Conference Call │ Q2/22 Preliminary Results

Bad Homburg, 28 July 2022

Safe Harbor Statement

This presentation contains forward-looking statements that are subject to various risks and uncertainties. Future results could differ materially from those described in these forward-looking statements due to certain factors, e.g. changes in business, economic and competitive conditions, regulatory reforms, results of clinical trials, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings the availability of financing, and unforeseen impacts of international conflicts.

Fresenius does not undertake any responsibility to update the forward-looking statements contained in this presentation.

Key messages

FY/22 Group guidance driven by Fresenius Medical Care's outlook adjustment	Medium-term targets: Sales income1 CAGR specified; net CAGR no longer believed to be achievable	"Meet the Management" with Fresenius Kabi on October 7, 2022

In line with expectations; biosimilars business	Solid organic growth in Germany and Spain based on	Supply chain disruptions and higher material costs remain headwinds
		progressing well healthy activity levels

¹ Net income attributable to shareholders of Fresenius SE & Co.KGaA; before special items

Fresenius Group: Temporary headwinds driven by geopolitical turmoil and the COVID-19 pandemic weighing on FY/22 earnings growth

Headwinds for net income development FY/22e Reconciliation to new guidance

Material, supply chain and energy costs

• Meaningful increases across all segments

Missing growth

• Staff shortages limit growth e.g. onboarding opportunities for new patients in dialysis clinics

Labor costs

• Headwinds primarily at FMC in the U.S. patient-facing service business

Offset

Including monies from the U.S. government's Provider Relief Fund
Compensating measures include tight cost control and product price increases wherever possible

Expectations H2/2022

• Neither meaningful worsening of macro challenges nor major COVID-19 pandemic effects leading to lock-downs factored in

Overall, we consider headwinds as temporary and not structural

Kabi: Solid Q2/22 on tough comps

		Δ YoY		Δ YoY
€m	Q2/22	cc	H1/22	cc
Sales	1,896	2%1	3,743	1%1
EBIT	271	-15%2	564	-8%2

All figures preliminary figures Before special items

¹ Organic ² Excluding Ivenix acquisition

Market shares remain robust in key NAM and China markets
- − NAM: Price pressure easing to low singledigits in our base product portfolio
- − China: Marked by significant NVBP tender related price pressure ahead of Q3/Q4 annualization
FDA inspected Melrose Park facility feedback expected in Q3/22
Biosimilar business progressing well
Ivenix acquisition closed during Q2; large volume pump receiving promising customer feedback
mAbxience closing imminent

Helios and Vamed: Q2/22 in-line with expectations

€m	Q2/22	Δ YoY cc	H1/22	Δ YoY cc
Sales	2,925	5%1	5,856	6%1
EBIT	303	1%	609	7%

€m	Q2/22	Δ YoY cc	H1/22	Δ YoY cc
Sales	562	1%1	1,075	4%1
EBIT	11	-31%	19	58%

All figures preliminary figures Before special items ¹ Organic

Helios Germany: Positive admissions trend; patients increasingly returning to hospitals for elective treatments
Helios Spain: Continued healthy activity levels in Spain and Latin America
Helios Fertility: Activity picking up during Q2
Service business showing an ongoing good performance
Macro challenges remain a headwind in the project business
Order backlog at all time high

FY/22 Financial Outlook by Business Segment

otherwise stated)		FY/21 Base	H1/22 prelim.	FY/22e
	Sales growth (org)	7,193	1%	Low single-digit %
	EBIT growth (cc)	1,153	-8%1	Decline in high single- to low double-digit %-range
	Sales growth (org)	10,891	6%	Low-to-mid single-digit %
EBIT growth (cc)	1,127	7%	Mid single-digit %
	Sales growth (org)	2,297	4%	High single- to low double-digit %
	EBIT	101	19	Returning to absolute pre-COVID levels (2019: €134 m)

Before special items and including COVID-19 effects

¹ Excluding Ivenix acquistion

For a detailed overview of special items please see the reconciliation tables provided on our website https://www.fresenius.com/results-center.

FY/22 Financial Guidance

€m (except otherwise stated)		FY/21 Base	H1/22 prelim.	FY/22e	New
	Sales growth (cc)	37,520	4%	Mid single-digit %	Low-to-mid single-digit %
	Net income growth (cc)	1,867	-3%1	Low single-digit %	Decline in low-to mid single-digit %-range

Before special items and including COVID-19 effects Net income attributable to shareholders of Fresenius SE & Co. KGaA

¹ Excluding Ivenix acquisition

For a detailed overview of special items please see the reconciliation tables provided on our website https://www.fresenius.com/results-center.

Medium-term Growth Targets 2020 – 2023 (CAGRs): Sales target specified whilst temporary

headwinds weigh on net income development

Organic sales growth 4 – 7%	Low end of range specified
income1 Organic net growth 5 – 9%	Believed to be no longer achievable

Acquisitions have smaller contributions than the ~1% additional growth originally expected

¹ Net income attributable to shareholders of Fresenius SE & Co.KGaA

Before special items

Agenda

Fresenius Kabi: Solid Q2/22 on tough comps; completion of acquisition of majority stake in mAbxience imminent; biosimilar business progressing well

North America Ivenix

Solid quarter with market share gains despite supply disruptions, staff shortages and inflationary headwinds

Price pressure eased; low single-digit price erosion in our base product portfolio in Q2/22

GPO tendering in line with expectations; new price scheme to be implemented in Q3/22

FDA inspected Melrose Park facility feedback expected in Q3/22

Integration of business is progressing well

Large volume pump including infusion management software tool receiving promising customer feedback

Asia-Pacific

China marked by significant NVBP related price pressure

APAC ex China with good business performance in Q2/22

Biosimilars

Closing of acquisition of majority stake in mAbxience expected short-term

Clinical programs for further molecules of Kabi's portfolio progressing according to plan

Fresenius Helios: Continued healthy activity levels in Germany and Spain; limited impact from cost inflation; Fertility business progressing well

Helios Germany Helios Spain Helios Fertility

Solid admissions growth sequentially (+4%) and Q2 year-over-year (+5%)

Patients returning to hospitals for elective treatments, COVID-19 no longer seen as hurdle

Sufficient bed capacity available despite rising number of Omicron patients

¹ Merco Corporate Reputation Business Monitor, Spain, 2022

Ongoing growing activity levels in Spain and Latin America

Omicron wave in Q2: Moderate impact from related temporary local staff shortages

Acquisition of two small medical centers near Barcelona and Zaragoza; hospital expansions in Madrid and Málaga completed; opening of new health center in Madrid

Quirónsalud ranked1 amongst TOP 30 most reputed companies in Spain, #1 in healthcare

Activity picking up during Q2 due to receding COVID-related impact

Acquisition of two facilities in Brazil and one in the U.S. (North Carolina)

Further bolt-on acquisitions expected in FY/22

Fresenius Vamed: Macro challenges remain a headwind in the project business; service business shows continuing good performance

Macro challenges

• Supply chain disruptions and higher material costs weigh on project business in Q2/22

Service business - good performance

Rehabilitation business supported by ongoing good activity levels
Continued strong contribution from high-end services

Project business – order intake remains at a high level

Sales in project business decreased by 12% in Q2/22 over a strong prior year
Order backlog at all-time high €3.73bn

Major turnkey contract in Q2/22:

• Turnkey Project, Regional Hospitals in Angola

Fresenius Kabi: Preliminary Q2 & H1/22 Organic Sales Growth by Regions

€m	Q2/22	Δ YoY organic	H1/22	Δ YoY organic
North America	606	3%	1,185	0%
Europe	658	4%	1,298	3%
Emerging Markets	632	-2%	1,260	0%
Total sales	1,896	2%	3,743	1%

Fresenius Kabi: Preliminary Q2 & H1/22 EBIT Growth

€m	Q2/22	Δ YoY cc	H1/22	Δ YoY cc
North America	174	-4%	330	-10%
Margin	28.7%	-230 bps	27.8%	-330 bps
Europe	80	-17%	161	-26%
Margin	12.2%	-330 bps	12.4%	-480 bps
Emerging Markets	140	-18%	313	3%
Margin	22.2%	-380 bps	24.8%	+80 bps
Corporate and Corporate R&D	-123	0%	-240	13%
Total EBIT	271	-15%1	564	-8%1
Margin	14.3%	-270 bps	15.1%	-120 bps

All figures before special items

Margin growth at actual rates