H1 2021

HALF-YEAR FINANCIAL REPORT

3 Fresenius Group figures at a glance 15 Fresenius Medical Care 31 Consolidated financial statements

10 Results of operations, financial position, assets and liabilities 24 Subsequent events
11 Earnings 25 Outlook 2021
13 Cash flow
14 Asset and liability structure
15 Business segments
8 Health care industry 24 Oppotunities and risk report
10 Sales 24 Rating 40 Notes
12 Reconciliation 28 Reconciliation tables
13 Investments 30 Estimated COVID-19 effects 64 Report after review
17 Fresenius Kabi 31 Consolidated statement of income
19 Fresenius Helios 32 Consolidated statement of comprehensive income
4 Shareholder information 21 Fresenius Vamed 33 Consolidated statement of financial position
23 Employees 34 Consolidated statement of cash flows
23 Changes to the Management Board 36 Consolidated statement of changes in equity
7 Management Report 23 Changes to the Supervisory Board 38 Consolidated segment reporting first halt of 2021
7 Strategy and goals 23 Research and development 39 Consolidated segment reporting second quarter of 2020

65 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 June 30, 2021, more than 312,000 employees have dedicated themselves to the service of health in about 100 countries worldwide.

SALES AND EARNINGS

€ i illio n m ns	Q2 / 202 1	Gro wth	Gro wth in c tant ons cur ren cy	H1 / 202 1	Gro wth	Gro wth in c tant ons cur ren cy
Sa les	9, 246	4%	8%	18, 230	1%	6%
IT1 EB	1, 030	-8%	-4%	2, 039	-9%	-5%
1,2 Ne t in com e	474	16 %	20 %	910	4%	8%

BALANCE SHEET

€ i illio n m ns	Jun e 30 , 20 21	Dec . 31 , 20 20	Cha nge
To tal ets ass	69, 655	66, 646	5%
3 Eq uity	27, 131	26, 023	4%
3 Eq uity tio ra	39 %	39 %
1,4 Ne t d ebt /E BIT DA	3.6 0	3.4 4

PROFITABILITY

	Q2 / 202 1	Q2 / 202 0	H1 / 202 1	H1 / 202 0
in1 EB IT ma rg	11. 1%	12. 6%	11. 2%	12. 5%
1,2 uity af RO Ret x ( E) ter ta urn on eq	--	--	10. 3%	10. 5%
1 Ret tin ts ( RO OA ) urn on op era g a sse	--	--	6.7 %	7.4 %
1 Ret in ted ita l (R OIC ) 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 16% closing the first half of 2021 at a price of €44.00. The Fresenius share is slightly outperforming the DAX in this timeframe.

KEY DATA OF THE FRESENIUS SHARE

	H1 / 2 021	202 0	Gro wth
Nu mb of sha (Ju 30 /D mb 31) er res ne ece er	55 8, 040 523 ,	55 7, 54 0, 909	0%
n1 Sto tio in € ck han ota exc ge qu
Hig h	46 .32	50 .32	-8%
Low	34 .57	25 .66	35 %
Per iod d q ati clo sin ric e in € uot -en on g p	.00 44	37 .84	16 %
Ø T rad ing lum e ( mb of sha ad ing da ) r tr vo nu er res pe y	1, 614 783 ,	2, 085 926 ,	-23 %
2 in ital iza tio illio Ma rke n € (Ju 30 /D mb 31 ) t ca p n m ne ece er	24, 554	21, 097	16 %
3 Ear nin sh in € gs per are	1.6 3	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 HALF OF 2021

Due to rising vaccination rates in many major markets, government-imposed containment measures were partially eased during Q2 2021. This development strenghtened economic activity and employment in the second quarter of 2021. However, uncertainties remain as the overall global economic outlook continues to depend on the further course of the pandemic, including the spread of virus mutations. The capital markets and global investment levels remained stable, benefitting from economic stimulus measures taken by governments and favourable financing conditions.

According to the ECB's current forecast, the economy in the euro zone will grow by 4.6% this year. The ECB left its key interest rate unchanged at 0.00% during its June meeting.

The Federal Reserve's latest forecast projects the U.S. economy to grow by 7.0% in 2021. The U.S. Federal Reserve did not change the existing interest rates corridor of 0% to 0.25% at its June meeting.

Within this economic environment, the DAX increased by 13% in the first half of 2021 to 15,531 points. The Fresenius share closed at €44.00 on June 30, 2021, an increase of 16% compared to 2020 year-end closing price.

SHAREHOLDER STRUCTURE

The charts opposite show the shareholder structure at the end of the first half of 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 June 30, 2021, we were rated with 13 ''buy'', 4 ''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.

VIRTUAL ANNUAL GENERAL MEETING

The virtual Annual General Meeting 2021 of Fresenius SE&Co. KGaA took place on May 21, 2021. With a large majority of 99.61%, the shareholders approved the proposal of the General Partner and the Supervisory Board to increase the dividend for the 28th consecutive year. Shareholders received €0.88 per ordinary share, representing an increase of 5%. The actions of Management Board and Supervisory Board were approved for the year 2020 with majorities of 99.28 and 91.34 respectively.

At the virtual Annual General Meeting 2021 of Fresenius SE&Co. KGaA, 72.76% of the capital stock was represented.

SUSTAINABILITY PROGRESS

Sustainability is an integral part of Fresenius' business model. The Company is committed to implementing global sustainability standards in its operations around the world and continuously improving its sustainability performance. To this end, Fresenius has continued to drive forward its ESG (Environment, Social, Governance) initiatives in the first half of 2021.

The Fresenius Group Sustainability Board (GSB) met three times. The focus was on the implementation of regulatory requirements such as the EU-Taxonomy, The German Supply Chain Due Diligence Act (Sorgfaltspflichtengesetz) and Sustainable Finance.

The Management Board of Fresenius Management SE worked on sustainability key performance indicators for the Company's five material sustainability topics employees, quality /patients, compliance, environment, and innovation/ digitalization as part of its short-term ESG performance targets. The targets were approved as part of the new Management Board remuneration system by the Company's Annual General Meeting on May 20, 2021. As part of the ESG targets, the Company has performed business segment workshops on the development of climate targets and climate risk assessments.

In July, Fresenius took a further step toward embedding sustainability in all aspects of its business by signing its first sustainability-linked financing instrument. The Company's new EUR 2 billion syndicated revolving credit facility's margin will be adjusted up or down according to changes in Fresenius' sustainability performance.

MANAGEMENT REPORT

Fresenius raises Group earnings guidance after very strong Q2

►Fresenius Medical Care with expected continued COVID-19 impact; patient excess mortality rates significantly reduced
►Fresenius Kabi's strong Emerging Markets business more than offsets persistent headwinds in North America
► Helios Germany with gradually increasing elective treatment volumes; Helios Spain delivers outstanding sales and earnings growth based on strong activity levels and a weak prior-year quarter
►Fresenius Vamed back to growth driven by good performance in the service business; growing order book in the project business
►First savings from initiatives to improve efficiency already expected in 2021

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 the first half of 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, mainly due to restrictions imposed by the authorities in many of the Group's important markets.

Nevertheless, Fresenius has come through the COVID-19 pandemic in an economically robust manner in the first half of 2021. 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 4% (8% in constant currency) to €9,246 million (Q2/ 20: €8,920 million). Organic growth was 6%. Acquisitions /divestitures contributed net 2% to growth. Currency translation reduced sales growth by 4%. Excluding estimated COVID-19 effects1, Group sales growth would have been 6% to 7% in constant currency. In H1/ 21, Group sales increased by 1% (6% in constant currency) to €18,230 million (H1 / 20: €18,055 million). Organic growth was 4%. Acquisitions /divestitures contributed net 2% to growth. Currency translation reduced sales growth by 5%. Excluding estimated COVID-19 effects1, Group sales growth would have been 5% to 6% in constant currency.

SALES BY REGION

To tal	9, 246	8, 920	4%	-4%	8%	6%	2%	100 %
Afr ica	117	89	31 %	6%	25 %	25 %	0%	1%
Lat in A ric me a	43 6	37 6	16 %	-13 %	29 %	25 %	4%	5%
ia- ific As Pac	957	878	9%	-2%	11 %	11 %	0%	10 %
Eu rop e	4, 232	3, 749	13 %	0%	13 %	11 %	2%	46 %
No rth Am eri ca	3, 504	3, 828	-8%	-8%	0%	-1%	1%	38 %
€ i illio n m ns	Q2 / 202 1	Q2 / 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	H1 / 2 021	H1 / 202 0	Gro wth	Cur ren cy ion tran slat effe cts	Gro wth at stan t ra tes con	Org anic sale h owt s gr	Acq uisi tion s / dive stit ure s	% o f to tal sale s
No rth Am eri ca	6, 949	7, 670	-9%	-8%	-1%	-2%	1%	38 %
Eu rop e	8, 345	7, 739	8%	0%	8%	6%	2%	46 %
As ia- Pac ific	1, 874	1, 694	11 %	-2%	13 %	13 %	0%	10 %
Lat in A ric me a	857	760	13 %	-17 %	30 %	24 %	6%	5%
Afr ica	205	192	7%	2%	5%	5%	0%	1%
To tal	18, 23 0	18, 055	1%	-5%	6%	4%	2%	100 %

SALES BY BUSINESS SEGMENT²

€ i illio n m ns	H1 / 2 021	H1 / 202 0	Gro wth	effe cts	stan t ra tes con	sale owt h s gr	Div esti ture s	sale s
				Cur ren cy slat ion tran	Gro wth at	Org anic	Acq uisi tion s /	% o f to tal
To tal	246 9,	8, 920	4%	-4%	8%	6%	2%	100 %
Fre ius Va d sen me	55 6	47 5	17 %	0%	17 %	17 %	0%	5%
ius lios Fre He sen	2, 738	2, 315	18 %	-1%	19 %	14 %	5%	29 %
Fre ius Ka bi sen	1, 755	1, 678	5%	-3%	8%	7%	1%	19 %
Fre ius M ed ica l C sen are	32 0 4,	4, 55 7	-5%	-7%	2%	1%	1%	% 47
€ i illio n m ns	Q2 / 202 1	Q2 / 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 / Div esti ture s	% o f to tal sale s

To tal	18, 23 0	18, 055	1%	-5%	6%	4%	2%	100 %
Fre ius Va d sen me	1, 033	974	6%	0%	6%	6%	0%	5%
ius lios Fre He sen	5, 38 7	4, 78 1	13 %	0%	13 %	9%	4%	29 %
Fre ius Ka bi sen	3, 51 6	3, 46 7	1%	-5%	6%	5%	1%	19 %
Fre ius M ed ica l C sen are	8, 53 0	9, 045	-6%	-8%	2%	1%	1%	% 47
€ i illio n m ns	H1 / 2 021	H1 / 202 0	Gro wth	slat ion tran effe cts	Gro wth at stan t ra tes con	Org anic sale owt h s gr	Acq uisi tion s / Div esti ture s	% o f to tal sale s

1 For estimated COVID-19effects please see table on page 30.

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 5% (0% in constant currency) to €1,671 million (Q2/ 20: €1,762 million). Reported Group EBITDA was €1,662 million (Q2/ 20: €1,762 million).

In H1/21, Group EBITDA before special items decreased by 6% (-1% in constant currency) to €3,302 million (H1/20: €3,517 million). Reported Group EBITDA was €3,290 million (H1/ 20: €3,517 million).

Group EBIT before special items decreased by 8% (-4% in constant currency) to €1,030 million (Q2/ 20: €1,123 million). The constant currency decrease is primarily due to COVID-19 related headwinds at Fresenius Medical Care. The EBIT margin before special items was 11.1% (Q2/ 20: 12.6%). Reported Group EBIT was €1,021 million (Q2/ 20: €1,123 million).

In H1/ 21, Group EBIT before special items decreased by 9% (-5% in constant currency) to €2,039 million (H1/20: €2,248 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/ 20: 12.5%). Reported Group EBIT was €2,027 million (H1/ 20: €2,248 million).

Group net interest before special items and reported net interest improved to -€121 million (Q2 / 202: -€167 million) mainly due to successful refinancing activities, lower interest rates as well as currency translation effects. In H1/21, Group net interest before special items improved to -€258 million (H1/ 202: -€341 million). Reported Group net interest improved to -€258 million (H1/20: -€349 million).

EARNINGS

€ i illio n m ns	Q2 / 202 1	Q2 / 202 0	Gro wth	H1 / 202 1	H1 / 202 0	Gro wth
Sa les	9, 246	8, 920	4%	18, 230	18, 055	1%
Co of les sts sa	-6, 628	-6, 39 1	-4%	-13 154 ,	863 -12 ,	-2%
Gr ofi t oss pr	2, 618	2, 52 9	4%	5, 076	5, 192	-2%
Se llin al a nd ad mi nis tive tra g, ge ner ex pen ses	-1, 40 0	-1, 208	-16 %	-2, 666	-2, 56 0	-4%
Res ch and de vel nt ear op me exp ens es	-19 7	-19 8	1%	-38 3	-38 4	0%
tin inc Op e ( EB IT) era g om	1, 02 1	1, 123	-9%	2, 027	2, 24 8	-10 %
Int lt st r ere esu	-12 1	-16 7	28 %	-25 8	-34 9	26 %
Fin cia l re sul t an	-12 1	-16 7	28 %	-25 8	-34 9	26 %
inc Inc e b efo e ta om re om xes	900	95 6	-6%	1, 769	1, 89 9	-7%
Inc e ta om xes	-19 2	-22 4	14 %	-39 0	-43 7	11 %
t in Ne com e	708	732	-3%	1, 37 9	1, 46 2	-6%
Les llin int tro sts s n on con g ere	-23 7	-32 1	26 %	3 -47	-59 2	20 %
t in ibu ius Ne tab le t o F SE &C ttr com e a res en o. 1,2 KG aA	474	0 41	16 %	910	875	4%
1 Ne t in ttri but ab le t o F ius SE &C KG aA com e a res en o.	47 1	41 1	15 %	906	870	4%
1,2 Ea rni ord ina sha (€) ng s p er ry re	0.8 5	0.7 4	15 %	1.6 3	1.5 7	4%
1,2 Fu lly dil d e ing ord ina sha (€) ute arn s p er ry re	0.8 5	0.7 4	15 %	1.6 3	1.5 7	4%
1 Ea rni ord ina sha (€) ng s p er ry re	0.8 4	0.7 4	% 14	1.6 2	6 1.5	4%
1 Fu lly dil d e ing ord ina sha (€) ute arn s p er ry re	0.8 4	0.7 4	14 %	1.6 2	1.5 6	4%
Av mb of s har era ge nu er es	093 55 7, 77 1,	43 0, 55 7, 55 7		656 126 55 7, ,	3, 756 55 7, 41
2 EB ITD A	1, 67 1	1, 762	-5%	3, 30 2	3, 51 7	-6%
2 De cia tio nd iza tio ort pre n a am n	-64 1	-63 9	0%	-1, 263	-1, 269	0%
2 EB IT	1, 030	1, 123	-8%	2, 039	2, 248	-9%
2 EB ITD A m in arg	18. 1%	19. 8%		18. 1%	19. 5%
2 EB IT in ma rg	11. 1%	12. 6%		11. 2%	12. 5%

2 Before special items

Group tax rate before special items was 21.5% (Q2/ 201: 23.5%) while reported Group tax rate was 21.3% (Q2/ 20: 23.4%). In H1/ 21, Group tax rate before special items was 22.1% (H1/ 201: 23.1%) while reported Group tax rate was 22.0% (H1/ 20: 23.0%).

Noncontrolling interests before special items were -€240 million (Q2/ 20: -€321 million) of which 89% were attributable to the noncontrolling interests in Fresenius Medical Care. Reported noncontrolling interests were -€237 million (Q2/ 20: -€321 million). In H1/ 21, noncontrolling interests before special items were -€477 million (H1/ 20: -€592 million) of which 92% were attributable to the noncontrolling interests in Fresenius Medical Care. Reported noncontrolling interests were -€473 million (Q2/ 20: -€592 million).

Group net income2 before special items increased by 16% (20% in constant currency) to €474 million (Q2/ 201: €410 million) driven by Helios Spain, Kabi's Emerging Markets business as well as the favorable net interest development. Excluding estimated COVID-19 effects3, Group net income2 before special items would have grown 10% to 14% in constant currency. Reported Group net income2 increased to €471 million (Q2/ 20: €411 million).

In H1/ 21, Group net income2 before special items increased by 4% (8% in constant currency) to €910 million (H1 / ²⁰2: €875 million). Excluding estimated COVID-19 effects3, Group net income2 before special items would have grown 4% to 8% in constant currency. Reported Group net income2 increased to €906 million (H1/20: €870 million).

Earnings per share2 before special items increased by 15% (19% in constant currency) to €0.85 (Q2/ 201: €0.74). Reported earnings per share2 were €0.84 (Q2/ 20: €0.74). In H1 / 21, earnings per share2 before special items increased by 4% (8% in constant currency) to €1.63 (H1/ ²⁰1: €1.57). Reported earnings per share2 were €1.62 (H1/ 20: €1.56).

RECONCILIATION

Consolidated results for Q2 / 21 and Q2/ 20 include special items. Consolidated results for H1/ 21 and H1/ 20 include special items. The special items shown in the reconciliations are shown in the Corporate /Other segment. For a detailed overview of special items please see the reconciliation table on page 28.

1 Before special items

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

3 For estimated COVID-19 effects please see table on page 30.

INVESTMENTS

Spending on property, plant and equipment was €509

million corresponding to 6% of sales (Q2/ 20: €474 million; 5% of sales). These investments served primarily for the modernization and expansion of dialysis clinics, production facilities as well as hospitals and day clinics. In H1/ 21, spending on property, plant and equipment was €893 million corresponding to 5% of sales (H1/ 20: €1,021 million; 6% of sales).

Total acquisition spending was €491 million (Q2/ 20: €97 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. In H1/ 21, total acquisition spending was €640 million (H1/ 20: €509 million).

CASH FLOW

Group operating cash flow decreased to €1,451 million (Q2/ 20: €3,082 million) with a margin of 15.7% (Q2/ 20: 34.6%). The decline was mainly due to the U.S. federal government's payments in Q2/ 20 under the CARES Act, the start of recoupment of these advanced payments in Q2/ 21 as well as the timing of certain other expense payments in 2021 at Fresenius Medical Care. Free cash flow before acquisitions and dividends decreased correspondingly to €952 million (Q2/ 20: €2,606 million). Free cash flow after acquisitions and dividends decreased to -€359 million (Q2/ 20: €2,374 million).

In H1/21, Group operating cash flow decreased to €2,103 million (H1/ 20: €3,960 million) with a margin of 11.5% (H1/ 20: 21.9%). Free cash flow before acquisitions and dividends decreased to €1,193 million (H1/ 20: €2,911 million). Free cash flow after acquisitions and dividends decreased to -€242 million (H1/ 20: €2,334 million).

INVESTMENTS/ACQUISITIONS BY BUSINESS SEGMENT

€ i illio n m ns	H1 / 2 021	H1 / 202 0	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	604	649	394	210	-7%	40 %
Fre ius Ka bi sen	217	31 8	216	1	-32 %	14 %
ius lios Fre He sen	659	50 1	230	42 9	32 %	43 %
Fre ius Va d sen me	47	52	47	--	-10 %	3%
Co e/O the rat rpo r	6	10	6	--	-40 %	0%
To tal	533 1,	53 0 1,	893	640	0%	100 %

CASH FLOW STATEMENT (Summary)

€ i illio n m ns	Q2 / 202 1	Q2 / 202 0	Gro wth	H1 / 202 1	H1 / 202 0	Gro wth
t in Ne com e	708	732	-3%	1, 37 9	46 1, 2	-6%
De cia tio nd iza tio ort pre n a am n	64 1	639	0%	1, 263	1, 269	0%
Ch ing ital ork d o the ang e w ca p an rs	102	1, 71 1	-94 %	-53 9	1, 229	-14 4%
Op tin Ca sh flo era g w	1, 45 1	3, 082	-53 %	2, 103	3, 960	-47 %
Ca ital dit et p ex pen ure , n	-49 9	-47 6	-5%	-91 0	-1, 049	13 %
Ca sh flo bef isit ion nd div ide nd ore ac qu s a s w	952	2, 606	-63 %	193 1,	2, 91 1	-59 %
Ca sh d f uis itio ns / ds fro m d ive stit use or acq pro cee ure s	-45 6	-79	--	-51 9	-36 6	-42 %
Div ide id nds pa	-85 5	-15 3	--	6 -91	-21 1	--
Fre ash flo fte uis itio d d ivid ds e c w a r a cq ns an en	-35 9	2, 374	-11 5%	-24 2	2, 334	-11 0%
Ca sh vid ed by /us ed for fin ing tiv itie pro anc ac s	71 1	-95 7	174 %	58 8	-88 5	166 %
Eff of cha ch e in ect tes ex nge ra on ang h a nd h e iva len ts cas cas qu	21	-19	--	67	-30	--
Ne ha e i ash d c ash uiv ale t c nts ng n c an eq	37 3	39 8 1,	-73 %	3 41	9 1, 41	% -71

ASSET AND LIABILITY STRUCTURE

Group total assets increased by 5% (3% in constant currency) to €69,655 million (Dec. 31, 2020: €66,646 million) given the expansion of business activities and currency effects. Current assets increased by 7% (6% in constant currency) to €16,901 million (Dec. 31, 2020: €15,772 million) mainly driven by the increase of trade accounts receivables, cash and cash equivalents and inventories. Non-current assets increased by 4% (2% in constant currency) to €52,754 million (Dec. 31, 2020: €50,874 million).

Total shareholders' equity increased by 4% (2% in constant currency) to €27,131 million (Dec. 31, 2020: €26,023 million). The equity ratio was 39.0% (Dec. 31, 2020: 39.0%).

Group debt increased by 5% (4% in constant currency) to €27,289 million (Dec. 31, 2020: €25,913 million). Group net debt increased by 4% (3% in constant currency) to €25,039 million (Dec. 31, 2020: €24,076 million).

As of June 30, 2021, the net debt/EBITDA ratio increased to 3.60x1,2 (Dec. 31, 2020: 3.44x1,2) driven by COVID-19 effects weighing on EBITDA as well as increased net debt.

BALANCE SHEET

€ i illio n m ns	Jun e 30 , 20 21	Dec . 31 , 20 20	Cha nge
As set s
Cu nt ets rre ass	16, 90 1	15, 772	7%
f tr cei the ade vab les nts reo ac cou re	36 7, 9	6, 937	6%
the f in ies tor reo ven	4, 197	3, 945	6%
uiv the f ca sh and sh ale nts reo ca eq	2, 250	1, 837	22 %
No ent set n-c urr as s	52 754 ,	50 874 ,	4%
the f p lan nd uip ert t a nt reo rop y, p eq me	12, 129	11, 912	2%
the f g ood wil l an d o the r in ible tan set reo g as s	31, 42 9	30, 335	4%
the f ri ht- of- set reo g use -as s	5, 81 1	5, 69 1	2%
To tal set as s	69, 655	66, 646	5%
Lia bil itie nd sha reh old ' eq uit s a ers y
Lia bil itie s	42 524 ,	40 623 ,	5%
the f tr ade ble nts reo ac cou pa ya	1, 669	1, 816	-8%
f a lia bil itie the ual nd oth sho rt-t reo ccr s a er erm s	10, 434	9, 913	5%
the f d ebt reo	27, 289	25, 913	5%
f le lia bili tie the reo ase s	6, 33 2	6, 188	2%
No olli int ntr sts nco ng ere	9, 43 2	9, 074	4%
To tal Fre ius SE &C KG aA sh ho lde rs' uity sen o. are eq	17, 699	16, 949	4%
To tal sh ho lde rs' uit are eq y	27, 131	26, 023	4%
lia bil itie uit To tal nd sha reh old ' eq s a ers y	69, 655	66, 646	5%

1 At LTM average exchange rates for both net debt and EBITDA; pro forma closed acquisitions /divestitures 2 Before special items

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 June 30, 2021, Fresenius Medical Care was treating approximately 346,000 patients in more than 4,100 dialysis clinics. Along with its core business, the Renal Care Continuum, the company focuses on expanding in complementary areas and in the field of critical care.

€ i illio n m ns	Q2 / 202 1	Q2 / 202 0	Gro wth	Gro wth in c tant ons cur ren cy	H1 / 202 1	H1 / 202 0	Gro wth	Gro wth in c tant ons cur ren cy
Sa les	4, 32 0	4, 55 7	-5%	2%	8, 53 0	9, 045	-6%	2%
A1 EB ITD	826	066 1,	-23 %	-17 %	69 1, 1	2, 022	-16 %	-10 %
IT1 EB	43 0	656	-34 %	-29 %	907	1, 21 1	-25 %	-19 %
1,2 t in Ne com e	223	35 1	-37 %	-31 %	474	634	-25 %	-20 %
Em loy p ees (Ju 30 /D 31 ) ne ec.					264 131 ,	133 129 ,	-1%

► As assumed, COVID-19 pandemic continued to impact organic growth in dialysis and downstream businesses; patient excess mortality rates significantly reduced
►Negative exchange rate effects continue
►Earnings development impacted by phasing and strong prior-year base, as indicated
►Financial targets for FY 2021 confirmed

Sales of Fresenius Medical Care decreased by 5% (increased by 2% in constant currency) to €4,320 million (Q2/ 20: €4,557 million). Thus, currency translation had a negative effect of 7%. Organic growth was 1%. In H1/ 21, sales of Fresenius Medical Care decreased by 6% (increased by 2% in constant currency) to €8,530 million (H1/ 20: €9,045 million). Thus, currency translation had a negative effect of 8%. Organic growth was 1%.

EBIT decreased by 35% (-30% in constant currency) to €424 million (Q2/ 20: €656 million) resulting in a margin of 9.8% (Q2/ 20: 14.4%). EBIT before special items declined

by 34% to €430 million (-29% in constant currency; Q2/20: €656 million), resulting in a margin of 10.0% (Q2 / 20: 14.4%). The decrease was mainly due to the adverse impact of the COVID-19 pandemic, including a high prior-year base as a result of government relief funding, the expected phasing and increase in Sales, General and Administrative expense, negative exchange rate effects and higher direct costs. These effects were partially offset in particular by an improved Medicare Advantage payor mix in the U.S.

In H1 / 21, EBIT decreased by 26% (-20% in constant currency) to €898 million (H1/ 20: €1,211 million) resulting

in a margin of 10.5% (H1/ 20: 13.4%). EBIT before special items decreased by 25% (-19% in constant currency) to €907 million (Q2/ 20: €1,211 million) resulting in an EBIT margin of 10.6% (H1/ 20: 13.4%).

Net income2 decreased by 38% (-33% in constant currency) to €219 million (Q2/20: €351 million). Net income2 before special items decreased by 37% (-31% in constant currency) to €223 million (Q2/ 20: €351 million).

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

In H1/21, net income1 decreased by 26% (-21% in constant currency) to €468 million (H1/20: €634 million). Net income1 before special items decreased by 25% (-20% in constant currency) to €474 million (H1/ 20: €634 million).

Operating cash flow was €921 million (Q2/ 20: €2,319 million) with a margin of 21.3% (Q2/20: 50.9%). The decline was mainly due to the U.S. federal government's payments in Q2/ 20 under the CARES Act, the start of recoupment of these advanced payments in Q2 / 21 as well as the timing of certain other expense payments in 2021. In H1/ 21, operating cash flow was €1,129 million (H1 / 20: €2,903 million) with a margin of 13.2% (H1/20: 32.1%).

For FY/ 21, Fresenius Medical Care confirms its outlook as outlined in February 2021. The Company expects revenue2 to grow at a low-to-mid single-digit percentage range and net income1,3 to decline at a high-teens to mid-twenties percentage range against the 2020 base4. This outlook is based on the assumption of a return to normalized mortality rates in H2/ 21.

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	Q2 / 202 1	Q2 / 202 0	Gro wth	Gro wth in c tant ons cur ren cy	H1 / 202 1	H1 / 202 0	Gro wth	Gro wth in c tant ons cur ren cy
Sa les	1, 755	1, 678	5%	8%	3, 51 6	3, 46 7	1%	6%
A1 EB ITD	40 6	39 0	4%	8%	780	778	0%	5%
IT1 EB	298	292	2%	7%	574	58 1	-1%	4%
1,2 Ne t in com e	204	196	4%	9%	394	393	0%	6%
Em loy p ees (Ju 30 /D 31 ) ne ec.					41 145 ,	40 519 ,	2%

► North America performance impacted by COVID-19 and competitive pressure; effects of temporary manufacturing issues receding
►Normalizing demand in Europe driving strong growth over a COVID-impacted base
► Very strong Emerging Markets growth; China with strong performance given more normalized elective treatment activity
►Outlook improved to low single-digit constant currency EBIT percentage growth

Sales increased by 5% (8% in constant currency) to €1,755 million (Q2/ 20: €1,678 million). Organic growth was 7%. In H1/21, sales increased by 1% (6% in constant currency) to €3,516 million (H1/20: €3,467 million). Organic growth was 5%. Negative currency translation effects of 3% in Q2 and 5% in H1 were mainly related to the weakness of the US dollar, the Argentinian peso and the Brazilian real.

Sales in North America decreased by 13% (organic growth: -6%) to €522 million (Q2/ 20: €600 million). The decrease was driven by reduced volume demand given fewer elective treatments, consequential competitive pressure and, albeit receding, temporary manufacturing issues. These negative effects outweighed extra demand for COVID-19 related products. In H1/21, sales in North America decreased by 15% (organic growth: -8%) to €1,080 million (H1/ 20: €1,269 million).

Sales in Europe increased by 12% (organic growth: 10%) to €634 million (Q2/ 20: €566 million) supported by a low prior-year basis meaningfully impacted by COVID-19. In H1/ 21, sales in Europe increased by 5% (organic growth: 4%) to €1,260 million (H1/ 20: €1,197 million).

Sales in Asia-Pacific increased by 17% (organic growth: 17%) to €409 million (Q2/ 20: €351 million). The growth is mainly due to more normalized elective treatment activity in China as well as a recovery in other Asian markets. In H1/21, sales in Asia-Pacific increased by 20% (organic growth: 21%) to €801 million (H1/ 20: €670 million).

Sales in Latin America / Africa increased by 18% (organic growth: 24%) to €190 million (Q2/ 20: €161 million) due to ongoing COVID-19 related extra demand. In H1/ 21, sales in Latin America /Africa increased by 13% (organic growth: 26%) to €375 million (H1 / 20: €331 million).

EBIT¹ increased by 2% (7% in constant currency) to €298 million (Q2/20: €292 million) with an EBIT margin of 17.0% (Q2/ 20: 17.4%). The increase in constant currency was tempered by underutilized production capacities in the US and competitive pressure coupled with selective supply constraints due to temporary, however receding, manufacturing issues. EBIT was supported by positive COVID-19 effects, lower corporate costs due to travel restrictions and phasing of projects. In H1/ 21, EBIT1 decreased by 1% (increased by 4% in constant currency) to €574 million (H1 / 20: €581 million) with an EBIT margin of 16.3% (H1/ 20: 16.8%).

Net income1,2 increased by 4% (9% in constant currency) to €204 million (Q2/ 201: €196 million). In H1/ 21, net income1,2 remained stable (increased by 6% in constant currency) at €394 million (H1/ 201: €393 million).

Operating cash flow decreased to €197 million (Q2/ 20: €437 million) with a margin of 11.2% (Q2/ 20: 26.0%) mainly due to the phasing of tax payments and payments for legal proceedings. In H1/ 21, operating cash flow decreased to €475 million (H1/20: €611 million) with a margin of 13.5% (H1/20: 17.6%).

For FY/ 21, Fresenius Kabi improves its EBIT outlook. The company now projects EBIT3 to grow in a low singledigit percentage range in constant currency. Previously, Fresenius Kabi expected a stable EBIT3 development up to low single-digit percentage growth. The company continues to expect organic sales growth4 in a low-to-mid singledigit percentage range. Both sales and EBIT outlook include expected COVID-19 effects.

1 Before special items
2 Net income attributable to shareholders of Fresenius SE&Co. KGaA
3 FY/20 base: €1,095 million, before special items; FY/21: before special items
4 FY/20 base: €6,976 million

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, 74 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	Q2 / 202 1	Q2 / 202 0	Gro wth	Gro wth in c tant ons cur ren cy	H1 / 202 1	H1 / 202 0	Gro wth	Gro wth in c tant ons cur ren cy
Sa les	2, 738	2, 315	18 %	19 %	38 5, 7	78 4, 1	13 %	13 %
EB ITD A	41 3	30 9	34 %	34 %	793	69 1	15 %	15 %
EB IT	298	198	51 %	51 %	56 6	47 2	20 %	20 %
1 Ne t in com e	193	123	57 %	59 %	36 6	299	22 %	23 %
Em loy p ees (Ju 30 /D 31 ) ne ec.					119 54 1 ,	116 952 ,	2%

►Gradually recovering elective treatments at Helios Germany
► Excellent treatment activity at Helios Spain results in outstanding organic sales and earnings growth over a weak prior year quarter
► Growth additionally fueled by contributions from acquisitions in Germany and Latin America as well as from the acquired fertility business
►Outlook improved for organic sales and constant currency EBIT growth

Sales increased by 18% (19% in constant currency) to €2,738 million (Q2/20: €2,315 million). Organic growth was 14%. Acquisitions, including the fertility business Eugin, (consolidated as from 1 April 2021), contributed 5% to sales growth. In H1/21, sales increased by 13% (13% in constant currency) to €5,387 million (H1/20: €4,781 million). Organic growth was 9%. Acquisitions contributed 4% to sales growth.

Sales of Helios Germany increased by 7% (organic growth: 3%) to €1,675 million (Q2/20: €1,571 million) driven by a gradual recovery of elective treatments and positive case mix effects. The hospital acquisitions from the Order

of Malta contributed 4% to sales growth. In H1/ 21, sales of Helios Germany increased by 5% (organic growth: 1%) to €3,348 million (H1/20: €3,174 million). COVID-19 effects were mostly mitigated by government compensation.

Sales of Helios Spain increased by 37% (38% in constant currency) to €1,020 million (Q2/ 20: €743 million) over a weak COVID-19 impacted prior-year quarter. Organic growth of 38% was driven by a consistently high level of treatments and ongoing demand for occupational risk prevention (ORP) services. The Latin American hospitals contributed 5% to sales growth. In H1/ 21, sales of Helios Spain increased by 24% (26% in constant currency) to

€1,996 million (H1 / 20: €1,606 million). Organic growth was 24%.

EBIT of Fresenius Helios increased by 51% (51% in constant currency) to €298 million (Q2/ 20: €198 million) with an EBIT margin of 10.9% (Q2/ 20: 8.6%). In H1/ 21, EBIT of Fresenius Helios increased by 20% (20% in constant currency) to €566 million (H1/ 20: €472 million) with an EBIT margin of 10.5% (H1/ 20: 9.9%).

EBIT of Helios Germany increased by 3% to €152 million (Q2/ 20: €147 million) with an EBIT margin of 9.1% (Q2/20: 9.4%). In H1/21, EBIT of Helios Germany decreased by 3% to €302 million (H1/ 20: €312 million) with an EBIT

margin of 9.0% (H1/ 20: 9.8%). Government compensation broadly mitigated COVID-19 effects.

EBIT of Helios Spain increased by 172% (174% in constant currency) to €147 million (Q2/20: €54 million) over a weak COVID-19 impacted prior-year quarter. EBIT margin improved to 14.4% (Q2/ 20: 7.3%). Healthy organic sales growth led to an improved coverage of the fixed cost base. The hospital acquisitions in Colombia contributed nicely. In H1/ 21, EBIT of Helios Spain increased by 64% (66% in constant currency) to €273 million (H1/ 20: €166 million) with an EBIT margin of 13.7% (H1/ 20: 10.3%).

Net income1 increased by 57% (59% in constant currency) to €193 million (Q2/ 20: €123 million). In H1/ 21, net income1 increased by 22% (23% in constant currency) to €366 million (H1/ 20: €299 million).

Operating cash flow decreased to €223 million (Q2/ 20: €295 million) with a margin of 8.1% (Q1/20: 12.7%) resulting from the strong cash collection in Q2/20 related to accelerated payments of treatment invoices under the German law to ease the financial burden on hospitals. In H1 / 21, operating cash flow was on prior year level at €438 million (H1/ 20: €440 million) with a margin of 8.1% (H1/ 20: 9.2%).

For FY/ 21, Fresenius Helios improves its outlook: The company now expects organic sales2 growth in a mid singledigit percentage range. Previously, organic sales2 were expected to grow in a low-to-mid single-digit percentage range. Moreover, Fresenius Helios now projects EBIT3 to grow in a high single-digit percentage range in constant currency. Previously, EBIT3 was expected to grow in a midto-high single-digit percentage range in constant currency. Both sales and EBIT outlook include expected COVID-19 effects.

³ 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	Q2 / 202 1	Q2 / 202 0	Gro wth	Gro wth in c tant ons cur ren cy	H1 / 202 1	H1 / 202 0	Gro wth	Gro wth in c tant ons cur ren cy
Sa les	55 6	47 5	17 %	17 %	1, 033	974	6%	6%
EB ITD A	38	7	--	--	55	41	34 %	34 %
EB IT	16	-13	--	--	12	1	--	--
1 Ne t in com e	11	-15	173 %	173 %	4	-8	150 %	150 %
Em loy p ees (Ju 30 /D 31 ) ne ec.					19, 52 7	19, 414	1%

►Back to sales and earnings growth despite negative COVID-19 effects
►Project business still marked by COVID-19 but showing clear signs of recovery
► Good performance in the service business; rehabilitation business improving as number of elective surgeries increased
►Excellent order intake

Sales increased by 17% (17% in constant currency) to €556 million (Q2/ 20: €475 million). Organic growth was 17%. In H1/ 21, sales increased by 6% (6% in constant currency) to €1,033 million (H1/ 20: €974 million). Organic growth was 6%.

Sales in the service business improved by 19% (19% in constant currency) to €392 million (Q2/20: €329 million), in particular driven by growing case numbers in the rehabilitation business. Sales in the project business increased by 12% (12% in constant currency) to €164 million (Q2/20: €146 million).

In H1/ 21, sales in the service business increased by 10% (10% in constant currency) to €755 million (H1/ 20: €686 million). Sales in the project business decreased by 3% (-3% in constant currency) to €278 million (H1/ 20: €288 million).

EBIT increased to €16 million (Q2/ 20: -€13 million) with an EBIT margin of 2.9% (Q2/ 20: -2.7%). In H1/ 21, EBIT increased to €12 million (H1 / 20: €1 million) with an EBIT margin of 1.2% (H1/ 20: 0.1%).

Net income1 increased to €11 million (Q2/20: -€15 million). In H1 / 21, net income1 increased to €4 million (H1/ 20: -€8 million).

Order intake was outstanding with €713 million (Q2/20: €50 million) and €851 million in H1 / 21 (H1 / 20: €174 million), particularly driven by a turnkey project for a hospital in Wiener Neustadt, Austria. As of June 30, 2021, order backlog was at €3,635 million (December 31, 2020: €3,055 million).

Operating cash flow increased to €58 million (Q2/ 20: €28 million) with a margin of 10.4% (Q1/ 20: 5.9%) mainly due to payments from the international project business. In H1/21, operating cash flow increased to €14 million (H1/20: €8 million) with a margin of 1.4% (H1/ 20: 0.8%).

For FY/ 21, Fresenius Vamed confirms its outlook and 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.

EMPLOYEES

As of June 30, 2021, the number of employees was 312,734 (Dec. 31, 2020: 311,269).

NUMBER OF EMPLOYEES

Nu mb of loy er em p ees	Jun e 30 , 202 1	Dec . 31 , 202 0	Gro wth
ius ica l C Fre M ed sen are	264 131 ,	133 129 ,	-1%
Fre ius Ka bi sen	41 145 ,	40 519 ,	2%
Fre ius He lios sen	119 54 1 ,	116 952 ,	2%
Fre ius Va d sen me	19, 52 7	19, 414	1%
Co e/O the rat rpo r	1, 257	1, 255	0%
To tal	312 734 ,	31 269 1,	0%

CHANGES TO THE MANAGEMENT BOARD

Michael Sen (52) became the new Chief Executive Officer of Fresenius Kabi AG. The Supervisory Board of Fresenius Management SE unanimously appointed him to the Management Board of Fresenius effective on April 12, 2021. He succeeded Mats Henriksson (53), who left the company due to different views on Fresenius Kabi's future direction.

CHANGES TO THE SUPERVISORY BOARD

Dr. Gerd Krick (82) left the Supervisory Boards of Fresenius Management SE and the listed Fresenius SE&Co. KGaA when his term ended at the close of the Annual General Meeting in May 2021.

Wolfgang Kirsch (65), a member of the Supervisory Board of Fresenius Management SE since January 1, 2020, took over from him as Chairman of both Supervisory Boards.

In recognition and deep appreciation of his long decades of accomplishment and invaluable work on behalf of Fresenius, Dr.Krick was named Honorary Chairman of both Supervisory Boards.

Klaus-Peter Müller (76) stepped down from the Supervisory Board of Fresenius Management SE at the end of his term in May 2021. At the listed Fresenius SE&Co. KGaA, Klaus-Peter Müller was reelected to the Supervisory Board at the Annual General Meeting in May. He is chairing the Audit Committee for a further year.

The Annual General Meeting of the Fresenius Management SE elected Susanne Zeidler (60), Chief Financial Officer of Deutsche Beteiligungs AG (DBAG) since November 2012, and Dr.Frank Appel (59), Chief Executive Officer of Deutsche Post DHL Group since February 2008, to the Supervisory Board of Fresenius Management SE.

RESEARCH AND DEVELOPMENT

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

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

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

RESEARCH AND DEVELOPMENT EXPENSES

BY BUSINESS SEGMENT

€ i illio n m ns	H1 / 2 021	H1 / 202 0	Gro wth
Fre ius M ed ica l C sen are	101	96	4%
Fre ius Ka bi sen	28 1	287	-2%
Fre ius He lios sen	2	1	100 %
Fre ius Va d sen me	0	0	--
Co e/O the rat rpo r	-1	--	--
To tal	383	384	0%

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 development in Fresenius' overall opportunities and risk situation until August 2, 2021.

The global COVID-19 pandemic, continued to adversely affect our business in the first and second quarter of 2021. We expect further adverse effects on our business and result of operations for the second half 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 spread of further virus variants. This may result in additional adverse effects on our financial results and our ability to achieve our Guidance.

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 55 to 56 in the Notes of this report.

SUBSEQUENT EVENTS

July was characterized worldwide by a regionally varying development of the COVID-19 pandemic with again rising infection numbers mainly due to the delta version. Largescale 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 the impact on Fresenius remain uncertain.

Beyond that, there have been no significant changes in the industry environment. Furthermore, there have been no other events with a significant impact on the net assets, financial position and results of operations since the end of the first half of 2021.

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

OUTLOOK 2021

COVID-19 ASSUMPTIONS FOR GUIDANCE FY/21

Whilst the pandemic exhibited a quite differentiated regional development, negative COVID-effects have -- consistent with expectations -- generally receded during Q2/ 21.

Fresenius had projected that the burdens and constraints caused by the pandemic will recede in the second half of the year. Now, however, the currently rising number of COVID-19 cases, the further evolution of COVID-19 virus mutations as well as stalling vaccination progress could all pose a threat to this assumption, and the company remains vigilant.

Whilst the risk of renewed far-reaching containment measures in one or more of Fresenius' major markets currently appears less likely, it cannot be excluded. 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 strong Q2 / 21 and the progress in the program to improve Group-wide efficiencies, where the company expects first savings already this year, Fresenius raises its 2021 earnings guidance. The Company now projects net income1,2 to grow in a low single-digit percentage range in constant currency. Previously, Fresenius expected an at least broadly stable net income1,2 development in constant currency. The Company continues to project sales growth3 in a low-to-mid single-digit percentage range in constant currency.

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

The guidance implies ongoing COVID-19 related headwinds in the second half of the year. It reflects negative pricing effects related to tender activity at Fresenius Kabi in China as well as increasingly noticeable cost inflation effects across selected markets.

Fresenius projects net debt/EBITDA4 to be around the top-end of the self-imposed target corridor of 3.0x to 3.5x by the end of FY/ 21.

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 27.

PROGRESS ON EFFICIENCY MEASURES TO SUSTAINABLY IMPROVE PROFITABILITY

To sustainably enhance profitability and operational excellence, Fresenius has launched group-wide efficiency initiatives. 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.

While an update on the comprehensive operating model review at Fresenius Medical Care is expected to be provided in fall 2021, the three other Fresenius business segments have already identified and launched initiatives in defined areas.

At Fresenius Kabi, these initiatives comprise the optimization of its production network, reduction of product portfolio complexity, centralization of worldwide purchasing and review of organizational and cost structures.

Fresenius Helios will put a focus on its strategic review of the hospital portfolio and ambulatory care network as well as on the reduction of G&A costs.

Fresenius Vamed will implement some dedicated structural and organizational measures, comprising the optimization of its global subsidiary structure, the review of its assets and shareholdings portfolio and the optimization of procurement and G&A costs.

These activities specific to the business segments will be complemented and supported by initiatives on the Fresenius group level, for example, the implementation of new ways of working at the corporate headquarters as well as a group-wide review of the IT operating model.

The company expects significant contributions from all four business segments and from the corporate center in the 2021 to 2023 period. Hence, it is expected that the savings contributed by Fresenius Medical Care will not be overproportional.

For FY/21, initial low double-digit million € savings after tax and minority interest from the Group's above outlined 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.

Fresenius continues to project net debt/EBITDA1 to be around the top-end of the self-imposed target corridor of 3.0x to 3.5x by the end of FY/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.

1st Half and 2nd Quarter 2021 Quarterly Financial Report Fresenius 26

GROUP FINANCIAL OUTLOOK 2021

	Fisc al y 202 0¹ ear	Tar s 20 21² get	Gui dan ce²
		Low id s ing le-d ig it -to -m
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
		At lea st	Low sin le-d ig it g
3 g Ne t in th (in ) sta nt com e row con cur ren cy	€1 796 m ,	bro ad ly s tab le	th tag per cen e g row

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 ce²
3 Fre ius M ed ica l C sen are
Sa les th (in ) sta nt gr ow con cur ren cy	€1 7, 859 m	Low id s ing le-d ig it -to -m th tag per cen e g row	firm ed con
4 g Ne t in th (in ) sta nt com e row con cur ren cy	€1 35 9 m ,	Hig h-t id- nti s to twe een m es e d ecl ine tag per cen	firm ed con
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
EB IT h ( in c ) wt tan t c gro ons urr enc y	€1 095 m ,	Sta ble low sin le-d ig it to g th tag per cen e g row	Low sin le-d ig it g th tag per cen e g row
Fre ius He lios sen
Sa les th (or ic) gr ow gan	€9 818 m ,	Low id s ing le-d ig it -to -m th tag per cen e g row	Mi d s ing le-d ig it th tag per cen e g row
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
Fre ius Va d sen me
Sa les th (or ic) gr ow gan	€2 068 m ,	Mi d-t o-h ig h s ing le-d ig it th tag per cen e g row	firm ed con
EB IT	€2 9 m	Hig h d ble -di it ou g € m illio unt n a mo	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 Q2 /H1

				Gro wth rat e				Gro wth rat e
€ i illio n m ns	Q2 / 202 1	Q2 / 202 0	Gro wth rat e	in c tant ons cur ren cy	H1 / 202 1	H1 / 202 0	Gro wth rat e	in c tant ons cur ren cy
Sa les d rte re po	9, 246	8, 920	4%	8%	18, 23 0	18, 055	1%	6%
EB IT ed (af eci al ite ) ort ter rep sp ms	02 1, 1	123 1,	-9%	-5%	2, 027	2, 24 8	-10 %	-5%
Ex iate d w ith the Fr niu ef fic ien ost pen ses as soc ese s c cy pro gra m	9	--			12	--
(be for ial ite ) EB IT e s pec ms	1, 030	1, 123	-8%	-4%	2, 039	2, 24 8	-9%	-5%
t in cia l it Ne d ( aft s) ter est rte re po er spe em	-12 1	-16 7	28 %	26 %	-25 8	-34 9	26 %	23 %
Rev alu ati of bi osi mi lars nti rch ice lia bil itie nt ons co nge pu ase pr s	--	0			--	8
t in cia l it Ne (b efo s) ter est re spe em	-12 1	-16 7	28 %	26 %	-25 8	-34 1	24 %	21 %
Inc ed (af eci al ite ) e t ort ter om axe s r ep sp ms	-19 2	-22 4	14 %	10 %	-39 0	-43 7	11 %	6%
ati bi osi mi nti ice lia bil itie Rev alu of lars rch nt ons co nge pu ase pr s	--	-1			--	-3
Ex iate d w ith the Fr niu ef fic ien ost pen ses as soc ese s c cy pro gra m	-3	--			-4	--
eci ite Inc s ( bef al ) e t om axe ore sp ms	-19 5	-22 5	13 %	9%	-39 4	-44 0	10 %	6%
ing in cia l it No oll d ( aft s) ntr ter est rte nco re po er spe em	-23 7	-32 1	26 %	21 %	-47 3	-59 2	20 %	14 %
iate ith niu ef fic ien Ex d w the Fr ost pen ses as soc ese s c cy pro gra m	-3	--			-4	--
No oll ing in (b efo cia l it s) ntr ter est nco re spe em	-24 0	-32 1	25 %	20 %	-47 7	-59 2	19 %	13 %
1 Ne t in ed (af eci al ite ) ort ter com e r ep sp ms	47 1	41 1	% 15	19 %	906	870	4%	9%
Rev alu ati of bi osi mi lars nti rch ice lia bil itie nt ons co nge pu ase pr s	--	-1			--	5
Ex iate d w ith the Fr niu ef fic ien ost pen ses as soc ese s c cy pro gra m	3	--			4	--
1 Ne t in e ( bef eci al ite ) com ore sp ms	474	41 0	16 %	20 %	910	875	4%	8%

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

RECONCILIATION FRESENIUS MEDICAL CARE Q2 /H1

€ i illio n m ns	Q2 / 202 1	Q2 / 202 0	Gro wth rat e	Gro wth rat e in c tant ons cur ren cy	H1 / 202 1	H1 / 202 0	Gro wth rat e	Gro wth rat e in c tant ons cur ren cy
Sa les d rte re po	4, 32 0	4, 55 7	-5%	2%	8, 53 0	9, 045	-6%	2%

(af eci ite ) EB IT ed al ort ter rep sp ms	424	656	-35 %	-30 %	898	1, 21 1	-26 %	-20 %
Co late d t o F ME 25 sts re pro gra m	6	--			9	--
ial ite EB IT (be for ) e s pec ms	43 0	656	-34 %	-29 %	907	1, 21 1	-25 %	-19 %

1 t in eci ite Ne ed (af al ) ort ter com e r ep sp ms	219	35 1	-38 %	-33 %	46 8	634	-26 %	-21 %
Co late d t o F ME 25 sts re pro gra m	4	--			6	--
1 Ne t in e ( bef eci al ite ) com ore sp ms	223	35 1	-37 %	-31 %	474	634	-25 %	-20 %

ESTIMATED COVID-19 EFFECTS Q2 /H1

		Re d g th rte rat po row e in sta nt con cu rre ncy inc lus ive CO VID -19 -ef fec ts		im Est d ate CO VID -19 im t pac in sta nt con cu rre ncy		im Est d g th ate rat row e in sta nt con cu rre ncy lud ing CO VID -19 -ef fec ts exc
€ i illio n m ns	Q2 / 202 1	Q2 / 202 0	Q2 / 202 1	Q2 / 202 0	Q2 / 202 1	Q2 / 202 0
Sa les	8%	2%	2 t o 1 %	-4 -5% to	6 t o 7 %	6 t o 7 %
1 Ne t in e ( bef eci al i s) tem com ore sp	20 %	-13 %	10 6% to	-13 7% to -1	10 % to 14	0 t % o 4

	Re d g th rte rat po row e in sta nt con cu rre ncy inc lus ive CO VID -19 -ef fec ts		Est im d ate CO VID -19 im t pac in sta nt con cu rre ncy		Est im d g th ate rat row e in sta nt con cu rre ncy lud ing CO VID -19 -ef fec ts exc
€ i illio n m ns	H1 / 2 021	H1 / 202 0	H1 / 202 1	H1 / 202 0	H1 / 202 1	H1 / 202 0
Sa les	6%	5%	1 t o 0 %	-2 -3% to	5 t o 6 %	7 t o 8 %
1 Ne t in e ( bef eci al i s) tem com ore sp	8%	-6%	4 t o 0 %	-9 -13 % to	4 t o 8 %	3 t o 7 %

FRESENIUS SE&CO. KGAA CONSOLIDATED STATEMENT OF INCOME

€ i illio n m ns	Q2 / 202 1	Q2 / 202 0	H1 / 202 1	H1 / 202 0
Sa les	246 9,	8, 920	18, 230	18, 055
Co f sa les st o	-6, 628	-6, 39 1	-13 154 ,	-12 863 ,
ofi Gr t oss pr	2, 618	2, 52 9	5, 076	5, 192
Se llin al a nd ad mi nis tive tra g, ge ner ex pen ses	40 0 -1,	208 -1,	-2, 666	-2, 56 0
Res ch and de vel nt ear op me exp ens es	-19 7	-19 8	-38 3	-38 4
Op tin inc e ( IT) EB era g om	1, 02 1	1, 123	2, 027	2, 24 8
Ne t in ter est	-12 1	-16 7	-25 8	-34 9
efo inc Inc e b e t om re om axe s	900	956	769 1,	1, 899
Inc e ta om xes	-19 2	-22 4	-39 0	-43 7
t in Ne com e	708	732	1, 37 9	1, 46 2
olli int No ntr sts nco ng ere	237	32 1	47 3	592
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	47 1	41 1	906	870

Ea rni sha in € ng s p er re	0.8 4	0.7 4	1.6 2	1.5 6
Fu lly dil d e ing sha in € ute arn s p er re	0.8 4	0.7 4	1.6 2	1.5 6

FRESENIUS SE&CO. KGAA CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

€ i illio n m ns	Q2 / 202 1	Q2 / 202 0	H1 / 202 1	H1 / 202 0
t in Ne com e	708	732	1, 37 9	1, 46 2
Ot he he nsi inc e ( los s) r c om pre ve om
sit ion hic ill sif ied in in e i Po h w be las ub to net nt s w rec com n s seq ue yea rs
eig ati For nsl tra n c urr enc y on	-18 7	-42 4	610	-37 4
Ca sh flow he dg es	-8	2	-7	12
FV OC I de bt ins tru nts me	3	31	-7	31
Inc siti hic h w ill b ecl ifie d e ta om xes on po ons e r ass w	3	-6	5	-8
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
ria ins fin efit nsi Ac l ga de ed ben lan tua on pe on p s	-4	46	87	46
Eq uity eth od inv har f O CI est m ees - s e o	-41	51	-50	51
OC uity in FV I eq tm ent ves s	19	19	25	19
Inc siti hic h w ill n be las sifi ed e ta ot om xes on po ons rec w	-6	-17	-34	-17
nsi /in Ot he he (lo ss) net r c om pre ve com e,	-22 1	-29 8	629	-24 0
To tal reh siv e i co mp en nco me	48 7	434	2, 008	222 1,
siv e i tri llin int Co reh bu tab le t at tro sts mp en nco me o n on con g ere	112	131	774	41 8
Co siv e i tri reh bu tab le t at mp en nco me o
niu sha reh old of Fr s S E& Co . K Ga A ers ese	375	303	1, 234	804

FRESENIUS SE&CO. KGAA CONSOLIDATED STATEMENT OF FINANCIAL POSITION

ASSETS

€ i illio n m ns	Jun e 30 , 20 21	Dec ber 31, 202 0 em
Cas h a nd h e iva len ts cas qu	2, 250	1, 837
cei Tra de d o the vab les les llow nts acc ou an r re s a anc es , for ted ed it lo ex pec cr sse s	7, 36 9	6, 937
Ac cei vab le f d lo late d p ies nts to art cou re rom an ans re	128	110
Inv ori ent es	4, 197	3, 945
Oth t as set er cur ren s	2, 957	2, 943
I. T l cu ota nt ets rre ass	16, 90 1	15, 772
Pro lan nd uip ty, t a nt per p eq me	12, 129	11, 912
Rig ht- of- set use as s	81 5, 1	69 5, 1
Go odw ill	27, 675	26, 599
Oth int ible set er ang as s	3, 754	736 3,
Oth ent set er no n-c urr as s	2, 210	2, 124
fer De red ta xes	1, 175	812
II. To tal ent set no n-c urr as s	52 754 ,	50 874 ,
To tal set as s	69, 655	66, 646

LIABILITIES

€ i illio n m ns	Jun e 30 , 20 21	Dec ber 31, 202 0 em
Tra de ble nts acc ou pa ya	1, 669	1, 816
Sh ble late d p ies ort -te nts to art rm ac cou pa ya re	68	67
Sh ovi sio and her sh lia bil itie ort -te ot ort -te rm pr ns rm s	929 7,	43 3 7,
Sh de bt ort -te rm	2, 738	245
Sh bt f ies de late d p ort -te art rm rom re	3	5
Cu rtio f lo m d ebt nt ter rre po n o ng-	45 8	1, 132
Cu rtio f lo lea liab ilit ies nt ter rre po n o ng- m se	787	766
Cu rtio f b ond nt rre po n o s	1, 288	1, 522
Sh als fo r in ort -te e ta rm ac cru com xes	264	230
A. To tal sh lia bil itie ort -te rm s	204 15,	13, 216
Lon m d ebt les rtio ter ent g- s c urr po n ,	2, 135	4, 022
liab ilit ies rtio Lon lea les ter ent g- m se s c urr po n ,	5, 545	5, 42 2
Bo nds les rtio ent s c urr po n ,	13, 857	12, 325
Co rtib le b ond nve s	47 8	474
Lon vis ion nd oth lon liab ilit ies ter ter g- m pro s a er g- m	73 1, 1	918 1,
Pen sio n l iab ilit ies	1, 53 6	1, 582
s fo r in Lon ual ter e ta g- m a ccr com xes	288	274
De fer red ta xes	1, 750	1, 39 0
lia bil itie B. To tal lo -te ng rm s	27, 32 0	27, 40 7
I. T l lia bil itie ota s	42 524 ,	40 623 ,
ing in A. No oll ntr ter est nco s	9, 43 2	9, 074
Su bsc rib ed ita l cap	8 55	55 7
Ca ital p re ser ve	4, 010	3, 992
Oth er res erv es	13, 938	13, 535
Ac ula ted her reh ive lo ot cum co mp ens ss	-80 7	-1, 135
niu ' e ity B. To tal Fr s S E& Co . K Ga A s ha reh old ese ers qu	699 17,	16, 949
rs' II. To tal sh ho lde uit are eq y	27, 131	26, 023
lia bil itie ' eq uit To tal nd sha reh old s a ers y	69, 655	66, 646

FRESENIUS SE&CO. KGAA CONSOLIDATED STATEMENT OF CASH FLOWS

€ i illio n m ns	H1 / 2 021	H1 / 202 0
Op tin cti vit ies era g a
Ne t in com e	1, 37 9	1, 46 2
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	263 1,	269 1,
Ch e in de fer red ta ang xes	-38	7
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	-4	-34
Ch s in nd liab ilit ies of set et nts an ge as s a , n am ou fro sin uir dis of bu ed ed m ess es acq or pos
Tra de d o the cei vab les nts acc ou an r re	-31 7	-94
ori Inv ent es	-16 0	-47 1
Oth nd t a ent set er cur ren no n-c urr as s	-61	66
Ac cei vab le f /pa ble late d p ies nts to art cou re rom ya re	-18	38
isio liab ilit ies Tra de ble and her sh d lo nts ot ort -te ter acc ou pa ya , p rov ns rm an ng- m	22	1, 582
Ac als fo r in e ta cru com xes	37	135
ide ing tiv itie Ne ash d b t c rat pr ov y o pe ac s	2, 103	960 3,
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	-92 4	-1, 055
Pro ds fro ale f p lan nd ipm ert t a ent cee m s s o rop y, p equ	14	6
Ac isit ion nd inv est nts qu s a me
and rch f in ible tan set pu ase s o g as s	-61 7	-37 9
Pro ds fro ale of in nd div itu tm ent est cee m s ves s a res	98	13
in inv ing tiv itie Ne ash ed t c est us ac s	-1, 42 9	-1, 415

FRESENIUS SE&CO. KGAA CONSOLIDATED STATEMENT OF CASH FLOWS

€ i illio n m ns	H1 / 2 021	H1 / 202 0
Fin cin cti vit ies an g a
Pro ds fro ho de bt rt-t cee m s erm	2, 928	234
Re of sh de bt nts ort -te pay me rm	-42 6	-1, 286
Pro ds fro lon m d ebt ter cee m g-	47 7	27
Re of lo m d ebt nts ter pay me ng-	-3, 112	-96 3
Re of lea liab ilit ies nts pay me se	-47 0	-49 4
fro iss of Pro ds he bon ds m t cee uan ce	2, 714	2, 74 1
Re of lia bil itie s fr bo nds nts pay me om	-1, 535	0
Re of rtib le b ds nts pay me co nve on	0	-40 0
Pay fo r th har e b bac k p of Fr niu s M ed ica l C nts me e s uy- rog ram ese are	0	-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	--	-38 7
fro rcis f st tio Pro ds he ock m t cee exe e o op ns	21	12
Div ide nds id pa	-91 6	-21 1
Ch e in olli int ntr sts et ang no nco ng ere , n	-9	-3
Ne ash ed in fin cin cti vit ies t c us an g a	-32 8	-1, 096
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	67	-30
Ne t in in sh d c ash uiv ale nts cre ase ca an eq	413	9 1, 41
uiv inn ing ing rio Ca sh d c ash ale th e b of th d nts at ort an eq eg e r ep pe	1, 837	1, 654
Ca uiv of rtin eri sh d c ash ale th nd the od nts at an eq e e re po g p	2, 25 0	3, 073

ADDITIONAL INFORMATION ON PAYMENTS

THAT ARE INCLUDED IN NET CASH PROVIDED BY OPERATING ACTIVITIES

€ i illio n m ns	H1 / 2 021	H1 / 202 0
Rec eiv ed int st ere	36	30
Pai d i nte t res	-25 6	-30 9
Inc id e ta om xes pa	-42 8	-22 9

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

	Su	bsc rib ed Ca ital p		Res	erv es
	Num ber of 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
of As 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	74	74	--	6
Co ati ela ted ck tio to sto mp ens on exp ens e r op ns				7
Div ide nds id pa					0
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.					8 -11
Put tio n l iab ilit ies op					-4
Co ive in reh e ( los s) mp ens com
Ne t in com e					870
Oth hen siv e in e ( los s) er com pre com
Ca sh flow he dg es
Ch f F VO CI uity in tm ent ang e o eq ves s
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					870
As of Ju 30, 20 20 ne	55 7, 454	55 7, 454	55 7	4, 002	13, 170
As of De be r 3 1, 202 0 cem	55 7, 54 1	55 7, 54 1	55 7	3, 992	13, 535
rcis tio Pro ds fro he f st ock m t cee exe e o op ns	50 0	50 0	1	17
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
Pu rch of olli int ntr sts ase no nco ng ere
Put tio n l iab ilit ies op					-12
Co ive in reh e ( los s) mp ens com
Ne t in com e					906
Oth hen siv e in e ( los s) er com pre com
Ca sh flow he dg es
Ch f F VO CI uity in tm ent ang e o eq ves s
For eig nsl ati tra n c urr enc 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					906
As of Ju 30, 20 21 ne	55 8, 04 1	55 8, 04 1	55 8	4, 010	13, 938

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

	Ac ula ted her reh ive in e ( los s) ot cum co mp ens com
	eig For 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
of As 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	6	12
Co ati ela ted ck tio to sto mp ens on exp ens e r op ns						7	--	7
Div ide nds id pa						0	-21 1	-21 1
Pu rch of oll ing in ntr ter est ase no nco s						0	19	19
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.						8 -11	-24 8	-36 6
Put tio n l iab ilit ies op						-4	-7	-11
Co ive in reh e ( los s) mp ens com
Ne t in com e						870	592	1, 46 2
Oth hen siv e in e ( los s) er com pre com
Ca sh flow he dg es		6				6	4	10
Ch f F VO CI uity in tm ent ang e o eq ves s				5		5	12	17
eig ati For nsl tra n c urr enc y on	-13 1	-1	1	1		-13 0	-24 4	-37 4
Ac ria l ga ins de fin ed ben efit nsi lan tua on pe on p s			29			29	2	31
Fai lue ch r va ang es					24	24	52	76
Co reh ive in e ( los s) mp ens com	-13 1	5	30	6	24	804	8 41	222 1,
As of Ju 30, 20 20 ne	163	-60	-39 9	16	24	17, 473	9, 779	27, 252
As of De be r 3 1, 202 0 cem	-70 4	-62	-40 5	9	27	16, 949	9, 074	26, 023
fro rcis f st tio Pro ds he ock m t cee exe e o op ns						18	3	21
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	-42 5	-91 6
Pu rch of oll ing in ntr ter est ase no nco s						0	33	33
Put tio n l iab ilit ies op						-12	-27	-39
Co reh ive in e ( los s) mp ens com
Ne t in com e						906	47 3	1, 37 9
Oth siv e in hen e ( los s) er com pre com
Ca sh flow he dg es		-4				-4	-1	-5
Ch f F VO CI uity in tm ent ang e o eq ves s				5		5	12	17
For eig nsl ati tra n c urr enc y on	31 0	--	-2	--		30 8	304	612
Ac ria l ga ins de fin ed ben efit nsi lan tua on pe on p s			37			37	24	61
Fai lue ch r va ang es					-18	-18	-38	-56
Co reh ive in e ( los s) mp ens com	31 0	-4	35	5	-18	1, 234	774	2, 008
As of Ju 30, 20 21 ne	-39 4	-66	-37 0	14	9	699 17,	9, 43 2	27, 131

FRESENIUS SE&CO. KGAA CONSOLIDATED SEGMENT REPORTING FIRST HALF

	Fre sen	ius M ed ica	l C are	Fre	ius Ka sen	bi	Fre	ius He sen	lios	Fre	ius Va sen	d me		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	202 1	03 202	Gro wth	202 1	202 0	Gro wth	202 1	202 0	Gro wth	14 202	05 202	Gro wth	202 1	202 0	Gro wth
Sa les	8, 53 0	9, 045	-6%	3, 51 6	3, 46 7	1%	5, 38 7	4, 78 1	13 %	1, 033	974	6%	-23 6	-21 2	-11 %	18, 230	18, 055	1%
the f co ibu tio ntr n t reo o
ida sol ted les con sa	8, 50 7	9, 024	-6%	3, 484	3, 43 8	1%	5, 375	4, 772	13 %	863	82 1	5%	1	0		18, 230	18, 055	1%
the f in ale ter reo com pan y s s	23	21	10 %	32	29	10 %	12	9	33 %	170	153	11 %	-23 7	-21 2	-12 %	0	0
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	69 1, 1	2, 022	-16 %	780	778	0%	793	69 1	% 15	55	41	34 %	-29	-15	-93 %	3, 290	3, 51 7	-6%
De cia tio nd iza tio ort pre n a am n	784	81 1	-3%	206	197	5%	227	219	4%	43	40	8%	3	2	50 %	1, 263	1, 269	0%
EB IT	907	1, 21 1	-25 %	574	58 1	-1%	56 6	47 2	20 %	12	1	--	-32	-17	-88 %	2, 027	2, 248	-10 %
Ne t in ter est	-14 5	-19 6	26 %	-33	-44	25 %	-89	-92	3%	-4	-10	60 %	13	-7	--	-25 8	-34 9	26 %
Inc e ta om xes	-17 2	-23 7	28 %	-11 8	-12 7	7%	-10 2	-79	-29 %	-2	1	--	4	5	-20 %	-39 0	-43 7	11 %
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.	474	634	-25 %	394	393	0%	36 6	299	22 %	4	-8	150 %	-33 2	-44 8	26 %	906	870	4%

Op tin ash flo era g c w	1, 129	2, 903	-61 %	47 5	61 1	-22 %	43 8	44 0	0%	14	8	75 %	47	-2	--	2, 103	3, 960	-47 %
Ca sh flow be for isit ion e a cqu s
and di vid end s	749	2, 40 7	-69 %	229	272	-16 %	208	282	-26 %	-33	-37	11 %	40	-13	--	1, 193	2, 91 1	-59 %

1 To tal ets ass	32, 987	31, 689	4%	14, 191	13, 59 1	4%	20, 35 7	19, 24 1	6%	2, 798	2, 716	3%	-67 8	-59 1	-15 %	69, 655	66, 646	5%
1 De bt	116 13,	12, 38 0	6%	286 4,	4, 181	3%	7, 778	7, 47 2	4%	729	686	6%	1, 38 0	1, 194	16 %	27, 289	25, 913	5%
1 Oth tin liab ilit ies er op era g	6, 259	6, 192	1%	3, 191	3, 225	-1%	2, 775	2, 585	7%	97 1	933	4%	289	385	-25 %	13, 48 5	13, 32 0	1%
Ca ital dit p ex pen ure , g ros s	394	50 0	-21 %	216	30 6	-29 %	230	159	45 %	47	46	2%	6	10	-40 %	893	1, 02 1	-13 %
Ac isit ion s /i stm ent qu s, g ros nve s	210	149	41 %	1	12	-92 %	42 9	342	25 %	0	6	-10 0%	0	0		640	509	26 %
Res ch and de vel nt ear me ens es	101	96	4%	28 1	287	-2%	2	1	100 %	0	0		-1			383	384	0%
op exp Em loy ees														--	--
p 1 ita (pe bal hee t d ) ate r c ap on anc e s	131 264	33, 129 1	-1%	41 145	40 519	2%	19, 1 54 1	116 952	2%	19, 52 7	19, 414	1%	257 1,	255 1,	0%	3 12, 734	3 269 11,	0%
	,			,	,			,
fig Key ure s
EB ITD A m in arg	19. 8%	22 .4%		22 .2%	22 .4%		14. 7%	14. 5%		5.3 %	4.2 %					6 18. 1%	19. 5%
EB IT in ma rg	10. 6%	13. 4%		16. 3%	16. 8%		10. 5%	9.9 %		1.2 %	0.1 %					6 11. 2%	12. 5%
De cia tio nd iza tio ort pre n a am n
in % of sal es	9.2 %	9.0 %		5.9 %	5.7 %		4.2 %	4.6 %		4.2 %	4.1 %					6.9 %	7.0 %
Op tin ash flo w i n % of les era g c sa	13. 2%	32 .1%		13. 5%	6% 17.		8.1 %	9.2 %		% 1.4	0.8 %					5% 11.	21 .9%
1 RO OA	7.0 %	8.2 %		8.9 %	9.2 %		6.0 %	5.7 %		1.7 %	1.3 %					7 6.7 %	8 7.3 %

1 2020: December 31

2 Before costs related to FME25 program

3 Before revaluations of biosimilars contingent purchase price liabilities

4 After expenses associated with the Fresenius cost efficiency program

5 After revaluations of biosimilars contingent purchase price liabilities

6 Before expenses associated with the Fresenius cost efficiency program

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 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 SECOND QUARTER

	Fre ius M ed ica l C Fre ius Ka bi sen are sen			Fre ius He lios Fre sen		ius Va d sen me			Co rat rpo e		Fre ius Gr sen ou p
by bus ine € i illio nt, ss seg me n m ns	11 202	202 0	Gro wth	202 1	02 202	Gro wth	202 1	202 0	Gro wth	202 1	202 0	Gro wth	13 202	04 202	Gro wth	202 1	202 0	Gro wth
Sa les	4, 32 0	4, 55 7	-5%	1, 755	678 1,	5%	2, 738	2, 315	18 %	6 55	47 5	17 %	-12 3	-10 5	-17 %	246 9,	8, 920	4%
the f co ibu tio ntr n t reo o ida sol ted les con sa	4, 30 8	4, 54 7	-5%	1, 739	663 1,	5%	2, 732	2, 31 1	18 %	46 6	40 0	17 %	1	-1	200 %	246 9,	8, 920	4%
the f in ale ter reo com pan y s s	12	10	20 %	16	15	7%	6	4	50 %	90	75	20 %	-12 4	-10 4	-19 %	0	0
trib uti ida sol ted les to con on con sa	47 %	51 %		19 %	19 %		29 %	26 %		5%	4%		0%	0%		100 %	100 %
EB ITD A	826	1, 066	-23 %	40 6	39 0	4%	41 3	30 9	34 %	38	7	--	-21	-10	-11 0%	1, 662	1, 762	-6%
De cia tio nd iza tio ort pre n a am n	39 6	41 0	-4%	108	98	10 %	115	111	4%	22	20	10 %	0	0		64 1	639	0%
EB IT	43 0	656	-34 %	298	292	2%	298	198	% 51	16	-13	--	-21	-10	0% -11	02 1, 1	123 1,	-9%
Ne t in ter est	-69	-92	25 %	-16	-21	24 %	-45	-47	4%	-1	-5	80 %	10	-2	--	-12 1	-16 7	28 %
Inc e ta om xes	-77	-13 7	44 %	-59	-64	8%	-54	-28	-93 %	-3	3	-20 0%	1	2	-50 %	-19 2	-22 4	14 %
Ne t in ttri but ab le t har eho lde com e a o s rs of ius SE &C KG Fre aA sen o.	223	35 1	-37 %	204	196	4%	193	123	57 %	11	-15	173 %	-16 0	-24 4	34 %	47 1	41 1	15 %
Op tin ash flo era g c w	92 1	2, 31 9	-60 %	197	43 7	-55 %	223	295	-24 %	58	28	107 %	52	3	--	1, 45 1	3, 082	-53 %
Ca sh flow be for isit ion nd e a cqu s a div ide nds	720	2, 103	-66 %	83	276	-70 %	70	226	-69 %	33	5	--	46	-4	--	952	606 2,	-63 %
Ca ital dit p ex pen ure , g ros s	210	218	-4%	117	156	-25 %	154	69	123 %	25	24	4%	3	7	-57 %	509	474	7%
isit ion s /i Ac stm ent qu s, g ros nve s	79	83	-5%	0	0		41 2	13	--	0	2	-10 0%	0	-1	100 %	49 1	97	--
Res ch and de vel nt ear op me exp ens es	52	50	3%	144	147	-2%	1	1	0%	0	0		--	--	--	197	198	-1%
Key fig ure s
EB ITD A m in arg	19. 1%	23 .4%		23 .1%	23 .2%		1% 15.	13. 3%		6.8 %	% 1.5					5 18. 1%	19. 8%
EB IT in ma rg	10. 0%	14. 4%		17. 0%	17. 4%		10. 9%	8.6 %		2.9 %	-2. 7%					5 11. 1%	12. 6%
cia tio iza tio De nd ort pre n a am n in % of sal es	9.2 %	9.0 %		6.2 %	5.8 %		4.2 %	4.8 %		4.0 %	4.2 %					6.9 %	7.2 %
Op tin ash flo w i of les n % era g c sa	21 .3%	50 .9%		2% 11.	26 .0%		8.1 %	12. 7%		10. 4%	5.9 %					15. 7%	34 .6%

1 Before costs related to FME25 program

2 Before revaluations of biosimilars contingent purchase price liabilities

3 After expenses associated with the Fresenius cost efficiency program

4 After revaluations of biosimilars contingent purchase price liabilities

5 Before expenses associated with the Fresenius cost efficiency program

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

TABLE OF CONTENTS NOTES

42 IV. Recent pronouncements, applied 48 12. Debt 61 21. Share-based compensation plans
42 V. Recent pronouncements, not yet applied 52 13. Bonds 61 22. Subsequent events
43 2. Acquisitions, divestitures and investments 53 14. Convertible bonds 61 23. Corporate Governance

44 Notes on the consolidated statement of income

44 3. Special items
44 4. Sales
45 5. Research and development expenses
45 6. Taxes
45 7. Earnings per share

41 General Notes 46 Notes on the consolidated statement of financial position 55 Other notes

41 1. Principles 46 8. Trade accounts and other receivables 55 17. Legal and regulatory matters
41 II. Basis of presentation 46 10. Other current and non-current assets 60 19. Information on capital management
53 15. Noncontrolling interests
54 16. Fresenius SE&Co. KGaA shareholders' equity
41 I. Group structure 46 9. Inventories 57 18. Financial instruments
41 III. Summary of significant accounting policies 47 11. Goodwill 60 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 June 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 ''--''.

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 half and the second quarter ended June 30, 2021 have been reviewed by our auditor PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft, Frankfurt am Main, 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 half and the second quarter ended June 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 half and the second quarter ended June 30, 2021 are not necessarily indicative of the results of operations for the fiscal year 2021.

Classifications

Comparative information for certain items have 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 acquired technology and other costs in the amount of €42 million for the first half ended June 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 €29 million for the first half ended June 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 half 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 developments of the most significant programs in the first half of 2021 which have impacted the Fresenius Group's business are in Germany and the United States as follows:

The hospitals of the Fresenius Group in Germany have also in the first half of 2021 received reimbursements and grants under the revised COVID-19 Hospital Relief Act (''Gesetz zum Ausgleich COVID-19 bedingter finanzieller Belastungen der Krankenhäuser und weiterer Gesundheitseinrichtungen''). Since January 1, 2021, the compensation received for reserved beds is based on incidence values and is also linked to the sales in 2019.

In the first half of 2021, the German hospitals of the Fresenius Group received total reimbursements and grants of €388 million (H1 / 2020: €300 million), of which €365 million were recorded in sales and €23 million as grants in other operating income, respectively.

The remaining amount of U.S. government relief funding which Fresenius Medical Care North America received in the United States under the Coronavirus Aid, Relief, and Economic Security Act of 2020 (CARES Act) recorded in deferred income was US\$7 million (€6 million) and US\$22 million (€18 million) at June 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\$854 million (€719 million) and US\$1,046 million (€852 million) as of June 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 half of 2021 under various other programs from multiple governments around the world in the amount of €32 million (H1 / 2020: €17 million). In Spain, the agreements made in 2020 with public and private payers were further clarified in the first half of 2021.

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 six months ended June 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 half 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 €640 million and €509 million in the first half of 2021 and 2020, respectively. Of this amount, €617 million was paid in cash and €23 million was assumed obligations in the first half of 2021.

FRESENIUS MEDICAL CARE

In the first half of 2021, Fresenius Medical Care spent €210 million (H1/ 2020: €149 million) on acquisitions, mainly on the purchase of dialysis clinics.

FRESENIUS KABI

In the first half of 2021, Fresenius Kabi spent €1 million (H1/ 2020: €12 million) on acquisitions, mainly for already planned acquisition related milestone payments relating to the acquisition of the biosimilars business.

FRESENIUS HELIOS

In the first half of 2021, Fresenius Helios spent €429 million (H1/ 2020: €342 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.

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 comprises 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 €42 million and a goodwill of €340 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 half of 2021, the Eugin Group has contributed €42 million to sales and €5 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 half of 2021 in the amount of €906 million includes special items relating to the Fresenius cost efficiency program (inclusive of FME25 program).

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

€ i illio n m ns	EBI T	Inte rest exp ens es	Net inc om e ibut able attr to sha reh olde rs of F nius rese SE& Co. KG aA
rni Ea s H 1/2 021 ng , bef eci al ite ore sp ms	2, 039	-25 8	910
iate ith Ex d w the pen ses as soc
Fre ius ffic ien st e sen co cy pro gra m (in siv f F clu ME 25 m) e o pro gra	-12	0	-4
rni rdi Ea s H 1/2 02 1 a ng cco ng IFR S to	2, 027	-25 8	906

4.SALES

Sales by activity were as follows:

	H1 /20 21
€ 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 les fro ith ont ts w tom m c rac cus ers	8, 256	3, 48 0	5, 36 9	86 1	1	17, 967
the f sa les of rvi reo se ces	6, 539	30	5, 363	615	1	12, 54 8
the f sa les of od nd rel d s ice uct ate reo pr s a erv s	1, 717	3, 44 7	0	0	0	5, 164
the f sa les fro lon du ctio ter ont ts reo m g m pro n c rac	0	0	0	246	0	246
the f fu rth sal fro ith ont ts w tom reo er es m c rac cus ers	0	3	6	0	0	9
Oth sal er es	25 1	4	6	2	0	263
Sa les	8, 50 7	3, 484	5, 375	863	1	18, 23 0

Net income attributable to shareholders of Fresenius SE&Co. KGaA for the first half of 2020 in the amount of €870 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 half 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 H 1/2 020 ng , bef eci al ite ore sp ms	2, 24 8	-34 1	875
Rev alu ati of bi osi mi lars ons tin rch ice nt con ge pu ase pr liab ilit ies	0	-8	-5
Ea rni s H 1/2 020 din ng ac cor g S IFR to	2, 24 8	-34 9	870

	H1 /20 20
€ 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 les fro ith ont ts w tom m c rac cus ers	8, 815	3, 43 6	4, 766	82 1	--	17, 838
f sa of rvi the les reo se ces	7, 05 1	33	765 4,	555	--	12, 404
the f sa les of od nd rel d s ice uct ate reo pr s a erv s	1, 764	3, 393	0	0	0	5, 157
the f sa les fro lon du ctio ter ont ts reo m g m pro n c rac	0	0	0	266	0	266
the f fu rth sal fro ith ont ts w tom reo er es m c rac cus ers	0	10	1	0	0	11
Oth sal er es	209	2	6	0	0	217
Sa les	9, 024	3, 43 8	4, 772	82 1	--	18, 055

Other sales include sales from insurance and lease contracts.

5.RESEARCH AND DEVELOPMENT EXPENSES

Research and development expenses of €383 million (H1/ 2020: €384 million) included expenditures for research and non-capitalizable development costs as well as regular depreciation and amortization expenses relating to capitalized development costs of €10 million (H1/ 2020: €10 million). Furthermore, research and development expenses included reversals of write-downs on capitalized development expenses of €4 million and impairments of €10 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 €73 million in the first half of 2021 (H1/ 2020: €88 million).

6.TAXES

During the first half 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:

	H1 / 2 021	H1 / 202 0
Nu € i illi rat me ors n m on s ,
Ne t in ttri but ab le t com e a o
sha reh old of ers
Fre ius SE &C KG aA sen o.	906	870
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	--	--
Inc vai lab le t om e a o
all ord ina sha ry res	906	870
De mi in 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, 656 126 ,	55 7, 41 3, 756
Pot iall dil utiv ent y e
ord ina sha ry res	162 717 ,	38 6, 809
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 7, 818 843 ,	55 7, 800 565 ,

Ba sic rni sha in € ea ng s p er re	1.6 2	1.5 6
dil ing in € Fu lly d e sha ute arn s p er re	1.6 2	1.5 6

NOTES ON THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION

8.TRADE ACCOUNTS AND OTHER RECEIVABLES

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

	Jun e 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	7, 79 1	704	7, 33 8	674
les llow for ted ed it lo s a anc es ex pec cr sse s	42 2	32 8	40 1	314
cei Tra de d o the ble nts et acc ou an r re va s, n	7, 36 9	37 6	6, 937	36 0

Within trade accounts and other receivables (before allowances) as of June 30, 2021, €7,686 million (December 31, 2020: €7,248 million) relate to revenue from contracts with customers as defined by IFRS 15. This amount includes €421 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 June 30, 2021 and December 31, 2020, inventories consisted of the following:

€ i illio n m ns	Jun e 30 , 20 21	Dec . 31 , 20 20
Raw ria ls a nd rch d c ate ts m pu ase om po nen	957	913
Wo rk in pro ces s	42 1	363
Fin ish ed ds goo	2, 946	2, 796
les s r ese rve s	127	127
ori Inv ent t es, ne	4, 197	3, 945

10.OTHER CURRENT AND NON-CURRENT ASSETS

At equity investments as of June 30, 2021 in the amount of €712 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 half of 2021, income of €50 million (H1/ 2020: €24 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 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
ing Ca of Jan 1, 202 0 nt rry am ou as ua ry	14, 017	5, 43 1	7, 98 8	295	6	27, 737
Ad dit ion s	254	0	290	4	0	8 54
Dis als pos	0	--	0	--	0	--
irm Im lo ent pa ss	-19 5	0	0	0	0	-19 5
For eig nsl ati tra n c urr enc on y	-1, 117	-37 3	0	-1	0	-1, 49 1
ing Ca of De be r 3 1, 202 0 nt rry am ou as cem	12, 959	5, 058	8, 27 8	298	6	26, 59 9
Ad dit ion s	170	0	414	0	0	584
For eig nsl atio tra n c urr enc y n	36 7	124	0	1	0	49 2
Ca ing of Jun e 3 0, 202 1 nt rry am ou as	13, 49 6	182 5,	8, 692	299	6	27, 675

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

	Bo ok val ue
€ i illio n m ns	Jun e 30 , 20 21	Dec ber 31, 202 0 em
Fre ius SE &C KG aA Co ial Pap sen o. mm erc er	815	30
Fre ius M ed ica l C AG &C KG aA Co ial Pap sen are o. mm erc er	775	20
Oth sho de bt rtt er erm	148 1,	195
Sh de bt ort -te rm	2, 738	245

LONG-TERM DEBT

As of June 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	Jun e 30 , 20 21	Dec ber 31, 202 0 em
Fre ius M ed ica l C Cr ed it A ent sen are gre em	0	1, 162
Fre ius Cr ed it A ent sen gre em	0	1, 793
Sch ein uld sch Lo ans	768 1,	1, 793
Ac Re cei vab le F aci lity of Fr niu s M ed ica l C nts cou ese are	0	0
Oth er	825	6 40
Su bto tal	2, 593	5, 154
les rtio ent s c urr po n	45 8	1, 132
Lo de bt, le rtio -te nt ng rm ss cu rre po n	2, 135	022 4,

Fresenius Medical Care Credit Agreement

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 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, and will serve as a backup line for general corporate purposes. Additionally, a sustainability component has been embedded in the credit facility. Based on this structure, the credit facility's margin may rise or fall depending on the company's sustainability performance.

The following tables show the available and outstanding amounts under the Fresenius Medical Care Credit Agreement at June 30, 2021 and at December 31, 2020:

		Jun e 3 0, 202 1
	Ma xim ilab le nt um am ou ava		din Ba lan tst ce ou an g
		€ in mi llion s		€ in mi llio ns
\$ Rev olv ing Cr ed it F aci lity (in US ) 2 017 /20 22	\$ US 900 illio m n	757	\$ US 0 m illi on	0
Rev olv ing Cr ed it F aci lity (in €) 20 17 /20 22	€6 00 mi llio n	600	€0 illi m on	0
To tal		1, 35 7		0
les s fi cin ost nan g c				0
To tal				0

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

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.

As of June 30, 2021, FMC-AG&Co. KGaA and its subsidiaries were in compliance with all covenants under the Fresenius Medical Care Credit Agreement.

Fresenius Credit Agreement

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 oneyear extension options and can be drawn in various currencies. 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, and will serve as a backup line for general corporate purposes. 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 following tables show the available and outstanding amounts under the Fresenius Credit Agreement at June 30, 2021 and at December 31, 2020:

	Jun e 3 0, 202 1
	Ma xim ilab le nt um am ou ava		Ba lan tst ce ou	din 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	0
\$ ing Cr it F aci lity (in US Rev olv ed ) 2 017 /20 22	\$ US illio 500 m n	42 1	\$ US illi 0 m on	0
To tal		1, 52 1		0
les s fi cin ost nan g c				0
To tal				0

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

As of June 30, 2021, the Fresenius Group was in compliance with all covenants under the Fresenius Credit Agreement.

Schuldschein Loans

As of June 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	Jun e 30 , 20 21	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
Fre ius SE &C KG aA 20 15 /20 22 sen o.	€2 1 m illio n	Ap ril 7, 202 2	1.6 1%	21	21
Fre ius SE &C KG aA 20 19 /20 23 sen o.	€3 78 mi llio n	Se t. 2 202 3 5, p	0.5 5% / v ari ab le	37 8	37 7
Fre ius SE &C KG aA 20 17 /20 24 sen o.	€4 21 mi llio n	Jan . 31 202 4 ,	1.4 0% / v ari ab le	42 0	42 0
ius SE &C KG 26 Fre aA 20 19 /20 sen o.	mi llio €2 38 n	Se 6 t. 2 3, 202 p	ari 0.8 5% / v 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
ius SE &C KG Fre aA 20 19 /20 29 sen o.	illio €8 4 m n	Se t. 2 4, 202 9 p	1.1 0%	84	84
Fre ius US Fi II, Inc . 20 16 /20 21 sen nan ce	\$ US 33 mi llio n	Ma rch 10 202 1 ,	2.6 6%	0	27
Fre ius US Fi II, Inc . 20 16 /20 23 sen nan ce	\$ US 58 mi llio n	Ma rch 10 202 3 ,	3.1 2% / v ari ab le	49	47
Sc in hu lds che Loa ns				768 1,	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 June 30, 2021, the additional financial cushion resulting from unutilized credit facilities was approximately €4.0 billion. Syndicated credit facilities accounted for €2.9 billion. On July 1, 2021, the Syndicated Credit Facilities, which refinanced the Fresenius Medical Care Credit Agreement and the Fresenius Credit Agreement, accounted for €4.0 billion of unutilized credit facilities.

As of June 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.

As of June 30, 2021, the Fresenius Group was in compliance with all of its covenants under the Schuldschein Loans.

13.BONDS

As of June 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	Jun e 30 , 20 21	Dec ber 31, 202 0 em
ius Fi LC Fre Ire lan d P 20 17 /20 22 sen nan ce	mi llio €7 00 n	Jan . 31 202 2 ,	0.8 75 %	699	699
Fre ius Fi Ire lan d P LC 20 17 /20 24 sen nan ce	€7 00 mi llio n	Jan . 30 202 4 ,	1.5 0%	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	0
Fre ius Fi Ire lan d P LC 20 /20 27 17 sen nan ce	€7 00 mi llio n	Feb 20 27 . 1,	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 t. 1 202 8 ,	0.5 0%	49 7	0
ius Fi LC Fre Ire lan d P 202 1/2 03 1 sen nan ce	mi llio €5 00 n	Oc t. 1 203 1 ,	0.8 75 %	49 5	0
Fre ius Fi Ire lan d P LC 20 17 /20 32 sen nan ce	€5 00 mi llio n	Jan . 30 203 2 ,	3.0 0%	49 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%	0	45 0
Fre ius SE &C KG aA 20 /20 24 14 sen o.	€4 50 mi llio n	Feb 20 24 . 1,	4.0 0%	9 44	0 45
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 6	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 %	74 1	740
ius SE &C KG Fre aA 20 20 /20 28 sen o.	mi llio €7 50 n	Jan . 15 202 8 ,	0.7 50 %	744	744
Fre ius SE &C KG aA 20 19 /20 29 sen o.	€5 00 mi llio 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
Fre ius US Fi II, Inc . 20 /20 21 14 sen nan ce	\$ US 30 0 m illio n	Feb 20 21 . 1,	4.2 5%	0	244
Fre ius US Fi II, Inc . 20 15 /20 23 sen nan ce	\$ US 30 0 m illio n	Jan . 15 202 3 ,	4.5 0%	252	243
C F ina I S FM VI .A. 20 11 /20 21 nce	mi llio €3 00 n	Feb . 15 202 1 ,	5.2 5%	0	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%	648	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
Fre ius M ed ica l C AG &C KG aA 202 0/2 026 sen are o.	€5 00 mi llio n	Ma 29, 20 26 y	1.0 0%	49 6	49 6
Fre ius M ed ica l C AG &C KG aA 20 19 /20 26 sen are o.	€6 00 mi llio n	No v. 3 0, 202 6	0.6 25 %	595	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	1.5 0%	745	745
ius ica l C US Fi Fre M ed In c. 2 01 1/2 02 1 sen are nan ce,	\$ US 650 illio m n	Feb . 15 202 1 ,	5.7 5%	0	529
Fre ius M ed ica l C US Fi II, Inc . 20 12 /20 22 sen are nan ce	\$ US 700 illio m n	Jan . 31 202 2 ,	5.8 75 %	589	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%	335	325
Fre ius M ed ica l C US Fi III, In c. 2 019 /20 29 sen are nan ce	\$ US 50 0 m illio n	Jun 202 9 e 1 5,	3.7 5%	414	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 %	834	807
ius ica l C US Fi 026 Fre M ed III, In c. 2 02 1/2 sen are nan ce	\$ US illio 850 m n	6 De c. 1 202 ,	1.8 75 %	709	0
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 c. 1 203 1 ,	3.0 0%	54 0	0
Bo nd s				15, 144	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.

As of June 30, 2021, the Fresenius Group was in compliance with all of its covenants under the bonds.

14.CONVERTIBLE BONDS

As of June 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	Jun e 30 , 20 21	Dec ber 31, 202 0 em
Fre ius SE &C KG aA 20 17 /20 24 sen o.	€5 00 mi llio n	Jan . 31 202 4 ,	0.0 00 %	€1 05 .26 03	47 8	474
Co rtib le b ds nve on					47 8	474

The fair value of the derivative embedded in the convertible bonds of Fresenius SE&Co. KGaA was €692 thousand and €117 thousand at June 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 June 30, 2021 and December 31, 2020, noncontrolling interests in the Fresenius Group were as follows:

€ i illio n m ns	Jun e 30 , 20 21	Dec . 31 , 20 20
olli int in No ntr sts nco ng ere Fre ius M ed ica l C AG &C KG aA sen are o.	7, 885	7, 600
olli int No ntr sts nco ng ere in V AM ED Ak tie sel lsc haf t nge	90	91
olli int No ntr sts nco ng ere in t he bus ine nts ss seg me
ius ica l C Fre M ed sen are	1, 180	116 1,
Fre ius Ka bi sen	137	129
ius lios Fre He sen	123	122
Fre ius Va d sen me	17	16
ing in To tal oll ntr ter est no nco s	9, 43 2	9, 074

Noncontrolling interests changed as follows:

€ i illio n m ns	H1 / 2 021
ing in No oll 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	47 3
Pu rch of oll ing in ntr ter est ase no nco s	33
Sto tio ck op ns	3
Div ide nd nts pay me	-42 5
Cu ef fec nd oth cha ts a rre ncy er nge s	274
No oll ing in f Ju 30, 20 21 ntr ter est nco s a s o ne	9, 43 2

Fresenius

1st Half and 2nd 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 half of 2021, 499,614 stock options were exercised. Consequently, as of June 30, 2021, the subscribed capital of Fresenius SE&Co. KGaA consisted of 558,040,523 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 €	ina Ord ry sha res
Co nd itio nal Ca ital I F ius AG p res en
Sto Op tio ire ck n P lan 20 03 (ex d) p	4, 735 083 ,
Co nd itio nal Ca ital II Fre ius SE p sen
Sto Op tio ire ck n P lan 20 08 (ex d) p	3, 45 2, 937
Co nd itio nal Ca ital III tio n b bo nds p op ear er
rtib and /or 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 Op tio ck n P lan 20 13	23, 786 09 1 ,
To tal Co nd itio l C ita l as of Ja 1, 202 1 na ap nu ary	80, 945 313 ,
ius SE &C KG Fre aA sen o.
Sto ck Op tio n P lan 20 13 tio rcis ed -- o p ns exe	-49 9, 614
Co itio l C ita of To tal nd l as Ju 30, 20 21 na ap ne	699 80, 445 ,

As of June 30, 2021, the Conditional Capital was composed as follows:

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 Op tio ire ck n P lan 20 08 (ex d) p	3, 2, 937 45
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 97 202 1, ,
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, 286 47 7 ,
itio ita To tal Co nd l C l as of Ju 30, 20 21 na ap ne	80, 445 699 ,

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 probability is remote and/ or the loss or range of possible losses cannot be reasonably estimated at this time. The outcome of litigation and other legal matters is always difficult to predict accurately and outcomes that are not consistent with Fresenius Group's view of the merits can occur. The Fresenius Group

believes that it has valid defenses to the legal matters pending against it and is defending itself vigorously. Nevertheless, it is possible that the resolution of one or more of the legal matters currently pending or threatened could have a material adverse effect on its business, results of operations and financial condition.

Further information regarding legal disputes, court proceedings and investigations can be found in detail in the consolidated financial statements as of December 31, 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 half ended June 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.

SUBPOENAS "COLORADO AND NEW YORK''

The court unsealed the complaint, allowing the relator to proceed on its own. On January 27, 2021, the Magistrate Judge recommended dismissal of the complaint with prejudice and without leave to amend. The relator is appealing the Magistrate Judge's recommendation.

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 July 9, 2021, the United States declined to intervene in the matter. On July 13, 2021, the Court allowed the relators' complaint to be unsealed. The relators may elect to serve the complaint.

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.

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 seeks 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 is cooperating in the investigation.

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 June 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:

				Jun e 3 0, 202 1
					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 gin hed 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 ing leas 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, 250	494 1,	756
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, 36 9	7, 249	12	32			76
cei le f ies Ac vab d lo late d p nts to art cou re rom an ans re	128	128
3 Oth fin ial ets er anc ass	2, 122	1, 161	33 7	49 6	7		121
Fin cia l as set an s	869 11,	10, 032	1, 105	52 8	7	0	197
Fin cia l li ilit ies ab an
Tra de ble nts acc ou pa ya	669 1,	669 1,
Sh ble late d p ies ort -te nts to art rm ac cou pa ya re	68	68
Sh de bt ort -te rm	2, 738	2, 738
Sh de bt f late d p ies ort -te art rm rom re	3	3
Lon m d ebt ter g-	2, 593	2, 593
Lon lea liab ilit ies ter g- m se	6, 332						6, 332
Bo nds	15, 145	15, 145
Co rtib le b ond nve s	47 8	47 8
4 Oth fin ial liab ilit ies er anc	5, 269	3, 67 1	59 1		22	985
Fin cia l li ilit ies ab an	34 295 ,	26, 365	59 1	0	22	985	6, 332

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 €191 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	0	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 Lon lea ter g- m 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	079 5,	3, 509	654		15	90 1
Fin cia l li ilit ies ab an	32 875 ,	25, 117	654	0	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.

Fair value of financial instruments

The following table shows the carrying amounts and the fair value hierarchy levels as of June 30, 2021 and December 31, 2020:

	Jun e 3 0, 202 1			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 sh and sh iva len ts ca equ	756	756			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 ,	44		44		79		79
1 Oth fin ial ets er anc ass
De bt ins tru nts me	382	37 7	5		40 1	39 6	5
uity in Eq tm ent ves s	41 7	42	185	190	393	12	162	219
De riva tive s d esi d a ash flo w h edg ing in ate str ent gn s c um s	7		7		8		8
De riva tive des ign d a s h edg ing in ot ate str ent s n um s	34		34		10		10
Fin cia l li ilit ies ab an
Lon m d ebt ter g-	2, 593		63 2, 1		5, 154		5, 210
Bo nds	15, 145	15, 946			13, 847	14, 847
Co rtib le b ond nve s	47 8	49 8			474	49 0
1 Oth fin ial liab ilit ies er anc
Put tio n l iab ilit ies op	985			985	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	57 7			57 7	58 1			58 1
De riva tive s d esi d a ash flo w h edg ing in ate str ent gn s c um s	22		22		15		15
riva tive ign ing in De des d a s h edg ot ate str ent s n um s	14		14		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 half of 2021:

€ i illio n m ns	ity i Equ stm ents nve	Acc d co ntin t rue gen and ing ts o utst pay men for uisi tion acq s	ion liab iliti Put opt es
As of Ja 202 1, 1 nu ary	219	58 1	90 1
Ad dit ion s	0	6	57
Dis als pos	0	-7	-18
Ga in/ los ize d i rof it o r lo s r eco gn n p ss	-35	-4	--
Ga in/ los ize d i ity s r eco gn n e qu	0	0	18
Cu ef fec nd oth cha ts a rre ncy er nge s	6	1	27
As of Ju 30, 20 21 ne	190	57 7	985

19.INFORMATION ON CAPITAL MANAGEMENT

The Fresenius Group has a solid financial profile. As of June 30, 2021, the equity ratio was 39.0% and the debt ratio (debt/total assets) was 39.2%. As of June 30, 2021, the leverage ratio (before special items) on the basis of net debt/EBITDA was 3.6.

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:

	Jun e 30 , 20 21	Dec . 31 , 20 20
r's Sta nda rd& Poo
Co e C red it R ati rat rpo ng	BB B	BB B
Ou tlo ok	ble sta	ble sta
's Mo ody
Co e C 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 38 to 39 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 June 30, 2021.

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	H1 / 2 021	H1 / 202 0
To tal EB IT of ing ort ent rep se gm s	2, 059	2, 265
Sp eci al i tem s	-12	0
Ge al c te ner orp ora exp ens es
Co e ( EB IT) rat rpo	-20	-17
Gr EB IT ou p	2, 027	2, 24 8
Ne t in ter est	-25 8	-34 9
Inc e b efo inc e t om re om axe s	1, 769	1, 899

RECONCILIATION OF NET DEBT WITH THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION

€ i illio n m ns	Jun e 30 , 20 21	Dec . 31 , 20 20
Sh de bt ort -te rm	2, 738	245
Sh bt f ies de late d p ort -te art rm rom re	3	5
Cu rtio f lo m d ebt nt ter rre po n o ng-	45 8	1, 132
Cu rtio f lo lea nt ter rre po n o ng- m se liab ilit ies	787	766
Cu rtio f b ond nt rre po n o s	1, 288	1, 522
Lon m d ebt les rtio ter ent g- s c urr po n ,	2, 135	022 4,
Lon lea liab ilit ies les ter g- m se s , ion t p ort cur ren	5, 545	5, 42 2
Bo nds les rtio ent s c urr po n ,	13, 857	12, 325
Co rtib le b ond nve s	47 8	474
De bt	27, 289	25, 913
uiv les ash d c ash ale nts s c an eq	2, 250	1, 837
Ne t d ebt	25, 039	24, 076

21.SHARE-BASED COMPENSATION PLANS

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

As of June 30, 2021, Fresenius SE&Co. KGaA had two sharebased 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 half of 2021

During the first half of 2021, Fresenius SE &Co. KGaA received cash of €16 million from the exercise of 499,614 stock options.

Of the 5,511,960 outstanding stock options issued under the 2013 LTIP 5,039,040 were exercisable at June 30, 2021. The members of the Fresenius Management SE Management Board held 648,281 stock options. 39,424 phantom stocks issued under the 2013 LTIP were outstanding at June 30, 2021. The members of the Fresenius Management SE Management Board held 5,059 phantom stocks. At June 30, 2021, the Management Board members of Fresenius Management SE held 388,434 performance shares and employees of Fresenius SE&Co. KGaA held 1,678,699 performance shares under the LTIP 2018.

On June 30, 2021, total unrecognized compensation cost related to non-vested options granted under the 2013 LTIP was €0.1 million. This cost is expected to be recognized over a weighted-average period of 0.1 years.

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

During the first half of 2021, 102,599 stock options were exercised. Fresenius Medical Care AG&Co. KGaA received cash of €5.1 million upon exercise of these stock options.

22.SUBSEQUENT EVENTS

Beyond that, there have been no significant changes in the Fresenius Group's operating environment following the end of the first half of 2021. With the exception of the entering into new revolving credit facilities as described in note 12, Debt, no other events of material importance on the assets and liabilities, financial position, and results of operations of the Group have occurred following the end of the first half 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/ corporategovernance), and of Fresenius Medical Care AG&Co. KGaA (www.freseniusmedicalcare.com).

Bad Homburg v. d. H., August 2, 2021

Fresenius SE&Co. KGaA, represented by: Fresenius Management SE, its general partner

The Management Board

R. Powell M. Sen Dr.E. Wastler

RESPONSIBILITY STATEMENT

''To the best of our knowledge, and in accordance with the applicable reporting principles for interim financial reporting, the interim consolidated financial statements give a

true and fair view of the assets, liabilities, financial position and profit or loss of the Group, and the interim Group management report includes a fair review of the development and performance of the business and the position of the

Group, together with a description of the principal opportunities and risks associated with the expected development of the Group for the remaining months of the financial year.''

Bad Homburg v. d. H., August 2, 2021

Fresenius SE&Co. KGaA, represented by: Fresenius Management SE, its General Partner

The Management Board

S. Sturm Dr.S. Biedenkopf Dr.F. De Meo R. Empey

R. Powell M. Sen Dr.E. Wastler

REPORT AFTER REVIEW

To Fresenius SE&Co. KGaA, Bad Homburg v. d. Höhe

We have reviewed the condensed consolidated interim financial statements - comprising the consolidated statement of financial position, consolidated statement of income, consolidated statement of comprehensive income, consolidated statement of cash flows, consolidated statement of changes in equity and selected explanatory notes - and the interim group management report of Fresenius SE&Co. KGaA, Bad Homburg v. d. Höhe, for the period from 1 January 2021 to 30 June 2021 which are part of the half-year financial report pursuant to § [Article] 115 WpHG [Wertpapierhandelsgesetz: German Securities Trading Act]. The preparation of the condensed consolidated interim financial statements in accordance with the IFRS applicable to interim financial reporting as adopted by the EU and of the interim group management report in accordance with the provisions of the German Securities Trading Act applicable to interim group management reports is the responsibility of the Management Board of Fresenius Management SE (the general partner). Our responsibility is to issue a review report on the condensed consolidated interim financial statements and on the interim group management report based on our review.

We conducted our review of the condensed consolidated interim financial statements and the interim group management report in accordance with German generally accepted standards for the review of financial statements promulgated by the Institut der Wirtschaftsprüfer [Institute of Public Auditors in Germany] (IDW) and additionally observed the International Standard on Review Engagements "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" (ISRE 2410). Those standards require that we plan and perform the review so that we can preclude through critical evaluation, with moderate assurance, that the condensed consolidated interim financial statements have not been prepared, in all material respects, in accordance with the IFRS applicable to interim financial reporting as adopted by the EU and that the interim group management report has not been prepared, in all material respects, in accordance with the provisions of the German Securities Trading Act applicable to interim group management reports. A review is limited primarily to inquiries of company personnel and analytical procedures and therefore does not provide the assurance attainable in a financial statement audit. Since, in accordance with our engagement, we have not performed a financial statement audit, we cannot express an audit opinion.

Based on our review, no matters have come to our attention that cause us to presume that the condensed consolidated interim financial statements have not been prepared, in all material respects, in accordance with the IFRS applicable to interim financial reporting as adopted by the EU nor that the interim group management report has not been prepared, in all material respects, in accordance with the provisions of the German Securities Trading Act applicable to interim group management reports.

Frankfurt am Main, August 2, 2021

PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft

Dr.Ulrich Störk Dr.Bernd Roese Wirtschaftsprüfer Wirtschaftsprüfer (German Public Auditor) (German Public Auditor)

FINANCIAL CALENDAR

Re n 1 - 3 rd 202 1 rt o st - art po qu er
Co nfe cal l, Liv ebc ast ren ce e w	No ber 2, 202 1 vem
Sub ject to c han ge

FRESENIUS SHARE/ADR

	din Or sh ary are		AD R
Sec uri tie s id ific ati ent on no.	60 57 8 5	CU SIP	35 804 M1 05
Tic ker mb ol sy	FR E	Tic ker mb ol sy	FS NU Y
ISI N	856 DE 000 57 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 =
Ma in t rad ing lo ion cat	Fra nkf / X urt etr a	Tra din latf g p orm	OT C

CONTACT

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: [email protected]

Contact for journalists

Corporate Communications Telephone: ++ 49 61 72 6 08-23 02 Telefax: ++ 49 61 72 6 08-22 94 E-mail: [email protected]

AI Terminal

Fresenius SE & Co. KGaA

166_10-q_2021-08-02_03811657-0518-4795-aee6-e9018ff75c2f.pdf

H1 2021

TABLE OF CONTENTS

3 Fresenius Group figures at a glance 15 Fresenius Medical Care 31 Consolidated financial statements

65 Financial Calendar

FRESENIUS GROUP FIGURES AT A GLANCE

SALES AND EARNINGS

BALANCE SHEET

PROFITABILITY

SHAREHOLDER INFORMATION

KEY DATA OF THE FRESENIUS SHARE

DEVELOPMENT IN FIRST HALF OF 2021

SHAREHOLDER STRUCTURE

ANALYST RECOMMENDATIONS

VIRTUAL ANNUAL GENERAL MEETING

SUSTAINABILITY PROGRESS

MANAGEMENT REPORT

STRATEGY AND GOALS

Strategic Roadmap

HEALTH CARE INDUSTRY

The main growth factors are:

In the emerging countries, additional drivers are:

External factors

RESULTS OF OPERATIONS, FINANCIAL POSITION, ASSETS AND LIABILITIES

SALES

SALES BY REGION

SALES BY BUSINESS SEGMENT2

EARNINGS

EARNINGS

RECONCILIATION

INVESTMENTS

Spending on property, plant and equipment was €509

CASH FLOW

INVESTMENTS/ACQUISITIONS BY BUSINESS SEGMENT

CASH FLOW STATEMENT (Summary)

ASSET AND LIABILITY STRUCTURE

BALANCE SHEET

1 At LTM average exchange rates for both net debt and EBITDA; pro forma closed acquisitions /divestitures 2 Before special items

BUSINESS SEGMENTS

FRESENIUS MEDICAL CARE

FRESENIUS KABI

FRESENIUS HELIOS

FRESENIUS VAMED

EMPLOYEES

NUMBER OF EMPLOYEES

CHANGES TO THE MANAGEMENT BOARD

CHANGES TO THE SUPERVISORY BOARD

RESEARCH AND DEVELOPMENT

RESEARCH AND DEVELOPMENT EXPENSES

BY BUSINESS SEGMENT

OPPORTUNITIES AND RISK REPORT

SUBSEQUENT EVENTS

RATING

OUTLOOK 2021

COVID-19 ASSUMPTIONS FOR GUIDANCE FY/21

FRESENIUS GROUP

SALES AND EARNINGS BY BUSINESS SEGMENT

PROGRESS ON EFFICIENCY MEASURES TO SUSTAINABLY IMPROVE PROFITABILITY

EXPENSES

LIQUIDITY AND CAPITAL MANAGEMENT

INVESTMENTS

CAPITAL STRUCTURE

DIVIDEND

GROUP FINANCIAL OUTLOOK 2021

OUTLOOK 2021 BY BUSINESS SEGMENT

RECONCILIATION FRESENIUS GROUP Q2 /H1

RECONCILIATION FRESENIUS MEDICAL CARE Q2 /H1

ESTIMATED COVID-19 EFFECTS Q2 /H1

FRESENIUS SE&CO. KGAA CONSOLIDATED STATEMENT OF INCOME

FRESENIUS SE&CO. KGAA CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FRESENIUS SE&CO. KGAA CONSOLIDATED STATEMENT OF FINANCIAL POSITION

ASSETS

LIABILITIES

FRESENIUS SE&CO. KGAA CONSOLIDATED STATEMENT OF CASH FLOWS

FRESENIUS SE&CO. KGAA CONSOLIDATED STATEMENT OF CASH FLOWS

ADDITIONAL INFORMATION ON PAYMENTS

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

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

SALES BY BUSINESS SEGMENT²