Fresenius SE & Co. KGaA

Investor Presentation • Nov 2, 2021

Conference Call │ Q3/21 Results

Bad Homburg, 02 November 2021

Safe Harbor Statement

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

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

Agenda

Key messages Q3/21

Update on strategic evaluation at FY/21 results

Continuous growth in service business; order book in project business remains at all-time high

Agenda

Fresenius Group: Cost & efficiency program on track

Fresenius Kabi: North America back to growth; Emerging markets with continued healthy financial performance

North America Europe Asia Pacific Biosimilars

recovery of elective treatments Healthy organic sales growth; EBIT growth only hindered by a non-cash one-time effect

Continued mid single-digit price declines in base portfolio

Melrose Park prepared for FDA inspection

Healthy growth in Europe driven by

Latin America

Latin America with ongoing excellent business development fueled by extra demand of COVID related products

China slowing down due to price effects post successful participation in VBP tenders

APAC ex China with strong organic growth

Adalimumab expands global market reach; authorizations e.g., in Colombia, Hong Kong and Malaysia; UK tender prolonged

COVID-19 driven delay for Pegfilgrastim launches increasingly likely

Tocilizumab shows positive results in two clinical trials

Fresenius Helios: Overall financial performance better than anticipated; in Germany continued rising elective treatments; treatment activity in Spain above pre-pandemic levels in most medical areas

Hospital operations increasingly normalizing; low level of hospitalized COVID-19 patients

Sequential increase in admissions,

although volumes continue to be below prepandemic levels

Successful acquisition of DRK Clinics in Kassel

DRG inflator for German hospitals set at 2.29% for 2022

Summer dip noticeable, but less pronounced than expected

Activity levels continue to be slightly above pre-pandemic levels; decreasing COVID-19 hospitalizations

Ongoing greenfield activities, e.g., recent openings of a brand-new hospital near Madrid and new facilities in Seville

Strong results in Latin America; notably above expectations

Growing business; financial performance in line with expectations despite COVID-related headwinds

Acquisition of a majority stake in one of the leading Canadian fertility centers located in Toronto

Further acquisitions expected in the next quarters

Fresenius Vamed: Service business with continuous growth in Q3/21; International project business still marked by COVID-19 related headwinds

Ongoing COVID-19 effects weigh on business in Q3/21

International project business continues to be marked by travel/quarantine restrictions

Upward trend in elective treatment activity supports rehabilitation business

Service business shows good performance

Strong contribution from high-end services

Project business – order book remains strong

Order intake further increased in Q3/21; order backlog at all-time high €3.65 bn

Key order intake in Q3/21:

• Turnkey Project, General Hospital in Papua New Guinea

Agenda

Q3/21 Profit and Loss Statement

All growth rates in constant currency (cc) Before special items Net income attributable to shareholders of Fresenius SE & Co. KGaA

Q3/21 Business Segment Growth

All figures before special items

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

Q3/21 Cash Flow

	Operating CF		Capex (net)		Free Cash Flow1
€m	Q3/2021	LTM Margin	Q3/2021	LTM Margin	Q3/2021	LTM Margin
	691	13.8%	-181	-4.9%	510	8.9%
	393	16.4%	-128	-8.0%	265	8.4%
	157	9.7%	-111	-5.9%	46	3.8%
	9	4.6%	-10	-3.3%	-1	1.3%
Corporate/Other	-24	n.a.	-3	n.a.	-27	n.a.
Excl. FMC ²	535	12.5%	-252	-6.6%	283	5.9%
	1,226	12.8%	-433	-5.8%	793	7.0%

¹ Before acquisitions and dividends

² Including FMC dividends

Agenda

FY/21 Financial Outlook by Business Segment

€m (except	otherwise stated)		FY/20 Base	Q1-3/21 Actual	FY/21e	FY/21e published July 2021	FY/21e New
		Sales growth (org)	6,976	6%	Low-to-mid single digit %	Confirmed	Confirmed
	EBIT growth (cc)	1,095	5%	Stable-to-low single digit %	Low single digit %	Around top-end of low single-digit %
		Sales growth (org)	9,818	7%	Low-to-mid single digit %	Mid single-digit %	Confirmed
	EBIT growth (cc)	1,025	14%	Mid-to-high single digit %	High single digit %	Confirmed
		Sales growth (org)	2,068	4%	Mid-to-high single digit %	Confirmed	Confirmed
		EBIT	29	€35 m	High double-digit €m	Confirmed	Confirmed

Before special items and including estimated COVID-19 effects

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

					FY/21e
		FY/20	Q1-3/21		published	FY/21e
€m (except otherwise stated)		Base	Actual	FY/21e	July 2021	New
	Sales growth (cc)	36,277	5%	Low-to-mid single-digit %	Confirmed	Mid single-digit %
	Net income growth (cc)	1,796	6%	At least broadly stable	Low single-digit %	Around top-end of low single-digit %

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

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

Attachments

Fresenius Kabi: Q3 & Q1-3/21 Organic Sales Growth by Regions

€m	Q3/21	Δ YoY organic	Q1-3/21	Δ YoY organic
North America	589	6%	1,669	-4%
Europe	620	5%	1,880	5%
Emerging Markets	645	13%	1,821	19%
Total sales	1,854	8%	5,370	6%

Fresenius Kabi: Q3 & Q1-3/21 Organic Sales Growth by Product Segment

Total sales	1,854	8%	5,370	6%
Transfusion Technology
Medical Devices/	344	9%	1,025	11%
Clinical Nutrition	570	12%	1,608	15%
Infusion Therapy	221	9%	632	8%
IV Drugs	719	4%	2,105	-2%
€m	Q3/21	Δ YoY organic	Q1-3/21	Δ YoY organic

Fresenius Kabi: Q3 & Q1-3/21 EBIT Growth

€m	Q3/21	Δ YoY cc	Q1-3/21	Δ YoY cc
North America	165	-1%	501	-20%
Margin	28.0%	-190 bps	30.0%	-610 bps
Europe	93	7%	310	15%
Margin	15.0%	+20 bps	16.5%	+130 bps
Emerging Markets	165	15%	447	44%
Margin	25.6%	+40 bps	24.5%	+410 bps
Corporate and Corporate R&D	-123	-4%	-384	-1%
Total EBIT	300	7%	874	5%
Margin	16.2%	-20 bps	16.3%	-30 bps

All figures before special items

Margin growth at actual rates

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

Fresenius Helios: Q3 & Q1-3/21 Key Financials

€m	Q3/21	Δ YoY cc	Q1-3/21	Δ YoY cc
Total sales	2,622	5%1	8,009	7%1
Thereof Helios Germany	1,640	3%1	4,988	2%1
Thereof Helios Spain	941	8%1	2,937	18%1
Total EBIT Margin	222 8.5%	0% -90 bps	788 9.8%	14% +10 bps
Thereof Helios Germany Margin	140 8.5%	5% -20 bps	442 8.9%	-1% -60 bps
Thereof Helios Spain Margin	79 8.4%	-17% -250 bps	352 12.0%	36% +150 bps
Thereof Corporate	3	--	-6	--

¹ Organic growth

All figures before special items

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

Fresenius Helios: Key Metrics

	Q1-3/21	FY/20	Δ
No. of hospitals Germany - Acute care hospitals	89 86	89 86	0% 0%
No. of hospitals Spain (Hospitals)	53	52	2%
No. of beds Germany - Acute care hospitals	30,074 29,540	29,978 29,451	0% 0%
No. of beds Spain (Hospitals)	7,987	7,936	1%
Admissions Germany (acute care)	778,676	1,044,959
Admissions Spain (including outpatients)	12,902,470	15,037,804

Fresenius Vamed: Q3 & Q1-3/21 Key Financials

€m	Q3/21	Δ YoY cc	Q1-3/21	Δ YoY cc
Total sales Thereof organic sales	516	0% 0%	1,549	4% 4%
Project business	106	-24%	384	-10%
Service business	410	9%	1,168	10%
Total EBIT	23	--	35	--
Order intake1	120	--	971	--
Order backlog1			3,647	19%2

¹ Project business only ² Versus December 31, 2020

Fresenius Group: Calculation of Noncontrolling Interests

Net income attributable to Fresenius SE & Co. KGaA	1,345	1,302
Fresenius Helios (-€12 m), Fresenius Vamed (-€ 3 m) and due to Fresenius Vamed's 23% external ownership (-€4 m)
Noncontrolling interest holders in Fresenius Kabi (-€ 46 m),	-65	-33
Noncontrolling interest holders in Fresenius Medical Care	174	-210
Fresenius Medical Care net income not attributable to Fresenius (Q1-3/21: ~68%)	-508	-670
Noncontrolling interests, thereof	-747	-913
Taxes	-604	-651
Earnings before tax and noncontrolling interests	2,696	2,866
€m	Q1-3/21	Q1-3/20

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

Fresenius Group: Cash Flow

€m	Q3/21	LTM Margin	Δ YoY
Operating Cash Flow	1,226	12.8%	2%
Capex (net)	-433	-5.8%	16%
Free Cash Flow	793	7.0%	16%
(before acquisitions and dividends)
Acquisitions (net)	-124
Dividends	-75
Free Cash Flow (after acquisitions and dividends)	594	1.8%	--

	Growth cc as incl. COVID-19	reported	Estimated COVID-19 impact	cc	Estimated growth excl. COVID-19	cc
	Q3/21	Q3/20	Q3/21	Q3/20	Q3/21	Q3/20
Sales	5%	5%	-2% to -3%	-1% to -2%	7% to 8%	6% to 7%
Net income1	2%	1%	-10% to -14%	0% to -4%	12% to 16%	1% to 5%
			Estimated COVID-19 impact cc
	Growth cc as incl. COVID-19	reported			growth	Estimated cc excl. COVID-19
	Q1-3/21	Q1-3/20	Q1-3/21	Q1-3/20	Q1-3/21	Q1-3/20
Sales	5%	5%	0% to -1%	-2% to -3%	5% to 6%	7% to 8%

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

Fresenius Group: Proven Track Record of Deleveraging

Net Debt/EBITDA1

2002-2019 excluding IFRS 16

¹ At actual FX rates from 2002 to 2010 and at average FX rates from 2011 onwards, for both Net Debt and EBITDA; before special items; pro forma closed acquisitions/divestitures

² Pro forma excluding advances made for the acquisition of hospitals from Rhön-Klinikum AG

³ Including IFRS 16

Fresenius Group: Major long-term debt maturities¹

¹ As of September 30, 2021, and based on utilization of major financing instruments, excl. Commercial Paper

Sales by Business Segment – FX, Acquisitions/Divestitures Effects Q3/21

Total	9,324	8,918	5%	0%	5%	3%	2%	0%
Fresenius Vamed	516	517	0%	0%	0%	0%	0%	0%
Fresenius Helios	2,622	2,400	9%	-1%	10%	5%	5%	0%
Fresenius Kabi	1,854	1,694	9%	1%	8%	8%	0%	0%
Fresenius Medical Care	4,442	4,414	1%	0%	1%	1%	1%	-1%
€m	Q3/21	Q3/20	Growth at actual rates	Currency translation effects	Growth at constant rates	Organic growth	Acquisi tions	Divesti tures/ Others

29

Sales by Business Segment – FX, Acquisitions/Divestitures Effects Q1-3/21

Total	27,554	26,973	2%	-3%	5%	4%	1%	0%
Fresenius Vamed	1,549	1,491	4%	0%	4%	4%	0%	0%
Fresenius Helios	8,009	7,181	12%	0%	12%	7%	5%	0%
Fresenius Kabi	5,370	5,161	4%	-3%	7%	6%	0%	1%
Fresenius Medical Care	12,972	13,459	-4%	-6%	2%	1%	1%	0%
€m	Q1-3/21	Q1-3/20	Growth at actual rates	Currency translation effects	Growth at constant rates	Organic growth	Acquisi tions	Divesti tures/ Others

Financial Calendar / Contact

Financial Calendar Contact

22 February 2022	Results FY/21
04 May 2022	Results Q1/22
13 May 2022	Annual General Meeting
02 August 2022	Results Q2/22
01 November 2022	Results Q3/22

Please note that these dates could be subject to change.

Investor Relations & Sustainability Fresenius SE & Co. KGaA phone: +49 6172 608-2485 e-mail: ir-fre@fresenius.com

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