Fresenius SE & Co. KGaA

Quarterly Report • May 6, 2022

Q1 2022

QUARTERLY FINANCIAL REPORT

TABLE OF CONTENTS

3 Fresenius Group figures at a glance 13 Fresenius Medical Care 28 Consolidated financial statements

- 5 Strategy and goals

• 8 Results of operations, financial position, assets and liabilities 21 Subsequent events 36 Notes
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• 11 Investments
• 11 Cash flow
• 12 Asset and liability structure

13 Business segments

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• 20 Rating
• 7 Healthcare industry 21 Oppotunities and risk report
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• 8 Sales 22 Outlook 2022
• 9 Earnings 25 Reconciliation tables
• 10 Reconciliation 27 Estimated COVID-19 effects 56 Financial Calendar

• 15 Fresenius Kabi 28 Consolidated statement of income
• 17 Fresenius Helios 29 Consolidated statement of comprehensive income
• 4 Shareholder information 19 Fresenius Vamed 30 Consolidated statement of financial position
  • 20 Employees 31 Consolidated statement of cash flows
  • 20 Changes to the Management Board 33 Consolidated statement of changes in equity
• 5 Management Report 20 Research and development 35 Consolidated segment reporting first 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 March 31, 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	Q1 /20 22	Gro wth	Gro wth in c tant ons cur ren cy
Sa les	9, 720	8%	5%
IT1 EB	996	-1%	-5%
1,2 Ne t in com e	46 2	6%	3%

BALANCE SHEET

€ i illio n m ns	Ma rch 31 , 202 2	Dec . 31 , 20 21	Cha nge
To tal ets ass	73, 114	962 71,	2%
3 Eq uity	30, 584	29, 288	4%
3 Eq uity tio ra	42 %	41 %
1,4 Ne t d ebt /E BIT DA	3.6 0	3.5 1

PROFITABILITY

	Q1 /20 22	Q1 /20 21
in1 EB IT ma rg	10. 2%	2% 11.
1,2,5 Ret uity af x ( RO E) ter ta urn on eq	9.5 %	9.8 %
1,5 tin RO OA Ret ts ( ) urn on op era g a sse	6.3 %	6.5 %
1,5 Ret in ted ita l (R OIC ) urn on ves ca p	5.6 %	5.9 %

5 2021: annual return FY/21

¹ Before special items

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

³ Including noncontrolling interests

⁴ At LTM average exchange rates for both net debt and EBITDA; pro forma closed acquisitions /divestitures

SHAREHOLDER INFORMATION

The war in Ukraine led to great volatility on the stock markets. The DAX declined by 9% in Q1/22 while the Fresenius share closed 6% lower at €33.35 on March 31, 2022.

KEY DATA OF THE FRESENIUS SHARE

DAX

Fresenius share

	Q1 /20 22	202 1	Gro wth
Nu mb of s har (M h 3 1/ De c. 3 1) er es arc	8, 502 143 55 ,	8, 502 143 55 ,	0%
n1 Sto ck han tio in € ota exc ge qu
Hig h	37 .88	47 .44	-20 %
Low	27 .65	33 .45	-17 %
iod ati sin ric e in Per d q clo € uot -en on g p	33 .35	35 .40	-6%
Ø T rad ing lum e ( mb of sha ad ing da ) r tr vo nu er res pe y	1, 895 335 ,	1, 40 5, 53 6	35 %
2 in Ma rke ital iza tio illio n € (M h 3 1/ De c. 3 1) t ca p n m arc	18, 623	19, 77 1	-6%
3 Ear nin sh in € gs per are	0.8 3	3.3 5	--

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

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

DEVELOPMENT IN FIRST QUARTER 2022

The war in Ukraine has led to great human suffering and economic hardship. The outlook for the global economy has become more uncertain and depends crucially on how the conflict develops and the impact of sanctions measures. Inflation is currently at a high level, additionally driven by supply-side bottlenecks, energy price shocks and rising commodity prices in connection with the war in Ukraine.

According to the ECB's current forecast, the economy in the euro zone will grow by 3.7% this year. The ECB left its key interest rate unchanged at 0.00% during its March meeting.

The Federal Reserve's latest forecast projects the U.S. economy to grow by 2.8% in 2022. The U.S. Federal Reserve increased the existing interest rates corridor by 25bps to 0.25% to 0.50% at its March meeting.

Within this economic environment, the DAX decreased by 9% in the first three months of 2022 to 14,415 points. The Fresenius share lost 6% in Q1/ 22 and closed at €33.35 on March 31, 2022.

INTERIM GROUP MANAGEMENT REPORT

Fresenius with solid start to 2022 despite macroeconomic challenges

• ► Fresenius Medical Care in line with its expectations countering significant headwinds
• ► Fresenius Kabi's solid financial performance based on strong Emerging Markets growth
• ► Fresenius Helios' strong performance driven by growing admissions in Germany and Spain
• ► Fresenius Vamed with continued progress towards normal operations, very good performance in the service business
• ► Ongoing headwinds from cost inflation and supply chain challenges, with uncertainty and volatility fueled by the Ukraine war
• ► Guidance for 2022 confirmed
• ► Fresenius appoints Sara Hennicken as Chief Financial Officer -- Rachel Empey to leave company at own request
• ► Dr. Carla Kriwet to succeed Rice Powell on January 1, 2023, as Chief Executive Officer of Fresenius Medical Care and member of the Fresenius Management Board

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. Our goal is to

expand Fresenius' position as a leading global provider of products, services, and therapies for critically and chronically ill people. 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. The program aims to further safeguard the medium-term targets and 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 pages 25 to 27).

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.

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

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

The war between Russia and Ukraine, could 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, price increases including gas and oil prices, could lead to, amongst others, higher costs for energy, manufacturing of supplies and transportation of goods.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% (5% in constant currency) to €9,720 million (Q1/ 21: €8,984 million). Organic growth was 3%. Acquisitions /divestitures contributed net 2% to growth. Currency translation increased sales growth by 3%. Excluding estimated COVID-19 effects1, Group sales growth would have been 5% to 6% in constant currency (Q1/ 21: 4% to 5%).

SALES BY REGION

€ i illio n m ns	Q1 /20 22	Q1 /20 21	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 / Oth ture s ers	f to % o tal sale s
No rth Am eri ca	3, 759	3, 44 3	9%	7%	2%	-1%	2%	1%	39 %
Eu rop e	4, 38 1	4, 111	7%	0%	7%	6%	1%	0%	45 %
As ia- Pac ific	004 1,	920	9%	5%	4%	4%	0%	0%	10 %
Lat in A ric me a	47 2	42 2	12 %	1%	11 %	9%	2%	0%	5%
Afr ica	104	88	18 %	3%	15 %	15 %	0%	0%	1%
To tal	9, 720	8, 984	8%	3%	5%	3%	2%	0%	100 %

SALES BY BUSINESS SEGMENT

€ i illio n m ns	Q1 /20 22	Q1 /20 21	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 / Oth ture s ers	tal sale f to % o s 2
Fre ius sen
Me dic al C are	8 4, 54	210 4,	8%	5%	3%	2%	1%	0%	% 47
Fre ius Ka bi sen	1, 847	1, 76 1	5%	4%	1%	1%	0%	0%	19 %
ius lios Fre He sen	2, 93 1	649 2,	11 %	0%	11 %	8%	3%	0%	30 %
Fre ius Va d sen me	513	47 7	8%	1%	7%	7%	0%	0%	4%
To tal	9, 720	8, 984	8%	3%	5%	3%	2%	0%	100 %

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

EARNINGS

Group EBITDA before special items increased by 2% (-2% in constant currency) to €1,658 million (Q1/ 212: €1,631 million). Reported Group EBITDA was €1,595 million (Q1/ 21: €1,628 million).

Group EBIT before special items decreased by 1% (-5% in constant currency) to €996 million (Q1/ 212: €1,009 million) driven by the COVID-19-related excess mortality among Fresenius Medical Care's patients as well as elevated labor, material and logistic costs. The EBIT margin before special items was 10.2% (Q1 / 212: 11.2%). Reported Group EBIT was €902 million (Q1/ 21: €1,006 million).

Group net interest before special items improved to -€119 million (Q1/ 212: -€137 million) mainly due to successful refinancing activities. Reported Group net interest also improved to -€118 million (Q1/ 21: -€137 million).

Group tax rate before special items was 22.7% (Q1/ 212: 22.8%) while the reported Group tax rate was 23.6% (Q1/ 21: 22.8%).

Noncontrolling interests before special items were -€216 million (Q1/ 212: -€237 million) of which 88% were attributable to the noncontrolling interests in Fresenius Medical Care. Reported noncontrolling interests were -€186 million (Q1/ 21: -€236 million).

€ i illio n m ns	Q1 /20 22	Q1 /20 21	Gro wth
Sa les	9, 720	8, 984	8%
Co of les sts sa	-7, 162	-6, 52 6	-10 %
Gr ofi t oss pr	2, 55 8	2, 45 8	4%
Se llin al a nd ad mi nis tive tra g, ge ner ex pen ses	-1, 47 7	-1, 266	-17 %
Res ch and de vel nt ear op me exp ens es	-17 9	-18 6	4%
Op tin inc e ( EB IT) era g om	902	006 1,	-10 %
Int lt st r ere esu	-11 8	-13 7	14 %
Fin cia l re sul t an	-11 8	-13 7	14 %
Inc e b efo inc e t om re om axe s	78 4	86 9	-10 %
Inc e ta om xes	-18 5	-19 8	7%
Ne t in com e	59 9	67 1	-11 %
No olli int ntr sts nco ng ere	-18 6	-23 6	21 %
1,2 Ne t in ibu tab le t o F ius SE &C KG aA ttr com e a res en o.	46 2	43 6	6%
1 Ne t in ttri but ab le t o F ius SE &C KG aA com e a res en o.	41 3	43 5	-5%
1,2 Ea rni ord ina sha (€) ng s p er ry re	0.8 3	0.7 8	6%
1,2 dil ing ina Fu lly d e ord sha (€) ute arn s p er ry re	0.8 3	0.7 8	6%
1 Ea rni ord ina sha (€) ng s p er ry re	0.7 4	0.7 8	-5%
1 Fu lly dil d e ing ord ina sha (€) ute arn s p er ry re	0.7 4	0.7 8	-5%
of s Av mb har era ge nu er es	55 8, 502 143 ,	55 7, 54 1, 159	0%
2
EB ITD A 2	658 1,	63 1, 1	2%
De cia tio nd iza tio ort pre n a am n 2	662	622	6%
EB IT	996	1, 009	-1%
2 EB ITD A m in arg	1% 17.	18. 2%
2 EB IT in ma rg	10. 2%	11. 2%

Group net income1 before special items increased by 6% (3% in constant currency) to €462 million (Q1/ 212: €436 million). Excluding estimated COVID-19 effects3, Group net income1 before special items would have been broadly stable (-2% to 2% in constant currency (Q1/ 21: 0% to 4%). Reported Group net income1 decreased to €413 million (Q1/ 21: €435 million).

Earnings per share1 before special items increased by 6% (3% in constant currency) to €0.83 (Q1/ 212: €0.78). Reported earnings per share1 were €0.74 (Q1/ 21: €0.78).

RECONCILIATION

Consolidated results for Q1 / 2022 and Q1/ 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),
• ►impacts related to the war in Ukraine as well as
• ► transaction costs mAbxience, Ivenix.

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 25 onwards.

1 Net income attributable to shareholders of Fresenius SE&Co. KGaA 2 Before special items 3 For estimated COVID-19 effects in Q1/22 and Q1/21 please see table on page 27.

For a detailed overview of special items please see the reconciliation tables on pages 25-27.

INVESTMENTS

Spending on property, plant and equipment was €338 million corresponding to 3% of sales (Q1/ 21: €384 million; 4% of sales). These investments served primarily for the modernization and expansion of dialysis clinics, production facilities as well as hospitals and day clinics.

Total acquisition spending was €162 million (Q1/ 21: €149 million), mainly for the acquisition of dialysis clinics by Fresenius Medical Care and hospitals by Helios Spain.

CASH FLOW

Group operating cash flow decreased to €101 million (Q1/21: €652 million) with a margin of 1.0% (Q1/21: 7.3%), 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 -€255 million (Q1/21: €241 million). Free cash flow after acquisitions and dividends decreased to -€403 million (Q1/ 21: €117 million).

INVESTMENTS/ACQUISITIONS BY BUSINESS SEGMENT

€ i illio n m ns	Q1 /20 22	Q1 /20 21	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	245	315	162	83	-22 %	49 %
Fre ius Ka bi sen	86	100	84	2	-14 %	17 %
Fre ius He lios sen	151	93	79	72	62 %	30 %
Fre ius Va d sen me	18	22	12	6	-18 %	4%
Co rat rpo e	0	3	1	-1	-10 0%	0%
To tal	50 0	533	33 8	162	-6%	100 %

CASH FLOW STATEMENT (SUMMARY)

€ i illio n m ns	Q1 / 202 2	Q1 /20 21	Gro wth
Ne t in com e	599	67 1	% -11
De cia tio nd iza tio ort pre n a am n	693	622	11 %
Ch ing ital ork d o the ang e w ca p an rs	-1, 191	-64 1	-86 %
Op tin Ca sh flo era g w	101	652	-85 %
Ca ital dit et p ex pen ure , n	6 -35	-41 1	13 %
Ca sh flo bef isit ion nd div ide nd ore ac qu s a s w	-25 5	24 1	--
Ca sh d f uis itio /pr eds fro m d ive stit use or acq ns oce ure s	-92	-63	-46 %
Div ide id nds pa	-56	-61	8%
uis itio ivid Fre ash flo fte d d ds e c w a r a cq ns an en	-40 3	117	--
Ca vid for fin ing tiv itie sh ed by /us ed pro anc ac s	-31 9	-12 3	-15 9%
Eff of cha ch e in sh and sh uiv ale ect tes nts ex nge ra on ang ca ca eq	35	46	-24 %
Ne ha e i ash d c ash uiv ale t c nts ng n c an eq	-68 7	40	--

ASSET AND LIABILITY STRUCTURE

Group total assets increased by 2% (0% in constant currency) to €73,114 million (Dec. 31, 2021: €71,962 million) given currency translation effects and the expansion of business activities. Current assets increased by 3% (2% in constant currency) to €18,002 million (Dec. 31, 2021: €17,461 million), mainly driven by the increase of trade accounts receivables. Non-current assets increased by 1% (0% in constant currency) to €55,112 million (Dec. 31, 2021: €54,501 million).

Total shareholders' equity increased by 4% (3% in constant currency) to €30,584 million (Dec. 31, 2021: €29,288 million). The equity ratio was 41.8% (Dec. 31, 2021: 40.7%).

Group debt remained stable (0% in constant currency) at €27,211 million (Dec. 31, 2021: €27,155 million). Group net debt increased by 3% (2% in constant currency) to €25,134 million (Dec. 31, 2021: €24,391 million).

As of March 31, 2022, the net debt/EBITDA ratio increased to 3.60x1,2 (Dec. 31, 2021: 3.51x1,2) mainly driven by COVID-19 effects weighing on operating cash flow.

BALANCE SHEET

€ i illio n m ns	Ma rch 31 , 202 2	Dec . 31 , 202 1	Cha nge
As set s
Cu nt ets rre ass	18, 002	46 17, 1	3%
the f tr ade cei vab les nts reo ac cou re	7, 794	7, 045	11 %
the f in ies tor reo ven	4, 42 3	4, 218	5%
the f ca sh and sh uiv ale nts reo ca eq	2, 077	2, 764	-25 %
No ent set n-c urr as s	55 112 ,	54 50 1 ,	1%
f p uip the lan nd ert t a nt reo rop y, p eq me	649 12,	569 12,	1%
the f g ood wil l an d o the r in ible tan set reo g as s	33, 209	32, 774	1%
the f ri ht- of- set reo g use -as s	5, 994	6, 014	0%
To tal set as s	73, 114	962 71,	2%
Lia bil itie uit nd sha reh old ' eq s a ers y
Lia bil itie s	42 53 0 ,	42 674 ,	0%
the f tr ade ble nts reo ac cou pa ya	1, 897	2, 039	-7%
the f a ual nd oth sho lia bil itie rt-t reo ccr s a er erm s	10, 43 5	10, 594	-2%
the f d ebt reo	27, 21 1	27, 155	0%
the f le lia bili tie reo ase s	6, 584	6, 59 0	0%
No oll ing in ntr ter est nco s	10, 714	10, 29 0	4%
niu s S E& Co Ga uit To tal Fr . K A s ha reh old ' eq ese ers y	19, 870	18, 998	5%
To tal sh ho lde rs' uit are eq y	30 584 ,	29, 28 8	4%
lia bil itie uit To tal nd sha reh old ' eq s a ers y	73, 114	71, 962	2%

BUSINESS SEGMENTS

FRESENIUS MEDICAL CARE

Fresenius Medical Care is the world's largest provider of products and services for individuals with renal diseases. As of March 31, 2022, Fresenius Medical Care was treating approximately 343,493 patients in 4,153 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	Q1 /20 22	Q1 /20 21	Gro wth	Gro wth in c tant ons cur ren cy
Sa les	4, 54 8	4, 210	8%	3%
A1 EB ITD	816	865	-6%	-10 %
IT1 EB	40 3	47 7	-15 %	-19 %
1,2 Ne t in com e	200	25 1	-20 %	-23 %
Em loy (M 31 /D 31 ) p ees ar. ec.	130 177 ,	130 25 1 ,	0%

• ► Higher than anticipated COVID-19-related excess mortality, but declining throughout the quarter
• ► Earnings development affected by ongoing significantly elevated labor costs compounded by effects from Omicron in Health Care Services and by increased material and logistic costs in Health Care Products
• ► Earnings development in EMEA additionally impacted by the war in Ukraine

Sales increased by 8% (3% in constant currency) to €4,548 million (Q1/21: €4,210 million). Organic growth was 2%. Currency translation increased sales growth by 5%.

EBIT decreased by 27% (-30% in constant currency) to €348 million (Q1/ 21: €474 million) resulting in a margin of 7.6% (Q1/ 21: 11.3%). EBIT before special items, i.e. costs incurred for FME25 and the impact related to the war in Ukraine, decreased by 15% (-19% in constant currency) to €403 million (Q1/ 21: €477 million), resulting in a margin1 of 8.9% (Q1/ 21: 11.3%). At constant currency, the

decline was mainly due to higher labor costs, adverse COVID-19-related effects, as well as inflationary and supply chain cost increases. These effects were only partially mitigated by the partial reversal of an accrual related to a revenue recognition adjustment for accounts receivable in legal dispute.

Net income2 decreased by 37% (-39% in constant currency) to €157 million (Q1/ 21: €249 million). Net income² before special items decreased by 20% (-23% in constant currency) to €200 million (Q1/21: €251 million) mainly due to the mentioned negative effects on operating income.

Operating cash flow was €159 million (Q1/ 21: €208 million) with a margin of 3.5% (Q1/ 21: 4.9%). The decrease was mainly due to continued recoupment of the U.S. government's payments received in 2020 under the CARES Act and a decrease in net income, partially offset by a favorable impact from trade accounts and other receivables.

1 Before special items

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

For FY/ 22, Fresenius Medical Care confirms its outlook and expects revenue1 and net income2,3 to grow at low- to mid-single-digit percentage rates in constant currency4.

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

1 FY / 21 base: €17,619 million

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

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 €49 million (for net income). They are based on the assumptions outlined in the press release on the Q4 and FY 2021 results (Feb.22, 2022), in constant currency and exclude special items. Special items include further costs related to FME25, the impacts related to the war in Ukraine, 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	Q1 /20 22	Q1 /20 21	Gro wth	Gro wth in c tant ons cur ren cy
Sa les	847 1,	76 1, 1	5%	1%
A1 EB ITD	39 6	374	6%	1%
IT1 EB	293	276	6%	0%
1,2 Ne t in com e	20 1	190	6%	1%
Em loy (M 31 /D 31 ) p ees ar. ec.	41 926 ,	41 39 7 ,	1%

• ► North America performance impacted by persistent headwinds
• ► Emerging Markets showed strong earnings growth
• ► Acquisition of Ivenix and majority stake in mAbxience expected to accelerate growth

Sales increased by 5% (1% in constant currency) to €1,847 million (Q1/ 21: €1,761 million). Organic growth was 1%. Positive currency translation effects of 4% were mainly related to the U.S. dollar and Chinese yuan.

Sales in North America increased by 4% (organic growth: -3%) to €579 million (Q1/ 21: €558 million). The organic revenue decrease was mainly due to high level of COVID-related absenteeism of production staff and ongoing competitive pressure.

Sales in Europe increased by 2% (organic growth: 2%) to €640 million (Q1/ 21: €626 million) mainly driven by increasingly normalizing volume demand given progressing recovery of elective treatments.

Sales in Asia-Pacific increased by 10% (organic growth: 3%) to €433 million (Q1/ 21: €392 million), due to solid growth across the region. In China, higher sales of products not affected by the NVBP (National Volume-Based Procurement) tenders contributed positively.

Sales in Latin America/Africa increased by 5% (organic growth: 2%) to €195 million (Q1/ 21: €185 million), over a high prior-year COVID-19-related base.

Sales in the Biosimilars business was €23 million, consistent with Fresenius Kabi's expectations.

EBIT¹ increased by 6% (0% in constant currency) to €293 million (Q1/ 21: €276 million) with an EBIT margin1 of 15.9% (Q1/ 21: 15.7%). The high level of absenteeism of production staff primarily due to COVID-19, ongoing competitive pressure, supply chain challenges as well as input cost inflation weighed on the financial performance.

Fresenius

1st Quarter 2022 Quarterly Financial Report

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

Net income1,2 increased by 6% (increased by 1% in constant currency) to €201 million (Q1/ 21: €190 million).

Operating cash flow decreased to €133 million (Q1/ 21: €278 million) with a margin of 7.2% (Q1/ 21: 15.8%) mainly driven by a working capital build-up from e.g. higher raw material inventories.

For FY/ 22, Fresenius Kabi confirms its outlook and expects organic sales3 growth in a low-single-digit percentage range. Constant currency EBIT4 is expected to decline in a high-single- to low-double-digit percentage range. Both sales and EBIT outlook include expected COVID-19 effects.

In March, the acquisitions of Ivenix and a majority stake in mAbxience were announced. mAbxience significantly enhances Fresenius Kabi's presence in the highgrowth biopharmaceuticals market. The acquisition of Ivenix, closed at the beginning of May, strengthens the company's MedTech business. The financial effects from both acquisitions are excluded from guidance.

¹ Before special items

² Net income attributable to shareholders of Fresenius SE&Co. KGaA 3 FY/21 base: €7,193 million

4 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 88 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	Q1 /20 22	Q1 /20 21	Gro wth	Gro wth in c tant ons cur ren cy
Sa les	2, 93 1	2, 649	11 %	11 %
A1 EB ITD	42 8	38 0	13 %	13 %
IT1 EB	30 6	268	14 %	15 %
1,2 t in Ne com e	195	173	13 %	13 %
Em loy (M 31 /D 31 ) p ees ar. ec.	124 43 0 ,	123 484 ,	1%

• ► Helios Germany with solid organic growth based on increased number of admissions
• ► Helios Spain delivered excellent organic sales and earnings growth given continued strong activity levels
• ► Helios Fertility with solid financial performance

Sales increased by 11% (11% in constant currency) to €2,931 million (Q1/21: €2,649 million). Organic growth was 8%. Acquisitions, mainly at Helios Fertility, contributed 3% to sales growth.

Sales of Helios Germany increased by 7% (organic growth: 5%) to €1,783 million (Q1/ 21: €1,673 million), mainly driven by increasing admissions, which are however still below pre-pandemic levels. Hence growth was supported by COVID-19-related reimbursement schemes. Acquisitions contributed 1% to sales growth.

Sales of Helios Spain increased by 12% (12% in constant currency) to €1,089 million (Q1/ 21: €976 million). Organic growth of 11% was driven by consistently high activity levels. The hospitals in Latin America also contributed to sales growth. Acquisitions contributed 1% to sales growth.

Sales of the Helios Fertility were €57 million.

EBIT¹ increased by 14% (15% in constant currency) to €306 million (Q1/ 21: €268 million) with an EBIT margin1 of 10.4% (Q1/ 21: 10.1%).

EBIT1 of Helios Germany increased by 3% to €154 million (Q1/21: €150 million) with an EBIT margin1 of 8.6% (Q1/ 21: 9.0%). COVID-related elevated staff absenteeism at the beginning of the quarter weighed on profitability. Inflationary effects had only a small negative impact.

EBIT1 of Helios Spain increased by 21% (22% in constant currency) to €153 million (Q1/ 21: €126 million) due to the consistently high level of treatments. The Latin American business also showed a good performance. The EBIT margin1 was 14.0% (Q1/ 21: 12.9%).

EBIT1 of Helios Fertility was €4 million with an EBIT¹ margin of 7.0%.

Net income1,2 increased by 13% (13% in constant currency) to €195 million (Q1/ 21: €173 million).

Operating cash flow decreased to -€136 million (Q1/21: €215 million) with a margin of -4.6% (Q1/21: 8.1%) following a strong Q4/ 21 and COVID-19-related delays in budget negotiations in Germany.

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.

1 Before special items

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

For a detailed overview of special items please see the reconciliation table on page 27.

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	Q1 /20 22	Q1 /20 21	Gro wth	Gro wth in c tant ons cur ren cy
Sa les	513	47 7	8%	7%
A1 EB ITD	32	17	88 %	82 %
IT1 EB	8	-4	--	--
1.2 Ne t in com e	4	-7	157 %	157 %
Em loy (M 31 /D 31 ) p ees ar. ec.	19, 51 1	19, 72 1	-1%

• ► Project business still marked by COVID-19-related headwinds as well as global supply chain challenges and cost inflation
• ► Service business supported by increasing elective treatment activity
• ► Excellent order intake

Sales increased by 8% (7% in constant currency) to €513 million (Q1/ 21: €477 million). Organic growth was 7%.

Sales in the service business increased by 12% (11% in constant currency) to €405 million (Q1/ 21: €363 million) due to recovering elective treatments. Sales in the project business decreased by 5% (-5% in constant currency) to €108 million (Q1/ 21: €114 million), driven by COVID-19-related headwinds as well as global supply chain challenges.

EBIT¹ increased to €8 million (Q1/ 21: -€4 million) mainly driven by the service business with an EBIT margin1 of 1.6% (Q1/ 21: -0.8%).

Net income1,2 increased to €4 million (Q1/ 21: -€7 million).

Order intake was €263 million (Q1 / 21: €138 million). As of March 31, 2022, order backlog was at €3,626 million (December 31, 2021: €3,473 million).

Operating cash flow decreased to -€45 million (Q1/ 21: -€44 million) with a margin of -8.8% (Q1/21: -9.2%), due to phasing effects and COVID-19-related delays in the project business as well as some working capital build-ups.

For FY/ 22, Fresenius Vamed confirms its outlook and expects organic sales3 growth in a high-single to lowdouble-digit percentage range and constant currency EBIT4 to return to absolute pre-COVID-19 levels (FY/ 19: €134 million). Both sales and EBIT outlook include expected COVID-19 effects.

⁴ FY / 21 base: €101 million, before special items; FY / 22 before special items

EMPLOYEES

As of March 31, 2022, the number of employees was 317,242 (Dec. 31, 2021: 316,078).

NUMBER OF EMPLOYEES

Nu mb of loy er em p ees	Ma rch 31 , 202 2	Dec . 31 , 202 1	Gro wth
Fre ius M ed ica l C sen are	130 177 ,	130 25 1 ,	0%
Fre ius Ka bi sen	926 41 ,	39 41 7 ,	1%
Fre ius He lios sen	124 43 0 ,	123 484 ,	1%
ius Fre Va d sen me	19, 51 1	19, 72 1	-1%
Co rat rpo e	1, 198	1, 225	-2%
To tal	31 7, 242	6, 31 078	0%

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 world's leading provider of products and services for individuals with renal diseases, on January 1, 2023. 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 when his contract ends on December 31, 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. Helen Giza, Chief Financial Officer of Fresenius Medical Care, will enter a new fiveyear contract, and in addition to her current positions as CFO and CTO will assume the position of Deputy CEO.

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	Q1 /20 22	Q1 /20 21	Gro wth
Fre ius M ed ica l C sen are	50	49	2%
1 ius bi Fre Ka sen	128	137	-7%
Fre ius He lios sen	0	1	-10 0%
Fre ius Va d sen me	-	-	--
Co rat rpo e	0	-1	100 %
1 To tal	178	186	-4%

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 March 31, 2022.

Russia's war against the Ukraine, could 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 possible deterioration of the global macroeconomic outlook. While the direct and indirect impact of the war is difficult to predict at the present time, price increases including gas and oil prices, could lead to, amongst others, higher costs for energy, manufacturing of supplies and transportation of goods. A potential disruption in energy supplies from Russia may have additional adverse effects on our business, as well as an expansion of the war beyond the borders of Ukraine with significant consequences for Europe as a whole. Furthermore, our ability to access capital could be impacted by increases in interest rates. Overall, the abovementioned factors could 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 months of 2022. We expect further negative effects on our business and result of operations for the second quarter 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 unfavorable 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 analyzes 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 49 to 50 in the Notes of this report.

SUBSEQUENT EVENTS

April 2022 was characterized worldwide by a regionally varying development of the COVID-19 pandemic with continuing high infection numbers. 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. Cost inflation and supply chain disruption continues to be a theme on a global level.

The ongoing war from Russia against the Ukraine may have direct and indirect negative effects on the Fresenius Group's business activities, which, however, cannot be estimated at present.

Information on changes to the Management Board are provided on page 20.

Beyond that, there have been no significant changes in the industry environment. 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 quarter of 2022.

OUTLOOK 2022

ASSUMPTIONS FOR GUIDANCE FY/22

COVID-19 will continue to impact Fresenius' operations in 2022. Fresenius expects COVID-19 case numbers to decline going forward and consequently the number of elective treatments and staff availability to improve. An unlikely but possible significant deterioration of the situation triggering containment measures that could have a significant and direct impact on the healthcare sector without any appropriate compensation is not reflected in the Group's FY/ 22 guidance.

The war in Ukraine is affecting Fresenius Group's operations. The adverse effect of the war amounted to €14 million at net income level of Fresenius Group in the first quarter and is treated as a special item. Fresenius will continue to monitor closely the potential effects of the war.

With the increased uncertainty and volatility related to the Ukraine war, Fresenius now expects more pronounced cost inflationary effects and supply chain disruptions in 2022.

The Management Board assumes an unchanged corporate tax rate in the United States.

Furthermore, the 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 recently announced acquisitions of Ivenix and the majority stake in mAbxience as well as any further potential acquisitions are excluded from guidance.

FRESENIUS GROUP

For FY/ 22, Fresenius confirms its guidance and projects sales growth1 in a mid-single-digit percentage range in constant currency. Net income2,3 is expected to grow in a low-single-digit percentage range in constant currency. Implicitly, net income2 for the Group excluding Fresenius Medical Care is also expected to grow in a low-single-digit percentage range in constant currency.

Without further acquisitions4, Fresenius projects an improvement of the net debt/EBITDA5 ratio (December 31, 2021: 3.51x6) into the self-imposed target corridor of 3.0x to 3.5x by the end of 2022. Fresenius expects the net debt/EBITDA ratio to slightly increase once the acquisitions of Ivenix and the majority stake in mAbxience are closed.

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 23.

PROGRESS ON EFFICIENCY MEASURES TO SUSTAINABLY IMPROVE PROFITABILITY

The Group's cost and efficiency program is evolving 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.

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%).

1 FY/21 base: €37,520 million

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

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

4 Cut-off date 22 February 2022

5 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 6 At LTM average exchange rates for both net debt and EBITDA; pro forma closed acquisitions/divestitures; before special items; including lease liabilities

For a detailed overview of special items please see the reconciliation tables on pages 25-27.

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

1 Cut-off date 22 February 2022

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 further acquisitions1, Fresenius projects an improvement of the net debt/EBITDA2 ratio (December 31, 2021: 3,51×3) into the self-imposed target corridor of 3.0× to 3.5× by the end of 2022. Fresenius expects the net debt/EBITDA ratio to slightly increase once the acquisitions of Ivenix and the majority stake in mAbxience are closed.

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 assume that the return on operating assets (ROOA 2021: 6.5%) and the return on invested capital (ROIC 2021: 5.9%) will remain on prior year level.

/divestitures; excluding further potential acquisitions; before special items; including lease liabilities

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 28 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%. Fresenius intends to increase the dividend for 2022.

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
Sa les th (in ) sta nt gr ow con cur ren cy	€3 7, 520 m	th tag per cen e g row	firm ed con
		Low sin le-d ig it g
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	firm ed con

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 ius ica l C Fre M ed sen are
Sa (in les th ) sta nt gr ow con cur ren cy	619 €1 7, m	Low id s ing le-d ig it -to -m th tag per cen e g row	firm ed con
4 g Ne t in th (in ) sta nt com e row con cur ren cy	€1 018 m ,	Low id -to -m sin ig it le-d g th tag per cen e g row	firm ed con
ius bi Fre Ka sen
Sa ic) les th (or gr ow gan	€7 193 m ,	Low sin le-d ig it g th tag per cen e g row	firm ed con
EB IT h ( in c ) wt tan t c gro ons urr enc y	€1 153 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
in c EB IT h ( ) 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 ic) les th (or gr ow gan	€2 297 m ,	Hig h s ing le- to low do ub le-d ig it th tag per cen e g row	firm ed con
EB IT	€1 01 m	Ret ing 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 €49 million (for net income). They are based on the assumptions outlined in the press release on the Q4 and FY 2021 results (Feb.22, 2022), in constant currency and exclude special items. Special items include further costs related to FME25, the impact related to the war in Ukraine, 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

RECONCILIATION TABLES

RECONCILIATION FRESENIUS GROUP Q1

				Gro wth rat e in c tant ons
€ i illio n m ns	Q1 /20 22	Q1 /20 21	Gro wth rat e	cur ren cy
Sa les d rte re po	9, 720	8, 984	8%	5%
(af eci ite ) EB IT ed al ort ter rep sp ms	902	006 1,	-10 %	-14 %
Rev alu ati of bi osi mi lars nti rch ice lia bil itie nt ons co nge pu ase pr s	-2	-
Ex iate d w ith the Fr niu d e ffic ien ost pen ses as soc ese s c an cy pro gra m	64	3
Im ela ted th in Uk rai ts r to pac e w ar ne	30	-
Tra ctio Ab xie Ive nix ost nsa n c s m nce ,	2	-
EB IT (be for ial ite ) e s pec ms	996	009 1,	-1%	-5%
t in d ( cia l it s) Ne aft ter est rte re po er spe em	-11 8	-13 7	14 %	17 %
Rev alu ati of bi osi mi lars nti rch ice lia bil itie nt ons co nge pu ase pr s	-1	-
t in cia l it Ne (b efo s) ter est re spe em	-11 9	-13 7	13 %	16 %
eci ite Inc ed (af al ) e t ort ter om axe s r ep sp ms	-18 5	-19 8	7%	10 %
ati of bi osi mi nti ice lia bil itie Rev alu lars rch nt ons co nge pu ase pr s	1	-
Ex iate d w ith the Fr niu d e ffic ien ost pen ses as soc ese s c an cy pro gra m	-12	-1
Im ela ted th in Uk rai ts r to pac e w ar ne	-3	-
Tra ctio Ab xie Ive nix ost nsa n c s m nce ,	0	-
eci ite Inc s ( bef al ) e t om axe ore sp ms	-19 9	-19 9	0%	4%
ing in eci ite No oll ed (af al ) ntr ter est ort ter nco s r ep sp ms	-18 6	-23 6	21 %	25 %
iate ith niu ffic ien Ex d w the Fr d e ost pen ses as soc ese s c an cy pro gra m	-17	-1
Im ela ted th in Uk rai ts r to pac e w ar ne	-13	-
ing in eci ite No oll s ( bef al ) ntr ter est nco ore sp ms	6 -21	-23 7	9%	13 %
t in eci ite 1 Ne ed (af al ) ort ter com e r ep sp ms	413	43 5	-5%	-8%
Rev alu ati of bi osi mi lars nti rch ice lia bil itie nt ons co nge pu ase pr s	-2	-
Ex iate d w ith the Fr niu d e ffic ien ost pen ses as soc ese s c an cy pro gra m	35	1
in rai Im ela ted th Uk ts r to pac e w ar ne	14	-
Tra ctio Ab xie Ive nix ost nsa n c s m nce ,	2	-
1 t in eci ite Ne e ( bef al ) com ore sp ms	46 2	43 6	6%	3%

The special items shown within the reconciliation tables are reported in the Corporate segment.

RECONCILIATION FRESENIUS MEDICAL CARE Q1

€ i illio n m ns	Q1 /20 22	Q1 /20 21	Gro wth rat e	Gro wth rat e in c tant ons cur ren cy
Sa les d rte re po	4, 54 8	4, 21 0	8%	3%
(af eci ite ) EB IT ed al ort ter rep sp ms	34 8	474	-27 %	-30 %
Co late d t o F ME 25 sts re pro gra m	33	3
Im ela ted th in Uk rai ts r to pac e w ar ne	22	-
EB IT (be for ial ite ) e s pec ms	403	47 7	% -15	-19 %
1 t in (af eci ite ) Ne ed al ort ter com e r ep sp ms	157	249	-37 %	-39 %
Co late d t o F ME 25 sts re pro gra m	24	2
in rai Im ela ted th Uk ts r to pac e w ar ne	19	-
1 Ne t in e ( bef eci al ite ) com ore sp ms	20 0	25 1	-20 %	-23 %

The special items shown within the reconciliation tables are reported in the Corporate segment.

RECONCILIATION FRESENIUS KABI Q1

€ i illio n m ns	Q1 /20 22	Q1 /20 21	Gro wth rat e	Gro wth rat e in c tant ons cur ren cy
Sa les d rte re po	1, 847	1, 76 1	5%	1%
Rev alu ati of bi osi mi lars nti rch ice lia bil itie nt ons co nge pu ase pr s	-2	-
Ex iate d w ith the Fr niu d e ffic ien ost pen ses as soc ese s c an cy pro gra m	28	-
Im ela ted th in Uk rai ts r to pac e w ar ne	8	-
Tra ctio Ab xie Ive nix ost nsa n c s m nce ,	2	-
(be for ial ite ) EB IT e s pec ms	293	276	6%	0%

The special items shown within the reconciliation tables are reported in the Corporate segment.

RECONCILIATION FRESENIUS HELIOS Q1

EB IT (be for ial ite ) e s pec ms	30 6	26 8	14 %	15 %
iate ith niu ffic ien Ex d w the Fr d e ost pen ses as soc ese s c an cy pro gra m	0	-
Sa les d rte re po	2, 93 1	649 2,	11 %	11 %
€ i illio n m ns	Q1 /20 22	Q1 /20 21	Gro wth rat e	Gro wth rat e in c tant ons cur ren cy

The special items shown within the reconciliation tables are reported in the Corporate segment.

RECONCILIATION FRESENIUS VAMED Q1

€ i illio n m ns	Q1 /20 22	Q1 /20 21	Gro wth rat e	Gro wth rat e in c tant ons cur ren cy
Sa les d rte re po	513	47 7	8%	7%
iate ith niu ffic ien Ex d w the Fr d e ost pen ses as soc ese s c an cy pro gra m	1	-
EB IT (be for ial ite ) e s pec ms	8	-4	--	--

The special items shown within the reconciliation tables are reported in the Corporate segment.

ESTIMATED COVID-19 EFFECTS Q1

	Re d g th rte rat po row e in sta nt con cu rre ncy inc lud ing CO VID -19 -ef fec ts		im Est d ate CO VID -19 im t pac in sta nt con cu rre ncy		im Est d g th ate rat row e in sta nt con cu rre ncy lud ing CO VID -19 -ef fec ts exc
€ i illio n m ns	Q1 /20 22	Q1 /20 21	Q1 /20 22	Q1 /20 21	Q1 /20 22	Q1 /20 21
Sa les	5%	3%	0 t 1% o -	-1 -2% to	5 t o 6 %	4 t o 5 %
1 Ne t in e ( bef eci al i s) tem com ore sp	3%	-2%	% 5 t o 1	-2 -6% to	-2 2% to	0 t % o 4

FRESENIUS SE&CO. KGAA CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)

€ i illio n m ns	Q1 /20 22	Q1 /20 21
Sa les	9, 720	8, 984
Co f sa les st o	-7, 162	-6, 52 6
Gr ofi t oss pr	2, 55 8	2, 45 8
Se llin al a nd ad mi nis tive tra g, ge ner ex pen ses	-1, 47 7	-1, 266
Res ch and de vel nt ear op me exp ens es	-17 9	-18 6
Op tin inc e ( EB IT) era g om	902	006 1,
Ne t in ter est	-11 8	-13 7
efo inc Inc e b e t om re om axe s	784	869
Inc e ta om xes	-18 5	-19 8
t in Ne com e	59 9	67 1
No olli int ntr sts nco ng ere	186	236
t in ibu niu Ne tab le t ha reh old of Fr s S E& Co . K Ga A ttr com e a o s ers ese	413	435
rni in € Ea sha ng s p er re	0.7 4	0.7 8
dil ing in € Fu lly d e sha ute arn s p er re	0.7 4	0.7 8

FRESENIUS SE&CO. KGAA CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

€ i illio n m ns	Q1 /20 22	Q1 /20 21
t in Ne com e	59 9	67 1
Ot he he nsi inc e ( los s) r c om pre ve om
sit ion hic ill sif ied in in e i Po h w be las ub to net nt s w rec com n s seq ue yea rs
For eig nsl ati tra n c urr enc y on	519	797
Ca sh flow he dg es	-1	1
OC ins FV I de bt tru nts me	-19	-10
Inc siti hic h w ill b ecl ifie d e ta om xes on po ons e r ass w	3	2
sit ion hic ill ssi fie d i t in e i Po h w be cla ub not nto nt s w re ne com n s seq ue yea rs
Ac ria l ga ins de fin ed ben efit nsi lan tua on pe on p s	30 7	91
Eq uity eth od inv har f O CI est m ees - s e o	-12	-9
FV OC I eq uity in tm ent ves s	5	6
Inc siti hic h w ill n be las sifi ed e ta ot om xes on po ons rec w	-92	-28
Ot nsi inc he he net r c om pre ve om e,	710	850
To tal reh siv e i co mp en nco me	1, 30 9	1, 52 1
siv e i tri llin int Co reh bu tab le t at tro sts mp en nco me o n on con g ere	44 8	662
Co reh siv e i tri bu tab le t ha reh old of Fr niu s S E& Co . K Ga A at mp en nco me o s ers ese	86 1	859

FRESENIUS SE&CO. KGAA CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED)

ASSETS

LIABILITIES

€ i illio n m ns	Ma rch 31 , 20 22	Dec ber 31, 202 1 em
Cas iva h a nd h e len ts cas qu	2, 077	764 2,
Tra de d o the cei vab les les llow nts acc ou an r re s a anc es , for it lo ted ed ex pec cr sse s	7, 794	7, 045
Ac cei vab le f d lo late d p ies nts to art cou re rom an ans re	189	147
Inv ori ent es	4, 42 3	4, 218
Oth t as set er cur ren s	3, 519	3, 287
I. T l cu ota nt ets rre ass	18, 002	17, 46 1
uip Pro lan nd ty, t a nt per p eq me	649 12,	569 12,
Rig ht- of- set use as s	5, 994	6, 014
Go ill odw	29, 373	28, 943
Oth int ible set er ang as s	3, 836	3, 83 1
Oth ent set er no n-c urr as s	2, 34 0	2, 286
De fer red ta xes	920	858
II. To tal ent set no n-c urr as s	55 112 ,	54 50 1 ,
To tal set as s	73, 114	962 71,

€ i illio n m ns	Ma rch 31 , 20 22	Dec ber 31, 202 1 em
Tra de ble nts acc ou pa ya	897 1,	2, 039
Sh ble late d p ies ort -te nts to art rm ac cou pa ya re	59	92
Sh ovi sio lia bil itie and her sh ort -te ot ort -te rm pr ns rm s	7, 902	7, 915
Sh de bt ort -te rm	2, 652	2, 84 1
Sh de bt f late d p ies ort -te art rm rom re	9	8
Cu rtio f lo m d ebt nt ter rre po n o ng-	153	3 47
Cu rtio f le lia bil itie nt rre po n o ase s	850	832
Cu rtio f b ond nt rre po n o s	270	618
Sh lia bil itie s fo r in ort -te e ta rm com xes	34 6	244
lia bil itie A. To tal sh ort -te rm s	14, 138	062 15,
Lon m d ebt les rtio ter ent g- s c urr po n ,	3, 244	2, 127
Lea liab ilit ies les rtio ent se s c urr po n ,	5, 734	5, 758
Bo nds les rtio ent s c urr po n ,	13, 815	016 14,
Co rtib le b ond nve s	484	48 2
vis ion liab ilit ies Lon nd oth lon ter ter g- m pro s a er g- m	1, 803	1, 788
Pen sio n l iab ilit ies	1, 392	1, 675
liab ilit ies r in Lon fo ter e ta g- m com xes	270	25 1
De fer red ta xes	650 1,	1, 515
lia bil itie B. To tal lo -te ng rm s	28, 392	27, 612
l lia bil itie I. T ota s	42 53 0 ,	674 42 ,
ing in A. No oll ntr ter est nco s	10, 714	10, 29 0
Su rib ita bsc ed l cap	55 8	55 8
Ca ital p re ser ve	4, 026	4, 026
Oth er res erv es	15, 287	14, 860
Ac ula ted her reh ive lo ot cum co mp ens ss	-1	6 -44
niu ' e ity B. To tal Fr s S E& Co . K Ga A s ha reh old ese ers qu	19, 870	18, 998
rs' uit II. To tal sh ho lde are eq y	30 584 ,	29, 28 8
' eq To tal lia bil itie nd sha reh old uit s a ers y	73, 114	71, 962

FRESENIUS SE&CO. KGAA CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)

€ i illio n m ns	Q1 /20 22	Q1 /20 21
Op tin cti vit ies era g a
Ne t in com e	599	67 1
jus nci inc Ad le n ash d tm ent s t et e t o r eco om o c an h e iva len vid ed by tin cti vit ies ts cas qu pro op era g a
cia tio iza tio De nd ort pre n a am n	693	622
Ch e in de fer red ta ang xes	-22	-24
Ga in o ale of fix ed d o f in nd div itu ets tm ent est n s ass an ves s a res	-11	-8
Ch s in liab ilit ies of nd set et nts an ge as s a , n am ou sin uir dis fro bu ed ed of m ess es acq or pos
Tra de d o the cei vab les nts acc ou an r re	-66 4	-52 7
Inv ori ent es	-12 7	-49
Oth nd t a ent set er cur ren no n-c urr as s	-21 2	-62
Ac cei vab le f /pa ble late d p ies nts to art cou re rom ya re	-21	-40
Tra de ble isio and her sh d lo liab ilit ies nts ot ort -te ter acc ou pa ya , p rov ns rm an ng- m	-24 9	-6
Lia bil itie s fo r in e ta com xes	115	75
ide ing tiv itie Ne ash d b t c rat pr ov y o pe ac s	101	652
Inv ing tiv itie est ac s
Pu rch of lan nd ipm ert t a ent ase pr op y, p equ ital ize and d d lop nt ts ca p eve me cos	-36 2	-41 7
Pro ds fro ale f p lan nd ipm ert t a ent cee m s s o rop y, p equ	6	6
isit ion inv Ac nd est nts qu s a me and rch f in ible tan set pu ase s o g as s	-12 5	-13 5
fro of in div itu Pro ds ale nd tm ent est cee m s ves s a res	33	72
Ne ash ed in inv ing tiv itie t c est us ac s	-44 8	-47 4

FRESENIUS SE&CO. KGAA CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)

€ i illio n m ns	Q1 /20 22	Q1 /20 21
Fin cin cti vit ies an g a
Pro ds fro ho de bt rt-t cee m s erm	87 1	1, 865
Re of sh de bt nts ort -te pay me rm	037 -1,	-64
Pro ds fro lon m d ebt ter cee m g-	652	46 8
of Re lo m d ebt nts ter pay me ng-	-47 2	-64 5
Re of lea liab ilit ies nts pay me se	-23 3	-22 4
Re of lia bil itie s fr bo nds nts pay me om	-62 7	-1, 535
Pro ds fro he cei vab le f aci lity of Fr niu s M ed ica l C m t nts cee acc ou re ese are	52 0	12
Pro ds fro he rcis f st ock tio m t cee exe e o op ns	1	1
Div ide id nds pa	-56	-61
Ch e in olli int ntr sts et ang no nco ng ere , n	6	-1
in fin cin cti vit ies Ne ash ed t c us an g a	-37 5	-18 4
Eff of cha ch ash d c ash uiv ale ect ate nts ex ng e r an ge s o n c an eq	35	46
inc in iva Ne t d e/ h a nd h e len ts ecr eas rea se cas cas qu	-68 7	40
Ca sh d c ash uiv ale th e b inn ing of th ing rio d nts at ort an eq eg e r ep pe	2, 764	837 1,
uiv rtin eri Ca sh d c ash ale th nd of the od nts at an eq e e re po g p	2, 077	1, 877

ADDITIONAL INFORMATION ON PAYMENTS

THAT ARE INCLUDED IN NET CASH PROVIDED BY OPERATING ACTIVITIES

€ i illio n m ns	Q1 /20 22	Q1 /20 21
Rec eiv ed int st ere	26	20
Pai d i nte t res	8 -15	3 -14
Inc id e ta om xes pa	-87	-83

FRESENIUS SE&CO. KGAA CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)

		Su rib Ca ital bsc ed p
	of Num ber ord inar y sh are s in t hou d san	Am t oun € in tho nds usa	Am t oun € in mi llion s	Cap ital rese rve € in mi llion s	Oth er rese rves € in mi llion s
As of De be r 3 1, 202 0 cem	55 7, 54 1	55 7, 54 1	55 7	3, 992	13, 535
Pro ds fro he rcis f st ock tio m t cee exe e o op ns	1	1	0	0
Co ati ela ted ck tio to sto mp ens on exp ens e r op ns				0
Div ide id nds pa					--
Pu rch of olli int ntr sts ase no nco ng ere
Put tio n l iab ilit ies op					-1
Co reh ive in e ( los s) mp ens com
Ne t in com e					43 5
Oth siv e in hen e ( los s) er com pre com
Ca sh flow he dg es
Ch f F VO CI uity in tm ent ang e o eq ves s
For eig nsl ati tra n c urr enc on y
Ac ria l ga ins de fin ed ben efit nsi lan tua on pe on p s
Fai lue ch r va ang es
Co reh ive in e ( los s) mp ens com					43 5
of As M h 3 1, 202 1 arc	55 7, 542	55 7, 542	55 7	3, 992	969 13,
As of De be r 3 1, 202 1 cem	55 8, 502	55 8, 502	55 8	026 4,	860 14,
Pro ds fro he rcis f st ock tio m t cee exe e o op ns			--	0
Co ati ela ted ck tio to sto mp ens on exp ens e r op ns				--
Div ide id nds pa					--
Pu rch of olli int ntr sts ase no nco ng ere				0
tio iab ilit ies Put n l op					11
Tra nsf of ula tive ins /lo f e ity inv est nts er cum ga sse s o qu me					3
Co reh ive in e ( los s) mp ens com
Ne t in com e					3 41
Oth hen siv e in e ( los s) er com pre com
Ca flow sh he dg es
Ch f F VO CI uity in tm ent ang e o eq ves s
eig ati For nsl tra n c urr enc y on
Ac ria l ga ins de fin ed ben efit nsi lan tua on pe on p s
Fai lue ch r va ang es
Co ive in reh e ( los s) mp ens com					41 3
As of M h 3 1, 202 2 arc	55 8, 502	55 8, 502	55 8	4, 026	15, 287

FRESENIUS SE&CO. KGAA CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)

		Ac ula ted her ot cum
	For eig n cur ren cy slat ion tran € in mi llion s	Cas h flo w hed ges € in mi llion s	Pen sion s € in mi llion s	Equ ity inve stm ents € in mi llion s	Fair val ue cha nge s € in mi llion s	Tot al Fre ius sen SE& Co. KG aA rs' sha reh olde ity equ € in mi llion s	Non trol ling con inte rest s € in mi llion s	Tot al rs' sha reh olde ity equ € in mi llion s
As of De be r 3 202 0 1, cem	-70 4	-62	-40 5	9	27	16, 949	9, 074	26, 023
Pro ds fro he rcis f st ock tio m t cee exe e o op ns						0	0	0
Co ati ela ted ck tio to sto mp ens on exp ens e r op ns						0	0	0
Div ide nds id pa						--	-61	-61
of olli int Pu rch ntr sts ase no nco ng ere						--	35	35
Put tio n l iab ilit ies op						-1	-3	-4
Co reh ive in e ( los s) mp ens com
Ne t in com e						43 5	236	67 1
Oth hen siv e in e ( los s) er com pre com
Ca flow sh he dg es		1				1	-2	-1
Ch f F VO CI uity in tm ent ang e o eq ves s				1		1	3	4
For eig nsl atio tra n c urr enc y n	39 1	0	-2	0		38 9	41 0	799
Ac ria l ga ins de fin ed ben efit nsi lan tua on pe on p s			38			38	27	65
Fai lue ch r va ang es					-5	-5	-12	-17
Co reh ive in e ( los s) mp ens com	39 1	1	36	1	-5	859	662	52 1, 1
As of M h 3 1, 202 1 arc	-31 3	-61	-36 9	10	22	17, 807	9, 707	27, 514
As of De be r 3 1, 202 1 cem	54	-66	-41 1	-42	19	18, 998	10, 29 0	29, 28 8
Pro ds fro he rcis f st ock tio m t cee exe e o op ns						0	1	1
Div ide nds id pa						0	-56	-56
Pu rch of olli int ntr sts ase no nco ng ere						0	7	7
Put tio n l iab ilit ies op						11	24	35
Tra nsf of ula tive ins /lo f e ity inv est nts er cum ga sse s o qu me				-3		--	--
Co ive in reh e ( los s) mp ens com								--
Ne t in com e						3 41	186	599
Oth hen siv e in e ( los s) er com pre com								--
Ca sh flow he dg es		-2				-2	1	-1
Ch f F VO CI uity in tm ent ang e o eq ves s				5		5	0	5
eig atio For nsl tra n c urr enc y n	30 9	-1	-1	0	0	30 7	22 1	52 8
Ac ria l ga ins de fin ed ben efit nsi lan tua on pe on p s			147			147	68	215
Fai lue ch r va ang es					-9	-9	-28	-37
Co reh ive in e ( los s) mp ens com	30 9	-3	146	5	-9	86 1	8 44	30 9 1,
As of M h 3 1, 202 2 arc	363	-69	-26 5	-40	10	19, 870	10, 714	30 584 ,

FRESENIUS SE&CO. KGAA CONSOLIDATED SEGMENT REPORTING FIRST QUARTER (UNAUDITED)

	Fre ius M ed ica l C Fre ius Ka bi Fre sen are sen sen		ius He	lios Fre ius Va d sen me				Co rat rpo e			Fre ius Gr sen ou p
by bus ine € i illio nt, ss seg me n m ns	22 202	13 202	Gro wth	24 202	202 1	Gro wth	25 202	202 1	Gro wth	25 202	202 1	Gro wth	26 202	17 202	Gro wth	202 2	202 1	Gro wth
Sa les	4, 54 8	4, 210	8%	1, 847	76 1, 1	5%	2, 93 1	649 2,	11 %	513	47 7	8%	-11 9	-11 3	-5%	9, 720	8, 984	8%
the f co ibu tio ntr n t reo o
ida sol ted les con sa	4, 534	4, 199	8%	1, 829	1, 745	5%	926 2,	643 2,	11 %	43 1	39 7	9%	0	0		9, 720	8, 984	8%
the f in ale ter reo com pan y s s	14	11	27 %	18	16	13 %	5	6	-17 %	82	80	3%	-11 9	-11 3	-5%	--	--
trib uti sol ida ted les to con on con sa	47 %	47 %		19 %	20 %		30 %	29 %		4%	4%		0%	0%		100 %	100 %
EB ITD A	816	865	-6%	39 6	374	6%	42 8	38 0	13 %	32	17	88 %	-77	-8	--	1, 595	1, 628	-2%
De cia tio nd iza tio ort pre n a am n	41 3	38 8	6%	103	98	5%	122	112	9%	24	21	14 %	31	3	--	693	622	11 %
EB IT	40 3	47 7	-15 %	293	276	6%	6 30	268	14 %	8	-4	--	-10 8	-11	--	902	006 1,	-10 %
Ne t in ter est	-69	-76	9%	-11	-17	35 %	-48	-44	-9%	-2	-3	33 %	12	3	--	-11 8	-13 7	14 %
Inc e ta om xes	-79	-95	16 %	-62	-59	-5%	-58	-48	-21 %	-1	1	-20 0%	15	3	--	-18 5	-19 8	7%
Ne t in ttri but ab le t har eho lde com e a o s rs
of ius SE &C KG Fre aA sen o.	200	25 1	-20 %	20 1	190	6%	195	173	13 %	4	-7	157 %	-18 7	-17 2	-9%	41 3	43 5	-5%
Op tin ash flo era g c w	159	208	-24 %	133	278	-52 %	-13 6	215	-16 3%	-45	-44	-2%	-10	-5	-10 0%	101	652	-85 %
Ca sh flow be for isit ion e a cqu s
and di vid end s	-1	29	-10 4%	39	146	-73 %	-22 7	138	--	-54	-66	18 %	-12	-6	-10 0%	-25 5	24 1	--
1 To tal ets ass	34, 724	34, 36 7	1%	14, 974	14, 698	2%	21, 266	20, 89 1	2%	2, 87 1	2, 795	3%	-72 1	-78 9	9%	73, 114	71, 962	2%
1 De bt	13, 343	13, 32 0	0%	078 4,	159 4,	-2%	8, 067	8, 059	0%	802	72 1	11 %	92 1	896	3%	27, 21 1	27, 155	0%
1 Oth tin liab ilit ies er op era g	5, 945	6, 199	-4%	3, 232	3, 250	-1%	3, 323	3, 176	5%	987	994	-1%	182	385	-53 %	13, 669	14, 004	-2%
Ca ital dit p ex pen ure , g ros s	162	184	-12 %	84	99	-15 %	79	76	4%	12	22	-45 %	1	3	-67 %	33 8	384	-12 %
Ac isit ion /in tm ent qu s, g ros s ves s	83	131	-37 %	2	1	100 %	72	17	--	6	0		-1	0		162	149	9%
Res ch and de vel nt ear op me exp ens es	50	49	2%	128	137	-7%	0	1	-10 0%	--	--		1	-1	200 %	179	186	-4%
Em loy p ees
1 (pe ita bal hee t d ) ate r c ap on anc e s	130 177 ,	30, 25 1 1	0%	926 41 ,	39 41 7 ,	1%	24, 43 0 1	123 484 ,	1%	19, 51 1	19, 72 1	-1%	198 1,	225 1,	-2%	3 242 17,	3 16, 078	0%
fig Key ure s
EB ITD A m in arg	17. 9%	20 .5%		21 .4%	21 .2%		14. 6%	14. 3%		6.2 %	3.6 %					4 17. 1%	5 18. 2%
in EB IT ma rg	8.9 %	11. 3%		15. 9%	15. 7%		10. 4%	10. 1%		1.6 %	-0. 8%					4 10. 2%	5 11. 2%
De cia tio nd iza tio ort pre n a am n
in % of sal es	9.1 %	9.2 %		5.6 %	5.6 %		4.2 %	4.2 %		4.7 %	4.4 %					7.1 %	6.9 %
Op tin ash flo w i n % of les era g c sa	3.5 %	4.9 %		7.2 %	15. 8%		-4. 6%	8.1 %		-8. 8%	-9. 2%					1.0 %	7.3 %
1 RO OA	5.5 %	6.2 %		9.3 %	9.4 %		6.0 %	5.9 %		4.7 %	4.3 %					8 6.3 %	9 6.5 %

1 2021: December 31

2 Before costs related to FME25 program and impacts related to the war in Ukraine

3 Before costs related to FME25 program

4 Before revaluations of biosimilars contingent purchase price liabilities, expenses associated with the Fresenius cost and efficiency program, impacts related to the war in Ukraine and transaction costs mAbxience, Ivenix

5 Before expenses associated with the Fresenius cost and efficiency program

6 After revaluations of biosimilars contingent purchase price liabilities, expenses associated with the Fresenius cost and efficiency program, impacts related to the war in Ukraine and transaction costs mAbxience, Ivenix

7 After expenses associated with the Fresenius cost and efficiency program

8 The underlying pro forma EBIT does not include revaluations of biosimilars contingent purchase price liabilities, expenses associated with the Fresenius cost and efficiency program, impacts related to the war in Ukraine and transaction costs mAbxience, Ivenix.

9 The underlying pro forma EBIT does not include revaluations of biosimilars contingent purchase price liabilities and expenses associated with the Fresenius cost and efficiency program.

The consolidated segment reporting is an integral part of the notes.

TABLE OF CONTENTS NOTES

• -
  -
  -
  • 38 IV. Recent pronouncements, applied 44 12. Debt 54 21. Share-based compensation plans
  • 38 V. Recent pronouncements, not yet applied 46 13. Bonds 55 22. Subsequent events
• 39 2. Acquisitions, divestitures and investments

41 Notes on the consolidated statement of income

• 41 3. Special items
• 41 4. Sales
• 42 5. Research and development expenses
• 42 6. Taxes
• 42 7. Earnings per share

37 General Notes 43 Notes on the consolidated statement of financial position 49 Other notes

• 37 1. Principles 43 8. Trade accounts and other receivables 49 17. Legal and regulatory matters
  -
  -
  -
  -
  -
  -
  • 47 15. Noncontrolling interests
  • 48 16. Fresenius SE&Co. KGaA shareholders' equity

• 37 I. Group structure 43 9. Inventories 50 18. Financial instruments
• 37 II. Basis of presentation 43 10. Other current and non-current assets 53 19. Information on capital management
• 37 III. Summary of significant accounting policies 44 11. Goodwill 53 20. Notes on the consolidated segment reporting
  -
  -
  • 47 14. Convertible bonds 55 23. Corporate Governance

GENERAL NOTES

1. PRINCIPLES

I. GROUP STRUCTURE

Fresenius is a global health care group with products and services for dialysis, hospitals and outpatient medical care. In addition, the Fresenius Group focuses on hospital operations and also manages projects and provides services for hospitals and other health care facilities worldwide. Besides the activities of the parent company Fresenius SE&Co. KGaA, Bad Homburg v. d. H., Germany, the operating activities are organized amongst the following legally independent business segments as of March 31, 2022:

• ► Fresenius Medical Care
• ► Fresenius Kabi
• ► Fresenius Helios
• ► Fresenius Vamed

The reporting and functional currency of the Fresenius Group is the euro. In order to improve the clarity of presentation, amounts are generally presented in million euros. Amounts less than €1 million, after rounding, are marked with ''0''.

II. BASIS OF PRESENTATION

Fresenius SE&Co. KGaA, as a stock exchange listed company with a domicile in a member state of the European Union (EU), fulfills its obligation to prepare and publish the consolidated financial statements in accordance with the International Financial Reporting Standards (IFRS) as adopted by the EU and applying Section 315e of the German Commercial Code (HGB).

The consolidated interim financial statements and accompanying condensed notes are prepared in accordance with the International Accounting Standard (IAS) 34. The primary financial statements are presented in the format consistent with the consolidated financial statements as of December 31, 2021. The consolidated interim financial statements have been prepared in accordance with the Standards and interpretations in effect on the reporting date, and endorsed in the EU, as issued by the International Accounting Standards Board (IASB) and the IFRS Interpretations Committee (IFRS IC).

The interim financial statements have been prepared in accordance with the same general accounting policies applied in the preparation of the consolidated financial statements as of December 31, 2021.

III. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of consolidation

The condensed consolidated financial statements and interim management report for the first quarter ended March 31, 2022 have not been audited nor reviewed and should be read in conjunction with the notes included and published in the consolidated financial statements as of December 31, 2021 applying Section 315e HGB in accordance with IFRS as adopted by the EU.

Except for the reported acquisitions (see note 2, Acquisitions, divestitures and investments), there have been no other material changes in the Fresenius Group's consolidation structure.

The consolidated financial statements for the first quarter ended March 31, 2022 include all adjustments that, in the opinion of the Management Board, are of a normal and recurring nature and are necessary to provide a fair presentation of the assets and liabilities, financial position and results of operations of the Fresenius Group.

The results of operations for the first quarter ended March 31, 2022 are not necessarily indicative of the results of operations for the fiscal year 2022.

Classifications

Comparative information for certain items have been reclassified to conform with current year's presentation.

Government grants and impacts of COVID-19 pandemic

In the first quarter of 2022, the Fresenius Group received reimbursement payments and funding from various governments due to the COVID-19 pandemic. They have been accounted for in accordance with terms and regulations set forth in by the local laws and regulations.

In Germany, the hospitals of the Fresenius Group have received reimbursements and grants in the first quarter of 2022 to compensate for COVID-19 related financial charges. In the first quarter of 2022, the German hospitals of the Fresenius Group received total reimbursements and grants of €166 million (Q1/2021: €216 million), of which €158 million (Q1 / 2021: €207 million) were recorded in sales and €8 million (Q1 / 2021: €9 million) as grants in other operating income.

In the United States, Fresenius Medical Care North America received government grants from the U.S. government in the amount of €16 million (Q1/ 2021: €7 million). The remaining amount of government grants received recorded in deferred income was US\$46 million (€41 million) at March 31, 2022 and US\$62 million (€55 million) at December 31, 2021. The Fresenius Group also recorded a contract liability for advance payments received under the Center for Medicare and Medicaid (CMS) Accelerated and Advance Payment program which is currently recorded within short-term provisions and other short-term liabilities. Contract liabilities related to the CMS Accelerated and

Advance Payment program were US\$252 million (€227 million) and US\$443 million (€391 million) as of March 31, 2022 and December 31, 2021, respectively.

In addition to the programs above, the Fresenius Group also received grants and other reimbursements in the first quarter of 2022 under various other programs from multiple governments around the world in the amount of €10 million (Q1 / 2021: €6 million).

Use of estimates

The preparation of consolidated financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

IV. RECENT PRONOUNCEMENTS, APPLIED

The Fresenius Group has prepared its consolidated financial statements at and for the three months ended March 31, 2022 in conformity with IFRS, as adopted by the EU, that must be applied for the interim periods starting on or after January 1, 2022.

For the first quarter of 2022, there were no recently implemented accounting pronouncements that had a material effect on the Fresenius Group's consolidated financial statements.

V. RECENT PRONOUNCEMENTS, NOT YET APPLIED The IASB issued the following new standards relevant for the Fresenius Group's business:

In January 2020, the IASB issued Amendments to IAS 1, Classification of Liabilities as Current and Noncurrent. The amendments clarify under which circumstances debt and other liabilities with an uncertain settlement date should be classified as current or non-current. Among others, the amendments state that liabilities shall be classified depending on rights that exist at the end of the reporting period and define under which conditions liabilities might be settled by cash, other economic resources or equity. On July 15, 2020, the IASB deferred the effective date by one year to provide companies with more time to implement any classification changes resulting from the amendments. The amendments to IAS 1 are now effective for fiscal years beginning on or after January 1, 2023. Earlier adoption is permitted. The Fresenius Group is currently evaluating the impact of the amendments to IAS 1 on the consolidated financial statements.

In May 2017, the IASB issued IFRS 17, Insurance Contracts. In June 2020 and December 2021, further amendments were published. IFRS 17 establishes principles for the recognition, measurement, presentation and disclosure related to the issuance of insurance contracts. IFRS 17 replaces IFRS 4, Insurance Contracts, which was brought in as an interim standard in 2004. IFRS 4 permitted the use of national accounting standards for the accounting of insurance contracts under IFRS. As a result of

the varied application for insurance contracts, there was a lack of comparability among peer groups. IFRS 17 eliminates this diversity in practice by requiring all insurance contracts to be accounted for using current values. The frequent updates to the insurance values are expected to provide more useful information to users of financial statements. On June 25, 2020, the IASB issued amendments to IFRS 17, which among others, defer the effective date to fiscal years beginning on or after January 1, 2023. Earlier adoption is permitted for entities that have also adopted IFRS 9, Financial Instruments, and IFRS 15, Revenue from Contracts with Customers. The Fresenius Group is currently evaluating the impact of IFRS 17 on the consolidated financial statements.

The EU Commission's endorsement of the amendments to IAS 1 is still outstanding.

In the Fresenius Group's view, there are no other IFRS standards or interpretations not yet effective that would be expected to have a material impact on the consolidated financial statements.

2. ACQUISITIONS, DIVESTITURES AND INVESTMENTS

The Fresenius Group made acquisitions, investments and purchases of intangible assets of €162 million and €149 million in the first quarter of 2022 and 2021, respectively. Of this amount, €125 million was paid in cash and €37 million was assumed obligations in the first quarter of 2022.

FRESENIUS MEDICAL CARE

In the first quarter of 2022, Fresenius Medical Care spent €83 million (Q1/2021: €131 million) on acquisitions, mainly on the purchase of dialysis clinics.

On March 21, Fresenius Medical Care announced that it had entered into an agreement to create a company that combines Fresenius Health Partners, Inc., the value-based care division of Fresenius Medical Care North America, with InterWell Health LLC, a physician organization driving innovation in the kidney care space in the U.S., and Cricket Health, Inc., a U.S. provider of value-based kidney care with a patient engagement and data platform. The business combination brings together Fresenius Health Partners'

expertise in kidney care value-based contracting and performance, InterWell Health's clinical care models and network of 1,600 nephrologists and Cricket Health's techenabled care model that utilizes its proprietary informatics, StageSmart™ and patient engagement platforms to create an entity targeting the management of care for more than 270,000 people with kidney disease by 2025 and to manage around US\$11 billion (€10 billion) in medical costs in the same year. The closing of the transaction is subject to regulatory review and, if successful, the new entity will be consolidated into Fresenius Medical Care's operating results.

FRESENIUS KABI

In the first quarter of 2022, Fresenius Kabi spent €2 million (Q1/ 2021: €1 million) on acquisitions, for subsequent purchase price payments for acquisitions from previous years.

On March 31, 2022, Fresenius Kabi announced that it has agreed to acquire a stake of 55% of mAbxience Holding S.L. (mAbxience). The purchase price will be a combination of €495 million upfront payment and milestone payments, strictly tied to the achievement of commercial and development targets. The contractual provisions also include a

put/ call option scheme regarding the current owners' remaining shares in mAbxience (45%). mAbxience is a leading international biopharmaceutical company, focused on the rapidly developing market for the development and manufacturing of biological drugs (biosimilars). The company currently employs approximately 600 staff and generated sales of approximately €255 million in 2021. The transaction remains subject to regulatory approvals and other customary closing conditions and is expected to close by mid-2022.

Also on March 31, 2022, Fresenius Kabi announced that it has agreed to acquire Ivenix, Inc. (Ivenix), a specialized infusion therapy company. The purchase price will be a combination of US\$240 million upfront payment and milestone payments, strictly linked to the achievement of commercial and operating targets. The acquisition of Ivenix was closed at the beginning of May 2022.

FRESENIUS HELIOS

In the first quarter of 2022, Fresenius Helios spent €72 million (Q1/ 2021: €17 million) on acquisitions, mainly for the purchase of an oncology clinic and an ophthalmology care center in Colombia as well as the acquisition of a clinic in Spain.

Acquisition of the Eugin Group

On April 14, 2021, Fresenius Helios has finalized the complete acquisition of Luarmia S.L., Spain, holding company of all worldwide activities of the Eugin group, and of NMC Eugin US Corporation from NMC Health (together the Eugin Group), one of the leading international fertility groups. The purchase price is based on a valuation of €430 million. It includes acquired noncontrolling interests and debt of approximately €80 million. The noncontrolling interests are held by the respective senior doctors. The Eugin Group has been consolidated as of April 1, 2021.

Eugin Group's network comprised at the time of the acquisition 31 clinics and additional 34 sites across 9 countries on 3 continents. With about 1,300 employees, the company offers a wide spectrum of state-of-the-art services in the field of fertility treatments. With the acquisition of the Eugin Group, Fresenius Helios becomes a leading player in the dynamically growing market for fertility services and establishes a strong basis for further expansion.

The acquisition was financed through available cash and credit facilities. The purchase price was paid in cash. The transaction was accounted for as a business combination whereby assets and liabilities and noncontrolling interests are recognized at their fair values.

Based on the purchase price allocation, intangible assets in the amount of €41 million and a goodwill of €348 million which is not deductible for tax purposes were recorded for the initial statement of financial position of the Eugin Group. Goodwill mainly represents the market position of the acquired fertility hospitals and employee know-how.

Since January 1, 2022, the Eugin Group forms a new and separate Fresenius Helios business and reporting unit, Helios Fertility, alongside Helios Germany and Helios Spain.

In the first quarter of 2022, the Eugin Group has contributed €57 million to sales and €4 million to the operating income (EBIT) of the Fresenius Group.

FRESENIUS VAMED

In the first quarter of 2022, Fresenius Vamed spent €6 million (Q1/ 2021: €0 million) on acquisitions, mainly for the purchase of one rehabilitation clinic each in the United Kingdom and Germany.

Net income

NOTES ON THE CONSOLIDATED STATEMENT OF INCOME

3. SPECIAL ITEMS

Net income attributable to shareholders of Fresenius SE& Co. KGaA for the first quarter of 2022 in the amount of €413 million includes special items relating to the Fresenius cost and efficiency program (including the FME25 program), impacts related to the war in Ukraine, transaction costs for mAbxience and Ivenix, and the revaluation of biosimilars contingent purchase price liabilities.

The special items had the following impact on the consolidated statement of income of the first quarter of 2022:

Earnings Q1/2022 according

The special items had the following impact on the consolidated statement of income of the first quarter of 2021:

€ i illio n m ns	EBI T	Inte rest exp ens es	Net inc om e ibut able attr to sha reh olde rs of F nius rese SE& Co. KG aA	€ i illio n m ns	EBI
rni Ea s Q 1/2 022 ng , bef eci al ite ore sp ms	996	-11 9	46 2	rni Ea s Q 1/2 021 ng ,
Ex iate d w ith the pen ses as soc Fre ius nd eff icie st a sen co ncy (in din clu the FM E25 pro gra m g m) pro gra	-64	--	-35	Ex iate d w ith the pen ses as soc Fre ius nd eff icie st a sen co ncy (in din clu the FM E25 pro gra m g
in Im ela ted th ts r to pac e w ar Uk rai ne	-30	--	-14	rni s Q rdi Ea 1/2 02 1 a ng cco ng
ctio xie Tra Ab ost nsa n c s m nce , Ive nix	-2	--	-2
Rev alu ati of bi osi mi lars ons tin rch ice nt con ge pu ase pr liab ilit ies	2	1	2

€ i illio n m ns	EBI T	Inte rest exp ens es	ibut able attr to sha reh olde rs of F nius rese SE& Co. KG aA
Ea rni s Q 1/2 021 ng , bef eci ite al ore sp ms	1, 009	-13 7	6 43
Ex iate d w ith the pen ses as soc Fre ius nd eff icie st a sen co ncy (in clu din the FM E25 pro gra m g
m) pro gra	-3	--	-1
rni rdi Ea s Q 1/2 02 1 a ng cco ng IFR S to	1, 006	-13 7	43 5

Net income attributable to shareholders of Fresenius SE& Co. KGaA for the first quarter of 2021 in the amount of €435 million included special items relating to the Fresenius cost and efficiency program (including the FME25 program).

to IFRS 902 -118 413

4. SALES

Sales by activity were as follows:

€ i illio n m ns		Q 1/2 022
	Fre ius sen ical Ca Med re	Fre ius sen i Kab	Fre ius sen ios Hel	Fre ius sen Vam ed	Cor ate por	ius Fre sen Gro up
Sa les fro ith ont ts w tom m c rac cus ers	39 0 4,	828 1,	2, 924	43 0	0	9, 572
the f sa les of rvi reo se ces	3, 49 3	136	2, 920	333	0	6, 882
ice the f sa les of od nd rel d s uct ate reo pr s a erv s	897	1, 690	--	--	--	2, 58 7
the f sa les fro lon du ctio ter ont ts reo m g­ m pro n c rac	--	--	--	97	--	97
the f fu rth sal fro ith ont ts w tom reo er es m c rac cus ers	--	2	4	--	--	6
Oth sal er es	144	1	2	1	--	148
Sa les	4, 534	1, 829	2, 926	43 1	0	9, 720

€ i illio n m ns		Q 1/2 02 1
	ius Fre sen Med ical Ca re	ius Fre sen Kab i	ius Fre sen Hel ios	ius Fre sen Vam ed	Cor ate por	ius Fre sen Gro up
Sa les fro ith ont ts w tom m c rac cus ers	4, 072	1, 744	2, 640	39 6	0	8, 852
f sa of rvi the les reo se ces	3, 233	20	639 2,	294	0	6, 186
the f sa les of od nd rel d s ice uct ate reo pr s a erv s	839	1, 72 1	--	--	--	2, 56 0
the f sa les fro lon du ctio ter ont ts reo m g­ m pro n c rac	--	--	--	102	--	102
the f fu rth sal fro ith ont ts w tom reo er es m c rac cus ers	--	3	1	--	--	4
Oth sal er es	127	1	3	1	--	132
Sa les	199 4,	1, 745	2, 643	39 7	0	8, 984

Other sales include sales from insurance and lease contracts.

5. RESEARCH AND DEVELOPMENT EXPENSES

Research and development expenses of €179 million (Q1 / 2021: €186 million) included expenditures for research and non-capitalizable development costs as well as regular depreciation and amortization expenses relating to capitalized development costs of €5 million (Q1 / 2021: €5 million). The expenses for the further development of the biosimilars business included in the research and development expenses amounted to €34 million in the first quarter of 2022 (Q1/2021: €34 million).

6. TAXES

During the first quarter of 2022, there were no material changes relating to accruals for income taxes as well as recognized and accrued payments for interest and penalties. Further information can be found in the consolidated financial statements as of December 31, 2021 applying Section 315e HGB in accordance with IFRS.

7. EARNINGS PER SHARE

The following table shows the earnings per share including and excluding the dilutive effect from stock options issued:

	Q1 /20 22	Q1 /20 21
€ i illi Nu rat me ors n m on s ,
Ne t in ttri but ab le t com e a o
of sha reh old ers
Fre ius SE &C KG aA sen o.	41 3	43 5
les ffe ct f di lut ion du e to s e rom
Fre ius M ed ica l C sh sen are are s	0	0
Inc vai lab le t om e a o
all ord ina sha ry res	41 3	43 5
De mi in mb of sha nat no ors nu er res
We ig hte d a mb of ver age nu er
ord ina sha nd ing tsta ry res ou	8, 502 143 55 ,	159 55 7, 54 1,
Pot iall dil utiv ent y e
ord ina sha ry res	--	107 835 ,
We ig hte d a mb of ord ina ver age nu er ry
sha nd ing ing di lut ion tsta res ou as sum	55 8, 502 143 ,	55 7, 648 994 ,
Ba sic rni sha in € ea ng s p er re	0.7 4	0.7 8
Fu lly dil d e ing sha in € ute arn s p er re	0.7 4	0.7 8

NOTES ON THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION

8. TRADE ACCOUNTS AND OTHER RECEIVABLES

As of March 31, 2022 and December 31, 2021, trade accounts and other receivables were as follows:

	Ma rch	31 202 2 ,	De ber 31 202 1 cem ,
€ i illio n m ns		the reof dit cre imp aire d		the reof dit cre imp aire d
Tra de d o the cei vab les nts acc ou an r re	8, 302	738	7, 494	69 1
les llow for ted ed it lo s a anc es ex pec cr sse s	50 8	385	9 44	34 0
cei Tra de d o the ble nts et acc ou an r re va s, n	7, 794	353	7, 045	35 1

Within trade accounts and other receivables (before allowances) as of March 31, 2022, €8,180 million (December 31, 2021: €7,378 million) relate to revenue from contracts with customers as defined by IFRS 15. This amount includes €506 million (December 31, 2021: €448 million) of allowances for expected credit losses. Further trade accounts and other receivables, net, relate to other sales.

9. INVENTORIES

As of March 31, 2022 and December 31, 2021, inventories consisted of the following:

€ i illio n m ns	Ma r. 3 1, 2 022	Dec . 31 , 20 21
ria Raw ls a nd rch d c ate ts m pu ase om po nen	1, 055	97 1
Wo rk in pro ces s	464	44 0
Fin ish ed ds goo	3, 060	2, 96 1
les s r ese rve s	156	154
ori Inv ent t es, ne	4, 423	4, 21 8

10. OTHER CURRENT AND NON-CURRENT ASSETS

At equity investments as of March 31, 2022 in the amount of €817 million (December 31, 2021: €804 million) mainly related to the equity method investee of Fresenius Medical Care named Vifor Fresenius Medical Care Renal Pharma Ltd. In the first quarter of 2022, income of €11 million (Q1/2021: €28 million) resulting from this equity investment was included in selling, general and administrative expenses in the consolidated statement of income.

11. GOODWILL

The carrying amount of goodwill has developed as follows:

€ i illio n m ns	ius Fre sen Med ical Ca re	ius Fre sen Kab i	ius Fre sen Hel ios	ius Fre sen Vam ed	Cor ate por	ius Fre sen Gro up
ing Ca of Jan 1, 202 1 nt rry am ou as ua ry	12, 959	5, 058	8, 27 8	298	6	26, 59 9
dit ion Ad s	444	--	62 1	0	--	065 1,
Dis als pos	--	-1	0	--	--	-1
For eig nsl ati tra n c urr enc y on	958	31 6	4	2	--	1, 280
Ca ing of De be r 3 202 nt 1, 1 rry am ou as cem	36 14, 1	373 5,	8, 903	30 0	6	28, 943
Ad dit ion s	14	--	61	6	--	81
Dis als pos	--	--	-2	--	--	-2
For eig nsl ati tra n c urr enc on y	254	93	4	0	--	35 1
Ca ing of Ma rch 31 202 2 nt rry am ou as ,	629 14,	46 6 5,	96 6 8,	6 30	6	29, 373

The increase of goodwill mainly relates to foreign currency translation.

12. DEBT

SHORT-TERM DEBT

As of March 31, 2022 and December 31, 2021, short-term debt consisted of the following:

	Bo ok val ue
€ i illio n m ns	Ma rch 31 , 20 22	Dec ber 31, 202 1 em
ius SE &C KG Co ial Fre aA Pap sen o. mm erc er	880	056 1,
Fre ius M ed ica l C AG &C KG aA Co ial Pap sen are o. mm erc er	55 6	715
Oth sho de bt rt­t er erm	1, 216	1, 070
Sh de bt ort -te rm	2, 652	2, 84 1

LONG-TERM DEBT

As of March 31, 2022 and December 31, 2021, long-term debt net of debt issuance costs consisted

of the following:

	Bo ok val ue
€ i illio n m ns	Ma rch 31 , 20 22	Dec ber 31, 202 1 em
Sch uld sch ein Lo ans	1, 610	1, 757
cei aci lity of niu ica l C Ac Re vab le F Fr s M ed nts cou ese are	6 52	--
Loa n f th e E n I Ba nk stm ent rom uro pea nve	40 0	--
Oth er	86 1	843
Su bto tal	3, 39 7	2, 600
les rtio ent s c urr po n	153	47 3
Lo de bt, le rtio -te nt ng rm ss cu rre po n	3, 244	2, 127

Schuldschein Loans

As of March 31, 2022 and December 31, 2021, Schuldschein Loans of the Fresenius Group net of debt issuance costs consisted of the following:

				Bo ok € i n m	val ue illio ns
	Not iona l am t oun	Mat urit y	Inte rest rat e fixe d/ iabl var e	Ma rch 31 , 20 22	Dec . 31 , 20 21
Fre ius SE &C KG aA 20 17 /20 22 sen o.	€3 72 mi llio n	Jan . 31 202 2 ,	0.9 3% / iab le var	--	372
Fre ius SE &C KG aA 20 15 /20 22 sen o.	€2 1 m illio n	Ap ril 7, 202 2	1.6 1%	21	21
Fre ius SE &C KG aA 20 19 /20 23 sen o.	€3 78 mi llio n	Se t. 2 5, 202 3 p	0.5 5% / iab le var	37 8	37 8
Fre ius SE &C KG aA 20 17 /20 24 sen o.	€4 21 mi llio n	Jan . 31 202 4 ,	1.4 0% / iab le var	42 1	42 1
Fre ius SE &C KG aA 20 19 /20 26 sen o.	€2 38 mi llio n	Se t. 2 3, 202 6 p	0.8 / iab le 5% var	238	238
Fre ius SE &C KG aA 20 17 /20 27 sen o.	€2 07 mi llio n	Jan . 29 202 7 ,	1.9 6% / iab le var	206	206
ius SE &C KG Fre aA 20 19 /20 29 sen o.	illio €8 4 m n	Se t. 2 4, 202 9 p	1.1 0%	84	84
Fre ius US Fi II, Inc . 20 16 /20 23 sen nan ce	\$ US 43 mi llio n	Ma rch 10 202 3 ,	3.1 2%	38	37
Fre ius M ed ica l C AG &C KG aA 202 2/2 027 sen are o.	€2 5 m illio n	Feb . 14 202 7 ,	iab le var	25	--
Fre ius M ed ica l C AG &C KG aA 202 2/2 029 sen are o.	€2 00 mi llio n	Feb 202 9 . 14 ,	iab le var	199	--
in Sc hu lds che Loa ns				1, 610	1, 757

On February 14, 2022, Fresenius Medical Care AG&Co. KGaA issued €225 million of Schuldschein Loans in two tranches at variable interest rates with maturities of five and seven years. The proceeds were used for general corporate purposes including refinancing of existing financial liabilities.

As of March 31, 2022, the Schuldschein Loan of Fresenius SE&Co. KGaA in the amount of €21 million which was due on April 7, 2022 and the Schuldschein Loan of Fresenius US Finance II, Inc. in the amount of US\$43 million due on March 10, 2023, are shown as current portion of long-term debt in the consolidated statement of financial position.

Loan from the European Investment Bank

On January 31, 2022, Fresenius SE&Co. KGaA drew a loan from the European Investment Bank in the amount of €400 million with variable interest rates which is due on December 15, 2025.

CREDIT LINES AND OTHER SOURCES OF LIQUIDITY The syndicated credit facilities of Fresenius SE&Co. KGaA and Fresenius Medical Care AG&Co. KGaA in the amount of €2.0 billion each which were entered into in July 2021 serve as backup line. They were undrawn as of March 31,

1. In addition, further bilateral facilities are available to the Fresenius Group which have not been utilized, or have only been utilized in part, as of the reporting date.

At March 31, 2022, the total financial headroom resulting from unutilized credit facilities was approximately

€4.7 billion. Thereof, €4.0 billion accounted for syndicated credit facilities and approximately €0.7 billion for bilateral facilities with commercial banks.

13. BONDS

As of March 31, 2022 and December 31, 2021, bonds of the Fresenius Group net of debt issuance costs consisted of the following:

	Not iona l am t oun			Bo ok val ue € i illio n m ns
		Mat urit y	Inte rest rat e	Ma rch 31 , 20 22	Dec ber 31, 202 1 em
Fre ius Fi Ire lan d P LC 20 17 /20 24 sen nan ce	€7 00 mi llio n	Jan . 30 202 4 ,	1.5 0%	699	699
ius Fi LC Fre Ire lan d P 202 1/2 025 sen nan ce	mi llio €5 00 n	Oc t. 1 202 5 ,	0.0 0%	49 7	49 7
Fre ius Fi Ire lan d P LC 20 17 /20 27 sen nan ce	€7 00 mi llio n	Feb . 1, 20 27	2.1 25 %	695	695
Fre ius Fi Ire lan d P LC 202 1/2 028 sen nan ce	€5 00 mi llio n	Oc t. 1 202 8 ,	0.5 0%	49 7	49 7
Fre ius Fi Ire lan d P LC 202 1/2 03 1 sen nan ce	€5 00 mi llio n	Oc t. 1 203 1 ,	0.8 75 %	494	494
Fre ius Fi Ire lan d P LC 20 17 /20 32 sen nan ce	€5 00 mi llio n	Jan . 30 203 2 ,	3.0 0%	49 6	49 6
ius SE &C KG Fre aA 20 14 /20 24 sen o.	mi llio €4 50 n	Feb . 1, 20 24	4.0 0%	44 9	44 9
Fre ius SE &C KG aA 20 19 /20 25 sen o.	€5 00 mi llio n	Feb . 15 202 5 ,	1.8 75 %	49 7	49 7
ius SE &C KG 26 Fre aA 20 20 /20 sen o.	mi llio €5 00 n	Se 26 28, 20 p.	0.3 75 %	6 49	49 5
Fre ius SE &C KG aA 20 20 /20 27 sen o.	€7 50 mi llio n	Oc t. 8 202 7 ,	1.6 25 %	743	742
Fre ius SE &C KG aA 20 20 /20 28 sen o.	€7 50 mi llio n	Jan . 15 202 8 ,	0.7 5%	745	745
Fre ius SE &C KG aA 20 19 /20 29 sen o.	€5 00 mi llio n	Feb 202 9 . 15 ,	2.8 75 %	49 5	49 5
Fre ius SE &C KG aA 20 20 /20 33 sen o.	€5 00 mi llio n	Jan . 28 203 3 ,	1.1 25 %	49 7	49 7
ius US Fi Fre II, Inc . 20 15 /20 23 sen nan ce	\$ US illio 30 0 m n	Jan . 15 202 3 ,	4.5 0%	270	265
Fre ius M ed ica l C AG &C KG aA 20 19 /20 23 sen are o.	€6 50 mi llio n	No v. 2 9, 202 3	0.2 5%	649	649
Fre ius M ed ica l C AG &C KG aA 20 18 /20 25 sen are o.	€5 00 mi llio n	Jul 11, 20 25 y	1.5 0%	49 8	49 8
Fre ius M ed ica l C AG &C KG aA 202 0/2 026 sen are o.	€5 00 mi llio n	Ma 29, 20 26 y	1.0 0%	49 7	49 6
Fre ius M ed ica l C AG &C KG aA 20 19 /20 26 sen are o.	€6 00 mi llio n	No v. 3 0, 202 6	0.6 25 %	595	595
Fre ius M ed ica l C AG &C KG aA 20 19 /20 29 sen are o.	€5 00 mi llio n	No v. 2 9, 202 9	1.2 5%	49 7	49 7
Fre ius M ed ica l C AG &C KG aA 202 0/2 030 sen are o.	€7 50 mi llio n	Ma 29, 20 30 y	1.5 0%	746	746
ius ica l C US Fi Fre M ed II, Inc . 20 12 /20 22 sen are nan ce	\$ US illio 700 m n	Jan . 31 202 2 ,	5.8 75 %	--	618
Fre ius M ed ica l C US Fi II, Inc . 20 14 /20 24 sen are nan ce	\$ US 40 0 m illio n	Oc t. 1 5, 202 4	4.7 5%	35 9	352
Fre ius M ed ica l C US Fi III, In c. 2 019 /20 29 sen are nan ce	\$ US 50 0 m illio n	Jun e 1 5, 202 9	3.7 5%	44 3	434
Fre ius M ed ica l C US Fi III, In c. 2 020 /20 31 sen are nan ce	\$ US 000 illio 1, m n	Feb . 16 203 1 ,	2.3 75 %	894	875
Fre ius M ed ica l C US Fi III, In c. 2 02 1/2 026 sen are nan ce	\$ US 850 illio m n	De c. 1 202 6 ,	1.8 75 %	759	744
ius ica l C US Fi Fre M ed III, In c. 2 02 1/2 03 1 sen are nan ce	\$ US 650 illio m n	De c. 1 203 1 ,	3.0 0%	57 8	56 7
Bo nd s				14, 085	14, 634

As of March 31, 2022, the bonds issued by Fresenius US Finance II, Inc. in the amount of US\$300 million, which are due on January 15, 2023, are shown as current portion of bonds in the consolidated statement of financial position.

14. CONVERTIBLE BONDS

As of March 31, 2022 and December 31, 2021, the convertible bonds of the Fresenius Group net of debt issuance costs consisted of the following:

					Bo ok € i n m	val ue illio ns
	Not iona l am t oun	Mat urit y	Cou pon	Cur t ren ion pric con vers e	Ma rch 31 , 20 22	Dec ber 31, 202 1 em
Fre ius SE &C KG aA 20 17 /20 24 sen o.	€5 00 mi llio n	Jan . 31 202 4 ,	0.0 00 %	€1 05 .26 03	484	48 2
Co rtib le b ds nve on					484	48 2

The fair value of the derivative embedded in the convertible bonds of Fresenius SE&Co. KGaA was €318 thousand and €70 thousand at March 31, 2022 and December 31, 2021, respectively. Fresenius SE&Co. KGaA purchased stock options (call options) with a corresponding fair value to hedge future fair value fluctuations of this derivative.

Potential conversions are always cash-settled. Any increase of Fresenius' share price above the conversion price would be offset by a corresponding value increase of the call options.

15. NONCONTROLLING INTERESTS

As of March 31, 2022 and December 31, 2021, noncontrolling interests in the Fresenius Group were as follows:

€ i illio n m ns	Ma r. 3 1, 2 022	Dec . 31 , 20 21
No olli int in ntr sts nco ng ere ius ica l C AG &C KG Fre M ed aA sen are o.	8, 972	609 8,
No olli int ntr sts nco ng ere in V tie haf AM ED Ak sel lsc t nge	88	88
No olli int ntr sts nco ng ere in t ine he bus nts ss seg me
Fre ius M ed ica l C sen are	1, 305	1, 280
ius bi Fre Ka sen	183	161
Fre ius He lios sen	148	134
Fre ius Va d sen me	18	18
To tal oll ing in ntr ter est no nco s	10, 714	10, 29 0

Noncontrolling interests changed as follows:

€ i illio n m ns	Q1 /20 22
No oll ing in f D mb 31, 20 21 ntr ter est nco s a s o ece er	10, 29 0
No olli int in ofit ntr sts nco ng ere pr	186
of olli int Pu rch ntr sts ase no nco ng ere	7
Sto ck tio op ns	1
Div ide nd nts pay me	-56
Cu ef fec nd oth cha ts a rre ncy er nge s	286
ing in No oll f M h 3 1, 202 2 ntr ter est nco s a s o arc	10, 714

16. FRESENIUS SE&CO. KGAA SHAREHOLDERS' EQUITY

SUBSCRIBED CAPITAL

As of January 1, 2022, the subscribed capital of Fresenius SE&Co. KGaA consisted of 558,502,143 bearer ordinary shares.

During the first quarter of 2022, no stock options were exercised. Consequently, as of March 31, 2022, the subscribed capital of Fresenius SE&Co. KGaA still consisted of 558,502,143 bearer ordinary shares. The shares are issued as non-par value shares. The proportionate amount of the subscribed capital is €1.00 per share.

CONDITIONAL CAPITAL

In order to fulfill the subscription rights under the current stock option plan 2013 of Fresenius SE&Co. KGaA, Conditional Capital IV exists (see note 21, Share-based compensation plans). Another Conditional Capital III exists for the authorization to issue option bearer bonds and / or convertible bonds.

The Conditional Capital did not change in the first quarter of 2022. It was composed as follows as of March 31, 2022:

in €	Ord ina ry sha res
Co itio Ca ital ius AG nd nal I F p res en Sto ck Op tio n P lan 20 03 (ex ire d) p	4, 735 083 ,
Co itio Ca ital ius SE nd nal II Fre p sen Sto ck Op tio n P lan 20 08 (ex ire d) p	3, 45 2, 937
Co itio Ca ital tio nd nal III n b bo nds p op ear er and /or rtib le b ds co nve on	48 97 1, 202 ,
Co itio Ca ital niu s S E& Co Ga nd nal IV Fr . K A p ese Sto ck Op tio n P lan 20 13	22, 824 857 ,
Co itio Ca ita of To tal nd nal l as M h 3 1, 202 2 p arc	79, 984 079 ,

DIVIDENDS

Under the German Stock Corporation Act (AktG), the amount of dividends available for distribution to shareholders is based upon the unconsolidated retained earnings of Fresenius SE&Co. KGaA as reported in its statement of financial position determined in accordance with the German Commercial Code (HGB).

The general partner and the Supervisory Board of Fresenius SE&Co. KGaA will propose a dividend of €0.92 per bearer ordinary share to the virtual Annual General Meeting taking place on May 13, 2022, i.e. a total dividend payment of €514 million. Fresenius wants to give its shareholders the opportunity to opt to receive a portion of the dividend (Dividend Option Portion) in Fresenius SE&Co. KGaA shares. The remaining portion of the dividend (Dividend Base Portion) will always be paid in cash.

OTHER NOTES

17. LEGAL AND REGULATORY MATTERS

The Fresenius Group is routinely involved in claims, lawsuits, regulatory and tax audits, investigations and other legal matters arising, for the most part, in the ordinary course of its business of providing health care services and products. Legal matters that the Fresenius Group currently deems to be material or noteworthy are described below. The Fresenius Group records its litigation reserves for certain legal proceedings and regulatory matters to the extent that the Fresenius Group determines an unfavorable outcome is probable and the amount of loss can be reasonably estimated. For the other matters described below, the Fresenius Group believes that the loss is not probable and/ or the loss or range of possible losses cannot be reasonably estimated at this time. The outcome of litigation and other legal matters is always difficult to predict accurately and outcomes that are not consistent with Fresenius Group's view of the merits can occur. The Fresenius Group believes that it has valid defenses to the legal matters pending against it and is defending itself vigorously. Nevertheless, it is possible that the resolution of one or more of the legal matters currently pending or threatened could have a material adverse effect on its business, results of operations and financial condition.

Further information regarding legal disputes, court proceedings and investigations can be found in detail in the consolidated financial statements as of December 31, 2021 applying Section 315e HGB in accordance with IFRS. In the following, only changes as far as content or wording are concerned during the first quarter ended March 31, 2022 compared to the information provided in the consolidated financial statements are described. These changes should be read in conjunction with the overall information in the consolidated financial statements as of December 31, 2021 applying Section 315e HGB in accordance with IFRS; defined terms or abbreviations having the same meaning as in the consolidated financial statements as of December 31, 2021 applying Section 315e HGB in accordance with IFRS.

HBDI REQUEST

In February 2022, Fresenius Medical Care AG&Co. KGaA (FMC-AG &Co. KGaA) received a formal request for information from the Hessen Data Protection Authority (Hessischer Beauftragter für Datenschutz und Informationsfreiheit or HBDI). The information request relates to specific data processing functions of a few of FMC-AG&Co. KGaA's peritoneal dialysis devices. FMC-AG&Co. KGaA is committed to comply with the HBDI's request and cooperate with them, and it is working to provide the relevant information.

OSHA COMPLAINT

On March 20 and April 12, 2022, respectively, an attorney employed as general counsel for FMC-AG&Co. KGaA's North American division from 2013 to 2016 filed a complaint with the Occupational Safety and Health Administration (OSHA) under the Sarbanes-Oxley Act of 2002 and other anti-retaliation statutes, and a civil lawsuit in Suffolk County, Massachusetts seeking compensation for personnel management decisions allegedly adverse to him. OSHA Case No. 1-076-22-049; Kott v. National Medical Care, Inc., Case No. 22-802 (Superior Court, Suffolk County, Mass.)

The plaintiff alleges in support of his demands for compensation that he was transferred to a subordinate position in the global legal department, and subsequently terminated from employment as part of the FME 25 reorganization, in retaliation for legal advice he provided with respect to a licensing agreement with DaVita relating to pharmaceutical operations and products. The DaVita licensing agreement expired by its terms in 2017.

As previously disclosed in FMC-AG&Co. KGaA's financial statements, the United States Department of Justice has reviewed multiple aspects of the DaVita contract in question, including those relevant to the plaintiff's allegations. No enforcement action has resulted against FMC-AG &Co. KGaA.

Other bases of retaliation alleged by the plaintiff implicate internal personnel and privacy protection concerns that do not impact ongoing operations, and on which FMC-AG &Co. KGaA does not comment.

GENERAL RISKS

On April 21, 2022, the U.S. FDA recommended that Fresenius Medical Care Holdings, Inc. (FMCH) temporarily pause shipping of new dialysis machines in the United States. FMCH has accepted the recommendation and will not resume shipping before notifying the FDA. The temporary pause implicates a machine component that was already scheduled to be replaced later in 2022.

The FDA's recommendation was made in the course of implementing a bio-compatibility risk assessment process recently recommended by the FDA, and voluntarily initiated by FMCH, that allows the FDA and medical device

manufacturers to explore previously unknown or unaddressed bio-compatibility risks for which there is otherwise no reporting requirement before administrative actions, if any, are deemed appropriate or necessary.

In light of the already-scheduled component replacement and the availability of excess machine capacity resulting from the COVID-19 pandemic, FMC-AG&Co. KGaA does not expect the temporary shipping pause to have a material financial impact.

18. FINANCIAL INSTRUMENTS

VALUATION OF FINANCIAL INSTRUMENTS

Carrying amounts of financial instruments

As of March 31, 2022 and December 31, 2021, the carrying amounts of financial instruments by item of the statement of financial position and structured according to categories were as follows:

	Ma rch 31 202 2 ,
					Re lati to cat ng no ego ry
€ i illio n m ns	Car ryin t g am oun	Am orti zed t cos	Fair val hro ugh ue t pro 1 fit a nd loss	Fair val hro ugh ue t oth er hen sive com pre me2 inco	Der ivat ives igna des ted ash flo as c w hed gin g inst ents rum at f air valu e	Put ion opt liab ilitie s ed mea sur at f air valu e	Val ion uat ing ord to acc IFR S 1 6 for leas ing ivab les and rece liab ilitie s
Fin cia l as set an s
Cas h a nd h e iva len ts cas qu	2, 077	1, 62 1	45 6
Tra de d o the cei vab les les llow for ted edi t lo nts acc ou an r re s a anc es ex pec cr sse s ,	794 7,	578 7,	132	1			83
Ac cei vab le f d lo late d p ies nts to art cou re rom an ans re	189	189
3 Oth fin ial ets er anc ass	68 2, 1	768 1,	6 34	42 5	10		132
Fin cia l as set an s	12, 74 1	11, 156	934	42 6	10	--	215
Fin cia l li ab ilit ies an
Tra de ble nts acc ou pa ya	1, 897	1, 897
Sh ies ble late d p ort -te nts to art rm ac cou pa ya re	59	59
Sh de bt ort -te rm	2, 652	2, 652
Sh bt f ies de late d p ort -te art rm rom re	9	9
Lon m d ebt ter g-	3, 39 7	3, 39 7
Lea liab ilit ies se	6, 584						6, 584
Bo nds	085 14,	085 14,
Co rtib le b ond nve s	484	484
4 Oth fin ial liab ilit ies er anc	063 4,	2, 41 2	595		26	1, 030
Fin cia l li ab ilit ies an	33 23 0 ,	24, 995	595	--	26	1, 030	6, 584

1 All included financial assets and liabilities are mandatorily measured at fair value through profit and loss according to IFRS 9.

2 The option to measure equity instruments at fair value through other comprehensive income has been exercised. The option has been used for €81 million other investments (included in other financial assets).

3 Other financial assets are included in the item other current and non-current assets in the consolidated statement of financial position.

4 Other financial liabilities are included in the items short-term provisions and other short-term liabilities and long-term provisions and other long-term liabilities in the consolidated statement of financial position.

	De ber 31 202 1 cem ,
					lati Re to cat ng no ego ry
€ i illio n m ns	Car ryin t g am oun	Am orti zed t cos	Fair val hro ugh ue t pro 1 fit a nd loss	Fair val hro ugh ue t oth er hen sive com pre me2 inco	ivat ives Der des igna ted ash flo as c w hed gin g inst ents rum at f air valu e	Put ion opt liab ilitie s ed mea sur at f air valu e	ion Val uat ord ing to acc IFR S 1 6 for leas ing ivab les and rece liab ilitie s
Fin cia l as set an s
Cas iva h a nd h e len ts cas qu	764 2,	936 1,	828
Tra de d o the cei vab les les llow for ted edi t lo nts acc ou an r re s a anc es ex pec cr sse s ,	7, 045	6, 822	108	34			81
cei le f ies Ac vab d lo late d p nts to art cou re rom an ans re	147	147
3 Oth fin ial ets er anc ass	2, 56 0	1, 667	342	41 2	8		131
Fin cia l as set an s	12, 51 6	10, 572	1, 27 8	44 6	8	--	212
Fin cia l li ilit ies ab an
Tra de ble nts acc ou pa ya	2, 039	2, 039
Sh ble late d p ies ort -te nts to art rm ac cou pa ya re	92	92
Sh de bt ort -te rm	2, 84 1	2, 84 1
Sh de bt f late d p ies ort -te art rm rom re	8	8
Lon m d ebt ter g-	2, 600	2, 600
liab ilit ies Lea se	6, 59 0						6, 59 0
Bo nds	14, 634	14, 634
Co rtib le b ond nve s	48 2	48 2
4 Oth fin ial liab ilit ies er anc	4, 026	2, 40 7	55 7		18	1, 044
Fin cia l li ilit ies ab an	33 312 ,	25, 103	55 7	--	18	1, 044	6, 59 0

1 All included financial assets and liabilities are mandatorily measured at fair value through profit and loss according to IFRS 9.

2 The option to measure equity instruments at fair value through other comprehensive income has been exercised. The option has been used for €85 million other investments (included in other financial assets).

3 Other financial assets are included in the item other current and non-current assets in the consolidated statement of financial position.

4 Other financial liabilities are included in the items short-term provisions and other short-term liabilities and long-term provisions and other long-term liabilities in the consolidated statement of financial position.

Fair value of financial instruments

The following table shows the carrying amounts and the fair value hierarchy levels as of March 31, 2022 and December 31, 2021:

	Ma rch 31 202 2 ,				De ber 31 202 1 cem ,
€ i illio n m ns		Fai alu r v e				Fai lue r va
	Car ryin g am t oun	Lev el 1	Lev el 2	Lev el 3	Car ryin g amo unt	Lev el 1	Lev el 2	Lev el 3
Fin cia l as set an s
1 Ca iva sh and sh len ts ca equ	6 45	6 45			828	828
1 Tra de d o the cei vab les les llow for ted edi t lo nts acc ou an r re s a anc es ex pec cr sse s ,	133		133		142		142
1 Oth fin ial ets er anc ass
De bt ins tru nts me	44 1	43 6	5		42 2	41 8	4
Eq uity in tm ent ves s	314	122	99	93	32 0	122	105	93
riva tive esi flo ing in De s d d a ash w h edg ate str ent gn s c um s	10		10		8		8
De riva tive des ign d a s h edg ing in ot ate str ent s n um s	16		16		12		12
Fin cia l li ab ilit ies an
Lon m d ebt ter g-	3, 39 7		3, 199		2, 600		2, 626
Bo nds	085 14,	13, 775			634 14,	20 15, 1
Co rtib le b ond nve s	484	49 3			48 2	49 9
1 Oth fin ial liab ilit ies er anc
Put tio n l iab ilit ies op	1, 030			1, 030	1, 044			1, 044
tin din for isit ion Ac ed t p ent uts tan cru con gen aym s o g ac qu s	545			545	52 8			52 8
De riva tive s d esi d a ash flo w h edg ing in ate str ent gn s c um s	26		26		18		18
De riva tive des ign d a s h edg ing in ot ate str ent s n um s	50		50		29		29

1 Fair value information is not provided for financial instruments, if the carrying amount is a reasonable estimate of the fair value due to the relatively short period of maturity of these instruments.

Explanations regarding the significant methods and assumptions used to estimate the fair values of financial instruments and classification of fair value measurements according to

the three-tier fair value hierarchy as well as explanations with regard to existing and expected risks from financial instruments and hedging can be found in the consolidated financial statements as of December 31, 2021 applying Section 315e HGB in accordance with IFRS.

The following table shows the changes of the fair values of financial instruments classified as level 3 in the first quarter of 2022:

		Acc d co ntin t rue gen and ing ts o utst pay men
€ i illio n m ns	Equ ity i stm ents nve	for uisi tion acq s	Put ion liab iliti opt es
As of Ja 1, 202 2 nu ary	93	52 8	1, 044
Ad dit ion s	--	30	11
Dis als pos	--	-7	-5
Ga in/ los ize d i rof it o r lo s r eco gn n p ss	-1	-7	0
Ga in/ los ize d i ity s r eco gn n e qu	--	0	-40
Cu ef fec nd oth cha ts a rre ncy er nge s	1	1	20
As of M h 3 1, 202 2 arc	93	545	1, 030

19. INFORMATION ON CAPITAL MANAGEMENT

The Fresenius Group has a solid financial profile. As of March 31, 2022, the equity ratio was 41.8% and the debt ratio (debt/total assets) was 37.2%. As of March 31, 2022, the leverage ratio (before special items) on the basis of net debt/EBITDA, calculated on the basis of closing rates, was 3.65 (December 31, 2021: 3.55).

The aims of the capital management and further information can be found in the consolidated financial statements as of December 31, 2021 applying Section 315e HGB in accordance with IFRS.

The Fresenius Group 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:

	Ma r. 3 1, 2 022	Dec . 31 , 20 21
r's Sta nda rd& Poo
Co e C red it R ati rat rpo ng	BB B	BB B
Ou tlo ok	ble sta	ble sta
's Mo ody
Co e C it R ati red rat rpo ng	Baa 3	Baa 3
Ou tlo ok	ble sta	ble sta
Fit ch
Co e C red it R ati rat rpo ng	BB B-	BB B
Ou tlo ok	ble sta	ble sta

20. NOTES ON THE CONSOLIDATED SEGMENT REPORTING

GENERAL

The consolidated segment reporting table shown on page 35 of this interim report is an integral part of the notes.

The Fresenius Group has identified the business segments Fresenius Medical Care, Fresenius Kabi, Fresenius Helios and Fresenius Vamed, which corresponds to the internal organizational and reporting structures (Management Approach) at March 31, 2022.

The column Corporate is comprised of the holding functions of Fresenius SE&Co. KGaA as well as Fresenius Digital Technology GmbH, which provides services in the field of information technology. Corporate includes intersegment consolidation adjustments as well as special items (see note 3, Special items).

The business segments were identified in accordance with IFRS 8, Operating Segments, which defines the segment reporting requirements in the annual financial statements and interim reports with regard to the operating business, product and service businesses and regions. Further explanations with regard to the business segments can be found in the consolidated financial statements as of December 31, 2021 applying Section 315e HGB in accordance with IFRS.

NOTES ON THE BUSINESS SEGMENTS

Explanations regarding the notes on the business segments can be found in the consolidated financial statements as of December 31, 2021 applying Section 315e HGB in accordance with IFRS.

RECONCILIATION OF KEY FIGURES TO

CONSOLIDATED EARNINGS

€ i illio n m ns	Q1 /20 22	Q1 /20 21
To tal EB IT of ing ort ent rep se gm s	1, 010	1, 017
Sp eci al i tem s	-94	-3
Ge al c te ner orp ora exp ens es
Co e ( EB IT) rat rpo	-14	-8
Gr EB IT ou p	902	1, 006
t in Ne ter est	-11 8	-13 7
Inc e b efo inc e t om re om axe s	784	869

RECONCILIATION OF NET DEBT WITH THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION

€ i illio n m ns	Ma r. 3 1, 2 022	Dec . 31 , 20 21
Sh de bt ort -te rm	652 2,	2, 84 1
Sh de bt f late d p ies ort -te art rm rom re	9	8
Cu rtio f lo m d ebt nt ter rre po n o ng-	153	47 3
Cu rtio f le lia bil itie nt rre po n o ase s	850	832
Cu rtio f b ond nt rre po n o s	270	618
Lon m d ebt les rtio ter ent g- s c urr po n ,	3, 244	2, 127
Lea liab ilit ies les rtio ent se s c urr po n ,	5, 734	5, 758
rtio Bo nds les ent s c urr po n ,	13, 815	14, 016
Co rtib le b ond nve s	484	48 2
De bt	27, 21 1	27, 155
les ash d c ash uiv ale nts s c an eq	2, 077	2, 764
Ne t d ebt	25, 134	24, 39 1

21. SHARE-BASED COMPENSATION PLANS

SHARE-BASED COMPENSATION PLANS OF FRESENIUS SE &CO. KGAA

As of March 31, 2022, Fresenius SE&Co. KGaA had two share-based compensation plans in place: the Fresenius SE& Co. KGaA Long Term Incentive Program 2013 (2013 LTIP) which is based on stock options and phantom stocks and the Long Term Incentive Plan 2018 (LTIP 2018) which is solely based on performance shares. Currently, solely LTIP 2018 can be used to grant performance shares.

Transactions during the first quarter of 2022

During the first quarter of 2022, no stock options were exercised.

At March 31, 2022, 4,961,507 stock options issued under the 2013 LTIP were outstanding and exercisable. The members of the Fresenius Management SE Management Board held 603,281 stock options. At March 31, 2022, the Management Board members of Fresenius Management SE held 582,234 performance shares and employees of Fresenius SE &Co. KGaA held 2,335,676 performance shares under the LTIP 2018.

SHARE-BASED COMPENSATION PLANS OF FRESENIUS MEDICAL CARE AG&CO. KGAA

On March 1, 2022, 212,715 performance shares with a total fair value of €11 million were allocated under the Management Board Long Term Incentive Plan 2020 to the members of the Management Board and to senior members of Fresenius Medical Care AG&Co. KGaA's managerial staff who serve on Fresenius Medical Care AG &Co. KGaA's Executive Committee (Executive Committee). Of this number, 153,072 performance shares with a total fair value of €8 million relate to members of the Management Board and 59,643 performance shares with a total fair value of €3 million relate to members of the Executive Committee. These amounts will be amortized over the three-year vesting period. The weighted average fair value per performance share at the allocation date was €52.57.

During the first quarter of 2022, 15,940 stock options were exercised. Fresenius Medical Care AG &Co. KGaA received cash of €0.8 million upon exercise of these stock options.

22. SUBSEQUENT EVENTS

April was characterized worldwide by a regionally varying development of the COVID-19 pandemic with continuing high infection numbers. 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. Cost inflation and supply chain disruption continues to be a theme on a global level.

The ongoing war between Russia and Ukraine may 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 Fresenius Group's operating environment following the end of the first quarter of 2022. No other events of material importance on the assets and liabilities, financial position, and results of operations of the Group have occurred following the end of the first quarter of 2022.

On May 4, 2022, Fresenius announced, that 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.

On May 4, 2022, Fresenius Medical Care announced, that Dr.Carla Kriwet (51) will become the new CEO of Fresenius Medical Care, the world's leading provider of products and services for individuals with renal diseases, on January 1, 2023. 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 when his contract ends on December 31, 2022, 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. Helen Giza, Chief Financial Officer of Fresenius Medical Care, will enter a new fiveyear contract, and in addition to her current positions as CFO and CTO will assume the position of Deputy CEO.

23. CORPORATE GOVERNANCE

For each consolidated stock exchange listed entity, the declaration pursuant to Section 161 of the German Stock Corporation Act (Aktiengesetz) has been issued and made available to shareholders on the website of Fresenius SE& Co. KGaA (www.fresenius.com/corporate-governance), and of Fresenius Medical Care AG &Co. KGaA (www.freseniusmedicalcare.com).

FINANCIAL CALENDAR

An l G ral Me eti nua ene ng	Ma 13, 20 22 y
alf Re n 1 st h 202 2 rt o po
Co nfe cal l, Liv ebc ast ren ce e w	Au st 2 202 2 gu ,
Re n 1 - 3 rd 202 2 rt o st - art po qu er
Co nfe cal l, Liv ebc ast ren ce e w	No ber 1, 202 2 vem
Sub ject han to c ge

FRESENIUS SHARE/ADR

Or din sh ary are		AD R
Sec uri tie s id ific ati 57 8 5 60 ent on no.	CU SIP	35 804 M1 05
Tic ker mb ol FR E sy	Tic ker mb ol sy	FS NU Y
ISI N DE 000 57 856 04	ISI N	US 35 804 M1 053
E G Blo ber bo l FR R om g s ym	Str uct ure	Sp d L l 1 AD R ons ore eve
Re bo l FR EG .de ute rs s ym	Rat io	4 A DR 1 s har e =
Ma in t rad ing lo ion Fra nkf / X cat urt etr a	Tra din latf g p orm	OT C

CONTACT

Corporate Headquarters

Else-Kröner-Straße 1 Bad Homburg v. d. H. Germany

Postal address Fresenius SE & Co. KGaA 61346 Bad Homburg v. d. H. Germany

Contact for shareholders

Investor Relations & Sustainability Telephone: ++ 49 61 72 6 08-24 87 Telefax: ++ 49 61 72 6 08-24 88 E-Mail: ir-fre@fresenius.com

Contact for journalists

Corporate Communications Telephone: ++ 49 61 72 6 08-23 02 Telefax: ++ 49 61 72 6 08-22 94 E-mail: pr-fre@fresenius.com

Commercial Register: Bad Homburg v. d. H.; HRB 11852 Chairman of the Supervisory Board: Wolfgang Kirsch

General Partner: Fresenius Management SE Registered Office and Commercial Register: Bad Homburg v.d.H.; HRB 11673 Management Board: Stephan Sturm (President and CEO), Dr. Sebastian Biedenkopf, Dr. Francesco De Meo, Rachel Empey, Rice Powell, Michael Sen, Dr. Ernst Wastler Chairman of the Supervisory Board: Wolfgang Kirsch

For additional information on the performance indicators used please refer to our website https://www.fresenius.com/alternative-performance-measures.

Forward-looking statements:

This Quarterly Financial Report contains forward-looking statements. These statements represent assessments which we have made on the basis of the information available to us at the time. Should the assumptions on which the statements are based on not occur, or if risks should arise – as mentioned in the consolidated financial statements and the management report as of December 31, 2021 applying Section 315e HBG in accordance with IFRS and the SEC filings of Fresenius Medical Care AG & Co. KGaA – the actual results could differ materially from the results currently expected.