Fresenius SE & Co. KGaA

Investor Presentation • May 3, 2021

Company Presentation

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

A Global Leader in Health Care Products and Services

Investment Highlights

Global Trends offer Growth Opportunities for Fresenius

Sources: 1 UN, 2019 Revision of World Population Prospects (2019) 2 UBS, Longer Term Investments: EM healthcare (2018) 3 IDF Diabetes Atlas (2017) 4 AAM report (2019) 5 UBS, Longer Term Investments: Generics (2018)

The Fresenius Strategy

Strategic Roadmap

¹ Plus ~1% small to mid-sized acquisitions

Growth Areas

Environment, Social and Governance

Setting the right priorities in a COVID-19 world

"Better medicine for more people"

Ensuring access to medicine

Protecting our employees

Alignment with SDGs published on website

ESG priorities confirmed Sustainability progress in 2020 Corporate governance update

Rating improvements across the board, Highlights: CDP Climate from "C" to "B", MSCI from "BB" to "BBB"

Restructured, GRI-aligned sustainability report to be released in March 2021

Strategy and KPI alignment program to be continued in 2021, driven by Group Sustainability Board

New Management Board remuneration system to be presented at AGM, includes ESG component

Supervisory Board elections on AGM agenda

Environment, Social and Governance

Refreshed Materiality analysis in 2020 - core priorities confirmed, new topics added

ESG Rating Overview

Continuous Improvement through Reporting and Engagement

Current Score	CDP Climate: B CDP Water: C	Prime C	BBB	50/100 DJSI Europe	19.6 Low Risk
Sector Average	CDP Climate: C	C	BBB - A	28 / 100	28.5 Medium Risk
Previous Score	CDP Climate: C CDP Water: C	Prime C	BB	39/100	New methodology applied in 2020

Fresenius Group: Global Sales Base in Growing, Non-Cyclical Markets

Before special items 2016-2018 excluding IFRS 16

Strong track record of organic sales growth

Strong and Balanced Health Care Portfolio

Dialysis Products Health Care Services

• Dialysis services
• Hemodialysis products
• Peritoneal dialysis products

• Complete therapy offerings

• IV drugs

• Clinical nutrition
• Infusion therapy
• Medical devices/ Transfusion technology
• Biosimilars

Sales 2020: €17.9 bn

Sales 2020: €7.0 bn

Ownership: ~32% Ownership: 100% Ownership: 100% Ownership: 77%

• Acute care
• Outpatient services

Hospital Supplies Hospital Operation Projects and Services for Hospitals

• Post-acute care
• Project development & Planning
• Turnkey construction
• Maintenance & Technical and total operational management

Sales 2020: €9.8 bn

Sales 2020: €2.1 bn

Fresenius Medical Care: Global Dialysis Market Leader

• The world's leading provider of dialysis products and services treating ~344,000 patients1 in ~4,100 clinics1
• Provide highest standard of product quality and patient care

Dialysis products

Dialysis services

Complete therapy offerings

• Expansion of global dialysis services; enter new geographies

Market Dynamics

Increase in worldwide demand

• Sustainable business based on high quality products and ~ 3% Patient growth in 2020 + 37% Growth of home hemodialysis treatments in 2020 in the U.S.

• Strong global footprint Global market for dialysis products and services

~ € 82 bn

• Highly qualified employees Big Data is driving new treatment models

• High level of vertical integration ~ 54 million

dialysis treatments in 2020 providing sound data basis to further standardize medical setups at Fresenius Medical Care

¹ As of March 31, 2021

Fresenius Kabi: A Leading Global Hospital Supplier

Market Dynamics • Comprehensive product portfolio for critically and chronically ill patients • Strong Emerging Markets presence • Leading market positions Emerging Markets 31% Sales 2020: €7.0 bn North America 34% Europe 35% Generic IV Drugs Clinical Nutrition Infusion Therapy Medical Devices / Transfusion Technology Biosimilars Growing healthcare spending in Emerging Markets +6.3% p.a. growth over the next decade Aging population 16% of the world population will be > age 65 by 2050 (9% in 2019) Rising cost consciousness in healthcare spending – significant savings from generics ~US\$293bn p.a. savings in the US ~ €100bn p.a. savings in the EU • Focus on organic growth through geographic product rollouts and new product launches • Development of biosimilars with a focus on oncology and autoimmune diseases Sales by Region

Fresenius Helios: Europe's Largest Private Hospital Operator

• Market leader in size and quality with excellent growth prospects
• ~5%1 share in German acute care hospital ~12%1 share in Spanish private hospital market
• Quality is key: defined quality targets, publication of medical treatment results, peer review processes
• Broad revenue base with public and privately insured patients, PPPs, self-pay and Occupational Risk Prevention

Acute Care

Outpatient

Occupational Risk Prevention

• Development of new business models to foster digitalization and profit from trend towards outpatient treatments

Market Dynamics Hospital market in Germany ~ € 109 bn Length of stay below the average of 7.2 days in Germany provides benefits for hospital operators (Helios Germany: 5.7 days) Private hospital market in Spain ~ € 16 bn Average increase of private health insurance policies in Spain of ~2.5% p.a.

¹ Based on sales

Fresenius Vamed: Leading Global Hospital Projects and Services Specialist

• Manages hospital construction/expansion projects and provides services for health care facilities worldwide
• Offers project development, planning, turnkey construction, maintenance as well as technical management, and total operational management
• Strong track record: More than 900 projects in over 90 countries completed

Projects

Services

Post-acute care

¹ As of December 31, 2020

• Leading European post-acute care provider operating in five European countries
• Sales by product segment shifted in recent years towards the service business:
• Service business: 69%1
• Project business: 31%1

Market Dynamics

Telemedicine market in Europe is estimated to grow

14.1% p.a. till 2025.

Global preventive health care is estimated to grow

9.5% p.a. till 2025.

Outsourcing of non-medical services provided by public institutions to private providers grew in Germany by

50% from 2013 to 2018.

Emerging markets' share of global health expenditure will grow to

33% by 2022.

Fresenius Group: Medium-term Growth Targets 2020 – 2023 (CAGRs)

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

Fresenius SE: Earnings-Linked Dividend Policy

¹ Proposal

² Before special items

Company Presentation May 2021 © Fresenius SE & Co. KGaA Investor Relations & Sustainability 21

Fresenius Share & Shareholder Structure

Analyst recommendations

Shareholder structure by investors

Share price development LTM

Shareholder structure by region

As of December 31, 2020

FRE Historical share price performance

Agenda

Key messages

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

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.

Agenda

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

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

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

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

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

Fresenius Group: Cash Flow

€m	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

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

Fresenius Group: Solid Balance Sheet Structure

23% 23% 23% 19% 22% 21% 32% 36% 33% 41% 39% 39% 45% 41% 44% 40% 39% 40% Dec 31, 16 Dec 31, 17 Dec 31, 18 Dec 31, 19 Dec 31, 20 Mar 31, 21 Equity and non-controlling interest Debt Other liabilities 46.7 53.1 56.7 67.0 66.6 69.0 B/S total (€bn)

• Healthy Equity and Liability Split

• Strong equity ratio of >40% on average
• Equity ratio kept in narrow range despite rapid growth of Fresenius Group

2019 including IFRS 16

Growth	Profitability	Liqudity	Capital efficiency	Capital management
Sales growth (in constant currency)	Operating income (EBIT) +/ - Financial result	Operating cash flow ÷ Sales	EBIT Income taxes	Net debt ÷ EBITDA
Sales growth (organic)	- Income taxes - Minority interests = Net income EBIT growth (in constant currency) Net income growth (in constant currency)	= Cash flow margin	= NOPAT ÷ Invested capital = ROIC1 EBIT ÷ Operating assets = ROOA1	= Leverage ratio

1 Does not reflect a core performance indicator

Fresenius Group1: Performance Indicators 5-year overview

	Targets 20202	2020	2019	2018	2017	2016
Sales growth (in constant currency)	+3% to +6%	5%	6%	6%	16%	6%
Net income3 growth (in constant currency)	-4% to +1%	-3%	0%	7%	21%	13%
Liquidity and capital management
Cash flow margin	12% to 14%	18.1%	/9.9%4 12.0%	11.2%	11.6%	12.2%
/ EBITDA5 Net debt	Around the top-end of 3.0x – 3.5x6	3.44x	3.61x/ 3.14x4	2.71x	2.84x	2.33x
Capital efficiency
Return on invested capital (ROIC)7	At 2019 level	6.5%	6.7% /7.4%4	8.3%	8.0%	8.5%
Return on operating assets (ROOA)7	At 2019 level	7.3%	7.6% /8.2%4	9.0%	9.4%	10.0%

¹ Growth rates are based on the assumptions of the respective annual forecasts and are adjusted for special items and, if applicable, other effects affecting the underlying growth (adjustments to new accounting

standards, acquisitions / divestments, acquisition costs, or cost-saving programs).

² Including estimated COVID-19 effects (updated October 2020)

³ Net income attributable to shareholders of Fresenius SE & Co. KGaA

⁴ Excluding IFRS 16 effect

⁵ Both net debt and EBITDA calculated at LTM average exchange rates; before special items, pro forma closed acquisitions/divestitures

⁶ Around the top-end of the self-imposed target range of 3.0x to 3.5x; excluding further potential acquisitions

⁷ Before special items, pro forma acquisitions

Business segments1: Performance Indicators 5-year overview

	Targets 20202	2020	2019	2018	2017	2016
Fresenius Medical Care
Sales growth (in constant currency)	Mid-to-high single-digit %-range	5%	5%	4%	9%	7%
Net income growth 3,4 (in constant currency)	Mid-to-high single-digit %-range	12%	-2%	4%	7%	16%
Fresenius Kabi
Sales growth (organic)	+ 2% to +5%	4%	4%	7%	7%	5%
EBIT growth (in constant currency)	- 6% to -3%	-6%	3%	2%	8%	5%
Fresenius Helios
Sales growth (organic)	+ 1% to +4%	4%	5%	3%	4%	4%
EBIT growth (in constant currency)	Broadly stable	0%	-4%	0%	54%	7%
Fresenius Vamed
Sales growth (organic)	~ - 10%	-8%	16%	16%	6%	5%
EBIT growth (in constant currency)	Positive absolute EBIT	€ 29 million	19%	45%	10%	8%

¹ Growth rates are based on the assumptions of the respective annual forecasts and are adjusted for special items and, if applicable, other effects affecting the underlying growth (adjustments to new accounting standards, acquisitions / divestments, acquisition costs, or cost-saving programs).

² Including estimated COVID-19 effects (updated October 2020)

³ Net income attributable to shareholders of Fresenius Medical Care AG & Co. KGaA

⁴ Special items are effects (when consolidated at the Fresenius Group: special items), that are unusual in nature and were not foreseeable or not foreseeable in size or impact at the time of giving guidance.

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

For further information and current news: www.fresenius.com

www.twitter.com/fresenius\_ir

www.linkedin.com/company/fresenius-investor-relations