Fresenius SE & Co. KGaA

Interim / Quarterly Report • Aug 6, 2025

HALF-YEAR FINANCIAL REPORT

H1 | 2025

TABLE OF CONTENTS

3 Fresenius Group figures at a glance 20 Fresenius Kabi 28 Consolidated financial statements

• 6 Strategy and goals
• 9 Healthcare industry
• 9 External factors
• 10 Results of operations, financial position, assets and liabilities 39 Notes
• 10 Revenue
• 11 Earnings
• 15 Investments
• 15 Divestments
• 17 Cash flow
• 18 Asset and liability structure

20 Business segments

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• 22 Fresenius Helios 28 Consolidated statement of income

• 24 Employees 29 Consolidated statement of comprehensive income
• 4 Shareholder information 24 Research and development 30 Consolidated statement of financial position
  • 24 Rating 31 Consolidated statement of cash flows
  • 25 Opportunities and risk report 33 Consolidated statement of changes in equity
• 6 Interim Group Management Report 26 Outlook 2025 37 Consolidated segment reporting first half of 2025
  • 38 Consolidated segment reporting second quarter of 2025

14 Reconciliation 62 Financial Calendar

FRESENIUS GROUP FIGURES AT A GLANCE

Fresenius is a global healthcare company. Committed to life – the health and wellbeing of patients is Fresenius' top priority. For more than 100 years, we have been combining cutting-edge technology with a focus on patients, paving the way for the therapies of the future.

REVENUE AND EARNINGS

€ i illio n m ns	Q2/ 202 5	Gro wth	Gro wth in c tant ons 1 cur ren cy	H1/ 202 5	Gro wth	Gro wth in c tant ons 1 cur ren cy
2 Rev en ue	5, 57 1	3%	5%	11, 202	5%	6%
3 Org ic g th an row		5%			6%
2 EB IT	654	-1%	0%	1, 30 8	1%	2%
2 in EB IT ma rg	11. 7%			11. 7%
2,4 Ne t in com e	49 2	8%	10 %	982	11 %	11 %
2,4 Ear nin sh gs per are	0.8 7	8%	10 %	1.7 4	11 %	11 %

LEVERAGE RATIO

	Jun e 30 , 20 25	Dec . 31 , 20 24
2,5 Ne t d ebt /EB ITD A	3.1	3.0

RETURNS

	H1/ 202 5	H1/ 202 4
Ca sh Co rsio n R (C CR ); LT M ate nve	1.0	1.1
2,6 Ret in ted ita l (R OIC ) urn on ves ca p	6.2 %	6.2 %

1 Growth rate adjusted for the hyperinflation in Argentina

2 Before special items

3 Organic growth rate adjusted for accounting effects related to Argentina hyperinflation

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

5 At LTM average exchange rates for both net debt and EBITDA; pro forma acquisitions /divestitures; before special items

including lease liabilities, including Fresenius Medical Care dividend; net debt adjusted for the valuation effect of the equity-neutral exchangeable bond

6 2024: annual return FY/24

SHAREHOLDER INFORMATION

The Fresenius stock surged around 27% in the first six months of the fiscal year, outperforming the leading German and U.S. indices in a macro environment that remained volatile.

The European Central Bank (ECB) has recently downgraded its global growth forecasts for 2025. In June, the ECB lowered its forecast for growth in real gross domestic product (GDP) outside the eurozone to 3.1% (previously 3.4%). The main reason for this downward revision is the tariff increases introduced by the U.S. government and the resulting heightened uncertainty surrounding trade policy. However, the ECB's forecast for the euro area remained unchanged at 0.9%. The ECB expects an average overall inflation rate (Harmonized Index of Consumer Prices) of 2% for the euro area in 2025, which is slightly lower than the previous forecast of 2.3%. In January 2025, March 2025, April 2025 and in June 2025, the ECB lowered the key interest rate for the euro area by 0.25 percentage points each time, bringing it to 2%, in order to further support economic growth.

KEY DATA OF THE FRESENIUS SHARE

	H1 / 202 5	202 4	Gro wth
Nu mb of sha (Ju 30 /D 31 ) er res ne ec.	56 3, 23 27 7, 7	563 237 277 , ,	0%
n1 Sto ck han tio in € ota exc ge qu
Hig h	44 .40	34 .85	27 %
Low	31 .60	24 .54	29 %
Per iod d q ati clo sin ric uot -en on g p e	42 .68	33 .54	27 %
Ø T rad ing lum e ( mb of sha ad ing da ) r tr vo nu er res pe y	10 88 6 1, 1,	004 890 1, ,	10 %
2 in Ma rke ital iza tio illio n € (Ju 30 /D 31 ) t ca p n m ne ec.	24 03 8 ,	18, 890	27 %

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

In June 2025, the Federal Reserve (FED) reduced its forecast for real GDP growth in the United States to 1.4% (previously 1.7%) for the year 2025. This adjustment is the result of uncertainties stemming from concerns over trade policy and a deterioration in business and household sentiment.

The inflation forecast for 2025 was raised to 3% in the second quarter of 2025 (previously: 2.7%), primarily due to uncertainties arising from tariffs. In view of the existing uncertainties, the FED decided in June 2025 to maintain the key interest rate range unchanged at 4.50% to 4.75%. In this economic environment, both the DAX in Germany and the S&P 500 in the United States reached new record highs.

The DAX rose by around 20% in the first six months, while the U.S. benchmark index increased by approximately 6%. The Fresenius stock performed even better during the same period, closing at €42.68 on June 30, 2025, representing a year-to-date increase of around 27%.

SHAREHOLDER STRUCTURE

The Else Kröner-Fresenius-Stiftung was the largest shareholder of Fresenius SE&Co. KGaA, with 27% of the shares.

According to notifications pursuant to the German Securities Trading Act (WpHG), there was no investor in the Fresenius shareholder base apart from the Else Kröner-Fresenius-Stiftung with voting rights of more than 5%. Voting rights notifications can be found at www.fresenius.com/shareholder-structure.

As of June 30, 2025, a shareholder survey identified the ownership of 96% of our subscribed capital. According to this analysis, Fresenius can rely on a solid shareholder base: as in the previous year, about 600 institutional investors in total held about 61% of shares outstanding. The 10 largest

institutional investors held about 20% (December 31, 2024: 19%) of the share capital. 8% of Fresenius shares were again identified as retail holdings.

Our shares were mostly held by investors in Germany, the United States, and the United Kingdom.

ANNUAL GENERAL MEETING

The Annual General Meeting of Fresenius SE&Co. KGaA took place on May 23, 2025 in Frankfurt/Main.

With a large majority of 99.37%, the shareholders approved the proposal of the General Partner and the Supervisory Board to distribute a dividend of €1.00 per share for fiscal year 2024.

99.66% and 97.36% of the represented shareholders approved the actions of the Management Board and Supervisory Board for fiscal year 2024.

The compensation report for fiscal year 2024 was approved by a majority of 95.83%.

At the 2025 Annual General Meeting, 77.93% of the share capital was represented.

ADR PROGRAM

In the United States, Fresenius has a Sponsored Level I American Depositary Receipt (ADR) program. In this program, four Fresenius ADRs correspond to one Fresenius share. They are priced in U.S. dollars and traded in the U.S. over-the-counter (OTC) market.

You can find further information on our ADR program on www.fresenius.com/adr.

INTERIM GROUP MANAGEMENT REPORT

Guidance raised - Resilient business continues to deliver consistent performance

• ► Q2/ 2025: Ongoing strong revenue and EPS growth, guidance for organic revenue growth raised
• ► Group revenue1 at €5,571 billion with organic growth of 5%1,2 driven by consistent delivery across the core businesses Fresenius Kabi and Fresenius Helios as well as ongoing execution of #FutureFresenius
• ► Group EBIT1 broadly stable3 in constant currency at €654 million impacted by the headwinds from ceased energy relief payments at Helios Germany and the loss of the tender for the nutrition product Ketosteril in China at Fresenius Kabi; Group EBIT margin1 at 11.7%
• ► Net income1,4 with strong 8%3 growth in constant currency to €412 million outpacing revenue growth
• ► EPS1,4 rose by strong 8%3 in constant currency to €0.73 demonstrating continued bottom-line delivery based on operating strength and significantly decreased interest expenses.
• ► Net debt/EBITDA ratio at 3.1x1,5 driven by resumed dividend payment in Q2/ 25
• ► Pro rata sale of Fresenius Medical Care shares to maintain current stake in response to the announced Fresenius Medical Care share buyback program

STRATEGY AND GOALS

COMMITTED TO LIFE

At Fresenius, we live up to our promise of being committed to life. We save and improve human lives with affordable, accessible, and innovative healthcare products and the highest quality in clinical care. In doing so, we consider significant paradigm shifts in the healthcare environment with regards to biologic products and therapies, technological change, and new forms of data generation, processing, and usage.

Patients are always in the focus of our activities. Our vision is to be the trusted, market-leading healthcare company that unites cutting-edge technology and human care to shape next-level therapies.

Our portfolio targets three platforms: (Bio)Pharma -- including clinical nutrition, MedTech, and Care Provision. With these platforms, we cater to major trends in healthcare and are becoming a more therapy-focused company. The health and quality of life of our patients is at the core. At the same time, our platforms address attractive value pools in healthcare, which will provide opportunities for future

profitable growth. Hence, we orient our portfolio towards businesses that enable a strong focus on margins and capital returns, and the highest ambitions for operational excellence and competitiveness.

• 2 Organic growth rate adjusted for accounting effects related to Argentina hyperinflation
• 3 Growth rate adjusted for Argentina hyperinflation

4 Excluding Fresenius Medical Care

dividend, net debt adjusted for the valuation effect of the equity-neutral exchangeable bond

¹ Before special items

⁵ At average exchange rates for both net debt and EBITDA; pro forma closed acquisitions /divestitures, including lease liabilities, including Fresenius Medical Care

Fresenius operates in key healthcare areas. We continuously develop our business segments and strive to assume leading positions in system-critical healthcare markets and segments.

At the same time, we hold ourselves accountable to the highest standards of quality and integrity. All of our business segments make an overall contribution to increasing the quality, affordability, and efficiency of healthcare as well as patient satisfaction. At the same time, we care for our environment by protecting nature and using its resources carefully.

Fresenius Kabi's commitment is to improving the quality of life of its patients. The quality and safety of its products and services is thus of paramount importance to Fresenius Kabi.

Fresenius Helios' hospitals are characterized by high standards of treatment quality, hygiene, patient safety, and quality of care.

At Fresenius, we combine our medical expertise with extensive production capacities, and clinical practice with technology know-how to continuously improve therapies for our patients. We will continue building on our strength in technology, our competence and quality in patient care, and our ability to manufacture cost-effectively. Developing products and systems that provide a high level of safety and user-friendliness and enable tailoring to individual patient needs is an inherent part of our strategy of sustainable and profitable growth. We plan to develop more effective products and treatment methods in order to offer best-in-class medical standards. Digitalization is playing an increasingly important role -- whether it is in healthcare facilities or in production. It drives innovative technologies and treatment concepts and can contribute to solving numerous challenges in the healthcare system.

The commitment of our more than 176,000 employees worldwide is key for the success and sustained growth of Fresenius. We firmly believe in a culture of diversity, as we are convinced that different perspectives, opinions, experiences, and values enable Fresenius to continue successfully growing as a global healthcare company.

To tackle the upcoming challenges and be able to continue to grow as a company, attracting new employees is key. Not only do we try to attract new talent, but also do everything we can to retain and develop our employees over the long term. We offer a variety of flexible workingtime models and incentive programs to ensure that our long-term needs for highly qualified employees are met. Furthermore, we offer our employees attractive opportunities to develop their careers in an international and dynamic environment.

EXECUTING SEGMENT STRATEGIES

The Fresenius Group offers a broad spectrum of systemcritical products and services for the health and quality of life of our patients. Our business segments hold leading positions in key areas of healthcare, and all of them are continuing to execute their respective strategic priorities to sustain leadership and contribute significantly to the benefit of healthcare systems. At the level of the Fresenius Group, we manage the strategic direction of the Group, and orient our portfolio towards value-maximizing business areas and maximum patient impact.

With its Vision 2026, Fresenius Kabi has developed a strategic plan to transform the company for the next decade and to better capture new growth opportunities. Fresenius Kabi will continue to focus on high-quality products and services for critically and chronically ill patients. Within this clear direction, Fresenius Kabi has defined three growth vectors, alongside the strengthening of the resilience of our volume businesses (3+1 strategy). The growth vectors are:

• ► the broadening of our biopharmaceutical offering,
• ► further rollout of clinical nutrition,
• ► expansion in the MedTech area.

We consistently pursued our segment strategy in fiscal year 2024. Fresenius Kabi and mAbxience form a complete, vertically integrated biopharmaceutical business, that holds a strong portfolio and pipeline, provides extensive and costefficient manufacturing, and is strengthening the targeted commercial footprint in Fresenius Kabi's and mAbxience's target regions. In addition, Fresenius Kabi and mAbxience continue to strengthen the biopharma business and strategic network through new agreements and partnerships.

Successful market launches have made Fresenius Kabi the leading provider of intravenous lipid nutrition in North America. This strengthens the global clinical nutrition business beyond its solid base in Europe, Latin America, and Asia-Pacific.

Our MedTech business has been further strengthened by Ivenix. With the award-winning Ivenix infusion system, we are entering the infusion therapy market in the United States. The design of the Ivenix infusion system is easier to use than conventional systems and increases the safety of infusions. The pump also works seamlessly with other systems.

Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025

In parallel, Fresenius Kabi has continued to build resilience in its volume-driven IV business and is extending the portfolio with continued launches in all regions.

Fresenius Helios wants to further strengthen its position as the leading private healthcare service provider in Europe.

Helios Germany will continue to focus its offerings on cross-sector healthcare, further specialize hospitals, and coordinate their respective medical service portfolios within regional structures. In regional competence centers, we are already pooling expertise in various specialist areas in order to achieve the best treatment results for our patients. We will continue to drive this clustering forward in the future in order to further enhance medical quality. We intend to exploit the growth potential in the outpatient sector by linking our medical care centers (MVZs) even more closely with hospitals. In addition, we will seize the newly created regulatory opportunity of daytime inpatient treatment as a further form of care. We also aim to increase the efficiency of our energy consumption in the interests of sustainability and climate protection.

In Spain, we expect demand for hospital and other healthcare services to continue to rise. We aim to integrate our diverse range of inpatient and outpatient services even better and further expand them across the entire network of sites. We will selectively consider building new clinics and expanding existing hospital sites.

Fresenius Helios consistently puts focus on the strategic factors of medical excellence, innovation, and service quality in order to attract patients. Our focus here is on optimal treatment quality as well as patient satisfaction.

Fresenius Helios is constantly advancing its digitalization agenda in order to further improve patient care and service, building on our already extensive digital offering in particular through the Quirónsalud patient portal and app. Alongside the digitalization of our documents and internal processes, we will focus even more strongly on the digitalization of direct clinical processes and clinical decision support in the future. In doing so, we also want to make responsible use of the opportunities offered by artificial intelligence.

#FUTUREFRESENIUS

In fiscal year 2024, we further advanced our #Future-Fresenius program in order to transform our Group and position it for the coming decades. We continued to make great progress in fiscal year 2024, in both the structural and financial progression of the Group, and kept the transformation momentum.

The healthcare industry has a long runway for growth, which will be accelerated by quickly evolving technologies, new therapies such as biopharmaceuticals, more and more professional steering of patient journeys, and a true digital revolution. We want Fresenius to be at the forefront of these trends and have thus charted our course for continued system relevance in our businesses.

The first step of this journey was a Reset: strengthening our return focus, driving structural productivity, and creating change momentum across the organization. The next step in the journey was the Revitalize phase, with continuous portfolio optimization and the pursuit of growth verticals. In fiscal year 2025, we started the rejuvenate phase, in which we aim to grow profitably along our strategic platforms. In addition to the disciplined continued development of our portfolio, we will also succeed in driving forward future-oriented innovations.

After the deconsolidation of Fresenius Medical Care and targeted divestments in fiscal year 2023, we further sharpened the focus of the portfolio in 2024 with a structured exit from Fresenius Vamed, achieving structural simplification. Financial progression was further driven based on the clear structures and responsibilities defined with the new operating model as well as rigorous productivity measures. The Fresenius Financial Framework enabled us to steer and enhance performance more effectively and will continue to guide us in the future.

HEALTHCARE INDUSTRY

The healthcare sector is one of the world's largest industries and we are convinced that it demonstrates 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 healthcare 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 healthcare, and
• ► increasing national incomes and hence higher spending on healthcare.

In order to limit the constantly rising expenditure in the healthcare system, cost bearers are increasingly reviewing care structures to identify potential savings. However, rationalization alone cannot compensate for the rise in costs. For this reason, market-based incentives for cost-and quality-conscious action in the healthcare sector should also be created. In this way, treatment costs can be reduced by improving the overall quality of care. As a result, prevention programs are becoming just as important as innovative remuneration models that are linked to the quality of treatment. The digitalization of the healthcare system in particular can also contribute to improved patient care and greater cost efficiency.

The industry-specific framework for the operating business of the Fresenius Group remained essentially unchanged in the reporting period.

EXTERNAL FACTORS

In the period under review, the overall challenging macroeconomic environment continued to be characterized by geopolitical tensions, and -- except for the eurozone -- elevated cost levels due to inflation as well as persistently high interest rates.

Despite the challenging market environment, the structural growth drivers in the non-cyclical healthcare markets are in place.

The legal framework for the operating business of the Fresenius Group remained essentially unchanged in the period under review.

Currency exchange rate effects can be found in the statement of comprehensive income on page 29. The extraordinarily high inflation in Argentina and the associated devaluation of the Argentinian peso had a negative impact on the consolidated income statement.

In the period under review, the Fresenius Group was involved in various legal disputes resulting from business operations. Although it is not possible to predict the outcome of these disputes, none is expected to have a significant adverse impact on the assets and liabilities, financial position, and results of operations of the Group.

We carefully monitor and evaluate country-specific, political, legal, and financial conditions regarding their impact on our business activities. This also applies to the potential impact of inflation and currency risks.

RESULTS OF OPERATIONS, FINANCIAL POSITION, ASSETS AND LIABILITIES

As part of the portfolio optimization, the sale of the fertility services group Eugin was completed on January 31, 2024. The divestment of the majority stake in the hospital Clínica Ricardo Palma in Lima, Peru, was completed on April 23, 2024. Therefore, results of operations and financial position of Fresenius Helios and accordingly of the Fresenius Group are adjusted.

Organic growth rates and growth at constant rates of Fresenius Kabi are adjusted. Adjustments relate to the hyperinflation in Argentina. Accordingly, growth rates of the Fresenius Group are also adjusted.

With the gradual exit from Vamed, results of operations and financial position of the Fresenius Group are adjusted.

REVENUE

Group revenue before special items increased by 3% (5% in constant currency) to €5,571 million (Q2 / 2024: €5,414 million). Organic growth was 5% driven by a good operating performance at Fresenius Kabi and Fresenius Helios. In total, currency translation had a negative effect of -2 percentage points on revenue growth.

In the first half of 2025, Group revenue before special items increased by 5% (6% in constant currency) to €11,202 million (H1 / 2024: €10,697 million). Organic growth was 6%. In total, currency translation had a negative effect of -1 percentage point on revenue growth.

REVENUE BY BUSINESS SEGMENT

€ i illio n m ns	Q2 /20 25	Q2 /20 24	Gro wth	Cur ren cy slat ion tran effe cts	Gro wth at tes1 stan t ra con	Org anic 1 wth gro	uisi tion Acq s	Div esti tu Oth / res ers	% o tal reve f to nue
Fre ius Ka bi sen	2, 111	2, 101	0%	-5%	5%	6%	0%	-1%	38 %
Fre ius He lios sen	3, 37 0	3, 230	4%	-1%	5%	5%	0%	0%	60 %
Co e/O the rat rpo r	90	83	n.a	n.a	n.a	n.a	n.a	n.a	2%
To tal	5, 57 1	5, 414	3%	-2%	5%	5%	0%	0%	100 %

€ i illio n m ns	H1 / 202 5	H1 /20 24	Gro wth	Cur ren cy slat ion tran effe cts	Gro wth at tes1 stan t ra con	Org anic 1 wth gro	uisi tion Acq s	Div esti tu Oth / res ers	% o tal reve f to nue
Fre ius Ka bi sen	257 4,	152 4,	3%	-2%	5%	6%	0%	-1%	38 %
Fre ius He lios sen	6, 764	6, 384	6%	0%	6%	6%	0%	0%	60 %
Co e/O the rat rpo r	181	161	n.a	n.a	n.a	n.a	n.a	n.a	2%
To tal	11, 202	10, 697	5%	-1%	6%	6%	0%	0%	100 %

REVENUE BY REGION

€ i illio n m ns	Q2 /20 25	Q2 /20 24	Gro wth	Cur ren cy slat ion tran effe cts	Gro wth at tes1 stan t ra con	Org anic 1 wth gro	Acq uisi tion s	Div esti tu / Oth res ers	% o tal reve f to nue
No rth Am eri ca	679	647	5%	-5%	10 %	10 %	0%	0%	12 %
Eu rop e	4, 152	3, 908	6%	0%	6%	6%	0%	0%	75 %
As ia- Pac ific	36 0	41 5	-13 %	-3%	-10 %	-10 %	0%	0%	6%
in A ric Lat me a	34 0	6 40	-16 %	-15 %	-1%	2%	0%	-3%	6%
Afr ica	40	38	5%	-3%	8%	8%	0%	0%	1%
To tal	5, 57 1	5, 414	3%	-2%	5%	5%	0%	0%	100 %

€ i illio n m ns	H1 / 202 5	H1 /20 24	Gro wth	Cur ren cy slat ion tran effe cts	Gro wth at tes1 stan t ra con	Org anic 1 wth gro	Acq uisi tion s	Div esti tu / Oth res ers	% o tal reve f to nue
No rth Am eri ca	1, 37 1	1, 32 1	4%	-1%	5%	5%	0%	0%	12 %
Eu rop e	8, 30 9	779 7,	7%	0%	7%	7%	0%	0%	74 %
As ia- Pac ific	754	805	-6%	-1%	-5%	-5%	0%	0%	7%
in A ric Lat me a	69 1	720	-4%	-13 %	9%	13 %	0%	-4%	6%
Afr ica	77	72	7%	0%	7%	7%	0%	0%	1%
To tal	11, 202	10, 697	5%	-1%	6%	6%	0%	0%	100 %

1 Growth rate adjusted for accounting effects related to Argentina hyperinflation

EARNINGS

Group EBITDA before special items decreased by -2% (0% in constant currency) to €920 million (Q2 / 2024: €938 million). Reported Group EBITDA was €828 million (Q2/ 2024: €884 million).

In the first half of 2025, Group EBITDA before special items remained nearly unchanged (growth: 0%; 0% in constant currency) at €1,836 million (H1/2024: €1,838 million). Reported Group EBITDA was €1,777 million (H1 / 2024: €1,752 million).

Group EBIT before special items decreased by -1% (0% in constant currency) to €654 million (Q2 / 2024: €660 million). This is related to the headwinds from the absence of energy relief payments at Helios Germany and the Volume Based Procurement of the nutrition product Ketosteril in China at Fresenius Kabi. The EBIT margin before special items was 11.7% (Q2/ 2024: 12.2%). Reported Group EBIT was €560 million (Q2/ 2024: €559 million).

In the first half of 2025, Group EBIT before special items increased by 1% (2% in constant currency) to €1,308 million (H1 / 2024: €1,291 million) impacted by the headwinds from ceased energy relief payments at Helios Germany and the volume-based procurement of Ketosteril in China at Fresenius Kabi. The EBIT margin before special items was 11.7% (H1/ 2024: 12.1%). Reported Group EBIT was €1,247 million (H1/ 2024: €1,158 million).

Group net interest before special items increased to -€85 million (Q2/ 2024: -€108 million) mainly driven by a strong cash flow development in the prior year and financial debt reduction. Reported Group net interest (including other financial result) was -€107 million (Q2 / 2024: -€109 million).

In the first half of 2025, Group net interest before special items increased to -€166 million (H1/2024: -€220 million) due to financial debt reduction and lower interest rates. Reported Group net interest (including other financial result) was -€201 million (H1/2024: -€220 million).

Group tax rate before special items was 25.1% (Q2/ 2024: 26.1%). Reported Group tax rate was 29.7% (Q2/ 2024: 47.2%).

In the first half of 2025, Group tax rate before special items was 25.0% (H1/ 2024: 25.3%). Reported Group tax rate was 26.0% (H1/ 2024: 38.4%).

Noncontrolling interests from continuing operations before special items were -€14 million (Q2/ 2024: -€20 million). Reported noncontrolling interests were -€13 million (Q2/ 2024: €9 million).

In the first half of 2025, noncontrolling interests from continuing operations before special items were -€28 million (H1/ 2024: -€41 million). Reported noncontrolling interests were -€28 million (H1/ 2024: -€10 million).

Net income1 from deconsolidated Fresenius Medical Care operations before special items increased by 16% (19% in constant currency) to €80 million (Q2 / 2024: €69 million).

In the first half of 2025, net income1 from deconsolidated Fresenius Medical Care operations before special items increased by 19% (19% in constant currency) to €154 million (H1/ 2024: €129 million).

Reported net income from discontinued operations1 was -€2 million (Q2 / 2024 -€620 million).

In the first half of 2025, reported net income from discontinued operations1 was -€229 million (H1/ 2024: -€645 million).

Group net income1 before special items increased by 8% (10% in constant currency) to €492 million (Q2/ 2024: €457 million). The increase was driven by the operating strength and the significantly decreased interest expenses. Reported Group net income1 increased to €330 million (Q2/ 2024: -€373 million). The negative net income in the prior year period mainly resulted from special items in connection with the Vamed exit and the discontinued operations at Vamed.

In the first half of 2025, Group net income1 before special items increased by 11% (11% in constant currency) to €982 million (H1/ 2024: €888 million) based on improved interest expenses. Reported Group net income1 increased to €559 million (H1/ 2024: -€95 million).

Earnings per share1 before special items increased by 8% (10% in constant currency) to €0.87 (Q2/ 2024: €0.81). Reported earnings per share1 were €0.58 (Q2/2024: -€0.66).

In the first half of 2025, earnings per share1 before special items increased by 11% (11% in constant currency) to €1.74 (H1/ 2024: €1.58). Reported earnings per share1 were €0.99 (H1/ 2024: -€0.17).

KEY FINANCIAL FIGURES (BEFORE SPECIAL ITEMS)

				Gro wth				Gro wth
€ i illio n m ns	Q2 /20 25	Q2 /20 24	Gro wth	cc5	H1 / 202 5	H1 /20 24	Gro wth	cc5
Re ven ue	5, 57 1	5, 41 4	3%	5%	11, 20 2	10, 69 7	5%	6%
Fre ius Ka bi sen	2, 111	2, 101	0%	5%	4, 257	4, 152	3%	5%
Fre ius He lios sen	3, 37 0	3, 230	4%	5%	6, 764	6, 384	6%	6%
Co e/O the rat rpo r	90	83	-	-	181	161	-	-
Op tin inc e ( IT) EB era g om	654	660	-1%	0%	1, 30 8	1, 29 1	1%	2%
Fre ius Ka bi sen	34 6	334	4%	5%	706	644	10 %	10 %
ius lios Fre He sen	33 7	35 7	-6%	-5%	670	705	-5%	-5%
Co e/O the rat rpo r	-29	-31	-	-	-68	-58	-	-
Fin cia l re sul t an	-85	-10 8	21 %	20 %	-16 6	-22 0	25 %	25 %
Inc e b efo inc e t om re om axe s	56 9	552	3%	5%	142 1,	07 1, 1	7%	8%
Inc e ta om xes	-14 3	-14 4	1%	1%	-28 6	-27 1	-6%	-7%
t in Ne com e	6 42	40 8	4%	7%	856	800	7%	9%
les llin int tro sts s n on con g ere	-14	-20	30 %	30 %	-28	-41	32 %	24 %
1 Ne t in e f de sol ida ted Fr niu s M ed ica l C tio com rom con ese are op era ns	80	69	16 %	19 %	154	129	19 %	19 %
1 Ne t in com e	49 2	45 7	8%	10 %	982	888	11 %	11 %
EB ITD A	920	938	-2%	0%	836 1,	838 1,	0%	0%
EB ITD A m in	16. 5%	17. 3%			16. 4%	17. 2%
arg cia tio iza tio De nd ort n	266	278	-4%	-1%	52 8	54 7	-3%	-3%
pre n a am EB IT in ma	11. 7%	12. 2%			11. 7%	12. 1%
rg
2 Op tin ash flo w f nti ing tio era g c rom co nu op era ns	43 3	756	-43 %		50 7	714	-29 %
2 s % of (co nti ing tio ns) a re ven ue nu op era	7.8 %	14. 0%			4.5 %	6.7 %
2 Cas h f for isit ion div ide (fr nti ing tio low be nd nds ns) e a cqu s a om co nu op era	342	722	-53 %		238	49 0	-51 %
2 s % of (co nti ing tio ns) a re ven ue nu op era	6.1 %	13. 3%			2.1 %	4.6 %
3 RO IC					6.2 %	6.2 %
4 Ne t d ebt /E BIT DA					3.1 1	3.0 3

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

2 Prior year figures have been adjusted due to the gradual exit from Fresenius Vamed.

3 The underlying pro forma EBIT does not include special items; 2024: annual return FY/24

4 At LTM average exchange rates for both net debt and EBITDA; pro forma acquisitions /divestitures; including lease liabilities;

including Fresenius Medical Care dividend; net debt adjusted for the valuation effect of the equity-neutral exchangeable bond; 2024: December 31

5 Growth rates adjusted for hyperinflation in Argentina

CONSOLIDATED STATEMENT OF INCOME

€ i illio n m ns	Q2 /20 25	Q2 /20 24 ¹ ated rest	Q2 /20 24 viou pre s	Gro wth	H1 / 202 5	H1 /20 24 ¹ ated rest	H1 /20 24 viou pre s	Gro wth
Rev en ue	5, 58 1	5, 44 0	5, 46 0	3%	11, 232	10, 790	10, 837	4%
Co of sts re ven ue	-4, 123	-4, 015	-4, 237	-3%	-8, 363	-7, 95 1	-8, 237	-5%
Gr ofi t oss pr	1, 45 8	1, 425	1, 223	2%	2, 869	2, 839	2, 600	1%
Se llin al a nd ad mi nis tive tra g, ge ner ex pen ses	-74 0	-72 0	-81 1	-3%	-1, 383	-1, 39 0	-1, 48 7	1%
Res ch and de vel nt ear op me exp ens es	-16 4	-15 5	-15 5	-6%	-30 4	-29 4	-29 4	-3%
Oth tin lt er op era g r esu	6	9	8	--	65	3	2	--
Op tin inc e ( IT) EB era g om	56 0	55 9	265	0%	1, 247	1, 158	82 1	8%
Inc e f in ed for ing th ity tho d tm ent unt om rom ves s a cco us e e qu me	38	1	1	--	56	-29	-29	--
Int lt st r ere esu	-86	-10 9	-10 8	21 %	-16 7	-22 0	-22 0	24 %
Oth fin ial ult er anc res	-21	-	-	--	-34	--	--	--
Inc e b efo inc e t om re om axe s	49 1	45 1	15 8	9%	1, 102	90 9	57 2	21 %
Inc e ta om xes	6 -14	-21 3	0 -17	31 %	-28 6	-34 9	-29 5	18 %
Ne t in e f nti ing tio com rom co nu op era ns	345	23 8	-12	45 %	816	56 0	277	46 %
olli int in nti ing tio No ntr sts nco ng ere co nu op era ns	13	-9	-66	--	28	10	-55	180 %
2 Ne t in e f nti ing tio com rom co nu op era ns	332	247	54	34 %	788	55 0	332	43 %
2 Ne t in e f di nti ed tio com rom sco nu op era ns	-2	-62 0	-42 7	10 0%	-22 9	-64 5	-42 7	64 %
Ne t in com e	343	-57 5	-57 5	160 %	58 7	-28 6	-28 6	--
No olli int in t in ntr sts nco ng ere ne com e	13	-20 2	-20 2	106 %	28	-19 1	-19 1	115 %
2 t in Ne com e	33 0	-37 3	-37 3	18 8%	55 9	-95	-95	--
Ea rni ord ina sha (€) ng s p er ry re	0.5 8	-0. 66	-0. 66	18 8%	0.9 9	-0. 17	-0. 17	--

1 Prior year figures have been adjusted due to the gradual exit from Fresenius Vamed.

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

RECONCILIATION

To present the underlying operational business performance and in order to compare the results with the scope of the guidance provided for fiscal year 2025, key figures are presented before special items.

Consolidated results for the second quarter of 2025 and 2024 as well as the first half of 2025 and 2024 include special items.

These concern:

• ►Cost and efficiency programs
• ► Legacy portfolio adjustments
• ► Fresenius transformation (discontinued operations Vamed, Vamed transformation and Vamed exit, ITtransformation, legal form conversion costs Fresenius Medical Care, amongst others)
• ► Reduction of participation in Fresenius Medical Care

►Special items Fresenius Medical Care (impact of PPA equity method Fresenius Medical Care, special items at Fresenius Medical Care (June 30, 2025: ~29%))

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

€ i illio n m ns	Q2 /20 25	Q2 /20 24	Gro wth rat e	Gro wth rat e in c tant ons cur ren cy	H1 / 202 5	H1 /20 24	Gro wth rat e	Gro wth rat e in c tant ons cur ren cy
eci ite Re ed (af al ) ort ter ve nu e r ep sp ms	5, 58 1	5, 44 0	3%	5%	11, 232	10, 790	4%	5%
Leg rtfo lio adj ust nts acy po me	-1	-			-1	-30
Fre ius nsf ati tra sen orm on	-9	-26			-29	-63
for ial ite Re (be ) ven ue e s pec ms	5, 57 1	5, 41 4	3%	5%	11, 20 2	69 10, 7	5%	6%
eci ite EB IT ed (af al ) ort ter rep sp ms	56 0	55 9	0%	1%	1, 247	1, 158	8%	8%
Co nd eff icie st a ncy pr og ram s	38	11			53	26
Leg rtfo lio adj ust nts acy po me	7	1			11	8
Re du ctio f p icip ati in Fre ius M ed ica l C art n o on sen are	4	-			-72	-
Fre ius nsf ati tra sen orm on	45	89			69	99
(be ial ite ) EB IT for e s pec ms	654	660	-1%	0%	1, 30 8	1, 29 1	1%	2%
1 t in eci ite Ne ed (af al ) ort ter com e r ep sp ms	33 0	-37 3	188 %	190 %	55 9	-95	--	--
Co nd eff icie st a ncy pr og ram s	29	15			43	27
Leg rtfo lio adj ust nts acy po me	6	8			9	20
ius nsf ati Fre tra sen orm on	60	739			305	778
Re du ctio f p icip ati in Fre ius M ed ica l C art n o on sen are	25	-			-32	-
Sp eci al i s F ius M ed ica l C tem res en are	42	68			98	158
1 Ne t in e ( bef eci al ite ) com ore sp ms	49 2	45 7	8%	10 %	982	888	% 11	% 11

INVESTMENTS

In the first half of 2025, spending on property, plant and equipment was €368 million corresponding to 3.3% of revenue (H1/ 2024: €333 million; 3.1% of revenue). These investments served primarily for the modernization and expansion of production facilities as well as hospitals.

In the first half of 2025, total acquisition spending was €89 million (H1/ 2024: €45 million). Of this amount, €67 million was used to buy back own receivables. Furthermore, acquisition spending contains milestone payments in the biosimilars business at Fresenius Kabi.

DIVESTMENTS

On May 2, 2024, the Fresenius Group announced that it would sell a majority stake in Fresenius Vamed's rehabilitation business to PAI Partners, an international private equity firm. Subsequent to the sale in September 2024, the Fresenius Group held a 30% stake in the business through an investment in Aceso Topco 1 S.à r.l. accounted for using the equity method. Due to a capital increase at Aceso Topco 1 S.à r.l. in June 2025, the Fresenius Group's stake was decreased to 23.4%. The rehabilitation business which also includes specialized healthcare services in the areas of prevention, acute care and nursing, was Fresenius Vamed's largest business unit. With approximately 13,000 employees, it provides inpatient and outpatient rehabilitation services to approximately 100,000 patients every year in various European countries.

INVESTMENTS/ACQUISITIONS BY BUSINESS SEGMENT

€ i illio n m ns	H1 / 202 5	H1 /20 24	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
ius bi Fre Ka sen	146	165	125	21	-12 %	32 %
Fre ius He lios sen	1 272	196	205	67	39 %	60 %
Co e/O the rat rpo r	39	17	38	1	129 %	8%
To tal	45 7	37 8	36 8	89	21 %	100 %

1 Of this amount, €67 million was used to buy back own receivables.

On May 8, 2024, the Fresenius Group announced that it initiated the structured exit from its Investment Company Fresenius Vamed. An Austrian consortium of construction companies Porr and Strabag has agreed to acquire Fresenius Vamed's activities in its Austrian home market. The transaction includes Fresenius Vamed's entities responsible for the technical management of the Vienna General Hospital (AKH Wien), the Austrian project business that is part of Fresenius Vamed's Health Tech Engineering business unit and shares in several spas throughout Austria. The sale is expected to be completed during the course of the second half of2025. An agreement on the sale of the international project business of the Health Tech Engineering (HTE) business unit to Worldwide Hospitals Group (WWH) was reached on January 31, 2025. The transaction was closed at March 31, 2025 and involved the transfer of liquidity and future payment obligations. The sale resulted in a negative special item of €210 million, which is reported in net income from discontinued operations. Thereof, €201 million will be cash-effective in future periods up to 2027. Taking into account the expenses already incurred in fiscal year 2024, the total special items for the exit from the project business are therefore in the expected high three-digit

million euro range. The Fresenius Group also holds bank guarantees for performance commitments in connection with the divested international project business in the low three-digit million euro range.

The Fresenius Vamed business units earmarked for sale are reported as separate items (discontinued operations and assets held for sale and liabilities directly associated with the assets held for sale, respectively) in the relevant periods.

On March 4, 2025, the Fresenius Group announced the sale of 10.6 million existing shares of Fresenius Medical Care AG at a placement price of €44.50 per share. Furthermore, the Fresenius Group announced the placement of senior unsecured bonds due in 2028 with an aggregate principal amount of €600 million exchangeable into shares of Fresenius Medical Care AG. In total, the Fresenius Group has received gross proceeds of approximately €1.1 billion.

Following the announcement of Fresenius Medical Care AG (FME) in June 2025 to initiate a share buyback program, Fresenius intends to sell shares of FME on a pro rata basis to maintain its current stake of around 28.6% in FME. The final size and tranching of the sale of shares will be determined based on the structure of the share buyback program of FME. As previously announced, Fresenius remains a committed shareholder and will retain no less than 25 per cent plus one share of FME.

Fresenius will use the proceeds to invest in its core business in line with the #FutureFresenius strategy and Fresenius' stated capital allocation priorities, including further strengthening the balance sheet, reducing leverage, and delivering shareholder value and long-term growth.

On April 8, 2025, the Fresenius Group signed an agreement to transfer its plant in Anápolis, Brazil, to EMS, a multinational pharmaceutical company. The plant has been classified as held for sale as of March 31, 2025. The transaction is subject to the necessary regulatory approvals and is expected to be completed in the third quarter of 2025.

CASH FLOW

Group operating cash flow (continuing operations) decreased to €433 million (Q2/ 2024: €756 million). The decline reflects the high prior year base, which was, amongst others, elevated by the energy relief funding in Germany and additional inflows at Fresenius Helios. Group operating cash flow margin was 7.8% (Q2/ 2024: 14.0%).

Cash flow before acquisitions, dividends and lease liabilities (continuing operations) decreased to €342 million (Q2/2024: €722 million).

Free cash flow after acquisitions and dividends (continuing operations) decreased to -€286 million (Q2/ 2024: €749 million).

Free cash flow after acquisitions, dividends and lease liabilities (continuing operations) decreased to -€334 million (Q2/ 2024: €704 million). The decline is mainly attributable to the distribution of dividends.

In the first half of 2025, Group operating cash flow (continuing operations) decreased to €507 million (H1 / 2024: €714 million). Group operating cash flow margin was 4.5% (H1/ 2024: 6.7%).

In the first half of 2025, cash flow before acquisitions, dividends and lease liabilities (continuing operations) decreased to €238 million (H1/ 2024: €490 million).

In the first half of 2025, free cash flow after acquisitions, dividends and lease liabilities (continuing operations) decreased to -€116 million (H1/2024: €577 million) based on the suspension of the dividend payment in the prior year.

In 2025, the dividend payment includes €93 million, that was made to the minority shareholders of a company in which Fresenius holds a majority interest.

CASH FLOW STATEMENT (SUMMARY)

€ i illio n m ns	Q2 / 202 5	Q2 /20 24 d¹ adj uste	Gro wth	H1 / 202 5	H1 /20 24 d¹ adj uste	Gro wth
Ne t in com e	345	238	45 %	816	56 0	46 %
De cia tio nd iza tio ort pre n a am n	268	325	-18 %	53 0	594	-11 %
Inc e/ Ex fro he inv d m t est nts nte om pen se me ac cou
for ing th ity tho d us e e qu me	-38	-1	--	-56	29	--
Ch ork ing ital d o the ang e w ca p an rs	2 -14	194	3% -17	-78 3	-46 9	-67 %
Op tin ash flo tin uin ion rat era g c w - - c on g o pe s	43 3	75 6	-43 %	50 7	71 4	-29 %
Op tin ash flo - d isc tin ued tio era g c w - on op era ns	-15	-48	69 %	-33	-4	--
Op tin ash flo era g c w	41 8	708	-41 %	474	710	-33 %
Ca ital dit et p ex pen ure , n	-21 2	-14 6	-45 %	-39 0	-33 6	-16 %
Div ide nds cei ved fro Fre ius M ed ica l C re m sen are	121	112	8%	121	112	8%
Ca sh flo bef isit ion div ide nd nd w ore ac qu s, s a
lea liab ilit ies tin uin ion rat se con g o pe s --	34 2	72 2	-53 %	23 8	49 0	-51 %
Ca sh flo bef isit ion div ide nd nd w ore ac qu s, s a
lea liab ilit ies dis tin ued tio se con op era ns --	-15	-52	71 %	-33	-14	-13 6%
isit ion div ide Ca sh flo bef nd nd w ore ac qu s, s a
lea liab ilit ies se	32 7	670	-51 %	205	47 6	-57 %
Ca sh d f uis itio /pr eds fro m d ive stit use or acq ns oce ure s	-68	27	--	382	175	118 %
Div ide nds id pa	-56 0	0	--	-65 6	--	--
Pay fro lea liab ilit ies nts me m se	-48	-45	-7%	-80	-88	9%
Fre ash flo fte uis itio di vid ds d e c w a r a cq ns, en an
lea liab ilit ies tin uin ion rat se con g o pe s --	-33 4	70 4	-14 7%	-11 6	57 7	-12 0%
Fre ash flo fte uis itio di vid ds d e c w a r a cq ns, en an
lea liab ilit ies dis tin ued tio se con op era ns --	-23	-39	41 %	-25 4	-15	--
Fre ash flo fte uis itio di vid ds d e c w a r a cq ns, en an
lea liab ilit ies se	-35 7	66 5	-15 4%	-37 0	56 2	-16 6%
Ca sh vid ed by /us ed in f ina nci ivit ies act pro ng	-81 2	-56 7	-43 %	-88 9	-1, 967	55 %
Eff of cha ch e in sh and sh uiv ect tes ex nge ra on ang ca ca eq a
len ts	-26	-8	--	-35	-7	--
Ne ha e i ash d c ash uiv ale t c nts ng n c an eq	-1, 172	129	--	-1, 04 0	-1, 39 7	26 %

1 Prior year figures have been adjusted due to the gradual exit from Fresenius Vamed.

In the first half of 2025, free cash flow after acquisitions, dividends and lease liabilities decreased to -€370 million (H1/ 2024: €562 million). The suspension of the dividend payment inflated the prior year. In addition, free cash flow after acquisitions and dividends decreased due to negative cash flow from discontinued operations.

The cash conversion rate (CCR), which is defined as the ratio of adjusted free cash flow1 to EBIT before special items, was 1.0 (LTM) in the first half of 2025.

ASSET AND LIABILITY STRUCTURE

Total assets decreased by -5% (-3% in constant currency) to €41,320 million (Dec. 31, 2024: €43,550 million).

Current assets decreased by -5% (-2% in constant currency) to €10,883 million (Dec. 31, 2024: €11,446 million).

Non-current assets decreased by -5% (-3% in constant currency) to €30,437 million (Dec. 31, 2024: €32,104 million).

Assets held for sale were €229 million (Dec. 31, 2024: €310 million).

Liabilities directly associated with the assets held for sale were €324 million (Dec. 31, 2024: €424 million).

Total shareholders' equity decreased by -7% (-2% in constant currency) to €18,942 million (Dec. 31, 2024: €20,290 million). The equity ratio was 45.8% (Dec. 31, 2024: 46.6%).

Group debt decreased by -5% (-5% in constant currency) to €12,852 million (Dec. 31, 2024: €13,577 million). Group net debt2 increased by 3% (3% in constant currency) to €11,626 million (Dec. 31, 2024: €11,295 million).

As of June 30, 2025, the net debt/EBITDA ratio was 3.1x1,2 (Dec. 31, 2024: 3.0x1,2).

On June 30, 2025, ROIC² was 6.2% (Dec. 31, 2024: 6.2%).

1 At LTM average exchange rates for both net debt and EBITDA; pro forma closed acquisitions /divestitures; before special items; including lease liabilities; including Fresenius Medical Care dividend;

net debt adjusted for the valuation effect of the equity-neutral exchangeable bond

2 Before special items

ASSETS

€ i illio n m ns	Jun e 30 , 202 5	Dec ber 31, em 202 4
Cas h a nd h e iva len ts cas qu	226 1,	2, 282
Tra de d o the cei vab les les llow nts acc ou an r re s a anc es ,
for ted ed it lo ex pec cr sse s	3, 803	3, 50 0
Inv ori ent es	2, 592	2, 573
Oth fin ial ets er anc ass	1, 575	42 2 1,
Oth ets er ass	1, 202	1, 145
iva Inc ble e ta om x r ece s	256	214
As s h eld fo le set r sa	229	31 0
I. T l cu ota nt ets rre ass	10, 883	11, 44 6
Pro lan nd uip ty, t a nt per p eq me	8, 355	8, 569
Rig ht- of- set use as s	1, 275	1, 32 1
Go ill odw	14, 55 8	15, 085
Oth int ible set er ang as s	2, 270	2, 42 2
ius ica l C in Fre M ed tm ent sen are ves
d f usi the uity eth od nte acc ou or ng eq m	2, 803	3, 639
Oth fin ial ets er anc ass	46 2	6 42
Oth ets er ass	252	23 1
De fer red ta xes	46 2	41 1
II. To tal ent set no n-c urr as s	30 43 7 ,	32 104 ,
To tal set as s	41 32 0 ,	43 55 0 ,

LIABILITIES AND SHAREHOLDERS' EQUITY

€ i illio n m ns	Jun e 30 , 202 5	Dec ber 31, em 202 4
Tra de ble nts acc ou pa ya	1, 147	1, 35 9
De bt	1, 005	746
Lea liab ilit ies se	169	172
Bo nds	082 1,	854 1,
Oth fin ial liab ilit ies er anc	1, 672	1, 549
Oth liab ilit ies er	2, 040	2, 094
Pro vis ion s	639	663
iab ilit ies Inc x l e ta om	220	148
Lia bil itie s d ire ctly iate d w ith as soc
the s h eld fo le set as r sa	324	424
A. To tal sh lia bil itie ort -te rm s	8, 29 8	9, 009
De bt	1, 42 7	1, 740
Lea liab ilit ies se	285 1,	32 8 1,
1 Bo nds	7, 884	7, 737
Oth fin ial liab ilit ies er anc	1, 00 1	965
Oth liab ilit ies er	235	252
Pen sio n l iab ilit ies	569	605
Pro vis ion s	676	717
Inc x l iab ilit ies e ta om	33 6	280
De fer red ta xes	667	627
B. To tal lo lia bil itie -te ng rm s	14, 080	14, 25 1
l lia bil itie I. T ota s	22, 37 8	26 23, 0
A. No oll ing in ntr ter est nco s	660	748
Su bsc rib ed ital cap	563	563
Ca ital p re ser ve	314 4,	315 4,
Oth er res erv es	13, 937	14, 038
ive in Ac ula ted her reh e ( los s) ot cum co mp ens com	-53 2	626
' e B. To tal Fr niu s S E& Co . K Ga A s ha reh old ity ese ers qu	18, 282	19, 542
rs' uit II. To tal sh ho lde are eq y	18, 942	20, 29 0
' eq To tal lia bil itie nd sha reh old uit s a ers y	41 32 0 ,	43 55 0 ,

1 This includes the exchangeable bond issued.

BUSINESS SEGMENTS

FRESENIUS KABI

Fresenius Kabi specializes in products for the therapy and care of critically and chronically ill patients. The portfolio includes biopharmaceuticals, clinical nutrition, MedTech products, intravenously administered generic drugs (generic IV drugs), and IV fluids.

€ i illio n m ns	Q2 /20 25	Q2 /20 24	Gro wth	Gro wth in c tant ons cur ren cy	H1 / 202 5	H1 /20 24	Gro wth	Gro wth in c tant ons cur ren cy
Rev en ue	2, 111	2, 101	0%	5%	4, 257	4, 152	3%	5%
3 Org ic r th an eve nue gr ow	6%	11 %			6%	10 %
A1 EB ITD	2 47	2 47	0%	2%	95 1	912	4%	5%
in1 EB ITD A m arg	22 .4%	22 .5%			22 .3%	22 .0%
IT1 EB	34 6	334	4%	5%	706	644	10 %	10 %
in1 EB IT ma rg	16. 4%	15. 9%			16. 6%	15. 5%
1,2 t in Ne com e	242	203	19 %	21 %	48 9	395	24 %	25 %
Em loy p ees (Ju 30 /D 31 ) ne ec.					41 34 7 ,	6 41 58 ,	-1%

Revenue remained stable (growth: 0%; 5% in constant currency) at €2,111 million (Q2/ 2024: €2,101 million). Organic growth was 6%3. This performance was mainly driven by the Growth Vectors, the good contribution from Pharma, and reflects the less pronounced positive Argentina pricing effects.

In the first half of 2025, revenue increased by 3% (5% in constant currency) to €4,257 million (H1 / 2024: €4,152 million). Organic growth was 6%3, clearly driven by the development of all business units, particularly the Growth Vectors.

Revenue of the Growth Vectors (MedTech, Nutrition and Biopharma) increased by 1% (7% in constant currency) to €1,164 million (Q2/ 2024: €1,149 million). Organic growth was 7%3.

In the first half of 2025, revenue of the Growth Vectors (MedTech, Nutrition and Biopharma) increased by 6% (9% in constant currency) to €2,365 million (H1 / 2024: €2,239 million). Organic growth was 9%3.

Revenue in MedTech increased by 1% (5% in constant currency) to €392 million (Q2/ 2024: €389 million). Organic growth was 5%3 driven by the expansion in Cell Therapy in the United States and solid growth in Europe.

In the first half of 2025, revenue in MedTech increased by 4% (6% in constant currency) to €791 million (H1/ 2024: €761 million). Organic growth was 6%3 driven by good growth in Cell Therapy and solid growth in Europe.

Revenue in Nutrition decreased by -5% (increased by 1% in constant currency, organic growth: increased by 1%3) to €581 million (Q2/ 2024: €610 million), clearly influenced by the tender impact from the volume-based procurement (VBP) on Ketosteril in China; excluding Ketosteril, there was a healthy organic growth in line with ambition range. In addition, the business unit achieved good development in Latin America and Europe. In the United States, the business performance was driven by an ongoing successful roll-out of lipid emulsions.

1 Before special items

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

3 Organic growth rate adjusted for accounting effects related to Argentina hyperinflation

Growth rates adjusted for Argentina hyperinflation

In the first half of 2025, revenue in Nutrition remained stable (growth: 0%; increased 4% in constant currency, organic growth: 4%3) at €1,193 million (H1 / 2024: €1,189 million) and benefited from the good development in Europe, Latin America and in the United States. The tender system in China had a negative impact.

Revenue in Biopharma increased by 26% (33% in constant currency; organic growth: 33%3) to €190 million (Q2 / 2024: €150 million) mainly driven by the Tyenne biosimilar ramp-up in Europe and the United States.

In the first half of 2025, revenue in Biopharma increased by 31% (36% in constant currency; organic growth: 36%3) to €380 million (H1/ 2024: €289 million) driven by the growth of Tyenne in Europe and the United States.

Revenue in the Pharma (IV Drugs&Fluids) business remained stable (growth: 0%; increased by 3% in constant currency; organic growth: increased by 5%3) and amounted to €947 million (Q2/ 2024: €951 million) based on good volumes including I.V. fluids in the United States and Europe with favorable pricing.

In the first half of 2025, revenue in the Pharma (IV Drugs&Fluids) business decreased by -1% (0% in constant currency; organic growth: 2%3) and amounted to €1,892 million (H1 / 2024: €1,913 million) against a high prior year base.

EBIT¹ of Fresenius Kabi increased by 4% (5% in constant currency) to €346 million (Q2/ 2024: €334 million) driven by the strong margin development of the Pharma, MedTech and Biopharma business and ongoing improvements in the cost base. EBIT margin1 was at the upper end of the guidance range at 16.4% (Q2/ 2024: 15.9%), despite transaction exchange rate effects and headwinds on the Nutrition business in China.

In the first half of 2025, EBIT¹ of Fresenius Kabi increased by 10% (10% in constant currency) to €706 million (H1/2024: €644 million) driven by the good revenue development of the Growth Vectors and ongoing improvements in the cost base. EBIT margin1 was 16.6 % (H1/2024: 15.5%).

EBIT¹ of the Growth Vectors decreased by -2% (increased in constant currency: 3%) to €166 million (Q2/ 2024: €169 million) due to the negative Ketosteril effect in the Nutrition business. EBIT margin1 was 14.3% (Q2/ 2024: 14.7%).

In the first half of 2025, EBIT¹ of the Growth Vectors increased by 19% (constant currency: 20%) to €350 million (H1/ 2024: €293 million) due to a positive development in Biopharma and MedTech. EBIT margin1 was 14.8% (H1/ 2024: 13.1%).

EBIT¹ in the Pharma (IV Drugs&Fluids) business increased by 11% (constant currency: 16%) to €206 million (Q2/2024: €185 million) driven by ongoing cost savings and some one-timers. EBIT1 margin was 21.7% (Q2/ 2024: 19.5%).

In the first half of 2025, EBIT¹ in the Pharma (IV Drugs& Fluids) business increased by 8% (constant currency: 10%) to €422 million (H1 / 2024: €391 million) driven by margin expansion based on ongoing improvements in the cost base, supported by some one-timers related to legal disputes. EBIT margin1 was 22.3% (H1/ 2024: 20.4%).

Net income1,2 increased by 19% (constant currency: 21%) to €242 million (Q2/ 2024: €203 million).

In the first half of 2025, net income1,2 increased by 24% (constant currency: 25%) to €489 million (H1/2024: €395 million).

Operating cash flow was €217 million (Q2 / 2024: €259 million) with a margin of 10.3% (Q2/ 2024: 12.3%).

In the first half of 2025, operating cash flow was €327 million (H1/2024: €416 million) with a margin of 7.7% (H1/ 2024: 10.0%).

Fresenius Kabi expects organic revenue growth in a mid-to high-single-digit percentage range4 in 2025. The EBIT margin1 is expected to be in a range of 16% to 16.5%5 (structural margin band: 16% to 18%).

1 Before special items

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

3 Organic growth rate adjusted for accounting effects related to Argentina hyperinflation

4 FY/2024 base: €8,414 million

5 FY/2024 base: EBIT margin: 15.7%, before special items; FY/2025 before special items

Growth rates adjusted for Argentina hyperinflation

FRESENIUS HELIOS

Fresenius Helios is Europe's leading private health care provider. The company comprises Helios Germany and Helios Spain. Helios Germany operates 84 hospitals, more than 200 outpatient centers, 30 occupational health centers and 6 prevention centers. Helios Spain operates 50 hospitals, around 100 outpatient centers and more than 300 occupational risk prevention centers. In addition, the company is active in Latin America with 7 hospitals and as a provider of medical diagnostics.

€ i illio n m ns	Q2 /20 25	Q2 /20 24	Gro wth	Gro wth in c tant ons cur ren cy	H1 / 202 5	H1 /20 24	Gro wth	Gro wth in c tant ons cur ren cy
1 Rev en ue	3, 37 0	3, 230	4%	5%	6, 764	6, 384	6%	6%
Org ic r th an eve nue gr ow	5%	7%			6%	6%
A1 EB ITD	46 9	48 5	-3%	-3%	934	959	-3%	-2%
in1 EB ITD A m arg	13. 9%	15. 0%			13. 8%	15. 0%
IT1 EB	33 7	35 7	-6%	-5%	670	705	-5%	-5%
in1 EB IT ma rg	10. 0%	11. 1%			9.9 %	11. 0%
1,2 t in Ne com e	210	215	-2%	-1%	41 8	424	-1%	-1%
Em loy p ees (Ju 30 /D 31 ) ne ec.					128 975 ,	128 55 8 ,	0%

Revenue¹ increased by 4% (5% in constant currency) to €3,370 million (Q2/ 2024: €3,230 million). Organic growth was 5% and hence at the upper end of the structural growth band driven by Helios Germany; negative phasing effect related to Easter impacted growth at Helios Spain.

In the first half of 2025, revenue¹ increased by 6% (6% in constant currency) to €6,764 million (H1/ 2024: €6,384 million). Organic growth was 6% and hence at the upper end of the structural growth band.

Revenue of Helios Germany increased by 6% (organic growth: 6%) to €2,001 million (Q2/ 2024: €1,882 million), mainly driven by price effects and positive development of admissions and case mix.

In the first half of 2025, revenue of Helios Germany increased by 7% (organic growth: 7%) to €4,047 million (H1/2024: €3,785 million). The growth was driven by price effects, admissions growth, and favorable case mix.

Revenue of Helios Spain increased by 2% (3% in constant currency) to €1,369 million (Q2/2024: €1,348 million), impacted by the Easter effect, which resulted in less activity at the beginning of Q2 / 25, and currency translation effects by the clinics in Latin America. The negative effects were partly compensated by volume growth and price increases. Organic growth was 3%.

In the first half of 2025, revenue of Helios Spain increased by 5% (5% in constant currency) to €2,717 million (H1/2024: €2,599 million). Organic growth was 5%, driven by solid activity levels and price increases.

EBIT¹ decreased by -6% (-5% in constant currency) to €337 million (Q2/ 2024: €357 million) with an EBIT margin1 of 10.0% (Q2/ 2024: 11.1%).

In the first half of 2025, EBIT¹ decreased by -5% (-5% in constant currency) to €670 million (H1/ 2024: €705 million), impacted by the absence of energy relief funds in Germany versus the previous year. This expected softness was partially compensated by the excellent profitability at Helios Spain. The EBIT margin1 was 9.9% (H1/ 2024: 11.0%).

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

EBIT1 of Helios Germany decreased by -4% to €150 million (Q2/ 2024: €157 million) with an EBIT margin1 of 7.5% (Q2/ 2024: 8.3%) against the high prior year base which included energy relief funds.

In the first half of 2025, EBIT1 of Helios Germany decreased by -15% to €307 million (H1/ 2024: €362 million), against the high prior year base which included energy relief funds. The EBIT margin1 was 7.6% (H1 / 2024: 9.6%).

EBIT1 of Helios Spain decreased by -6% (-5% in constant currency) to €189 million (Q2/ 2024: €201 million) due to a higher prior year base and due to the easter effect. The EBIT margin1 was 13.8% (Q2/ 2024: 14.9%).

In the first half of 2025, EBIT1 of Helios Spain increased by 6% (7% in constant currency) to €365 million (H1/ 2024: €345 million), driven by strong activity growth of hospitals in Spain. The EBIT margin1 was 13.4% (H1/ 2024: 13.3%).

Net income1,2 decreased by -2% (-1% in constant currency) to €210 million (Q2/ 2024: €215 million).

In the first half of 2025, net income1,2 decreased by -1% (-1% in constant currency) to €418 million (H1/ 2024: €424 million).

Operating cash flow was €348 million (Q2 / 2024: €604 million). The decline reflects the high prior year base, which was elevated by the energy relief funding in Germany. The operating cash flow margin was 10.3% (Q2/ 2024: 18.7%).

In the first half of 2025, operating cash flow was €340 million (H1/ 2024: €487 million) The operating cash flow margin was 5.0% (H1/ 2024: 7.6%).

1 Before special items

For FY/ 2025, Fresenius Helios expects organic revenue3 growth in a mid-single-digit percentage range. The EBIT margin4 is expected to be around 10% (structural margin band: 10% to 12%).

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

³ FY/2024 base: €12,739 million

⁴ FY/2024 base: EBIT margin: 10.1%, before special items, FY/2025 before special items

Fresenius | Quarterly Financial Report | 1st Half and 2nd Quarter 2025

EMPLOYEES

As of June 30, 2025, the number of employees was 176,207 (Dec. 31, 2024: 176,486). The decrease in the number of employees is mainly due to the gradual exit from Fresenius Vamed (discontinued operations).

NUMBER OF EMPLOYEES

of Nu mb loy er em p ees	Jun e 30 , 20 25	Dec . 31 , 20 24	Gro wth
Fre ius Ka bi sen	34 41 7 ,	58 6 41 ,	-1%
Fre ius He lios sen	128 975 ,	128 55 8 ,	0%
Co e/O the rat rpo r	5, 885	6, 34 2	-7%
To tal	176 207 ,	176 48 6 ,	0%

RESEARCH AND DEVELOPMENT

New product and process development and the improvement of therapies are at the core of our strategy. Research and development activities mainly take place in the Fresenius Kabi business segment. We focus our R& D efforts on our core competencies in the following areas:

► Generic IV drugs

• ►Biopharmaceuticals
• ►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 / 202 5	H1 /20 24	Gro wth
1 Fre ius Ka bi sen	30 1	292	3%
Fre ius He lios sen	2	1	100 %
Co rat rpo e	1	0
1 To tal	304	293	4%

1 Before special items

RATING

Fresenius is covered by the rating agencies Standard& Poor's, Moody's, and Fitch.

The following table shows the corporate credit rating of Fresenius SE&Co. KGaA:

	Sta rd& nda Poo r's	Mo ody 's	Fitc h
Co red it r ati rat rpo e c ng	BB B	Baa 3	BB B -
Ou tlo ok	ble sta	ble sta	ble sta

OPPORTUNITIES AND RISK REPORT

Compared to the presentation in the consolidated financial statements and the Group management report as of December 31, 2024, applying section 315e HGB in accordance with IFRS, there have been the following important developments in Fresenius Group's overall opportunities and risk situation until June 30, 2025.

Particularly since April 2025, there were significant changes and announcements in U.S. trade policy. The latest tariff increases by the U.S. administration may have a negative impact on the Fresenius Group's business activities, particularly with regard to the import of pharmaceuticals and medical technology into the United States and on the respective supply chain.

At the end of July 2025, the United States and the European Union reached an agreement in the tariff dispute. The new agreement provides for a base tariff rate of 15% on European exports to the United States. It remains unclear at this point in time whether, when and to what extent potential tariffs could be imposed on pharmaceutical products. The high level of uncertainty in connection with U.S. tariffs and the associated volatility pose additional challenges in the current business environment. Reactions from U.S. trading partners, particularly China and the EU, could also have a negative impact on the U.S. business and the supply chains of the Fresenius Group. Those risks led to an increase in the risk group Economies&Market Conditions. While the potential impact on the business of Fresenius Group is continuously monitored, alternative production and procurement strategies for the affected products are analyzed.

In addition, significant progress was made in the first six months of 2025 regarding the restructuring of Fresenius Vamed. In the course of the sale of Vamed's international project business to the Worldwide Hospitals Group, bank guarantees for performance commitments in connection with the divested international project business of Vamed have been reassessed. This led to an increase in the risk group Acquisitions, Investments&Transformations. To the contrary, related significant project risks are no longer part of the risk reporting. These consist in particular of risks from ongoing large-scale projects resulting in a reduction of the risk group Production&Services.

Apart from this, the risk situation across the remaining top 10 risk groups remains essentially unchanged and can be summarized as follows.

For the risk group healthcare financing, innovation and competition, national tenders in China as part of the National Volume-based Procurement (NVBP) and Provincial Volumebased Procurement (PVBP) as well as planning uncertainties surrounding the Hospital Reform and the Nursing Staff Strengthening Act in Germany continue to be significant risk drivers. In addition, the Fresenius Group continues to be confronted with an intense competitive environment – particularly in the United States and with regard to the development of new products, technologies and services.

The development of customer dependencies in the United States as well as potential delays in market entry and market sales deficits for new products for Fresenius Kabi continue to be relevant risks within the risk group sales, customers and product strategy.

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. Legal proceedings are reported on page 54 in the notes of this report.

Currency and interest rate risks continue to be relevant for the Group. In addition, errors in financial or non-financial reporting can have a material impact on the Fresenius Group.

Compliance risks, particularly with regard to the constantly changing regulatory environment, continue to be relevant for the Fresenius Group. Other potential risks are also regularly examined as part of compliance investigations.

In addition, the Fresenius Group continues to face a very pronounced general cyber security threat situation, especially in relation to healthcare facilities and production sites. The war in Ukraine and the tension between the Russian government and the countries that support Ukraine's efforts continue to be an influential factor. Developments in this context are continuously monitored and plans and measures for a possible escalation are developed.

The Fresenius Group is continuously working to improve its business continuity management and is constantly expanding production capacities in order to be able to react to potential manufacturing interruptions and delivery delays.

This also applies to risks in connection with drug approval or the quality of products and services.

Overall, the above-mentioned factors can have a negative impact on our net assets, financial position, and results of operations

OUTLOOK 2025

ASSUMPTIONS FOR GUIDANCE FY/25

Trends towards a changing geopolitical order have been observable since the beginning of fiscal year 2025. The potential implications of this for tariffs, taxes, regulation, administration and political decision-making, for example, may have direct and indirect negative effects on the industry environment and the business activities of the Fresenius Group, although these cannot be estimated at present.

When Fresenius gave guidance in February, the company acknowledged the fast-moving macro-economic and geopolitical environment, resulting in a higher level of operational uncertainty. Fresenius' guidance continues to reflect current factors and known uncertainties, such as potential impacts from tariffs -- to the extent they can currently be assessed. It does not take account of potential extreme scenarios from the fast-moving macro-economic and geopolitical environment, that could affect the company, its peers, and the healthcare sector as a whole.

Regardless of this, the Management Board assesses the business prospects for the Group as positive and expects a successful fiscal year 2025.

Fresenius will continue to closely monitor the potential impact of increased volatility and reduced visibility on its business and balance sheet.

All of these assumptions are subject to considerable uncertainty.

GROUP REVENUE AND EARNINGS

In 2025, we expect revenue and earnings development of the Group as shown in the table below:

GROUP FINANCIAL TARGETS 2025

	Tar s 20 25 get	Bas e 20 24
	5-- 7%	€2 1, 526 m
Rev h wt en ue gro	(pr evi ous :	(or ic gan
(or ic) gan	4-- 6% )	h 8 %) wt gro
		€2 48 9 m ,
		(gr th in c ow on
h1 EB IT wt gro		sta nt cur ren cy:
(in ) sta nt con cur ren cy	3-- 7%	10 %)

1 Before special items

Organic growth rate adjusted for accounting effects related to Argentina hyperinflation

REVENUE AND EARNINGS OF THE OPERATING COMPANIES

In 2025, we expect revenue and earnings development in our Operating Companies as shown in the table below:

FINANCIAL TARGETS OF THE OPERATING COMPANIES 2025

1 Op tin Co ies era g mp an	Tar s 20 25 get	Bas e 20 24
Fre ius Ka bi sen
Rev h wt en ue gro (or ic) gan	Mi ig ing ig it d-t o-h h-s le-d th tag per cen e g row	€8 414 m ,
EB IT in ma rg	16- -16 .5% (str l m in uct ura arg ban d: 16- -18 %)	€1 31 9 m , (m in: ) 15. 7% arg
Fre ius He lios sen
Rev h wt en ue gro (or ic) gan	Mi ing ig it p d-s le-d er th tag cen e g row	€1 2, 739 m
EB IT in ma rg	Aro und 10 % (str l m in uct ura arg ban d: 10- -12 %)	€1 288 m , (m in: 10. 1% ) arg

1 Before special items

Organic growth rate adjusted for accounting effects related to Argentina hyperinflation

EXPENSES

For fiscal year 2025, we expect selling, general, and administrative expenses (before special items) as a percentage of consolidated net revenue to slightly increase compared to 2024 (2024: 11.8%).

TAX RATE

For fiscal year 2025, we expect a tax rate between 25% and 26% (2024: 25.9%).

LIQUIDITY AND CAPITAL MANAGEMENT

For fiscal year 2025, we expect a cash conversion rate of around 1.0.

In addition, undrawn credit lines under syndicated or bilateral credit facilities from banks provide us with sufficient financial headroom.

Financing activities in fiscal year 2025 will be largely geared towards refinancing existing financial liabilities maturing in 2025.

Net interest expenses are now expected to be around €350 million (previously: €370 million to €390 million).

In fiscal year 2025, deleveraging will remain a key priority for us. In February 2025, we have adjusted our target corridor which is set at 2.5x to 3.0x.

Without further acquisitions and divestments, Fresenius expects the net debt/EBITDA1 ratio at the end of 2025 to be within the new self-imposed target corridor of 2.5× to 3.0× (December 31, 2024: 3.0×).

Other than that, there are no significant changes in the financing strategy planned for 2025.

INVESTMENTS

In 2025, we expect to invest about 5% of revenue in property, plant and equipment. About 56% of the capital expenditure planned will be invested at Fresenius Helios and about 38% at Fresenius Kabi.

Fresenius Helios will primarily invest in measures at the individual hospital locations in Germany and in new hospital buildings and expansions in Spain.

Fresenius Kabi will mainly invest in expansion and maintenance in 2025. This includes, in particular, the expansion of production facilities and in-licensing projects for biosimilars molecules.

With a share of around 88%, Europe is the regional focus of investment in the planning period. Around 8% of the investments are planned for North America and around 2% for Asia-Pacific, Latin America, and Africa. About 43% of total funds will be invested in Germany.

For 2025, we expect return on invested capital (ROIC) to be above 6.0% (2024: 6.2%).

CAPITAL STRUCTURE

For fiscal year 2025, we expect the equity ratio to increase about 2 percentage points compared to fiscal year 2024 (2024: 47%). Furthermore, we expect that financial liabilities in relation to total assets will slightly decrease in fiscal year 2025 (2024: 31%).

DIVIDEND

Fresenius is committed to generating attractive and predictable dividend yields as set out in the Fresenius Financial Framework. As part of the full-year reporting in February 2025, Fresenius defined a new dividend policy. Our target is to distribute ~30 – 40% of core net income (net income excluding FMC, before special items). The new dividend policy reflects the capital allocation priorities in line with the #FutureFresenius strategy. It also underscores our intention to reinvest in growth, reduce leverage, maintain a solid investment grade rating and provide attractive shareholder returns.

For fiscal year 2024, a dividend of €1.00 per share was proposed to the Annual General Meeting. The payout to the shareholders of Fresenius SE&Co. KGaA amounted to €563 million or 32% of consolidated net income. Based on the 2024 year-end share price, the dividend yield was 3.0%.

NON-FINANCIAL TARGETS

The KPIs cover the key sustainability topics of medical quality and employees and these quantitative ESG KPIs are reflected in the short-term variable Management Board compensation (Short-Term Incentive -- STI).

The topic of employees is measured with the key figure of the Employee Engagement Index (EEI) for the Fresenius Group. Fresenius is aiming for an EEI of 4.33 (achieved 2024: 4.02) for fiscal year 2025 (corresponds to 100% target achievement).

The Medical Quality topic is composed of equally weighted key figures that are defined at the business segment level. The indicators are based on the respective relevance for the business model.

Fresenius Kabi aims for an Audit&Inspection Score of at most 2.3 (achieved 2024: 1.7; 100% target achievement).

Helios Germany aims to achieve an Inpatient Quality Indicator (G-IQI) score of at least 88% (achieved 2024: 90.7%; 100% target achievement), and Helios Spain aims to achieve a score of at least 75% (achieved 2024: 73.3%; 100% target achievement).

FRESENIUS SE&CO. KGAA CONSOLIDATED STATEMENT OF INCOME

€ i illio n m ns	Q2 /20 25	¹ Q2 /20 24 ated rest	Q2 /20 24 viou pre s	H1 / 202 5	¹ H1 /20 24 ated rest	H1 /20 24 viou pre s
Rev en ue	5, 58 1	5, 44 0	5, 46 0	11, 232	10, 790	10, 837
Co of sts re ven ue	-4, 123	-4, 015	-4, 237	363 -8,	-7, 95 1	-8, 237
Gr ofi t oss pr	1, 45 8	1, 425	1, 223	2, 869	2, 839	2, 600
Se llin al a nd ad mi nis tive tra g, ge ner ex pen ses	-74 0	-72 0	-81 1	-1, 383	-1, 39 0	-1, 48 7
Res ch and de vel nt ear op me exp ens es	-16 4	-15 5	-15 5	-30 4	-29 4	-29 4
Oth tin lt er op era g r esu	6	9	8	65	3	2
Op tin inc e ( IT) EB era g om	56 0	55 9	265	1, 247	1, 158	82 1
Inc e f in ed for ing th ity tho d tm ent unt om rom ves s a cco us e e qu me	38	1	1	56	-29	-29
t in Ne ter est	-86	-10 9	-10 8	-16 7	-22 0	-22 0
Oth fin ial ult er anc res	-21	--	--	-34	--	--
inc Inc e b efo e t om re om axe s	49 1	45 1	158	1, 102	909	572
Inc e ta om xes	6 -14	-21 3	-17 0	6 -28	-34 9	-29 5
t in nti ing tio Ne e f com rom co nu op era ns	345	23 8	-12	816	56 0	277
olli int in nti ing tio No ntr sts nco ng ere co nu op era ns	13	-9	-66	28	10	-55
Ne t in e f nti ing tio rib ble att uta to com rom co nu op era ns of niu s S E& Co Ga sha reh old Fr . K A ers ese	332	247	54	788	55 0	332
Ne t in e f di nti d o ati com rom sco nue per ons	-2	-81 3	-56 3	-22 9	-84 6	-56 3
No olli int in di nti d o ati ntr sts nco ng ere sco nue per ons	--	-19 3	-13 6	0	-20 1	-13 6
t in di nti tio rib Ne e f ed ble att uta com rom sco nu op era ns sha reh old of Fr niu s S E& Co . K Ga A to ers ese	-2	-62 0	-42 7	-22 9	-64 5	-42 7
t in Ne com e	343	-57 5	-57 5	58 7	6 -28	6 -28
No olli int in t in ntr sts nco ng ere ne com e	13	-20 2	-20 2	28	-19 1	-19 1
t in ibu of niu s S E& Co Ga Ne tab le t ha reh old Fr . K A ttr com e a o s ers ese	33 0	-37 3	-37 3	55 9	-95	-95
rni in € asi dil Ea sha (b nd d) ute ng s p er re c a	0.5 8	-0. 66	-0. 66	0.9 9	-0. 17	-0. 17
the f b d o inc e f nti ing tio et reo ase n n om rom co nu op era ns	0.5 9	0.4 4	0.1 0	0 1.4	0.9 8	0.5 9
the f b d o inc e f di nti d o ati et reo ase n n om rom sco nue per ons	-0. 01	-1. 10	-0. 76	-0. 41	-1. 15	-0. 76

1 Prior year figures have been adjusted due to the gradual exit from Fresenius Vamed.

FRESENIUS SE&CO. KGAA CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

€ i illio n m ns	Q2 /20 25	Q2 /20 24	H1 / 202 5	H1 /20 24
Ne t in com e	343	-57 5	58 7	-28 6
nsi inc Ot he he 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
For eig nsl ati tra n c urr enc on y	-53 6	26	-82 8	140
Ca sh flow he dg es	7	4	17	6
FV OC I de bt ins tru nts me	1	--	-1	--
Eq uity eth od inv har f co reh ive in est m ees – s e o mp ens com e	-26 9	28	-41 2	75
siti hic ill b ifie Inc h w ecl d e ta om xes on po ons w e r ass	-1	-1	-2	-1
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 efi nef it p ion Ac l ga (lo s) o n d ned be lan tua sse ens p s	--	32	42	32
FV OC I eq uity in tm ent ves s	--	-1	3	-1
Eq uity eth od inv har f co reh ive in est m ees – s e o mp ens com e	8	5	18	8
Inc siti hic h w ill n be las sifi ed e ta ot om xes on po ons rec w	--	-10	-13	-10
nsi inc Ot he he e ( los s), net r c om pre ve om	-79 0	83	-1, 176	249
siv To tal reh e lo co mp en ss	-44 7	-49 2	-58 9	-37
Co reh siv e i (lo ss) tri bu tab le t llin int at tro sts mp en nco me o n on con g ere	-4	-19 9	2	-17 8
Co siv e i (lo ss) tri niu s S E& Co Ga reh bu tab le t ha reh old of Fr . K A at mp en nco me o s ers ese	-44 3	-29 3	-59 1	141

FRESENIUS SE&CO. KGAA CONSOLIDATED STATEMENT OF FINANCIAL POSITION

ASSETS

LIABILITIES

€ i illio n m ns	Jun e 30 , 20 25	Dec ber 31, 202 4 em
Cas h a nd h e iva len ts cas qu	1, 226	2, 282
Tra de d o the cei vab les les llow nts acc ou an r re s a anc es , for ted ed it lo ex pec cr sse s	3, 803	3, 50 0
Inv ori ent es	2, 592	2, 573
Oth fin ial ets er anc ass	1, 575	42 2 1,
Oth ets er ass	1, 202	1, 145
iva Inc ble e ta om x r ece s	256	214
As s h eld fo le set r sa	229	31 0
I. T l cu ota nt ets rre ass	10, 883	6 11, 44
Pro lan nd uip ty, t a nt per p eq me	8, 355	8, 569
Rig ht- of- set use as s	1, 275	1, 32 1
Go ill odw	14, 55 8	15, 085
Oth int ible set er ang as s	2, 270	2, 42 2
ius ica l C in Fre M ed tm ent sen are ves d f usi the uity eth od nte acc ou or ng eq m	2, 803	3, 639
Oth fin ial ets er anc ass	46 2	42 6
Oth ets er ass	252	23 1
De fer red ta xes	46 2	41 1
II. To tal ent set no n-c urr as s	30 43 7 ,	32 104 ,
To tal set as s	41 32 0 ,	43 55 0 ,

€ i illio n m ns	Jun e 30 , 20 25	Dec ber 31, 202 4 em
Tra de ble nts acc ou pa ya	1, 147	1, 35 9
De bt	1, 005	746
liab ilit ies Lea se	169	172
Bo nds	1, 082	1, 854
Oth fin ial liab ilit ies er anc	672 1,	1, 549
Oth liab ilit ies er	2, 040	2, 094
Pro vis ion s	639	663
Inc x l iab ilit ies e ta om	220	148
Lia bil itie s d ire ctly iate d w ith as soc the s h eld fo le set as r sa	324	424
lia bil itie A. To tal sh ort -te rm s	8, 29 8	9, 009
De bt	1, 42 7	1, 740
Lea liab ilit ies se	1, 285	1, 32 8
1 Bo nds	7, 884	7, 737
Oth fin ial liab ilit ies er anc	1, 00 1	965
Oth liab ilit ies er	235	252
Pen sio n l iab ilit ies	569	605
Pro vis ion s	676	717
iab ilit ies Inc x l e ta om	6 33	280
De fer red ta xes	667	627
lia bil itie B. To tal lo -te ng rm s	14, 080	14, 25 1
I. T l lia bil itie ota s	22, 37 8	23, 26 0
ing in A. No oll ntr ter est nco s	660	748
Su rib ita bsc ed l cap	563	563
Ca ital p re ser ve	4, 314	4, 315
Oth er res erv es	13, 937	14, 038
Ac ula ted her reh ive in e ( los s) ot cum co mp ens com	-53 2	626
niu ' e ity B. To tal Fr s S E& Co . K Ga A s ha reh old ese ers qu	18, 282	19, 542
rs' II. To tal sh ho lde uit are eq y	18, 942	20, 29 0
lia bil itie ' eq uit To tal nd sha reh old s a ers y	41 32 0 ,	43 55 0 ,

1 See notes 14, Bonds and 15, Bonds -- exchangeable bond

FRESENIUS SE&CO. KGAA CONSOLIDATED STATEMENT OF CASH FLOWS

€ i illio n m ns	H1 / 202 5	¹ H1 /20 24 ated rest	H1 /20 24 viou pre s
tin cti vit ies Op era g a
Op tin cti vit ies tin uin ion rat era g a con g o pe s --
Ne t in e f nti ing tio com rom co nu op era ns	816	56 0	277
jus nci inc nti ing tio Ad le n e f h a nd tm ent s t et to o r eco om rom co nu op era ns cas
h e iva len vid ed by tin cti vit ies ts cas qu pro op era g a
De cia tio nd iza tio ort pre n a am n	53 0	594	613
Ch e in de fer red ta ang xes	-19	41	27
Ga in o ale of fix ed d o f in nd div itu ets tm ent est n s ass an ves s a res	-76	0	0
Ga in/ los s fr in ed for tm ent unt om ves s a cco
usi the uity eth od ng eq m	-56	29	29
Ch s in nd liab ilit ies of set et nts an ge as s a , n am ou
sin uir dis fro bu ed ed of m ess es acq or pos
Tra de d o the cei vab les nts acc ou an r re	9 -45	-36 9	-37 2
Inv ori ent es	-19 0	-15 7	-14 7
Oth nd t a ent set er cur ren no n-c urr as s	-36 7	6 -10	-42
Ac cei vab le f /pa ble late d p ies nts to art cou re rom ya re	-4	-66	-47
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	215	76	23 1
Inc x l iab ilit ies e ta om	117	112	112
ide ing tiv itie nti ing tio Ne ash d b t c rat pr ov y o pe ac s -- co nu op era ns	50 7	714	68 1
in/ vid tin cti vit ies dis tin tio Ne ash ed ed by ued t c us pro op era g a con op era ns --	-33	-4	29
ide ing tiv itie Ne ash d b t c rat pr ov y o pe ac s	474	710	710
ing tiv itie Inv est ac s
Inv ing tiv itie nti ing tio est ac s -- co nu op era ns
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	-39 0	-33 8	-33 9
Pro ds fro ale f p lan nd ipm ert t a ent cee m s s o rop y, p equ	0	2	2
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	-90	-49	-49
Pro ds fro ale of in nd div itu tm ent est cee m s ves s a res	47 2	224	224
Div ide nds cei ved fro Fre ius M ed ica l C re m sen are	121	112	112
ide in inv ing tiv itie nti ing tio Ne ash d b /us ed t c est pr ov ac s -- co nu op era ns y	113	-49	-50
Ne ash ed in inv ing tiv itie di nti ed tio t c est us ac s -- sco nu op era ns	-22 1	-10	-9
in in tin cti vit ies Ne sed t u ves g a	-10 8	-59	-59

1 Prior year figures have been adjusted due to the gradual exit from Fresenius Vamed.

FRESENIUS SE&CO. KGAA CONSOLIDATED STATEMENT OF CASH FLOWS

€ i illio n m ns	H1 / 202 5	¹ H1 /20 24 ated rest	H1 /20 24 viou pre s
Fin cin cti vit ies an g a
Fin cin cti vit ies tin uin ion rat an g a con g o pe s --
Pro ds fro ho de bt rt-t cee m s erm	59	75	75
Re of sh de bt nts ort -te pay me rm	-57	-32 8	-32 8
Pro ds fro lon m d ebt ter cee m g-	51	4	4
Re of lo m d ebt nts ter pay me ng-	-48	-51 7	-47 7
of liab ilit ies Re lea nts pay me se	-80	-88	-89
Re of lia bil itie s fr bo nds nts pay me om	-1, 250	-70 0	-70 0
Pro ds fro he iss of t he han ble bo nd m t cee uan ce exc gea	609	--	--
Re of rtib le b ds nts pay me co nve on	--	-50 0	-50 0
Div ide nds id pa	-65 6	--	--
Ch e in olli int ntr sts et ang no nco ng ere , n	1	-7	-7
Ne ash ed in fin cin cti vit ies tin uin ion t c rat us an g a con g o pe s --	-1, 37 1	-2, 06 1	-2, 022
ide in fin cin cti vit ies dis tin tio Ne ash d b /us ed ued t c pr ov y an g a con op era ns --	0	20	-19
Ne ash ed in fin cin cti vit ies t c us an g a	-1, 37 1	-2, 04 1	-2, 04 1
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	-35	-7	-7
Ne t d e i ash d c ash uiv ale nts ecr eas n c an eq	040 -1,	39 -1, 7	39 -1, 7
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	2, 282	2, 562	2, 562
uiv f th rtin eri les ash d c ash ale the d o od nts at s c an eq en e r epo g p sho de r "a ts h eld fo le" wn un sse r sa	16	57	57
Ca uiv of rtin eri sh d c ash ale th nd the od nts at an eq e e re po g p	226 1,	1, 108	1, 108

1 Prior year figures have been adjusted due to the gradual exit from Fresenius Vamed.

ADDITIONAL INFORMATION ON PAYMENTS

THAT ARE INCLUDED IN NET CASH PROVIDED BY OPERATING ACTIVITIES – CONTINUING OPERATIONS

€ i illio n m ns	H1 / 202 5	¹ H1 /20 24 ated rest	H1 /20 24 viou pre s
Rec eiv ed int st ere	41	36	36
Pai d i nte t res	-19 7	-24 9	-24 9
id Inc e ta om xes pa	-17 9	-20 0	-19 9

1 Prior year figures have been adjusted due to the gradual exit from Fresenius Vamed.

		Su bsc rib ed Ca ital p		Res erv es
	Num ber of inar ord 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
As of De be r 3 1, 202 3 cem	563 237 ,	563 237 ,	563	4, 32 6	14, 092
Div ide id nds pa					--
Oth cha s in uit fro inv est nts er nge eq m me y d f usi uity the eth od nte acc ou or ng eq m	--	--	--	2	-99
Tra ctio wit h n llin int ith lo of l tro sts out tro nsa ns on con g ere ss con w				--
olli int in lida tio No du han ntr sts e t nco ng ere o c ges co nso n g rou p				--
Put tio n l iab ilit ies op					-9
Co reh ive in e ( los s) mp ens com
t in Ne com e					-95
Oth hen siv e in e ( los s) er com pre com
Ca flow sh 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 in o n d efi ned be nef it p ion lan tua ens p s
Eq uity eth od inv har f co reh ive in est m ees – s e o mp ens com e
Co ive in reh e ( los s) mp ens com					-95
As of Ju 30, 20 24 ne	563 237 ,	563 237 ,	563	4, 32 8	13, 889

		Su bsc rib ed Ca ital p	Res erv es
	Num ber of inar ord 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
As of De be r 3 1, 202 4 cem	563 237 ,	563 237 ,	563	4, 315	14, 038
Div ide id nds pa					-56 3
Oth cha s in uit fro inv est nts er nge eq m me y d f usi uity the eth od nte acc ou or ng eq m	--	--	--	-1	-98
Tra ctio wit h n llin int ith lo of l tro sts out tro nsa ns on con g ere ss con w				--
olli int in lida tio No du han ntr sts e t nco ng ere o c ges co nso n g rou p				--
Put tio n l iab ilit ies op				--	-7
Rec las sifi ion of lati ins /lo f e ity inv cat est nts cu mu ve ga sse s o qu me , def ine d b fit sio lan nd sha of uity eth od inv est ene pen n p s a re eq m ees					8
Co reh ive in e ( los s) mp ens com
Ne t in com e					559
Oth hen siv e in e ( los s) er com pre com
Ca flow sh 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 in o n d efi ned be nef it p ion lan tua ens p s
De bt ins tru nts me
Eq uity eth od inv har f co reh ive in est m ees – s e o mp ens com e
Co reh ive in e ( los s) mp ens com					559
As of Ju 30, 20 25 ne	563 237 ,	563 237 ,	563	4, 314	13, 937

		Ac ula ted her ot cum
	For eig 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 and de bt inst ents rum € in mi llion s	Equ ity m eth od inve stee s -- f sha re o hen sive com pre inco me € 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
As of De be r 3 202 3 1, cem	313	-65	6 -15	-31	-43	18, 999	652	19, 65 1
Div ide nds id pa						--	-2	-2
Oth s in uit fro inv cha est nts er nge eq y m me d f usi the uity eth od nte acc ou or ng eq m						-97	--	-97
ctio wit llin int ith of Tra h n lo l tro sts out tro nsa ns on con g ere w ss con						--	124	124
No olli int du han in lida tio ntr sts e t nco ng ere o c ges co nso n g rou p						--	-39	-39
tio iab ilit ies Put n l op						-9	12	3
Co reh ive in e ( los s) mp ens com
Ne t in com e						-95	-19 1	-28 6
Oth hen siv e in e ( los s) er com pre com
Ca sh flow he dg es		5				5	--	5
Ch f F VO CI uity in tm ent ang e o eq ves s				-1		-1	--	-1
For eig nsl ati tra n c urr enc on y	128	0	-1	--	--	127	13	140
Ac ria l ga in o n d efi ned be nef it p ion lan tua ens p s			22			22	--	22
Eq uity eth od inv har f co reh ive in est m ees – s e o mp ens com e					83	83	--	83
Co reh ive in e ( los s) mp ens com	128	5	21	-1	83	141	-17 8	-37
of As Ju 30, 20 24 ne	44 1	-60	-13 5	-32	40	19, 034	56 9	603 19,

		Ac ula ted her ot cum
	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 and de bt inst ents rum € in mi llion s	Equ ity m eth od inve stee s -- sha f re o hen sive com pre inco me € in mi llion s	Tot al Fre ius sen SE& Co. KG aA sha reh olde rs' ity equ € in mi llion s	Non trol ling con inte rest s € in mi llion s	Tot al sha reh olde rs' ity equ € in mi llion s
of As De be r 3 1, 202 4 cem	736	-56	-15 1	-33	130	19, 542	748	20, 29 0
Div ide nds id pa						-56 3	-93	-65 6
Oth cha s in uit fro inv est nts er nge eq y m me d f usi the uity eth od nte acc ou or ng eq m						-99	--	-99
Tra ctio wit h n llin int ith lo of l tro sts out tro nsa ns on con g ere w ss con						--	-2	-2
No olli int du han in lida tio ntr sts e t nco ng ere o c ges co nso n g rou p						--	5	5
Put tio n l iab ilit ies op						-7	--	-7
Rec las sifi ion of lati ins /lo f e ity inv cat est nts cu mu ve ga sse s o qu me , def ine d b fit sio lan nd sha of uity eth od inv est ene pen n p s a re eq m ees			-4	-2	-2	--	--	--
Co reh ive in e ( los s) mp ens com
Ne t in com e						559	28	587
Oth siv e in hen e ( los s) er com pre com
Ca sh flow he dg es		15				15	--	15
Ch f F VO CI uity in tm ent ang e o eq ves s				2		2	--	2
For eig nsl ati tra n c urr enc on y	-80 3	-1	2	--	--	-80 2	-26	-82 8
Ac ria l ga in o n d efi ned be nef it p ion lan tua ens p s			30			30	--	30
ins De bt tru nts me				-1		-1	--	-1
Eq uity eth od inv har f co reh ive in est m ees – s e o mp ens com e					-39 4	-39 4	--	-39 4
Co ive in reh e ( los s) mp ens com	-80 3	14	32	1	-39 4	-59 1	2	-58 9
As of Ju 30, 20 25 ne	-67	-42	-12 3	-34	-26 6	18, 282	660	18, 942

FRESENIUS SE&CO. KGAA CONSOLIDATED SEGMENT REPORTING FIRST HALF

All figures are reported excluding the discontinued operations of Fresenius Vamed, except for net income.

	Fre	ius Ka bi sen			Fre ius He lios sen			Co e/O the rat rpo r			Fre ius Gr sen ou p
by bus ine € i illio nt, ss seg me n m ns	52 202	42 202	Gro wth	52 202	42 202	Gro wth	53 202	43, 5 202	Gro wth	202 5	45 202	Gro wth
Rev en ue	4, 257	4, 152	3%	6, 764	6, 384	6%	21 1	254	-17 %	11, 232	10, 790	4%
the f co ibu tio olid d r ntr n t ate reo o c ons eve nue	4, 230	4, 126	3%	6, 76 1	6, 37 1	6%	24 1	293	-18 %	11, 232	10, 790	4%
the f in ter reo com pan y r eve nue	27	26	4%	3	13	-77 %	-30	-39	23 %	--	--
trib uti sol ida ted to con on con re ven ue	38 %	38 %		60 %	59 %		2%	3%		100 %	100 %
EB ITD A	95 1	912	4%	934	959	-3%	-10 8	-11 9	9%	1, 777	1, 752	1%
De cia tio nd iza tio ort pre n a am n	245	268	-9%	264	254	4%	21	72	-71 %	53 0	594	-11 %
EB IT	706	644	10 %	670	705	-5%	-12 9	-19 1	32 %	1, 247	1, 158	8%
Ne t in /ot her fin ial ult ter est anc res	-52	-70	26 %	0 -11	2 -14	23 %	-39	-8	--	-20 1	-22 0	9%
Inc e ta om xes	-14 2	-14 4	1%	-13 7	-13 3	-3%	-7	-72	90 %	-28 6	-34 9	18 %
No olli int ntr sts nco ng ere	-23	-35	34 %	-5	-6	17 %	0	31	-10 0%	-28	-10	-18 0%
Inc e f in ed for ing th ity tho d tm ent unt om rom ves s a cco us e e qu me	n.a	n.a		n.a	n.a		56	-29	--	56	-29	--
t in di nti ius ati Ne e f d F Va d o com rom sco nue res en me per ons	n.a	n.a		n.a	n.a		-22 9	-64 5	64 %	-22 9	-64 5	64 %
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.	48 9	395	24 %	41 8	424	-1%	-34 8	-91 4	62 %	559	-95	--
Op tin ash flo era g c w	32 7	41 6	-21 %	34 0	48 7	-30 %	-19 3	-19 3	0%	474	710	-33 %
Ca sh flow be for isit ion nd div ide nds e a cqu s a	181	284	-36 %	135	292	-54 %	-11 1	-10 0	-11 %	205	47 6	-57 %
1 eni dic al C As xcl . F Me set s e res us are	674 15,	16, 594	-6%	6 22, 55	22, 192	2%	287	1, 125	-74 %	38, 51 7	39, 91 1	-3%
Fre ius M ed ica l C in d f tm ent nte sen are ves ac cou or
1 usi uity the eth od ng eq m	n.a	n.a		n.a	n.a		2, 803	3, 639	-23 %	2, 803	3, 639	-23 %
1 De bt	3, 552	3, 56 8	0%	7, 169	7, 269	-1%	2, 131	2, 740	-22 %	12, 852	13, 57 7	-5%
1 Oth tin liab ilit ies er op era g	3, 817	4, 004	-5%	3, 782	3, 573	6%	936	1, 47 9	-37 %	8, 535	056 9,	-6%
Ca ital dit p ex pen ure , g ros s	125	120	4%	205	196	5%	38	17	124 %	36 8	333	11 %
Ac isit ion /in tm ent qu s, g ros s ves s	21	45	-53 %	67	0		1	0		89	45	98 %
Res ch and de vel nt ear op me exp ens es	30 1	292	3%	2	1	100 %	1	1	0%	304	294	3%
1 ita Em loy (p bal hee t d ) ate p ees er cap on anc e s	41 34 7 ,	6 41 58 ,	-1%	128 975 ,	128 55 8 ,	0%	5, 885	6, 34 2	-7%	176 207 ,	176 6 48 ,	0%
fig Key ure s
EB ITD A m in arg	22 .3%	22 .0%		13. 8%	15. 0%					2 16. 4%	2 17. 2%
EB IT in ma rg	16. 6%	15. 5%		9.9 %	11. 0%					2 11. 7%	2 12. 1%
De cia tio nd iza tio n i of n % ort pre n a am re ven ue	5.8 %	6.5 %		3.9 %	4.0 %					2 4.7 %	2 5.1 %
Op tin ash flo w i n % of era g c re ven ue	7.7 %	10. 0%		5.0 %	7.6 %					2 4.2 %	2 6.6 %
1 RO IC	8.4 %	8.0 %		5.4 %	5.8 %					4 6.2 %	4 6.2 %

1 2024: December 31

2 Before special items

3 After special items

4 The underlying pro forma EBIT does not include special items.

5 Prior year figures recognized in earnings have been adjusted due to the gradual exit from Fresenius Vamed.

For information regarding special items, please see note 3, Special items.

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

FRESENIUS SE&CO. KGAA CONSOLIDATED SEGMENT REPORTING SECOND QUARTER

All figures are reported excluding the discontinued operations of Fresenius Vamed, except for net income.

	Fre	ius Ka bi sen		Fre	ius He lios sen		Co e/O the rat rpo r			Fre ius Gr sen ou p
by bus ine € i illio nt, ss seg me n m ns	51 202	41 202	Gro wth	51 202	41 202	Gro wth	52 202	42, 3 202	Gro wth	202 5	43 202	Gro wth
Rev en ue	2, 111	2, 101	0%	3, 37 0	3, 230	4%	100	109	-8%	5, 58 1	5, 44 0	3%
the f co ibu tio olid d r ntr n t ate reo o c ons eve nue	2, 097	2, 088	0%	3, 36 9	3, 223	5%	115	129	-11 %	58 5, 1	0 5, 44	3%
the f in ter reo com pan y r eve nue	14	13	8%	1	7	-86 %	-15	-20	25 %	--	--
trib uti ida sol ted to con on con re ven ue	38 %	38 %		60 %	59 %		2%	3%		100 %	100 %
EB ITD A	47 2	47 2	0%	46 9	48 5	-3%	-11 3	-73	-55 %	828	884	-6%
De cia tio nd iza tio ort pre n a am n	126	138	-9%	132	128	3%	10	59	-83 %	268	325	-18 %
EB IT	34 6	334	4%	33 7	35 7	-6%	-12 3	-13 2	7%	56 0	559	0%
Ne t in ter est	-25	-35	29 %	-56	-69	19 %	-26	-5	--	-10 7	-10 9	2%
Inc e ta om xes	-67	-79	15 %	-69	-68	-1%	-10	-66	85 %	6 -14	-21 3	31 %
No olli int ntr sts nco ng ere	-12	-17	29 %	-2	-5	60 %	1	31	-97 %	-13	9	--
Inc e f in ed for ing th ity tho d tm ent unt om rom ves s a cco us e e qu me	n.a	n.a		n.a	n.a		38	1	--	38	1	--
Ne t in e f di nti d F ius Va d o ati com rom sco nue res en me per ons	n.a	n.a		n.a	n.a		-2	-62 0	100 %	-2	-62 0	100 %
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.	242	203	19 %	210	215	-2%	-12 2	-79 1	85 %	33 0	-37 3	188 %
Op tin ash flo era g c w	217	259	-16 %	34 8	604	-42 %	-14 7	-15 5	5%	8 41	708	% -41
Ca sh flow be for isit ion nd div ide nds e a cqu s a	147	192	-23 %	24 1	53 0	-55 %	-61	-52	-17 %	32 7	670	-51 %
Ca ital dit p ex pen ure , g ros s	69	68	1%	106	74	43 %	35	8	--	210	150	40 %
isit ion /in Ac tm ent qu s, g ros s ves s	--	37	-10 0%	67	0		0	0		67	37	81 %
Res ch and de vel nt ear op me exp ens es	163	155	5%	1	1	0%	0	-1	100 %	164	155	6%
Key fig ure s
in EB ITD A m arg	22 .4%	22 .5%		13. 9%	15. 0%					1 16. 5%	1 17. 3%
EB IT in ma rg	16. 4%	15. 9%		10. 0%	11. 1%					1 11. 7%	1 12. 2%
De cia tio nd iza tio n i n % of ort pre n a am re ven ue	6.0 %	6.6 %		3.9 %	4.0 %					1 4.8 %	1 5.1 %
Op tin ash flo w i n % of era g c re ven ue	10. 3%	12. 3%		10. 3%	18. 7%					1 % 7.5	1 13. 1%

1 Before special items

2 After special items

3 Prior year figures recognized in earnings have been adjusted due to the gradual exit from Fresenius Vamed.

For information regarding special items, please see note 3, Special items.

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

TABLE OF CONTENTS NOTES

• -
  -
  -
  • 42 IV. Recent pronouncements, applied 49 12. Interests in associates 58 22. Share-based compensation plans
  • 42 V. Recent pronouncements, not yet applied 50 13. Debt 59 23. Subsequent events
• 42 2. Acquisitions and divestitures

45 Notes on the consolidated statement of income

• 45 3. Special items
• 46 4. Revenue
• 47 5. Research and development expenses
• 47 6. Taxes
• 47 7. Earnings per share

40 General Notes 48 Notes on the consolidated statement of financial position 54 Other notes

• 40 1. Principles 48 8. Trade accounts and other receivables 54 18. Legal and regulatory matters
  -
  -
  -
  -
  -
  -
  • 53 15. Bonds exchangeable bond
  • 53 16. Noncontrolling interests
  • 53 17. Fresenius SE&Co. KGaA shareholders' equity

• 40 I. Group structure 48 9. Inventories 54 19. Financial instruments
• 41 II. Basis of presentation 48 10. Other financial assets 57 20. Information on capital management
• 41 III. Summary of significant accounting policies 49 11. Goodwill 57 21. Notes on the consolidated segment reporting
  -
  -
  • 52 14. Bonds 59 24. Corporate Governance

GENERAL NOTES

1. PRINCIPLES

Fresenius is a global healthcare group. As a therapy-focused healthcare company, Fresenius offers system-critical products and services for leading therapies for the treatment of critically and chronically ill patients. Besides the activities of the parent company Fresenius SE&Co. KGaA, Bad Homburg v. d. H., Germany, the activities are organized amongst the following legally independent business segments as of June 30, 2025:

• ► Fresenius Kabi
• ► Fresenius Helios

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 ''0''.

In May 2024, the Fresenius Group initiated the structured exit from its Investment Company Fresenius Vamed. Based on an overall plan, the exit takes place in the following major steps:

► the sale of a 70% majority stake in Vamed's rehabilitation business to PAI Partners. The transaction was completed on March 31, 2025.

• ► the sale of Vamed's activities in Austria to an Austrian consortium of construction companies Porr and Strabag. The sale is expected to be completed during the course of the second half of 2025.
• ► the sale of the Health Tech Engineering (HTE) unit, which was responsible for the international project business and accounted for approximately 15% of Fresenius Vamed's revenue, to the Worldwide Hospitals Group. Originally, it was planned to gradually scale back the HTE project business in an orderly manner by 2026. The transaction was closed at March 31, 2025.

The Vamed High-End Services (HES) business unit, which provides services for Fresenius Helios and other hospitals, was transferred to Fresenius and operates under the name Fresenius Health Services (FHS).

Since May 2024, in accordance with IFRS 5, the Vamed activities in Austria have been reported as a separate item (discontinued operations) in the consolidated statement of income and the consolidated statement of cash flows as well as in the consolidated statement of financial position (assets held for sale and liabilities directly associated with the assets held for sale, respectively). For reasons beyond the control of the Fresenius Group, the transaction will not be completed within 12 months of classification as held for sale. The Fresenius Group remains committed to the divestiture plan and continues to consider a divestiture highly probable.

The rehabilitation business was also reported as a separate item in the consolidated statement of income, the consolidated statement of financial position and the consolidated statement of cash flows in accordance with IFRS 5

since May 2024 until its disposal in September 2024. Since October 1, 2024, the investment has been accounted for using the equity method in accordance with IAS 28.

Since January 31, 2025 until the disposal on March 31, 2025, the business unit HTE was reported as discontinued operations in the consolidated statement of income and the consolidated statement of cash flows in accordance with IFRS 5.

The relevant IFRS requires valuation at fair value, which is derived from the purchase prices, if the fair value is below the carrying amount of the net assets.

For the coming years, including the expenses already incurred in fiscal year 2024, the exit from the project business is still expected to result in special items in the high three-digit million euro range, most of which are casheffective. The special items will be recognized in the consolidated financial statements if and to the extent that the respective recognition criteria are met. As a result of the exit from the project business including the wind-down of the remaining Vamed activities, Fresenius Vamed reassessed the business activities and already recognized special items of €473 million in EBIT in fiscal year 2024; further special items of €43 million were recognized in EBIT in the first half of 2025. Moreover, in connection with the sale of the international project business to the Worldwide Hospitals Group, an expense of €223 million, including operating losses, was recognized in the first half of 2025. The expense is reported in net income from discontinued operations and mainly results from future payment obligations in the coming years. Accordingly, the Fresenius Group has recognized an other financial liability of €201 million for these payment obligations.

Due to the application of IFRS 5 for use cases newly added in fiscal year 2025, the prior year figures have been adjusted in the consolidated statement of income and the consolidated statement of cash flows.

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 a format basically consistent with the consolidated financial statements as of December 31, 2024. 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, 2024.

The condensed consolidated financial statements and interim management report for the first half and the second quarter ended June 30, 2025 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, 2024 applying Section 315e HGB in accordance with IFRS as adopted by the EU.

Except for the reported sale of Vamed's international project business (see note 2, Acquisitions and divestitures), 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, 2025 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 ended June 30, 2025 are not necessarily indicative of the results of operations for fiscal year 2025.

The prior year figures have been adjusted in the consolidated statement of income, the consolidated statement of cash flows and in the corresponding notes due to the application of IFRS 5 for use cases newly added in fiscal year 2025.

To improve the presentation of cash flows from continuing operations, changes due to purchase prices received or liquidity provided in connection with discontinued operations are reported under discontinued operations in the consolidated statement of cash flows starting with the first half of 2025; prior year periods are presented on a comparable basis.

In the first half of 2025, Fresenius Helios used subsidies for investments in property, plant and equipment in the amount of €47 million (H1/ 2024: €14 million), that were offset in the consolidated statement of cash flows in the item purchase of property, plant and equipment.

Due to inflation in Argentina, Fresenius Group's subsidiaries operating in Argentina apply IAS 29, Financial Reporting in Hyperinflationary Economies. For the first half of 2025, the application of IAS 29 resulted in an effect on net income from continuing operations attributable to shareholders of Fresenius SE&Co. KGaA of -€6 million (H1 / 2024: -€15 million) included in selling, general and administrative expenses. The ongoing re-translation effects of hyperinflationary accounting and its impact on comparative amounts are recorded in other comprehensive income (loss) within the consolidated financial statements.

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.

The Fresenius Group has prepared its consolidated financial statements at and for the first half ended June 30, 2025 in conformity with IFRS, as adopted by the EU, that must be applied for the interim periods starting on or after January 1, 2025.

For the first half of 2025, no new standards relevant for Fresenius Group's business were applied for the first time.

The IASB issued the following new standard relevant for the Fresenius Group's business:

In April 2024, the IASB issued IFRS 18, Presentation and Disclosure in Financial Statements. IFRS 18 amends a number of other standards and replaces IAS 1, Presentation of Financial Statements. However, the new standard carries forward most of its requirements while introducing new guidance to increase transparency and comparability of financial statements. IFRS 18 requires structuring the statement of profit or loss in three newly defined categories and enhanced disclosures for company-specific measures, among others.

IFRS 18 is effective for fiscal years beginning on or after January 1, 2027. Earlier adoption is permitted. The Fresenius Group is currently evaluating the impact of IFRS 18 on the consolidated financial statements.

The EU Commission's endorsement of IFRS 18 is still outstanding.

Generally, the Fresenius Group does not make use of the option of earlier adoption.

In the Fresenius Group's view, there are no other IFRS standards not yet effective that would be expected to have a material impact on the consolidated financial statements.

2. ACQUISITIONS AND DIVESTITURES

The Fresenius Group made acquisitions, investments and purchases of intangible assets of €89 million and €45 million in the first half of 2025 and 2024, respectively. Of this amount, €67 million was used to buy back own receivables.

In the first half of 2025, €90 million was paid in cash, including €1 million in subsequent purchase price payments already recognized as liabilities.

In the first half of 2025, Fresenius Kabi spent €21 million (H1 / 2024: €45 million) on acquisitions, mainly for milestone payments relating to the acquisition of Merck KGaA's biosimilars business which were already recognized as liabilities as part of the acquisition.

On May 2, 2024, the Fresenius Group announced that it would sell a majority stake in Fresenius Vamed's rehabilitation business to PAI Partners, an international private equity firm. Subsequent to the sale in September 2024, the Fresenius Group held a 30% stake in the business through an investment in Aceso Topco 1 S.à r.l. accounted for using the equity method. Due to a capital increase at Aceso Topco 1 S.à r.l. in June 2025, the Fresenius Group's stake was decreased to 23.4%. The rehabilitation business which also includes specialized healthcare services in the areas of prevention, acute care and nursing, was Fresenius Vamed's largest business unit. With approximately 13,000 employees, it provides inpatient and outpatient rehabilitation services to approximately 100,000 patients every year in various European countries.

On May 8, 2024, the Fresenius Group announced that it initiated the structured exit from its Investment Company Fresenius Vamed. An Austrian consortium of construction companies Porr and Strabag has agreed to acquire Fresenius Vamed's activities in its Austrian home market. The transaction includes Fresenius Vamed's entities responsible for the technical management of the Vienna General Hospital (AKH Wien), the Austrian project business that is part of Fresenius Vamed's Health Tech Engineering business unit and shares in several spas throughout Austria. The sale is expected to be completed during the course of the second half of 2025. An agreement on the sale of the international project business of the Health Tech Engineering (HTE) business unit to Worldwide Hospitals Group (WWH) was reached on January 31, 2025. The transaction was closed at March 31, 2025 and involved the transfer of liquidity and future payment obligations. The sale resulted in a negative

special item of €210 million, which is reported in net income from discontinued operations. Thereof, €201 million will be cash-effective in future periods up to 2027. Taking into account the expenses already incurred in fiscal year 2024, the total special items for the exit from the project business are therefore in the expected high three-digit million euro range. The Fresenius Group also holds bank guarantees for performance commitments in connection with the divested international project business in the low three-digit million euro range.

The Fresenius Vamed business units earmarked for sale are reported as separate items (discontinued operations and assets held for sale and liabilities directly associated with the assets held for sale, respectively) in the relevant periods.

Net income from Fresenius Vamed's discontinued operations (including special items) was comprised of the following:

€ i illio n m ns	H1 / 202 5	H1 /20 24
Rev en ue	238	765
Ex pen ses	-24 4	-1, 092
inc Inc e b efo e t om re om axe s	-6	-32 7
Inc e ta om xes	-11	54
Ne t in com e	-17	-27 3
Los s d sub of di nti d to t re ent ue seq uen me asu rem sco nue tio at f air lue les ll ost to op era ns va s c se
lida tio and du o d e t eco nso n	-21 2	-57 3
Ne t in e f di nti ed Fre ius com rom sco nu sen ion S 5 Va d o nd IFR rat me pe s u er	-22 9	6 -84

For a more appropriate presentation of the financial effects, eliminations of intercompany transactions with Fresenius Vamed have been allocated to discontinued Fresenius Vamed operations, taking into account future supply and service relationships. As of June 30, 2025, the cumulative losses recognized in other comprehensive income (loss) relating to the discontinued Fresenius Vamed operations amounted to €49 million.

The carrying amounts of the main groups of assets and liabilities disposed of as part of the exit from Fresenius Vamed at the time of disposal on March 31, 2025 were as follows:

€ i illio n m ns	Ma rch 31, 202 5
Ca sh and sh iva len ts ca equ	207
Oth t as set er cur ren s	177
No ent set n-c urr as s	109
isp As s d d o f set ose	493
Sh lia bil itie ort -te rm s	283
Lon liab ilit ies ter g- m	176
Lia bil itie isp s d d o f ose	45 9

On March 4, 2025, the Fresenius Group announced the sale of 10.6 million existing shares of Fresenius Medical Care AG at a placement price of €44.50 per share. Furthermore, the Fresenius Group announced the placement of senior unsecured bonds due in 2028 with an aggregate principal amount of €600 million exchangeable into shares of Fresenius Medical Care AG (see note 15, Bonds -- exchangeable bond). In total, the Fresenius Group received gross proceeds of approximately €1.1 billion.

On April 8, 2025, the Fresenius Group signed an agreement to transfer its plant in Anápolis, Brazil, to EMS, a multinational pharmaceutical company. The plant has been classified as held for sale as of March 31, 2025. The transaction is subject to the necessary regulatory approvals and is expected to be completed in the third quarter of 2025.

The following assets and liabilities were classified as held for sale as of June 30, 2025:

€ i illio n m ns	Jun e 30 , 20 25	Dec . 31 , 20 24
Cu nt ets rre ass	190	198
No ent set n-c urr as s	39	112
As s h eld fo ale set r s	229	31 0
Sh lia bil itie ort -te rm s	292	31 1
Lon liab ilit ies ter g- m	32	113
Lia bil itie s h eld fo ale r s	324	424

NOTES ON THE CONSOLIDATED STATEMENT OF INCOME

The prior year figures have been adjusted in the notes on the consolidated statement of income due to the gradual exit from Fresenius Vamed.

3. SPECIAL ITEMS

Starting with the first quarter of 2025, the special items have been presented in a new, consistent structure to improve comparability. The prior year figures are presented accordingly on a comparable basis. Accordingly, all legacy portfolio adjustments are reported in one item. The effects from the sale of Fresenius Medical Care AG shares and from the exchangeable bond are summarized under "Reduction of participation in Fresenius Medical Care".

All effects from the exit from Fresenius Vamed and from the Group-wide IT transformation are included in the item "Fresenius transformation". The effects from the amortization of the purchase price allocation in the context of accounting of the investment in Fresenius Medical Care using the equity method and the special items of Fresenius Medical Care are shown together as "Special items Fresenius Medical Care".

Revenue in the amount of €11,232 million and net income attributable to shareholders of Fresenius SE &Co. KGaA in the amount of €559 million for the first half of 2025 include special items which impacted the consolidated statement of income as shown in the table below. Special items mainly result from the Fresenius transformation and primarily relate to the costs for the exit from Fresenius Vamed in the amount of €283 million and the associated

classification as discontinued operations in accordance with IFRS 5 and to the Group-wide IT transformation. The position ''Reduction of participation in Fresenius Medical Care'' includes the income from the sale of 10.6 million existing shares in Fresenius Medical Care AG; the income is reported in the consolidated statement of income under other operating result. Other special items mainly relate to expenses in connection with the Group-wide Fresenius cost and efficiency program as well as legacy portfolio adjustments and divestitures. In addition, they include expenses from the amortization of the purchase price allocation in connection with the accounting of the investment using the equity method as well as other special items of Fresenius Medical Care in the position ''Special items Fresenius Medical Care''. The amounts shown correspond to the effects on earnings recognized in accordance with IFRS.

€ i illio n m ns	Rev enu e	EBI T	Net inc om e ibut attr able to sha reh olde rs of F nius rese SE& Co. KG aA
rni bef eci ite Ea s H 1/2 025 al ng ore sp ms ,	11, 202	1, 30 8	982
Co nd eff icie st a ncy pr og ram s	--	-53	-43
Leg rtfo lio adj ust nts acy po me	1	-11	-9
Fre ius nsf ati tra sen orm on	29	-69	-30 5
Re du ctio f p icip ati in Fre ius M ed ica l C art n o on sen are	--	72	32
Sp eci al i ius ica l C s F M ed tem res en are	--	--	-98
Ea rni s H 1/2 025 din IFR S to ng ac cor g	11, 232	1, 24 7	55 9

Revenue in the amount of €10,790 million and net income attributable to shareholders of Fresenius SE&Co. KGaA in the amount of -€95 million for the first half of 2024 included special items which had the following impact on the consolidated statement of income:

€ i illio n m ns	Rev enu e	EBI T	Net inc om e ibut able attr to sha reh olde rs of F nius rese SE& Co. KG aA
Ea rni s H 1/2 024 bef eci al ite ng ore sp ms ,	10, 697	1, 29 1	888
Co eff icie nd st a ncy pr og ram s	--	-26	-27
Leg rtfo lio adj ust nts acy po me	30	-8	-20
Fre ius nsf ati tra sen orm on	63	-99	-77 8
Sp eci al i s F ius M ed ica l C tem res en are	--	--	8 -15
rni din Ea s H 1/2 024 IFR S to ng ac cor g	10, 790	1, 158	-95

4. REVENUE

Revenue by activity was as follows:

€ i illio n m ns		H1 /20 25
	Fre ius sen Kab i	Fre ius sen Hel ios	Cor / Oth ate por er	Fre ius sen Gro up
fro ith Rev ont ts w tom en ue m c rac cus ers	4, 228	6, 755	24 1	11, 224
the f re of s ice reo ven ue erv s	92	6, 752	215	7, 059
the f re of du d r ela ted rvi cts reo ven ue pro an se ces	4, 101	--	11	4, 112
the f re fro lon du ctio ter ont ts reo ven ue m g­ m pro n c rac	--	--	15	15
the f fu rth fro ith ont ts w tom reo er rev en ue m c rac cus ers	35	3	--	38
Oth er rev en ue	2	6	--	8
Re ve nu e	4, 23 0	6, 76 1	24 1	11, 232

		H1 /20 24
€ i illio n m ns	Fre ius sen i Kab	Fre ius sen ios Hel	Cor Oth / ate por er	ius Fre sen Gro up
Rev fro ith ont ts w tom en ue m c rac cus ers	123 4,	6, 354	293	10, 770
the f re of s ice reo ven ue erv s	83	6, 353	269	6, 705
rvi the f re of du d r ela ted cts reo ven ue pro an se ces	4, 019	--	1	4, 020
the f re fro lon du ctio ter ont ts reo ven ue m g­ m pro n c rac	--	--	23	23
the f fu rth fro ith ont ts w tom reo er rev en ue m c rac cus ers	21	1	--	22
Oth er rev en ue	3	17	--	20
Re ve nu e	4, 126	6, 37 1	293	10, 790

Other revenue includes revenue from lease contracts.

5. RESEARCH AND DEVELOPMENT EXPENSES

Research and development expenses of €304 million (H1/2024: €294 million) included expenditures for research and non-capitalizable development costs as well as regular depreciation and amortization expenses relating to capitalized development costs of €23 million (H1/2024: €20 million). The expenses for the further development of the Biopharma business included in the research and development expenses amounted to €102 million in the first half of 2025 (H1/2024: €92 million).

6. TAXES

In the first half of 2025, tax provisions of €46 million were recognized in income tax liabilities. Further information can be found in the consolidated financial statements as of December 31, 2024 applying Section 315e HGB in accordance with IFRS.

7. EARNINGS PER SHARE

The following table shows the earnings per share:

	H1 / 202 5	H1 /20 24
€ i illi Nu rat me ors n m on s ,
Ne t in e f nti ing tio com rom co nu op era ns rib ble sh ho lde f att uta to are rs o Fre ius SE &C KG aA sen o.	788	55 0
Ne t in e f di nti d com rom sco nue tio rib ble att uta to op era ns sha reh old of ers
Fre ius SE &C KG aA sen o.	-22 9	-64 5
Ne t in ttri but ab le t har com e a o s e ho lde f F ius SE &C KG aA rs o res en o.	559	-95
De mi in mb of sha nat no ors nu er res
We ig hte d a mb of ver age nu er ord ina sha nd ing tsta ry res ou	563 237 277 , ,	563 237 277 , ,
rni fro Ea sha ng s p er re m tin uin ion s in € rat con g o pe	1.4 0	0.9 8
nin fro Ear sh gs per are m dis tin ued tio in € con op era ns	-0. 41	-1. 15
To tal rni sha in € ea ng s p er re	0.9 9	-0. 17

There were no dilutive effects from stock options issued on earnings per share in the first half of 2025 and 2024.

NOTES ON THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION

8. TRADE ACCOUNTS AND OTHER RECEIVABLES

As of June 30, 2025 and December 31, 2024, trade accounts and other receivables were as follows:

	Jun e 3	0, 202 5	De ber cem	31 202 4 ,
€ i illio n m ns		reof dit the cre imp aire d		reof dit the cre imp aire d
Tra de d o the cei vab les nts acc ou an r re	4, 113	334	3, 816	38 9
les llow for ted ed it lo s a anc es ex pec cr sse s	31 0	255	31 6	254
Tra de d o the cei ble nts et acc ou an r re va s, n	3, 803	79	3, 50 0	135

Within trade accounts and other receivables (before allowances) as of June 30, 2025, €4,113 million (December 31, 2024: €3,816 million) relate to revenue from contracts with customers as defined by IFRS 15. This amount includes €310 million (December 31, 2024: €316 million) of allowances for expected credit losses. Trade accounts and other receivables related to other revenue are immaterial.

9. INVENTORIES

As of June 30, 2025 and December 31, 2024, inventories consisted of the following:

€ i illio n m ns	Jun e 30 , 20 25	Dec . 31 , 20 24
Raw ria ls a nd rch d c ate ts m pu ase om po nen	852	883
Wo rk in pro ces s	276	274
Fin ish ed ds goo	1, 619	1, 589
les s r ese rve s	155	173
Inv ori ent t es, ne	2, 592	2, 573

10. OTHER FINANCIAL ASSETS

Other financial assets include a compensation receivable resulting from German hospital law of €1,410 million (December 31, 2024: €1,281 million) which mainly relates to income equalization claims for hospital services.

In the first half of 2025, an impairment loss in the amount of €37 million was recognized on receivables for certain care services as a result of a ruling.

11. GOODWILL

The carrying amount of goodwill has developed as follows:

€ i illio n m ns	Fre ius Kab i sen	Fre ius Hel ios sen	Fre ius Vam ed sen	Cor ate por	Fre ius Gro sen up
Ca ing of Jan 1, 202 4 nt rry am ou as ua ry	6, 149	8, 626	314	0	15, 089
dit ion Ad s	--	19	--	0	19
Dis als pos	-18	--	--	--	-18
Im irm lo ent pa ss	--	--	-18	--	-18
ssi fica tio Re cla ns	--	--	-57	57	--
For eig nsl ati tra n c urr enc y on	252	--	0	0	252
ssi fica tio fo Re cla "As s h eld le" to set ns r sa	--	--	-23 9	--	-23 9
Ca ing of De be r 3 1, 202 4 nt rry am ou as cem	6, 383	8, 645	--	57	15, 085
Dis als pos	--	-1	--	--	-1
For eig nsl ati tra n c urr enc on y	-52 6	--	--	0	-52 6
ing Ca of Jun e 3 0, 202 5 nt rry am ou as	5, 857	8, 644	--	57	14, 55 8

In fiscal year 2024, impairment losses of €18 million were recognized in connection with the original decision to scale back the international project business.

12. INTERESTS IN ASSOCIATES

After the sale of 10.6 million existing shares of Fresenius Medical Care AG at a placement price of €44.50 per share on March 4, 2025, Fresenius SE&Co. KGaA owned approximately 29% of the subscribed capital of Fresenius Medical Care AG at June 30, 2025. The sale resulted in a gain of €76 million which is included in other operating result. This investment is accounted for using the equity method.

The carrying amount of the investment was €2,803 million at June 30, 2025 (December 31, 2024: €3,639 million), while the fair value based on the quoted market price of €48.65 per share on June 30, 2025 was €4,076 million.

The income from investments accounted for using the equity method reported in the consolidated statement of income mainly includes the income from the investment in Fresenius Medical Care AG.

The following table contains summarized financial information of Fresenius Medical Care AG. The statement of financial position values include fair value adjustments, the amortization of which is shown in the reconciliation table.

€ i illio n m ns	Jun e 30 , 20 25	Dec . 31 , 20 24
Cu nt ets rre ass	8, 136	7, 923
No ent set n-c urr as s	21, 279	23, 912
Sh lia bil itie ort -te rm s	5, 667	5, 697
liab ilit ies Lon ter g- m	6 12, 37	13, 138
Ne t a ts sse	11, 372	13, 000
Ne f sh ho lde f t a ts o sse are rs o Fre ius M ed ica l C AG sen are	9, 822	11, 314
ing Ne of oll t a ts ntr sse no nco int sts ere	1, 55 0	1, 686

€ i illio n m ns	H1 / 202 5	H1 /20 24
Rev en ue	673 9,	9, 49 1
Ne t in com e	46 2	35 9
Oth hen siv e in e ( los s), net er com pre com	-1, 45 7	39 1
To tal reh siv e i (lo ss) co mp en nco me	-99 5	750

€ i illio n m ns	202 5	202 4
ing inv Ca of de nt est nt rry am ou me un r the uit eth od Jan at 1 eq y m ua ry	3, 639	3, 50 0
Div ide nds cei ved re	-12 1	-11 2
Pro rtio inc ttri but ab le t he nat et o t po e n om e a sha reh old of Fr niu s M ed ica l C AG ers ese are	111	83
Pro rtio the hen siv e in nat po e o r c om pre com e (los s) a ttri but ab le t he sha reh old of o t ers Fre ius M ed ica l C AG sen are	-38 0	110
Pro rtio the han in uity nat po e o r c ges eq	22	-12
Am iza tio f th ffe of th has ort cts n o e e e p urc e ice ati it o al loc thr h p rof r lo pr on ou g ss	-57	-11 1
Eff fro he sal f 3 % of t he ke in ect m t sta e o Fre ius M ed ica l C AG sen are	-41 1	n.a
Ca ing of inv de nt est nt rry am ou me un r uit the eth od Jun e 3 0 at eq y m	2, 803	3, 45 8

Subsequent to the capital increase effected at Aceso Topco 1 S.à r.l, Fresenius SE&Co. KGaA's stake in Vamed's rehabilitation business, via Aceso Topco 1 S.à r.l., was 23.4% at June 30, 2025.

The carrying amount of this investment accounted for using the equity method amounted to €50 million at June 30, 2025 (December 31, 2024: €45 million).

Further investments in equity method investees are not material to the Fresenius Group.

13. DEBT

As of June 30, 2025 and December 31, 2024, debt consisted of the following:

		Bo ok val ue
€ i illio n m ns	Jun e 3	0, 202 5	De cem	ber 31 202 4 ,
		the f cu nt reo rre		the reof t cu rren
Sch uld sch ein Lo ans	1, 37 7	30 9	1, 37 7	--
ius SE &C KG Co ial Fre aA Pap sen o. mm erc er	70	70	70	70
Loa n f th e E n I Ba nk stm ent rom uro pea nve	40 0	40 0	40 0	40 0
Oth de bt er	574	215	62 1	258
Int st l iab ilit ies ere	11	11	18	18
De bt	2, 43 2	1, 005	2, 48 6	746

As of June 30, 2025 and December 31, 2024, Schuldschein Loans of the Fresenius Group net of debt issuance costs consisted of the following:

				Bo ok val ue € i illio n m ns
	iona Not l am t oun	urit Mat y	Inte rest rat e fixe d/ iabl var e	Jun e 30 , 20 25	Dec ber 31, 202 4 em
ius SE &C KG 26 Fre aA 20 23 /20 sen o.	mi llio €3 09 n	26 Ma 29, 20 y	iab 4.4 0% / le var	30 9	30 9
Fre ius SE &C KG aA 20 19 /20 26 sen o.	€2 38 mi llio n	Se t. 2 3, 202 6 p	0.8 5% / iab le var	238	238
ius SE &C KG Fre aA 20 17 /20 27 sen o.	mi llio €2 07 n	Jan . 29 202 7 ,	6% iab 1.9 / le var	206	206
Fre ius SE &C KG aA 20 23 /20 28 sen o.	€4 05 mi llio n	Ma 30, 20 28 y	4.6 2% / iab le var	404	404
Fre ius SE &C KG aA 20 19 /20 29 sen o.	€8 4 m illio n	Se t. 2 4, 202 9 p	1.1 0%	84	84
Fre ius SE &C KG aA 20 23 /20 30 sen o.	€1 36 mi llio n	Ma 31, 20 30 y	7% / iab le 4.7 var	136	136
in Sc hu lds che Loa ns				1, 37 7	1, 37 7
iab ilit ies Int st l ere				7	16

As of June 30, 2025, Fresenius SE&Co. KGaA's Schuldschein Loan of €309 million, due on May 29, 2026, is presented under short-term liabilities in the consolidated statement of financial position.

The syndicated credit facility of Fresenius SE&Co. KGaA in the amount of €2.0 billion which was entered into in July 2021 serves as backup line. In June 2023, the syndicated credit facility was extended by a further year until July 1, 2028. It was undrawn as of June 30, 2025. In addition, further bilateral facilities are available to the Fresenius

Group which have not been utilized, or have only been utilized in part, as of the reporting date.

At June 30, 2025, the available borrowing capacity resulting from unutilized credit facilities was approximately €3.0 billion. Thereof, €2.0 billion related to the syndicated credit facility and approximately €1.0 billion to bilateral facilities with commercial banks.

14. BONDS

As of June 30, 2025 and December 31, 2024, bonds of the Fresenius Group measured at amortized cost net of debt issuance costs consisted of the following:

				Bo ok val ue € i illio n m ns
	iona Not l am t oun	urit Mat y	Inte rest rat e	Jun e 30 , 20 25	Dec ber 31, 202 4 em
Fre ius Fi Ire lan d P LC 202 1/2 025 sen nan ce	€5 00 mi llio n	Oc 202 t. 1 5 ,	0.0 0%	50 0	49 9
Fre ius Fi Ire lan d P LC 20 17 /20 27 sen nan ce	€7 00 mi llio n	Feb . 1, 20 27	2.1 25 %	699	698
ius Fi LC Fre Ire lan d P 202 1/2 028 sen nan ce	mi llio €5 00 n	Oc t. 1 202 8 ,	0.5 0%	49 8	49 8
Fre ius Fi Ire lan d P LC 202 1/2 03 1 sen nan ce	€5 00 mi llio n	Oc t. 1 203 1 ,	0.8 75 %	49 6	49 6
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 7	49 7
Fre ius SE &C KG aA 20 19 /20 25 sen o.	€5 00 mi llio n	Feb 202 . 15 5 ,	1.8 % 75	--	50 0
Fre ius SE &C KG aA 20 22 /20 25 sen o.	€7 50 mi llio n	Ma 24, 20 25 y	1.8 75 %	--	750
ius SE &C KG 26 Fre aA 20 22 /20 sen o.	mi llio €5 00 n	26 Ma 28, 20 y	4.2 5%	49 9	49 9
Fre ius SE &C KG aA 20 20 /20 26 sen o.	€5 00 mi llio n	Se t. 2 8, 202 6 p	0.3 75 %	49 9	49 8
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 %	747	746
Fre ius SE &C KG aA 20 20 /20 28 sen o.	€7 50 mi llio n	Jan 202 8 . 15 ,	0.7 5%	748	747
Fre ius SE &C KG aA 20 23 /20 28 sen o.	CH F27 5 m illio n	Oc t. 1 8, 202 8	2.9 6%	293	29 1
Fre ius SE &C KG aA 20 19 /20 29 sen o.	€5 00 mi llio n	Feb 202 9 . 15 ,	2.8 75 %	49 7	49 7
Fre ius SE &C KG aA 20 24 /20 29 sen o.	CH F22 5 m illio n	Oc t. 2 4, 202 9	1.5 98 %	238	236
ius SE &C KG Fre aA 20 22 /20 29 sen o.	mi llio €5 00 n	No v. 2 8, 202 9	5.0 0%	49 7	49 7
Fre ius SE &C KG aA 20 22 /20 30 sen o.	€5 50 mi llio n	Ma 24, 20 30 y	2.8 75 %	545	544
Fre ius SE &C KG aA 20 23 /20 30 sen o.	€5 00 mi llio n	Oc t. 5 203 0 ,	5.1 25 %	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 ,	25 % 1.1	49 8	49 8
Bo nd s				8, 246	9, 48 6
iab ilit ies Int st l ere				83	105

As of June 30, 2025, the bond issued by Fresenius Finance Ireland PLC in the amount of €500 million which is due on October 1, 2025 as well as the bond issued by Fresenius SE& Co. KGaA in the amount of €500 million which is due on May 28, 2026 are presented under short-term liabilities in the consolidated statement of financial position.

15. BONDS – EXCHANGEABLE BOND

As of March 11, 2025, Fresenius SE&Co. KGaA placed an exchangeable bond of €600 million with a three year maturity. The bond has been issued at a price of 101.50% of its principal amount and bears no interest, resulting in a yield-to-maturity of -0.50% per annum. Bondholders have the right to exchange their bonds into shares of Fresenius Medical Care AG during the exchange period. The standard exchange period commences 6 months and ends 35 business days prior to the maturity date. The exchange price was initially set at €57.85. Upon exchange, Fresenius SE& Co. KGaA has the flexibility to pay in cash, deliver the relevant underlying shares or deliver and pay a combination thereof. As of June 30, 2025, the book value (fair value) of the exchangeable bond amounted to €637 million. The effect from the measurement at fair value recognized in earnings is shown in other financial result.

16. NONCONTROLLING INTERESTS

As of June 30, 2025 and December 31, 2024, noncontrolling interests in the Fresenius Group were as follows:

€ i illio n m ns	Jun e 30 , 20 25	Dec . 31 , 20 24
olli int No ntr sts nco ng ere in t he bus ine nts ss seg me
ius bi Fre Ka sen	563	659
Fre ius He lios sen	94	89
Fre ius Co rat sen rpo e	3	0
To tal oll ing in ntr ter est no nco s	660	748

Accumulated other comprehensive income (loss) allocated to noncontrolling interests relates to currency effects from the translation of financial statements denominated in foreign currencies. For changes in noncontrolling interests, please see the consolidated statement of changes in equity.

17. FRESENIUS SE&CO. KGAA SHAREHOLDERS' EQUITY

As of June 30, 2025, the subscribed capital of Fresenius SE& Co. KGaA consisted of 563,237,277 bearer ordinary shares.

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 2025, a dividend of €1.00 per bearer ordinary share was approved at the Annual General Meeting by Fresenius SE&Co. KGaA's shareholders and subsequently a total dividend of €563 million was paid. Thereby, the Else Kröner-Fresenius-Stiftung was paid the dividend which it is entitled to as a shareholder in the share capital of Fresenius SE&Co. KGaA.

OTHER NOTES

18. LEGAL AND REGULATORY MATTERS

Information regarding legal disputes, court proceedings and investigations can be found in the consolidated financial statements as of December 31, 2024 applying Section 315e HGB in accordance with IFRS. There have been no significant changes in the first half of 2025.

19. FINANCIAL INSTRUMENTS

As of June 30, 2025 and December 31, 2024, 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 5
					Re lati 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 hed gin g inst ents rum at f air valu e	ion Put opt liab ilitie s ed mea sur at f air valu e	Val ion uat ord ing to acc IFR S 1 6 fo r leas ing ivab les and rece liab ilitie s	Val uati f on o tinu ing con invo lvem ent
Fin cia l as set an s
Ca sh and sh iva len ts ca equ	1, 226	1, 168	58
Tra de d o the cei vab les nts acc ou an r re , les llow for ted ed it lo s a anc es ex pec cr sse s	3, 803	3, 263	53 1				0	9
Oth fin ial ets er anc ass	2, 037	1, 953	27	8	43		6
Fin cia l as set an s	066 7,	6, 384	616	8	43	--	6	9
Fin cia l li ilit ies ab an
Tra de ble nts acc ou pa ya	1, 147	1, 147
De bt	2, 43 2	2, 43 2
Lea liab ilit ies se	1, 454						1, 454
Bo nds	8, 966	8, 32 9	637
Oth fin ial liab ilit ies er anc	673 2,	627 1,	33 1		4	695		16
Fin cia l li ilit ies ab an	16, 672	13, 535	968	--	4	695	1, 454	16

1 The option to measure the exchangeable bond at fair value through profit and loss was exercised. The own credit risk included in the exchangeable bond in the amount of €1 million is recognized in other comprehensive income.

2 The option to measure equity instruments at fair value through other comprehensive income has been exercised. The option has been used for €8 million other investments (included in other financial assets).

		De ber 31 202 4 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 hen sive 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 6 fo r leas ing ivab les and rece liab ilitie s	Val uati f on o tinu ing con invo lvem ent
Fin cia l as set an s
Ca iva sh and sh len ts ca equ	2, 282	2, 055	227
Tra de d o the cei vab les nts acc ou an r re , for it lo les llow ted ed s a anc es ex pec cr sse s	3, 50 0	2, 93 1	53 8	14			0	17
Oth fin ial ets er anc ass	1, 847	1, 804	12	10	21
Fin cia l as set an s	629 7,	6, 790	777	24	21	--	0	17
Fin cia l li ilit ies ab an
Tra de ble nts acc ou pa ya	35 9 1,	35 9 1,
De bt	2, 48 6	2, 48 6
liab ilit ies Lea se	1, 50 0						1, 50 0
Bo nds	9, 59 1	9, 59 1
Oth fin ial liab ilit ies er anc	2, 514	1, 44 7	333		15	688		31
Fin cia l lia bil itie an s	0 17, 45	883 14,	333	--	15	688	50 0 1,	31

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 €10 million other investments (included in other financial assets).

The following table shows the carrying amounts and the fair value hierarchy levels as of June 30, 2025 and December 31, 2024:

		Jun e 3	0, 202 5		De ber 31 202 4 cem ,
			Fai alu r v e				Fai lue r va
€ i illio n m ns	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 Cas h a nd h e iva len ts cas qu	58	58			227	227
Tra de d o the cei vab les nts acc ou an r re , 1 les llow for ted ed it lo s a anc es ex pec cr sse s	53 1		53 1		55 1		55 1
1 Oth fin ial ets er anc ass
uity in Eq tm ent ves s	24		24		16		15	1
De riva tive s d esi d a ash flo w h edg ing in ate str ent gn s c um s	43		43		21		21
riva tive ign ing in De des d a s h edg ot ate str ent s n um s	11		11		6		6
Fin cia l li ilit ies ab an
De bt	2, 43 2		2, 42 8		6 2, 48		6 2, 45
Bo nds	8, 966	8, 829			9, 59 1	9, 363
1 Oth fin ial liab ilit ies er anc
Put tio n li ab ilit ies op	695			695	688			688
Ac ed tin din for isit ion t p ent uts tan cru con gen aym s o g ac qu s	31 8			31 8	32 6			32 6
De riva tive s d esi d a ash flo w h edg ing in ate str ent gn s c um s	4		4		15		15
De riva tive des ign d a s h edg ing in ot ate str ent s n um s	13		13		7		7

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.

The fair value of the exchangeable bond is calculated on the basis of available market information (Level 1).

Explanations regarding further 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, 2024 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 2025:

€ i illio n m ns	Equ ity i stm ents nve	Acc d co ntin t rue gen and ing ts o utst pay men for uisi tion acq s	Put ion liab iliti opt es
As of Ja 1, 202 5 nu ary	1	32 6	688
Ga in/ los ize d i rof it o r lo s r eco gn n p ss	--	5	--
Ga in/ los ize d i ity s r eco gn n e qu	--	--	7
Cu ef fec nd oth cha ts a rre ncy er nge s	--	-12	--
ssi fica tio /Li ilit ies di Re cla As ab tly to set ns s rec " le'' oci d w ith the s h eld fo ate set ass as r sa	-1	--	--
of As Ju 30, 20 25 ne	--	31 8	695

20. INFORMATION ON CAPITAL MANAGEMENT

The Fresenius Group has a solid financial profile. As of June 30, 2025, the equity ratio was 45.8% and the debt ratio (debt/total assets) was 31.1%. As of June 30, 2025, the leverage ratio (before special items) on the basis of net debt/EBITDA, calculated on the basis of closing rates, was 3.1 (December 31, 2024: 3.0).

The aims of the capital management and further information can be found in the consolidated financial statements as of December 31, 2024 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 corporate credit rating of Fresenius SE&Co. KGaA:

	Jun e 30 , 20 25	Dec . 31 , 20 24
r's Sta nda rd& Poo
Co red it r ati rat rpo e c ng	BB B	BB B
Ou tlo ok	ble sta	ble sta
's Mo ody
Co red it r ati rat rpo e c ng	Baa 3	Baa 3
Ou tlo ok	ble sta	ble sta
Fit ch
Co red it r ati rat rpo e c ng	BB B-	BB B
Ou tlo ok	ble sta	ble sta

21. NOTES ON THE CONSOLIDATED SEGMENT REPORTING

The consolidated segment reporting tables shown on pages 37 and 38 of this interim report are an integral part of the notes.

The Fresenius Group has identified the business segments Fresenius Kabi and Fresenius Helios, which corresponds to the internal organizational and reporting structures (Management Approach) at June 30, 2025.

Due to the gradual exit of Fresenius Vamed, the prior year figures in the consolidated statement of income and the consolidated statement of cash flows have been restated and key figures adjusted.

The column Corporate / Other is comprised of all special items (see note 3, Special items), including discontinued operations and in net income the at equity result of Fresenius Medical Care and the 23.4% stake in Aceso Topco 1 S.à r.l. Furthermore, the holding functions of Fresenius SE&Co. KGaA and intersegment consolidation adjustments are included. Moreover, Corporate /Other includes further activities, in particular Fresenius Digital Technology GmbH, which provides services in the field of information technology, as well as the Fresenius Health Services (FHS) business unit, which provides services for Fresenius Helios and other hospitals.

Revenue, EBIT and net income of the business segment Corporate /Other were composed as follows:

€ i illio n m ns	H1 / 202 5	H1 /20 24
e C Ot Re te/ he ve nu orp ora r	21 1	254
Sp eci al i tem s	30	93
Gro fun ctio im ina tio /el up ns ns	-30	-39
Oth bus ine ivit ies act er ss	21 1	200
EB IT Co e/O the rat rpo r	-12 9	-19 1
Sp eci al i tem s	-61	-13 3
Gro fun ctio im ina tio /el up ns ns	-70	-50
Oth bus ine ivit ies act er ss	2	-8
Ne t in e C te/ Ot he com orp ora r	-34 8	-91 4
Sp eci al i tem s	-42 3	-98 3
Gro fun ctio im ina tio /el up ns ns	-70	-45
Oth bus ine ivit ies act er ss	-9	-15
e f in Inc tm ent om rom ves s d f usi the uity nte acc ou or ng eq tho d b efo cia l ite me re spe ms	154	129

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, 2024 applying Section 315e HGB in accordance with IFRS.

Explanations regarding the notes on the business segments can be found in the consolidated financial statements as of December 31, 2024 applying Section 315e HGB in accordance with IFRS.

RECONCILIATION OF KEY FIGURES TO

CONSOLIDATED EARNINGS FROM CONTINUING OPERATIONS

€ i illio n m ns	H1 / 202 5	H1 /20 24
To tal EB IT of ing ort ent rep se gm s	37 6 1,	34 9 1,
Sp eci al i tem s	-61	-13 3
Ge al c te ner orp ora exp ens es Co e ( EB IT) rat rpo	-68	-58
Gr EB IT ou p	247 1,	158 1,
Inc e f in tm ent om rom ves s d f usi nte acc ou or ng
the uity eth od eq m	56	-29
Ne t in ter est	-16 7	-22 0
Oth fin ial ult er anc res	-34	--
efo inc Inc e b e t om re om axe s	1, 102	909

RECONCILIATION OF NET DEBT WITH THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION

€ i illio n m ns	Jun e 30 , 20 25	Dec . 31 , 20 24
De bt	2, 43 2	2, 48 6
liab ilit ies Lea se	1, 454	1, 50 0
Bo nds	8, 966	9, 59 1
De bt	12, 852	13, 57 7
les ash d c ash uiv ale nts s c an eq	1, 226	2, 282
Ne t d ebt	11, 626	11, 295

22. SHARE-BASED COMPENSATION PLANS

As of June 30, 2025, Fresenius SE&Co. KGaA had three share-based 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, the Fresenius Long Term Incentive Plan 2018 (LTIP 2018) which is based on performance shares, and the Fresenius Performance Plan 2023-- 2026 (LTIP 2023), under which cash-settled virtual Fresenius SE&Co. KGaA shares (stock awards) can be granted.

During the first half of 2025, no stock options were exercised.

On June 20, 2025, retroactive to January 1, 2025, Fresenius SE&Co. KGaA granted 1,021,921 stock awards with a total fair value of €34 million to executives of the Fresenius Group under the LTIP 2023. On March 21, 2025, retroactive to January 1, 2025, Fresenius SE&Co. KGaA granted 227,930 stock awards with a total fair value of €8 million to the Management Board of Fresenius Management SE under the LTIP 2023. The fair value per stock award on the grant date of January 1, 2025 was €33.57.

At June 30, 2025, 360,010 stock options issued under the 2013 LTIP were outstanding and exercisable. The members of the Fresenius Management SE Management Board did not hold any stock options. At June 30, 2025, 1,819,577 performance shares issued under the LTIP 2018 were outstanding, the Management Board members of Fresenius Management SE held 93,165 performance shares. 4,030,709 stock awards issued under the LTIP 2023 were outstanding on June 30, 2025, of which 702,849 were held by the members of the Fresenius Management SE Management Board.

23. SUBSEQUENT EVENTS

In July 2025, the law for an emergency tax investment program to strengthen Germany as a business location (Gesetz für ein steuerliches Investitionssofortprogramm zur Stärkung des Wirtschaftsstandorts Deutschland) was passed in Germany and the One Big Beautiful Bill Act was passed in the United States. The Fresenius Group is currently evaluating the impacts and expects a positive effect on the liquidity in the future.

At the end of July 2025, the United States and the European Union reached an agreement in the tariff dispute. The new agreement provides for a base tariff rate of 15% on European exports to the United States. It remains unclear at this point in time whether, when and to what extent potential tariffs could be imposed on pharmaceutical products. The high level of uncertainty in connection with U.S. tariffs and the associated volatility pose additional challenges in the current business environment. Reactions from U.S. trading partners, particularly China and the EU, could also have a negative impact on the U.S. business and the supply chains of the Fresenius Group.

Following the end of the first half of 2025, no other events of material importance on the assets and liabilities, financial position, and results of operations of the Group have occurred.

24. 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/corporate-governance).

Bad Homburg v. d. H., August 5, 2025

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

The Management Board

M. Sen P. Antonelli S. Hennicken

R. Möller Dr.M. Moser

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

Bad Homburg v. d. H., August 5, 2025

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

The Management Board 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.''

M. Sen P. Antonelli S. Hennicken

R. Möller Dr.M. Moser

REVIEW REPORT

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 January 1 2025 to June 30 2025 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 supplementary compliance with 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 5, 2025

PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft

D iet Pr üm ma r m	é A iss To ata ur
irt fts ü fer W ha sc p r	irt fts ü fer in W ha sc p r
( Ge Pu b l ic Au d ito ) rm an r	( Ge Pu b l ic Au d ito ) rm an r

FINANCIAL CALENDAR

Report on 1st -- 3rd quarter 2025 November 5, 2025

Subject to change

FRESENIUS SHARE/ADR

Or din sh ary are		AD R
Sec uri tie s id ific ati 57 8 5 60 ent on no.	CU SIP	35 804 M1 05
Tic ker mb ol FR E sy	Tic ker mb ol sy	FS NU Y
ISI N DE 000 856 04 57	ISI N	US 35 804 M1 053
Blo ber bo l FR E G R om g s ym	Str uct ure	Sp d L l 1 AD R ons ore eve
Re bo l FR EG .de ute rs s ym	Rat io	4 A DR har 1 s e =
Ma in t rad ing lo ion Fra nkf / X cat urt etr a	Tra din latf g p orm	OT C

CONTACT

Corporate Headquarters 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 Telephone: ++ 49 61 72 6 08-24 87 E-Mail: ir-fre@fresenius.com

Contact for journalists Corporate Communications Telephone: ++ 49 61 72 6 08-23 02 E-mail: pr-fre@fresenius.com

Commercial Register: Bad Homburg v. d. H.; HRB 11852 Chairman of the Supervisory Board: Wolfgang Kirsch

General Partner: Fresenius Management SE Registered Office and Commercial Register: Bad Homburg v.d.H.; HRB 11673 Management Board: Michael Sen (Chairman), Pierluigi Antonelli, Sara Hennicken, Robert Möller, Dr. Michael Moser Chairman of the Supervisory Board: Wolfgang Kirsch

For additional information on the performance indicators used please refer to our website https://www.fresenius.com/alternative-performance-measures.

Forward-looking statements:

This Half-year Financial Report contains forward-looking statements. These statements represent assessments which we have made on the basis of the information available to us at the time. Should the assumptions on which the statements are based on not occur, or if risks should arise – as mentioned in the consolidated financial statements and the management report as of December 31, 2024 applying Section 315e HBG in accordance with IFRS – the actual results could differ materially from the results currently expected.