	100 %
Afr ica	137	117	17 %	0%	17 %	17 %	0%	0%	2%
Lat in A ric me a	53 1	45 3	17 %	7%	10 %	8%	2%	0%	5%
ia- ific As Pac	1, 004	96 1	4%	6%	-2%	-2%	0%	0%	10 %
Eu rop e	4, 43 0	4, 229	5%	0%	5%	4%	1%	0%	44 %
No rth Am eri ca	3, 916	3, 48 6	12 %	13 %	-1%	-1%	1%	-1%	39 %
€ i illio n m ns	Q2 / 202 2	Q2 / 202 1	Gro wth	Cur ren cy slat ion tran effe cts	Gro wth at stan t ra tes con	Org anic sale owt h s gr	uisi tion Acq s	Div esti / O ture the s rs	% o f to tal sale s

To tal	19, 738	18, 23 0	8%	4%	4%	3%	1%	0%	100 %
Afr ica	24 1	205	18 %	2%	16 %	16 %	0%	0%	1%
Lat in A ric me a	1, 003	875	15 %	5%	10 %	8%	2%	0%	5%
ia- ific As Pac	2, 008	1, 88 1	7%	6%	1%	1%	0%	0%	10 %
Eu rop e	8, 81 1	8, 34 0	6%	0%	6%	5%	1%	0%	45 %
No rth Am eri ca	675 7,	6, 929	11 %	10 %	1%	-1%	1%	1%	39 %
€ i illio n m ns	H1 / 2 022	H1 / 202 1	Gro wth	Cur ren cy slat ion tran effe cts	Gro wth at stan t ra tes con	Org anic sale owt h s gr	uisi tion Acq s	Div esti / O ture the s rs	% o f to tal sale s

SALES BY BUSINESS SEGMENT

€ i illio n m ns	Q2 / 202 2	Q2 / 202 1	Gro wth	Cur ren cy slat ion tran effe cts	Gro wth at stan t ra tes con	Org anic sale h owt s gr	Acq uisi tion s	Div esti / O the ture s rs	% o tal sale f to s 2
Fre ius sen
Me dic al C are	4, 757	4, 32 0	10 %	9%	1%	0%	1%	0%	47 %
Fre ius Ka bi sen	1, 896	1, 755	8%	6%	2%	2%	0%	0%	19 %
Fre ius He lios sen	2, 925	2, 738	7%	1%	6%	5%	1%	0%	29 %
Fre ius Va d sen me	562	55 6	1%	0%	1%	1%	1%	-1%	5%
To tal	10, 018	246 9,	8%	5%	3%	2%	1%	0%	100 %

€ i illio n m ns	H1 / 2 022	H1 / 202 1	Gro wth	Cur ren cy ion tran slat effe cts	Gro wth at stan t ra tes con	Org anic sale h owt s gr	Acq uisi tion s	Div esti / O the ture s rs	% o tal sale f to s 2
Fre ius sen
Me dic al C are	9, 305	8, 53 0	9%	7%	2%	1%	1%	0%	% 47
Fre ius Ka bi sen	3, 743	3, 51 6	6%	5%	1%	1%	0%	0%	19 %
ius lios Fre He sen	856 5,	5, 38 7	9%	1%	8%	6%	2%	0%	29 %
Fre ius Va d sen me	1, 075	1, 033	4%	1%	3%	4%	0%	-1%	5%
To tal	19, 738	18, 23 0	8%	4%	4%	3%	1%	0%	100 %

1 For estimated COVID-19effects please see table on page 32.

2 The following description of sales relates to the respective external sales of the business segments. Consolidation effects and corporate entities are not taken into account.

Therefore, aggregation to total Group sales is not possible.

EARNINGS

Group EBITDA before special items remained stable (-6% in constant currency) at €1,682 million (Q2/ ²¹2: €1,674 million). Reported Group EBITDA was €1,528 million (Q2/ 21: €1,662 million).

In H1/22, Group EBITDA before special items increased by 1% (-4% in constant currency) to €3,344 million (H1/ ²¹2: €3,305 million). Reported Group EBITDA was €3,123 million (H1 / 21: €3,290 million).

Group EBIT before special items decreased by 3% (-9% in constant currency) to €1,003 million (Q2/ ²¹2: €1,033 million). The decrease was mainly driven by worsened labor shortages and related meaningfully increased wage inflation at Fresenius Medical Care in the U.S. as well as elevated material and logistic costs. The EBIT margin before special items was 10.0% (Q2/ ²¹2: 11.2%). Reported Group EBIT was €845 million (Q2/21: €1,021 million).

In H1/ 22, Group EBIT before special items decreased by 2% (-7% in constant currency) to €2,003 million (H1/ ²¹2: €2,042 million). The EBIT margin before special items was 10.1% (H1/ ²¹2: 11.2%). Reported Group EBIT was €1,747 million (H1/ 21: €2,027 million).

€ i illio n m ns	Q2 / 202 2	Q2 / 202 1	Gro wth	H1 / 202 2	H1 / 202 1	Gro wth
Sa les	10, 018	9, 246	8%	19, 738	18, 230	8%
Co of les sts sa	-7, 34 0	-6, 628	-11 %	-14 502 ,	-13 154 ,	-10 %
Gr ofi t oss pr	2, 678	2, 618	2%	5, 236	5, 076	3%
Se llin al a nd ad mi nis tive tra g, ge ner ex pen ses	-1, 63 1	-1, 40 0	-17 %	-3, 108	-2, 666	-17 %
Res ch and de vel nt ear op me exp ens es	-20 2	-19 7	-3%	-38 1	-38 3	1%
tin inc Op e ( EB IT) era g om	845	1, 02 1	-17 %	1, 747	2, 027	-14 %
Int lt st r ere esu	6 -11	-12 1	4%	-23 4	-25 8	9%
Fin cia l re sul t an	-11 6	-12 1	4%	-23 4	-25 8	9%
inc Inc e b efo e t om re om axe s	72 9	90 0	-19 %	1, 51 3	1, 76 9	-14 %
Inc e ta om xes	-16 5	-19 2	% 14	-35 0	-39 0	10 %
t in Ne com e	564	708	-20 %	1, 163	1, 37 9	-16 %
olli int No ntr sts nco ng ere	-18 1	-23 7	24 %	-36 7	-47 3	22 %
1,2 t in ibu ius Ne tab le t o F SE &C KG aA ttr com e a res en o.	45 0	47 5	-5%	913	91 1	0%
1 t in ttri ius SE &C KG Ne but ab le t o F aA com e a res en o.	383	47 1	-19 %	796	906	-12 %
1,2 rni ina Ea ord sha (€) ng s p er ry re	0.8 0	0.8 5	-6%	1.6 3	1.6 3	0%
1,2 Fu lly dil d e ing ord ina sha (€) ute arn s p er ry re	0.8 0	0.8 5	-6%	1.6 3	1.6 3	0%
1 rni ina Ea ord sha (€) ng s p er ry re	0.6 8	0.8 4	-19 %	1.4 2	1.6 2	-12 %
1 dil ing ina Fu lly d e ord sha (€) ute arn s p er ry re	0.6 8	0.8 4	-19 %	1.4 2	1.6 2	-12 %
Av mb of s har era ge nu er es	560 ,08 0,5 21	557 ,77 1,0 93	0%	559 ,29 1,3 32	557 ,65 6,1 26	0%
2 EB ITD A	1, 682	1, 674	0%	3, 344	3, 305	1%
2 De cia tio nd iza tio ort pre n a am n	679	64 1	6%	1, 34 1	1, 263	6%
2 EB IT	1, 003	1, 033	-3%	2, 003	2, 042	-2%
2 EB ITD A m in arg	16. 8%	18. 1%		16. 9%	18. 1%
2 in EB IT ma rg	10. 0%	11. 2%		10. 1%	11. 2%

Group net interest before special items improved to -€116 million (Q2/ ²¹1: -€121 million) mainly due to positive onetime effects despite an increased interest rate environment. Reported Group net interest also improved to -€116 million (Q2/ 21: -€121 million).

In H1/ 22, Group net interest before special items improved to -€235 million (H1/ ²¹1: -€258 million). Reported Group net interest also improved to -€234 million (H1/ 21: -€258 million).

Group tax rate before special items was 23.0% (Q2/211: 21.5%) while the reported Group tax rate was 22.6% (Q2/ 21: 21.3%).

In H1/22, Group tax rate before special items was 22.9% (H1/ ²¹1: 22.1%) while the reported Group tax rate was 23.1% (H1/ 21: 22.0%).

Noncontrolling interests before special items were -€233 million (Q2/ 211: -€241 million) of which 90% were attributable to the noncontrolling interests in Fresenius Medical Care. Reported noncontrolling interests were - €181 million (Q2/ 21: -€237 million).

In H1/ 22, Noncontrolling interests before special items were -€451 million (H1 / 211: -€478 million) of which 89% were attributable to the noncontrolling interests in Fresenius Medical Care. Reported noncontrolling interests were -€367 million (H1/ 21: -€473 million).

Group net income2 before special items decreased by 5% (-9%3 in constant currency) to €450 million (Q2/ ²¹1: €475 million). The decrease was mainly driven by worsened labor shortages and related meaningfully increased wage inflation at Fresenius Medical Care in the U.S. as well as elevated material and logistic costs. Excluding estimated COVID-19 effects4, Group net income2 before special items was -16% to -12% in constant currency (Q2/ 21: 10% to 14%). Reported Group net income2 decreased to €383 million (Q2/ 21: €471 million).

In H1/ 22, Group net income2 before special items remained stable (-3%3 in constant currency) at €913 million (H1 / ²¹1: €911 million). Excluding estimated COVID-19 effects4, Group net income2 before special items was -10% to -6% in constant currency (H1/ 21: 4% to 8%). Reported Group net income2 decreased to €796 million (H1/ 21: €906 million).

Earnings per share2 before special items decreased by 6% (-11% in constant currency) to €0.80 (Q2/ ²¹2: €0.85). Reported earnings per share2 were €0.68 (Q2/ 21: €0.84).

In H1 / 22, earnings per share2 before special items remained stable (-4% in constant currency) at €1.63 (H1/ ²¹1: €1.63). Reported earnings per share2 were €1.42 (H1/ 21: €1.62).

RECONCILIATION

To present the underlying operational business performance and in order to compare the results with the scope of the guidance provided for fiscal year 2022, key figures are presented before special items.

Consolidated results for Q2 and H1/ 2022 as well as Q2 and H1/2021 include special items.

These concern:

► revaluations of biosimilars contingent purchase price liabilities
► expenses associated with the Fresenius cost and efficiency program (including costs related to FME25 program); cf. further explanations in the section ''Strategy and Goals'' on page 8
►impacts related to the war in Ukraine
►transaction costs mAbxience, Ivenix
► hyperinflation Turkey: Due to the current significant inflation, the deterioration of the economic situation and foreign exchange controls in Turkey, IAS 29 ''Financial Reporting in Hyperinflationary Economies'' is applied for the interim reporting period. The corresponding effects on profit or loss have therefore been adjusted
►retroactive duties
►remeasurement Humacyte investment

The special items shown within the reconciliation tables are reported in the ''Corporate'' segment. For a detailed overview of special items please see the reconciliation tables from page 28 onwards.

1 Before special items

2 Net income attributable to shareholders of Fresenius SE&Co. KGaA

Fresenius

1st Half and 2nd Quarter 2022 Quarterly Financial Report

³ Excluding Ivenix acquisition

⁴ For estimated COVID-19 effects please see table on page 32

INVESTMENTS

INVESTMENTS/ACQUISITIONS BY BUSINESS SEGMENT

Spending on property, plant and equipment was €419 million corresponding to 4% of sales (Q2/ 21: €509 million; 6% of sales). These investments served primarily for the modernization and expansion of dialysis clinics, production facilities as well as hospitals and day clinics.

In H1/ 22, spending on property, plant and equipment was €757 million corresponding to 4% of sales (H1/ 21: €893 million; 5% of sales).

Total acquisition spending was €291 million (Q2/ 21: €491 million), mainly for the acquisition of Ivenix by Fresenius Kabi and dialysis clinics at Fresenius Medical Care.

In H1/ 22, total acquisition spending was €453 million (H1/ 21: €640 million).

CASH FLOW

Group operating cash flow decreased to €1,017 million (Q2/ 21: €1,451 million) with a margin of 10.2% (Q2/ 21: 15.7%), mainly driven by working capital build-up from higher raw material inventories and receivables, among others, as well as phasing effects. Free cash flow before acquisitions and dividends decreased to €581 million (Q2/ 21: €952 million). Free cash flow after acquisitions and dividends decreased to -€391 million (Q2/ 21: -€359 million).

In H1/ 22, Group operating cash flow decreased to €1,118 million (H1 / 21: €2,103 million) with a margin of 5.7% (H1/ 21: 11.5%). Free cash flow before acquisitions and dividends decreased to €326 million (H1/ 21: €1,193 million). Free cash flow after acquisitions and dividends decreased to -€794 million (H1/ 21: -€242 million).

€ i illio n m ns	H1 / 2 022	H1 / 202 1	The f pr rty, reo ope plan d t an ipm ent equ	The f reo uisi tion acq s	Gro wth	f to % o tal
Fre ius M ed ica l C sen are	484	604	334	150	-20 %	40 %
Fre ius Ka bi sen	40 8	217	186	222	88 %	34 %
Fre ius He lios sen	288	659	213	75	-56 %	24 %
Fre ius Va d sen me	26	47	20	6	-45 %	2%
Co rat rpo e	4	6	4	--	-33 %	0%
To tal	21 0 1,	533 1,	757	453	-21 %	100 %

CASH FLOW STATEMENT (SUMMARY)

€ i illio n m ns	Q2 / 202 2	Q2 / 202 1	Gro wth	H1 / 202 2	H1 / 202 1	Gro wth
Ne t in com e	564	708	-20 %	163 1,	37 9 1,	-16 %
De cia tio nd iza tio ort pre n a am n	683	64 1	7%	1, 37 6	1, 263	9%
Ch ing ital ork d o the ang e w ca p an rs	-23 0	102	--	-1, 42 1	-53 9	-16 4%
Op tin Ca sh flo era g w	1, 017	1, 45 1	-30 %	1, 118	2, 103	-47 %
Ca ital dit et p ex pen ure , n	-43 6	-49 9	13 %	-79 2	-91 0	13 %
Ca sh flo bef isit ion nd div ide nd ore ac qu s a s w	58 1	952	-39 %	32 6	193 1,	-73 %
Ca sh d f uis itio ns / ds fro m d ive stit use or acq pro cee ure s	-27 1	-45 6	41 %	-36 3	-51 9	30 %
Div ide id nds pa	-70 1	-85 5	18 %	-75 7	6 -91	17 %
Fre ash flo fte uis itio d d ivid ds e c w a r a cq ns an en	-39 1	-35 9	-9%	-79 4	-24 2	--
Ca vid fin ing tiv itie sh ed by /us ed for pro anc ac s	40 8	71 1	-43 %	89	58 8	-85 %
Eff of cha ch e in sh and ect tes ex nge ra on ang ca
h e iva len ts cas qu	35	21	67 %	70	67	4%
Ne ha e i ash d c ash uiv ale t c nts ng n c an eq	52	37 3	-86 %	-63 5	41 3	--

For a detailed overview of special items please see the reconciliation tables on page 28 onwards.

ASSET AND LIABILITY STRUCTURE

Group total assets increased by 6% (1% in constant currency) to €76,112 million (Dec. 31, 2021: €71,962 million) given currency translation effects and the expansion of business activities. Current assets increased by 8% (4% in constant currency) to €18,818 million (Dec. 31, 2021: €17,461 million), mainly driven by the increase of trade accounts receivables. Non-current assets increased by 5% (1% in constant currency) to €57,294 million (Dec. 31, 2021: €54,501 million).

Total shareholders' equity increased by 9% (3% in constant currency) to €32,033 million (Dec. 31, 2021: €29,288 million). The equity ratio was 42.1% (Dec. 31, 2021: 40.7%).

Group debt increased by 4% (2% in constant currency) at €28,368 million (Dec. 31, 2021: €27,155 million). Group net debt increased by 8% (5% in constant currency) to €26,239 million (Dec. 31, 2021: €24,391 million).

As of June 30, 2022, the net debt/EBITDA ratio increased to 3.72x1,2 (Dec. 31, 2021: 3.51x1,2) mainly driven by dividend payments, lower EBITDA contribution as well as acquisition spending. The net debt/EBITDA as of June 30, 2022 excluding the already closed acquisition of Ivenix was 3.681,2.

BALANCE SHEET

€ i illio n m ns	Jun e 30 , 20 22	Dec . 31 , 20 21	Cha nge
As set s
Cu nt ets rre ass	18, 818	46 17, 1	8%
the f tr ade cei vab les nts reo ac cou re	7, 858	7, 045	12 %
f in ies the tor reo ven	697 4,	4, 218	11 %
the f ca sh and sh uiv ale nts reo ca eq	2, 129	2, 764	-23 %
No ent set n-c urr as s	57 294 ,	54 50 1 ,	5%
the f p lan nd uip ert t a nt reo rop y, p eq me	12, 943	12, 569	3%
the f g ood wil l an d o the r in ible tan set reo g as s	34, 935	32, 774	7%
f ri of- the ht- set reo g use -as s	6, 238	6, 014	4%
To tal set as s	76, 112	71, 962	6%
Lia bil itie nd sha reh old ' eq uit s a ers y
Lia bil itie s	44 079 ,	42 674 ,	3%
the f tr ade ble nts reo ac cou pa ya	929 1,	2, 039	-5%
the f a ual nd oth sho lia bil itie rt-t reo ccr s a er erm s	10, 542	10, 594	0%
f d the ebt reo	36 28, 8	27, 155	4%
the f le lia bili tie reo ase s	6, 858	6, 59 0	4%
ing in No oll ntr ter est nco s	36 11, 9	10, 29 0	10 %
To tal Fr niu s S E& Co . K Ga A s ha reh old ' eq uit ese ers y	20, 664	18, 998	9%
uit To tal sh ho lde rs' are eq y	32 033 ,	29, 28 8	9%
lia bil itie uit To tal nd sha reh old ' eq s a ers y	76, 112	962 71,	6%

BUSINESS SEGMENTS

FRESENIUS MEDICAL CARE

Fresenius Medical Care is the world's largest provider of products and services for individuals with renal diseases. oAs of June 30, 2022, Fresenius Medical Care was treating approximately 345,687 patients in 4,163 dialysis clinics. Along with its core business, the Renal Care Continuum, the company focuses on expanding in complementary areas and in the field of critical care.

€ i illio n m ns	Q2 / 202 2	Q2 / 202 1	Gro wth	Gro wth in c tant ons cur ren cy	H1 / 202 2	H1 / 202 1	Gro wth	Gro wth in c tant ons cur ren cy
Sa les	4, 757	4, 32 0	10 %	1%	9, 305	8, 53 0	9%	2%
A1 EB ITD	867	829	5%	-4%	686 1,	694 1,	0%	-7%
IT1 EB	44 5	43 3	3%	-6%	852	910	-6%	-13 %
1,2 t in Ne com e	225	225	0%	-7%	42 8	6 47	-10 %	-15 %
Em loy p ees (Ju 30 /D 31 ) ne ec.					130 44 8 ,	130 25 1 ,	0%

► Business development impacted by unprecedented U.S. labor market situation and worsening macroeconomic environment driving cost inflation and supply chain disruptions
►Meaningful decline in COVID-19-related excess mortality
►Solid support by positive exchange rates

Sales increased by 10% (1% in constant currency) to €4,757 million (Q2/ 21: €4,320 million). Organic growth was 0%. Currency translation increased sales growth by 9%.

In H1/ 22, sales increased by 9% (2% in constant currency) to €9,305 million (H1/ 21: €8,530 million). Organic growth was 1%. Currency translation increased sales growth by 7%.

EBIT decreased by 20% (-27% in constant currency) to €341 million (Q2/ 21: €424 million) resulting in a margin of 7.2% (Q2/ 21: 9.8%). EBIT before special items, i.e., costs incurred for FME25, the impacts related to the war in Ukraine, the impact of hyperinflation in Turkey and the remeasurement effect on the fair value of the investment in Humacyte, Inc. increased by 3% (-6% in constant currency) to €445 million (Q2/ 21: €433 million), resulting in a margin1 of 9.4% (Q2/ 21: 10.0%). At constant currency, the decline was mainly due to higher labor costs as well as inflationary and supply chain cost increases. This was partially offset by Provider Relief Funding received from the

U.S. government to compensate for certain COVID-19 related costs.

In H1/ 22, EBIT decreased by 23% (-29% in constant currency) to €688 million (H1/ 21: €898 million) resulting in a margin of 7.4% (H1/ 21: 10.5%). EBIT before special items decreased by 6% (-13% in constant currency) to €852 million (H1/ 21: €910 million), resulting in a margin1 of 9.2% (H1/ 21: 10.7%).

1 Before special items

2 Net income attributable to shareholders of Fresenius Medical Care AG&Co. KGaA

Net income1 decreased by 33% (-39% in constant currency) to €147 million (Q2/ 21: €219 million). Net income¹ before special items remained stable (-7% in constant currency) at €225 million (Q2/ 21: €225 million) mainly due to the mentioned negative effects on operating income.

In H1/ 22, net income1 decreased by 35% (-39% in constant currency) to €305 million (H1/ 21: €468 million). Net income1 before special items decreased by 10% s(-15% in constant currency) to €428 million (H1/ 21: €476 million).

Operating cash flow was €751 million (Q2/ 21: €921 million) with a margin of 15.8% (Q2/ 21: 21.3%). The decrease was mainly due to an unfavorable development of days sales outstanding as well as a decrease in net income1, partially offset by U.S. government relief funding.

In H1/ 22, operating cash flow was €910 million (H1/ 21: €1,129 million) with a margin of 9.8% (H1/ 21: 13.2%).

As announced on July 27, 2022, Fresenius Medical Care expects revenue2 to grow at a low single digit percentage rate and net income1,3 to decline at around a high teens percentage range. Revenue and net income guidance are both on a constant currency basis and before special items4.

Given the uncertain labor situation and macroeconomic inflationary environment and the substantially reduced earnings base compared to 2020, Fresenius Medical Care does not expect today to be able to achieve the meaningfully higher compounded annual average increases that would now be needed to accomplish its 2025 targets. Against this background, Fresenius Medical Care has cut its financial targets for FY 2022 and withdrawn its 2025 targets.

For further information, please see Fresenius Medical Care's press release at www.freseniusmedicalcare.com.

1 Net income attributable to shareholders of Fresenius Medical Care AG&Co. KGaA

² FY/21 base: €17,619 million

³ FY/21 base: €1,018 million, before special items; FY/22 before special items

⁴ These targets are based on the 2021 results excluding the costs related to FME25 of EUR 49 million (for Net Income). They are in constant currency and exclude special items. Special items include further costs related to FME25, the impact of the War in Ukraine, the impact of Hyperinflation in Turkey, the Humacyte investment remeasurement and other effects that are unusual in nature and have not been foreseeable or not foreseeable in size or impact at the time of giving guidance.

FRESENIUS KABI

Fresenius Kabi offers intravenously administered generic drugs, clinical nutrition and infusion therapies for seriously and chronically ill patients in the hospital and outpatient environments. The company is also a leading supplier of medical devices and transfusion technology products. In the biosimilars business, Fresenius Kabi is developing products with a focus on oncology and autoimmune diseases.

€ i illio n m ns	Q2 / 202 2	Q2 / 202 1	Gro wth	Gro wth in c tant ons cur ren cy	H1 / 202 2	H1 / 202 1	Gro wth	Gro wth in c tant ons cur ren cy
Sa les	1, 896	1, 755	8%	2%	3, 743	3, 51 6	6%	1%
A1 EB ITD	37 9	40 6	-7%	-15 %	775	780	-1%	-7%
IT1 EB	27 1	298	-9%	3 % -15	564	574	-2%	3 -8%
1,2 Ne t in com e	189	204	-7%	-16 %	39 0	394	-1%	-8%
Em loy p ees (Ju 30 /D 31 ) ne ec.					42 186 ,	41 39 7 ,	2%

►North America with solid organic sales growth despite macroeconomic headwinds
►Asia-Pacific impacted by price pressure from NVBP tenders in China
►Biosimilars business progressing well; completing acquisition of majority stake in mAbxience

Sales increased by 8% (2% in constant currency) to €1,896 million (Q2/ 21: €1,755 million). Organic growth was 2%.

In H1/ 22, sales increased by 6% (1% in constant currency) to €3,743 million (H1/ 21: €3,516 million). Organic growth was 1%. Positive currency translation effects of 6% in Q2/ 22 and 5% in H1/ 22 were mainly related to the U.S. dollar and Chinese yuan.

Sales in North America increased by 16% (organic growth: 3%) to €606 million (Q2/ 21: €522 million). The significant sales growth was mainly driven by positive currency effects while organic growth continued to be impacted a high level of COVID-related absenteeism of production staff, ongoing competitive pressure and supply chain challenges.

In H1 / 22, sales in North America increased by 10% (organic growth: 0%) to €1,185 million (H1/ 21: €1,080 million).

Sales in Europe increased by 4% (organic growth: 4%) to €658 million (Q2/ 21: €634 million) driven by a broadbased positive development and biosimilars.

In H1/ 22, sales in Europe increased by 3% (organic growth: 3%) to €1,298 million (H1/ 21: €1,260 million).

Sales in Asia-Pacific increased by 4% (organic growth: -4%) to €425 million (Q2/21: €409 million). Organic growth was primarily affected by price pressure from the NVBP (National Volume-Based Procurement) tenders in China while Asia-Pacific ex China showed healthy underlying growth.

In H1/22, sales in Asia-Pacific increased by 7% (organic growth: -1%) to €858 million (H1/ 21: €801 million).

Sales in Latin America /Africa increased by 9% (organic growth: 2%) to €207 million (Q2/ 21: €190 million), over a high prior-year COVID-19-related base.

In H1/ 22, sales in Latin America /Africa increased by 7% (organic growth: 2%) to €402 million (H1/ 21: €375 million).

¹ Before special items

² Net income attributable to shareholders of Fresenius SE&Co. KGaA

³ Excluding Ivenix acquisition

Sales in the Biosimilars business was €29 million. In H1/ 22, sales in the Biosimilars business was €52 million, consistent with Fresenius Kabi's expectations. The U.S. Food and Drug Administration (FDA) has accepted for review Fresenius Kabi's Biologics License Application (BLA) for MSB11456, a biosimilar candidate of Actemra®1 (tocilizumab).

Moreover, Fresenius Kabi closed the majority stake acquisition of mAbxience Holding S.L., a leading international biopharmaceutical company. The transaction was announced in March 2022. The acquisition significantly strengthens Fresenius Kabi's footprint in the biopharmaceuticals space. The purchase price will be a combination of c. €495 million upfront payment and milestone payments, strictly tied to the achievement of commercial and development targets.

EBIT² decreased by 9% (-15%3 in constant currency) to €271 million (Q2/21: €298 million) with an EBIT margin2 of 14.3% (Q2/21: 17.0%). Ongoing competitive pressure, staff shortages, supply chain challenges as well as accelerated input cost inflation weighed on the financial performance. In H1/22, EBIT² decreased by 2% (-8%3 in constant currency) to €564 million (H1/21: €574 million) with an EBIT margin2 of 15.1% (H1/21: 16.3%).

Net income2,4 decreased by 7% (-16% in constant currency) to €189 million (Q2/ 21: €204 million).

In H1/ 22, net income2,4 decreased by 1% (-8% in constant currency) to €390 million (H1/ 21: €394 million).

Operating cash flow decreased to €109 million (Q2/ 21: €197 million) with a margin of 5.7% (Q2/ 21: 11.2%), mainly driven by a working capital build-up from e.g. higher raw material inventories. In H1/ 22, operating cash flow decreased to €242 million (H1/ 21: €475 million) with a margin of 6.5% (H1/ 21: 13.5%).

For FY/ 22, Fresenius Kabi confirms its outlook and expects organic sales5 growth in a low-single-digit percentage range. Constant currency EBIT6 is expected to decline in a high-single- to low-double-digit percentage range. Both sales and EBIT outlook include expected COVID-19 effects. The financial effects from the acquisitions of Ivenix and the majority stake in mAbxience remain excluded from guidance.

1 Actemra® is a registered trademark of Chugai Seiyaku Kabushiki Kaisha Corp., a member of the Roche Group
2 Before special items
3 Excluding Ivenix acquisition
4 Net income attributable to shareholders of Fresenius SE&Co. KGaA
5 FY/21 base: €7,193 million

⁶ FY/21 base: €1,153 million, before special items, FY/22 before special items

FRESENIUS HELIOS

Fresenius Helios is Europe's leading private hospital operator. The company comprises Helios Germany, Helios Spain and Helios Fertility. Helios Germany operates 87 hospitals, ~130 outpatient centers and 6 prevention centers. Helios Spain operates 50 hospitals, 97 outpatient centers and around 300 occupational risk prevention centers. In addition, the company is active in Latin America with 8 hospitals and as a provider of medical diagnostics. Helios Fertility offers a wide spectrum of state-of-the-art services in the field of fertility treatments.

€ i illio n m ns	Q2 / 202 2	Q2 / 202 1	Gro wth	Gro wth in c tant ons cur ren cy	H1 / 202 2	H1 / 202 1	Gro wth	Gro wth in c tant ons cur ren cy
Sa les	2, 925	2, 738	7%	6%	5, 856	5, 38 7	9%	8%
A1 EB ITD	42 9	41 3	4%	3%	857	793	8%	8%
IT1 EB	303	298	2%	1%	609	56 6	8%	7%
1,2 t in Ne com e	197	193	2%	2%	392	36 6	7%	7%
Em loy p ees (Ju 30 /D 31 ) ne ec.					125 101 ,	123 484 ,	1%

►Fresenius Helios with solid organic growth in Germany and Spain based on increased number of admissions

►Helios Fertility with solid financial performance

Sales increased by 7% (6% in constant currency) to €2,925 million (Q2/ 21: €2,738 million). Organic growth was 5%. Acquisitions, mainly at Helios Fertility, contributed 1% to sales growth.

In H1/ 22, sales increased by 9% (8% in constant currency) to €5,856 million (H1/ 21: €5,387 million). Organic growth was 6%. Acquisitions contributed 2% to sales growth.

Sales of Helios Germany increased by 5% (organic growth: 4%) to €1,758 million (Q2/ 21: €1,675 million), mainly driven by increasing admissions, which are however still below pre-pandemic levels. Acquisitions contributed 1% to sales growth.

In H1/ 22, sales of Helios Germany increased by 6% (organic growth: 5%) to €3,541 million (H1/ 21: €3,348 million). Acquisitions contributed 1% to sales growth.

Sales of Helios Spain increased by 8% (7% in constant currency) to €1,101 million (Q2/21: €1,020 million). Organic growth of 6% was driven by consistently high activity levels. The hospitals in Latin America also contributed to sales growth. Acquisitions contributed 1% to sales growth.

In H1/ 22, sales of Helios Spain increased by 10% (9% in constant currency) to €2,190 million (H1/21: €1,996 million). Organic growth was 9%.

Sales of the Helios Fertility were €65 million (Q2/ 21: €42 million).

In H1/22, sales of the Helios Fertility were €122 million.

1 Before special items

2 Net income attributable to shareholders of Fresenius SE&Co. KGaA

EBIT¹ increased by 2% (1% in constant currency) to €303 million (Q2/ 21: €298 million) with an EBIT margin1 of 10.4% (Q2/ 21: 10.9%).

In H1/ 22, EBIT¹ increased by 8% (7% in constant currency) to €609 million (H1/ 21: €566 million) with an EBIT margin1 of 10.4% (H1/ 21: 10.5%).

EBIT1 of Helios Germany increased by 1% to €154 million (Q2/ 21: €152 million) with an EBIT margin1 of 8.8% (Q2/ 21: 9.1%). COVID-related elevated staff absenteeism weighed on profitability. Inflationary effects had only a small negative impact.

In H1/22, EBIT1 of Helios Germany increased by 2% to €308 million (H1/21: €302 million) with an EBIT margin1 of 8.7% (H1/21: 9.0%).

EBIT1 of Helios Spain increased by 1% (0% in constant currency) to €148 million (Q2/ 21: €147 million) due to an extraordinary high prior-year quarter comp. The Latin American business also showed a good performance. The EBIT margin1 was 13.4% (Q2 / 21: 14.4%).

In H1/ 22, EBIT1 of Helios Spain increased by 10% (10% in constant currency) to €301 million (H1/ 21: €273 million). The EBIT margin1 was 13.7% (H1/ 21: 13.7%).

EBIT1 of Helios Fertility was €7 million with an EBIT margin1 of 10.8% (Q2/ 21: €5 million).

In H1/ 22, EBIT1 of Helios Fertility was €11 million with an EBIT margin1 of 9.0%.

Net income1,2 increased by 2% (2% in constant currency) to €197 million (Q2/ 21: €193 million).

In H1/ 22, net income1,2 increased by 7% (7% in constant currency) to €392 million (H1/ 21: €366 million).

Operating cash flow decreased to €194 million (Q2/ 21: €223 million) with a margin of 6.6% (Q2/ 21: 8.1%) following COVID-19-related delays in budget negotiations in Germany.

In H1/ 22, operating cash flow decreased to €58 million (H1/ 21: €438 million) with a margin of 1.0% (H1/ 21: 8.1%).

For FY/ 22, Fresenius Helios confirms its outlook and expects organic sales3 growth in a low- to mid-single-digit percentage range and constant currency EBIT4 growth in a mid-single-digit percentage range. Both sales and EBIT outlook include expected COVID-19 effects.

2 Net income attributable to shareholders of Fresenius SE&Co. KGaA
3 FY/21 base: €10,891 million

⁴ FY/21 base: €1,127 million, before special items, FY/22 before special items

FRESENIUS VAMED

Fresenius Vamed manages projects and provides services for hospitals and other healthcare facilities worldwide and is a leading post-acute care provider in Central Europe. The portfolio ranges along the entire value chain: from project development, planning, and turnkey construction, via maintenance and technical management, to total operational management.

€ i illio n m ns	Q2 / 202 2	Q2 / 202 1	Gro wth	Gro wth in c tant ons cur ren cy	H1 / 202 2	H1 / 202 1	Gro wth	Gro wth in c tant ons cur ren cy
Sa les	562	55 6	1%	1%	1, 075	1, 033	4%	3%
A1 EB ITD	35	38	-8%	-8%	67	55	22 %	20 %
IT1 EB	11	16	-31 %	-31 %	19	12	58 %	58 %
1.2 t in Ne com e	6	11	-45 %	-45 %	10	4	150 %	150 %
Em loy p ees (Ju 30 /D 31 ) ne ec.					19, 78 1	19, 72 1	0%

► Project business still marked by the Ukraine war and COVID-19-related headwinds in project execution as well as global supply chain challenges and cost inflation

►Service business supported by increasing elective treatment activity
►Order backlog at all-time high

Sales increased by 1% (1% in constant currency) to €562 million (Q2/ 21: €556 million). Organic growth was 1%.

In H1/ 22, sales increased by 4% (3% in constant currency) to €1,075 million (H1/ 21: €1,033 million). Organic growth was 4%.

Sales in the service business increased by 6% (6% in constant currency) to €417 million (Q2/ 21: €392 million) due to recovering elective treatments. Sales in the project business decreased by 12% (-12% in constant currency) to €145 million (Q2/ 21: €164 million), driven by the Ukraine war and COVID-19-related headwinds as well as global supply chain challenges.

In H1/ 22, sales in the service business increased by 9% (8% in constant currency) to €822 million (H1/ 21: €755 million). Sales in the project business decreased by 9% (-9% in constant currency) to €253 million (H1/ 21: €278 million).

EBIT¹ decreased by 31% to €11 million (Q2/ 21: €16 million) with an EBIT margin1 of 2.0% (Q2/ 21: 2.9%) driven by the Ukraine war and COVID-19-related headwinds as well as global supply chain challenges.

In H1/ 22, EBIT1 increased by 58% to €19 million (H1/ 21: €12 million) with an EBIT margin1 of 1.8% (H1/ 21: 1.2%).

Net income1,2 decreased by 45% to €6 million (Q2/ 21: €11 million).

In H1/ 22, Net income1,2 increased to €10 million (H1/ 21: €4 million).

Order intake was €253 million (Q2 / 21: €713 million). In H1 / 22 order intake was €516 million (H1 / 21: €851 million). As of June 30, 2022, order backlog was at €3,732 million (December 31, 2021: €3,473 million).

1 Before special items

2 Net income attributable to shareholders of VAMED AG

1st Half and 2nd Quarter 2022 Quarterly Financial Report

Operating cash flow decreased to €7 million (Q2/ 21: €58 million) with a margin of 1.2% (Q2/ 21: 10.4%), due to phasing effects and COVID-19-related delays in the project business as well as some working capital build-ups.

In H1/22, operating cash flow decreased to -€38 million (H1/21: €14 million) with a margin of -3.5% (H1/21: 1.4%).

For FY/ 22, Fresenius Vamed confirms its outlook and expects organic sales1 growth in a high-single to low-doubledigit percentage range and constant currency EBIT2 to return to absolute pre-COVID-19 levels (FY/19: €134 million). Both sales and EBIT outlook include expected COVID-19 effects.

1 FY/21 base: €2,297 million

2 FY/21 base: €101 million, before special items; FY/22 before special items

For a detailed overview of special items please see the reconciliation tables on page 28 onwards.

EMPLOYEES

As of June 30, 2022, the number of employees was 318,647 (Dec. 31, 2021: 316,078).

NUMBER OF EMPLOYEES

Nu mb of loy er em p ees	Jun e 30 , 202 2	Dec . 31 , 202 1	Gro wth
Fre ius M ed ica l C sen are	130 44 8 ,	130 25 1 ,	0%
ius bi Fre Ka sen	186 42 ,	41 39 7 ,	2%
Fre ius He lios sen	125 101 ,	123 484 ,	1%
Fre ius Va d sen me	19, 78 1	19, 72 1	0%
Co rat rpo e	131 1,	225 1,	-8%
To tal	31 8, 647	31 6, 078	1%

CHANGES TO THE SUPERVISORY BOARD

The Annual General Meeting of Fresenius SE&Co. KGaA elected Dr.Christoph Zindel (60), member of the Management Board of Siemens Healthineers since October 2019, to the Supervisory Board of Fresenius SE&Co. KGaA. Dr.Christoph Zindel is a member of the Audit Committee of the Supervisory Board.

As announced a year ago, Klaus-Peter Müller (77) stepped down from the Supervisory Board at the end of the Annual General Meeting and handed over the chairmanship of its Audit Committee to Susanne Zeidler (61).

CHANGES TO THE MANAGEMENT BOARD

The Fresenius Management SE Supervisory Board has unanimously appointed Sara Hennicken (41), currently Senior Vice President Global Treasury&Corporate Finance at Fresenius, to become the company's new Chief Financial Officer as of September 1, 2022. She will succeed Rachel Empey (45), who joined the Management Board of Fresenius as CFO on August 1, 2017 and will leave the company at her own request at the end of August.

Dr.Carla Kriwet (51) will become the new CEO of Fresenius Medical Care. The Supervisory Board of

Fresenius Medical Care Management AG unanimously appointed her to succeed Rice Powell (66), who in accordance with the company's age limit for Management Board members is stepping down after 10 years heading the company. Like Rice Powell, Dr.Carla Kriwet will also be a member of the Management Board of Fresenius Management SE. Dr.Carla Kriwet will now join Fresenius Medical Care as CEO on October 1, 2022, earlier than previously announced and Rice Powell will step down as CEO effective September 30, 2022.

Additionally, Helen Giza, Chief Financial Officer of Fresenius Medical Care has entered a new five-year contract and, in addition to her current positions as Chief Financial Officer and Chief Transformation Officer of Fresenius Medical Care Management AG, has assumed the position of Deputy Chief Executive Officer of Fresenius Medical Care Management AG.

The CVs of the members of the Supervisory Board and the Management Board can be found on our website at www.fresenius.com/Corporate-Management.

RESEARCH AND DEVELOPMENT

Product and process development as well as the improvement of therapies are at the core of our growth strategy. Fresenius focuses its R&D efforts on its core competencies in the following areas:

►Dialysis
►Generic IV drugs
►Biosimilars
►Infusion and nutrition therapies
►Medical devices

Apart from new products, we are concentrating on developing optimized or completely new therapies, treatment methods, and services.

RESEARCH AND DEVELOPMENT EXPENSES

BY BUSINESS SEGMENT

€ i illio n m ns	H1 / 2 022	H1 / 202 1	Gro wth
Fre ius M ed ica l C sen are	105	101	4%
1 Fre ius Ka bi sen	275	28 1	-2%
Fre ius He lios sen	1	2	-50 %
Fre ius Va d sen me	-	-	--
Co rat rpo e	-1	-1	0%
1 To tal	38 0	383	-1%

1 Before special items

RATING

Fresenius is covered by the rating agencies Moody's, Standard &Poor's and Fitch.

The following table shows the company rating of Fresenius SE&Co. KGaA:

	Sta nda rd& r's Poo	's Mo ody	Fitc h
Co tin mp any ra g	BB B	Baa 3	BB B -
Ou tlo ok	ble sta	ble sta	ble sta

OPPORTUNITIES AND RISK REPORT

Compared to the presentation in the consolidated financial statements and the management report as of December 31, 2021 applying Section 315e HGB in accordance with IFRS, there has been the following important developments in Fresenius' overall opportunities and risk situation until June 30, 2022.

Russia's war against the Ukraine, will continue to have a significant negative impact on our net assets, financial position, and results of operations.

As a provider of life-sustaining medical products and healthcare services, we are continuing our activities in both, Russia, and Ukraine to the best of our ability despite the war and the restrictions resulting from the extensive economic sanctions imposed on Russia and Belarus by numerous governments. However, we cannot exclude that operations in Ukraine, Russia and Belarus are impacted by the destruction of assets, expropriation, or other regulatory actions.

In addition to such risks, considerable uncertainties are related to a further deterioration of the global macroeconomic outlook. While the direct and indirect impact of the war is difficult to predict at the present time, the current, significant macroeconomic inflationary environment, including materially increasing energy prices, has resulted in and could continue to lead to, amongst other consequences, material increases in costs for energy, supplies, and transportation. Furthermore, supply chain disruptions as well as

labor shortages and related increases in labor costs present risks which adversely effect our business operations. A continued disruption or discontinuation of energy supplies from Russia may increase these impacts and could have additional material adverse effects on our business. An expansion of the war beyond the borders of Ukraine would bring further significant consequences for Europe as a whole. Furthermore, our ability to access capital could be impacted by increased volatility and disruptions in the financing markets, and further rises in interest rates. Additionally, the Ukraine War has increased the risk of cyber security attacks against our systems and data. Overall, the abovementioned factors will have a negative impact on our net assets, financial position, and results of operations.

The global COVID-19 pandemic continued to adversely affect our business in the first half of 2022. We expect further negative effects on our business and result of operations for the second half of 2022. The further development of the worldwide situation in 2022 remains uncertain and depends on the progress of the vaccination campaigns worldwide as well as the extent to which further virus variants spread and whether governmental responses in the regions we operate or source from. An unfavourable development may result in additional adverse effects on our financial results and our ability to achieve our Guidance.

In the ordinary course of Fresenius Group's operations, the Fresenius Group is subject to litigation, arbitration as well as external and internal investigations relating to various aspects of its business. The Fresenius Group regularly analyses current information about such matters for probable losses and provides accruals for such matters, including estimated expenses for legal services, as appropriate. We report on legal proceedings on pages 57 to 58 in the Notes of this report.

SUBSEQUENT EVENTS

July 2022 was characterized worldwide by a regionally varying development of the COVID-19 pandemic with continuing high infection numbers and associated shortage of resources. Large-scale constraints of public and private life are still enacted in various countries in order to curtail the spread of COVID-19. The vaccination programs were continued worldwide and the development in each country differs. The further development of the global situation and its impact on Fresenius remain uncertain. Accelerated cost inflation and labor costs, as well as supply chain disruption continue to be a theme on a global level.

The ongoing war from Russia against the Ukraine and the associated price increases, especially for energy, raw materials, and transport, will continue to have direct and indirect negative effects on the Fresenius Group's business activities, which, however, cannot be estimated at present.

Beyond that, there have been no significant changes in the industry environment.

On August 1, 2022, Fresenius Kabi closed the majority stake acquisition of mAbxience Holding S.L. (''mAbxience''), a leading international biopharmaceutical company.

In addition, also otherwise there have been no further events with a significant impact on the net assets, financial position, and results of operations since the end of the first half of 2022.

OUTLOOK 2022

ASSUMPTIONS FOR GUIDANCE FY/22

Due to the meaningfully increased uncertainty and volatility related to the war in Ukraine, the ongoing impacts of the COVID-19 pandemic, and a rapidly worsening global macro-economic development, Fresenius now expects significantly more pronounced headwinds in 2022from supply chain disruptions and cost inflation, including energy prices. Furthermore, Fresenius expects significant negative effects from ongoing labor shortages and associated wage inflation, especially at Fresenius Medical Care in the U.S.

The war in Ukraine is directly and indirectly affecting Fresenius Group operations. The direct adverse effects of the war amounted to €20 million at net income1 level of Fresenius Group in H1/ 22 and are treated as a special item. Fresenius will continue to closely monitor the potential further consequences of the war, including balance sheet valuations. The guidance does not consider a significant disruption of gas or electricity supplies in Europe.

COVID-19 will continue to impact Fresenius Group operations in 2022. An unlikely but possible significant deterioration of the situation triggering containment measures that could have a significant and direct impact on the health care sector without any appropriate compensation is not reflected in the Group's FY/ 22 guidance.

Furthermore, the updated assumptions for Fresenius Medical Care's FY/22 guidance are also fully applicable to Fresenius Group's FY/ 22 guidance.

All of these assumptions are subject to considerable uncertainty.

The acquisitions of Ivenix and of the majority stake in mAbxience as well as any further potential acquisitions remain excluded from guidance.

FRESENIUS GROUP

Fresenius Medical Care's financial performance in Q2 / 22 was significantly impacted by worsened labor shortages and related meaningfully increased wage inflation in the U.S. The further deterioration of the macro-economic environment resulted in accelerated non-wage inflation, particularly higher supply chain costs.

Against this backdrop and growing indications for a persistent unfavorable development of these and other factors, Fresenius Medical Care has revised its outlook for FY/22.

All other Fresenius Group segments confirm their respective outlook for FY/ 22for both revenue and EBIT.

However, as a consequence of the development at Fresenius Medical Care, and despite all other Fresenius Group segments confirming their respective outlook for both revenue and EBIT, Fresenius now also revises its Group outlook for FY/ 22. As announced on July 27, 2022, at constant currency, the Company now anticipates Group sales2 to grow in a low-to-mid single-digit percentage range (previously: mid-single digit percentage range) and Group net income1,3 to decline in a low-to-mid single-digit percentage range (previously: increase in a low-single-digit percentage range).

SALES AND EARNINGS BY BUSINESS SEGMENT

In 2022, we expect sales and earnings development in our business segments as shown in the table on page 27.

GROUP MEDIUM-TERM TARGETS

As a result of the updated expectations for FY/ 22, Fresenius now believes its medium-term net income1 target is no longer achievable. Fresenius had expected Group organic net income¹ growth to be at the bottom end of the 5% to 9% compounded annual growth rate (CAGR) range for 2020 to 2023.

At the same time, Fresenius specifies its Group organic sales growth target to reach the low-end of the targeted 4% to 7% compounded annual growth rate (CAGR) range for 2020 to 2023.

COST AND EFFICIENCY PROGRAM

The Group's cost and efficiency program is running according to plan and Fresenius confirms its increased savings targets provided in February 2022 of at least €150 million p.a. after tax and minority interest in 2023. For the years thereafter, a further significant increase in sustainable cost savings is expected.

2 FY/21 base: €37,520 million

3 FY/21 base: €1,867 million; before special items; FY/22: before special items

For a detailed overview of special items please see the reconciliation tables on page 28 onwards.

EXPENSES

For 2022, we do not expect selling, general, and administrative expenses (before special items) as a percentage of consolidated net sales to change significantly compared to 2021 (2021: 14.1%).

LIQUIDITY AND CAPITAL MANAGEMENT

For 2022, we expect an operating cash flow margin in the range of 10% to 12%.

In addition, undrawn credit lines under syndicated or bilateral credit facilities from banks provide us with a sufficient financial headroom.

Financing activities in 2022 are largely geared to refinancing existing financial liabilities maturing in 2022 and 2023.

Without the already closed acquisitions of Ivenix and the already completed acquisition of a majority stake in mAbxience as well as any further potential acquisitions, Fresenius expects the net debt/EBITDA1 ratio (December 31, 2021: 3.51x2) to be slightly above the top end of the selfimposed target corridor of 3.0x to 3.5x by the end of 2022.

There are no significant changes in the financing strategy planned for 2022.

INVESTMENTS

In 2022, we expect to invest about 6% of sales in property, plant and equipment. About 45% of the capital expenditure planned will be invested at Fresenius Medical Care, about 23% at Fresenius Kabi, and around 27% at Fresenius Helios.

At Fresenius Medical Care, investments will primarily be used for the expansion of production capacity, optimizing production costs, and the establishment of new dialysis clinics.

Fresenius Kabi will primarily invest in expanding and maintaining production facilities, as well as in introducing new manufacturing technologies.

At Fresenius Helios, we will primarily invest in the new buildings, and in the modernizing and equipping of existing hospitals, newly acquired hospitals, and outpatient centers.

Fresenius Vamed primarily invests in modernization as well as equipment for existing post-acute care facilities.

With a share of around 60%, Europe is the regional focus of investment in the planning period. Around 30% of the investments are planned for North America and around 10% for Asia-Pacific, Latin America, and Africa. About 30% of total funds will be invested in Germany.

For 2022, we expect return on operating assets (ROOA) to decline by 50 to 80 basis points compared with the prioryear figure (2021: 6.5%). Return on invested capital (ROIC) is expected to decline by 40 to 70 basis points (2021: 5.9%).

CAPITAL STRUCTURE

For 2022, we do not expect the equity ratio to change significantly compared to 2021 (2021: 41%). Furthermore, we expect debt in relation to total assets to remain around the prior year's level (2021: 38%).

DIVIDEND

The dividend increases provided by Fresenius in the last 29 years show impressive continuity. Our dividend policy aims to align dividends with earnings-per-share growth (before special items). The payout ratio is expected to be in the range of approximately 20% to 25%.

For 2022, our dividend will be based upon our final results, but we aim to keep our dividend at least constant.

¹ At LTM average exchange rates for both net debt and EBITDA; pro forma closed acquisitions /divestitures;

excluding further potential acquisitions; before special items; including lease liabilities 2 At LTM average exchange rates for both net debt and EBITDA; pro forma closed acquisitions /divestitures;

before special items; including lease liabilities

GROUP FINANCIAL OUTLOOK 2022

	Fisc al y 202 1¹ ear	Tar s 20 22² get	Gui dan ce²
		Mi d s ing le-d ig it	Gro h i low id wt -to n a -m
Sa les th (in ) sta nt gr ow con cur ren cy	€3 7, 520 m	th tag per cen e g row	sin le-d ig it p ent g erc age ra nge
		Low sin le-d ig it g	De clin e in low id -to a -m
3 g Ne t in th (in ) sta nt com e row con cur ren cy	€1 867 m ,	th tag per cen e g row	sin le-d ig it p ent g erc age ra nge

1 Before special items, including COVID-19 effects

2 Before special items, including estimated COVID-19 effects

3 Net income attributable to shareholders of Fresenius SE&Co. KGaA

OUTLOOK 2022 BY BUSINESS SEGMENT

	Fisc al y 202 1¹ ear	Tar s 20 22² get	Gui dan ce²
3 Fre ius M ed ica l C sen are
Sa les th (in ) sta nt gr ow con cur ren cy	€1 7, 619 m	id s ing ig it Low le-d -to -m th tag per cen e g row	sin ig it Low le-d g th tag per cen e g row
4 g Ne t in th (in ) sta nt com e row con cur ren cy	€1 018 m ,	id Low -to -m sin le-d ig it g th tag per cen e g row	De clin nd a h ig h t t a e a rou een s p er tag cen e r ang e
Fre ius Ka bi sen
Sa les th (or ic) gr ow gan	€7 193 m ,	sin ig it Low le-d g th tag per cen e g row	firm ed con
in c EB IT h ( ) wt tan t c gro ons urr enc y	€1 153 m ,	De clin e in hig h s ing le- to low do ub le-d ig it tag per cen e r ang e	firm ed con
Fre ius He lios sen
Sa les th (or ic) gr ow gan	€1 0, 89 1 m	Low id s ing le-d ig it -to -m th tag per cen e g row	firm ed con
EB IT h ( in c ) wt tan t c gro ons urr enc y	€1 127 m ,	Mi d s ing le-d ig it th tag per cen e g row	firm ed con
Fre ius Va d sen me
Sa les th (or ic) gr ow gan	€2 297 m ,	Hig h s ing le- to ig it low do ub le-d th tag per cen e g row	firm ed con
EB IT	€1 01 m	ing Ret ab sol to ute urn -CO VID lev els pre (20 19: €1 34 m)	firm ed con

1 Before special items, including COVID-19 effects

2 Before special items, including estimated COVID-19 effects

3 These targets are based on the 2021 results excluding the costs related to FME25 of EUR 49 million (for Net Income). They are in constant currency and exclude special items. Special items include further costs related to FME25, the impact of the War in Ukraine, the impact of Hyperinflation in Turkey, the Humacyte investment remeasurement and other effects that are unusual in nature and have not been foreseeable or not foreseeable in size or impact at the time of giving guidance.

4 Net income attributable to shareholders of Fresenius Medical Care AG&Co. KGaA