Fresenius SE & Co. KGaA

Investor Presentation • Sep 14, 2020

Morgan Stanley Virtual 18th Annual Global Healthcare Conference

14 September 2020

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.

Figures for 2020 and 2019 according to IFRS 16 (except otherwise stated).

A Global Leader in Health Care Products and Services

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

Fresenius Group: Strong Track Record of Organic Sales Growth in All Business Segments

Strong and Balanced Health Care Portfolio

Fresenius Medical Care: Global Dialysis Market Leader

• The world's leading provider of dialysis products and services treating ~347,000 patients1 in ~4,000 clinics1
• Provide highest standard of product quality and patient care

Dialysis products

Dialysis services

• Expansion in Care Coordination and global dialysis service opportunities; enter new geographies

Market Dynamics

Global Dialysis Market 2019:

• ~€80 bn
• ~6% patient growth p.a.

Growth Drivers:

• Aging population, increasing incidence of diabetes and high blood pressure, treatment quality improvements

¹ As of June 30, 2020

Fresenius Kabi: A Leading Global Hospital Supplier

• Comprehensive product portfolio for critically and chronically ill patients
• Strong Emerging Markets presence

• Leading market positions

• Focus on organic growth through geographic product rollouts and new product launches

• Development of biosimilars with a focus on oncology and autoimmune diseases

Market Dynamics

Global Addressable Market 2019:

• ~€97 bn

Growth Drivers:

• Patent expirations, rising demand for health care services, higher health care spending in Emerging Markets

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

Market Dynamics

Hospital Market Size:

• ~€102 bn2 German Acute Care Hospital Market
• ~€15 bn3 Spanish Private Hospital Market

Growth Drivers:

• Aging population, greenfield projects in Spain, potential market consolidation in Germany and Spain

¹ Based on sales

• ² German Federal Statistical Office 2018; total costs, gross of the German hospitals less academic research and teaching
• ³ Market data based on company research. Market definition does neither include Public Private Partnerships (PPP) nor Occupational Risk Prevention centers (ORP)

Acute Care

Outpatient

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

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
• Leading European post-acute care provider operating in five European countries

Market Dynamics

Growth Drivers:

• Emerging Market demand for building and developing hospital infrastructure
• Outsourcing of non-medical services from public to private operators

Global Trends offer Growth Opportunities for Fresenius

Increasing national income Chronically ill patients

Aging Population Growing healthcare sector

Significant savings for healthcare systems

Sources: ¹ UN, 2019 Revision of World Population Prospects (2019) 2 UBS, Longer Term Investments: EM healthcare (2018) 3 IMF (2019) 4 IDF Diabetes Atlas (2017) 5 AAM report (2019) 6 UBS, Longer Term Investments: Generics (2018)

Fresenius Group: Growth Areas

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

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

Before special items

The Fresenius Strategy

Our ESG Priorities: Patients, Employees and Compliance

ESG Rating Overview: Continuous Improvement through Reporting and Engagement

Current Score	CDP Climate: C CDP Water: C	Prime C	BBB	39/100 DJSI Europe	55/100
Sector Average	CDP Climate: B-	C-	BBB - A	28 / 100	47 – 63/ 100
Previous Score	CDP Climate: D CDP Water: D-	Prime C	BB	33/100	48 /100
Next steps:	• • Intensify	Improve management-level responsibility over ESG-related issues, i.e. implement further emissions reduction and efficiency projects and related targets dialogue with rating agencies

Sustainability/ESG: Decisive Steps for 2020

Our Priorities

• "Better medicine for more people"
• Patients: Quality of products and services
• People: Being an attractive employer
• Compliance: Doing the right thing

Sustainability Governance

• CEO sponsors Group sustainability efforts
• New Group Sustainability Board in 2020
• Strategy and KPI alignment program started in 2019, will continue in 2020

Remuneration

• Remuneration proposal planned for AGM 2021
• Based on new German legal framework and German Corporate Governance Code
• Will include ESG performance indicators

Fresenius Group: Capital Deployment Focuses on Sustainable Value Creation

Fresenius Group: Proven Track Record of Deleveraging

Net Debt/EBITDA1

¹ At actual FX rates from 2001 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 2001-2019 excluding IFRS 16

⁴ Including IFRS 16

Fresenius SE: Earnings-Linked Dividend Policy

0.02 0.23 0.25 0.29 0.32 0.37 0.42 0.44 0.55 0.62 93 08 09 10 11 12 13 14 15 16 17 18 19 25% 24% 21% 20% 21% 21% 22% 21% 22% 23% 24% € per share • Dividend growth aligned to EPS1 growth • Pay-out Ratio: 20% to 25% Dividend distribution (€m) Pay-out Ratio 0.75 2019 Pay-out Ratio: 24% Dividend Policy 114 122 140 155 196 225 238 300 343 416 445 0.80 ¹ Before special items 468 0.84 24% Track record • 27th consecutive dividend increase • CAGR dividend increase +15%

2019 proposal

Total Shareholder Return – CAGR, Rounded

Source: Bloomberg; dividends reinvested, as of Dec 31, 2019

Review Q2/20

Fresenius Group Q2/20: Successful crisis management amid the COVID-19 pandemic

• Fresenius at the forefront to fight COVID-19
• Business continuity in plants, hospitals and sites ensured
• Safety measures to protect patients and staff enhanced
• Supplying COVID-19 patients with essential drugs & devices at stable prices
• COVID-19 weighs on H1/20 results, however, we see a strong underlying business development
• Q2/20 should mark the trough
• Acceleration of earnings growth expected in H2/20
• New 2020 guidance including COVID-19 effects is testament to the Group's resilience
• Resilience of business model also recognized by rating agencies
• Part of critical infrastructure with high degree of vertical integration
• Our core competencies affordable and high quality healthcare products and services - will play an even more important role in the future

Fresenius Kabi: Gradual recovery in China, COVID-19 headwinds elsewhere due to few elective treatments

			H1/20: Status quo			Remainder of FY/20: Meaningful uncertainty
China			Postponement of elective procedures
North America			COVID-related extra demand
			Postponement of elective procedures
Europe			COVID-related extra demand
			Postponement of elective procedures
Global			SG&A savings
Devices		Pumps	COVID-related extra demand & stock-build
		TCT	COVID-related extra demand		Less blood consumption and fewer blood & plasma donations
Manufacturing	China	Reduced volumes
		RoW	Improved capacity utilization & inventory build			Under-utilization of capacity & working capital management
	Global	Incremental	expenses for	raw materials, logistics, labor		and protection of our staff
		Q1/20		Q2/20		H2/20

Helios Germany: Occupancy rate deviation 2020 vs. 2019

Helios Germany: Gradual recovery of elective procedures in Q2

Helios Spain: Q2 marked by significant COVID-19 headwinds, gradual recovery of elective treatments started only end of Q2

		H1/20: Status quo	Remainder of FY/20: Normalisation ahead
Private hospitals	Good organic growth	Mandated postponement of elective procedures
			Patients' willingness to seek elective procedures
		Incremental beds (ICU & acute) and ventilators
			Incremental expenses for protective equipment, medical supplies & additional staff
			Reimbursement/compensation negotiations with private Health Insurance Companies
PPPs	Good organic growth	Mandated postponement of elective procedures
			Patients' willingness to seek elective procedures
			Constrained opportunity to generate 'Free Choice' sales
		Incremental beds (ICU & acute) and ventilators
			Incremental expenses for protective equipment, medical supplies & additional staff
			Clarification on reimbursement/compensation expected in H2/20
ORPs	Good organic growth	Cancellation of medical check-ups
		Strengthening relation ships with key clients	Additional opportunities in "safe workplace" solutions, minimizing infection risk
	Q1/20	Q2/20	H2/20

Fresenius Vamed: Ongoing headwinds in project and service business due to COVID-19

		H1/20: Status quo	Remainder of FY/20: Meaningful uncertainty
Project	Good organic growth	Delays and cancellations of project orders
business		Execution delays due to travel/quarantine restrictions and supply chain restraints
		Incremental expenses due to project delays
		SG&A savings
Service business	Good organic growth	Mandated postponement of elective procedures
		Lower capacities due to distance rules
Operational			Patients' willingness to seek elective procedures
management		German decree to ease financial burden on post-acute facilities	Pot. compensation in AUT, CH and CZ
		Health authority induced shut-down of medical wellness resorts
		Incremental expenses for protective equipment and medical supplies
Technical	Good organic growth	Technical maintenance not meaningfully impacted
services		Less demand for instrument sterilization given mandated postponement of elective procedures
	Q1/20	Q2/20	H2/20

Fresenius Group

"During the COVID-19 pandemic, Fresenius continues to make many important contributions to the provision of high-quality, affordable healthcare. We are standing with our patients around the world – fulfilling our social responsibility."

Stephan Sturm

Chairman of the Management Board

Financial Review Q2/20

Fresenius Group: Q2/20 Profit and Loss Statement

Sales	EBIT
+2%	0%
Q2/20: €8,920 m	Q2/20: €1,123 m	Net Income
		-13%
Income Tax Rate	Net Interest	Q2/20: €410 m
23.5%	-€167 m
Q2/19: 22.8%	Q2/19: -€180 m

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

Fresenius Group: Q2/20 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.

Fresenius Group: Cash Flow

	Operating CF		Capex (net)		Free Cash Flow1
€m	Q2/2020	LTM Margin	Q2/2020	LTM Margin	Q2/2020	LTM Margin
	2,319	25.2%	-216	-6.2%	2,103	19.0%
	437	18.3%	-161	-10.7%	276	7.6%
	295	9.2%	-69	-5.0%	226	4.2%
	28	1.8%	-23	-3.8%	5	-2.0%
Corporate/Other	3	n.a.	-7	n.a.	-4	n.a.
Excl. FMC	763	12.0%	-260	-7.4%	503	4.6%
	3,082	18.6%	-476	-6.8%	2,606	11.8%

¹ Before acquisitions and dividends

Fresenius Group: Strong financial position

• Resilience of business model also recognized by rating agencies IG ratings unchanged, stable outlook
• Funding costs near pre-Covid-19 levels
• Comfortable liquidity cushion of >€5.7 bn
• No further long-term refinancing needs in 2020

Fresenius Group: FY/20 Financial Outlook by Business Segment (including COVID-19 effects)

€m (except	otherwise	stated)	FY/19 Base1	H1/20 Actual	FY/20e2	FY/203 New
	Sales growth (org)	6,919	3,467	+3% to +6%	+2% to +5%
	EBIT growth (cc)	1,205	581	-4% to +0%	-6% to -3%
	Sales growth (org)	9,234	4,781	+3% to +6%	+1% to +4%
		EBIT growth (cc)	1,025	472	+3% to +7%	broadly stable
		Sales growth (org)	2,206	974	+4% to +7%	~ 10% decline
		EBIT growth (cc)	134	1	+5% to +9%	~ 50% decline

¹ Before special items and including IFRS 16 effects

² Before special items

³ 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.

Fresenius Group: FY/20 Financial Guidance (including COVID-19 effects)

€m (except otherwise stated)		FY/19 Base1	H1/20 Actual2	FY/20e2	FY/20e2,3 New
	Sales growth (cc)	35,409	+5%	+4% to +7%	+3% to +6%
	Net income4 growth (cc)	1,879	-6%	+1% to +5%	-4% to +1%

1 Before special items, including IFRS 16 effects, including NxStage operations 2 Before special items

³ Including estimated COVID-19 effects

⁴ Net income attributable to shareholders of Fresenius SE & Co.KGaA

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

Attachments

Fresenius Kabi: Q2 & H1/20 Organic Sales Growth by Regions

€m	Q2/20	Δ YoY organic	H1/20	Δ YoY organic
North America	600	3%	1,269	4%
Europe	566	1%	1,197	5%
Emerging Markets	512	2%	1,001	2%
Total sales	1,678	2%	3,467	4%

Fresenius Kabi: Q2 & H1/20 Organic Sales Growth by Product Segment

€m	Q2/20	Δ YoY organic	H1/20	Δ YoY organic
IV Drugs	741	5%	1,537	6%
Infusion Therapy	178	-9%	377	-5%
Clinical Nutrition	456	1%	917	2%
Medical Devices/ Transfusion Technology	303	2%	636	7%
Total sales	1,678	2%	3,467	4%

Fresenius Kabi: Q2 & H1/20 EBIT Growth

€m	Q2/20	Δ YoY cc	H1/20	Δ YoY cc
North America Margin	236 39.3%	0% -140 bps	493 38.8%	1% -120 bps
Europe	80	4%	184	13%
Margin	14.1%	+30 bps	15.4%	+90 bps
Emerging Markets	107	2%	178	-14%
Margin	20.9%	+20 bps	17.8%	-280 bps
Corporate and Corporate R&D	-131	-18%	-274	-12%
Total EBIT	292	-5%	581	-5%
Margin	17.4%	-90 bps	16.8%	-130 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: Q2 & H1/20 Key Financials

€m	Q2/20	Δ YoY cc	H1/20	Δ YoY cc
Total sales	2,315	-2%1	4,781	1%1
Thereof Helios Germany	1,571	4%1	3,174	6%1
Thereof Helios Spain	743	-14%1	1,606	-7%1
Total EBIT Margin	198 8.6%	-29% -320 bps	472 9.9%	-14% -190 bps
Thereof Helios Germany Margin	147 9.4%	-5% -80 bps	312 9.8%	3% -30 bps
Thereof Helios Spain Margin	54 7.3%	-58% -800 bps	166 10.3%	-34% -480 bps
Thereof Corporate	-3	--	-6	--

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

	H1/20	FY/19	Δ
No. of hospitals Germany - Acute care hospitals	86 83	86 83	0% 0%
No. of hospitals Spain (Hospitals)	52	51	2%
No. of beds Germany - Acute care hospitals	28,811 28,284	28,907 28,380	0% 0%
No. of beds Spain (Hospitals)	7,832	7,288	7%
Admissions Germany (acute care)	519,184	1,206,654
Admissions Spain (including outpatients)	7,009,642	15,396,051

Fresenius Vamed: Q2 & H1/20 Key Financials

€m	Q2/20	Δ YoY cc	H1/20	Δ YoY cc
Total sales Thereof organic sales	475	1% -1%	974	7% 5%
Project business	146	18%	288	24%
Service business	329	-4%	686	1%
Total EBIT	-13	-159%	1	-97%
Order intake1	50	-57%	174	-65%
Order backlog1			2,745	-4%2

¹ Project business only ² Versus December 31, 2019

Fresenius Group: Q2/20 Key Financials

€m	Q2/201	special items	Q2/20 reported	cc1 Δ YoY
Sales	8,920	-	8,920	2%
EBIT	1,123	-	1,123	0%
Net interest	-167	-	-167	7%
Income taxes	-225	1	-224	-4%
Net income2	410	1	411	-13%

¹ Before special items

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

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: Calculation of Noncontrolling Interests

€m	H1/20	H1/19
Earnings before tax and noncontrolling interests	1,907	1,887
Taxes	-440	-435
Noncontrolling interests, thereof	-592	-524
Fresenius Medical Care net income not attributable to Fresenius (H1/20: ~68%)	-431	-371
Noncontrolling interest holders in Fresenius Medical Care	-144	-118
Noncontrolling interest holders in Fresenius Kabi (-€17 m), Fresenius Helios (-€2 m), Fresenius Vamed (€0 m) and due to Fresenius Vamed's 23% external ownership (+€2 m)	-17	-35
Net income attributable to Fresenius SE & Co. KGaA	875	928

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	Q2/20	LTM Margin	Δ YoY
Operating Cash Flow	3,082	18.6%	156%
Capex (net)	-476	-6.8%	14%
Free Cash Flow	2,606	11.8%	--
(before acquisitions and dividends)
Acquisitions (net)	-79
Dividends	-153
Free Cash Flow (after acquisitions and dividends)	2,374	8.7%	--

Estimated COVID-19 effects Q2/H1 2020

€m	Growth cc as reported incl. COVID-19		Estimated COVID-19 impact cc
	Q2/201	H1/201	Q2/201	H1/201
Sales	+2%	+5%	-4% to -5%	-2% to -3%
Net income2	-13%	-6%	-13% to -17%	-9% to -13%

¹ Before special items

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

Fresenius Group: Major Long Term Debt Maturities1,2 All major remaining 2020 maturities already refinanced

¹ As of June 30, 2020 and based on utilization of major financing instruments, excl. Commercial Paper of €1,267m

² Pro Forma repayment of FSE €500m bonds on July 15, 2020 and early repayment of FMC \$500m bonds on July 17, 2020, originally maturing on Oct. 15, 2020

Financial Calendar / Contact

Financial Calendar

29 October 2020 Results Q3/20

Please note that these dates could be subject to change.

Contact

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

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