Fresenius SE & Co. KGaA

Quarterly Report • Nov 4, 2021

Q3 2021

QUARTERLY FINANCIAL REPORT

TABLE OF CONTENTS

3 Fresenius Group figures at a glance 13 Fresenius Medical Care 29 Consolidated financial statements

• 7 Health care industry 22 Subsequent events
• 8 Results of operations, financial position, assets and liabilities 23 Outlook 2021
• 10 Reconciliation
• 11 Cash flow

• 12 Asset and liability structure

• 13 Business segments

• 8 Sales 26 Reconciliation tables 38 Notes

• 9 Earnings 28 Estimated COVID-19 effects

• 15 Fresenius Kabi 29 Consolidated statement of income

• 17 Fresenius Helios 30 Consolidated statement of comprehensive income
• 4 Shareholder information 19 Fresenius Vamed 31 Consolidated statement of financial position
• 21 Employees 32 Consolidated statement of cash flows
• 21 Research and development 34 Consolidated statement of changes in equity
• 6 Management Report 21 Rating 36 Consolidated segment reporting first three quarters of 2021
• 6 Strategy and goals 22 Oppotunities and risk report 37 Consolidated segment reporting third quarter of 2021

10 Investments 61 Financial Calendar

FRESENIUS GROUP FIGURES AT A GLANCE

Fresenius is a global health care 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 health care facilities. In 2020, Group sales were €36.3 billion. As of September 30, 2021, more than 314,000 employees have dedicated themselves to the service of health in about 100 countries worldwide.

SALES AND EARNINGS

€ i illio n m ns	Q3 / 202 1	Gro wth	Gro wth in c tant ons cur ren cy	Q1- 3/ 2 021	Gro wth	Gro wth in c tant ons cur ren cy
Sa les	9, 324	5%	5%	27, 554	2%	5%
IT1 EB	1, 04 1	-6%	-6%	3, 080	-8%	-5%
1,2 Ne t in com e	43 5	2%	2%	1, 345	3%	6%

BALANCE SHEET

€ i illio n m ns	Sep . 30 , 20 21	Dec . 31 , 20 20	Cha nge
To tal ets ass	71, 08 1	66, 646	7%
3 uity Eq	186 28,	26, 023	8%
3 Eq uity tio ra	40 %	39 %
1,4 Ne t d ebt /E BIT DA	3.5 5	3.4 4

PROFITABILITY

	Q3 / 202 1	Q3 / 202 0	Q1- 3/ 2 021	Q1- 3 /2 020
in1 EB IT ma rg	11. 2%	12. 5%	11. 2%	12. 5%
1,2 Ret uity af x ( RO E) ter ta urn on eq	--	--	10. 0%	10. 7%
1 Ret tin ts ( RO OA ) urn on op era g a sse	--	--	6.6 %	7.3 %
1 in ita OIC Ret ted l (R ) urn on ves ca p	--	--	6.1 %	6.6 %

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 /divestiture

SHAREHOLDER INFORMATION

Since the beginning of the year, the Fresenius share price increased by 10% closing the third quarter of 2021 at €41.54.

KEY DATA OF THE FRESENIUS SHARE

	Q1- 3/ 2 021	202 0	Gro wth
of (S Nu mb sha 30 /D 31 ) er res ep. ec.	55 8, 454 143 ,	55 7, 54 0, 909	0%
n1 Sto ck han tio in € ota exc ge qu
Hig h	47 .44	50 .32	-6%
Low	34 .57	25 .66	35 %
Per iod d q ati clo sin ric e in € uot -en on g p	41 .54	37 .84	10 %
Ø T rad ing lum e ( mb of sha ad ing da ) r tr vo nu er res pe y	38 6, 642 1,	2, 085 926 ,	-34 %
2 in Ma rke ital iza tio illio n € (S 30 /D 31 ) t ca p n m ep. ec.	23, 195	21, 097	10 %
3 nin in Ear sh € gs per are	2.4 1	3.2 2	--

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 TO THIRD QUARTER 2021

Due to rising vaccination rates in many relevant markets and strong government support, the global economy continued to recover in the third quarter of 2021. This development strengthened economic activity and employment rates during this period. However, supply constraints, a rise in inflation and the spread of the more contagious delta variant of COVID-19 are affecting short-term growth prospects.

Capital markets and global investment levels remained stable, benefiting from government stimulus measures and favorable financing conditions. Vaccination progress is expected to reduce the impact of the pandemic, yet uncertainties remain about the global economic outlook.

According to the ECB's current forecast, the economy in the euro zone will grow by 5.0% this year. The ECB left its key interest rate unchanged at 0.00% during its September meeting.

The Federal Reserve's latest forecast projects the U.S. economy to grow by 5.9% in 2021. The U.S. Federal Reserve did not change the existing interest rates corridor of 0% to 0.25% at its September meeting.

Within this economic environment, the DAX increased by 11% in the first nine months of 2021 to 15,261 points.

SHAREHOLDER STRUCTURE

The charts opposite show the shareholder structure as of the last survey as of June 30, 2021. The Else Kröner-Fresenius-Stiftung was the largest shareholder of Fresenius SE&Co. KGaA, with 26.6% of the shares. According to notifications pursuant to the German Securities Trading Act (WpHG), the shares held by BlackRock, Inc were below 5% and by Allianz Global Investors GmbH below 3%. For further information on notifications, please visit www.fresenius.com/ shareholder-structure.

As of June 30, 2021, a shareholder survey identified the ownership of about 95% of our subscribed capital. The shareholder base of Fresenius is solid: a total of over 600 institutional investors held about 330 million shares or 60% (December 31, 2020: 60%) of the subscribed capital; 47.0 million (December 31: 46.1 million) shares were identified as retail holdings.

The 10 largest investors held about 18% (December 31, 2021: 20%) of the share capital. Our shares were mostly held by investors in Germany, the United States, and the United Kingdom.

ANALYST RECOMMENDATIONS

The recommendations published by financial analysts are an important guide for institutional and private investors when making investment decisions. According to our survey, as of September 30, 2021, we were rated with 11 ''buy'', 5 ''hold'', and 1 ''sell'' recommendations. The list of banks that provide regular analyst coverage of Fresenius and their latest recommendations can be found at www.fresenius.com/ analysts-and-consensus.

MANAGEMENT REPORT

Fresenius improves FY/21 Group guidance for the second time after good Q3 results

• ►Fresenius Medical Care with stronger than projected COVID-19 related headwind
• ►Fresenius Kabi improves EBIT1 outlook; North America returning to growth; Emerging Markets business with continued healthy financial performance
• ►Helios Germany with ongoing upward trend for elective treatments; activity levels at Helios Spain above pre-pandemic levels
• ►Fresenius Vamed with good performance in the service business; order book in the project business remains at all-time high
• ►Cost and efficiency program on track; savings targets confirmed for FY/ 23
• ►Fresenius raises FY/ 21 Group sales outlook; earnings now expected to be around the top-end of guidance

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. In line with our corporate purpose ''Forward thinking health care to improve the quality of life of patients'', Fresenius develops innovative, affordable, and profitable solutions for the megatrends of health and demographics. Our mission is to offer better medicine and better health care services to ever more people. Every business decision we make is consistently guided by the wellbeing of our patients. It is at the center of everything we do. At the same time, we want to grow profitably and use our capital efficiently.

Fresenius is living up to its special responsibility as part of the health care system, even under the difficult circumstances of the current COVID-19 pandemic. With our products, services, and therapies, we have made an important contribution combating the pandemic worldwide. In our view, there is no need to adjust our strategy and goals due to the COVID-19 pandemic.

Strategic Roadmap

At the beginning of 2021, Fresenius has defined three phases for the development of the company over the next years: Optimize, Grow, and Accelerate.

Consistent with this strategic roadmap, Fresenius initiated group-wide strategic efficiency initiatives focused on operational excellence and cost-saving measures, targeted strengthening of future growth areas and portfolio optimizations. These measures are expected to gradually result in cost savings of more than €100 million p.a. after tax and minority interest in 2023, with some potential to increase thereafter. Achieving these sustainable efficiencies will require significant up-front expenses. For the years 2021 to 2023, those expenses are expected to be more than €100 million p.a. after tax and minority interest on average, with the largest portion currently expected to materialize in 2022. They will be classified as special items, consistent with previous practice.

More detailed information on our strategy and performance criteria can be found in our 2020 Annual Report on page 42ff.

HEALTH CARE INDUSTRY

The health care 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 health care 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 health care, and
• ► increasing national incomes and hence higher spending on health care.

Health care structures are being reviewed and cost-cutting potential identified in order to contain the steadily rising health care expenditures. However, such measures cannot compensate for the cost pressure. Market-based elements are increasingly being introduced into the health care 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 2021.

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 health care system even under the difficult circumstances of the COVID-19 pandemic. With our products, services, and therapies, we have made an important contribution combating the COVID-19 pandemic worldwide. Despite partial government compensation, COVID-19 had an overall negative effect on the business in many of the Group's important markets.

Nevertheless, Fresenius has come through the COVID-19 pandemic in an economically robust manner so far. Once again, our company's business development has proven to be comparatively stable and largely independent of economic cycles. Our diversification into four business segments and our global focus give the Group additional stability.

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.

RESULTS OF OPERATIONS, FINANCIAL POSITION, ASSETS AND LIABILITIES

SALES

Group sales increased by 5% (5% in constant currency) to €9,324 million (Q3/ 20: €8,918 million). Organic growth was 3%. Acquisitions /divestitures contributed net 2% to growth. Currency translation had no effect on sales growth. Excluding estimated COVID-19 effects1, Group sales growth would have been 7% to 8% in constant currency.

In Q1-3/ 21, Group sales increased by 2% (5% in constant currency) to €27,554 million (Q1-3/ 20: €26,973 million). Organic growth was 4%. Acquisitions /divestitures contributed net 1% to growth. Currency translation reduced sales growth by 3%. Excluding estimated COVID-19 effects1, Group sales growth would have been 5% to 6% in constant currency.

SALES BY REGION

To tal	9, 324	8, 918	5%	0%	5%	3%	2%	100 %
Afr ica	106	82	29 %	7%	22 %	22 %	0%	1%
Lat in A ric me a	46 2	40 1	15 %	-7%	22 %	19 %	3%	5%
ia- ific As Pac	984	953	3%	2%	1%	1%	0%	11 %
Eu rop e	4, 098	3, 869	6%	0%	6%	4%	2%	44 %
No rth Am eri ca	3, 674	3, 613	2%	0%	2%	1%	1%	39 %
€ i illio n m ns	Q3 / 202 1	Q3 / 202 0	Gro wth	Cur ren cy slat ion tran effe cts	Gro wth at stan t ra tes con	Org anic sale owt h s gr	Acq uisi tion s / dive stit ure s	% o f to tal sale s

€ i illio n m ns	Q1- 3/ 2 021	Q1- 3 /2 020	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 / dive stit ure s	% o f to tal sale s
eri No rth Am ca	606 10,	11, 283	-6%	-6%	0%	-1%	1%	39 %
Eu rop e	12, 44 3	11, 608	7%	0%	7%	5%	2%	45 %
ia- ific As Pac	2, 858	647 2,	8%	-1%	9%	9%	0%	10 %
Lat in A ric me a	1, 33 6	1, 161	15 %	-13 %	28 %	24 %	4%	5%
Afr ica	31 1	274	14 %	4%	10 %	10 %	0%	1%
To tal	27, 554	26, 973	2%	-3%	5%	4%	1%	100 %

SALES BY BUSINESS SEGMENT

Q3 / 202 1	Q3 / 202 0	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 ture s	% o f to tal s 2 sale
4, 44 2	4, 414	1%	0%	1%	1%	0%	47 %
1, 854	1, 694	9%	1%	8%	8%	0%	20 %
2, 622	2, 40 0	9%	-1%	10 %	5%	5%	28 %
6 51	51 7	0%	0%	0%	0%	0%	5%
9, 324	8, 918	5%	0%	5%	3%	2%	100 %

€ i illio n m ns	Q1- 3/ 2 021	Q1- 3 /2 020	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	uisi tion Acq s / Div esti ture s	f to % o tal s 2 sale
Fre ius M ed ica l C sen are	12, 972	13, 45 9	-4%	-6%	2%	1%	1%	47 %
ius bi Fre Ka sen	5, 37 0	5, 161	4%	-3%	7%	6%	1%	19 %
Fre ius He lios sen	8, 009	7, 181	12 %	0%	12 %	7%	5%	29 %
Fre ius Va d sen me	1, 549	1, 49 1	4%	0%	4%	4%	0%	5%
To tal	27, 554	26, 973	2%	-3%	5%	4%	1%	100 %

1 For estimated COVID-19effects please see table on page 28.

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

Therefore, aggregation to total Group sales is not possible.

EARNINGS

Group EBITDA before special items decreased by 2% (-2% in constant currency) to €1,700 million (Q3/ 20: €1,729 million). Reported Group EBITDA was €1,667 million (Q3/ 20: €1,729 million).

In Q1-3/ 21, Group EBITDA before special items decreased by 5% (-1% in constant currency) to €5,002 million (Q1-3/ 20: €5,246 million). Reported Group EBITDA was €4,957 million (Q1-3/ 20: €5,246 million).

Group EBIT before special items decreased by 6% (-6% in constant currency) to €1,041 million (Q3/ 20: €1,113 million). The decrease is primarily due to COVID-19 related headwinds at Fresenius Medical Care. The EBIT margin before special items was 11.2% (Q3/ 20: 12.5%). Reported Group EBIT was €1,008 million (Q3/ 20: €1,113 million).

In Q1-3/ 21, Group EBIT before special items decreased by 8% (-5% in constant currency) to €3,080 million (Q1-3/20: €3,361 million). The constant currency decrease is primarily due to COVID-19 related headwinds at Fresenius Medical Care. The EBIT margin before special items was 11.2% (Q1-3/ 20: 12.5%). Reported Group EBIT was €3,035 million (Q1-3/ 20: €3,361 million).

Group net interest before special items and reported net interest improved to -€126 million (Q3/ 202: -€154 million) mainly due to lower interest rates. In Q1-3/ 21, Group net interest before special items improved to -€384 million (Q1-3 / 202: -€495 million). Reported Group net interest improved to -€384 million (Q1-3/ 20: -€503 million).

EARNINGS

€ i illio n m ns	Q3 / 202 1	Q3 / 202 0	Gro wth	Q1- 3/ 2 021	Q1- 3 /2 020	Gro wth
Sa les	9, 324	8, 918	5%	27, 554	26, 973	2%
Co of les sts sa	-6, 80 1	-6, 42 2	-6%	-19 955 ,	-19 285 ,	-3%
Gr ofi t oss pr	2, 523	6 2, 49	1%	7, 59 9	688 7,	-1%
Se llin al a nd ad mi nis tive tra g, ge ner ex pen ses	-1, 30 0	-1, 218	-7%	-3, 966	-3, 778	-5%
Res ch and de vel nt ear op me exp ens es	-21 5	-16 5	-30 %	-59 8	-54 9	-9%
Op tin inc e ( EB IT) era g om	008 1,	113 1,	-9%	3, 035	3, 36 1	-10 %
Int lt st r ere esu	-12 6	-15 4	18 %	-38 4	-50 3	24 %
Fin cia l re sul t an	6 -12	-15 4	18 %	-38 4	-50 3	24 %
Inc e b efo inc e ta om re om xes	882	95 9	-8%	2, 65 1	2, 85 8	-7%
Inc e ta om xes	-20 1	-21 1	5%	-59 1	-64 8	9%
Ne t in com e	68 1	748	-9%	2, 060	2, 21 0	-7%
Les llin int tro sts s n on con g ere	-26 8	-32 1	17 %	-74 1	-91 3	19 %
1,2 t in ibu ius SE &C KG Ne tab le t o F aA ttr com e a res en o.	435	42 7	2%	1, 345	1, 302	3%
1 Ne t in ttri but ab le t o F ius SE &C KG aA com e a res en o.	41 3	42 7	-3%	1, 31 9	1, 297	2%
1,2 Ea rni ord ina sha (€) ng s p er ry re	0.7 8	0.7 7	1%	2.4 1	2.3 4	3%
1,2 Fu lly dil d e ing ord ina sha (€) ute arn s p er ry re	0.7 8	0.7 7	1%	2.4 1	2.3 4	3%
1 Ea rni ord ina sha (€) ng s p er ry re	0.7 4	0.7 7	-4%	2.3 6	2.3 3	1%
1 Fu lly dil d e ing ord ina sha (€) ute arn s p er ry re	0.7 4	0.7 7	-4%	2.3 6	2.3 3	1%
of s Av mb har era ge nu er es	55 8, 44 8, 118	46 55 7, 7, 584		55 7, 920 123 ,	698 55 7, 43 1,
2 EB ITD A	1, 700	1, 729	-2%	5, 002	5, 246	-5%
2 De cia tio nd iza tio ort pre n a am n	-65 9	-61 6	-7%	-1, 922	-1, 885	-2%
2 EB IT	1, 04 1	1, 113	-6%	3, 080	3, 36 1	-8%
2 EB ITD A m in arg	18. 2%	19. 4%		18. 2%	19. 4%
2 EB IT in ma rg	11. 2%	12. 5%		11. 2%	12. 5%

Group tax rate before special items was 23.0% (Q3/ 201: 22.0%) while reported Group tax rate was 22.8% (Q3/ 20: 22.0%). In Q1-3/ 21, Group tax rate before special items was 22.4% (Q1-3/ 201: 22.7%) while reported Group tax rate was 22.3% (Q1-3/ 20: 22.7%).

Noncontrolling interests before special items were -€270 million (Q3/ 20: -€321 million) of which 91% were attributable to the noncontrolling interests in Fresenius Medical Care. Reported noncontrolling interests were -€268 million (Q3/ 20: -€321 million). In Q1-3/ 21, noncontrolling interests before special items were -€747 million (Q1-3/20: -€913 million) of which 91% were attributable to the noncontrolling interests in Fresenius Medical Care. Reported noncontrolling interests were -€741 million (Q3/ 20: -€913 million).

Group net income1 before special items increased by 2% (2% in constant currency) to €435 million (Q3/ 201: €427 million) driven by Fresenius Vamed and Fresenius Kabi as well as by the favorable net interest development. Excluding estimated COVID-19 effects3 Group net income2 before special items would have grown 12% to 16% in constant currency. Reported Group net income2 decreased to €413 million (Q3/ 20: €427 million).

In Q1-3/ 21, Group net income2 before special items increased by 3% (6% in constant currency) to €1,345 million (Q1-3 / 201: €1,302 million). Excluding estimated COVID-19 effects3, Group net income2 before special items would have grown 7% to 11% in constant currency. Reported Group net income2 increased to €1,319 million (Q1-3/20: €1,297 million).

Earnings per share2 before special items increased by 1% (1% in constant currency) to €0.78 (Q3/ ²⁰2: €0.77). Reported earnings per share2 were €0.74 (Q3/ 20: €0.77). In Q1-3/ 21, earnings per share2 before special items increased by 3% (6% in constant currency) to €2.41 (Q1-3/201: €2.34). Reported earnings per share2 were €2.36 (Q1-3/20: €2.33).

RECONCILIATION

Consolidated results for Q3 / 21 and Q3/ 20 include special items. Consolidated results for Q1-3/ 21 and Q1-3/ 20 include special items. The special items shown in the reconciliations are shown in the Corporate segment. For a detailed overview of special items please see the reconciliation tables from page 26 onwards.

INVESTMENTS

Spending on property, plant and equipment was €449 million corresponding to 5% of sales (Q3/ 20: €521 million; 6% of sales). These investments served primarily for the modernization and expansion of dialysis clinics, production facilities as well as hospitals and day clinics. In Q1-3/ 21, spending on property, plant and equipment was €1,342 million corresponding to 5% of sales (Q1-3/ 20: €1,542 million; 6% of sales).

Total acquisition spending was €167 million (Q3/ 20: €142 million). In Q1-3/ 21, total acquisition spending was €807 million (Q1-3/ 20: €651 million) mainly for the acquisition of Eugin Group at Fresenius Helios which has been consolidated since April 1, 2021, and the acquisition of dialysis clinics at Fresenius Medical Care.

1 Before special items

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

Fresenius

1st -- 3rd Quarter and 3rd Quarter 2021 Quarterly Financial Report

³ For estimated COVID-19 effects please see table on page 28.

CASH FLOW

Group operating cash flow increased to €1,226 million (Q3/ 20: €1,199 million) with a margin of 13.1% (Q3/ 20: 13.4%). Free cash flow before acquisitions and dividends increased correspondingly to €793 million (Q3/ 20: €682 million). Free cash flow after acquisitions and dividends increased to €594 million (Q3/ 20: -€185 million).

In Q1-3/ 21, Group operating cash flow decreased to €3,329 million (Q1-3 / 20: €5,159 million) with a margin of 12.1% (Q1-3/ 20: 19.1%). The decrease was mainly due to continued recoupment of the U.S. federal government's payments under the CARES Act in Q2 / 20. Free cash flow before acquisitions and dividends decreased to €1,986 million (Q1-3/ 20: €3,593 million). Free cash flow after acquisitions and dividends decreased to €352 million (Q1-3/ 20: €2,149 million).

INVESTMENTS/ACQUISITIONS BY BUSINESS SEGMENT

€ i illio n m ns	Q1- 3/ 2 021	Q1- 3 /2 020	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	954	992	58 8	36 6	-4%	% 44
Fre ius Ka bi sen	34 7	47 7	34 6	1	-27 %	16 %
ius lios Fre He sen	779	640	34 1	43 8	22 %	36 %
Fre ius Va d sen me	58	70	57	1	-17 %	3%
Co rat rpo e	11	14	10	1	-21 %	1%
To tal	2, 149	2, 193	342 1,	807	-2%	100 %

CASH FLOW STATEMENT (Summary)

€ i illio n m ns	Q3 / 202 1	Q3 / 202 0	Gro wth	Q1- 3/ 2 021	Q1- 3 /2 020	Gro wth
t in Ne com e	68 1	748	-9%	060 2,	2, 210	-7%
De cia tio nd iza tio ort pre n a am n	659	616	7%	1, 922	1, 885	2%
Ch ork ing ital d o the ang e w ca p an rs	-11 4	-16 5	31 %	-65 3	1, 064	-16 1%
Op tin Ca sh flo era g w	226 1,	199 1,	2%	3, 32 9	159 5,	-35 %
Ca ital dit et p ex pen ure , n	-43 3	-51 7	16 %	-1, 343	-1, 56 6	14 %
Ca flo bef isit ion div ide sh nd nd ore ac qu s a s w	793	682	16 %	986 1,	3, 593	-45 %
Ca sh d f uis itio ns / ds fro m d ive stit use or acq pro cee ure s	-12 4	-77	-61 %	-64 3	-44 3	-45 %
Div ide nds id pa	-75	-79 0	91 %	-99 1	-1, 00 1	1%
Fre ash flo fte uis itio d d ivid ds e c w a r a cq ns an en	594	-18 5	--	352	2, 149	-84 %
Ca sh vid ed by /us ed for fin ing tiv itie pro anc ac s	-49 2	-10 2	--	96	-98 7	110 %
Eff of cha ch e in sh and ect tes ex nge ra on ang ca
h e iva len ts cas qu	61	-12 8	148 %	128	-15 8	181 %
Ne ha e i ash d c ash uiv ale t c nts ng n c an eq	163	-41 5	139 %	6 57	004 1,	-43 %

ASSET AND LIABILITY STRUCTURE

Group total assets increased by 7% (4% in constant currency) to €71,081 million (Dec. 31, 2020: €66,646 million) given the expansion of business activities and currency effects. Current assets increased by 10% (7% in constant currency) to €17,334 million (Dec. 31, 2020: €15,772 million) driven by the increase of cash and cash equivalents, trade accounts receivables, and inventories. Non-current assets increased by 6% (3% in constant currency) to €53,747 million (Dec. 31, 2020: €50,874 million).

Total shareholders' equity increased by 8% (4% in constant currency) to €28,186 million (Dec. 31, 2020: €26,023 million). The equity ratio was 39.7% (Dec. 31, 2020: 39.0%).

Group debt increased by 5% (3% in constant currency) to €27,191 million (Dec. 31, 2020: €25,913 million). Group net debt increased by 3% (1% in constant currency) to €24,778 million (Dec. 31, 2020: €24,076 million).

As of September 30, 2021, the net debt/EBITDA ratio increased to 3.55x1,2 (Dec. 31, 2020: 3.44x1,2) driven by COVID-19 effects weighing on EBITDA as well as increased net debt. The improvement over June 30, 2021 (3.60x1,2) is driven by the reduction of net debt in Q3/ 21 due to the good cash flow performance.

BALANCE SHEET

€ i illio n m ns	Sep . 30 , 20 21	Dec . 31 , 20 20	Cha nge
As set s
Cu nt ets rre ass	17, 334	15, 772	10 %
the f tr ade cei vab les nts reo ac cou re	40 2 7,	6, 937	7%
the f in ies tor reo ven	4, 257	3, 945	8%
f ca uiv the sh and sh ale nts reo ca eq	2, 41 3	1, 837	31 %
No ent set n-c urr as s	53 747 ,	50 874 ,	6%
the f p lan nd uip ert t a nt reo rop y, p eq me	12, 270	11, 912	3%
the f g ood wil l an d o the r in ible tan set reo g as s	32, 109	30, 335	6%
the f ri ht- of- set reo g use -as s	5, 856	5, 69 1	3%
To tal set as s	08 71, 1	66, 646	7%
Lia bil itie uit nd sha reh old ' eq s a ers y
Lia bil itie s	42 895 ,	40 623 ,	6%
the f tr ade ble nts reo ac cou pa ya	1, 649	1, 816	-9%
the f a ual nd oth sho lia bil itie rt-t reo ccr s a er erm s	10, 822	9, 913	9%
the f d ebt reo	27, 191	25, 913	5%
f le lia bili tie the reo ase s	6, 394	6, 188	3%
No oll ing in ntr ter est nco s	9, 885	9, 074	9%
niu uit To tal Fr s S E& Co . K Ga A s ha reh old ' eq ese ers y	18, 30 1	16, 949	8%
To tal sh ho lde rs' uit are eq y	28, 186	26, 023	8%
lia bil itie uit To tal nd sha reh old ' eq s a ers y	71, 08 1	66, 646	7%

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 September 30, 2021, Fresenius Medical Care was treating approximately 345,000 patients in 4,151 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	Q3 / 202 1	Q3 / 202 0	Gro wth	Gro wth in c tant ons cur ren cy	Q1- 3/ 2 021	Q1- 3 /2 020	Gro wth	Gro wth in c tant ons cur ren cy
Sa les	4, 44 1	4, 414	1%	1%	12, 972	13, 45 9	-4%	2%
A1 EB ITD	912	025 1,	% -11	-10 %	2, 604	3, 047	% -15	-10 %
IT1 EB	51 0	632	-19 %	-19 %	1, 41 7	1, 843	-23 %	-19 %
1,2 t in Ne com e	277	354	-22 %	-21 %	75 1	987	-24 %	-20 %
Em loy p ees (Se 30 /D 31 ) p. ec.					130 87 1 ,	133 129 ,	-2%

• ► Stronger than projected headwind from COVID-19-effects with significantly increased patient excess mortality due to global spread of Delta variant
• ►Organic growth continued with 1%
• ► Financial targets for FY 2021 confirmed, expectation to reach lower end of the guidance ranges for revenue and net income

Sales of Fresenius Medical Care increased by 1% (increased by 1% in constant currency) to €4,441 million (Q3/20: €4,414 million). Organic growth was 1%. In Q1-3/21, sales of Fresenius Medical Care decreased by 4% (increased by 2% in constant currency) to €12,972 million (Q1-3/ 20: €13,459 million). Thus, currency translation had a negative effect of 6%. Organic growth was 1%.

EBIT decreased by 20% (-19% in constant currency) to €505 million (Q3/ 20: €632 million) resulting in a margin of 11.4% (Q3/ 20: 14.3%). EBIT before special items declined by 19% to €510 million (-19% in constant currency; Q3/20: €632 million), resulting in a margin of 11.5% (Q3/20: 14.3%). The decline was mainly due to adverse COVID-19 related effects, inflationary cost increases and higher labor costs. These effects were slightly mitigated by an improved U.S. payor mix, in particular due to an increased number of patients with Medicare Advantage coverage.

In Q1-3/ 21, EBIT decreased by 24% (-20% in constant currency) to €1,403 million (Q1-3/ 20: €1,843 million) resulting in a margin of 10.8% (Q1-3/ 20: 13.7%). EBIT before special items decreased by 23% (-19% in constant currency) to €1,417 million (Q1-3/ 20: €1,843 million) resulting in an EBIT margin before special items of 10.9% (Q1-3/ 20: 13.7%).

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

Net income1 decreased by 23% (-22% in constant currency) to €273 million (Q3/ 20: €354 million) mainly due to effects explained for operating income and a higher tax rate. Net income1 before special items decreased by 22% (-21% in constant currency) to €277 million (Q3/ 20: €354 million).

In Q1-3/ 21, net income1 decreased by 25% (-21% in constant currency) to €741 million (Q1-3/ 20: €987 million). Net income1 before special items decreased by 24% (-20% in constant currency) to €751 million (Q1-3/ 20: €987 million).

Operating cash flow was €692 million (Q3/ 20: €746 million) with a margin of 15.6% (Q3/ 20: 16.9%). The decrease was mainly due to continued recoupment of the U.S. federal government's payments in the second quarter of 2020 under the CARES Act. In Q1-3/ 21, operating cash flow was €1,820 million (Q1-3 / 20: €3,649 million) with a margin of 14.0% (Q1-3/ 20: 27.1%).

For FY/ 21, Fresenius Medical Care confirms its outlook for revenue2 to grow at a low-to-mid single-digit percentage rate and net income1,3 to decline at a high-teens to mid-twenties percentage rate against the 2020 base and is now expecting to be at the lower end of these guidance ranges4.

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

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

² FY/20 base: €17,859 million

³ FY/20 base: €1,359 million, before special items; FY/21: before special items

⁴ These targets are based on the 2020 results excluding the impairment of goodwill and trade names in the Latin America Segment of €195 million. They are inclusive of anticipated COVID-19 effects, in constant currency and exclude special items. Special items include costs related to FME25 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	Q3 / 202 1	Q3 / 202 0	Gro wth	Gro wth in c tant ons cur ren cy	Q1- 3/ 2 021	Q1- 3 /2 020	Gro wth	Gro wth in c tant ons cur ren cy
Sa les	1, 854	1, 694	9%	8%	5, 37 0	5, 161	4%	7%
A1 EB ITD	414	36 8	13 %	12 %	194 1,	146 1,	4%	8%
IT1 EB	30 0	278	8%	7%	874	859	2%	5%
1,2 t in Ne com e	206	189	9%	9%	600	582	3%	7%
Em loy p ees (Se 30 /D 31 ) p. ec.					296 41 ,	40 519 ,	2%

• ►North America with healthy organic sales growth; EBIT growth only hindered by a non-cash one-time effect
• ►Solid organic sales growth in Europe supported by ongoing recovery of elective treatments
• ► Continued strong Emerging Markets growth driven primarily by Latin America; China slowing down due to price effects post successful participation in VBP tenders
• ►EBIT outlook3for FY/ 21 improved

Sales increased by 9% (8% in constant currency) to €1,854 million (Q3/ 20: €1,694 million). Organic growth was 8%. In Q1-3/ 21, sales increased by 4% (7% in constant currency) to €5,370 million (Q1-3/ 20: €5,161 million). Organic growth was 6%. Negative currency translation effects of 3% in Q1-3 were mainly related to the weakness of the US dollar, the Argentinian peso and the Brazilian real.

Sales in North America increased by 6% (organic: 6%) to €589 million (Q3/ 20: €558 million) driven by extra demand for COVID-19 related products. In Q1-3/ 21, sales in North America decreased by 9% (organic: -4%) to €1,669 million (Q1-3/ 20: €1,827 million).

Sales in Europe increased by 7% (organic: 5%) to €620 million (Q3/20: €581 million) supported by the ongoing recovery of elective treatments. In Q1-3/ 21, sales in Europe increased by 6% (organic: 5%) to €1,880 million (Q1-3/20: €1,778 million).

Sales in Asia-Pacific increased by 12% (organic: 8%) to €447 million (Q3/ 20: €399 million) mainly due to normalizing elective treatment activity in the region. In China, organic growth is slowing down due to initial negative price effects from successful participation in VBP (Volume-Based Purchasing) tenders as well as the demanding prioryear base. In Q1-3/ 21, sales in Asia-Pacific increased by

17% (organic: 16%) to €1,248 million (Q1-3/ 20: €1,069 million).

Sales in Latin America / Africa increased by 27% (organic: 27%) to €198 million (Q3/ 20: €156 million) due to ongoing COVID-19 related extra demand. In Q1-3/ 21, sales in Latin America /Africa increased by 18% (organic: 26%) to €573 million (Q1-3/ 20: €487 million).

• 2 Net income attributable to shareholders of Fresenius SE&Co. KGaA
• 3 Growth at constant currency

¹ Before special items

EBIT¹ increased by 8% (7% in constant currency) to €300 million (Q3/20: €278 million) with an EBIT margin of 16.2% (Q3/ 20: 16.4%). The increase in constant currency was primarily driven by the Emerging Markets and European businesses, tempered by an IP R&D write-off in North America. Adjusted for this one-time effect, North America returned to healthy growth. EBIT was supported by positive COVID-19 effects. In Q1-3/ 21, EBIT1 increased by 2% (5% in constant currency) to €874 million (Q1-3/20: €859 million) with an EBIT margin of 16.3% (Q1-3/ 20: 16.6%).

Net income1,2 increased by 9% (9% in constant currency) to €206 million (Q3/ 201: €189 million). In Q1-3/ 21, net income1,2 increased by 3% (7% in constant currency) to €600 million (Q1-3/ 201: €582 million).

Operating cash flow increased to €393 million (Q3/ 20: €225 million) with a margin of 21.2% (Q3/ 20: 13.3%) mainly due to healthy operational performance. In Q1-3/21, operating cash flow increased to €868 million (Q1-3/ 20: €836 million) with a margin of 16.2% (Q1-3/ 20: 16.2%).

For FY/ 21, Fresenius Kabi improves its EBIT outlook. The company now projects EBIT1,3 growth in constant currency around the top end of its low single-digit percentage guidance range. The company continues to expect organic sales growth4 in a low-to-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

4 FY/20 base: €6,976 million

³ FY/20 base: €1,095 million, before special items; FY/21: before special items

FRESENIUS HELIOS

Fresenius Helios is Europe's leading private hospital operator. The company comprises Helios Germany and Helios Spain. Helios Germany operates 89 hospitals, ~130 outpatient centers and 6 prevention centers. Helios Spain operates 47 hospitals, 86 outpatient centers and around 300 occupational risk prevention centers. In addition, the company is active in Latin America with 6 hospitals and as a provider of medical diagnostics and reproduction medicine worldwide.

€ i illio n m ns	Q3 / 202 1	Q3 / 202 0	Gro wth	Gro wth in c tant ons cur ren cy	Q1- 3/ 2 021	Q1- 3 /2 020	Gro wth	Gro wth in c tant ons cur ren cy
Sa les	2, 622	2, 40 0	9%	10 %	8, 009	7, 181	12 %	12 %
A1 EB ITD	34 1	33 6	1%	1%	1, 134	1, 027	10 %	11 %
IT1 EB	222	225	-1%	0%	788	697	13 %	14 %
1,2 t in Ne com e	135	142	-5%	-4%	50 1	44 1	14 %	15 %
Em loy p ees (Se 30 /D 31 ) p. ec.					121 643 ,	116 952 ,	4%

• ►Helios Germany with ongoing upward trend for elective treatments
• ►Treatment activity at Helios Spain above pre-pandemic levels in most medical areas
• ►Strong results in Latin America
• ►FY/ 21 outlook confirmed

Sales increased by 9% (10% in constant currency) to €2,622 million (Q3/ 20: €2,400 million). Organic growth was 5%. Acquisitions, including the hospital acquisitions from the Order of Malta in Germany and the fertility business Eugin (consolidated as from April 1, 2021) contributed 5% to sales growth. In Q1-3/21, sales increased by 12% (12% in constant currency) to €8,009 million (Q1-3/ 20: €7,181 million). Organic growth was 7%. Acquisitions contributed 5% to sales growth.

Sales of Helios Germany increased by 7% (organic: 3%) to €1,640 million (Q3/ 20: €1,529 million) driven by positive price and case mix effects. The hospital acquisitions from the Order of Malta contributed 4% to sales growth. In Q1-3/21, sales of Helios Germany increased by 6% (organic: 2%) to €4,988 million (Q1-3/ 20: €4,703 million).

Sales of Helios Spain increased by 8% (9% in constant currency) to €941 million (Q3/ 20: €870 million). Organic growth of 8% was driven by a consistently high level of treatments and ongoing demand for occupational risk prevention (ORP) services. Furthermore, the hospitals in Latin America showed a good development and contributed 2% to sales growth. In Q1-3/21, sales of Helios Spain increased by 19% (20% in constant currency) to €2,937 million (Q1-3 / 20: €2,476 million). Organic growth was 18%.

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

EBIT¹ of Fresenius Helios decreased by 1% (0% in constant currency) to €222 million (Q3/ 20: €225 million) due to the demanding prior-year base at Helios Spain. The EBIT1 margin was 8.5% (Q3/ 20: 9.4%). In Q1-3/ 21, EBIT¹ of Fresenius Helios increased by 13% (14% in constant currency) to €788 million (Q1-3/ 20: €697 million) with an EBIT margin1 of 9.8% (Q1-3/ 20: 9.7%).

EBIT1 of Helios Germany increased by 5% to €140 million (Q3/ 20: €133 million) with an EBIT margin1 of 8.5% (Q3/ 20: 8.7%). In Q1-3/ 21, EBIT1 of Helios Germany decreased by 1% to €442 million (Q1-3/ 20: €445 million) with an EBIT margin1 of 8.9% (Q1-3/ 20: 9.5%).

EBIT of Helios Spain decreased by 17% (-17% in constant currency) to €79 million (Q3/ 20: €95 million) due to an exceptional Q3/ 20 driven by post-lock-down catch-up effects. In addition, higher costs for personnel, personal protective equipment and selected medical products, among others, had a negative impact. The EBIT margin was 8.4% (Q3 / 20: 10.9%). The hospital acquisitions in Colombia contributed nicely. In Q1-3/ 21, EBIT of Helios Spain increased by 35% (36% in constant currency) to €352 million (Q1-3/ 20: €261 million) with an EBIT margin of 12.0% (Q1-3/ 20: 10.5%).

Net income1,2 decreased by 5% (-4% in constant currency) to €135 million (Q3/ 20: €142 million). In Q1-3/ 21, net income1,2 increased by 14% (15% in constant currency) to €501 million (Q1-3/ 20: €441 million).

Operating cash flow decreased to €157 million (Q3/ 20: €275 million) with a margin of 6.0% (Q3/ 20: 11.5%) as the previous year was supported by the accelerated payment scheme under the German law to ease the financial burden on hospitals. In Q1-3/ 21, operating cash flow decreased to €595 million (Q1-3/ 20: €715 million) with a margin of 7.4% (Q1-3/ 20: 10.0%).

For FY/ 21, Fresenius Helios confirms its outlook. The company expects organic sales3 growth in a mid singledigit percentage range. EBIT4 is projected to grow in a high single-digit percentage range in constant currency. 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/20 base: €9,818 million
• 4 FY/20 base: €1,025 million; FY/21 before special items

FRESENIUS VAMED

Fresenius Vamed manages projects and provides services for hospitals and other health care facilities worldwide and is a 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	Q3 / 202 1	Q3 / 202 0	Gro wth	Gro wth in c tant ons cur ren cy	Q1- 3/ 2 021	Q1- 3 /2 020	Gro wth	Gro wth in c tant ons cur ren cy
Sa les	51 6	51 7	0%	0%	1, 549	1, 49 1	4%	4%
EB ITD A	45	10	-	-	100	51	96 %	96 %
EB IT	23	-11	-	-	35	-10	-	-
1 t in Ne com e	14	-15	193 %	193 %	18	-23	178 %	178 %
Em loy p ees (Se 30 /D 31 ) p. ec.					19, 740	19, 414	2%

• ►Further acceleration of EBIT growth despite persistent COVID-19 impacts
• ►Project business still marked by COVID-19; order book remains at all-time high
• ► Good performance, particularly in the high-end service business; upward trend in elective treatments supports rehabilitation business
• ►FY/ 21 outlook confirmed

Sales remained stable (0% in constant currency and organic) at €516 million (Q3/ 20: €517 million). In Q1-3/ 21, sales increased by 4% (4% in constant currency) to €1,549 million (Q1-3/ 20: €1,491 million). Organic growth was 4%.

Sales in the service business increased by 9% (9% in constant currency) to €410 million (Q3/ 20: €377 million), driven by high-end services and growing case numbers in the rehabilitation business. Sales in the project business decreased by 24% (24% in constant currency) to €106 million (Q3/ 20: €140 million).

In Q1-3/21, sales in the service business increased by 10% (10% in constant currency) to €1,165 million (Q1-3/ 20: €1,063 million). Sales in the project business decreased by 10% (-10% in constant currency) to €384 million (Q1-3/20: €428 million).

EBIT increased to €23 million (Q3/20: -€11 million) with an EBIT margin of 4.5% (Q3/ 20: -2.1%). In Q1-3 / 21, EBIT increased to €35 million (Q1-3/ 20: -€10 million) with an EBIT margin of 2.3% (Q1-3/ 20: -0.7%).

Net income1 increased to €14 million (Q3/ 20: -€15 million). In Q1-3/ 21, net income1 increased to €18 million (Q1-3/ 20: -€23 million).

Order intake was €120 million in Q3/ 21 (Q3/ 20: €188 million) and €971 million in Q1-3/ 21 (Q1-3 / 20: €362 million), particularly driven by a turnkey project for a hospital in Wiener Neustadt, Austria. As of September 30, 2021, order backlog of €3,647 million (December 31, 2020: €3,055 million) remained at an all-time high.

¹ Net income attributable to shareholders of VAMED AG

² FY/20 base: €2,068 million

³ FY/20 base: €29 million; FY/21 before special items

Operating cash flow increased to €9 million (Q3/ 20: -€4 million) with a margin of 1.7% (Q3 / 20: -0.8%) mainly due to payments from the international project business. In Q1-3 / 21, operating cash flow increased to €23 million (Q1-3/ 20: €4 million) with a margin of 1.5% (Q1-3/ 20: 0.3%).

For FY/ 21, Fresenius Vamed confirms its outlook. The company expects organic sales1 growth in a mid-to-high single-digit percentage range and EBIT2 to grow to a high double-digit Euro million amount. Both sales and EBIT outlook include expected COVID-19 effects.

Fresenius

1st -- 3rd Quarter and 3rd Quarter 2021 Quarterly Financial Report

EMPLOYEES

As of September 30, 2021, the number of employees was 314,852 (Dec. 31, 2020: 311,269).

NUMBER OF EMPLOYEES

Nu mb of loy er em p ees	Sep . 30 , 202 1	Dec . 31 , 202 0	Gro wth
ius ica l C Fre M ed sen are	130 87 1 ,	133 129 ,	-2%
Fre ius Ka bi sen	296 41 ,	40 519 ,	2%
Fre ius He lios sen	121 643 ,	116 952 ,	4%
Fre ius Va d sen me	19, 740	19, 414	2%
Co rat rpo e	1, 302	1, 255	4%
To tal	314 852 ,	269 31 1,	1%

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- 3/ 202 1	Q1- 3 / 202 0	Gro wth
Fre ius M ed ica l C sen are	153	141	8%
Fre ius Ka bi sen	3 44	40 7	9%
Fre ius He lios sen	2	1	100 %
Fre ius Va d sen me	-	-	--
Co rat rpo e	0	0	--
To tal	59 8	54 9	9%

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, 2020 applying Section 315e HGB in accordance with IFRS, there has been the following important developments in Fresenius' overall opportunities and risk situation until November 1st, 2021.

The global COVID-19 pandemic, continued to adversely affect our business in the first nine months of 2021. We expect further adverse effects on our business and result of operations for the fourth quarter of 2021. The further development of the worldwide situation in 2021 remains uncertain and depends on the progress of the vaccination campaigns worldwide as well as the extent to which further virus variants spread. An unfavorable development may result in additional adverse effects on our financial results and our ability to achieve our Guidance.

We are currently observing cost increases and supply shortages which are having a negative impact on our business and operating result. These may persist or even intensify with potential resulting further negative impacts on our business and operating result.

A potential U.S. federal corporate tax increase of up to 7 percentage point as announced by U.S. President Joe Biden may have a negative impact on our net income in the current and in the coming fiscal years due to Fresenius' high proportion of business in the United States.

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 53 to 54 in the Notes of this report.

SUBSEQUENT EVENTS

October was characterized worldwide by a regionally varying development of the COVID-19 pandemic with again rising 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.

Fresenius Kabi has developed a strategic plan to better capture existing and new growth opportunities. Given the sustainable growth potential as well as its already strong market position, Fresenius Kabi will continue to focus on products and services for the therapy and care of critically and chronically ill patients. Within that overarching direction, three growth vectors have been defined: (i) broaden the biopharmaceutical offering, (ii) roll-out clinical nutrition and (iii) expand in MedTech. In parallel, Fresenius Kabi aims at strengthening the resilience of its volume-driven IV business. Furthermore, Fresenius Kabi will increase its global competitiveness and advance its organizational effectiveness; one initial step is the implementation of a businessled rather than regional organization. Implementation plans are still being sharpened.

On November 2, 2021, Fresenius Medical Care announced further details on its FME25 program. With a significantly simplified future structure of two global operating segments -- Care Enablement and Care Delivery -- Fresenius Medical Care orients its operating model along the relevant future value drivers.

Based on the implementation of the new global operating model, Fresenius Medical Care assumes to reduce its annual cost base by €500 million by the end of 2025. Around 50% of these savings are expected to be realized by 2023. By the end of 2023 around 80% of the anticipated one-time investments in FME25, amounting to approximately €450 million to 500 million, are expected to be made. The investments will be treated as a special item. The Company thus expects to reach positive net savings by the end of 2023.

Beyond that, there have been no significant changes in the industry environment. Also otherwise, with the exception of the amendment of the commercial paper program of Fresenius Medical Care as described in section 12 of the notes, Debt, there have been no further events with a significant impact on the assets and liabilities, financial position, and results of operations of the Group since the end of the third quarter of 2021.

OUTLOOK 2021

COVID-19 ASSUMPTIONS FOR GUIDANCE FY/21

Negative COVID-19 effects at Fresenius have increased sequentially in Q3/ 21, driven by significant excess patient mortality at Fresenius Medical Care. Fresenius expects also Q4/ 21 to be impacted by COVID-19 effects. Meaningfully rising COVID-19 case numbers, the further evolution of virus mutations as well as stalling vaccination progress could impact Fresenius' ability to achieve its FY/ 21 guidance. Additionally, Fresenius expects headwinds from cost inflation including rising commodity and shipping prices, increasing energy costs, as well as supply chain constraints in Q4/ 21. Hence, Fresenius remains vigilant.

Whilst the risk of renewed far-reaching containment measures in one or more of Fresenius' major markets cannot be excluded, it now appears unlikely. Any resulting significant and direct impact on the health care sector without appropriate compensation is not reflected in the Group's FY/ 21 guidance. These assumptions are subject to considerable uncertainty.

FRESENIUS GROUP

Based on the Group's good Q3/ 21 results and the progress to improve Group-wide efficiencies, Fresenius raises its sales guidance3 and improves its earnings guidance1,2. The Company now projects constant currency sales3 to grow in a mid single-digit range in FY/ 21. Previously, the Company projected sales3 growth in a low-to-mid single-digit percentage range in constant currency. Earnings1,2 growth in constant currency is now expected to be around the top-end of the low single-digit percentage range.

Implicitly, net income1 for the Group excluding Fresenius Medical Care is now expected to grow in a low double-digit percentage range in constant currency. Previously, Fresenius expected high single-digit percentage growth in constant currency.

The guidance implies ongoing COVID-19 related headwinds, primarily at Fresenius Medical Care, and increasingly noticeable cost inflation across selected markets in Q4/ 21. It also reflects negative pricing effects related to tender activity at Fresenius Kabi in China.

SALES AND EARNINGS BY BUSINESS SEGMENT

In 2021, we expect sales and earnings development in our business segments as shown in the table on page 25.

PROGRESS ON EFFICIENCY MEASURES TO SUSTAINABLY IMPROVE PROFITABILITY

During Q3 / 21, Fresenius finalized the concept phase of its cost and efficiency program. At the same time, first initiatives were already implemented. Fresenius Medical Care is providing an update on its FME25 transformation program in addition to its Q3/ 21 results presentation.

Fresenius confirms its expectation that the measures to sustainably enhance profitability and operational excellence to reach cost savings of more than €100 million p.a. after tax and minority interest in 2023, with some potential to increase thereafter.

Achieving these sustainable efficiencies will require significant up-front expenses. For the years 2021 to 2023, those expenses are expected to average more than €100 million p.a. after tax and minority interest, with the largest portion currently expected to materialize in 2022. They will be classified as special items, consistent with previous practice.

Fresenius expects significant contributions from all four business segments and from the corporate center in the 2021 to 2023 period. For FY/21, low double-digit million Euro savings after tax and minority interest from the Group's cost and efficiency measures are expected to support the Group's profitability. These savings and efficiency gains derive from activities in all four business segments.

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

2 FY/20 base: €1,796 million, before special items; FY/21: before special items

3 FY/20 base: €36,277 million

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

EXPENSES

For 2021, we continue to expect selling, general, and administrative expenses as a percentage of consolidated net sales not to change significantly compared to 2020 (2020: 13.7%).

LIQUIDITY AND CAPITAL MANAGEMENT

For 2021, we continue to expect an operating cash flow margin in the range of 10% to 12%, lower than in FY/ 20 due to expected recoupment of prepaymets received in FY/20 under the CARES-Act in the United States at Fresenius Medical Care.

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

Financing activities in 2021 are largely geared to refinancing existing financial liabilities maturing in 2021 and 2022. A large part of the 2021 maturities, however, was already pre-financed with the issuance of bonds in 2020.

Based on expected lower contributions to Group EBITDA from Fresenius Medical Care as well as assumed cash phasing effects in Q4/ 21, Fresenius does not expect the net debt/EBITDA1 ratio of 3.55x as of September 30, 2021 to improve in Q4/ 21.

INVESTMENTS

In 2021, we continue to 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 26% 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, in the modernizing and equipping of existing hospitals, and newly acquired hospitals. With a share of around 65%, Europe is the regional focus of investment in the planning period. Around 26% of the investments are planned for North America and around 9% for Asia, Latin America and Africa. About 35% of total funds will be invested in Germany.

We continue to assume that the return on operating assets (ROOA) will decrease by 50 to 100 basis points compared to the level of 2020 (2020: 7.3%) and the return on invested capital (ROIC) will decrease by 40 to 70 basis points compared to the level of 2020 (2020: 6.5%).

CAPITAL STRUCTURE

For 2021, we continue to expect the equity ratio not to change significantly compared to 2020 (2020: 39%). Furthermore, we expect debt in relation to total assets to remain around prior year's level (2020: 39%).

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) and thus broadly maintains a payout ratio of 20% to 25%. Fresenius intends to increase the dividend for 2021.

GROUP FINANCIAL OUTLOOK 2021

	Fisc al y 202 0¹ ear	Tar s 20 21² get	Gui dan dju / stm ent ce a 212 upd blis hed Jul y 20 ate, pu	Gui dan ce²
		Low id s ing le-d ig it -to -m		Mi d s ing le-d ig it
Sa les th (in ) sta nt gr ow con cur ren cy	€3 6, 277 m	th tag per cen e g row	firm ed con	th tag per cen e g row
				Aro und nd of to p-e
		At lea st	Low sin le-d ig it g	low sin le-d ig it g
3 g t in (in Ne th ) sta nt com e row con cur ren cy	796 €1 m ,	bro ad ly s tab le	th tag per cen e g row	th ent per age gr ow

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 2021 BY BUSINESS SEGMENT

	Fisc al y 202 0¹ ear	Tar s 20 21² get	Gui dan dju / stm ent ce a 212 upd blis hed Jul y 20 ate, pu	Gui dan ce²
3 ius ica l C Fre M ed sen are
Sa les th (in ) sta nt gr ow con cur ren cy	€1 7, 859 m	Low id s ing le-d ig it -to -m th tag per cen e g row	firm ed con	firm ed; tin be he to at t con ex pec g low end of th uid er e g anc e r ang e
4 g t in (in Ne th ) sta nt com e row con cur ren cy	€1 35 9 m ,	Hig h-t id- nti s to twe een m es ine e d ecl tag per cen	firm ed con	firm ed; tin be he to at t con ex pec g of uid low end th er e g anc e r ang e
Fre ius Ka bi sen
Sa les th (or ic) gr ow gan	€6 976 m ,	Low id s ing le-d ig it -to -m th tag per cen e g row	firm ed con	firm ed con
in c EB IT h ( ) wt tan t c gro ons urr enc y	€1 095 m ,	Sta ble -lo ing le-d ig it -to w s th tag per cen e g row	Low sin le-d ig it g th tag per cen e g row	und th end of th e t aro op e low sin le-d ig it g uid tag per cen e g anc e r ang e
Fre ius He lios sen
Sa les th (or ic) gr ow gan	€9 818 m ,	id s ing ig it Low le-d -to -m th tag per cen e g row	Mi ing ig it d s le-d th tag per cen e g row	firm ed con
EB IT h ( in c ) wt tan t c gro ons urr enc y	€1 025 m ,	Mi d-t o-h ig h s ing le-d ig it th tag per cen e g row	Hig h s ing le-d ig it th tag per cen e g row	firm ed con
ius Fre Va d sen me
Sa ic) les th (or gr ow gan	068 €2 m ,	Mi d-t o-h ig h s ing le-d ig it th tag per cen e g row	firm ed con	firm ed con
EB IT	€2 9 m	Hig h d ble -di it ou g illio € m unt n a mo	firm ed con	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 2020 results excluding the impairment of goodwill and trade names in the Latin America Segment of EUR 195 million. They are inclusive of anticipated COVID-19 effects, in constant currency and exclude special items.

Special items include costs related to FME25 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 FRESENIUS GROUP Q3 /Q1-3

				Gro wth rat e				Gro wth rat e
€ i illio n m ns	Q3 / 202 1	Q3 / 202 0	Gro wth rat e	in c tant ons cur ren cy	Q1- 3/ 2 021	Q1- 3 /2 020	Gro wth rat e	in c tant ons cur ren cy
Sa les d rte re po	9, 324	8, 918	5%	5%	27, 554	26, 973	2%	5%
(af eci ite ) EB IT ed al ort ter rep sp ms	1, 008	1, 113	-9%	-9%	3, 035	36 3, 1	-10 %	-6%
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	33	-			45	-
ial ite EB IT (be for ) e s pec ms	1, 04 1	1, 113	-6%	-6%	3, 080	36 3, 1	-8%	-5%
t in cia l it Ne d ( aft s) ter est rte re po er spe em	-12 6	-15 4	18 %	18 %	-38 4	-50 3	24 %	22 %
Rev alu ati of bi osi mi lars nti rch ice lia bil itie nt ons co nge pu ase pr s	-	-			-	8
Ne t in (b efo cia l it s) ter est re spe em	-12 6	-15 4	18 %	18 %	-38 4	-49 5	22 %	20 %
Inc ed (af eci al ite ) e t ort ter om axe s r ep sp ms	-20 1	-21 1	5%	4%	-59 1	-64 8	9%	6%
Rev alu ati of bi osi mi lars nti rch ice lia bil itie nt ons co nge pu ase pr s	-	-			-	-3
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	-9	-			-13	-
eci ite Inc s ( bef al ) e t om axe ore sp ms	-21 0	-21 1	0%	0%	-60 4	-65 1	7%	4%
No oll ing in ed (af eci al ite ) ntr ter est ort ter nco s r ep sp ms	-26 8	-32 1	17 %	17 %	-74 1	-91 3	19 %	15 %
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	-2	-			-6	-
No oll ing in s ( bef eci al ite ) ntr ter est nco ore sp ms	-27 0	-32 1	16 %	16 %	-74 7	-91 3	18 %	14 %
1 Ne t in ed (af eci al ite ) ort ter com e r ep sp ms	413	42 7	-3%	-3%	31 9 1,	297 1,	2%	5%
Rev alu ati of bi osi mi lars nti rch ice lia bil itie nt ons co nge pu ase pr s	-	-			-	5
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	22	-			26	-
1 Ne t in e ( bef eci al ite ) com ore sp ms	435	42 7	2%	2%	1, 345	1, 302	3%	6%

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

RECONCILIATION FRESENIUS MEDICAL CARE Q3 /Q1-3

€ i illio n m ns	Q3 / 202 1	Q3 / 202 0	Gro wth rat e	Gro wth rat e in c tant ons cur ren cy	Q1- 3/ 2 021	Q1- 3 /2 020	Gro wth rat e	Gro wth rat e in c tant ons cur ren cy
Sa les d rte re po	4, 44 1	4, 414	1%	1%	12, 972	13, 9 45	-4%	2%
EB IT ed (af eci al ite ) ort ter rep sp ms	505	632	-20 %	-19 %	403 1,	843 1,	-24 %	-20 %
Co late d t o F ME 25 sts re pro gra m	5	-			14	-
(be ial ite ) EB IT for e s pec ms	51 0	632	-19 %	-19 %	1, 41 7	1, 843	-23 %	-19 %
1 t in eci ite Ne ed (af al ) ort ter com e r ep sp ms	273	354	-23 %	-22 %	74 1	987	-25 %	-21 %
Co late d t o F ME 25 sts re pro gra m	4	-			10	-
t in eci ite 1 Ne e ( bef al ) com ore sp ms	277	354	-22 %	-21 %	75 1	987	-24 %	-20 %

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

RECONCILIATION FRESENIUS KABI Q3 /Q1-3

€ i illio n m ns	Q3 / 202 1	Q3 / 202 0	Gro wth rat e	Gro wth rat e in c tant ons cur ren cy	Q1- 3/ 2 021	Q1- 3 /2 020	Gro wth rat e	Gro wth rat e in c tant ons cur ren cy
Sa les d rte re po	1, 854	1, 694	9%	8%	5, 37 0	5, 161	4%	7%
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	26	-			26	-
(be for ial ite ) EB IT e s pec ms	30 0	27 8	8%	7%	874	859	2%	5%

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

RECONCILIATION FRESENIUS HELIOS Q3 /Q1-3

€ i illio n m ns	Q3 / 202 1	Q3 / 202 0	Gro wth rat e	Gro wth rat e in c tant ons cur ren cy	Q1- 3/ 2 021	Q1- 3 /2 020	Gro wth rat e	Gro wth rat e in c tant ons cur ren cy
Sa les d rte re po	622 2,	2, 40 0	9%	10 %	8, 009	7, 181	12 %	12 %
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	-			1	-
EB IT (be for ial ite ) e s pec ms	222	225	-1%	-0%	788	697	13 %	14 %

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

ESTIMATED COVID-19 EFFECTS Q3 /Q1-3

		Re d g th rte rat po row e in c tan t c ons urr enc y inc lus ive CO VID -19 -ef fec ts		Est ima ted CO VID -19 im t pac in c tan t c ons urr enc y		Est ima ted th rat gr ow e in c tan t c ons urr enc y lud ing CO VID -19 -ef fec ts exc
€ i illio n m ns	Q3 / 202 1	Q3 / 202 0	Q3 / 202 1	Q3 / 202 0	Q3 / 202 1	Q3 / 202 0
Sa les	5%	5%	-2 -3% to	-1 -2% to	7 t o 8 %	6 t o 7 %
1 Ne t in e ( bef eci al i s) tem com ore sp	2%	1%	-10 -1 4% to	0 t 4% o -	12 16 % to	1 t o 5 %

		Re d g th rte rat po row e in c tan t c ons urr enc y inc lus ive CO VID -19 -ef fec ts		Est ima ted CO VID -19 im t pac in c tan t c ons urr enc y		Est ima ted th rat gr ow e in c tan t c ons urr enc y lud ing CO VID -19 -ef fec ts exc
€ i illio n m ns	Q1- 3/ 2 021	Q1- 3 /2 020	Q1- 3/ 2 021	Q1- 3 /2 020	Q1- 3/ 2 021	Q1- 3 /2 020
Sa les	5%	5%	0 t 1% o -	-2 -3% to	o 6 5 t %	7 t o 8 %
1 Ne t in e ( bef eci al i s) tem com ore sp	6%	-4%	-1 -5% to	-6 -10 % to	7 t o 1 1%	2 t o 6 %

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

€ i illio n m ns	Q3 / 202 1	Q3 / 202 0	Q1 -- 3/ 202 1	Q1 - -3/ 202 0
Sa les	9, 324	8, 918	27, 554	26, 973
Co f sa les st o	-6, 80 1	-6, 42 2	-19 955 ,	-19 285 ,
Gr ofi t oss pr	2, 523	6 2, 49	7, 59 9	688 7,
Se llin al a nd ad mi nis tive tra g, ge ner ex pen ses	-1, 30 0	-1, 218	-3, 966	-3, 778
Res ch and de vel nt ear op me exp ens es	-21 5	-16 5	-59 8	-54 9
Op tin inc e ( EB IT) era g om	008 1,	113 1,	3, 035	3, 36 1
Ne t in ter est	-12 6	-15 4	-38 4	-50 3
Inc e b efo inc e t om re om axe s	882	959	2, 65 1	2, 858
Inc e ta om xes	-20 1	-21 1	-59 1	-64 8
t in Ne com e	68 1	748	060 2,	2, 21 0
No olli int ntr sts nco ng ere	268	32 1	74 1	913
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	42 7	1, 31 9	1, 297
rni in € Ea sha ng s p er re	0.7 4	0.7 7	2.3 6	2.3 3
dil ing in € Fu lly d e sha ute arn s p er re	0.7 4	0.7 7	6 2.3	2.3 3

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

€ i illio n m ns	Q3 / 202 1	Q3 / 202 0	Q1 -- 3/ 202 1	Q1 - -3/ 202 0
t in Ne com e	68 1	748	2, 060	2, 21 0
Ot nsi inc e ( s) he he los r c om pre ve om
Po sit ion hic h w ill be las sif ied in in e i ub to net nt s w rec com n s seq ue yea rs
For eig nsl ati tra n c urr enc on y	42 1	-89 8	03 1, 1	272 -1,
Ca sh flow he dg es	5	-2	-2	10
FV OC I de bt ins tru nts me	-2	--	-9	31
Inc siti hic h w ill b ecl ifie d e ta om xes on po ons w e r ass	--	-2	5	-10
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 (lo s) o n d efi ned be nef it p ion lan tua sse ens p s	-3	-65	84	-19
Eq uity eth od inv sha of OC I est m ees re --	4	2	-46	53
FV OC I eq uity in tm ent ves s	-37	-13	-12	6
Inc siti hic h w ill n be las sifi ed e ta ot om xes on po ons w rec	14	20	-20	3
Ot nsi inc e ( s), he he los net r c om pre ve om	40 2	-95 8	1, 03 1	-1, 198
To tal reh siv e i (lo ss) co mp en nco me	083 1,	-21 0	3, 09 1	012 1,
Co reh siv e i (lo ss) tri bu tab le t llin int at tro sts mp en nco me o n on con g ere	49 6	-13 0	1, 27 0	28 8
siv e i tri niu Co reh (lo ss) bu tab le t ha reh old of Fr s S E& Co . K Ga A at mp en nco me o s ers ese	58 7	-80	1, 82 1	724

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

ASSETS

€ i illio n m ns	Sep ber 30 , 20 21 tem	Dec ber 31, 202 0 em
Cas iva h a nd h e len ts cas qu	2, 41 3	1, 837
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, 40 2	6, 937
Ac cei vab le f d lo late d p ies nts to art cou re rom an ans re	151	110
Inv ori ent es	4, 257	3, 945
Oth t as set er cur ren s	3, 111	2, 943
I. T l cu ota nt ets rre ass	17, 334	15, 772
Pro lan nd uip ty, t a nt per p eq me	12, 270	912 11,
Rig ht- of- set use as s	5, 856	5, 69 1
Go ill odw	28, 33 8	26, 599
Oth int ible set er ang as s	3, 77 1	3, 736
Oth ent set er no n-c urr as s	2, 295	2, 124
De fer red ta xes	217 1,	812
II. To tal ent set no n-c urr as s	53 747 ,	50 874 ,
To tal set as s	71, 08 1	66, 646

LIABILITIES

€ i illio n m ns	Sep ber 30 , 20 21 tem	Dec ber 31, 202 0 em
Tra de ble nts acc ou pa ya	1, 649	1, 816
Sh ies ble late d p ort -te nts to art rm ac cou pa ya re	80	67
Sh ovi sio and her sh lia bil itie ort -te ot ort -te rm pr ns rm s	8, 250	7, 43 3
Sh de bt ort -te rm	2, 47 2	245
Sh de bt f late d p ies ort -te art rm rom re	5	5
Cu rtio f lo m d ebt nt ter rre po n o ng-	46 2	1, 132
Cu rtio f le lia bil itie nt rre po n o ase s	806	766
Cu rtio f b ond nt rre po n o s	1, 304	1, 522
Sh lia bil itie s fo r in ort -te e ta rm com xes	324	230
A. To tal sh lia bil itie ort -te rm s	15, 352	13, 216
rtio Lon m d ebt les ter ent g- s c urr po n ,	2, 132	4, 022
Lea liab ilit ies les rtio ent se s c urr po n ,	5, 58 8	5, 42 2
Bo nds les rtio ent s c urr po n ,	13, 942	12, 325
Co rtib le b ond nve s	48 0	474
Lon vis ion nd oth lon liab ilit ies ter ter g- m pro s a er g- m	1, 756	1, 918
sio iab ilit ies Pen n l	1, 559	1, 582
Lon liab ilit ies fo r in ter e ta g- m com xes	286	274
De fer red ta xes	1, 800	1, 39 0
B. To tal lo lia bil itie -te ng rm s	27, 543	27, 40 7
l lia bil itie I. T ota s	42 895 ,	40 623 ,
ing in A. No oll ntr ter est nco s	9, 885	9, 074
Su bsc rib ed ita l cap	55 8	55 7
Ca ital p re ser ve	4, 024	3, 992
Oth er res erv es	14, 352	13, 535
Ac ula ted her reh ive lo ot cum co mp ens ss	-63 3	-1, 135
' e B. To tal Fr niu s S E& Co . K Ga A s ha reh old ity ese ers qu	18, 30 1	16, 949
rs' uit II. To tal sh ho lde are eq y	28, 186	26, 023
' eq lia bil itie uit To tal nd sha reh old s a ers y	71, 08 1	66, 646

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

€ i illio n m ns	Q1 -- 3/ 202 1	Q1 - -3/ 202 0
Op tin cti vit ies era g a
Ne t in com e	2, 060	2, 210
Ad jus nci le n inc ash d tm ent s t et e t o r eco om o c an iva vid tin cti vit ies h e len ed by ts cas qu pro op era g a
De cia tio nd iza tio ort pre n a am n	922 1,	885 1,
Ch e in de fer red ta ang xes	-34	-44
Ga in o of fix f in div itu ale ed d o nd ets tm ent est n s ass an ves s a res	-26	-46
s in liab ilit ies Ch nd of set et nts an ge as s a , n am ou fro bu sin uir ed dis ed of m ess es acq or pos
Tra de d o the cei vab les nts acc ou an r re	-30 0	-20 0
ori Inv ent es	-18 0	-57 7
Oth nd t a ent set er cur ren no n-c urr as s	-21 7	-10 8
Ac cei vab le f /pa ble late d p ies nts to art cou re rom ya re	-32	21
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	44	873 1,
Lia bil itie s fo r in e ta com xes	92	145
ide ing tiv itie Ne ash d b t c rat pr ov y o pe ac s	3, 32 9	5, 159
Inv ing tiv itie est ac s
Pu rch of lan nd ipm ert t a ent ase pr op y, p equ and ital ize d d lop nt ts ca p eve me cos	-1, 37 1	-1, 57 8
fro f p ipm Pro ds ale lan nd ert t a ent cee m s s o rop y, p equ	28	12
Ac isit ion nd inv est nts qu s a me f in ible and rch tan set pu ase s o g as s	-76 4	-48 5
Pro ds fro ale of in nd div itu tm ent est cee m s ves s a res	121	42
in inv ing tiv itie Ne ash ed t c est us ac s	986 -1,	-2, 009

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

€ i illio n m ns	Q1 -- 3/ 202 1	Q1 - -3/ 202 0
Fin cin cti vit ies an g a
Pro ds fro ho de bt rt-t cee m s erm	2, 793	25 1
of Re sh de bt nts ort -te pay me rm	-55 1	06 -2, 1
Pro ds fro lon m d ebt ter cee m g-	50 1	47
of Re lo m d ebt nts ter pay me ng-	-3, 157	-1, 005
Re of lea liab ilit ies nts pay me se	-69 4	-72 1
Pro ds fro he iss of bon ds m t cee uan ce	2, 714	4, 57 7
Re of lia bil itie s fr bo nds nts pay me om	535 -1,	-93 7
Re of rtib le b ds nts pay me co nve on	--	-40 0
fo of niu ica l C Pay r th har e b bac k p Fr s M ed nts me e s uy- rog ram ese are	--	-36 6
Pay fo r th iva ble fa cili of Fre ius M ed ica l C nts unt ty me e a cco s r ece sen are	0	-37 9
rcis tio Pro ds fro he f st ock m t cee exe e o op ns	36	13
Div ide nds id pa	-99 1	00 -1, 1
Ch e in olli int ntr sts et ang no nco ng ere , n	-11	-6
in fin cin cti vit ies Ne ash ed t c us an g a	-89 5	-1, 988
uiv Eff of cha ch ash d c ash ale ect ate nts ex ng e r an ge s o n c an eq	128	-15 8
t in in uiv Ne sh d c ash ale nts cre ase ca an eq	6 57	1, 004
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	1, 837	1, 654
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, 413	2, 658

ADDITIONAL INFORMATION ON PAYMENTS

THAT ARE INCLUDED IN NET CASH PROVIDED BY OPERATING ACTIVITIES

€ i illio n m ns	Q1 -- 3/ 202 1	Q1 - -3/ 202 0
Rec eiv ed int st ere	63	43
Pai d i nte t res	-37 7	-48 2
id Inc e ta om xes pa	-55 2	-45 3

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

		Su rib Ca ital bsc ed p		Res erv	es
	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, 20 19 cem	55 7, 38 0	55 7, 38 0	55 7	3, 989	12, 42 2
Pro ds fro he rcis f st ock tio m t cee exe e o op ns	89	89	0	6
Co ati ela ted ck tio to sto mp ens on exp ens e r op ns				-6
Div ide id nds pa					-46 8
Pu rch of olli int ntr sts ase no nco ng ere
Sh bu bac k p of Fr niu s M ed ica l C AG &C KG aA are y- rog ram ese are o.					-11 8
Put tio n l iab ilit ies op					-15
Co reh ive in e ( los s) mp ens com
Ne t in com e					297 1,
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
For eig nsl ati tra n c urr enc y on
Ac ria l lo n d efi ned be nef it p ion lan tua sse s o ens p s
Fai lue ch r va ang es
Co ive in reh e ( los s) mp ens com					1, 297
As of Se be r 3 0, 202 0 tem p	55 7, 46 9	55 7, 46 9	55 7	3, 989	13, 118
As of De be r 3 202 0 1, 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	913	913	1	31
Co ati ela ted ck tio to sto mp ens on exp ens e r op ns				1
Div ide nds id pa					-49 1
of olli int Pu rch ntr sts ase no nco ng ere
Put tio n l iab ilit ies op					-11
Co reh ive in e ( los s) mp ens com
Ne t in com e					31 9 1,
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 reh ive in e ( los s) mp ens com					31 9 1,
As of Se be r 3 0, 202 1 tem p	55 8, 454	55 8, 454	55 8	4, 024	14, 352

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

	Ac
	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 1, 20 19 cem	294	-65	-42 9	10	0	16, 778	9, 802	26, 58 0
Pro ds fro he rcis f st ock tio m t cee exe e o op ns						6	7	13
Co ati ela ted ck tio to sto mp ens on exp ens e r op ns						-6	0	-6
Div ide nds id pa						-46 8	-53 3	-1, 00 1
of olli int Pu rch ntr sts ase no nco ng ere						--	16	16
Sh bu bac k p of Fr niu s M ed ica l C AG &C KG aA are rog ram ese are o. y-						-11 8	-24 8	-36 6
Put tio n l iab ilit ies op						-15	-32	-47
Co reh ive in e ( los s) mp ens com
Ne t in com e						1, 297	913	2, 210
Oth siv e in hen e ( los s) er com pre com
Ca sh flow he dg es		5				5	3	8
Ch f F VO CI uity in tm ent ang e o eq ves s				--		--	4	4
For eig nsl ati tra n c urr enc on y	-60 3	--	3	1		-59 9	-67 6	-1, 275
Ac ria l lo n d efi ned be nef it p ion lan tua sse s o ens p s			-4			-4	-10	-14
Fai lue ch r va ang es					25	25	54	79
Co reh ive in e ( los s) mp ens com	-60 3	5	-1	1	25	724	288	1, 012
of Se As be r 3 0, 202 0 tem p	-30 9	-60	-43 0	11	25	16, 90 1	9, 30 0	26, 20 1
As of De be r 3 1, 202 0 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						32	4	36
Co ati ela ted ck tio to sto mp ens on exp ens e r op ns						1	--	1
Div ide nds id pa						-49 1	-50 0	-99 1
Pu rch of olli int ntr sts ase no nco ng ere						--	61	61
tio iab ilit ies Put n l op						-11	-24	-35
Co reh ive in e ( los s) mp ens com
Ne t in com e						1, 31 9	74 1	2, 060
Oth hen siv e in e ( los s) er com pre com
Ca sh flow he dg es		-1				-1	0	-1
Ch f F VO CI uity in tm ent ang e o eq ves s				-32		-32	21	-11
For eig nsl atio tra n c urr enc n y	51 7	0	-4	1	1	515	51 9	1, 034
Ac ria l ga ins de fin ed ben efit nsi lan tua on pe on p s			38			38	25	63
Fai lue ch r va ang es					-18	-18	-36	-54
Co reh ive in e ( los s) mp ens com	51 7	-1	34	-31	-17	1, 82 1	1, 270	3, 09 1
As of Se be r 3 0, 202 1 tem p	-18 7	-63	-37 1	-22	10	18, 30 1	9, 885	28, 186

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

	Fre sen	ius M ed ica	l C are	Fre	ius Ka sen	bi	Fre	ius He sen	lios	Fre	ius Va sen me	d		Co rat rpo e		Fre	ius Gr sen ou	p
by bus ine € i illio nt, ss seg me n m ns	12 202	202 0	Gro wth	13 202	04 202	Gro wth	13 202	202 0	Gro wth	202 1	202 0	Gro wth	15 202	06 202	Gro wth	202 1	202 0	Gro wth
Sa les	12, 972	13, 45 9	-4%	5, 37 0	5, 161	4%	8, 009	7, 181	12 %	1, 549	1, 49 1	4%	-34 6	-31 9	-8%	27, 554	26, 973	2%
the f co ibu tio ntr n t reo o
sol ida ted les con sa	12, 938	13, 42 8	-4%	5, 322	5, 119	4%	7, 990	7, 167	11 %	1, 303	1, 258	4%	1	1	0%	27, 554	26, 973	2%
the f in ale ter reo com pan y s s	34	31	10 %	48	42	14 %	19	14	36 %	246	233	6%	-34 7	-32 0	-8%	--	--
trib uti sol ida ted les to con on con sa	47 %	50 %		19 %	19 %		29 %	26 %		5%	5%		0%	0%		100 %	100 %
EB ITD A	2, 604	3, 047	-15 %	194 1,	146 1,	4%	134 1,	027 1,	10 %	100	51	96 %	-75	-25	-20 0%	957 4,	246 5,	-6%
De cia tio nd iza tio ort pre n a am n	1, 187	1, 204	-1%	32 0	287	11 %	34 6	33 0	5%	65	61	7%	4	3	33 %	1, 922	1, 885	2%
EB IT	1, 41 7	1, 843	-23 %	874	859	2%	788	697	13 %	35	-10	--	-79	-28	-18 2%	3, 035	36 3, 1	-10 %
Ne t in ter est	-21 4	-28 4	25 %	-48	-63	24 %	-13 6	-13 7	1%	-7	-14	50 %	21	-5	--	-38 4	-50 3	24 %
Inc e ta om xes	-27 8	-36 2	23 %	-18 0	-18 3	2%	-13 9	-11 4	-22 %	-7	3	--	13	8	63 %	-59 1	-64 8	9%
Ne t in ttri but ab le t har eho lde com e a o s rs of Fre ius SE &C KG aA sen o.	75 1	987	-24 %	600	582	3%	50 1	44 1	14 %	18	-23	178 %	-55 1	-69 0	20 %	1, 31 9	1, 297	2%
Op tin ash flo era g c w	1, 820	3, 649	-50 %	868	836	4%	595	715	-17 %	23	4	--	23	-45	151 %	3, 32 9	5, 159	-35 %
Ca flow for isit ion sh be e a cqu s and di vid end s	1, 259	2, 913	-57 %	494	34 0	45 %	254	46 0	-45 %	-34	-59	42 %	13	-61	121 %	1, 986	3, 593	-45 %
1 To tal ets ass	33, 83 1	31, 689	7%	14, 625	13, 59 1	8%	20, 749	19, 24 1	8%	2, 78 1	2, 716	2%	-90 5	-59 1	-53 %	71, 08 1	66, 646	7%
1 De bt	13, 227	12, 38 0	7%	4, 52 8	4, 181	8%	7, 93 1	7, 47 2	6%	762	686	11 %	743	1, 194	-38 %	27, 191	25, 913	5%
1 Oth tin liab ilit ies er op era g	6, 294	6, 192	2%	3, 313	3, 225	3%	3, 020	2, 585	17 %	95 1	933	2%	32 6	385	-15 %	13, 904	13, 32 0	4%
Ca ital dit p ex pen ure , g ros s	58 8	746	-21 %	34 6	46 0	-25 %	34 1	257	33 %	57	64	-11 %	10	15	-33 %	1, 342	1, 542	-13 %
Ac isit ion s /i stm ent qu s, g ros nve s	36 6	246	49 %	1	17	-94 %	43 8	383	% 14	1	6	-83 %	1	-1	200 %	807	65 1	24 %
Res ch and de vel nt ear op me exp ens es	153	141	8%	3 44	40 7	9%	2	1	100 %	--	--		0	0		59 8	549	9%
Em loy p ees 1 ita (pe bal hee t d ) ate r c ap on anc e s	130 87 1 ,	133 129 ,	-2%	296 41 ,	40 519 ,	2%	643 1 21,	16, 1 952	4%	19, 740	19, 414	2%	1, 302	1, 255	4%	3 14, 852	269 3 11,	1%
fig Key ure s
EB ITD A m in arg	20 .1%	22 .6%		22 .2%	22 .2%		14. 2%	14. 3%		6.5 %	3.4 %					3 18. 2%	19. 4%
EB IT in ma rg	10. 9%	13. 7%		16. 3%	16. 6%		9.8 %	9.7 %		2.3 %	-0. 7%					3 11. 2%	12. 5%
De cia tio nd iza tio ort pre n a am n in % of sal es	9.1 %	8.9 %		6.0 %	5.6 %		4.3 %	4.6 %		4.2 %	4.1 %					7.0 %	7.0 %
Op tin ash flo w i n % of les era g c sa	0% 14.	27 .1%		16. 2%	16. 2%		% 7.4	10. 0%		% 1.5	0.3 %					12. 1%	19. 1%
1 RO OA	6.6 %	8.2 %		9.0 %	9.2 %		5.9 %	5.7 %		3.1 %	1.3 %					7 6.6 %	8 7.3 %

1 2020: December 31

2 Before costs related to FME25 program

3 Before expenses associated with the Fresenius cost and efficiency program

4 Before revaluations of biosimilars contingent purchase price liabilities

5 After expenses associated with the Fresenius cost and efficiency program

6 After revaluations of biosimilars contingent purchase price liabilities

7 The underlying pro forma EBIT does not include revaluations of biosimilars contingent purchase price liabilities, impairment of Goodwill at FMC Latin America and 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 and impairment of Goodwill at FMC Latin America.

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

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

	ius ica l C ius bi Fre M ed Fre Ka sen are sen			ius lios ius Fre He Fre sen sen			Va	Co d rat me rpo e			ius Gr Fre sen ou p
by bus ine € i illio nt, ss seg me n m ns	11 202	202 0	Gro wth	12 202	03 202	Gro wth	12 202	202 0	Gro wth	202 1	202 0	Gro wth	14 202	05 202	Gro wth	202 1	202 0	Gro wth
Sa les	4, 44 2	4, 414	1%	1, 854	1, 694	9%	2, 622	2, 40 0	9%	51 6	51 7	0%	-11 0	-10 7	-3%	9, 324	8, 918	5%
f co ibu tio the ntr n t reo o sol ida ted les con sa	4, 43 1	4, 404	1%	1, 838	1, 68 1	9%	2, 615	2, 395	9%	44 0	43 7	1%	0	1	-10 0%	9, 324	8, 918	5%
f in the ale ter reo com pan y s s	11	10	10 %	16	13	23 %	7	5	40 %	76	80	-5%	-11 0	-10 8	-2%	--	--
trib uti sol ida ted les to con on con sa	47 %	49 %		20 %	19 %		28 %	27 %		5%	5%		0%	0%		100 %	100 %
EB ITD A	913	1, 025	-11 %	414	36 8	13 %	34 1	33 6	1%	45	10	--	-46	-10	--	1, 667	1, 729	-4%
De cia tio nd iza tio ort pre n a am n	40 3	393	2%	114	90	27 %	119	111	7%	22	21	5%	1	1	0%	659	616	7%
EB IT	51 0	632	-19 %	30 0	278	8%	222	225	-1%	23	-11	--	-47	-11	--	1, 008	1, 113	-9%
t in Ne ter est	-69	-88	22 %	-15	-19	21 %	-47	-45	-4%	-3	-4	25 %	8	2	--	6 -12	-15 4	18 %
Inc e ta om xes	-10 6	-12 5	14 %	-62	-56	-11 %	-37	-35	-6%	-5	2	--	9	3	200 %	-20 1	-21 1	5%
Ne t in ttri but ab le t har eho lde com e a o s rs of Fre ius SE &C KG aA sen o.	277	353	-22 %	206	189	9%	135	142	-5%	14	-15	193 %	-21 9	-24 2	10 %	41 3	42 7	-3%
Op tin ash flo era g c w	69 1	746	-7%	393	225	75 %	157	275	-43 %	9	-4	--	-24	-43	44 %	1, 226	1, 199	2%
Ca sh flow be for isit ion nd e a cqu s a div ide nds	51 0	50 6	1%	265	68	--	46	178	-74 %	-1	-22	95 %	-27	-48	44 %	793	682	16 %
Ca ital dit p ex pen ure , g ros s	194	246	-21 %	130	154	-16 %	111	98	13 %	10	18	% -44	4	5	-20 %	9 44	52 1	% -14
Ac isit ion s /i stm ent qu s, g ros nve s	156	97	60 %	--	5	-10 0%	9	41	-78 %	1	0		1	-1	200 %	167	142	18 %
Res ch and de vel nt ear op me exp ens es	52	45	17 %	162	120	35 %	0	0		--	--		1	0		215	165	30 %
Key fig ure s
EB ITD A m in arg	20 .6%	23 .2%		22 .3%	21 .7%		13. 0%	14. 0%		8.7 %	1.9 %					2 18. 2%	19. 4%
EB IT in ma rg	11. 5%	3% 14.		16. 2%	16. 4%		8.5 %	9.4 %		4.5 %	-2. 1%					2 2% 11.	12. 5%
De cia tio nd iza tio ort pre n a am n in of sal % es	9.1 %	8.9 %		6.1 %	5.3 %		4.5 %	4.6 %		4.3 %	4.1 %					7.1 %	6.9 %
Op tin ash flo w i n % of les era g c sa	15. 6%	16. 9%		21 .2%	13. 3%		6.0 %	11. 5%		1.7 %	-0. 8%					13. 1%	13. 4%

1 Before costs related to FME25 program

2 Before expenses associated with the Fresenius cost and efficiency program

3 Before revaluations of biosimilars contingent purchase price liabilities

4 After expenses associated with the Fresenius cost and efficiency program

5 After revaluations of biosimilars contingent purchase price liabilities

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

TABLES OF CONTENTS NOTES

• 40 IV. Recent pronouncements, applied 46 12. Debt 59 21. Share-based compensation plans
• 40 V. Recent pronouncements, not yet applied 50 13. Bonds 60 22. Subsequent events
• 41 2. Acquisitions, divestitures and investments 51 14. Convertible bonds 60 23. Corporate Governance

42 Notes on the consolidated statement of income

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

39 General Notes 44 Notes on the consolidated statement of financial position 53 Other notes

• 39 1. Principles 44 8. Trade accounts and other receivables 53 17. Legal and regulatory matters

• 39 II. Basis of presentation 44 10. Other current and non-current assets 58 19. Information on capital management

• 51 15. Noncontrolling interests

• 52 16. Fresenius SE&Co. KGaA shareholders' equity

• 39 I. Group structure 44 9. Inventories 55 18. Financial instruments

• 39 III. Summary of significant accounting policies 45 11. Goodwill 59 20. Notes on the consolidated segment reporting

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 September 30, 2021:

• ►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, 2020. 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, 2020.

III. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of consolidation

The condensed consolidated financial statements and interim management report for the first three quarters and the third quarter ended September 30, 2021 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, 2020 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 three quarters and the third quarter ended September 30, 2021 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 three quarters and the third quarter ended September 30, 2021 are not necessarily indicative of the results of operations for the fiscal year 2021.

Classifications

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

In the business segment Fresenius Medical Care, in the consolidated statement of income, selling, general and administrative expenses related to the amortization of internally developed software and other costs in the amount of €25 million for the first three quarters ended September 30, 2020 have been reclassified to cost of sales.

Furthermore, in the business segment Fresenius Medical Care, in the consolidated statement of income, gain related to divestitures of Care Coordination activities in the amount of €32 million for the first three quarters ended September 30, 2020, which was previously presented separately, has been included within selling, general and administrative expenses.

Government grants and impacts of COVID-19 pandemic

In the first three quarters of 2021, 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.

The hospitals of the Fresenius Group in Germany have received reimbursements and grants in particular under the revised COVID-19 Hospital Relief Act (''Gesetz zum Ausgleich COVID-19 bedingter finanzieller Belastungen der Krankenhäuser und weiterer Gesundheitseinrichtungen'') in the first three quarters of 2021. The compensation reimbursements for reserved beds expired in May 2021. In the first three quarters of 2021 (until May 31, 2021), the German hospitals of the Fresenius Group received total reimbursements and grants of €398 million (Q1 -- 3 / 2020: €300 million), of which €369 million were recorded in sales and €29 million as grants in other operating income, respectively.

In 2020, Fresenius Medical Care North America received in the United States relief funding under the Coronavirus Aid, Relief, and Economic Security Act of 2020 (CARES Act) from the U.S. government. The remaining amounts recorded in deferred income were US\$7 million (€6 million) and US\$22 million (€18 million) at September 30, 2021 and December 31, 2020, respectively. In 2020, the Fresenius Group also recorded a contract liability for advance payments received under the CMS Accelerated and Advance Payment program within short-term provisions and other short-term liabilities and long-term provisions and other

long-term liabilities. Contract liabilities related to the CMS Accelerated and Advance Payment program were US\$623 million (€538 million) and US\$1,046 million (€852 million) as of September 30, 2021 and December 31, 2020, respectively.

In addition to the programs above, the Fresenius Group also received grants and other reimbursements in the first three quarters of 2021 under various other programs from multiple governments around the world in the amount of €41 million (Q1-- 3/ 2020: €17 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 nine months ended September 30, 2021 in conformity with IFRS, as adopted by the EU, that must be applied for the interim periods starting on or after January 1, 2021.

For the first three quarters of 2021, 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. 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 endorsements of IFRS 17 and of the amendments to IAS 1 are 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 €807 million and €651 million in the first three quarters of 2021 and 2020, respectively. Of this amount, €764 million was paid in cash and €43 million was assumed obligations in the first three quarters of 2021.

FRESENIUS MEDICAL CARE

In the first three quarters of 2021, Fresenius Medical Care spent €366 million (Q1-- 3/ 2020: €246 million) on acquisitions, mainly on the purchase of dialysis clinics.

FRESENIUS KABI

In the first three quarters of 2021, Fresenius Kabi spent €1 million (Q1-- 3/ 2020: €17 million) on acquisitions, mainly for already planned acquisition related milestone payments relating to the acquisition of the biosimilars business.

FRESENIUS HELIOS

In the first three quarters of 2021, Fresenius Helios spent €438 million (Q1-- 3/ 2020: €383 million) on acquisitions, mainly for the purchase of the Eugin Group. Furthermore, subsequent purchase price payments for the Malteser hospital in Duisburg, Germany, were made and the DRK Kliniken Nordhessen in Kassel, Germany, were acquired.

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. The allocation of the purchase price is based upon the best information available to management at present.

Due to the relatively short time frame between closing of the acquisition and the date of the statement of financial position, certain information may be incomplete. Based on a preliminary purchase price allocation, intangible assets in the amount of €41 million and a goodwill of €325 million which is not deductible for tax purposes were recorded for the initial statement of financial position of the Eugin Group. Any adjustments to acquisition accounting, net of related income tax effects, will be recorded with a corresponding adjustment to goodwill. Goodwill mainly represents the market position of the acquired fertility hospitals and employee know-how.

As of January 1, 2022, the Eugin Group will form a new and separate Fresenius Helios business and reporting unit, Helios Fertility, alongside Helios Germany and Helios Spain.

In the first three quarters of 2021, the Eugin Group has contributed €82 million to sales and €14 million to the operating income (EBIT) of the Fresenius Group since April 1, 2021.

NOTES ON THE CONSOLIDATED STATEMENT OF INCOME

3.SPECIAL ITEMS

Net income attributable to shareholders of Fresenius SE&Co. KGaA for the first three quarters of 2021 in the amount of €1,319 million includes special items relating to the Fresenius cost and efficiency program (including the FME25 program).

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

€ i illio n m ns	EBI T	Inte rest exp ens es	inc Net om e ibut able attr to sha reh olde rs of F nius rese SE& Co. KG aA
Ea rni s Q 1-- 3/2 02 1, ng bef eci ite al ore sp ms	3, 080	-38 4	1, 345
Ex iate d w ith the pen ses as soc ius eff icie Fre nd st a sen co ncy (in clu din the FM E25 pro gra m g
m) pro gra	-45	--	-26
rni rdi Ea s Q 1-- 3/2 02 1 a ng cco ng IFR S to	3, 035	-38 4	31 9 1,

Net income attributable to shareholders of Fresenius SE&Co. KGaA for the first three quarters of 2020 in the amount of €1,297 million included special items relating to the revaluation of biosimilars contingent purchase price liabilities.

The special items had the following impact on the consolidated statement of income of the first three quarters of 2020:

€ 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
rni Ea s Q 1-- 3/2 020 ng , bef eci al ite ore sp ms	3, 36 1	-49 5	1, 30 2
Rev alu ati of bi osi mi lars ons tin rch ice nt con ge pu ase pr liab ilit ies	--	-8	-5
Ea rni s Q 1-- 3/2 020 din ng ac cor g S IFR to	36 3, 1	-50 3	1, 297

4.SALES

Sales by activity were as follows:

	Q 1-- 3/2 02 1
€ i illio n m ns	Fre ius sen Med ical Ca re	Fre ius sen Kab i	Fre ius sen Hel ios	Fre ius sen Vam ed	Cor ate por	Fre ius sen Gro up
Sa fro ith les ont ts w tom m c rac cus ers	12, 55 8	5, 32 0	7, 98 1	1, 30 0	1	160 27,
the f sa les of rvi reo se ces	9, 963	57	7, 972	948	1	18, 94 1
the f sa les of od nd rel d s ice uct ate reo pr s a erv s	2, 595	5, 255	--	--	--	7, 850
the f sa les fro lon du ctio ter ont ts reo m g­ m pro n c rac	--	--	--	352	--	352
the f fu rth sal fro ith ont ts w tom reo er es m c rac cus ers	--	8	9	--	--	17
Oth sal er es	38 0	2	9	3	--	394
Sa les	12, 938	5, 322	7, 990	1, 303	1	27, 554

	Q 1-- 3/2 020
€ i illio n m ns	Fre ius sen Med ical Ca re	Fre ius sen Kab i	Fre ius sen Hel ios	Fre ius sen Vam ed	Cor ate por	Fre ius sen Gro up
Sa fro ith les ont ts w tom m c rac cus ers	13, 122	5, 117	7, 158	1, 258	1	26, 656
the f sa les of rvi reo se ces	10, 47 8	52	7, 157	862	1	18, 55 0
the f sa les of od nd rel d s ice uct ate reo pr s a erv s	2, 644	5, 052	--	--	--	7, 696
the f sa les fro lon du ctio ter ont ts reo m g­ m pro n c rac	--	--	--	39 6	--	39 6
the f fu rth sal fro ith ont ts w tom reo er es m c rac cus ers	--	13	1	--	--	14
Oth sal er es	6 30	2	9	--	--	31 7
Sa les	13, 42 8	5, 119	7, 167	1, 25 8	1	26, 973

Other sales include sales from insurance and lease contracts.

5.RESEARCH AND DEVELOPMENT EXPENSES

Research and development expenses of €598 million (Q1 -- 3 / 2020: €549 million) included expenditures for research and non-capitalizable development costs as well as regular depreciation and amortization expenses relating to capitalized development costs of €16 million (Q1--3/2020: €15 million). Furthermore, in the first three quarters of 2021, research and development expenses included reversals of write-downs on capitalized development expenses of €4 million and impairments of €21 million (Q1-- 3/ 2020: reversals of write-downs on capitalized development expenses of €7 million). These related to in-process R&D of product approval projects, which were acquired through the acquisition of Fresenius Kabi USA, Inc. The expenses for the further development of the biosimilars business included in the research and development expenses amounted to €123 million in the first three quarters of 2021 (Q1-- 3/ 2020: €122 million).

6.TAXES

During the first three quarters of 2021, 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, 2020 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 -- 3/ 202 1	Q1 - -3/ 202 0
€ i illi Nu rat me ors n m on s ,
t in ttri Ne but ab le t com e a o
sha reh old of ers
Fre ius SE &C KG aA sen o.	31 9 1,	297 1,
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	31 9 1,	297 1,
mi in De mb of sha nat no ors nu er res
We ig hte d­a mb of ver age nu er
ord ina sha nd ing tsta ry res ou	55 7, 920 123 ,	55 7, 43 1, 698
iall dil utiv Pot ent y e
ord ina sha ry res	128 220 ,	365 938 ,
We ig hte d­a mb of ord ina ver age nu er ry
sha nd ing ing di lut ion tsta res ou as sum	55 8, 048 343 ,	55 7, 797 636 ,
sic rni in € Ba sha ea ng s p er re	2.3 6	2.3 3
dil ing in € Fu lly d e sha ute arn s p er re	6 2.3	2.3 3

NOTES ON THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION

8.TRADE ACCOUNTS AND OTHER RECEIVABLES

As of September 30, 2021 and December 31, 2020, trade accounts and other receivables were as follows:

	Se be tem p	r 3 0, 202 1	De ber 31 202 0 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	836 7,	684	33 8 7,	674
les llow for ted ed it lo s a anc es ex pec cr sse s	434	335	40 1	314
cei Tra de d o the ble nts et acc ou an r re va s, n	7, 40 2	34 9	6, 937	36 0

Within trade accounts and other receivables (before allowances) as of September 30, 2021, €7,724 million (December 31, 2020: €7,248 million) relate to revenue from contracts with customers as defined by IFRS 15. This amount includes €432 million (December 31, 2020: €400 million) of allowances for expected credit losses. Further trade accounts and other receivables, net, relate to other sales.

9. INVENTORIES

As of September 30, 2021 and December 31, 2020, inventories consisted of the following:

€ i illio n m ns	Sep t. 3 0, 2 021	Dec . 31 , 20 20
Raw ria ls a nd rch d c ate ts m pu ase om po nen	972	913
Wo rk in pro ces s	42 6	363
Fin ish ed ds goo	2, 987	2, 796
les s r ese rve s	128	127
ori Inv ent t es, ne	4, 257	3, 945

10.OTHER CURRENT AND NON-CURRENT ASSETS

At equity investments as of September 30, 2021 in the amount of €747 million (December 31, 2020: €764 million) mainly related to the equity method investee of Fresenius Medical Care named Vifor Fresenius Medical Care Renal Pharma Ltd. In the first three quarters of 2021, income of €71 million (Q1-- 3/ 2020: €48 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	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
Ca ing of Jan 202 0 1, nt rry am ou as ua ry	017 14,	43 5, 1	98 8 7,	295	6	27, 737
Ad dit ion s	254	--	290	4	--	54 8
Dis als pos	--	0	--	0	--	0
Im irm lo ent pa ss	-19 5	--	--	--	--	-19 5
For eig nsl ati tra n c urr enc y on	-1, 117	-37 3	--	-1	--	-1, 49 1
Ca ing of De be r 3 202 0 1, nt rry am ou as cem	12, 959	058 5,	8, 27 8	298	6	26, 59 9
Ad dit ion s	268	--	57 0	--	--	838
Dis als pos	--	--	0	--	--	0
For eig nsl ati tra n c urr enc on y	674	224	2	1	--	90 1
ing Ca of Se be r 3 0, 202 1 nt tem rry am ou as p	13, 90 1	5, 282	8, 85 0	299	6	28, 33 8

The increase of goodwill mainly relates to foreign currency translation and the acquisition of the Eugin Group in the segment Fresenius Helios.

12.DEBT

SHORT-TERM DEBT

As of September 30, 2021 and December 31, 2020, short-term debt consisted of the following:

	Bo ok val ue
€ i illio n m ns	Sep ber 30 , 20 21 tem	Dec ber 31, 202 0 em
Fre ius SE &C KG aA Co ial Pap sen o. mm erc er	670	30
Fre ius M ed ica l C AG &C KG aA Co ial Pap sen are o. mm erc er	845	20
Oth sho de bt rt­t er erm	957	195
Sh de bt ort -te rm	2, 47 2	245

LONG-TERM DEBT

As of September 30, 2021 and December 31, 2020, long-term debt net of debt issuance costs consisted of the following:

	Bo ok	val ue
€ i illio n m ns	Sep ber 30 , 20 21 tem	Dec ber 31, 202 0 em
Fre ius M ed ica l C Cr ed it A ent sen are gre em	--	1, 162
Fre ius Cr ed it A ent sen gre em	--	1, 793
Sch ein uld sch Lo ans	769 1,	1, 793
Ac Re cei vab le F aci lity of Fr niu s M ed ica l C nts cou ese are	--	--
Oth er	825	6 40
Su bto tal	2, 594	5, 154
les rtio ent s c urr po n	46 2	1, 132
Lo de bt, le rtio -te nt ng rm ss cu rre po n	2, 132	022 4,

Fresenius Medical Care Syndicated Credit Facility

On July 1, 2021, Fresenius Medical Care AG&Co. KGaA (FMC-AG&Co. KGaA) entered into a new syndicated revolving credit facility of €2,000 million with a group of 34 core relationship banks (FMC Syndicated Credit Facility). It has a term of five years plus two one-year extension options and can be drawn in different currencies. The FMC Syndicated Credit Facility is currently undrawn and rather serves as

backup line for the company. In addition, a sustainability component has been embedded in the new credit facility. Based on this structure, the credit facility's margin may rise or fall depending on the company's sustainability performance. The new credit facility replaces the US\$900 million and €600 million revolving credit facilities (Fresenius Medical Care Credit Agreement), initially signed in 2012 and amended from time to time.

The following table shows the available and outstanding amounts under the Fresenius Medical Care Credit Agreement at December 31, 2020:

	De ber 31 202 0 cem ,
	Ma xim um am ou	ilab le nt ava	Ba lan din tst ce ou an g
		€ in mi llion s		€ in mi llio ns
\$ ing Cr it F aci lity (in US Rev olv ed ) 2 017 /20 22	\$ US illio 900 m n	734	\$ US illi 0 m on	--
Rev olv ing Cr ed it F aci lity (in €) 20 /20 22 17	€6 00 mi llio n	600	€0 illi m on	--
\$ Te Lo (in US ) 2 017 /20 22 rm an	\$ US 1, 110 illio m n	904	\$ illi US 1, 110 m on	904
(in Te Lo €) 20 17 /20 22 rm an	mi llio €2 59 n	259	mi llio €2 59 n	25 9
To tal		2, 49 7		1, 163
s fi cin les ost nan g c				1
To tal				1, 162

The U.S. dollar denominated loan and the euro denominated loan of the Fresenius Medical Care Credit Agreement were prematurely redeemed at May 20, 2021.

Fresenius Syndicated Credit Facility

On July 1, 2021, Fresenius SE&Co. KGaA entered into a new syndicated revolving credit facility of €2,000 million with a group of 29 core relationship banks (FSE Syndicated Credit Facility). It has a maturity of five years with two one-year extension options and can be drawn in various currencies. The FSE Syndicated Credit Facility is currently undrawn and rather serves as backup line for the company. Emphasizing Fresenius' commitment to embed sustainability in all aspects of its business, a sustainability component has been embedded in the credit facility. Correspondingly, the credit facility's margin can be adjusted up or down according to changes in Fresenius' sustainability performance. The new credit facility replaces the €1,100 million and US\$500 million revolving credit facilities (Fresenius Credit Agreement), originally entered into in 2012 and amended from time to time.

The following table shows the available and outstanding amounts under the Fresenius Credit Agreement at December 31, 2020:

	De ber 31 202 0 cem ,
	Ma xim um am ou	ilab le nt ava	Ba lan din tst ce ou an g
		€ in mi llion s		€ in mi llio ns
Rev olv ing Cr ed it F aci lity (in €) 20 17 /20 22	€1 100 illio m n ,	1, 100	illi €0 m on	--
\$ ing Cr it F aci lity (in US Rev olv ed ) 2 017 /20 22	\$ US illio 500 m n	40 7	\$ US illi 0 m on	--
Te Lo (in €) 20 17 /20 21 rm an	€7 50 mi llio n	750	mi llio €7 50 n	750
(in Te Lo €) 20 17 /20 22 rm an	€6 mi llio 75 n	675	€6 mi llio 75 n	675
\$ Te Lo (in US ) 2 017 /20 22 rm an	\$ US 45 5 m illio n	37 1	\$ US 45 5 m illi on	37 1
To tal		3, 303		1, 796
les s fi cin ost nan g c				3
To tal				1, 793

The U.S. dollar denominated loan was prematurely redeemed at March 29, 2021 and refinanced through bilateral loans with a maturity of up to three years.

The euro denominated loans were prematurely redeemed at April 1, 2021 through the issuance proceeds of bonds (see note 13, Bonds).

Schuldschein Loans

As of September 30, 2021 and December 31, 2020, 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/ riab le va	Sep t. 3 0, 2 021	Dec . 31 , 20 20
Fre ius SE &C KG aA 20 17 /20 22 sen o.	€3 72 mi llio n	Jan . 31 202 2 ,	0.9 3% / v ari ab le	372	372
ius SE &C KG Fre aA 20 15 /20 22 sen o.	illio €2 1 m n	ril Ap 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% / v ari ab le	37 8	37 7
ius SE &C KG Fre aA 20 17 /20 24 sen o.	mi llio €4 21 n	Jan . 31 202 4 ,	ari 1.4 0% / v ab le	42 0	42 0
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 5% / v ari ab le	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% / v ari ab le	206	207
Fre ius SE &C KG aA 20 19 /20 29 sen o.	€8 illio 4 m n	Se t. 2 202 9 4, p	0% 1.1	84	84
Fre ius US Fi II, Inc . 20 16 /20 21 sen nan ce	\$ US 33 mi llio n	Ma rch 10 202 1 ,	2.6 6%	--	27
ius US Fi 16 Fre II, Inc . 20 /20 23 sen nan ce	\$ US mi llio 58 n	Ma rch 10 202 3 ,	ari 3.1 2% / v ab le	50	47
Sc hu lds che in Loa ns				1, 769	1, 793

CREDIT LINES

In addition to the financial liabilities described before, the Fresenius Group maintains additional credit facilities which have not been utilized, or have only been utilized in part, as of the reporting date. At September 30, 2021, the additional financial cushion resulting from unutilized credit facilities was approximately €5.6 billion. Syndicated credit facilities accounted for €4.0 billion.

Furthermore, Fresenius SE&Co. KGaA has a commercial paper program which was increased to €1,500 million on September 15, 2021. The commercial paper program of Fresenius Medical Care was also increased to €1,500 million on October 15, 2021.

As of September 30, 2021, the Schuldschein Loans of Fresenius SE&Co. KGaA in the amount of €372 million due on January 31, 2022 and in the amount of €21 million due on April 7, 2022, are shown as current portion of long-term debt in the consolidated statement of financial position.

Accounts Receivable Facility of Fresenius Medical Care

On August 11, 2021, the asset securitization facility (Accounts Receivable Facility) of Fresenius Medical Care was amended and restated, extending it until August 11, 2024. The maximum capacity of US\$900 million (€768 million at August 11, 2021) will remain unchanged under the restated Accounts Receivable Facility.

13.BONDS

As of September 30, 2021 and December 31, 2020, bonds of the Fresenius Group net of debt issuance costs consisted of the following:

				Bo ok val € i illio n m	ue ns
	Not iona l am t oun	Mat urit y	Inte rest rat e	Sep ber 30 , 20 21 tem	Dec ber 31, 202 0 em
Fre ius Fi Ire lan d P LC 20 17 /20 22 sen nan ce	€7 00 mi llio n	Jan . 31 202 2 ,	0.8 75 %	700	699
ius Fi LC Fre Ire lan d P 20 17 /20 24 sen nan ce	mi llio €7 00 n	Jan . 30 202 4 ,	1.5 0%	698	698
Fre ius Fi Ire lan d P LC 202 1/2 025 sen nan ce	€5 00 mi llio n	Oc t. 1 202 5 ,	0.0 0%	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	694
Fre ius Fi Ire lan d P LC 202 1/2 028 sen nan ce	€5 00 mi llio n	Oc 202 8 t. 1 ,	0.5 0%	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 %	49 5	--
Fre ius Fi Ire lan d P LC 20 /20 32 17 sen nan ce	€5 00 mi llio n	Jan . 30 203 2 ,	3.0 0%	49 5	49 5
Fre ius SE &C KG aA 20 14 /20 21 sen o.	€4 50 mi llio n	Feb . 1, 20 21	3.0 0%	--	45 0
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	45 0
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 6
Fre ius SE &C KG aA 20 20 /20 26 sen o.	€5 00 mi llio n	Se 28, 20 26 p.	0.3 75 %	49 5	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 %	742	740
Fre ius SE &C KG aA 20 20 /20 28 sen o.	€7 50 mi llio n	Jan . 15 202 8 ,	0.7 50 %	744	744
ius SE &C KG Fre aA 20 19 /20 29 sen o.	mi llio €5 00 n	Feb . 15 202 9 ,	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 14 /20 21 sen nan ce	\$ US illio 30 0 m n	Feb . 1, 20 21	4.2 5%	--	244
Fre ius US Fi II, Inc . 20 /20 23 15 sen nan ce	\$ US 30 0 m illio n	Jan 202 3 . 15 ,	0% 4.5	259	243
FM C F ina VI I S .A. 20 11 /20 21 nce	€3 00 mi llio n	Feb . 15 202 1 ,	5.2 5%	--	299
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	648
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 7	49 7
ius ica l C AG &C KG 026 Fre M ed aA 202 0/2 sen are o.	mi llio €5 00 n	26 Ma 29, 20 y	1.0 0%	6 49	6 49
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	594
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	0% 1.5	745	745
Fre ius M ed ica l C US Fi In c. 2 01 1/2 02 1 sen are nan ce,	\$ US 650 illio m n	Feb . 15 202 1 ,	5.7 5%	--	529
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 %	604	57 0
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%	344	325
ius ica l C US Fi Fre M ed III, In c. 2 019 /20 29 sen are nan ce	\$ US illio 50 0 m n	Jun e 1 5, 202 9	3.7 5%	42 5	40 0
Fre ius M ed ica l C US Fi III, In c. 2 020 /20 31 sen are nan ce	\$ US 1, 000 illio m n	Feb . 16 203 1 ,	2.3 75 %	857	807
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 %	728	--
Fre ius M ed ica l C US Fi III, In c. 2 02 1/2 03 1 sen are nan ce	\$ US 650 illio m n	De 203 c. 1 1 ,	3.0 0%	554	--
Bo nd s				15, 246	13, 847

On May 18, 2021, Fresenius Medical Care US Finance III, Inc. placed bonds with an aggregate volume of US\$1,500 million. The bonds consist of two tranches with maturities of five years and seven months and ten years and seven months.

On April 1, 2021, Fresenius Finance Ireland PLC placed bonds with an aggregate volume of €1,500 million. The

bonds consist of three tranches with maturities of four and a half, seven and a half and ten and a half years.

The bonds issued by Fresenius Finance Ireland PLC in the amount of €700 million, which were originally due on January 31, 2022, are redeemed prior to maturity on November 15, 2021.

As of September 30, 2021, the bonds issued by Fresenius Finance Ireland PLC in the amount of €700 million and the bonds issued by Fresenius Medical Care US Finance II, Inc. in the amount of US\$700 million, which are due on January 31, 2021, are shown as current portion of bonds in the consolidated statement of financial position.

14.CONVERTIBLE BONDS

As of September 30, 2021 and December 31, 2020, 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	Sep ber 30 , 20 21 tem	Dec ber 31, 202 0 em
Fre ius SE &C KG aA 20 /20 24 17 sen o.	€5 00 mi llio n	Jan . 31 202 4 ,	0.0 00 %	€1 05 .26 03	48 0	474
rtib Co le b ds nve on					48 0	474

The fair value of the derivative embedded in the convertible bonds of Fresenius SE&Co. KGaA was €761 thousand and €117 thousand at September 30, 2021 and December 31, 2020, 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 September 30, 2021 and December 31, 2020, noncontrolling interests in the Fresenius Group were as follows:

€ i illio n m ns	Sep t. 3 0, 2 021	Dec . 31 , 20 20
No olli int in ntr sts nco ng ere Fre ius M ed ica l C AG &C KG aA sen are o.	8, 29 1	600 7,
No olli int ntr sts nco ng ere in V AM ED Ak tie sel lsc haf t nge	84	91
No olli int ntr sts nco ng ere in t he bus ine nts ss seg me
Fre ius M ed ica l C sen are	1, 216	1, 116
ius bi Fre Ka sen	149	129
Fre ius He lios sen	129	122
ius Fre Va d sen me	16	16
To tal oll ing in ntr ter est no nco s	9, 885	9, 074

Noncontrolling interests changed as follows:

€ i illio n m ns	Q1 -- 3/ 202 1
No oll ing in f D mb 31, 20 20 ntr ter est nco s a s o ece er	9, 074
olli int in ofit No ntr sts nco ng ere pr	74 1
Pu rch of oll ing in ntr ter est ase no nco s	61
Sto ck tio op ns	4
Div ide nd nts pay me	-50 0
Cu ef fec nd oth cha ts a rre ncy er nge s	505
ing in f S No oll be r 3 0, 202 1 ntr ter est tem nco s a s o ep	9, 885

Fresenius

1st -- 3rd Quarter and 3rd Quarter 2021 Quarterly Financial Report

16. FRESENIUS SE&CO. KGAA SHAREHOLDERS' EQUITY

SUBSCRIBED CAPITAL

As of January 1, 2021, the subscribed capital of Fresenius SE&Co. KGaA consisted of 557,540,909 bearer ordinary shares.

During the first three quarters of 2021, 913,234 stock options were exercised. Consequently, as of September 30, 2021, the subscribed capital of Fresenius SE&Co. KGaA consisted of 558,454,143 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 following table shows the development of the Conditional Capital:

in €	Ord ina ry sha res
Co nd itio nal Ca ital I F ius AG p res en
Sto ck Op tio n P lan 20 03 (ex ire d) p	735 083 4, ,
Co nd itio nal Ca ital II Fre ius SE p sen
Sto ck Op tio n P lan 20 08 (ex ire d) p	3, 45 2, 937
Co nd itio nal Ca ital III tio n b bo nds p op ear er
and /or rtib le b ds co nve on	48 97 1, 202 ,
Co nd itio nal Ca ital IV Fr niu s S E& Co . K Ga A p ese
Sto ck Op tio n P lan 20 13	23, 786 09 1 ,
itio ita To tal Co nd l C l as of Ja 1, 202 1 na ap nu ary	80, 945 313 ,
Fre ius SE &C KG aA sen o.
Sto ck Op tio n P lan 20 13 tio rcis ed -- o p ns exe	-91 3, 234
To tal Co nd itio l C ita l as of Se be r 3 0, 202 1 tem na ap p	80, 032 079 ,

As of September 30, 2021, the Conditional Capital was

composed as follows:

in €	ina Ord ry sha res
Co nd itio nal Ca ital I F ius AG p res en Sto ck Op tio n P lan 20 03 (ex ire d) p	4, 735 083 ,
Co nd itio nal Ca ital II Fre ius SE p sen Sto ck Op tio n P lan 20 08 (ex ire d) p	3, 45 2, 937
Co nd itio nal Ca ital III tio n b bo nds p op ear er and /or rtib le b ds co nve on	48 97 1, 202 ,
Co nd itio nal Ca ital IV Fr niu s S E& Co . K Ga A p ese Sto ck Op tio n P lan 20 13	22, 872 857 ,
To tal Co nd itio l C ita l as of Se be r 3 0, 202 1 tem na ap p	80, 032 079 ,

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).

In May 2021, a dividend of €0.88 per bearer ordinary share was approved by Fresenius SE&Co. KGaA's shareholders at the Annual General Meeting and paid afterwards. The total dividend payment was €491 million.

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 s 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, 2020 applying Section 315e HGB in accordance with IFRS. In the following, only changes as far as content or wording are concerned during the first three quarters ended September 30, 2021 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, 2020 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, 2020 applying Section 315e HGB in accordance with IFRS.

INTERNAL REVIEW/FCPA COMPLIANCE

After both FMCH and FMC-AG&Co. KGaA moved to dismiss the complaint, the plaintiff moved on June 23, 2021 to dismiss the complaint voluntarily without prejudice. The court granted plaintiff's motion the same day.

PRODUCT LIABILITY LITIGATION

Discovery in the litigation is complete.

SUBPOENA ''MARYLAND''

The relator thereafter served the complaint and proceeded on his own in part by filing an amended complaint making broad allegations about financial relationships between FMCH and nephrologists. FMCH's motion to dismiss the amended complaint remains pending. On October 5, 2021, the District Court for Maryland granted FMCH's motion to transfer the case to the United States District Court for Massachusetts, where the litigation continues. Flanagan v. Fresenius Medical Care Holdings, Inc., 1:21-cv-11627-DPW.

CIVIL COMPLAINT ''HAWAII''

Trial in the civil litigation has been postponed because of COVID-19-related administrative issues and has been rescheduled for August 2022.

SUBPOENAS "COLORADO AND NEW YORK''

The District Court unsealed the complaint, allowing the relator to proceed on its own. On August 3, 2021, the District Court granted FMCH's motion to dismiss the relator's amended complaint, dismissed the case with prejudice and declined to allow further amendment. On August 27, 2021, the relator appealed to the United States Court of Appeals for the Second Circuit.

SUBPOENA ''AMERICAN KIDNEY FUND'' / CMS LITIGATION

The subpoenas, and the subsequent investigation in which FMCH cooperated, were apparently predicated on but were not limited to a complaint filed on November 6, 2015 by two former employees. United States ex rel. Keasler et al. v. Fresenius Medical Care Rx, LLC, 03:15-Civ-01183 (M.D. Tenn. 2015). On August 17, 2021, the District Court dismissed the case without prejudice after the Nashville USAO declined to intervene and the relators elected not to proceed.

VIFOR PATENT INFRINGEMENT FRESENIUS MEDICAL CARE (DELAWARE)

In relation to the remaining pending cases and the defendant Teva, trial took place for the first complaint (Case No. 1:18-cv-00390-MN) between January 19 and 22, 2021. Another patent newly listed in the Orange Book was added to the second complaint (Case No. 1:20-cv-00911-MN) on June 23, 2021. Trial is scheduled for the second complaint for June 2022.

LITIGATION TRICARE PROGRAM

On July 8, 2020, the U.S. government filed its answer (and confirmed their position) and litigation is continuing.

SUBPOENA NORTHERN DISTRICT OF TEXAS (DALLAS)

On March 25, 2021, FMCH received a grand jury subpoena issued from the United States District Court for the Northern District of Texas (Dallas). The subpoena sought documents comprising communications between employees of FMCH and DaVita and partially overlaps in content the 2018 Denver subpoena. The Dallas subpoena is part of a separate investigation by the Anti-Trust Division of the Department of Justice into possible employee ''no poaching'' and similar agreements to refrain from competition and is related to the indictments in United States v. Surgical Care Affiliates, 3:2021-Cr-0011 (N.D. Tex.) and United States v. DaVita, Inc. et al., 1:21-cr00229 (D. Col.). The unnamed co-conspirators described in the Surgical Care Affiliates and DaVita indictments do not include FMCH, FMC-AG &Co. KGaA, or any of their employees. FMCH understands that it has completed production of material sought under the subpoena.

SUBPOENA ''NEVADA''

The final agreement has received court sentencing and was implemented accordingly.

PATENT DISPUTE FRESENIUS KABI FRANCE

In March 2021, Fresenius Kabi and Eli Lilly have entered into a pan-European settlement pursuant to which, among other provisions, Fresenius Kabi undertakes to make a payment of US\$68.5 million to Lilly less the amount of €28 million already paid during the proceedings in France. In parallel, all court proceedings pending in Europe in relation to the patent in dispute are discontinued by the parties, including the proceedings in France. As of June 30, 2021, Fresenius Kabi has made all payments required under the settlement agreement.

GENERAL RISKS

FMCH completed remediation efforts with respect to one pending FDA warning letter and is awaiting confirmation as to whether the letter is now closed.

18.FINANCIAL INSTRUMENTS

VALUATION OF FINANCIAL INSTRUMENTS

Carrying amounts of financial instruments

As of September 30, 2021 and December 31, 2020, the carrying amounts of financial instruments by item of the statement of financial position and structured according to categories were as follows:

	Se be r 3 0, 202 1 tem p
					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	Der ivat ives 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	Val ion uat ord ing to acc IFR S 1 fo 6 r 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, 3 41	539 1,	874
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, 40 2	7, 278	17	31			76
cei le f ies Ac vab d lo late d p nts to art cou re rom an ans re	151	151
3 Oth fin ial ets er anc ass	2, 40 6	1, 37 9	44 3	45 0	9		125
Fin cia l as set an s	12, 372	10, 34 7	1, 334	48 1	9	--	20 1
Fin cia l li ilit ies ab an
Tra de ble nts acc ou pa ya	649 1,	649 1,
Sh ble late d p ies ort -te nts to art rm ac cou pa ya re	80	80
Sh de bt ort -te rm	2, 47 2	2, 47 2
Sh de bt f late d p ies ort -te art rm rom re	5	5
Lon m d ebt ter g-	2, 594	2, 594
Lea liab ilit ies se	6, 394						6, 394
Bo nds	15, 246	15, 246
Co rtib le b ond nve s	48 0	48 0
4 Oth fin ial liab ilit ies er anc	3, 892	2, 275	58 8		18	1, 01 1
Fin cia l li ilit ies ab an	32 812 ,	24, 80 1	58 8	--	18	1, 01 1	6, 394

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 €160 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 0 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 sive hen 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 fo 6 r 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	1, 837	1, 27 1	56 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 ,	6, 937	6, 783	45	34			75
Ac cei vab le f d lo late d p ies nts to art cou re rom an ans re	110	110
3 Oth fin ial ets er anc ass	2, 111	190 1,	35 7	44 7	8		109
Fin cia l as set an s	10, 995	9, 354	968	48 1	8	--	184
Fin cia l li ab ilit ies an
Tra de ble nts acc ou pa ya	1, 816	1, 816
Sh ble late d p ies ort -te nts to art rm ac cou pa ya re	67	67
Sh de bt ort -te rm	245	245
Sh de bt f late d p ies ort -te art rm rom re	5	5
Lon m d ebt ter g-	5, 154	5, 154
liab ilit ies Lea se	6, 188						6, 188
Bo nds	13, 847	13, 847
Co rtib le b ond nve s	474	474
4 Oth fin ial liab ilit ies er anc	3, 702	2, 132	654		15	90 1
Fin cia l li ilit ies ab an	31 49 8 ,	23, 740	654	--	15	90 1	6, 188

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 €149 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 September 30, 2021 and December 31, 2020:

	Se be r 3 0, 202 1 tem p				De ber 31 202 0 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	874	874			56 6	56 6
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 ,	48		48		79		79
1 Oth fin ial ets er anc ass
ins De bt tru nts me	36 8	363	5		40 1	6 39	5
Eq uity in tm ent ves s	45 9	247	123	89	393	12	162	219
riva tive esi flo ing in De s d d a ash w h edg ate str ent gn s c um s	9		9		8		8
De riva tive des ign d a s h edg ing in ot ate str ent s n um s	66		66		10		10
Fin cia l li ab ilit ies an
Lon m d ebt ter g-	2, 594		2, 640		5, 154		5, 210
Bo nds	246 15,	16, 003			13, 847	14, 847
Co rtib le b ond nve s	48 0	50 0			474	49 0
1 Oth fin ial liab ilit ies er anc
Put tio n l iab ilit ies op	1, 01 1			1, 01 1	90 1			90 1
Ac ed tin din for isit ion t p ent uts tan cru con gen aym s o g ac qu s	56 6			56 6	58 1			58 1
riva tive esi flo ing in De s d d a ash w h edg ate str ent gn s c um s	18		18		15		15
De riva tive des ign d a s h edg ing in ot ate str ent s n um s	22		22		73		73

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, 2020 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 three quarters of 2021:

		Acc d co ntin t rue gen ing ts o utst and 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 1 nu ary	219	58 1	90 1
Tra nsf Lev el 1 to er	-15 9	0	0
Ad dit ion s	21	10	94
Dis als pos	--	-23	-19
Ga in/ los ize d i rof it o r lo s r eco gn n p ss	-4	-3	0
Ga in/ los ize d i ity s r eco gn n e qu	--	--	-15
Cu ef fec nd oth cha ts a rre ncy er nge s	12	1	50
As of Se be r 3 0, 202 1 tem p	89	56 6	1, 01 1

At September 30, 2021, Fresenius Medical Care transferred its investment in Humacyte with a carrying amount of €159 million from Level 3 to Level 1, after Humacyte completed its merger with Alpha Healthcare Acquisition Corporation, a special purpose acquisition company. The shares in Alpha Healthcare Acquisition Corporation (now called Humacyte) received by Fresenius Medical Care as a result of this merger and in a contemporaneous private placement are quoted in an active market.

19.INFORMATION ON CAPITAL MANAGEMENT

The Fresenius Group has a solid financial profile. As of September 30, 2021, the equity ratio was 39.7% and the debt ratio (debt/ total assets) was 38.3%. As of September 30, 2021, the leverage ratio (before special items) on the basis of net debt/EBITDA was 3.6 (December 31, 2020: 3.4).

The aims of the capital management and further information can be found in the consolidated financial statements as of December 31, 2020 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:

	Sep t. 3 0, 2 021	Dec . 31 , 20 20
r's Sta nda rd& Poo
Co e C it R ati red rat rpo ng	BB B	BB B
Ou tlo ok	ble sta	ble sta
's Mo ody
Co e C red it R ati 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 tables shown on pages 36 to 37 of this interim report are 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 September 30, 2021.

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, 2020 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, 2020 applying Section 315e HGB in accordance with IFRS.

RECONCILIATION OF KEY FIGURES TO CONSOLIDATED EARNINGS

€ i illio n m ns	Q1 -- 3/ 202 1	Q1 - -3/ 202 0
To tal EB IT of ing ort ent rep se gm s	3, 114	3, 38 9
Sp eci al i tem s	-45	--
Ge al c te ner orp ora exp ens es
Co e ( EB IT) rat rpo	-34	-28
Gr EB IT ou p	3, 035	3, 36 1
Ne t in ter est	-38 4	-50 3
efo inc Inc e b e t om re om axe s	65 2, 1	2, 858

RECONCILIATION OF NET DEBT WITH THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION

€ i illio n m ns	Sep t. 3 0, 2 021	Dec . 31 , 20 20
Sh de bt ort -te rm	2, 2 47	245
Sh de bt f late d p ies ort -te art rm rom re	5	5
Cu rtio f lo m d ebt nt ter rre po n o ng-	46 2	1, 132
Cu rtio f le lia bil itie nt rre po n o ase s	806	766
Cu rtio f b ond nt rre po n o s	1, 304	1, 522
Lon m d ebt les rtio ter ent g- s c urr po n ,	2, 132	022 4,
Lea liab ilit ies les rtio ent se s c urr po n ,	5, 58 8	5, 42 2
rtio Bo nds les ent s c urr po n ,	13, 942	12, 325
Co rtib le b ond nve s	48 0	474
De bt	27, 191	25, 913
les ash d c ash uiv ale nts s c an eq	2, 3 41	837 1,
Ne t d ebt	24, 778	24, 076

21.SHARE-BASED COMPENSATION PLANS

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

As of September 30, 2021, 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 three quarters of 2021

On September 13, 2021, Fresenius SE&Co. KGaA awarded 915,105 performance shares under the LTIP 2018, the total fair value at the grant date being €41 million, including 193,800 performance shares or €9 million awarded to the members of the Management Board of Fresenius Management SE. The fair value per performance share at the grant date was €44.75.

During the first three quarters of 2021, Fresenius SE& Co. KGaA received cash of €30 million from the exercise of 913,234 stock options.

Of the 5,037,069 outstanding stock options issued under the 2013 LTIP 5,029,289 were exercisable at September 30, 2021. The members of the Fresenius Management SE Management Board held 648,281 stock options. 38,592 phantom stocks issued under the 2013 LTIP were outstanding at September 30, 2021. The members of the Fresenius Management SE Management Board held 5,059 phantom stocks.

At September 30, 2021, the Management Board members of Fresenius Management SE held 582,234 performance shares and employees of Fresenius SE&Co. KGaA held 2,367,562 performance shares under the LTIP 2018.

On September 30, 2021, total unrecognized compensation cost related to non-vested options granted under the 2013 LTIP was €3 thousand. This cost is expected to be recognized over a weighted-average period of 0.2 years.

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

On July 26, 2021, 891,682 performance shares with a total fair value of €58 million were granted under the Fresenius Medical Care AG&Co. KGaA Long Term Incentive Plan 2019. This amount will be amortized over the three-year vesting period. The weighted average fair value per performance share at the grant date was €64.58.

During the first three quarters of 2021, 117,639 stock options were exercised. Fresenius Medical Care AG&Co. KGaA received cash of €5.9 million upon exercise of these stock options.

22.SUBSEQUENT EVENTS

October was characterized worldwide by a regionally varying development of the COVID-19 pandemic with again rising 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.

Fresenius Kabi has developed a strategic plan to better capture existing and new growth opportunities. Given the sustainable growth potential as well as its already strong market position, Fresenius Kabi will continue to focus on products and services for the therapy and care of critically and chronically ill patients. Within that overarching direction, three growth vectors have been defined: (i) broaden the biopharmaceutical offering, (ii) roll-out clinical nutrition and (iii) expand in MedTech. In parallel, Fresenius Kabi aims at strengthening the resilience of its volume-driven IV business. Furthermore, Fresenius Kabi will increase its global competitiveness and advance its organizational effectiveness; one initial step is the implementation of a businessled rather than regional organization. Implementation plans are still being sharpened.

On November 2, 2021, Fresenius Medical Care announced further details on its FME25 program. With a significantly simplified future structure of two global operating segments -- Care Enablement and Care Delivery -- Fresenius Medical Care orients its operating model along the relevant future value drivers.

Based on the implementation of the new global operating model, Fresenius Medical Care assumes to reduce its annual cost base by €500 million by the end of 2025. Around 50% of these savings are expected to be realized by 2023. By the end of 2023, around 80% of the anticipated onetime investments in FME25, amounting to approximately €450 million to €500 million, are expected to be made. The investments will be treated as a special item. The company thus expects to reach positive net savings by the end of 2023.

Beyond that, there have been no significant changes in the Fresenius Group's operating environment following the end of the third quarter of 2021. Also otherwise, with the exception of the amendment of the commercial paper program of Fresenius Medical Care as described in note 12, Debt, there have been no further events with a significant impact on the assets and liabilities, financial position, and results of operations of the Group since the end of the third quarter of 2021.

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

Re n F Y 2 02 1 rt o po
Co nfe cal l, Liv ebc ast ren ce e w	Feb 22, 20 22 rua ry
Re 20 22 rt o n 1 st q ter po uar
Co nfe cal l, Liv ebc ast ren ce e w	Ma 4, 202 2 y
An l G ral Me eti nua ene ng	Ma 13, 20 22 y
Re n 1 st h alf 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 to c han ge

FRESENIUS SHARE/ADR

	Or din sh ary are		AD R
Sec uri tie s id ific ati ent on no.	57 8 5 60	CU SIP	35 804 M1 05
Tic ker mb ol sy	FR E	Tic ker mb ol sy	FS NU Y
ISI N	DE 000 57 856 04	ISI N	US 35 804 M1 053
Blo ber bo l om g s ym	FR E G R	Str uct ure	Sp d L l 1 AD R ons ore eve
Re bo l ute rs s ym	FR EG .de	Rat io	4 A DR 1 s har e =
in t ing ion Ma rad lo cat	nkf Fra / X urt etr a	din latf Tra 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, 2020 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.