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Fresenius Medical Care AG & Co. KGaA
Investor Presentation • Feb 25, 2025
165_rns_2025-02-25_19a2fd40-a2ab-43ca-bfe8-e9f9374da736.pdf
Investor Presentation
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Analyst Presentation
Helen Giza
CEO \& Chair of the Management Board
Martin Fischer
CFO
February 25, 2025
Q4/FY 2024
IR Conference Call
Safe harbor statement: In this Safe harbor statement, "the Company" and "Fresenius Medical Care" refer to Fresenius Medical Care AG \& Co. KGaA, a German partnership limited by shares, prior to its conversion of legal form, and to Fresenius Medical Care AG, a German stock corporation, after its conversion of legal form. This presentation includes certain forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Act of 1934, as amended. Forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy or might not even be anticipated. The Company has based these forward-looking statements on current estimates and assumptions which we believe are reasonable and which are made to the best of our knowledge. Actual results could differ materially from those included in the forward-looking statements due to various risk factors and uncertainties, including changes in business, economic or competitive conditions, changes in reimbursement, regulatory compliance issues, regulatory reforms, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, cyber security issues and the availability of financing. Given these uncertainties, readers should not put undue reliance on any forward-looking statements. These and other risks and uncertainties are discussed in detail in the Company's Annual Report on Form 20-F under the headings "Forward-Looking Statements" and "Risk Factors" and under the headings in that report referred to therein, and in the Company's other reports filed with the Securities and Exchange Commission (SEC) and the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse).
Forward-looking statements represent estimates and assumptions only as of the date that they were made. The information contained in this presentation is subject to change without notice and the company does not undertake any duty to update the forward-looking statements, and the estimates and assumptions associated with them, except to the extent required by applicable law and regulations.
If not mentioned differently the term net income refers to the net income attributable to the shareholders of Fresenius Medical Care. Amounts are in Euro if not mentioned otherwise.
Implementation of measures as presented herein may be subject to information and consultation procedures with works councils and other employee representative bodies, as per local laws and practice. Consultation procedures may lead to changes on proposed measures.
2024 | Successful execution in year two of turnaround and transformation
STRATEGIC PROGRESS
- Strengthened foundation and accelerated momentum for future profitable growth
- Leadership team upgraded
- FME25 savings accelerated in 2024 and 2025 program target raised to EUR 750 million
- Significant progress in portfolio optimization execution
- Progress on sustainability and culture agenda
BUSINESS PROGRESS
- Underlying U.S. same market treatment growth turned positive in FY
- 5008x HV HDF machine received FDA 510K approval and first U.S. treatment performed
- CD processes enhanced
- CE manufacturing \& supply chain network rationalized
1 Organic growth represents growth in revenue, adjusted for certain reconciling items including revenues from acquisitions, closed or sold operations and differences in dialysis days and presented at constant currency.
2 At constant currency, adjusted for special items, divestments closed in 2023 and the Tricare settlement. Reconciliation table for special items, 2023 divestitures, Tricare and Fx (2024 outlook base), to reported growth rates: page 23 3.Dividend planned to be proposed to the AGM 2025
Strengthened financial performance driving enhanced value creation
MARGIN IMPROVEMENT ON TRACK
Operating income margin ${ }^{1}$
PLANNED DIVIDEND GROWTH
Dividend per share in EUR
FME25 SAVINGS AHEAD OF PLAN
Accumulated FME25 savings in $€$ million
PROGRESS IN DELEVERAGING
Net financial leverage ratio (net debt/EBITDA) at year end
1 Adjusted operating income margins as defined by the financial outlook for the respective years; for FY 2022, refer to page 29; FY 2023 and FY 2024 at constant currency, adjusted for special items, divestments closed in 2023 and the Tricare settlement. Reconciliation table for special items, 2023 divestitures, Tricare and Fx (2024 outlook base) to reported growth rates: page 23
2 Excluding U.S. federal relief funding and advanced payments under the CARES Act | 3 Dividend planned to be proposed to the AGM 2025
2024 | Further divestitures closed as execution of plan continues
Portfolio optimization plan as presented in 2023
Areas of divestments
Divestments of non-core and margin dilutive
assets as part of ongoing portfolio optimization plan
Closed divestments
- CD and CE operations in Argentina
- CD operations in Chile, Colombia, Ecuador, Hungary, Sub-Saharan Africa, Turkiye, Curacao, Guatemala, Peru
- National Cardiovascular Partners (NCP), U.S.
- Cura Day Hospitals Group, Australia
Announced divestments
- CD operations in Brazil
- Select assets of Spectra Laboratories, U.S.
Total cash proceeds of EUR 750 million received
2024 | Top end of operating income outlook achieved
Outlook
Revenue outlook base
Operating income outlook base
Low- to mid-single digit percent growth
FY 2023 basis: EUR 19.0bn
16 - 18 percent growth
FY 2023 basis: EUR 1.54bn
FY 2024
Revenue and operating income, as referred to in the outlook, are both on a constant currency basis, excluding special items, the business impact from closed divestitures in 2023 and settlement agreement with the U.S. government in 2023 (Tricare). Special items will be provided as separate KPI ("Revenue (outlook base)", "Operating income (outlook base)") to capture effects that are unusual in nature and have not been foreseeable or not foreseeable in size or impact at the time of providing the outlook. These items are excluded to ensure comparability of the figures presented with the Company's financial targets which have been defined excluding special items. See page 23 for reconciliation table for special items.
Q4 2024 | Strong year-end performance
- Organic revenue growth ${ }^{1}$ of $+7.4 \%$ supported by Care Enablement and Care Delivery
- Underlying positive U.S. same market treatment growth accelerated to $0.5 \%$
- Exceeding full year FME25 savings target, with additional EUR 48 million contribution in Q4
- Both segments further increased operating income ${ }^{2}$ and operating income margin ${ }^{2}$
- Operating and free cash flow strongly improved
- Net financial leverage ratio at 2.9 x
[^0]
[^0]: 1 Organic growth represents growth in revenue, adjusted for certain reconciling items including revenues from acquisitions, closed or sold operations and differences in dialysis days and presented at constant currency.
2 At constant currency, adjusted for special items, divestments closed in 2023 and the Tricare settlement. Reconciliation table for special items, 2023 divestitures, Tricare and Fx (2024 outlook base), to reported growth rates: page 22
Q4 2024 | Organic revenue growth accelerated, margin further improved
Revenue | outlook base ${ }^{1}$
in $€$ million
- Dynamic revenue growth (organic ${ }^{2}$ and outlook based) with contributions from both segments
- Divestitures negatively impacted development by approx. 250 bps
- Operating income ${ }^{1}$ increase driven by both segments
- Special items mainly include costs related to legacy portfolio optimization and to FME25
- Divestitures were neutral on margin development
[^0]
[^0]: 1 At constant currency, adjusted for special items, divestments closed in 2023 and the Tricare settlement. Reconciliation table for special items, 2023 divestitures, Tricare and Fx (2024 outlook base), to reported growth rates: page 22 2 Organic growth represents growth in revenue, adjusted for certain reconciling items including revenues from acquisitions, closed or sold operations and differences in dialysis days and presented at constant currency.
G4 2024 | Operating income and margin growth driven by both segments
1 At constant currency, adjusted for special items, divestments closed in 2023 and the Tricare settlement. Reconciliation table for special items, 2023 divestitures, Tricare and Fx (2024 outlook base): page 22
G4 2024 | Care Delivery accelerated organic growth and improved margin
- Organic U.S. revenue growth ${ }^{2}$ of $+7 \%$ driven by value-based care business, higher treatment volumes, improved rates and payor mix
- Solid organic international revenue growth ${ }^{2}$ of $+4 \%$
- Divestitures negatively impacted development by approx. 370 bps
- Business growth
- mainly driven by a lower negative contribution from the value-based care business, treatment volume growth and favorable rate/mix effects
- compensating lower contributions from consent agreement on certain pharmaceuticals
- Labor and inflationary costs further increased, in line with expectations
In Q4 2024, revenue was EUR 3,945 million, operating income was EUR 253 million. In Q4 2023, revenue was EUR 3,976 million, operating income was EUR 515 million
1 At constant currency, adjusted for special items, divestments closed in 2023 and the Tricare settlement. Reconciliation table for special items, 2023 divesitures, Tricare and Fx (2024 outlook base), to reported growth rates: page 22 2 Organic growth represents growth in revenue, adjusted for certain reconciling items including revenues from acquisitions, closed or sold operations and differences in dialysis days and presented at constant currency.
Q4 2024 | Care Enablement strongly increased operating income margin toward target margin band
- Accelerated volume growth across all our geographical regions
- Continued positive pricing momentum, despite volume-based procurement in China
Operating income | outlook base ${ }^{1}$
in $€$ million Margin in \%
- Business growth driven by strongly positive volume and price effects
- FME25 savings largely driven by continued organizational optimization and cost efficiencies in manufacturing and supply chain
- Inflationary cost increases develop in line with expectations
[^0]
[^0]: In Q4 2024, revenue was EUR 1,537 million, operating income was EUR 71 million. In Q4 2023, revenue was EUR 1,380 million, operating income was EUR -42 million
1 At constant currency, adjusted for special items, divestments closed in 2023 and the Tricare settlement. Reconciliation table for special items, 2023 divestitures, Tricare and F4 (2024 outlook base), to reported growth rates: page 22 2 Organic growth represents growth in revenue, adjusted for certain reconciling items including revenues from acquisitions, closed or sold operations and differences in dialysis days and presented at constant currency.
Q4 2024 | Lower net financial debt and improved net leverage ratio
| in € million | Q4 2024 | Q4 2023 | $\Delta$ in \% | FY 2024 | FY 2023 | $\Delta$ in \% |
|---|---|---|---|---|---|---|
| Operating cash flow | 832 | 719 | 16 | 2,386 | 2,629 | $-9$ |
| - Capital expenditures, net | (233) | (239) | $-2$ | (685) | (669) | 3 |
| Free cash flow | 599 | 480 | 25 | 1,701 | 1,960 | $-13$ |
| - Free cash flow after investing activities | 713 | 623 | 14 | 2,301 | 2,085 | 10 |
| Total net debt and lease liabilities | 9,803 | 10,760 | $-9$ | 9,803 | 10,760 | $-9$ |
Net leverage ratio (Net debt/EBITDA)
1 Excl. U.S. federal relief funding and advanced payments under the CARES Act
Key developments
- In Q4 2024, operating cash flow strongly increased mainly due to a favorable working capital development, which was partially offset by the absence, in 2024, of the Tricare settlement
- In FY 2024, operating cash flow was mainly driven by a negative impact from the phasing of dividend payments received from equity method investments and the absence, in 2024, of the Tricare settlement
- Total debt and lease liabilities (EUR 11.0bn) as well as total net debt and lease liabilities (EUR 9.8bn) further decreased compared to Q4 2023
- Following a strict financial discipline, net leverage ratio of 2.9 x remains below the selfimposed target corridor
Outlook | FY 2025 assumptions
Revenue assumptions
- Revenue drivers
- U.S. same market treatment growth of above $+0.5 \%$
- Portfolio optimization (realized in 2024) negatively impacts growth by around $1 \%$
- Value-based care business growth of around EUR 100 million to around EUR 1.9 billion
- Revenue base
- FY 2024 revenue of EUR 19,336 million (at current currency)
Outlook is based on EUR/USD 1.08; USD exposure $\sim 70 \%$ of revenue and operating income changes in currency translation excluded from outlook; growth rates are year-on-year; shown bars are indicative only.
1 Reconciliation table for special items: page 23
Outlook | FY 2025 | Strong earnings growth
FY 2025 Revenue \& Operating Income
Revenue and operating income, as referred to in the outlook, are both on a constant currency basis and excluding special items. Special items will be provided as separate KPI ("Operating income excl. special items") to capture effects that are unusual in nature and have not been foreseeable or not foreseeable in size or impact at the time of providing the outlook. These items are excluded to ensure comparability of the figures presented with the Company's financial targets which have been defined excluding special items. See page 23 for reconciliation table for special items.
Growth rates as shown above are year-on-year basis
G4 2024 | Profit and Loss
| $\begin{gathered} \text { Q4 } 2024 \ € \text { million } \end{gathered}$ | Q4 2023 $€$ million |
Growth in \% | Growth in \% cc | |
|---|---|---|---|---|
| Revenue | 5,085 | 4,988 | 2 | 2 |
| Revenue (outlook base) ${ }^{1}$ | 5,069 | 4,834 | 5 | |
| Operating income | 259 | 428 | $-39$ | $-39$ |
| Operating income margin in \% | 5.1 | 8.6 | ||
| Operating income (outlook base) ${ }^{1}$ | 489 | 373 | 31 | |
| Operating income margin (outlook base) ${ }^{1}$ in \% | 9.6 | 7.7 | ||
| Net interest expense | 80 | 85 | $-6$ | $-6$ |
| Income before taxes | 179 | 343 | $-48$ | $-47$ |
| Income tax expense | 61 | 86 | $-29$ | $-29$ |
| Tax rate in \% | 34.1 | 25.2 | ||
| Non-controlling interest | 51 | 69 | $-25$ | $-26$ |
| Net income | 67 | 188 | $-64$ | $-62$ |
| Net income (outlook base) ${ }^{1}$ | 266 | 154 | 73 |
1 Reconciliation table for special items, 2023 divestitures, the Tricare settlement and Fx (2024 outlook base), reported growth rates: page 22 | cc = at constant currency
FY 2024 | Profit and Loss
| FY 2024 € million |
FY 2023 € million |
Growth in \% |
Growth in \% cc |
|
|---|---|---|---|---|
| Revenue | 19,336 | 19,454 | $-1$ | 0 |
| Revenue (outlook base) ${ }^{1}$ | 19,454 | 19,049 | 2 | |
| Operating income | 1,392 | 1,369 | 2 | 3 |
| Operating income margin in \% | 7.2 | 7.0 | ||
| Operating income (outlook base) ${ }^{1}$ | 1,812 | 1,540 | 18 | |
| Operating income margin (outlook base) ${ }^{1}$ in \% | 9.3 | 8.1 | ||
| Net interest expense | 335 | 336 | 0 | 0 |
| Income before taxes | 1,057 | 1,033 | 2 | 3 |
| Income tax expense | 316 | 301 | 5 | 6 |
| Tax rate in \% | 29.9 | 29.1 | ||
| Non-controlling interest | 203 | 233 | $-13$ | $-13$ |
| Net income | 538 | 499 | 8 | 9 |
| Net income (outlook base) ${ }^{1}$ | 912 | 644 | 42 |
1: Reconciliation table for special items, 2023 divestitures, the Tricare settlement and Fx (2024 outlook base), reported growth rates: page $23 \mid \mathrm{cc}=$ at constant currency
2023 base for 2024 targets, reconciliation adjustments
Reconciliation of non-IFRS financial measures to the most directly comparable IFRS financial measures for comparison with outlook
| Group | Care Delivery | Care Enablement | Corporate | Inter-segment eliminations | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| € million | Q4 2024 | Q4 2023 | in \% | Q4 2024 | Q4 2023 | in \% | Q4 2024 | Q4 2023 | in \% | Q4 2024 | Q4 2023 | Q4 2024 | Q4 2023 |
| Revenue | 5,085 | 4,988 | 2 | 3,945 | 3,976 | $-1$ | 1,537 | 1,380 | 11 | -- | -- | $-397$ | $-368$ |
| Divestitures (NCP, Argentina) | -- | 37 | -- | 27 | -- | 18 | -- | -- | -- | $-8$ | |||
| Tricare settlement | -- | $-191$ | -- | $-191$ | -- | -- | -- | -- | |||||
| Revenue excl. 2023 divestitures \& Tricare settlement | 5,085 | 4,834 | 3,945 | 3,812 | 1,537 | 1,398 | -- | -- | $-397$ | $-376$ | |||
| Foreign currency translation | $-16$ | -- | $-16$ | -- | $-1$ | -- | -- | -- | 1 | -- | |||
| Revenue (outlook base) | 5,069 | 4,834 | 5 | 3,929 | 3,812 | 3 | 1,536 | 1,398 | 10 | -- | -- | $-396$ | $-376$ |
| Operating Income | 259 | 428 | $-39$ | 253 | 515 | $-51$ | 71 | $-42$ | n.a | $-57$ | $-44$ | $-8$ | $-1$ |
| FME25 program | 73 | 52 | 29 | 25 | 42 | 27 | 2 | -- | -- | -- | |||
| Humacyte remeasurements | 7 | 1 | -- | -- | 0 | -- | 7 | 1 | -- | -- | |||
| Legacy portfolio optimization | 146 | 57 | 141 | 32 | 5 | 25 | 0 | 0 | 0 | -- | |||
| Legal form conversion costs | 4 | 17 | -- | -- | 0 | -- | 4 | 17 | -- | -- | |||
| Divestitures (NCP, Argentina) | -- | $-1$ | -- | $-4$ | -- | 5 | -- | $-2$ | -- | -- | |||
| Tricare settlement | -- | $-181$ | -- | $-186$ | -- | 3 | -- | 2 | -- | -- | |||
| Sum of special items, divestitures \& Tricare settlement | 230 | $-55$ | 170 | $-133$ | 47 | 60 | 13 | 18 | 0 | -- | |||
| Operating income excl. special items, 2023 divestitures \& Tricare settlement | 489 | 373 | 423 | 382 | 118 | 18 | $-44$ | $-26$ | $-8$ | $-1$ | |||
| Foreign currency translation | 0 | -- | $-4$ | -- | 2 | -- | 2 | -- | 0 | -- | |||
| Operating income (outlook base) | 489 | 373 | 31 | 419 | 382 | 10 | 120 | 18 | 548 | $-42$ | $-26$ | $-8$ | $-1$ |
2023 base for 2024 targets, reconciliation adjustments
Reconciliation of non-IFRS financial measures to the most directly comparable IFRS financial measures for comparison with outlook
| Group | Care Delivery | Care Enablement | Corporate | Inter-segment eliminations | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| € million | FY 2024 | FY 2023 | in \% | FY 2024 | FY 2023 | in \% | FY 2024 | FY 2023 | in \% | FY 2024 | FY 2023 | FY 2024 | FY 2023 |
| Revenue | 19,336 | 19,454 | $-1$ | 15,275 | 15,578 | $-2$ | 5,557 | 5,345 | 4 | - | -- | $-1,496$ | $-1,469$ |
| Divestitures (NCP, Argentina) | -- | $-214$ | -- | $-229$ | -- | 8 | -- | -- | -- | 7 | |||
| Tricare settlement | -- | $-191$ | -- | $-191$ | -- | -- | -- | ||||||
| Revenue excl. 2023 divestitures \& Tricare settlement | 19,336 | 19,049 | 15,275 | 15,158 | 5,557 | 5,353 | -- | - | $-1,496$ | $-1,462$ | |||
| Foreign currency translation | 118 | -- | 62 | -- | 61 | -- | -- | -- | $-5$ | -- | |||
| Revenue (outlook base) | 19,454 | 19,049 | 2 | 15,337 | 15,158 | 1 | 5,618 | 5,353 | 5 | -- | -- | $-1,501$ | $-1,462$ |
| Operating Income | 1,392 | 1,369 | 2 | 1,190 | 1,516 | $-22$ | 267 | $-67$ | n.a | $-48$ | $-67$ | $-17$ | $-13$ |
| FME25 program | 180 | 153 | 74 | 75 | 104 | 78 | 2 | 0 | -- | -- | |||
| Humacyte remeasurements | $-72$ | $-15$ | -- | -- | $-28$ | -- | $-44$ | $-15$ | -- | -- | |||
| Legacy portfolio optimization | 288 | 204 | 301 | 96 | $-7$ | 108 | 1 | 0 | $-7$ | -- | |||
| Legal form conversion costs | 9 | 30 | -- | -- | 0 | -- | 9 | 30 | -- | -- | |||
| Divestitures (NCP, Argentina) | -- | $-19$ | -- | $-24$ | -- | $-1$ | -- | 5 | -- | -- | |||
| Tricare settlement | -- | $-181$ | -- | $-186$ | -- | 3 | -- | 2 | -- | ||||
| Sum of special items, divestitures \& Tricare settlement | 405 | 171 | 375 | $-39$ | 69 | 188 | $-32$ | 22 | $-7$ | -- | |||
| Operating income excl. special items, 2023 divestitures \& Tricare settlement | 1,797 | 1,540 | 1,565 | 1,477 | 336 | 121 | $-80$ | $-45$ | $-24$ | $-13$ | |||
| Foreign currency translation | 15 | -- | 7 | -- | 8 | -- | 0 | -- | 0 | -- | |||
| Operating income (outlook base) | 1,812 | 1,540 | 18 | 1,572 | 1,477 | 6 | 344 | 121 | 184 | $-80$ | $-45$ | $-24$ | $-13$ |
Debt
| FY 2024 € million |
FY 2023 € million |
FY 2022 € million |
|
|---|---|---|---|
| Debt | |||
| Short-term debt from unrelated parties | 2 | 457 | 644 |
| + Short-term debt from related parties | - | - | 4 |
| + Current portion of long-term debt | 575 | 487 | 694 |
| + Current portion of lease liabilities from unrelated parties | 616 | 593 | 650 |
| + Current portion of lease liabilities from related parties | 25 | 24 | 24 |
| + Long-term debt, less current portion | 6,261 | 6,960 | 7,171 |
| + Lease liabilities from unrelated parties, less current portion | 3,412 | 3,419 | 3,875 |
| + Lease liabilities from related parties, less current portion | 88 | 110 | 130 |
| + Debt and lease liabilities included within liabilities directly associated with assets held for sale | 9 | 137 | - |
| Total debt and lease liabilities | 10,988 | 12,187 | 13,192 |
| - Cash and cash equivalents ${ }^{1}$ | $-1,185$ | $-1,427$ | $-1,274$ |
| Total net debt and lease liabilities | 9,803 | 10,760 | 11,918 |
[^0]
[^0]: 1 Includes cash and cash equivalents included within assets held for sale.
EBITDA
Reconciliation of adjusted EBITDA and net leverage ratio to the most directly comparable IFRS financial measures
| FY 2024 € million |
FY 2023 € million |
FY 2022 € million |
|
|---|---|---|---|
| Net income | 741 | 732 | 895 |
| + Income tax expense | 316 | 301 | 325 |
| - Interest income | $-72$ | $-88$ | $-68$ |
| + Interest expense | 407 | 424 | 360 |
| + Depreciation and amortization | 1,536 | 1,613 | 1,718 |
| + Adjustments ${ }^{1}$ | 450 | 409 | 320 |
| Adjusted EBITDA | 3,378 | 3,391 | 3,550 |
| Net leverage ratio (Net debt/EBITDA) | 2.9 | 3.2 | 3.4 |
[^0]
[^0]: 1 Acquisitions and divestitures made for the last twelve months with a purchase price above a $€ 50 \mathrm{M}$ threshold as defined in the Syndicated Credit Facility (2024: €23 M; 2023: €35 M; 2022: €22 M), non-cash charges, primarily related to pension expense (2024: €52 M; 2023: €56 M; 2022: €54 M), impairment loss (2024: €207 M; 2023: €139 M; 2022: €120 M) and special items, including costs related to the FME25 Program (2024: €164 M; 2023: €106 M; 2022: €155 M), Legal Form Conversion Costs (2024: €9 M; 2023: €30 M), Legacy Portfolio Optimization (2024: €113 M; 2023: €128 M), Humacyte Remeasurements (2024: €72 M; 2023: €15 M; 2022: €103 M), Net Gain Related to InterWell Health (2022: €114 M), Hyperinflation in Turkiye (2022: €5 M) and the Impacts Related to the War in Ukraine (2022: €19 M).
Return on Invested Capital (ROIC) continued to be impacted by lower earnings
- For the years 2015-17 ROIC as reported within the Form 20-F.
- ROIC adjusted in 2018 for the divestiture of Care Coordination activities, FCPA-related charge, U.S. Ballot Initiatives, U.S. tax reform / including these effects, ROIC for FY 2018 was $12.4 \%$
- ROIC adjusted in 2019 for the effects of IFRS 16, NeStage, FCPA, Cost optimization costs, divestiture of Care Coordination activities / including these effects, ROIC for FY 2019 was 6.8\% (excl. IFRS 16)
- ROIC in 2020 excl. the impact of the Latin America impairment (special item) and in 2021 excluding FME25 (special item)
- ROIC for 2020 and 2021 was $7.5 \%$ and $5.5 \%$ excl. IFRS 16 and excl. Latin America impairment in 2020
- ROIC in 2022 adjusted for the effects of the FME25 program, the Humacyte Investment Remeasurement, the net gain related to InterWell Health, the effects of hyperinflation in Turkiye and impacts related to the war in Ukraine
- ROIC in 2023 and 2024 adjusted for the effects of the FME25 program, Legal Form Conversion Costs, Legacy Portfolio Optimization and Humacyte Remeasurements
Exchange rates, U.S. dialysis days per quarter, definitions
Exchange rates
| FY 2024 | FY 2023 | FY 2022 | ||
|---|---|---|---|---|
| €:USD | Period end | 1.039 | 1.105 | 1.067 |
| Average | 1.082 | 1.081 | 1.053 | |
| €:CNY | Period end | 7.583 | 7.851 | 7.358 |
| Average | 7.788 | 7.660 | 7.079 | |
| €:RUB | Period end | 115.968 | 100.215 | 78.138 |
| Average | 100.458 | 92.461 | 73.365 | |
| €:BRL | Period end | 6.425 | 5.362 | 5.639 |
| Average | 5.830 | 5.401 | 5.440 |
U.S. dialysis days per quarter
| Q1 | Q2 | Q3 | Q4 | Full year | |
|---|---|---|---|---|---|
| 2024 | 78 | 78 | 79 | 79 | 314 |
| 2023 | 77 | 78 | 79 | 78 | 312 |
| 2022 | 77 | 78 | 79 | 79 | 313 |
Definitions
| cc | at constant currency |
|---|---|
| HD | Hemodialysis |
| PD | Peritoneal dialysis |
| Net income | Net income attributable to shareholders of FME |
| LTM | Last-Twelve-Months |
| as of December 31, 2024 | as of December 31, 2023 | ||||
|---|---|---|---|---|---|
| Patients | Treatments | Clinics | Patients | Treatments | |
| United States | 206,436 | 31,213,447 | 2,624 | 205,308 | 31,210,375 |
| Growth in \% | 1 | 0 | 0 | ||
| International | 92,916 | 16,403,624 | 1,051 | 127,240 | 20,444,165 |
| Growth in \% | $-27$ | $-20$ | $-20$ | ||
| Total | 299,352 | 47,617,071 | 3,675 | 332,548 | 51,654,540 |
| Growth in \% | $-10$ | $-8$ | $-6$ |
| $\mathbb{}$ | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| € million; \% change year-over-year | FY 2024 | Growth | Growth at cc | Organic growth | FY 2023 | Growth | Growth at cc | Organic growth | FY 2022 | Growth | Growth at cc | Organic growth |
| Total | ||||||||||||
| Revenue | 19,336 | $-1$ | 0 | 4 | 19,454 | 0 | 5 | 4 | 19,398 | 10 | 2 | 2 |
| Operating income | 1,392 | 2 | 3 | 1,369 | $-9$ | $-7$ | 1,512 | $-18$ | $-25$ | |||
| Operating income margin in \% | 7.2 | 7.0 | 7.8 | |||||||||
| Operating income excl. special items | 1,797 | 17 | 18 | 1,741 | 13 | 15 | 1,540 | $-20$ | $-26$ | |||
| Operating income margin in \% excl. special items | 9.3 | 8.9 | 7.9 | |||||||||
| Care Delivery segment | ||||||||||||
| Revenue | 15,275 | $-2$ | $-2$ | 4 | 15,578 | 0 | 5 | 3 | 15,593 | 11 | 2 | 1 |
| Operating income | 1,190 | $-22$ | $-21$ | 1,516 | $-10$ | $-8$ | 1,686 | 3 | $-8$ | |||
| Operating income margin in \% | 7.8 | 9.7 | 10.8 | |||||||||
| Operating income excl. special items | 1,565 | 6 | 6 | 1,687 | 14 | 16 | 1,478 | $-13$ | n.a. | |||
| Operating income margin in \% excl. special items | 10.3 | 10.8 | 9.5 | |||||||||
| Care Enablement segment | ||||||||||||
| Revenue | 5,557 | 4 | 5 | 5 | 5,345 | 0 | 5 | 4 | 5,353 | 5 | 0 | 0 |
| Operating income | 267 | n.a | n.a | $-67$ | 123 | 123 | $-30$ | -- | -- | |||
| Operating income margin in \% | 4.8 | $-1.2$ | $-0.6$ | |||||||||
| Operating income excl. special items | 336 | 178 | 184 | 119 | 16 | 19 | 103 | $-68$ | n.a. | |||
| Operating income margin in \% excl. special items | 6.1 | 2.2 | 1.9 | |||||||||
| Inter-segment elimination | ||||||||||||
| Revenue | $-1,496$ | 2 | 2 | $-1,469$ | $-5$ | 0 | $-1,548$ | 3 | $-4$ | |||
| Operating income | $-17$ | 30 | 25 | $-13$ | n.a. | n.a. | 0 | -- | -- | |||
| Corporate | ||||||||||||
| Operating income | $-48$ | $-29$ | $-28$ | $-67$ | $-54$ | $-52$ | $-144$ | 29 | 14 | |||
| Operating income excl. special items | $-60$ | 76 | 77 | $-52$ | 26 | 33 | $-41$ | $-63$ | n.a. |
Note: cc = constant currency; n.a. = not applicable; FY 2021, FY 2022 and FY 2023 as published on Feb 20, 2024
IR event calendar
Date
May 6, 2025
May 22, 2025
August 5, 2025
November 4, 2025
June 17, 2025
February 26-27, 2025
February 27, 2025
March 4, 2025
March 4, 2025
March 5, 2025
March 11-12, 2025
March 25, 2025
April 3, 2025
May 7, 2025
Event
Report on Q1 2025: Earnings Release and Conference Call
Annual General Meeting
Report on Q2 2025: Earnings Release and Conference Call
Report on Q3 2025: Earnings Release and Conference Call
Capital Markets Day, London
FY 2024 C-level Roadshow, London/virtual
FY 2024 C-level Roadshow, Paris
FY 2024 C-level Roadshow, Frankfurt
Morgan Stanley European Healthcare Conference, London
UBS European Healthcare Conference, London
Barclays Global Healthcare Conference 2025, Miami
BNP Paribas Healthcare Conference, virtual
HSBC Conference, Luxembourg
Q1 2025 C-level Roadshow, virtual
Contacts
