Fresenius SE & Co. KGaA

Investor Presentation • May 6, 2021

Conference Call │ Q1/21 Results

Bad Homburg, 06 May 2021

Safe Harbor Statement

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

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

Agenda

Key messages

Agenda

Fresenius Group: Update cost & efficiency program – Preliminary expectation for Business Segment focus categories

Category	1		Corporate
Procurement, direct costs and cost measures
Structural & Organizational measures
Portfolio review & Real Estate

Savings of at least €100 m p.a. after tax and minorities planned in 2023 – potential to increase thereafter!

Contributions to cost savings / preliminary

¼: Medium ½: Significant

¹ Fresenius Medical Care is currently undergoing a detailed review of its global operating model and will provide an update in the second half of 2021.

Fresenius Kabi: Headwinds in the US continue whilst China is back to healthy growth; biosimilar business with continuous progress

Q1/21 still marked by fewer elective treatments and competitive pressure

At Melrose Park all manufacturing lines are fully operational

North America Europe & Latin America Asia Pacific Biosimilars

Low elective activity and strong prior year quarter weigh on organic sales development in Europe

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

China leaves COVID-19 effects behind; shows very healthy organic growth over weak prior year quarter

APAC ex China with strong business performance in Q1/21; sales restrictions eased in nearly all countries

Adalimumab biosimilar launched in various smaller markets

Adalimumab marketing agreements further expanded

Contributions from major tender wins from last year

Phase III study for our tocilizumab biosimilar candidate initiated; last patient dosed despite pandemic

Fresenius Helios: Following lower elective activity levels in early 2021 gradual recovery in Germany is expected from Q2 onwards; Helios Spain already above pre-pandemic levels

Helios Germany Helios Spain Fertility Services

Elective treatment activity still below 2019; gradual recovery expected from Q2 onwards

Fewer COVID-19 related staff shortages following vaccination

Financial support continues until May 31, 2021 for areas with high incidence; enhanced payment terms in force until Dec 31, 2021

Selective adjustment of doctor capacity

Elective treatment activity above 2019

Limited number of COVID-19 patients – further decreasing trend

Excellent contributions from ORP business; check-ups for post-COVID patients

Continued strong demand for digital services, e.g., telehealth

Eugin transaction successfully closed; consolidation from April 1 onwards

Acquisition of leading fertility center in the US, Ohio Reproductive Medicine

Attractive consolidation opportunities in the highly fragmented global market for fertility services

Fresenius Vamed: Recovery of business is expected in H2/21; technical service business remains robust

Ongoing COVID-19 headwinds weigh on Q1/21

Easing of travel restrictions expected for H2/21

Lack of elective treatments – expected to recover in H2/21

Technical services business remains robust

New High-End-Service contracts contributed to growth in Q1/21

Project business – solid order book

Order intake in Q1/21 11% above prior year; order backlog at €3.1 bn

Key order intakes in Q1/21:

• Turnkey Project, Regional Hospital Cabinda in Angola
• Delivery of medical equipment in Kenya and Turkmenistan

Agenda

Q1/21 Profit and Loss Statement

Sales	EBIT
+3%	-6%
Q1/21: €8,984 m	Q1/21: €1,006 m	Net Income
Income Tax Rate	Net Interest	-2%
22.8%	-€137 m	Q1/21: €435 m
Q1/20: 22.6%	Q1/20: -€174 m

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

Q1/21 Business Segment Growth

All figures before special items

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

Q1/21 Cash Flow

	Operating CF		Capex (net)		Free Cash Flow1
€m	Q1/2021	LTM Margin	Q1/2021	LTM Margin	Q1/2021	LTM Margin
	208	21.9%	-179	-5.3%	29	16.6%
	278	17.9%	-132	-9.3%	146	8.6%
	215	12.2%	-77	-5.3%	138	6.9%
	-44	2.6%	-22	-3.7%	-66	-1.1%
Corporate/Other	-5	n.a.	-1	n.a.	-6	n.a.
Excl. FMC ²	444	13.9%	-232	-6.9%	212	7.0%
	652	17.5%	-411	-6.1%	241	11.4%

¹ Before acquisitions and dividends

² Including FMC dividends

Agenda

FY/21 Financial Outlook by Business Segment

€m (except	otherwise stated)		FY/20 Base	Q1/21	FY/21e	FY/21e
		Sales growth (org)	6,976	3%	Low-to-mid single digit %	confirmed
		EBIT growth (cc)	1,095	2%	Stable to low single digit %	confirmed
		Sales growth (org)	9,818	4%	Low-to-mid single digit %	confirmed
		EBIT growth (cc)	1,025	-1%	Mid-to-high single digit %	confirmed
		Sales growth (org)	2,068	-4%	Mid-to-high single digit %	confirmed
		EBIT (cc)	29	-€4 m	High double-digit €m	confirmed

Before special items and including estimated COVID-19 effects

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

FY/21 Financial Guidance

€m (except otherwise stated)		FY/20 Base	Q1/21	FY/21e	FY/21e
Sales growth (cc)		36,277	3%	Low-to-mid single-digit %	confirmed
	Net income growth (cc)	1,796	-2%	At least broadly stable	confirmed

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

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

Attachments

Fresenius Helios: COVID-19 Update

Bed utilization YTD continued below 2019 level

Gradual recovery expected with increasing vaccination level

Fresenius Helios: COVID-19 Update

Activity levels already slightly above pre-pandemic levels helped by some catch-up effects

Positive development expected as vaccination level increases

Fresenius Kabi: Q1/21 Organic Sales Growth by Regions

Total sales	1,761	3%
Emerging Markets	577	27%
Europe	626	-1%
North America	558	-9%
€m	Q1/21	Δ YoY organic

Fresenius Kabi: Q1/21 Organic Sales Growth by Product Segment

Total sales	1,761	3%
Transfusion Technology
Medical Devices/	343	8%
Clinical Nutrition	508	15%
Infusion Therapy	196	-1%
IV Drugs	714	-4%
€m	Q1/21	Δ YoY organic

Fresenius Kabi: Q1/21 EBIT Growth

€m	Q1/21	Δ YoY cc
North America Margin	174 31.2%	-26% -720 bps
Europe	119	15%
Margin	19.0%	+250 bps
Emerging Markets	126	90%
Margin	21.8%	+730 bps
Corporate and Corporate R&D	-143	-6%
Total EBIT	276	2%
Margin	15.7%	-50 bps

All figures before special items

Margin growth at actual rates

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

Fresenius Helios: Q1/21 Key Financials

€m	Q1/21	Δ YoY cc
Total sales	2,649	4%1
Thereof Helios Germany	1,673	0%1
Thereof Helios Spain	976	11%1
Total EBIT Margin	268 10.1%	-1% -100 bps
Thereof Helios Germany Margin	150 9.0%	-9% -130 bps
Thereof Helios Spain Margin	126 12.9%	14% -10 bps
Thereof Corporate	-8	--

¹ Organic growth

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

Fresenius Helios: Key Metrics

	Q1/21	FY/20	Δ
No. of hospitals Germany - Acute care hospitals	89 86	89 86	0% 0%
No. of hospitals Spain (Hospitals)	53	52	2%
No. of beds Germany - Acute care hospitals	29,921 29,387	29,978 29,451	0% 0%
No. of beds Spain (Hospitals)	7,992	7,936	1%
Admissions Germany (acute care)	237,554	1,044,959
Admissions Spain (including outpatients)	4,329,640	15,037,804

Fresenius Vamed: Q1/21 Key Financials

€m	Q1/21	Δ YoY cc
Total sales Thereof organic sales	477	-4% -4%
Service business	363	2%
Project business	114	-20%
Total EBIT	-4	-129%
Order intake1	138	11%
Order backlog1	3,082	1%2

¹ Project business only ² Versus December 31, 2020

Fresenius Group: Calculation of Noncontrolling Interests

€m	Q1/21	Q1/20
Earnings before tax and noncontrolling interests	869	951
Taxes	-198	-215
Noncontrolling interests, thereof	-236	-271
Fresenius Medical Care net income not attributable to Fresenius (Q1/21: ~68%)	-168	-194
Noncontrolling interest holders in Fresenius Medical Care	-55	-68
Noncontrolling interest holders in Fresenius Kabi (-€10 m), Fresenius Helios (-€3 m), Fresenius Vamed (-€1 m) and due to Fresenius Vamed's 23% external ownership (+€1 m)	-13	-9
Net income attributable to Fresenius SE & Co. KGaA	435	465

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

Fresenius Group: Cash Flow

€m	Q1/21	LTM Margin	Δ YoY
Operating Cash Flow	652	17.5%	-26%
Capex (net)	-411	-6.1%	28%
Free Cash Flow	241	11.4%	-21%
(before acquisitions and dividends)
Acquisitions (net)	-63
Dividends	-61
Free Cash Flow (after acquisitions and dividends)	117	7.3%	--

	Growth cc as reported incl. COVID-19		Estimated COVID-19 impact cc		Estimated growth cc excl. COVID-19
	Q1/21	Q1/20	Q1/21	Q1/20	Q1/21	Q1/20
Sales	3%	7%	-1% to -2%	0% to -1%	4% to 5%	7% to 8%
Net income1	-2%	1%	-2% to -6%	-5% to -9%	0% to 4%	6% to 10%

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

Fresenius Group: Proven Track Record of Deleveraging

Net Debt/EBITDA1

2002-2019 excluding IFRS 16

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

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

³ Including IFRS 16

Fresenius Group: Major long-term debt maturities1,2,3

¹ As of March 31, 2021, and based on utilization of major financing instruments, excl. Commercial Paper

² Pro forma issuance of FSE EUR 500m bonds 2021/2025, FSE EUR 500m bonds 2021/2028 & FSE EUR 500m bonds 2021/2031 on April 1, 2021

³ Pro forma repayment of EUR 750m Term Loan & EUR 650m Term Loan under the FSE Credit Agreement on April 1, 2021

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

Total	8,984	9,135	-2%	-5%	3%	2%	2%	-1%
Fresenius Vamed	477	499	-4%	0%	-4%	-4%	0%	0%
Fresenius Helios	2,649	2,466	7%	-1%	8%	4%	4%	0%
Fresenius Kabi	1,761	1,789	-2%	-6%	4%	3%	0%	1%
Fresenius Medical Care	4,210	4,488	-6%	-7%	1%	1%	1%	-1%
€m	Q1/21	Q1/20	Growth at actual rates	Currency translation effects	Growth at constant rates	Organic growth	Acquisi tions	Divesti tures/ Others

31

Financial Calendar / Contact

Financial Calendar Contact

21 May 2021	Annual General Meeting
30 July 2021	Results Q2/21
02 November 2021	Results Q3/21

Please note that these dates could be subject to change.

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

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