Fresenius SE & Co. KGaA

Investor Presentation • Mar 1, 2024

#FutureFresenius

Company Presentation, March 2024

Safe Harbor Statement

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

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

1 Company overview

• Strategic update
• Business update Q4/23
• Financial priorities & outlook FY/24
• Attachments

#FutureFresenius: Focus on Operating Companies

#FutureFresenius

Operating Companies

Profitability optimization and growth

Investment Companies

Financial value management

Fresenius Kabi – Accelerating our growth, driving performance

Fresenius Kabi: Strong relevance and scale across our 4 business units

1. Including Ketoanalogues 2. Infusion & Nutrition Systems

Source: IQVIA, Fresenius Kabi internal analysis; market data refers to Fresenius Kabi's adressable markets

Fresenius Helios – Powerful set of care provision assets

Fresenius Helios: High-quality care provision in Germany and Spain

Fresenius is at the heart of healthcare

Secular growth in healthcare due to strong underpinning trends

Fresenius share & shareholder structure

Shareholder structure by investors type

Analyst recommendations

Progressive dividend policy

• Commitment to delivering attractive and predictable shareholder return
• Dividend to grow in line with EPS cc growth, but at least stay on prior year level

Due to legal restrictions resulting from the utilization of state compensation and reimbursement payments for increased energy costs, it will not be proposed to the 2024 Annual General Meeting to distribute a dividend for the FY/23

12

Company overview

Strategic update

• Business update Q4/23
• Financial priorities & outlook FY/24
• Attachments

#FutureFresenius: Becoming a therapy-focused healthcare company

Specialized (BIO)PHARMA PLATFORM

Leverage at-scale capabilities and capacities for leading (bio-) pharmaceutical & nutrition products Global value pool1

€350-450bn

Targeted MEDTECH PLATFORM

€70-100bn Empower cutting-edge medical technology solutions in critical care & beyond

Holistic CARE PROVISION PLATFORM

Provide an expandable offering of holistic care services with in- and outpatient settings

€350-450bn

Unique set-up of mutually reinforcing healthcare platforms

30+ studies in parenteral and enteral nutrition

3 multiproduct biologic drug substance facilities

Pipeline of 10+ biosimilars

>160 IV Drug products in portfolio

136 hospitals in Germany & Spain

11,500 physicians active in Germany

Breakthrough technology infusion system

Device supplier for 1/3rd of FDA/EMA-approved CAR-T cell therapies

#2 for plasma collection devices globally

Installed base of >1m medical pumps

~400k anonymized routine treatment data sets

>20 surgical robots in practice

26m patients treated every year

Human-to-Human care

AI-powered clinical outcomes

Cross-platform therapy development

Balancing the driving forces of Advancing Patient Care

Re-VITALIZE: Kabi 3+1 strategy delivering

SELECTED HIGHLIGHTS FOR 2024 AND BEYOND

Broaden Biopharma

• Tyenne launch in attractive markets globally
• Strong AIID*/oncology portfolio and pipeline
• COGS reduction on vertical integration with mAbxience

• …

• Broad-based volume and price growth
• Global network transformation
• Strong launch pipeline incl. software solutions

• …

• Gradual PN roll-out in USA
• Roll-out China FSMP upon market development
• Innovative product expansion

• …

• in Pharma
• New generic molecule launches
• More differentiated products
• Operational excellence in global manufacturing and R&D network

3 + 1

* Autoimmune and inflammatory disorders

• …

Re-VITALIZE: Kabi 3+1 strategy delivering

GROWTH & MARGIN AMBITIONS

Re-VITALIZE: Helios a consistent performer

SELECTED HIGHLIGHTS FOR 2024 AND BEYOND

Moving ahead from leading positions in Germany and Spain

Strong footprints in both markets with clear opportunities for market share expansion

Continued best-in-class medical quality levels

Efficiency focus in core operations Germany and Spain, with mutual best-practice sharing

Targeted capital deployment for market-specific capacity and technology upgrades

Next-level patient care from integration of digital and AI capabilities into core business

Capital Market Day in London on June 5, 2024

FY/23: Created a strong performance platform

Fresenius Financial Framework 2023 Actuals AMBITION LEVEL 14.3% (14-17%) EBIT margin AMBITION LEVEL 10.0% (9–11%) 7% (4–7%) 5% (3–5%) 8.9% (10–14%) -0.7% (4–6%) Investment Companies FSE expectation as major shareholder Operating Companies Organic rev. growth AMBITION LEVEL 3.8X (3.0–3.5X) Suspended for FY/23 (making use of energy related relief funding) 5.2% (6–8%) CAPITAL EFFICIENCY ROIC CAPITAL STRUCTURE Leverage ratio DIVIDEND Progressive Dividend 1.0 (~1) CASH CCR¹ Increase focus and transparency ¹ Drive structural productivity ² Improve capital efficiency and returns 3 Focus in 2023

1 Cash conversion rate – defined as adjusted FCFbIT / EBIT (before special items) All figures before special items

#FutureFresenius: Accelerating performance in 2024

22

Creating #FutureFresenius: Pacing change

#FutureFresenius

Focus + Simplification + Performance = VALUE

Creating sustainable value - Fresenius ESG strategy overview

Focus topics

Climate Change & Energy Water, Circularity and Waste Management

Access & Affordability Employee Development & Wellbeing Diversity & Inclusion

Business Ethics

Corporate Sustainability Reporting Directive:

Transformative, Groupwide & crossfunctional project to collect ~120 KPIs based on ~600 data points in financial audit quality

Strategy and management

We are committed to being a socially and environmentally responsible corporate player in the global healthcare market, we

• Commit to the highest quality in products, treatments, and services
• Aim to be perceived as an attractive employer to acquire talent, retain employees, and allow them to further develop their skills
• Adhere to high ethical standards and rules of good corporate governance
• Protect nature as the basis of life and treat resources with care
• Committed to respecting human rights as defined by international standards

• 1 Company overview
• Strategic update

Business update Q4/23

• Financial priorities & Outlook FY/24
• Attachments

FY/23: Simplification + Focus = Consistent performance

Consistently strong performance at Kabi and Helios

OPERATING COMPANIES		Q1 YTD	Q2 YTD	Q3 YTD	FY/23
	ORG. REVENUE	+7%1	+7%1	+7%1	+7%1
	EBIT	-4%	+1%	+2%	+3%
	ORG. REVENUE	+5%	+6%	+6%	+5%
	EBIT	+2%	+3%	+4%	+4%
	Within or above structural growth/margin band according to Fresenius Financial Framework
INVESTMENT COMPANY

ORG. REVENUE	+13%	3%	+6%	1%2
EBIT	-€27m	-€47m	-€37m	-€16m

Before special items; EBIT growth in constant currency (CC)

1 Excluding significant inflation accounting effects in Argentina 2 Calculated for continued business

Group Outlook FY/24: Accelerating performance

Revenue (org.)

3 – 6% GROWTH

EBIT (cc)

4 – 8% GROWTH

Advancing patient care: Fresenius Kabi's product successes continue

Advancing patient care: Fresenius Helios leader in quality and innovation

Strong execution - targeting accelerated growth in FY/24

Q4/23: Strong finish to the year

Net Debt/EBITDA excluding Fresenius Medical Care

32

Fresenius Kabi: Growth vectors pace performance

QUARTERLY FINANCIALS

Before special items

¹ To show the underlying business development, the organic growth definition was adjusted to fully exclude the significant inflation accounting effects in Argentina; according to old methodology organic growth for Fresenius Kabi overall would have been Q1: 7%, Q2: 8%, Q3: 7%, Q4: 14%

MAIN DEVELOPMENTS

• Excellent organic revenue growth of 7%1 yet again at top-end of structural growth band
• Growth Vectors fueling top-line with excellent 11%1 organic revenue growth (MedTech: 8%1; Nutrition: 6%1; Biopharma: 66%1)
• Pharma posted solid 3%1 organic revenue growth based on ability to capture market opportunities
• EBIT margin for Q4/23 at 14.1% driven by strong top-line development and cost and efficiency measures well ahead of plan
• Significant margin expansion at Growth Vectors YoY; strong contribution from Biopharma

Fresenius Helios: Strong finish to the year

QUARTERLY FINANCIALS

MAIN DEVELOPMENTS

• Organic revenue growth at top-end of structural growth band, driven by healthy activity levels at both Germany (5% organic growth) and Spain (5% organic growth)
• Excellent EBIT margin well above structural margin band in Q4/23 driven by Helios Spain (EBIT margin: 14.6%)
• Strong EBIT growth of 5% supported by strong top-line, cost savings progress and energy related government relief funding
• Eugin divestment successfully completed in January 2024

Before special items

Fresenius Vamed: Turnaround progressing well

QUARTERLY FINANCIALS

Before special items

1 Organic growth of continuing business

TRANSFORMATION UPDATE

• Restructuring measures progressing well along clear implementation roadmap
• Revenue development in Q4/23 impacted by phasing and more rigorous vetting in the Project business; Service business with solid organic growth of 4%
• Further good sequential improvement in EBIT; two consecutive quarters with positive EBIT
• Transformation resulted in special items of €113m booked in Q4/23 (YTD: €554m); mainly non-cash
• Ongoing positive operating performance trend expected in FY/24
• Target to be back in structural EBIT margin band of 4% to 6% by 2025

FMC: Deconsolidation finalized

Strong operating cash flow in Q4/23

€m	Q4/23	Q4/22	Q4/23 LTM	Q4/22 LTM
OCF	1,272	1,225	2,131	2,031
% OCF Margin	22.4%	21.6%	9.6%	9.4%
Capex (net)	-384	-403	-1,107	-1,089
Capex in % of revenue	-6.8%	-7.1%	-5.0%	-5.0%
Acquisitions (net)	-12	-16	-233	-783
Dividends	-6	-7	-444	-276
Lease liabilities	-56	-57	-232	-200
FCF	814	742	115	-317

Cash flow from continuing operations, i.e. ex FMC

Q4 OCF increased by 4% over strong prior-year quarter

• Kabi: strong OCF development driven by intense Working Capital focus
• Helios: strong OCF development driven by good cash generation
• CAPEX in FY/23 tightly managed at 5% level
• Good improvement in FCF for FY/24

• 1 Company overview
• Strategic update
• Business update Q4/23

Financial priorities & outlook

Attachments

FY/24: Focus on execution

Raising FY/25 target: Cost savings upgrade 1

• target by >40%
• Kabi was largest contributor to these cost savings
• In FY/24, approx. €330-350m (incremental ~€50-70m) of cost savings expected
• Ongoing targeted cost reduction programs:
  • − Procurement
  • − SG&A
  • − Process optimization
  • − Digitalization

2 Improving debt profile a top priority

ROIC improvements to drive value creation 3

OPERATING PERFORMANCE INVESTED CAPITAL

Strong underlying growth at Kabi and Helios

Steady improvement at Vamed

Improved structural productivity and efficiency

Increased profitability

Targeted and disciplined capital allocation

Focused investments along strategic growth pillars and portfolio optimization

Deconsolidation of FMC

Outlook for FY/24: Consistent delivery on higher targets

OPERATING COMPANIES	FY/23 base1	FY/24 outlook
	€8,009m €1,145m	Mid-single-digit organic revenue growth Around 15% EBIT margin; structural EBIT margin band of 14–17%	Revenue growth (organic):
	€11,952m €1,190m	Low-to mid-single-digit organic revenue growth Within structural EBIT margin band of 9–11%	3–6% growth 2023: €21,776m1
INVESTMENT COMPANY			EBIT growth (cc):
	€2,201m -€16m	Mid-single-digit organic revenue growth2 1–2%-points below structural EBIT margin band of 4–6%	4–8% growth 2023: €2,220m1
1 Please refer to slide 34 for a reconciliation of the FY/2023 guidance base 2 Calculated for continued business

2024 Targets for Environment, Social, Governance (ESG) KPIs Targets aligned with Management Board Compensation Short-term Incentive (STI) 2024

Quality / Patients			Quality / Patients	Quality / Patients
	Audit & Inspection Score		Inpatient Qualitiy Indicator		Patient Satisfaction
Critical and major observations from regulatory authority's GMP inspections and major nonconformities in TÜV ISO 9001 audits in relation to the number of inspections/audits		Number of quality indicators achieved compared to the total number of indicators; individual target setting and measurement of achievement in Helios segments Germany and Spain		Degree of patient satisfaction in Vamed healthcare facilities and the patient' satisfaction with the overall services provided in VAMED healthcare facilities.
Target: 2.3		Target Germany: 88% Target Spain: 55%		Target: 1.57
Employee Engagement Index		Employee Engagement Index (EEI) describes how positively employees associate themselves with the employer, how committed they feel and how engaged they are at work.
					Target: 4.33

Attachments

FY/24 Fresenius Group: Other financial KPIs

		FY/23	FY/24 expectation
y t bili a	Interest expense	€418 m	€420 to €440m
t fi o r P	Tax rate	28.3%	Between 25 to 26%
n o ti a c o All al t pi a	CAPEX % of revenue	5.1%	Around 5%
	CCR LTM	1.0	Around 1
	ROIC	5.2%	In the range of 5.4 to 6.0%
C	Leverage ratio	3.76x	Within target range of 3.0 to 3.5x net debt/EBITDA

Before special items

Guidance base

		FY/2023
€m		Actual	Portfolio Adjustments Helios	Discontinued business Vamed1	Base for Guidance FY/24
	Revenue	8,009			8,009
	EBIT	1,145			1,145
	Revenue	12,320	-368		11,952
	EBIT	1,232	-42		1,190
	Revenue	2,356		-155	2,201
	EBIT	-16		0	-16
Corporate	Revenue	-386			-386
	EBIT	-99			-99
	Revenue	22,299	-368	-155	21,776
	EBIT	2,262	-42	0	2,220

¹ Existing projects in respective countries will continue for a certain time period

Capital efficiency and returns – deleveraging remains key

¹ LTM

² At LTM average exchange rates for both net debt and EBITDA; pro forma closed acquisitions/divestitures; before special items; after effects from assets held for sale at FMC

Q4/23 Fresenius Group: Statement of Income (Summary, unaudited)

€m	Q4/23	Q4/22	Growth
Revenue	5,678	5,670	0%
Cost of goods sold	-4,381	-4,240	-3%
Gross profit	1,297	1,430	-9%
Selling, general, and administrative expenses & OCI	-1,008	-878	-15%
Research and development expenses	-204	-215	5%
Operating income (EBIT)	85	337	-75%
Income from the Fresenius Medical Care investment accounted for using the equity method	-12	n.a.	n.a.
Interest result	-125	-55	-127%
Income before income taxes	-52	282	-118%
Income taxes	-165	-73	-126%
Net income from continuing operations	-217	209	--
Noncontrolling interests in continuing operations	-68	0	--
Net income from continuing operations (attributable to shareholders of Fresenius SE & Co. KGaA)	-149	209	-171%
Net income from deconsolidated Fresenius Medical Care operations under IFRS 5 (attributable to shareholders of Fresenius SE & Co. KGaA)	-453	46	--
Net income (attributable to shareholders of Fresenius SE & Co. KGaA)	-614	255	--
Earnings per share in €	-1.09	0.45	--

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

FY/23 Fresenius Group: Statement of Income (Summary, unaudited)

€m	FY/23	FY/22	Growth
Revenue	22,299	21,532	4 %
Cost of goods sold	-17,241	-16,129	-7 %
Gross profit	5,058	5,403	-6 %
Selling, general, and administrative expenses & OCI	-3,254	-2,952	-10%
Research and development expenses	-661	-639	-3 %
Operating income (EBIT)	1,143	1,812	-37 %
Income from the Fresenius Medical Care investment accounted for using the equity method	-12	n.a.	n.a.
Interest result	-416	-215	-93 %
Income before income taxes	715	1,597	-55 %
Income taxes	-477	-375	-27 %
Net income from continuing operations	238	1,222	-81 %
Noncontrolling interests in continuing operations	-115	68	--
Net income from continuing operations (attributable to shareholders of Fresenius SE & Co. KGaA)	353	1,154	-69 %
Net income from deconsolidated Fresenius Medical Care operations under IFRS 5 (attributable to shareholders of Fresenius SE & Co. KGaA)	-947	218	n.a.
Net income (attributable to shareholders of Fresenius SE & Co. KGaA)	-594	1,372	--
Earnings per share in €	-1.05	2.44	--

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

FY/23 Fresenius Group: Revenue

Revenue by Region

Revenue by Business Segment

52

Q4/23: Revenue by Business Segment – FX, Acquisitions/Divestitures Effects

€m	Q4/23	Q4/22	Growth at actual rates	Currency translation effects	Growth at constant rates	Organic growth	Acquisi tions	Divesti tures/ Others
Fresenius Kabi	1,996	2,036	-2%	-11%	9%	7%	0%	2%
Fresenius Helios	3,188	3,031	5%	0%	5%	5%	0%	0%
Fresenius Vamed	595	712	-16%	1%	-17%	-5%	0%	-12%
Total	5,678	5,670	0%	-4%	4%	5%	0%	-1%

53

FY/23: Revenue by Business Segment – FX, Acquisitions/Divestitures Effects

€m	FY/23	FY/22	Growth at actual rates	Currency translation effects	Growth at constant rates	Organic growth	Acquisi tions	Divesti tures/ Others
Fresenius Kabi	8,009	7,850	2%	-7%	9%	7%	1%	1%
Fresenius Helios	12,320	11,716	5%	0%	5%	5%	0%	0%
Fresenius Vamed	2,356	2,359	0%	0%	0%	1%	1%	-2%
Total	22,299	21,532	4%	-2%	6%	6%	0%	0%

Q4 & FY/23 Fresenius Kabi: Organic Revenue Growth by Product Group

€m	Q4/23	Δ YoY organic	FY/23	Δ YoY organic
MedTech	397	8%	1,510	8%
Nutrition	501	6%	2,304	8%
Biopharma	99	66%	363	57%
Growth Vectors1	997	11%	4,177	10%
Pharma (IV Drugs & Fluids)	1,000	3%	3,832	3%
Corporate	0	--	0	--
Total revenue	1,996	7%2	8,009	7%3

¹ Consists of MedTech, Nutrition, Biopharma

² Excluding hyperinflation Argentina, including: 14%

³ Excluding hyperinflation Argentina, including: 9%

55

Q4 & FY/23 Fresenius Kabi: EBIT(DA) development

€m	Q4/23	Δ YoY cc	FY/23	Δ YoY cc
Total EBITDA	425	0%	1,634	3%
Margin	21.3%	+150 bps	20.4%	+30 bps
Growth Vectors1	102	12%	390	+6%
Margin	10.2%	+430 bps	9.3%	+80 bps
Pharma (IV Drugs & Fluids)	189	2%	792	6%
Margin	18.9%	+10 bps	20.7%	+70 bps
Corporate	-9	--	-37	--
Total EBIT	282	6%	1,145	3%
Margin	14.1%	+250 bps	14.3%	+50 bps

All figures before special items

Margin growth at actual rates

¹ consists of MedTech, Nutrition, Biopharma

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

Q4 & FY/23 Fresenius Helios: Key Financials

€m	Q4/23	Δ YoY cc	FY/23	Δ YoY cc
Total revenue	3,188	5%1	12,320	5%1
Thereof Helios Germany	1,828	5%1	7,279	4%1
Thereof Helios Spain	1,289	5%1	4,770	8%1
Thereof Helios Fertility	71	22%1	269	15%1
Total EBIT Margin	371 11.6%	5% -10 bps	1,232 10.0%	4% -10 bps
Thereof Helios Germany Margin	164 9.0%	-6% -90 bps	630 8.7%	1% -20 bps
Thereof Helios Spain Margin	188 14.6%	8% +40 bps	580 12.2%	5% -30 bps
Thereof Helios Fertility Margin	10 14.1%	100% +500 bps	26 9.7%	38% +130 bps
Thereof Corporate	9	--	-4	--

¹ Organic growth

All figures before special items

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

57

FY/23 Fresenius Helios: Key Metrics

	FY/23	FY/22	Δ
Helios Germany
Hospitals - Acute care hospitals	86 83	87 84	-1% -1%
Beds - Acute care hospitals	29,976 29,410	30,352 29,786	-1% -1%
Admissions - patients treated in hospital - patients treated as outpatient	5,470,871 1,136,446 4,334,425	5,508,158 1,084,676 4,423,482	-1% 5% -2%
Helios Spain (incl. Latin America)
Hospitals	59	58	2%
Beds	8,299	8,259	0%
Admissions (including outpatients) - patients treated in hospital - patients treated as outpatient	20,301,158 1,153,240 19,147,918	19,360,634 1,093,858 18,266,776	5% 5% 5%

58

Q4 & FY/23 Fresenius Vamed: Key Financials

€m	Q4/23	Δ YoY cc	FY/23	Δ YoY cc
Total revenue	595	-17%	2,356	0%
Thereof continued business Organic revenue1	589	-5%	2,201	1%
Project business	132	-51%	558	-17%
Service business	463	4%	1,798	6%
EBIT2 Total	21	--	-16	--
Order intake3	74	-76%	336	-66%
Order backlog3			1,9554	-24%5

1 Calculated for continued business

² Before special items

³ Project business only; reflects only unconditional order intake

⁴ In addition conditionally agreed order backlog of €704m

⁵ vs. December 31, 2022

FY/23 Fresenius Group: Calculation of Noncontrolling Interests

€m	FY/23	FY/22
Earnings before tax and noncontrolling interests	1,844	1,949
Taxes	-522	-437
Noncontrolling interests, thereof	-60	-78
Fresenius Kabi	-54	-56
Fresenius Helios	-22	-17
Fresenius Vamed	-1	-6
Fresenius Vamed's 23% external ownership	17	1
Net income from deconsolidated operations	243	295
Net income attributable to Fresenius SE & Co. KGaA	1,505	1,729

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

FY/23 Fresenius Group: Statement of Financial Position

€m	Dec. 31, 2023	Dec. 31, 2022
Assets
Current assets	12,520	18,279
thereof trade accounts receivable	3,673	7,161
thereof inventories	2,517	4,833
thereof cash and cash equivalents	2,562	2,749
thereof other current assets	3,213	3,536
Assets held for sale	555	-
Non-current assets	32,764	58,121
thereof property, plant and equipment	8,964	12,919
thereof goodwill and other intangible assets	17,620	35,828
thereof right-of-use assets	1,818	5,922
Fresenius Medical Care investment accounted for using the equity method	3,500	-
Total assets	45,284	76,400
Liabilities and shareholders' equity
Liabilities	25,633	44,182
thereof trade accounts payable	1,488	2,164
thereof short-term accruals and other short-term liabilities	4,920	8,242
thereof debt	15,830	27,763
thereof lease liabilities	1,998	6,592
thereof liabilities directly associated with the assets held for sale	230	-
Noncontrolling interests	652	11,803
Total Fresenius SE & Co. KGaA shareholders' equity	18,999	20,415
Total shareholders' equity	19,651	32,218
Total liabilities and shareholders' equity	45,284	76,400

Q4/23 & Q4/23 LTM Fresenius Group: Cash Flow

€m	Q4/23	Q4/23 LTM	LTM Margin	Q4 Δ YoY
Operating Cash Flow – continuing operations	1,272	2,131	9.6%	4%
Capex (net)	-384	-1,107	-5.0%	5%
Free Cash Flow – continuing operations	888	1,024	4.6%	8%
(before acquisitions, dividends, and lease liabilities)
Acquisitions (net)	-12	-233
Dividends	-6	-444
Lease liabilities	-56	-232
Free Cash Flow – continuing operations (after acquisitions, dividends and lease liabilities)	814	115	0.5%	10%

Q4 & FY/23 Fresenius Group: Reconciliation adjusted Free Cash Flow for CCR

€m	Q4/23	FY/23
Operating Cash Flow	1,272	2,131
Capex (net)	-384	-1,107
Free Cash Flow	888	1,024
(before acquisitions, dividends, and lease liabilities)
Special items (net income before minorities)	+167	+253
Interests (before special items)	+118	+418
Taxes (before special items)	+188	+522
Adjusted Free Cash Flow for CCR	1,361	2,217

Q4/23: Cash Flow development

		Operating Cash Flow				Capex (net)				Free Cash Flow1
€m	Q4/23	Q4/22	Q4/23 Margin	Q4/22 Margin	Q4/23	Q4/22	Q4/23 % sales	Q4/22 % sales	Q4/23	Q4/22	Q4/23 Margin	Q4/22 Margin
	434	298	21.7%	14.6%	-167	-196	-8.3%	-9.6%	267	102	13.4%	5.0%
	867	956	27.2%	31.5%	-190	-227	-6.0%	-7.4%	677	729	21.2%	24.1%
	36	12	6.1%	1.7%	-12	47	-2.1%	+6.6%	24	59	4.0%	8.3%
Corporate/Other	-65	-41			-15	-27			-80	-68
1 Before acquisitions, dividends and lease liabilities	1,272	1,225	22.4%	21.6%	-384	-403	-6.8%	-7.1%	888	822	15.6%	14.5%

Q4/23 LTM: Cash Flow development

		Operating Cash Flow				Capex (net)				Free Cash Flow1
€m	Q4/23 LTM	Q4/22 LTM	Q4/23 LTM Margin	Q4/22 LTM Margin	Q4/23 LTM	Q4/22 LTM	Q4/23 LTM % sales	Q4/22 LTM % sales	Q4/23 LTM	Q4/22 LTM	Q4/23 LTM Margin	Q4/22 LTM Margin
	1,015	841	12.7%	10.7%	-443	-518	-5.6%	-6.6%	572	323	7.1%	4.1%
	1,244	1,367	10.1%	11,7%	-553	-554	-4.5%	-4.8%	691	813	5.6%	6.9%
	20	-44	0.8%	-1.9%	-87	19	-3.6%	-0.8%	-67	-25	-2.8%	-1.1%
Corporate/Other	-148	-133			-24	-36			-172	-169
	2,131	2,031	9.6%	9.4%	-1,107	-1,089	-5.0%	-5.0%	1,024	942	4.6%	4.4%

¹ Before acquisitions, dividends and lease liabilities

Financial Calendar / Contact

Financial Calendar		Social Media
08 May 2024	Results Q1/24	Follow Fresenius Investor Relations on LinkedIn:
17 May 2024	Annual General Meeting
05 June 2024	Capital Markets Day 2024
31 July 2024	Results Q2/24
06 November 2024	Results Q3/24

Please note that these dates could be subject to change.

Contact

Investor Relations Fresenius SE & Co. KGaA phone: +49 6172 608-2485 e-mail: ir-fre@fresenius.com For further information and current news: www.fresenius.com

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