QUARTERLY FINANCIAL REPORT

Q3|2023

3 Fresenius Group figures at a glance 24 Fresenius Kabi 35 Consolidated financial statements

5 Strategy and goals
11 Healthcare industry
12 Results of operations, financial position, assets and liabilities
12 New presentation financial information 44 Notes
13 Revenue
13 Earnings
16 Reconciliation tables
21 Investments
22 Cash flow
23 Asset and liability structure
24 Business segments
32 Outlook 2023

26 Fresenius Helios 35 Consolidated statement of income
28 Fresenius Vamed 36 Consolidated statement of comprehensive income
4 Shareholder information 30 Employees 37 Consolidated statement of financial position
- 30 Changes to the Management Board 38 Consolidated statement of cash flows
- 30 Research and development 40 Consolidated statement of changes in equity
5 Interim Group Management Report 30 Rating 42 Consolidated segment reporting first nine months of 2023
- 31 Oppotunities and risk report 43 Consolidated segment reporting third quarter of 2023

15 Reconciliation 67 Financial Calendar

FRESENIUS GROUP FIGURES AT A GLANCE

Fresenius is a global healthcare group. We offer system-critical products and services for leading therapies for care of critically and chronically ill patients. The Fresenius Group comprises the Operating Companies Fresenius Kabi and Fresenius Helios and the Investment Companies Fresenius Medical Care (in accordance with IFRS 5) and Fresenius Vamed.

REVENUE AND EARNINGS

€ i illio n m ns	Q3 /20 23	Gro wth	Gro wth in c tant ons cur ren cy	Q1- 3/ 202 3	Gro wth	Gro wth in c tant ons cur ren cy
Rev en ue	8 5, 51	2%	6%	16, 62 1	5%	7%
IT1 EB	519	8%	10 %	1, 628	0%	0%
in1 EB IT ma rg	9.4 %			9.8 %
1,2 Ne t in com e	344	-7%	-5%	1, 108	-14 %	-13 %

BALANCE SHEET

€ i illio n m ns	Sep . 30 , 20 23	Dec . 31 , 20 22	Cha nge
3 To tal ets ass	75, 32 8	76, 40 0	-1%
4 Eq uity	30, 282	32, 218	-6%
4 Eq uity tio ra	40 .2%	42 .2%
1,5 Ne t d ebt /E BIT DA	4.0 3	3.8 0

PROFITABILITY

	Q1- 3/ 202 3	Q1- 3 /20 22
Ca sh Co rsio n R (C CR ); LT M ate nve	0.9	0.7
1,2,6 Ret uity af x ( RO E) ter ta urn on eq	7.8 %	8.5 %
1,6 tin RO OA Ret ts ( ) urn on op era g a sse	5.6 %	6.1 %
1,6 Ret in ted ita l (R OIC ) urn on ves ca p	5.0 %	5.6 %

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

3 Including Operations to be deconsolidated (Fresenius Medical Care in accordance with IFRS 5)

4 Including noncontrolling interests

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

including lease liabilities, before special items, including FMC dividend

6 2022: annual return FY/22

¹ Before special items

SHAREHOLDER INFORMATION

The short-term economic outlook has deteriorated over the course of the third quarter of 2023 partly due to tighter financing conditions. Hopes for an easing of inflation and a more stable economic situation remain in the medium term. Overall, the DAX gained 9% in the first nine months, while the Fresenius share closed at €29.46, an increase of 12%.

KEY DATA OF THE FRESENIUS SHARE

	Q1- 3/ 202 3	202 2	Gro wth
Nu mb of sha (S 30 /D 31 ) er res ep. ec.	563 237 277 , ,	563 237 277 , ,	0%
n1 Sto ck han tio in € ota exc ge qu
Hig h	31 .11	37 .88	-18 %
Low	23 .46	20 .04	17 %
iod ati sin ric e in Per d q clo € uot -en on g p	.46 29	26 .25	12 %
Ø T rad ing lum e ( mb of sha ad ing da ) r tr vo nu er res pe y	1, 257 237 ,	1, 59 0, 013	-21 %
2 in ital iza tio illio (S Ma rke n € 30 /D 31 ) t ca p n m ep. ec.	16, 593	14, 785	12 %

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

DEVELOPMENT IN THE THIRD QUARTER 2023

For the euro zone, the ECB Council raised the key interest rate again by 0.25% to 4.5% in mid-September 2023. The central bank's current forecasts for real GDP have been revised downwards by 0.2% for the current reporting year and by 0.5% for 2024 compared to the June 2023forecasts. The decline is mainly due to tighter financing conditions, poorer short-term growth prospects and a stronger exchange rate in the euro zone.

In its latest forecast, the Federal Reserve expects the US economy to grow by 1.0% in 2023. The key interest rate range of 5.25 to 5.5% was confirmed in mid-September 2023. This is a pause in the interest rate hikes that have been in place since March 2022 in order to combat rising inflation.

In this economic environment, the DAX increased by 9% to 15,387 points in Q1-3 2023. The Fresenius share recorded an increase of 12% in the same period and closed at €29.46 on 30 September 2023.

INTERIM GROUP MANAGEMENT REPORT

FutureFresenius continues to provide positive momentum: Fresenius delivers strong third quarter performance and improves operating earnings outlook

► Application of IFRS 5: Fresenius Group financials for the first time presented excluding Fresenius Medical Care
► Excellent Group revenue growth of 6% in constant currency to €5.5 billion driven by Operating Companies and Fresenius Vamed
► Group EBIT increased 10% in constant currency reflecting strong performance of Operating Companies; Fresenius Vamed with operational improvement
► Fresenius Kabi with strong organic revenue growth of 7% at top-end of structural growth band; EBIT margin remains within structural band at 14.3%
► Fresenius Helios with strong organic revenue growth of 5% at top-end of structural growth band despite usual summer effect in Spain
► Fresenius Vamed's transformation progressing
► Deconsolidation of Fresenius Medical Care effective by December 2023
► Divestments advancing: exit of hospital operations in Peru
► FY / 23 structural productivity savings target of ~€200 million excluding Fresenius Medical Care already achieved in first nine months
► Group revenue outlook confirmed, Group EBIT outlook improved

STRATEGY AND GOALS

AT THE HEART OF HEALTHCARE

Demographic change is posing fundamental challenges to societies worldwide. Not only are people living longer, but the pace of population aging is also increasing significantly. As a result, the social and healthcare systems of many countries are coming under increasing pressure. As the average age of the population increases, so does the

number of critically and chronically ill patients.1 A longer life, however, also offers opportunities for individuals and societies. The extent to which these opportunities can be leveraged depends heavily on one factor: health.

At Fresenius, we are at the heart of healthcare. At the core of everything we do is our purpose: Advancing Patient Care. In line with this purpose, we offer healthcare products and services for critically and chronically ill individuals, in line with the megatrends of health and demographics. We

improve people's lives by providing high-quality and affordable healthcare. In doing so, we consider significant medical paradigm shifts in the healthcare environment with regards to biologic products and therapies, technological change and new forms of data generation, processing and usage. We aim to expand Fresenius' position as a leading global provider of products, services, and therapies for critically and chronically ill people. At the same time, we want to grow profitably and use our capital efficiently, in order to create value for our stakeholders and enable us to continue investing in better medicine.

Fresenius will deconsolidate the business segment Fresenius Medical through a change of legal form of Fresenius Medical Care AG&Co. KGaA into a stock corporation (Aktiengesellschaft). Further information is provided within the section ''Deconsolidation of Fresenius Medical Care''. Additional information on Vamed is provided with the section ''Transformation of Fresenius Vamed''.

Fresenius runs operating companies and strategic capital investments in key healthcare areas indispensable for critically and chronically ill patients. We continuously develop our business areas and strive to assume leading positions in system-critical healthcare markets and segments. We orient our portfolio towards healthy, profitable growth, a strong focus on margins and capital returns, and the highest ambitions for operational excellence and competitiveness.

At Fresenius, 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. At the same time, we care for our environment by protecting nature and using its resources carefully.

Fresenius Kabi's corporate philosophy ''caring for life'' expresses the company's commitment 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.

Fresenius Medical Care ensures patient health and product safety by providing a safe environment in its clinics. Fresenius Medical Care considers the quality and safety of its products and services to be the foundation of its success.

Fresenius Vamed bases its quality processes on clearly defined and generally established standards.

Fresenius will continue building on its strength in technology, its competence and quality in patient care, and its ability to manufacture cost-effectively. Developing products and systems that provide a high level of safety and userfriendliness 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 for critically and chronically ill patients 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 190,000 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, attracting new employees is key for the growth of our company. 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 working-time models and incentive programs to ensure that our long-term needs for highly qualified employees are met. Furthermore, we offer our employees opportunities to develop their careers in an international and dynamic environment.

EXECUTING SEGMENT STRATEGIES

The Fresenius Group offers a broad spectrum of system critical 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 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 for critically and chronically ill patients.

As part of this clear strategy, Fresenius Kabi has defined three growth vectors in addition to strengthening resilience in the volume-driven business with IV drugs (''3+1'' strategy). The growth vectors are:

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

Fresenius Kabi's growth strategy was presented transparently at a Capital Market Day in May 2023.

With the acquisition of a majority stake in mAbxience, we form a fully integrated, vertical biopharma business that holds a strong portfolio and pipeline, provides extensive and cost-efficient manufacturing, and is building a targeted commercial footprint in Fresenius Kabi's and mAbxience's target regions.

Our newly bundled MedTech business has been further strengthened by the acquisition of Ivenix. With the awardwinning 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.

Through successful organic launches, we have become the leading IV lipid nutrition supplier in North America, further strengthening our global nutrition business in addition to its strong base in Europe, Latin America, and Asia-Pacific.

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 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. The goal is to reduce energy consumption by about 20% across all hospitals in 2023 compared to 2021.

In Spain, we expect demand for hospital and other healthcare services to continue to rise. We want to continue to exploit this potential by building new clinics and expanding existing hospital sites. 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 consistently 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.

In addition, we expect growth opportunities from consolidations in the fragmented private hospital market.

As a hospital operator, we aim to make even greater use of the potential offered by digitalization to further improve patient care and our service. In the future, our range of services will be supplemented even more by digital and telemedical offerings. Digital patient records and telemedicine will provide new communication channels outside the hospital, as well as faster transmission and interpretation of health data.

We also intend to grow our field of reproductive medicine and to specifically expand and extend the global network of reproductive clinics.

Fresenius Medical Care launched its FME25 program in 2021 and started to significantly streamline its business model in 2022, creating two global segments -- Care Delivery and Care Enablement, which were introduced on January 1, 2023. Fresenius Medical Care is thus aligning its operating model with the relevant value drivers of the future.

Fresenius Vamed has realized projects in the area of integrated healthcare services to support healthcare systems more efficiently. In addition, state-of-the-art standards such as the use of building information modeling (BIM) in the construction of healthcare facilities, new concepts for operational management through the use of innovative technologies, and digitalization measures were implemented to improve medical care and reduce the workload of medical staff.

#FUTUREFRESENIUS

In Q4/ 22, we launched #FutureFresenius and embarked on a transformative journey to prepare Fresenius for the coming decades.

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 to 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. With the closure of the ''Reset'' phase, we are now in the ''Revitalize'' phase, gearing up for continuous portfolio optimization and the pursuit of growth verticals.

PORTFOLIO FOCUS

We have executed a comprehensive diagnosis of our Group portfolio at sub-segment level, in order to highlight growth opportunities aligned with market trends, further refine our management approach for each business we operate, and identify areas to strengthen our portfolio focus.

Going forward, we want to increasingly orient our portfolio along 3 platforms: (Bio)Pharma -- including clinical nutrition -, MedTech and Care Provision. With these platforms, we cater to major trends in healthcare and become a more therapy-focused company. The health and quality of life of our patients who we serve with high-quality, affordable products and services is at the core. At the same time, our platforms address attractive value pools in healthcare, which will provide opportunities for future profitable growth.

As part of the focusing of its portfolio, Fresenius has sold its 70 percent stake in IDCQ CRP, an associated company of the Clínica Ricardo Palma hospital in Lima, Peru. The acquirers are companies belonging to the Verme family, which already have a stake in the hospital, as well as other local investors.

The exit from the Peruvian hospital market is a further step towards strengthening #FutureFresenius and is in line with the company's announcement at the beginning of the year to divest certain businesses. Subject to antitrust review, Fresenius expects the transaction to close in the first quarter of 2024.

To improve our management effectiveness and enable a targeted approach to capital allocation, we are differentiating between our operating companies, Fresenius Kabi and Fresenius Helios (each with 100% ownership share) and our investment companies Fresenius Medical Care (32% ownership share) and Fresenius Vamed (77% ownership share), since the beginning of this year. We will prioritize growth investments for the health-care products and services of tomorrow in our operating companies Fresenius Kabi and Fresenius Helios. Across all segments, we are seeking opportunities to strengthen the focus on core business cells, in order to safeguard a sound capital structure and availability of capital for future growth prospects. Within the Fresenius Group, we will provide effective support and governance services to the benefit of our segments and the overall capital efficiency of the Group.

DECONSOLIDATION OF FRESENIUS MEDICAL CARE

Fresenius intends to deconsolidate the business segment Fresenius Medical through a change of legal form of Fresenius Medical Care AG&Co. KGaA into a stock corporation (Aktiengesellschaft). At the Extraordinary General Meeting (EGM) on July 14, 2023, more than 99% of Fresenius Medical Care's shareholders voted in favor for the conversion of Fresenius Medical Care from the legal form of a partnership limited by shares (Kommanditgesellschaft auf Aktien, KGaA) into a German stock corporation (Aktiengesellschaft, AG). In its constituting meeting following the EGM, the new Supervisory Board elected Fresenius Group CEO Michael Sen as its Chair, as well as Fresenius Group CFO Sara Hennicken as its Deputy Chair. This is a testament to Fresenius' close relationship with Fresenius Medical Care and its continued commitment to the Company. The simplified structure will lead, among others, to a more efficient and faster decision-making as it allows for a clearer focus on the interests of the Fresenius Medical Care group and frees up management resources. Fresenius Medical Care will also have greater flexibility concerning its financial strategy.

The deconsolidation process of Fresenius Medical Care is on track. The competent Higher Regional Court in Bamberg has fully approved the application for release that Fresenius Medical Care had filed with regard to the legal actions brought against the change of the legal form into a stock corporation. Accordingly, the change of the legal form can be registered with the commercial register.

Fresenius expects the deconsolidation to become effective by December 2023. From then on, Fresenius Medical Care AG&Co. KGaA will operate as Fresenius Medical Care AG.

As a result of the approval of the change of legal form by the Extraordinary General Meeting on July 14, 2023, Fresenius Medical Care is for the first time in Q3/ 23 presented as a single item in the financial statements of the Fresenius Group. Fresenius Medical Care is now classified in accordance with IFRS 5 as "Operations to be deconsolidated'' and presented in a single line item in Fresenius's balance sheet, the P&L and the cash flow statement.

IFRS 5 requires the valuation of Fresenius Medical Care at Fair Value. As of September 30, 2023, the market capitalization of about €12 billion was below the consolidated shareholders' equity of Fresenius Medical Care of about €14 billion. This results in a valuation effect of €2 billion, of which ~€0.6 billion are attributable to the shareholders of Fresenius SE&Co. KGaA. This effect is reported as a special item without any cash impact.

STRUCTURAL PRODUCTIVITY

While fundamentally healthy and geared toward long-term growth, our market environment is also characterized by strong current macro headwinds that challenge our operations and increase our cost base. With that in mind, we have reinvigorated our focus on structural productivity and are running corresponding programs in all our business segments and at the corporate center.

The target for cost savings is to save around €1 billion annually (including Fresenius Medical Care ) in structural costs at EBIT level from 2025 (of which around €350 million excluding Fresenius Medical Care).

To achieve the targeted cost savings, one-time costs of around €700 million to €750 million are expected at EBIT level including Fresenius Medical Care (of which around 1/3 excluding Fresenius Medical Care), of which around 2/3 are expected to occur in 2023.

In order to reach this goal, Fresenius is running targeted programs across all business segments and the Corporate Center with the oversight and steering of the Group. Key elements include measures to optimize the network, sales and administrative costs, procurement, as well as divesting from non-core assets.

The groupwide cost savings program progresses significantly ahead of plan. Under the program, Fresenius realized ~€200 million of structural cost savings at EBIT level (excluding Fresenius Medical Care) in Q1-3/ 23. With that, all savings originally expected for 2023 are already realized. In the same period, one-time costs of around €90 million (excluding Fresenius Medical Care) incurred to achieve these savings. This is well below what the Company initially accounted for and testament that our one-time costs are tightly managed.

On Group level including Fresenius Medical Care, the savings in Q1-3/ 23 amount to ~€430 million. In the same period, one-time costs of ~€190 million incurred to achieve these savings.

Fresenius Digital Technology entered a strategic partnership with Capgemini, a global leader in the IT sector, to streamline its IT services. As of October, Capgemini has taken over operational delivery of standard IT services, while Fresenius Digital Technology focuses on its core compentences as business partner for all Fresenius segments.

The partnership will lead to new and optimized products, improved customer satisfaction and increased value creation, and optimized IT operations. In addition, new business models can be developed and strengthened while taking advantage of cost savings and a global support model.

TRANSFORMATION FRESENIUS VAMED

With the presentation of the business figures for the first quarter of 2023, Fresenius has announced that it will subject the business model, governance and all processes of Fresenius Vamed to a comprehensive analysis. At the same time, a comprehensive and far-reaching restructuring program has been initiated with the clear goal to increase the company's profitability. Also, a comprehensive reassessment of the company organization was initiated which led to the reorganization of the VAMED management already at the end of June. The new Fresenius Management Board member Dr.Michael Moser will be responsible for Fresenius Vamed. The control function of the VAMED Supervisory Board was strengthened through new appointments and the establishment of an Audit Committee consisting of Sara Hennicken as Chair and Dr.Michael Moser as Deputy Chair, among others.

The restructuring program aims to adjust Fresenius Vamed's project business, especially in Germany. Moreover, the withdrawal of non-core service businesses in main markets outside Europe is intended. This includes the redimensioning of activities, and associated with this, achieving a significantly lower risk profile.

In the future, Fresenius Vamed will focus on attractive businesses comprising:

► Health Facility Operations (HFO) centered on inpatient and outpatient rehabilitation and nursing
► High-End Services (HES) for hospitals focused on the management of medical equipment, hospital operating technology and sterile supplies
► Health Tech Engineers (HTE) covering the project business for the healthcare sector

In Q3/23,further progress in the transformation of Fresenius Vamed was achieved. With a positive EBIT of €10 million in Q3/ 23 (Q2/ 23: -€20 million), Fresenius Vamed is ahead of its originally expected target for Q3/ 23. The encouraging development was especially driven by the High-End Services (HES) and Health Facility Operations (HFO) businesses. For Q4/ 23, a further solid development is expected.

In Q3/ 23, negative special items mainly related to closing down activities, asset re-evaluations and restructuring costs resulted in write-downs and provisions of €109 million. The negative special items were predominantly booked as non-cash items. In Q1-3/ 23, negative special items of €441 million were incurred.

By 2025, Fresenius Vamed is expected to reach the structural EBIT margin band of 4% to 6% set out in the #FutureFresenius Financial Framework.

SHARPENING OF FOCUS: EXIT FROM HOSPITAL MARKET IN PERU

Fresenius sells its 70 percent stake in IDCQ CRP, a co-holding entity of the hospital Clínica Ricardo Palma in Lima, Peru. The stake is acquired by entities of the Verme family which already hold a stake in the hospital, together with other local investors. This exit from the hospital market in Peru is a further step to strengthening #FutureFresenius and is in line with the company's intention to divest certain assets announced earlier this year. Subject to antitrust review, the all-cash transaction is expected to close in the first quarter of 2024.

CHANGE MOMENTUM

At Fresenius, our collective actions have always been driven by our enormous passion and strongest possible commitment to patients. On our pathway to #FutureFresenius, we want to nurture this passion, and combine it with a strong appetite for change, preparing us for the dynamic shifts in the healthcare industry for the best of our patients. As part of #FutureFresenius, we aim to embrace new ways of working and establish a culture of excellence, where we measure ourselves against the best and maintain trusting dialog that welcomes diverse perspectives. Throughout our company, we engage in such trusting dialog with our employees, stakeholders, and external partners, and our global top leaders are agreed about the need for change. We aim to continuously pick up the pace of change and improvement and use this momentum to create #FutureFresenius.

SUSTAINABILITY PROGRAM

For Fresenius, sustainability is a crucial and integral part of the corporate strategy. The company is working to establish global sustainability standards and continuously improve its own sustainability performance. To this end, Fresenius continued to drive forward its ESG (Environment, Social, Governance) initiatives.

Fresenius has set a climate target for the Group complementing its existing sustainability targets and programs. The company aims to be climate-neutral by 2040 and to reduce 50% of absolute Scope 1 and Scope 2 emissions by 2030 compared to 2020 levels. Fresenius will continuously assess Scope 3 emission impacts for inclusion in our targets.

The Annual General Meeting in 2023 approved the Compensation System 2023+, which provides for a new plan for long-term variable compensation that takes even greater account of promoting the long-term and sustainable development of the company. In addition, the aspect of sustainability has been anchored even more strongly in the longterm variable compensation: A significant reduction in CO2 emissions is to be set as ESG target for the 2023 tranche, in line with our aforementioned Group target.

Fresenius

1st -- 3rd Quarter and 3rd Quarter 2023 Quarterly Financial Report

HEALTHCARE INDUSTRY

The healthcare sector is one of the world's largest industries and we are convinced that it shows 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.

Healthcare structures are being reviewed and cost-cutting potential identified in order to contain the steadily rising healthcare expenditures. However, such measures cannot compensate for the cost pressure. Market-based elements are increasingly being introduced into the healthcare system to create incentives for cost- and quality-conscious behavior. Overall treatment costs will be reduced through improved quality standards.

In addition, ever-greater importance is being placed on disease prevention and innovative reimbursement models linked to treatment quality standards.

In addition, increasing digitization in healthcare can contribute to improved cost efficiency and patient care.

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 difficult macroeconomic environment had a negative impact on business development. This included increased uncertainties, inflation-related cost increases, staff shortages, supply chain disruptions, and increased energy costs. This had a direct impact on customer and patient behavior.

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.

We carefully monitor and evaluate country-specific political, legal, and financial conditions. This also applies to the potential impact on our business that could result from inflation risks.

Further explanations can be found in the opportunity and risk report.

RESULTS OF OPERATIONS, FINANCIAL POSITION, ASSETS AND LIABILITIES

NEW PRESENTATION OF FINANCIAL INFORMATION

In order to provide comparability of operating performance, prior-year figures are adjusted to eliminate Fresenius Medical Care (restated).

REVENUE BY REGION

€ i illio n m ns	Q3 /20 23	Q3 /20 22	Gro wth	Cur ren cy slat ion tran effe cts	Gro wth at stan t ra tes con	Org anic wth gro	uisi tion Acq s	Div esti Oth ture / s ers	% o tal reve f to nue
No rth Am eri ca	667	702	-5%	-7%	2%	2%	0%	0%	12 %
Eu rop e	3, 930	3, 752	5%	0%	5%	4%	0%	1%	71 %
ia- ific As Pac	43 9	48 2	-9%	-10 %	1%	1%	1%	-1%	8%
Lat in A ric me a	38 8	363	7%	-22 %	29 %	37 %	1%	-9%	7%
Afr ica	94	87	8%	-5%	13 %	13 %	0%	0%	2%
To tal	8 5, 51	38 6 5,	2%	-4%	6%	6%	0%	0%	100 %

€ i illio n m ns	Q1- 3/ 202 3	Q1- 3 /20 22	Gro wth	Cur ren cy slat ion tran effe cts	Gro wth at stan t ra tes con	Org anic wth gro	Acq uisi tion s	Div esti / Oth ture s ers	% o tal reve f to nue
eri No rth Am ca	1, 994	1, 952	2%	-2%	4%	4%	1%	-1%	12 %
Eu rop e	11, 993	11, 35 9	6%	0%	6%	5%	0%	1%	72 %
As ia- Pac ific	1, 315	1, 372	-4%	-6%	2%	2%	1%	-1%	8%
Lat in A ric me a	070 1,	945	13 %	-18 %	31 %	30 %	5%	-4%	7%
Afr ica	249	234	6%	-6%	12 %	12 %	0%	0%	1%
To tal	16, 62 1	862 15,	5%	-2%	7%	6%	1%	0%	100 %

REVENUE BY BUSINESS SEGMENT

€ i illio n m ns	Q3 /20 23	Q3 /20 22	Gro wth	Cur ren cy slat ion tran effe cts	Gro wth at stan t ra tes con	Org anic wth gro	Acq uisi tion s	Div esti / Oth ture s ers	f to % o tal reve 1 nue
Fre ius Ka bi sen	2, 02 1	2, 07 1	-2%	-9%	7%	7%	1%	-1%	36 %
Fre ius He lios sen	2, 953	2, 829	4%	-1%	5%	5%	0%	0%	54 %
Fre ius Va d sen me	647	572	13 %	0%	13 %	13 %	0%	0%	10 %
To tal	5, 51 8	5, 38 6	2%	-4%	6%	6%	0%	0%	100 %

€ i illio n m ns	Q1- 3/ 202 3	Q1- 3 /20 22	Gro wth	Cur ren cy ion tran slat effe cts	Gro wth at stan t ra tes con	Org anic wth gro	Acq uisi tion s	Div esti / Oth ture s ers	f to % o tal reve 1 nue
Fre ius Ka bi sen	6, 013	5, 814	3%	-5%	8%	7%	2%	-1%	36 %
ius lios Fre He sen	9, 132	685 8,	5%	-1%	6%	6%	0%	0%	55 %
Fre ius Va d sen me	1, 76 1	1, 647	7%	0%	7%	6%	1%	0%	9%
To tal	16, 62 1	862 15,	5%	-2%	7%	6%	1%	0%	100 %

REVENUE

Group revenue increased by 2% (6% in constant currency) to €5,518 million (Q3/ 22: €5,386 million). Organic growth was 6%. Acquisitions /divestitures contributed net 0% to growth. In total, currency translation had a negative effect of 4% on revenue growth. The Operating Companies increased revenue by 1% (5% in constant currency).

In Q1-3/23, Group revenue increased by 5% (7% in constant currency) to €16,621 million (Q1-3/22: €15,862 million). Organic growth was 6%. Acquisitions/divestitures contributed net 1% to growth. Currency translation decreased revenue growth by 2%. The Operating Companies increased revenue by 4% (7% in constant currency) in Q1-3/23.

EARNINGS

Group EBITDA before special items increased by 9% (11% in constant currency) to €821 million (Q3/ 221: €755 million). Reported Group EBITDA was €661 million (Q3/ 22: €691 million).

In Q1-3/23, Group EBITDA before special items increased by 2% (3% in constant currency) to €2,480 million (Q1-3/ 221: €2,425 million). Reported Group EBITDA was €1,923, million (Q1-3/ 22: €2,296 million).

Group EBIT before special items increased by 8% (10% in constant currency) to €519 million (Q3/221: €480 million) mainly driven by the good earnings development at the Operating Companies. The EBIT margin before special items was 9.4% (Q3/221: 8.9%). Reported Group EBIT was €346 million (Q3/22: €416 million).

EARRNINGS

€ i illio n m ns	Q3 /20 23	Q3 /20 22 d tate res	Q3 /20 22 viou pre s	Gro wth	Q1- 3/ 202 3	Q1- 3 /20 22 d tate res	Q1- 3 /20 22 viou pre s	Gro wth
Rev en ue	5, 51 8	5, 38 6	10, 45 9	2%	16, 62 1	15, 862	30, 197	5%
Co of sts re ven ue	246 -4,	04 -4, 1	870 -7,	-5%	-12 860 ,	889 -11 ,	-22 6 55 ,	-8%
Gr ofi t oss pr	1, 272	1, 345	2, 58 9	-5%	3, 76 1	3, 973	7, 64 1	-5%
Se llin al a nd g, ge ner ad mi nis tive tra ex pen ses	-75 6	-78 1	-1, 49 3	3%	-2, 246	-2, 074	-4, 41 7	-8%
Res ch and de vel nt ear op me exp ens es	-17 0	-14 8	-20 9	-15 %	-45 7	-42 4	-59 0	-8%
Op tin inc e ( IT) EB era g om	6 34	6 41	887	-17 %	1, 058	1, 475	634 2,	-28 %
Int lt st r ere esu	-10 0	-67	-14 1	-49 %	-29 1	-16 0	-37 5	-82 %
Inc e b efo inc e t om re om axe s	24 6	34 9	74 6	-30 %	76 7	1, 31 5	2, 25 9	-42 %
Inc e ta om xes	-91	-82	-19 5	% -11	-31 2	-30 2	-54 5	-3%
t in nti ing Ne e f com rom co nu tio op era ns	155	267	55 1	-42 %	455	013 1,	1, 714	% -55
No olli int in ntr sts nco ng ere tin uin atio con g o per ns	6	-21	-23 0	129 %	59	-68	-59 7	187 %
t in nti ing Ne e f com rom co nu 1 tio op era ns	161	246	32 1	-35 %	514	945	1, 117	-46 %
Ne t in e f Fr niu com rom ese s Me dic al C tio are op era ns olid be dec d u nde to ate ons r 1 IFR S 5	-56 7	75	n.a	--	-49 4	172	n.a	--
1 t in Ne com e	6 -40	32 1	32 1	--	20	1, 117	1, 117	-98 %
Ea rni ord ina sha ng s p er ry re (€)	-0. 72	0.5 7	0.5 7	--	0.0 4	1.9 9	1.9 9	-98 %

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

The Operating Companies showed an EBIT increase of 8% (10% in constant currency) and an EBIT margin of 10.3%.

In Q1-3/ 23 Group EBIT before special items remained nearly unchanged (0% in constant currency) at €1,628 million (Q1-3/ 221: €1,631 million). The EBIT margin before special items was 9.8% (Q1-3/221: 10.3%). Reported Group EBIT was €1,058 million (Q1-3/ 22: €1,475 million).

Group net interest before special items increased to - €109 million (Q3/221: -€67 million) mainly due to financing activities in a higher interest rate environment. Reported Group net interest was -€100 million (Q3/ 22: -€67 million).

In Q1-3/ 23, Group net interest before special items increased to -€300 million (Q1-3/221: -€161 million). Reported Group net interest was -€291 million (Q1-3/ 22: -€160 million).

Group tax rate before special items was 24.1% (Q3/221: 22.5%). Reported Group tax rate was 37.0% (Q3/22: 23.5%). The higher tax rate in Q3/ 23 is mainly due to the negative net income at Fresenius Vamed for which deferred tax assets could not be recognized.

In Q1-3/ 23, Group tax rate before special items was 25.2% (Q1-3/ 221: 22.2%). Reported Group tax rate was 40.7%. The higher tax rate is also mainly due to the negative net income at Fresenius Vamed for which deferred tax assets could not be recognized (Q1-3/ 22: 23.0%).

KEY FINANCIAL FIGURES EXCLUDING FRESENIUS MEDICAL CARE (BEFORE SPECIAL ITEMS)

€ i illio n m ns				Gro wth				Gro wth
	Q3 /20 23	Q3 /20 22	Gro wth	cc	Q1- 3/ 202 3	Q1- 3 /20 22	Gro wth	cc
Re ven ue	5, 51 8	5, 38 6	2%	6%	16, 62 1	15, 86 2	5%	7%
ius bi Fre Ka sen	2, 02 1	2, 07 1	-2%	7%	6, 013	5, 814	3%	8%
Fre ius He lios sen	2, 953	2, 829	4%	5%	9, 132	8, 685	5%	6%
ius Fre Va d sen me	647	572	13 %	13 %	1, 76 1	1, 647	7%	7%
Co rat rpo e	-10 3	-86	-20 %	-22 %	-28 5	-28 4	0%	-1%
tin inc Op e ( EB IT) era g om	51 9	48 0	8%	10 %	1, 628	1, 63 1	0%	0%
Fre ius Ka bi sen	289	280	3%	6%	863	844	2%	2%
Fre ius He lios sen	239	222	8%	8%	86 1	83 1	4%	4%
ius Fre Va d sen me	10	10	0%	-10 %	-37	29	--	--
Co rat rpo e	-19	-32	41 %	41 %	-59	-73	19 %	21 %
Fin cia l re sul t an	-10 9	-67	-63 %	-66 %	-30 0	-16 1	-86 %	-90 %
Inc e b efo inc e t om re om axe s	0 41	413	-1%	1%	32 8 1,	0 1, 47	-10 %	-10 %
Inc e ta om xes	-99	-93	-6%	-6%	-33 4	-32 6	-2%	-3%
t in Ne com e	31 1	32 0	-3%	1%	994	1, 144	-13 %	-13 %
les llin int tro sts s n on con g ere	-22	-24	8%	13 %	-46	-72	36 %	39 %
t in niu Ne e f Fr com rom ese s Me dic al C tio are op era ns olid be dec d u nde to ate ons r
1 IFR S 5	55	75	-27 %	-24 %	160	212	-25 %	-24 %
1 Ne t in com e	344	37 1	-7%	-5%	108 1,	284 1,	-14 %	-13 %
EB ITD A	82 1	755	9%	11 %	2, 48 0	2, 42 5	2%	3%
EB ITD A m in arg	14. 9%	14. 0%			14. 9%	15. 3%
De cia tio nd iza tio ort pre n a am n	302	275	10 %	12 %	852	794	7%	8%
EB IT in ma rg	9.4 %	8.9 %			9.8 %	10. 3%
Op tin ash flo era g c w	648	59 8	8%		859	806	7%
% of as rev en ue	11. 7%	11. 1%			5.2 %	5.1 %
Ca isit ion sh flow be for e a cqu s and di vid end s	37 6	375	0%		136	120	13 %
of % as rev en ue	6.8 %	7.0 %			0.8 %	0.8 %
3 RO IC					5.0 %	5.6 %
2 Ne t d ebt /E BIT DA					4.0 3	3.8 0

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

2 At LTM average exchange rates for both net debt and EBITDA; pro forma closed acquisitions /divestitures; before special items; including lease liabilities, including FMC dividend; 2022: December 31

3 The underlying pro forma EBIT does not include special items

Noncontrolling interests before special items were -€22 million (Q3/ 222: -€24 million). Reported noncontrolling interests were €6 million (Q3/ 22: -€21 million).

In Q1-3/ 23, Noncontrolling interests before special items were -€46 million (Q1-3 / 222: -€72 million). Reported noncontrolling interests were €59 million (Q1-3/ 22: -€68 million).

Net income1,2 from operations to be deconsolidated decreased by 27% (-24% in constant currency) to €55 million (Q3/ 222: €75 million).

In Q1-3/ 23 net income1,2 from operations to be deconsolidated before special items decreased by 25% (-24% in constant currency) to €160 million (Q3/ 222: €212 million).

Group net income1 before special items decreased by 7% (-5% in constant currency) to €344 million (Q3/222: €371 million). The decrease was driven by rising interest costs and a higher tax rate as well as lower net income from operations to be deconsolidated (Fresenius Medical Care). Reported Group net income1 decreased to -€406 million (Q3/22: €321 million). The negative net income is due to the Fresenius Medical Care valuation effect according to IFRS 5 of €594 million. This effect has no cash impact.

In Q1-3/ 23, Group net income1 before special items decreased by 14% (-13% in constant currency) to €1,108 million (Q1-3/ 222: €1,284 million). Reported Group net income1 decreased to €20 million (Q1-3/ 22: €1,117 million). The decrease is due to the Fresenius Medical Care valuation effect according to IFRS 5 of €594 million. This effect has no cash impact.

Earnings per share1 before special items decreased by 8% (-6% in constant currency) to €0.61 (Q3/ 222: €0.66). Reported earnings per share1 were -€0.72 (Q3/ 22: €0.57). The negative net income is due to the Fresenius Medical Care valuation effect according to IFRS 5 of €594 million. This effect is without any cash impact.

In Q1-3/ 23, earnings per share1 before special items decreased by 14% (-14% in constant currency) to €1.97 (Q1-3/222: €2.29). Reported earnings per share1 were €0.04 (Q1-3/ 22: €1.99). The decrease is due to the Fresenius Medical Care valuation effect according to IFRS 5 of €594 million. This effect is without any cash impact.

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 2023, key figures are presented before special items.

Consolidated results for Q3 / 22 and Q3/ 23 as well as Q1-3/ 22 and Q1-3/ 23 include special items.

These concern:

► Revaluations of biosimilars contingent purchase price liabilities
► expenses associated with the Fresenius cost and efficiency program
► impacts related to the war in Ukraine (2022)
► transaction costs mAbxience, Ivenix
► hyperinflation Türkiye (2022)
► reactive duties (2022)
► Legal form conversion costs Fresenius Medical Care (2023)
► VAMED transformation (2023)
► Optimization legacy portfolio (2023)
► IFRS 5 valuation (2023)

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

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

2 Before special items

RECONCILIATION TABLES

RECONCILIATION FRESENIUS GROUP

				Gro wth rat e in c tant ons				Gro wth rat e in c tant ons
€ i illio n m ns	Q3 /20 23	Q3 /20 22	Gro wth rat e	cur ren cy	Q1- 3/ 202 3	Q1- 3 /20 22	Gro wth rat e	cur ren cy
Re ed ort ve nu e r ep	8 5, 51	38 6 5,	2%	6%	16, 62 1	862 15,	5%	7%
(af eci ite ) EB IT ed al ort ter rep sp ms	6 34	6 41	-17 %	-15 %	1, 058	1, 475	-28 %	-28 %
Rev alu ati of bi osi mi lars nti rch ice lia bil itie nt ons co nge pu ase pr s	3	-			3	-2
Ex iate d w ith the Fr niu d e ffic ien ost pen ses as soc ese s c an cy pro gra m	37	45			94	102
Im ela ted th in Uk rai ts r to pac e w ar ne	-	3			-	20
Tra ctio Ab xie Ive nix ost nsa n c s m nce ,	3	15			7	22
Hy inf lati Tü rki per on ye	-	1			-	5
Ret ctiv e d uti roa es	-	-			-	9
rsio ius ica l C Leg al f s F M ed ost orm co nve n c res en are	4	-			8	-
Va d t sfo ati me ran rm on	109	-			44 1	-
Leg rtfo lio adj ust nts acy po me	17	-			17	-
EB IT (be for ial ite ) e s pec ms	9 51	48 0	8%	10 %	628 1,	63 1, 1	0%	0%
t in d ( aft cia l it s) Ne ter est rte re po er spe em	-10 0	-67	-49 %	-52 %	-29 1	-16 0	-82 %	-86 %
Rev alu ati of bi osi mi lars nti rch ice lia bil itie nt ons co nge pu ase pr s	-9	-			-9	-1
t in cia l it Ne (b efo s) ter est re spe em	-10 9	-67	-63 %	-66 %	-30 0	-16 1	-86 %	-90 %
eci ite Inc ed (af al ) e t ort ter om axe s r ep sp ms	-91	-82	-11 %	-10 %	-31 2	-30 2	-3%	-4%
Rev alu ati of bi osi mi lars nti rch ice lia bil itie nt ons co nge pu ase pr s	2	-			2	1
Ex iate d w ith the Fr niu d e ffic ien ost pen ses as soc ese s c an cy pro gra m	-8	-9			-20	-18
in rai Im ela ted th Uk ts r to pac e w ar ne	-	-			-	-1
Tra ctio Ab xie Ive nix ost nsa n c s m nce ,	-	-2			-1	-3
Hy inf lati Tü rki per on ye	-	-			-	-
Ret ctiv e d uti roa es	-	-			-	-3
Leg al f rsio s F ius M ed ica l C ost orm co nve n c res en are	0	-			-1	-
Va d t sfo ati me ran rm on	-	-			-	-
Leg rtfo lio adj ust nts acy po me	-2	-			-2	-
s ( eci ite ) Inc bef al e t om axe ore sp ms	-99	-93	-6%	-6%	-33 4	6 -32	-2%	-3%

				Gro wth rat e in c tant ons				Gro wth rat e in c tant ons
€ i illio n m ns	Q3 /20 23	Q3 /20 22	Gro wth rat e	cur ren cy	Q1- 3/ 202 3	Q1- 3 /20 22	Gro wth rat e	cur ren cy
No oll ing in ed (af eci al ite ) ntr ter est ort ter nco s r ep sp ms	6	-21	129 %	129 %	59	-68	187 %	190 %
Ex iate d w ith the Fr niu d e ffic ien ost pen ses as soc ese s c an cy pro gra m	-1	-			-1	-
in rai Im ela ted th Uk ts r to pac e w ar ne	-	-1			-	-2
Tra ctio Ab xie Ive nix ost nsa n c s m nce ,	-1	-2			-2	-2
Va d t sfo ati me ran rm on	-26	-			-10 2	-
No oll ing in s ( bef eci al ite ) ntr ter est nco ore sp ms	-22	-24	8%	13 %	-46	-72	36 %	39 %
1 Ne t in e f nti ed tio ed (af eci al ite ) ort ter com rom co nu op era ns rep sp ms	16 1	24 6	-35 %	-32 %	51 4	94 5	-46 %	-46 %
Rev alu ati of bi osi mi lars nti rch ice lia bil itie nt ons co nge pu ase pr s	-4	-			-4	-2
iate ith niu ffic ien Ex d w the Fr d e ost pen ses as soc ese s c an cy pro gra m	28	36			73	84
Im ela ted th in Uk rai ts r to pac e w ar ne	-	2			-	17
Tra ctio Ab xie Ive nix ost nsa n c s m nce ,	2	11			4	17
Hy inf lati Tu rke per on y	-	1			-	5
Ret ctiv e d uti roa es	-	-			-	6
al f rsio ius ica l C Leg s F M ed ost orm co nve n c res en are	4	-			7	-
Va d t sfo ati me ran rm on	83	-			33 9	-
Leg rtfo lio adj ust nts acy po me	15	-			15	-
1 Ne t in e f nti ed tio (be for ial ite ) com rom co nu op era ns e s pec ms	28 9	29 6	-2%	0%	94 8	07 2 1,	-12 %	% -11
1 Ne t in e f tio be de sol ida ted (a fte ial ite ) to com rom op era ns con r s pec ms	-56 7	75	--	--	-49 4	172	--	--
Ex iate d w ith the Fr niu d e ffic ien ost pen ses as soc ese s c an cy pro gra m	10	11			23	25
in rai Im ela ted th Uk ts r to pac e w ar ne	-	2			-	7
Hy inf lati Tu rke per on y	-	0			-	2
Re Hu inv ent te est nt me asu rem ma cy me	0	-1			-4	18
Ne t G ain late d t o I rW ell He alt h nte re	-	-12			-	-12
Leg al f rsio s F ius M ed ica l C ost orm co nve n c res en are	2	-			3	-
Leg rtfo lio adj ust nts acy po me	16	-			38	-
IFR S 5 lua tio va n	594	-			594	-
1 t in tio ida cia l it Ne e f be de sol ted (b efo s) to com rom op era ns con re spe em	55	75	-27 %	-24 %	160	21 2	-25 %	-24 %

€ i illio n m ns	Q3 /20 23	Q3 /20 22	Gro wth rat e	Gro wth rat e in c tant ons cur ren cy	Q1- 3/ 202 3	Q1- 3 /20 22	Gro wth rat e	Gro wth rat e in c tant ons cur ren cy
1 Ne t in ed (af eci al ite ) ort ter com e r ep sp ms	-40 6	32 1	--	--	20	1, 117	-98 %	-10 5%
Rev alu ati of bi osi mi lars nti rch ice lia bil itie nt ons co nge pu ase pr s	-4	-			-4	-2
iate ith niu ffic ien Ex d w the Fr d e ost pen ses as soc ese s c an cy pro gra m	38	47			96	109
Im ela ted th in Uk rai ts r to pac e w ar ne	-	4			-	24
Tra ctio Ab xie Ive nix ost nsa n c s m nce ,	2	11			4	17
Hy inf lati Tü rki per on ye	-	1			-	7
Ret ctiv e d uti roa es	-	-			-	6
Re Hu inv ent te est nt me asu rem ma cy me	0	-1			-4	18
Ne t G ain late d t o I rW ell He alt h nte re	-	-12			-	-12
rsio ius ica l C Leg al f s F M ed ost orm co nve n c res en are	6	-			10	-
Leg rtfo lio adj ust nts acy po me	31	-			53	-
Va d t sfo ati me ran rm on	83	-			33 9	-
IFR S 5 lua tio va n	594	-			594	-
t in eci ite 1 Ne e ( bef al ) com ore sp ms	344	37 1	-7%	-5%	1, 108	1, 284	-14 %	-13 %

RECONCILIATION FRESENIUS KABI

€ i illio n m ns	Q3 /20 23	Q3 /20 22	Gro wth rat e	Gro wth rat e in c tant ons cur ren cy	Q1- 3/ 202 3	Q1- 3 /20 22	Gro wth rat e	Gro wth rat e in c tant ons cur ren cy
Re ed ort ve nu e r ep	2, 02 1	2, 07 1	-2%	7%	6, 013	5, 814	3%	8%
Rev alu ati of bi osi mi lars nti rch ice lia bil itie nt ons co nge pu ase pr s	3	-			3	-2
Ex iate d w ith the Fr niu d e ffic ien ost pen ses as soc ese s c an cy pro gra m	26	31			55	77
Im ela ted th in Uk rai ts r to pac e w ar ne	-	2			-	14
Tra ctio Ab xie Ive nix ost nsa n c s m nce ,	3	15			7	22
inf lati Tü rki Hy per on ye	-	1			-	5
Leg rtfo lio adj ust nts acy po me	13	-			13	-
ial ite EB IT (be for ) e s pec ms	289	28 0	3%	6%	863	844	2%	2%

RECONCILIATION FRESENIUS HELIOS

€ i illio n m ns	Q3 /20 23	Q3 /20 22	Gro wth rat e	Gro wth rat e in c tant ons cur ren cy	Q1- 3/ 202 3	Q1- 3 /20 22	Gro wth rat e	Gro wth rat e in c tant ons cur ren cy
Re ed ort ve nu e r ep	2, 953	2, 829	4%	5%	9, 132	8, 685	5%	6%

Ex iate d w ith the Fr niu d e ffic ien ost pen ses as soc ese s c an cy pro gra m	0	0			0	0
(be ial ite ) EB IT for e s pec ms	239	222	8%	8%	86 1	83 1	4%	4%

RECONCILIATION FRESENIUS VAMED

				Gro wth rat e in c tant ons				Gro wth rat e in c tant ons
€ i illio n m ns	Q3 /20 23	Q3 /20 22	Gro wth rat e	cur ren cy	Q1- 3/ 202 3	Q1- 3 /20 22	Gro wth rat e	cur ren cy
Re ed ort ve nu e r ep	647	572	13 %	13 %	1, 76 1	1, 647	7%	7%

Ex iate d w ith the Fr niu d e ffic ien ost pen ses as soc ese s c an cy pro gra m	0	0			2	2
Im ela ted th in Uk rai ts r to pac e w ar ne	-	1			-	6
Va d t sfo ati me ran rm on	109	-			44 1	-
ial ite EB IT (be for ) e s pec ms	10	10	0%	-10 %	-37	29	--	--

RECONCILIATION FRESENIUS CORPORATE

€ i illio n m ns	Q3 /20 23	Q3 /20 22	Gro wth rat e	Gro wth rat e in c tant ons cur ren cy	Q1- 3/ 202 3	Q1- 3 /20 22	Gro wth rat e	Gro wth rat e in c tant ons cur ren cy
iate ith niu ffic ien Ex d w the Fr d e ost pen ses as soc ese s c an cy pro gra m	11	14			37	23
Ret ctiv e d uti roa es	-	-			-	9
Leg al f rsio s F ius M ed ica l C ost orm co nve n c res en are	4	-			8	-
Leg rtfo lio adj ust nts acy po me	4	-			4	-
ial ite EB IT (be for ) e s pec ms	-19	-32	41 %	41 %	-59	-73	19 %	21 %

INVESTMENTS

INVESTMENTS/ACQUISITIONS BY BUSINESS SEGMENT

Spending on property, plant and equipment was €274 million corresponding to 5% of revenue (Q3/ 22: €255 million; 5% of revenue). These investments served primarily for the modernization and expansion of production facilities as well as hospitals.

In Q1-3/ 23, spending on property, plant and equipment was €725 million corresponding to 4% of revenue (Q1-3/22: €678 million; 4% of revenue).

Total acquisition spending was €179 million (Q3/ 22: €516 million) mainly for milestone payments in the biosimilars business at Fresenius Kabi.

In Q1-3/ 23, total acquisition spending was €197 million (Q1-3/ 22: €819 million).

€ i illio n m ns	Q1- 3/ 202 3	Q1- 3 /20 22	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
Fre ius Ka bi sen	46 6	03 1, 1	27 1	195	% -55	% 51
Fre ius He lios sen	36 8	41 1	36 8	0	-10 %	40 %
Fre ius Va d sen me	78	46	76	2	70 %	8%
Co rat rpo e	10	9	10	0	11 %	1%
To tal	922	1, 49 7	725	197	-38 %	100 %

CASH FLOW

Group operating cash flow increased to €648 million (Q3/ 22: €598 million) mainly driven by the good cash flow development at Fresenius Kabi. Group operating cash flow margin was 11.7% (Q3/ 22: 11.1%). Operating cash flow from operations to be deconsolidated increased to €760 million (Q3/ 22: €658 million).

Free cash flow before acquisitions, dividends and lease liabilities remained broadly stable at €376 million (Q3/ 22: €375 million).

Free cash flow after acquisitions, dividends and lease liabilities increased to €121 million (Q3/ 22: -€155 million).

Free cash flow after acquisitions, dividends and lease liabilities from operations to be deconsolidated increased to €358 million (Q3/ 22: €301 million).

In Q1-3/23, Group operating cash flow increased to €859 million (Q1-3/22: €806 million) with a margin of 5.2% (Q1-3/ 22: 5.1%).

Operating cash flow from operations to be deconsolidated increased to €1,910 million (Q1-3/ 22: €1,568 million).

Free cash flow before acquisitions, dividends and lease liabilities increased to €136 million (Q1-3/22: €120 million).

Free cash flow after acquisitions, dividends and lease liabilities improved to -€699 million (Q1-3/ 22: -€1,059 million).

Free cash flow after acquisitions, dividends and lease liabilities from operations to be deconsolidated increased to €396 million (Q1-3/ 22: -€63 million).

The cash conversion rate (CCR), which is defined as the ratio of adjusted free cash flow to EBIT before special items, was 0.9 (LTM) in Q1-3/ 23.

CASH FLOW STATEMENT (SUMMARY)

€ i illio n m ns	Q3 / 202 3	Q3 /20 22	Gro wth	Q1- 3 / 2 023	Q1- 3 /20 22	Gro wth
Ne t in com e	155	267	-42 %	45 5	1, 013	-55 %
cia tio iza tio De nd ort pre n a am n	315	275	15 %	865	82 1	5%
Ch ork ing ital d o the ang e w ca p an rs	178	56	--	-46 1	-1, 028	55 %
Op tin ash flo era g c w inu ing tio ont - c op era ns	648	59 8	8%	859	806	7%
Op tin flo ash era g c w - F MC tio be dec olid d to ate op era ns ons	760	658	16 %	1, 910	1, 56 8	22 %
Op tin Ca sh flo era g w	1, 40 8	256 1,	12 %	769 2,	2, 374	17 %
Ca ital dit et p ex pen ure , n	-27 2	-22 3	-22 %	-72 3	-68 6	-5%
Ca sh flow be for isit ion nd div ide nds e a cqu s a inu ing tio ont - c op era ns	37 6	375	0%	136	120	13 %
Ca sh flow be for isit ion nd div ide nds e a cqu s a - F MC tio be dec olid d to ate op era ns ons	626	50 1	25 %	1, 48 0	1, 082	37 %
isit ion div ide Ca sh flo bef nd nd w ore ac qu s a s	1, 002	876	14 %	616 1,	1, 202	34 %
Ca sh d f uis itio /pr eds fro m d ive stit use or acq ns oce ure s	-18 1	-48 4	63 %	-22 1	-76 7	% 71
Div ide nds cei ved fro Fre ius M ed ica l C re m sen are	-	-	-	106	127	-17 %
Div ide id nds pa	1	-	--	-54 4	6 -39	-37 %
Fre e C ash Fl af isit ion nd div ide nds ter ow ac qu s a inu ing tio ont - c op era ns	196	-10 9	--	-52 3	-91 6	43 %
Fre e C ash Fl af isit ion nd div ide nds ter ow ac qu s a MC tio olid - F be dec d to ate op era ns ons	535	49 7	8%	943	51 0	85 %
uis itio ivid Fre ash flo fte d d ds e c w a r a cq ns an en	73 1	38 8	88 %	42 0	-40 6	--
fro liab ilit ies Pay lea nts me m se	-75	-46	-63 %	6 -17	-14 3	-23 %
Fre ash flo fte isit ion div ide nds d l e c w a r a cqu s, an eas es inu ing tio ont - c op era ns	121	-15 5	178 %	-69 9	-1, 059	34 %
Fre ash flo fte isit ion div ide nds d l e c w a r a cqu s, an eas es MC tio olid - F be dec d to ate op era ns ons	35 8	30 1	19 %	6 39	-63	--
Fre ash flo fte uis itio di vid ds d l e c w a r a cq ns, en an eas es	47 9	14 6	--	-30 3	-1, 122	73 %
Ca sh vid ed by /us ed for fin ing tiv itie pro anc ac s	-30 3	-19 7	-54 %	302	36 6	-17 %
Eff of cha ch e in sh and ect tes ex nge ra on ang ca iva h e len ts cas qu	1	50	-98 %	-10 0	120	-18 3%
Ne ha e i ash d c ash uiv ale t c nts ng n c an eq	17 7	-1	--	-10 1	-63 6	84 %

1 Value as of December 31, 2022 adjusted (excluding Fresenius Medical Care)

/divestitures, including lease liabilities, including Fresenius Medical Care dividend

ASSET AND LIABILITY STRUCTURE

Total assets including Fresenius Medical Care decreased by 1% (-1% in constant currency) to €75,328 million (Dec. 31, 2022: €76,400 million).

Assets related to Fresenius Medical Care to be deconsolidated under IFRS 5 were at €33,520 million (Dec. 31, 2022: n.a.). Liabilities related to Fresenius Medical Care to be deconsolidated under IFRS 5 €20,111 million (Dec. 31, 2022: n.a.).

Total shareholders' equity including Fresenius Medical Care decreased by 6% (-6% in constant currency) to €30,282 million (Dec. 31, 2022: €32,218 million). The equity ratio was 40.2% (Dec. 31, 2022: 42.2%).

Group debt¹ increased by 3% (3% in constant currency) to €15,116 million (Dec. 31, 2022: €14,708 million). Group net debt¹ increased by 5% (5% in constant currency) to €14,021 million (Dec. 31, 2022: €13,307 million).

As of September 30, 2023, the net debt / EBITDA ratio was 4.03x2,3 (Dec. 31, 2022: 3.80x2,3). This is a 15 bps reduction compared to Q2/ 23.

In Q3/ 23, ROIC was 5.0% (Q4/ 22: 5.6%).

BALANCE SHEET

€ i illio n m ns	Sep . 30 , 20 23	Dec . 31 , 20 22
As set s
Cu nt ets rre ass	835 44 ,	18, 279
the f tr ade cei vab les nts reo ac cou re	4, 142	7, 008
f in ies the tor reo ven	663 2,	4, 833
the f ca sh and sh uiv ale nts reo ca eq	1, 095	2, 749
ida niu ica l C din S 5 the f as be de sol ted of Fr s M ed IFR set s to to reo con ese are ac cor g	33, 52 0	--
No ent set n-c urr as s	30 493 ,	58 121 ,
the f p lan nd uip ert t a nt reo rop y, p eq me	8, 959	12, 919
f g wil r in ible the ood l an d o the tan set reo g as s	18, 38 8	35, 828
the f ri ht- of- set reo g use -as s	1, 906	5, 922
To tal set as s	75, 32 8	76, 40 0
Lia bil itie nd sha reh old ' eq uit s a ers y
Lia bil itie s	046 45 ,	182 44 ,
the f tr ade ble nts reo ac cou pa ya	1, 214	2, 070
f a lia bil itie the ual nd oth sho rt-t reo ccr s a er erm s	6, 836	10, 48 8
the f li ab ilit ies di tly oci d w ith be de sol ida ted of Fr niu s M ed ica l C ate ets to reo rec ass ass con ese are ing RS ord IF 5 to acc	20, 111	--
the f d ebt reo	15, 116	27, 763
the f le lia bili tie reo ase s	2, 089	6, 592
No oll ing in ntr ter est nco s	10, 24 8	80 3 11,
To tal Fr niu s S E & Co . K Ga A s ha reh old ' eq uit ese ers y	20 03 4 ,	20 41 5 ,
To tal sh ho lde rs' uit are eq y	30 282 ,	32 21 8 ,
To tal lia bil itie nd sha reh old ' eq uit s a ers y	75 32 8 ,	76 40 0 ,

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	Q3 /20 23	Q3 /20 22	Gro wth	Gro wth in c tant ons cur ren cy	Q1- 3/ 202 3	Q1- 3 /20 22	Gro wth	Gro wth in c tant ons cur ren cy
Rev en ue	2, 02 1	2, 07 1	-2%	7%	6, 013	814 5,	3%	8%
IT1 EB	289	280	3%	6%	863	844	2%	2%
in1 EB IT ma rg	14. 3%	13. 5%			14. 4%	14. 5%
1,2 Ne t in com e	189	184	3%	7%	55 9	574	-3%	-3%
Em loy p ees (Se 30 /D 31 ) p. ec.					42 96 1 ,	42 063 ,	2%

► Growth Vectors combined contributing strong 12% organic revenue growth

► Pharma business with robust development

► EBIT margin1 strong above 14% driven by operating improvements and cost savings significantly ahead of plan

Revenue decreased by 2% to €2,021 million (Q3/ 22: €2,071 million) driven by negative currency exchange effects (increased 7% in constant currency). Organic growth was 7%. The good performance was mainly driven by the strong business development of all growth vectors.

In Q1-3/ 23, revenue increased by 3% (8% in constant currency) to €6,013 million (Q1-3 / 22: €5,814 million). Organic growth was 7%.

Revenue of the Growth Vectors (MedTech, Nutrition and Biopharma) decreased by 1% to €1,067 million (Q3/ 22: €1,075million) driven by negative currency exchange effects (increased 11% in constant currency, organic growth: 12%). In Q1-3/ 23, revenue of the Growth Vectors increased by 7% (14% in constant currency; organic growth: 11%) to €3,180 million (Q1-3 / 22: €2,978 million).

Revenue in MedTech remained broadly stable due to negative currency exchange effects (increased 7% in constant currency) and amounted to €369 million (Q3/ 22: €368 million). Organic growth was 8% and driven by a

broad-based positive development across most regions and many product groups. In Q1-3/ 23, revenue in MedTech increased by 5% (8% in constant currency; organic growth: 9%) to €1,113 million (Q1-3/ 22: €1,055 million).

Revenue in Nutrition decreased by 9% (increased 5% in constant currency, organic growth: 9%) to €587 million (Q3/ 22: €644 million). Organic growth was driven by the good business development in the U.S. and Latin America.

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

In Q1-3/ 23, revenue in Nutrition remained broadly stable (increased 9% in constant currency; organic growth: 10%) at €1,803 million (Q1-3/ 22: €1,808 million).

Revenue in Biopharma increased by 74% (99% in constant currency; organic growth: 71%) to €111 million (Q3/ 22: €64 million) mainly driven by the successful product launches in Europe and the U.S. as well as by licensing agreements. In Q1-3/ 23, revenue in Biopharma increased by 129% (154% in constant currency; organic growth: 59%) to €264 million (Q1-3/ 22: €116 million).

Revenue in the Pharma (IV Drugs&Fluids) business decreased by 5% (0% in constant currency; organic growth: 1%) and amounted to €941 million (Q3/ 22: €995 million). Organic growth was mainly driven by a robust development across many regions. In Q1-3/ 23, revenue in the Pharma business remained broadly stable (increased 2% in constant currency; organic growth: 3%) and amounted to €2,833 million (Q1-3 / 22: €2,836 million).

EBIT¹ of Fresenius Kabi increased by 3% (6% in constant currency) to €289 million (Q3/ 22: €280 million) due to the good operating performance and the well-progressing cost saving initiatives. EBIT margin1 was 14.3% (Q3 / 22:

13.5%) and thus within the structural EBIT margin band.

In Q1-3/ 23, EBIT1 increased by 2% (constant currency: 2%) to €863 million (Q1-3/ 22: €844 million) EBIT margin1 was 14.4% (Q1-3/ 22: 14.5%).

EBIT¹ of the Growth Vectors increased by 21% (constant currency: 25%) to €104 million (Q3/ 22: €86 million) due to the strong revenue development and the well-progressing cost saving initiatives. EBIT1 margin was 9.8% (Q3/ 22: 8.0%).

In Q1-3/ 23, EBIT1 of the Growth Vectors increased by 3% (constant currency: 4%) to €288 million (Q1-3/ 22: €279 million) with a margin1 of 9.1% (Q1-3/ 22: 9.4%).

EBIT¹ in the Pharma business increased by 2% (constant currency: 9%) to €200 million (Q3/ 22: €197 million) due to the well-progressing cost saving initiatives. EBIT1 margin was 21.3% (Q3/ 22: 19.8%).

In Q1-3/ 23, EBIT1 in the Pharma business increased by 4% (constant currency: 7%) to €603 million (Q1-3/ 22: €579 million) with a margin1 of 21.3% (Q1-3/ 22: 20.4%).

Net income1,2 increased by 3% (constant currency: 7%) to €189 million (Q3/ 22: €184 million).

In Q1-3/ 23, net income1,2 decreased by 3% (constant currency: -3%) to €559 million (Q1-3/ 22: €574 million).

Operating cash flow increased to €380 million (Q3/ 22: €301 million) with a margin of 18.8% (Q3/ 22: 14.5%) mainly driven by the business performance and an improved working capital management.

In Q1-3/ 23, operating cash flow increased to €581 million (Q1-3/ 22: €543 million) with a margin of 9.7% (Q1-3/ 22: 9.3%).

For FY/23, Fresenius Kabi expects organic revenue3 growth in a mid-single-digit percentage range. The EBIT margin4 is expected to be around 14% (structural margin band: 14% to 17%).

FRESENIUS HELIOS

Fresenius Helios is Europe's leading private health care provider. The company comprises Helios Germany, Helios Spain and Helios Fertility. Helios Germany operates 86 hospitals, around 240 outpatient centers, 27 occupational health centers and 6 prevention centers. Helios Spain operates 50 hospitals, around 100 outpatient centers and around 300 occupational risk prevention centers. In addition, the company is active in Latin America with 8 hospitals and as a provider of medical diagnostics. Helios Fertility offers a wide spectrum of state-of-the-art services in the field of fertility treatments.

€ i illio n m ns	Q3 /20 23	Q3 /20 22	Gro wth	Gro wth in c tant ons cur ren cy	Q1- 3/ 202 3	Q1- 3 /20 22	Gro wth	Gro wth in c tant ons cur ren cy
Rev en ue	2, 953	2, 829	4%	5%	9, 132	8, 685	5%	6%
IT1 EB	239	222	8%	8%	86 1	83 1	4%	4%
in1 EB IT ma rg	8.1 %	7.8 %			9.4 %	9.6 %
1,2 Ne t in com e	132	138	-4%	-4%	505	53 0	-5%	-4%
Em loy p ees (Se 30 /D 31 ) p. ec.					129 40 0 ,	125 700 ,	3%

► Strong organic revenue growth driven by healthy activity levels in Germany and Spain
► Despite usual summer effect in Spain, solid 8% EBIT1 margin supported by ongoing cost saving initiatives and Government relief funds in Germany
► Helios Fertility with strong improvement

Revenue increased by 4% (5% in constant currency) to €2,953 million (Q3/ 22: €2,829 million). Organic growth was 5%. Acquisitions contributed 0% to revenue growth.

In Q1-3/ 23, revenue increased by 5% (6% in constant currency) to €9,132 million (Q1-3/ 22: €8,685 million). Organic growth was 6%. Acquisitions contributed 0% to revenue growth.

Revenue of Helios Germany increased by 4% (organic growth: 4%) to €1,800 million (Q3/ 22: €1,731 million), mainly driven by increasing admissions and positive price mix effects.

In Q1-3/ 23, revenue of Helios Germany increased by 3% (organic growth: 3%) to €5,451 million (Q1-3/ 22: €5,272 million).

Revenue of Helios Spain increased by 5% (5% in constant currency) to €1,088 million (Q3/ 22: €1,037 million) driven by ongoing good activity levels despite the usual summer effect in Spain. The clinics in Latin America also showed a good performance. Organic growth was 5%.

In Q1-3/ 23, revenue of Helios Spain increased by 8% (9% in constant currency) to €3,481 million (Q1-3/ 22: €3,227 million).

1 Before special items

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

Revenue of Helios Fertility increased by 3% (11% in constant currency) to €64 million (Q3/ 22: €62 million) driven by positive mix effects. Organic growth was 13%.

In Q1-3/ 23, revenue of Helios Fertility increased by 8% (13% in constant currency) to €198 million (Q1-3/ 22: €184 million).

EBIT¹ of Fresenius Helios increased by 8% (8% in constant currency) to €239 million (Q3/ 22: €222 million) with an EBIT margin1 of 8.1% (Q3/ 22: 7.8%).

In Q1-3/ 23, EBIT1 increased by 4% (4% in constant currency) to €861 million (Q1-3/ 22: €831 million) with an EBIT margin1 of 9.4% (Q1-3/ 22: 9.6%).

EBIT1 of Helios Germany increased by 11% to €157 million (Q3/22: €141 million) with an EBIT margin1 of 8.7% (Q3/ 22: 8.1%). The EBIT development was supported by the well progressing cost savings program and the Government compensation for higher energy costs.

In Q1-3/ 23, EBIT1 of Helios Germany increased by 4% to €466 million (Q1-3/ 22: €449 million) with an unchanged EBIT margin1 at 8.5%.

EBIT1 of Helios Spain decreased by 2% due to the usual summer effect (-2% in constant currency) to €81 million (Q3/ 22: €83 million). The EBIT margin1 was 7.4% (Q3/ 22: 8.0%).

In Q1-3/ 23, EBIT1 of Helios Spain increased by 2% (3% in constant currency) to €392 million (Q1-3/ 22: €384 million). The EBIT margin1 was 11.3% (Q1-3/ 22: 11.9%).

EBIT1 of Helios Fertility was €5 million (Q3/ 22: €4 million) with an EBIT margin1 of 7.8% (Q3/ 22: 6.5%).

In Q1-3/ 23, EBIT1 of Helios Fertility was €16 million (Q1-3/ 22: €15 million) with an EBIT margin1 of 8.1% (Q1-3/ 22: 8.2%).

Net income1,2 decreased by 4% (-4% in constant currency) to €132 million (Q3/ 22: €138 million).

In Q1-3/ 23, net income1,2 decreased by 5% (-4% in constant currency) to €505 million (Q1-3/ 22: €530 million).

Operating cash flow decreased to €208 million (Q3/ 22: €353 million) mainly due to phasing effects of receivables in Spain and the very good cashflow in the prior year. The operating cash flow margin was 7.0% (Q3 / 22: 12.5%).

In Q1-3/ 23, operating cash flow decreased to €377 million (Q1-3/ 22: €411 million) with a margin of 4.1% (Q1-3/ 22: 4.7%).

For FY/ 23, Fresenius Helios expects organic revenue3 growth in a mid-single-digit percentage range. The EBIT margin4 is expected to be within the structural margin band of 9% to 11%.

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

3 FY/22 base: €11,716 million

4 FY/22 base: EBIT margin: 10.1%, before special items, FY/23 before special items

FRESENIUS VAMED

Fresenius Vamed internationally manages projects and provides services for hospitals and other health care facilities and is a leading post-acute care provider in Central Europe. The portfolio ranges along the entire value chain: from project development, design planning, medical and hospital engineering as well as construction, via maintenance and technical management to total operational management and high-end services.

€ i illio n m ns	Q3 /20 23	Q3 /20 22	Gro wth	Gro wth in c tant ons cur ren cy	Q1- 3/ 202 3	Q1- 3 /20 22	Gro wth	Gro wth in c tant ons cur ren cy
Rev en ue	647	572	13 %	13 %	76 1, 1	647 1,	7%	7%
IT1 EB	10	10	0%	-10 %	-37	29	-	-
1 EB IT- Ma rge	1.5 %	1.7 %			-2. 1%	1.8 %
1.2 Ne t in com e	-7	5	-	-	-74	15	-	-
Em loy p ees (Se 30 /D 31 ) p. ec.					20, 258	20, 184	0%

► Fresenius Vamed's transformation with good progress

► Revenue growth driven by Service and Project business
► EBIT1 back to positive driven by the positive development at the Service business

Revenue increased by 13% (13% in constant currency) to €647 million (Q3/ 22: €572 million). Organic growth was 13%.

In Q1-3/ 23, revenue increased by 7% (7% in constant currency) to €1,761 million (Q1-3/ 22: €1,647 million). Organic growth was 6%.

Revenue in the service business increased by 9% (9% in constant currency) to €456 million (Q3/ 22: €418 million) due to the positive development of High-End Services (HES) and Health Facility Operations (HFO) business.

In Q1-3/ 23, revenue in the service business increased by 8% (7% in constant currency) to €1,335 million (Q1-3/ 22: €1,240 million).

Revenue in the project business increased by 24% (24% in constant currency) to €191 million (Q3/22: €154 million).

In Q1-3/ 23, revenue in the project business increased by 5% (5% in constant currency) to €426 million (Q1-3/ 22: €407 million).

EBIT¹ reflected the first results of the restructuring measures and was with €10 million back to positive (Q3/22: €10 million) driven by the good revenue development of the High-End Services and Health Facility Operations businesses. The EBIT margin1 was 1.5% (Q3/22: 1.7%).

In Q1-3/23, EBIT1 decreased to -€37 million (Q1-3/22: €29 million) with an EBIT margin1 of -2.1% (Q1-3/22: 1.8%).

Net income1,2 decreased to -€7 million (Q3 / 22: €5 million).

In Q1-3/ 23, net income1,2 decreased to -€74 million (Q1-3/ 22: €15 million).

1st -- 3rd Quarter and 3rd Quarter 2023 Quarterly Financial Report

Fresenius

¹ Before special items

² Net income attributable to shareholders of VAMED AG

Order intake was €40 million (Q3 / 22: €153 million). As of September 30, 2023, order backlog was at €2,908 million1 (December 31, 2022: €3,689 million).

Operating cash flow increased to €50 million (Q3/ 22: -€18 million) with a margin of 7.7% (Q3/ 22: -3.1%) due to positive phasing effects.

In Q1-3/23, operating cash flow improved to -€16 million (Q1-3/ 22: -€56 million) with a margin of -0.9% (Q1-3/ 22: - 3.4%).

In Q3/23,further progress in the transformation of Fresenius Vamed was achieved. With a positive EBIT of €10 million in Q3/23, Fresenius Vamed is ahead of its originally expected target for Q3/23. For Q4/23, a further solid development is expected. For FY/2023, Fresenius Vamed confirms outlook and expects organic revenue2 to grow in a low-to mid-single digit percentage range. The EBIT margin3 is expected to be clearly below the structural margin band of 4% to 6%.

¹ Thereof conditionally agreed order backlog of €839 million

² FY/22 base: €2,359 million

³ FY/22 base: EBIT margin: 0.8%, before special items; FY/23 before special items

EMPLOYEES

As of September 30, 2023, the number of employees was 193,527 (Dec. 31, 2022: 188,876).

NUMBER OF EMPLOYEES

Nu mb of loy er em p ees	Sep . 30 , 202 3	Dec . 31 , 202 2	Gro wth
ius bi Fre Ka sen	42 96 1 ,	42 063 ,	2%
Fre ius He lios sen	129 40 0 ,	125 700 ,	3%
Fre ius Va d sen me	20, 258	20, 184	0%
Co rat rpo e	908	929	-2%
To tal	193 52 7 ,	188 876 ,	2%

CHANGES TO THE MANAGEMENT BOARD

The healthcare group Fresenius will have a revised Management team going forward. Dr.Ernst Wastler, previously responsible for Fresenius Vamed, retired as Chairman of the VAMED Management Board and consequently from the Fresenius Management Board upon reaching retirement age on July 18, 2023. Dr.Klaus Schuster and Frank-Michael Frede were appointed to the VAMED Management Board. Dr.Klaus Schuster will assume the new role of Spokesman of the VAMED Management Board but is not be represented on the Fresenius Management Board. Dr.Michael Moser, a member of the Fresenius Management Board, is responsible for Fresenius Vamed within the Fresenius Board.

On September 8, 2023 the Supervisory Board of Fresenius Management SE has appointed Robert Möller to the Management Board with immediate effect. At the same time, he will take over as Chairman of the Management Board of Helios Health GmbH. He succeeds Dr.Francesco de Meo, who left the company.

Following the successful deconsolidation of Fresenius Medical Care, Helen Giza will also step down from the Fresenius Management Board.

The #FutureFresenius strategy, with its realignment of business segments into operating and investment companies, is also reflected in the composition of the Fresenius Management Board.

RESEARCH AND DEVELOPMENT

Product and process development as well as the improvement of therapies are at the core of our growth strategy. Fresenius focuses its R&D efforts on its core competencies in the following areas:

► Generic IV drugs
►Biosimilars
► Infusion and nutrition therapies
► Medical devices

Apart from new products, we are concentrating on developing optimized or completely new therapies and treatment methods.

RESEARCH AND DEVELOPMENT EXPENSES

BY BUSINESS SEGMENT

€ i illio n m ns	Q1- 3 /20 23	Q1- 3 /20 22	Gro wth
1 ius bi Fre Ka sen	43 5	42 2	3%
Fre ius He lios sen	2	2	0%
ius Fre Va d sen me	-	-	--
Co rat rpo e	0	-1	100 %
1 To tal	43 7	423	3%

1 Before special items

RATING

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

In August 2023, the rating agency Fitch raised Fresenius' outlook from "negative" to "stable". Fitch has confirmed the company's rating at BBB-. The improved outlook is based, among other things, on the continued good development of the operating companies, careful capital allocation and progress in simplifying the Group structure.

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

	Sta nda rd& r's Poo	's Mo ody	Fitc h
Co tin mp any ra g	BB B	Baa 3	BB B -
Ou tlo ok	ativ neg e	ble sta	ble sta

OPPORTUNITIES AND RISK REPORT

Compared to the presentation in the consolidated financial statements and the management report as of December 31, 2022 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 September 30, 2023.

In summary, the risks to our net assets, financial position and results of operations are essentially unchanged compared to the aforementioned presentation - also considering current developments. This applies in particular to the risks related to the Ukraine war and the overall economic situation.

Russia's war against Ukraine, which began in February 2022, was characterized in Q1-3/ 23 by a largely unsuccessful Russian offensive in the east of the country and a subsequent expected Ukrainian counteroffensive from June 2023 on, which is still ongoing as of September 30, 2023. An expansion of the war beyond the borders of Ukraine would have significant consequences for Europe as a whole.

We still cannot exclude that our operations in Ukraine, Russia and Belarus, which we are continuing to the best of our ability despite the war, are impacted by the destruction of assets, expropriation, or other regulatory actions, including economic sanctions.

In addition, the war in Ukraine continues to be accompanied by a very pronounced general cyber security threat situation, especially to critical infrastructures, such as healthcare facilities, in countries supporting Ukraine. The risk of cyber attacks against our systems and data remains increased.

Besides these risks, there are still considerable uncertainties in the current situation, in particular from a possible further deterioration of the global macroeconomic outlook. The current macroeconomic inflationary environment -- which is also due to the Ukraine war -- continues to pose the risk of material increases in costs for energy, materials and supplies as well as transportation, amongst other consequences. However, this risk has decreased, mainly due to the recognition of expected additional costs in the budget and due to an easing, by tendency, of the situation in several procurement markets, especially the one for energy.

Furthermore, supply chain disruptions as well as qualified labor shortages and related increases in labor costs still constitute risks which can adversely effect our business operations.

This also applies to risks arising from increasing price pressure (e.g. in tender business) and competition as well as efforts to contain costs in the healthcare sector and to risks in connection with research and development as well as with the approval or quality of products.

The risks related to the COVID-19 pandemic have decreased.

In addition and unchanged to the previous presentation, increasing volatility and disruptions in the financing markets, and further rises in interest rates could adversely impact our ability to access capital and increase our financing costs.

Likewise, impairments of intangible assets, including goodwill, as well as changes in exchange rates (foreign currency risks) continue to be relevant risks for the Fresenius Group.

Furthermore, the planned deconsolidation of Fresenius Medical Care through a change of legal form from a KGaA into an Aktiengesellschaft (AG) entails risks. In the second quarter of 2023, corresponding deconsolidation risks were newly added to the risk inventory. They comprise, among other things, unexpected costs in connection with the separation of Fresenius Medical Care from the Fresenius Group with regard to previously jointly used functions and systems, in particular in the area of information technology (IT),

which is intended because of the deconsolidation. The deconsolidation risks also include, for example, possible revenue losses and other unexpected costs for Fresenius Medical Care in connection with the change of product labels and relevant certificates, which is required because of the change of legal form.

In connection with Vamed's restructuring and transformation program, the material effects of this program already foreseeable today have been recognized in the quarterly financial report. During the implementation of individual reorganization measures, their financial effects are assessed on an ongoing basis. We cannot exclude the possibility, that more far-reaching financial effects arise from the implementation of individual measures of the restructuring and transformation program, which negatively impact Fresenius Group's net assets, financial position and results of operations.

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. The Fresenius Group regularly analyses current information about such matters for probable losses and provides accruals for such matters, including estimated expenses for legal services, as appropriate. We report on legal proceedings on page 61 in the notes of this report.

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

OUTLOOK 2023

ASSUMPTIONS FOR GUIDANCE FY/23

For the remaining of 2023, Fresenius assumes no further escalations of geopolitical tensions. Fresenius expects moreover that the increased cost inflation will have a corresponding impact on its business. The company will continue to closely monitor the potential further consequences of the ongoing challenging macroeconomic environment, including balance sheet valuations. All of these assumptions are subject to considerable uncertainty.

GROUP REVENUE AND EARNINGS

Based on the consistent performance of the Operating Companies through the year, Fresenius improves the 2023 earnings outlook and now expects constant currency Group EBIT1 to remain broadly flat compared to FY/2022 (previous: EBIT1 expected to remain broadly flat to decline up to a mid-single-digit percentage rate). Group organic revenue continues to be expected to grow in a mid-single-digit percentage range.

GROUP FINANCIAL TARGETS 2023

	Tar s 20 23 get	Fisc al y 202 2 ear
h1 Rev wt en ue gro FM C ex	Mi ing ig it d-s le-d tag per cen e
ic) (or gan	h wt gro	€2 1, 532 m
EB IT h wt gro 1 FM C ex
(in ) sta nt con cur ren cy	Bro ad ly flat	€2 190 m ,
Div ide nd sh per are	At lea tab le st s	For FY /22 id: pa €0 .92 har pe r s e

REVENUE AND EARNINGS BY BUSINESS SEGMENT

In 2023, we expect revenue and earnings development in our business segments as shown in the table below:

FINANCIAL TARGETS BY BUSINESS SEGMENT 2023

1 Op tin Co ies era g mp an	Tar s 20 23 get	Fisc al y 202 2 ear
ius bi Fre Ka sen
Rev h wt en ue gro ic) (or gan	Mi d-s ing le-d ig it p er th tag cen e g row	€7 850 m ,
EB IT in ma rg	Aro und 14 % (str l uct ura in ban d: ma rg of % 7% ) 14 --1	13. 8%
Fre ius He lios sen
Rev h wt en ue gro (or ic) gan	Mi ing ig it d-s le-d th tag per cen e g row	€1 1, 716 m
EB IT in ma rg	Wi thi he l n t str uct ura in ban d ma rg of 9% 1% --1	10. 1%

	1 Inv Co ies est nt me mp an	Tar s 20 23 get	Fisc al y 202 2 ear
	Fre ius M ed ica l C sen are
		Wi tio f IF RS th ado 5 p n o
		loo k is ovi ded out pr
		FM C ex
		Per for of FM C t ma nce o
		E's be ref lec ted in FS
		P& L b elo EB IT w
	Fre ius Va d sen me
	Rev h wt en ue gro	id- sin ig it Low le-d -to -m g
	(or ic) gan	th tag per cen e g row	€2 35 9 m ,
		Cle arl bel th y ow e
		l m in ban d str uct ura arg
	EB IT in ma rg	of 4 --6 %	0.8 %
For FY /22 id: pa

1 Before special items

EXPENSES

For fiscal year 2023, we do expect selling, general, and administrative expenses (before special items) excluding Fresenius Medical Care as a percentage of consolidated net revenue not to change significantly compared to 2022 (2022 ex FMC: 12.4%).

TAX RATE

For fiscal year 2023, we do expect a tax rate excluding Fresenius Medical Care in a range between 25% and 26% (2022 ex FMC: 22.4%).

COST AND EFFICIENCY PROGRAM

Structural productivity improvements are expected to offset market headwinds and to create financial flexibility for future growth investments in the coming years. The target for cost savings is to save around €1 billion annually (including Fresenius Medical Care) in structural costs at EBIT level from 2025 (of which around €350 million excluding Fresenius Medical Care). To achieve the targeted cost savings, one-time costs of around €700 million to €750 million are expected at EBIT level including Fresenius Medical Care (of which around 1/3 excluding Fresenius Medical Care), of which around 2/3 are expected in 2023.

In line with previous practice, these expenses are classified as special items.

1 Before special items

LIQUIDITY AND CAPITAL MANAGEMENT

For fiscal year 2023, we expect a cash conversation rate excluding Fresenius Medical Care below 1.0.

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

Financing activities in 2023 are largely geared to refinancing existing financial liabilities maturing in 2023 and 2024.

For the 2023 financial year, we expect higher interest rates, which will lead to higher interest expenses. Excluding Fresenius Medical Care, we expect interest expenses to be around the middle of the range of €400 million to €440 million.

Fresenius expects the net debt/EBITDA1 ratio excluding Fresenius Medical Care to be below 4.0× by the end of 2023, therefore improving from 4.03×2 as of September 30, 2023 (December 31, 2022: 3.80×2). This assumption does not include potential divestment activities. The self-imposed target corridor for the leverage ratio remains unchanged at 3.0× to 3.5×.

There are no significant changes in the financing strategy planned for 2023.

INVESTMENTS

In 2023, we expect to invest around 5% of revenue in property, plant and equipment; excluding Fresenius Medical Care. About 43% of the capital expenditure planned will be invested at Fresenius Kabi, around 47% at Fresenius Helios, about 8% at Vamed and about 2% at corporate.

Fresenius Kabi will mainly invest in the expansion and maintenance of its production sites and in the introduction of new production technologies.

Fresenius Helios will primarily invest in the construction and modernization of existing and newly acquired clinics and medical centers.

Fresenius Vamed is primarily investing in modernizing and equipping existing post-acute care facilities.

With a share of around 80% Europe (thereof 35% Germany) is the regional focus of investment in the planning period. Around 10% of the investments are planned for North America and around 10% for Asia-Pacific, Latin America, and Africa.

For 2023, we assume return on invested capital (ROIC) excluding Fresenius Medical Care to be around 5% (2022 ex FMC: 5.6%).

DIVIDEND

With the new Fresenius Financial Framework Fresenius aims to generate attractive and predictable dividend yields. In line with its progressive dividend policy, the Company aims to increase the dividend in line with earnings per share growth (before special items, in constant currency) but at least maintain the dividend at the prior-year's level. For fiscal year 2022, a dividend at the prior-year level of €0.92 per share (2021: €0.92) was paid. The payout to the shareholders of Fresenius SE&Co. KGaA amounted to €518 million or 30% of consolidated net income. Based on the 2022 year-end share price, the dividend yield was 3.5%.

Against the background of an amendment to a law that recently came into force, Fresenius is examining the impact of the Government relief funds received by Fresenius Helios Deutschland and Fresenius Vamed on the dividend payment by Fresenius SE & Co. KGaA. This also concerns the possible receipt of further compensation payments. Fresenius will act in accordance with the #FutureFresenius strategy within the scope of legal possibilities to ensure value creation for the company and the best possible care for our patients.

² 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

NON-FINANCIAL TARGETS

From fiscal year 2023, the qualitative measurement of fiscal years 2021 and 2022 will be replaced by quantitative ESG KPIs in the short-term variable Management Board remuneration (Short-term Incentive - STI). The KPIs cover the key sustainability topics of medical quality /patient satisfaction and employees.

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 for the fiscal year 2023 (corresponds to 100% target achievement).

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

Fresenius Medical Care aims for a patient Net Promoter Score (NPS) of at least 70 (100% target achievement).

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

Helios Germany aims to achieve an Inpatient Quality Indicator (G-IQI) score of at least 88% (100% target achievement), and Helios Spain aims to achieve a score of at least 55% (100% target achievement).

Fresenius Vamed aims to achieve a patient satisfaction score of at least 1.65 (100% target achievement) in fiscal year 2023.

FRESENIUS SE&CO. KGAA CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)

€ i illio n m ns	Q3 /20 23	Q3 /20 22 ated ¹ rest	Q3 /20 22 viou pre s	Q1 3/ 202 3¹ --	Q1 --3/ 202 2 re ed¹ stat	Q1 --3/ 202 2 p revi ous
Rev en ue	5, 51 8	5, 38 6	10, 45 9	16, 62 1	15, 862	30, 197
Co of sts re ven ue	246 -4,	-4, 04 1	-7, 870	860 -12 ,	-11 889 ,	6 -22 55 ,
Gr ofi t oss pr	1, 272	1, 345	2, 58 9	3, 76 1	3, 973	7, 64 1
Se llin al a nd ad mi nis tive tra g, ge ner ex pen ses	-75 6	-78 1	-1, 49 3	-2, 246	-2, 074	-4, 41 7
Res ch and de vel nt ear op me exp ens es	0 -17	8 -14	-20 9	-45 7	-42 4	-59 0
tin inc Op e ( EB IT) era g om	34 6	41 6	887	1, 058	1, 475	2, 634
t in Ne ter est	-10 0	-67	-14 1	-29 1	-16 0	-37 5
Inc e b efo inc e t om re om axe s	246	34 9	746	767	1, 315	2, 259
Inc e ta om xes	-91	-82	-19 5	-31 2	-30 2	-54 5
Ne t in e f nti ing tio com rom co nu op era ns	155	267	55 1	455	1, 013	1, 714
No olli int in nti ing tio ntr sts nco ng ere co nu op era ns	-6	21	230	-59	68	59 7
Ne t in e f nti ing tio rib ble att uta to com rom co nu op era ns niu sha reh old of Fr s S E& Co . K Ga A ers ese	161	246	32 1	514	945	1, 117
Ne t in e f Fr niu s M ed ica l C tio com rom ese are op era ns be dec olid d u nde r IF RS to ate 5 ons	889 -1,	284	n.a	56 0 -1,	70 1	n.a
No olli int in Fr niu s M ed ica l C tio ntr sts nco ng ere ese are op era ns be dec olid d u nde r IF RS 5 to ate ons	-1, 322	209	n.a	-1, 066	529	n.a
t in niu ica tio Ne e f Fr s M ed l C com rom ese are op era ns be de sol ida ted de r IF RS rib ble to 5 att uta to con un niu sha reh old of Fr s S E& Co . K Ga A ers ese	-56 7	75	n.a	-49 4	172	n.a
Ne t in com e	-1, 734	55 1	55 1	-1, 105	1, 714	1, 714
No olli int in t in ntr sts nco ng ere ne com e	32 8 -1,	230	230	125 -1,	59 7	59 7
Ne t in ibu tab le t ha reh old of Fr niu s S E& Co . K Ga A ttr com e a o s ers ese	-40 6	32 1	32 1	20	1, 117	1, 117
Ea rni sha in € (b asi nd dil d) ute ng s p er re c a	-0. 72	0.5 7	0.5 7	0.0 4	1.9 9	1.9 9
the f b d o inc e f nti ing tio et reo ase n n om rom co nu op era ns	0.2 8	0.4 3	0.5 7	0.9 1	1.6 8	1.9 9
the f b d o inc e f Fr niu s M ed ica l C et reo ase n n om rom ese are tio be dec olid d u nde r IF RS 5 to ate op era ns ons	-1. 00	0.1 4	n.a	-0. 87	0.3 1	n.a

1 Prior-year and prior-quarter figures of the current year have been adjusted due to the application of IFRS 5 to Fresenius Medical Care operations to be deconsolidated.

FRESENIUS SE&CO. KGAA CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

€ i illio n m ns	Q3 /20 23	Q3 /20 22	Q1 3/ 202 3 --	Q1 --3/ 202 2
Ne t in com e	-1, 734	55 1	-1, 105	1, 714
Ot nsi inc e ( s) he he los r c om pre ve om
Po sit ion hic h w ill be las sif ied in in e i ub to net nt s w rec com n s seq ue yea rs
For eig nsl ati tra n c urr enc y on	55 8	1, 529	-27	3, 40 3
Ca sh flow he dg es	-15	2	-13	3
FV OC I de bt ins tru nts me	-7	-14	-4	-47
siti hic ill b ifie Inc h w ecl d e ta om xes on po ons w e r ass	6	6	5	17
Po sit ion hic h w ill be cla ssi fie d i t in e i ub not nto nt s w re ne com n s seq ue yea rs
Ac ria l ga ins de fin ed ben efit nsi lan tua on pe on p s	98	105	57	627
Eq uity eth od inv har f O CI est m ees - s e o	--	38	--	27
FV OC I eq uity in tm ent ves s	-1	9	13	15
siti hic ill n sifi Inc h w be las ed e ta ot om xes on po ons w rec	-28	-32	-16	-18 8
Ot he he nsi inc net r c om pre ve om e,	61 1	1, 643	15	3, 857
siv e i (lo ss) To tal reh co mp en nco me	-1, 123	2, 194	-1, 090	5, 57 1
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	-1, 037	970	-1, 133	2, 342
siv e i tri niu Co reh (lo ss) bu tab le t ha reh old of Fr s S E& Co . K Ga A at mp en nco me o s ers ese	-86	1, 224	43	3, 229

FRESENIUS SE&CO. KGAA CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED)

ASSETS

LIABILITIES

€ i illio n m ns	Sep ber 30 , 20 23 tem	Dec ber 31, 202 2 em
Cas h a nd h e iva len ts cas qu	1, 095	2, 749
cei Tra de d o the vab les les llow nts acc ou an r re s a anc es , for ted ed it lo ex pec cr sse s	4, 142	7, 008
cei le f ies Ac vab d lo late d p nts to art cou re rom an ans re	19	157
Inv ori ent es	2, 663	4, 833
Oth t as set er cur ren s	3, 39 6	3, 532
As ela ted Fr niu s M ed ica l C set to s r ese are be dec olid d u nde r IF RS 5 to ate ons	33, 520	n.a
I. T l cu ota nt ets rre ass	835 44 ,	18, 279
Pro lan nd uip ty, t a nt per p eq me	8, 959	12, 919
Rig of- ht- set use as s	906 1,	5, 922
Go odw ill	15, 723	31, 49 0
Oth int ible set er ang as s	2, 665	4, 33 8
Oth ent set er no n-c urr as s	716	2, 62 1
De fer red ta xes	524	83 1
II. To tal ent set no n-c urr as s	30 493 ,	58 121 ,
To tal set as s	75, 32 8	76, 40 0

€ i illio n m ns	Sep ber 30 , 20 23 tem	Dec ber 31, 202 2 em
Tra de ble nts acc ou pa ya	214 1,	2, 070
Sh ble late d p ies ort -te nts to art rm ac cou pa ya re	3	94
Sh ovi sio and her sh lia bil itie ort -te ot ort -te rm pr ns rm s	30 9 5,	8, 242
Sh de bt ort -te rm	184	856
Sh bt f ies de late d p ort -te art rm rom re	10	11
Cu rtio f lo m d ebt nt ter rre po n o ng-	289	669
Cu rtio f le lia bil itie nt rre po n o ase s	216	85 1
Cu rtio f b ond nt rre po n o s	150 1,	649
Cu rtio f co rtib le b ond nt rre po n o nve s	49 7	--
Sh lia bil itie s fo r in ort -te e ta rm com xes	206	216
Lia bil itie ela ted Fr niu s M ed ica l C to s r ese are olid RS be dec d u nde r IF 5 to ate ons	20, 111	n.a
A. To tal sh lia bil itie ort -te rm s	29, 189	13, 658
rtio Lon m d ebt les ter ent g- s c urr po n ,	2, 44 9	166 2,
Lea liab ilit ies les rtio ent se s c urr po n ,	1, 873	5, 74 1
Bo nds les rtio ent s c urr po n ,	8, 44 8	16, 32 9
Co rtib le b ond nve s	--	49 1
Lon vis ion nd oth lon liab ilit ies ter ter g- m pro s a er g- m	1, 565	2, 802
sio iab ilit ies Pen n l	57 7	1, 099
Lon liab ilit ies fo r in ter e ta g- m com xes	225	242
De fer red ta xes	720	1, 654
B. To tal lo lia bil itie -te ng rm s	15, 857	30 524 ,
l lia bil itie I. T ota s	45 046 ,	44 182 ,
ing in A. No oll ntr ter est nco s	10, 24 8	11, 803
Su bsc rib ed ita l cap	563	563
Ca ital p re ser ve	4, 325	4, 323
Oth er res erv es	14, 716	15, 122
Ac ula ted her reh ive in ot cum co mp ens com e	43 0	40 7
' e B. To tal Fr niu s S E& Co . K Ga A s ha reh old ity ese ers qu	20, 034	20, 415
rs' uit II. To tal sh ho lde are eq y	30 282 ,	32 21 8 ,
' eq lia bil itie uit To tal nd sha reh old s a ers y	75, 32 8	76, 40 0

FRESENIUS SE&CO. KGAA CONSOLIDATED STATEMENT OF CASH FLOWS

€ i illio n m ns	Q1 3/ 202 3¹ --	Q1 --3/ 202 2 re ed¹ stat	Q1 --3/ 202 2 p revi ous
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	45 5	1, 013	1, 714
jus nci inc e f nti ing tio Ad le n h a nd tm ent s t et to o r eco om rom co nu op era ns cas iva vid tin cti vit ies h e len ed by ts cas qu pro op era g a
cia tio iza tio De nd ort pre n a am n	865	82 1	2, 147
Ch e in de fer red ta ang xes	-16	-45	-10 5
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	-8	-2	-69
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	-68 4	-50 1	-57 0
Inv ori ent es	-16 8	-19 5	-36 4
Oth nd t a ent set er cur ren no n-c urr as s	-60 1	-73 9	-67 0
Ac cei vab le f /pa ble late d p ies nts to art cou re rom ya re	30	-12	-39
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	842	404	210
Lia bil itie s fo r in e ta com xes	144	62	120
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	859	806	2, 374
Ne ash ide d b ing tiv itie Fr niu s M ed ica l C tio t c rat pr ov y o pe ac s -- ese are op era ns ida RS be de sol ted de r IF 5 to con un	1, 910	56 1, 8	n.a
Ne ash ide d b ing tiv itie t c rat pr ov y o pe ac s	2, 769	2, 374	2, 374
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	-73 7	-69 2	187 -1,
Pro ds fro ale f p lan nd ipm ert t a ent cee m s s o rop y, p equ	14	6	15
isit ion inv Ac nd est nts qu s a me and rch f in ible tan set pu ase s o g as s	-22 1	-79 5	-92 7
fro of in div itu Pro ds ale nd tm ent est cee m s ves s a res	0	28	136
Ne ash ed in inv ing tiv itie nti ing tio t c est us ac s -- co nu op era ns	-94 4	-1, 453	-1, 963
in inv ing tiv itie niu ica l C tio Ne ash ed Fr s M ed t c est us ac s -- ese are op era ns be de sol ida ted de r IF RS 5 to con un	-44 7	-51 0	n.a
in inv ing tiv itie Ne ash ed t c est us ac s	-1, 39 1	963 -1,	963 -1,

1 Prior-year and prior-quarter figures of the current year have been adjusted due to the application of IFRS 5 to Fresenius Medical Care operations to be deconsolidated.

FRESENIUS SE&CO. KGAA CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)

€ i illio n m ns	Q1 3/ 202 3¹ --	Q1 --3/ 202 2 re ed¹ stat	Q1 --3/ 202 2 p revi ous
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	90	920	49 1, 7
Re of sh de bt nts ort -te pay me rm	-10 7	-1, 49 9	-2, 722
Pro ds fro lon m d ebt ter cee m g-	1, 285	53 0	1, 55 7
Re of lo m d ebt nts ter pay me ng-	-90 5	-48 1	-65 5
Re of lea liab ilit ies nts pay me se	-17 6	-14 3	-71 6
Pro ds fro he iss of bon ds m t cee uan ce	--	30 0 1,	30 0 1,
Re of lia bil itie s fr bo nds nts pay me om	--	--	-62 7
fro cei aci lity of niu ica l C Pro ds he Ac Re vab le F Fr s M ed m t nts cee cou ese are	--	--	24
Pro ds fro he rcis f st ock tio m t cee exe e o op ns	--	--	20
Div ide nds cei ved fro Fre ius M ed ica l C re m sen are	106	127	n.a
Div ide nds id pa	-54 4	-39 6	-81 7
Ch e in olli int ntr sts et ang no nco ng ere , n	-15	-28	-28
Ne ash ed in/ vid ed by fin cin cti vit ies tin uin ion t c rat us pro an g a con g o pe s --	-26 6	33 0	167 -1,
in fin cin cti vit ies ius ica tio Ne ash ed Fre M ed l C t c us an g a sen are op era ns --
be de sol ida ted de r IF RS 5 to con un	113 -1,	49 -1, 7	n.a
in fin cin cti vit ies Ne ash ed t c us an g a	-1, 37 9	-1, 167	-1, 167
Eff of uiv cha ch ash d c ash ale ect ate nts ex ng e r an ge s o n c an eq	-10 0	120	120
Ne t d e i ash d c ash uiv ale nts ecr eas n c an eq	-10 1	-63 6	-63 6
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, 749	2, 764	2, 764
les ash d c ash uiv ale Fr niu s M ed ica l C th nd of the rtin eri od nts at s c an eq ese are e e re po g p	-1, 553	n.a	n.a
uiv rtin eri Ca sh d c ash ale th nd of the od nts at an eq e e re po g p	1, 095	2, 128	2, 128
of iva ts f niu edi Ca tio Th h a nd h e len Fr s M cal ere cas cas qu rom ese re op era ns
be dec olid d u nde r IF RS 5 to ate ons	n.a	1, 114	n.a

1 Prior-year and prior-quarter figures of the current year have been adjusted due to the application of IFRS 5 to Fresenius Medical Care operations to be deconsolidated.

ADDITIONAL INFORMATION ON PAYMENTS

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

€ i illio n m ns	Q1 3/ 202 3¹ --	Q1 --3/ 202 2¹
Rec eiv ed int st ere	43	47
Pai d i nte t res	-28 4	-18 5
Inc id e ta om xes pa	-19 7	-34 3

1 Prior-year and prior-quarter figures of the current year have been adjusted due to the application of IFRS 5 to Fresenius Medical Care operations to be deconsolidated.

FRESENIUS SE&CO. KGAA CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)

	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 1 cem	55 8, 502	55 8, 502	55 8	4, 026	14, 860
Pro ds fro he rcis f st ock tio m t cee exe e o op ns	--	--	--	6
Div ide nds id pa					-36 7
Scr ip div ide nd	4, 735	4, 735	5	142	-14 7
ctio wit llin int ith of Tra h n lo l tro sts out tro nsa ns on con g ere w ss con				145
No olli int du han in lida tio ntr sts e t nco ng ere o c ges co nso n g rou p				--
tio iab ilit ies Put n l op					-62 9
Tra nsf of ula tive ins /lo f e ity inv est nts er cum ga sse s o qu me					3
Co reh ive in e ( los s) mp ens com
Ne t in com e					1, 117
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 ins de fin ed ben efit nsi lan tua on pe on p s
Fai lue ch r va ang es
Co ive in reh e ( los s) mp ens com					1, 117
As of Se be r 3 0, 202 2 tem p	563 237 ,	563 237 ,	563	4, 31 9	14, 837
As of De be r 3 1, 202 2 cem	563 237 ,	563 237 ,	563	4, 323	15, 122
Div ide nds id pa					-51 8
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
No olli int du han in lida tio ntr sts e t nco ng ere o c ges co nso n g rou p				--
tio iab ilit ies Put n l op					92
Co reh ive in e ( los s) mp ens com
Ne t in com e					20
Oth hen siv e in e ( los s) er com pre com
Ca sh flow 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 on y
ria ins fin efit nsi Ac l ga de ed ben lan tua on pe on p s
Fai lue ch r va ang es
Co reh ive in e ( los s) mp ens com					20
As of Se be r 3 0, 202 3 tem p	563 237 ,	563 237 ,	563	325 4,	716 14,

FRESENIUS SE&CO. KGAA CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)

		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 € in mi llion s	Fair val ue cha nge s € 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 1, 202 1 cem	54	-66	-41 1	-42	19	18, 998	10, 29 0	29, 28 8
Pro ds fro he rcis f st ock tio m t cee exe e o op ns						6	14	20
Div ide nds id pa						-36 7	3 -51	-88 0
Scr ip div ide nd						--	--	--
ctio wit llin int ith of Tra h n lo l tro sts out tro nsa ns on con g ere w ss con						145	36 9	514
No olli int du han in lida tio ntr sts e t nco ng ere o c ges co nso n g rou p						--	609	609
tio iab ilit ies Put n l op						-62 9	-33 7	-96 6
Tra nsf of ula tive ins /lo f e ity inv est nts er cum ga sse s o qu me				-3		--	--	--
Co reh ive in e ( los s) mp ens com
t in Ne com e						1, 117	59 7	1, 714
Oth hen siv e in e ( los s) er com pre com
Ca flow sh he dg es		1				1	1	2
Ch f F VO CI uity in tm ent ang e o eq ves s				9		9	6	15
For eig nsl atio tra n c urr enc y n	1, 815	-1	-9	0	0	1, 805	1, 607	3, 41 2
Ac ria l ga ins de fin ed ben efit nsi lan tua on pe on p s			300			30 0	139	43 9
Fai lue ch r va ang es					-3	-3	-8	-11
Co ive in reh e ( los s) mp ens com	1, 815	0	29 1	9	-3	3, 229	2, 34 2	5, 57 1
As of Se be r 3 0, 202 2 tem p	1, 869	-66	-12 0	-36	16	21, 382	12, 774	34, 156
As of De be r 3 1, 202 2 cem	613	-56	-10 9	-58	17	20, 415	11, 803	32, 21 8
Div ide nds id pa						-51 8	-45 4	-97 2
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	1	3
No olli int du han in lida tio ntr sts e t nco ng ere o c ges co nso n g rou p						--	-13	-13
tio iab ilit ies Put n l op						92	44	136
Co reh ive in e ( los s) mp ens com
Ne t in com e						20	-1, 125	-1, 105
Oth hen siv e in e ( los s) er com pre com
Ca sh flow he dg es		-7				-7	-3	-10
Ch f F VO CI uity in tm ent ang e o eq ves s				4		4	9	13
For eig nsl ati tra n c urr enc on y	3	0	-1	--	0	2	-28	-26
ria ins fin efit nsi Ac l ga de ed ben lan tua on pe on p s			25			25	16	41
Fai lue ch r va ang es					-1	-1	-2	-3
Co reh ive in e ( los s) mp ens com	3	-7	24	4	-1	43	-1, 133	-1, 090
As of Se be r 3 0, 202 3 tem p	616	-63	-85	-54	16	20, 034	10, 24 8	30, 282

FRESENIUS SE&CO. KGAA CONSOLIDATED SEGMENT REPORTING FIRST THREE QUARTERS (UNAUDITED)

All figures are reported excluding Fresenius Medical, except for net income.

	Fre	ius Ka sen	bi ius lios ius Fre He Fre Va d sen sen me			Co /O the rat rpo e r			ius Gr Fre sen ou p
by bus ine € i illio nt, ss seg me n m ns	32 202	22 202	Gro wth	32 202	22 202	Gro wth	32 202	22 202	Gro wth	33 202	23 202	Gro wth	202 3	202 2	Gro wth
Rev en ue	6, 013	5, 814	3%	9, 132	8, 685	5%	1, 76 1	1, 647	7%	-28 5	-28 4	0%	16, 62 1	15, 862	5%
f co ibu tio olid the d r ntr n t ate reo o c ons eve nue	5, 977	5, 777	3%	9, 112	668 8,	5%	1, 53 1	6 1, 41	8%	1	1	0%	16, 62 1	862 15,	5%
the f in ter reo com pan y r eve nue	36	37	-3%	20	17	18 %	230	23 1	0%	-28 6	-28 5	0%	--	--
trib uti ida sol ted to con on con re ven ue	36 %	36 %		55 %	55 %		9%	9%		0%	0%		100 %	100 %
EB ITD A	1, 209	1, 172	3%	1, 255	1, 205	4%	44	102	-57 %	-58 5	-18 3	--	1, 923	2, 296	-16 %
De cia tio nd iza tio ort pre n a am n	34 6	32 8	5%	394	374	5%	81	73	11 %	44	46	-4%	865	82 1	5%
EB IT	863	844	2%	86 1	83 1	4%	-37	29	--	-62 9	-22 9	-17 5%	1, 058	1, 47 5	-28 %
Ne t in ter est	-95	-36	-16 4%	-18 4	-13 4	-37 %	-33	-6	--	21	16	31 %	-29 1	-16 0	-82 %
Inc e ta om xes	-16 2	-18 2	11 %	-15 8	-15 3	-3%	-2	-5	60 %	10	38	-74 %	-31 2	-30 2	-3%
Ne t in e f Fr niu s M ed ica l C tio com rom ese are op era ns olid RS rib be dec d u nde r IF 5 ble to ate att uta to ons sha reh old of Fr niu s S E& Co . K Ga A ers ese	--	--		--	--		--	--		-49 4	172	--	-49 4	172	--
t in ttri Ne but ab le t har eho lde com e a o s rs
of Fre ius SE &C KG aA sen o.	55 9	574	-3%	505	53 0	-5%	-74	15	--	-97 0	-2	--	20	1, 117	-98 %
Op tin ash flo era g c w	58 1	543	7%	37 7	41 1	-8%	-16	-56	71 %	-83	-92	10 %	859	806	7%
Ca isit ion div ide sh flow be for nd nds e a cqu s a	305	22 1	38 %	14	84	-83 %	-91	-84	-8%	-92	-10 1	9%	136	120	13 %
1 As set s	16, 41 3	16, 745	-2%	22, 706	21, 33 7	6%	2, 708	2, 887	-6%	-19	-23 3	92 %	41 808 ,	40 736 ,	3%
1 De bt	3, 97 1	195 4,	-5%	8, 194	81 7, 1	5%	097 1,	885	24 %	854 1,	817 1,	2%	116 15,	708 14,	3%
1 Oth tin liab ilit ies er op era g	3, 58 1	3, 842	-7%	4, 010	3, 424	17 %	1, 131	994	14 %	37 7	39 9	-6%	9, 099	8, 659	5%
Ca ital dit p ex pen ure , g ros s	27 1	30 8	-12 %	36 8	33 0	12 %	76	31	145 %	10	9	11 %	725	678	7%
Ac isit ion /in tm ent qu s, g ros s ves s	195	723	-73 %	0	81	-10 0%	2	15	-87 %	0	0		197	819	-76 %
Res ch and de vel nt ear op me exp ens es	43 5	42 2	3%	2	2	0%	--	--		20	0		45 7	424	8%
1 Em loy (p ita bal hee t d ) ate p ees er cap on anc e s	42 96 1 ,	42 063 ,	2%	129 40 0 ,	125 700 ,	3%	20, 258	20, 184	0%	908	1, 44 9	-37 %	193 52 7 ,	189 39 6 ,	2%
Key fig ure s
in EB ITD A m arg	20 .1%	20 .2%		13. 7%	13. 9%		2.5 %	6.2 %					2 14. 9%	2 15. 3%
EB IT in ma rg	14. 4%	14. 5%		9.4 %	9.6 %		-2. 1%	1.8 %					2 9.8 %	2 10. 3%
De cia tio nd iza tio n i n % of ort pre n a am re ven ue	5.8 %	5.6 %		4.3 %	4.3 %		4.6 %	4.4 %					5.2 %	5.2 %
Op tin ash flo w i n % of era g c re ven ue	9.7 %	9.3 %		% 4.1	% 4.7		-0. 9%	-3. 4%					5.2 %	% 5.1
1 RO IC	6.6 %	7.8 %		5.2 %	5.4 %		-2. 8%	1.1 %					4 5.0 %	4 5.6 %

1 2022: December 31, the figures reported differ from those in the consolidated statement of financial position as they are presented excluding Fresenius Medical Care.

2 Before special items

3 After special items

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

For information regarding special items, please see the reconciliation tables in the interim Group management report. The consolidated segment reporting is an integral part of the notes.

FRESENIUS SE&CO. KGAA CONSOLIDATED SEGMENT REPORTING THIRD QUARTER (UNAUDITED)

All figures are reported excluding Fresenius Medical, except for net income.

	ius bi Fre Ka sen		ius lios Fre He sen			ius Fre Va d sen me			Co e/O the rat rpo r			ius Gr Fre sen ou p
by bus ine € i illio nt, ss seg me n m ns	31 202	21 202	Gro wth	31 202	21 202	Gro wth	31 202	21 202	Gro wth	32 202	22 202	Gro wth	202 3	202 2	Gro wth
Rev en ue	2, 02 1	2, 07 1	-2%	2, 953	2, 829	4%	647	572	13 %	-10 3	-86	-20 %	5, 51 8	5, 38 6	2%
the f co ibu tio olid d r ntr n t ate reo o c ons eve nue	2, 009	2, 053	-2%	2, 945	2, 824	4%	563	504	12 %	1	0		5, 51 8	5, 38 6	2%
the f in ter reo com pan y r eve nue	12	18	-33 %	8	5	60 %	84	68	24 %	-10 4	-86	-21 %	--	--
trib uti sol ida ted to con on con re ven ue	36 %	38 %		54 %	52 %		10 %	10 %		0%	0%		100 %	100 %
EB ITD A	40 6	39 7	2%	375	34 8	8%	39	35	11 %	9 -15	-89	-79 %	66 1	69 1	-4%
De cia tio nd iza tio ort pre n a am n	117	117	0%	136	126	8%	29	25	16 %	33	7	--	315	275	15 %
EB IT	289	280	3%	239	222	8%	10	10	0%	-19 2	-96	-10 0%	6 34	6 41	-17 %
Ne t in ter est	-35	-16	-11 9%	-63	-41	-54 %	-15	-3	--	13	-7	--	-10 0	-67	-49 %
Inc e ta om xes	-46	-62	26 %	-41	-38	-8%	-1	-1	0%	-3	19	-11 6%	-91	-82	-11 %
Ne t in e f Fr niu s M ed ica l C tio com rom ese are op era ns be dec olid d u nde r IF RS 5 rib ble to ate att uta to ons sha reh old of Fr niu s S E& Co . K Ga A ers ese	--	--		--	--		--	--		-56 7	75	--	-56 7	75	--
t in ttri Ne but ab le t har eho lde com e a o s rs of Fre ius SE &C KG aA sen o.	189	184	3%	132	138	-4%	--7	5	--	-72 0	-6 -6	--	-40 6	32 1	--
Op tin ash flo era g c w	38 0	30 1	26 %	208	353	-41 %	50	-18	--	10	-38	126 %	648	59 8	8%
Ca sh flow be for isit ion nd div ide nds e a cqu s a	270	183	48 %	65	263	-75 %	32	-28	--	9	-43	121 %	37 6	375	0%
Ca ital dit p ex pen ure , g ros s	109	122	-11 %	144	117	23 %	19	11	73 %	2	-43 5	-60 %	274	255	7%
isit ion /in Ac tm ent qu s, g ros s ves s	179	50 1	-64 %	0	6	-10 0%	--	9	-10 0%	0	0		179	6 51	-65 %
Res ch and de vel nt ear op me exp ens es	151	147	3%	0	1	-10 0%	--	--		19	0		170	148	15 %
Key fig ure s
EB ITD A m in arg	20 .1%	19. 2%		12. 7%	12. 3%		6.0 %	6.1 %					1 9% 14.	1 0% 14.
EB IT in ma rg	14. 3%	13. 5%		8.1 %	7.8 %		1.5 %	1.7 %					1 9.4 %	1 8.9 %
De cia tio nd iza tio n i n % of ort pre n a am re ven ue	5.8 %	5.6 %		4.6 %	4.5 %		4.5 %	4.4 %					5.7 %	5.1 %
Op tin ash flo w i n % of era g c re ven ue	18. 8%	14. 5%		7.0 %	12. 5%		7.7 %	-3. 1%					11. 7%	11. 1%

1 Before special items

2 After special items

For information regarding special items, please see the reconciliation tables in the interim Group management report. The consolidated segment reporting is an integral part of the notes.

TABLE OF CONTENTS NOTES

-

47 IV. Recent pronouncements, applied 57 12. Debt 66 21. Share-based compensation plans
48 V. Recent pronouncements, not yet applied 59 13. Bonds 66 22. Subsequent events
48 2. Acquisitions, divestitures and investments

45 General Notes 55 Notes on the consolidated statement of financial position 61 Other notes

45 1. Principles 55 8. Trade accounts and other receivables 61 17. Legal and regulatory matters
-
-
-
-
-
-
- 60 15. Noncontrolling interests
- 61 16. Fresenius SE&Co. KGaA shareholders' equity

45 I. Group structure 55 9. Inventories 62 18. Financial instruments
46 II. Basis of presentation 55 10. Other current and non-current assets 65 19. Information on capital management
46 III. Summary of significant accounting policies 56 11. Goodwill 65 20. Notes on the consolidated segment reporting
-
-
- 60 14. Convertible bonds 66 23. Corporate Governance

51 Notes on the consolidated statement of income

51 3. Special items
53 4. Revenue
54 5. Research and development expenses
54 6. Taxes
54 7. Earnings per share

GENERAL NOTES

1. PRINCIPLES

I. GROUP STRUCTURE

Fresenius is a global healthcare group and offers systemcritical products and services for leading therapies for care 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 September 30, 2023:

► Fresenius Kabi
► Fresenius Helios
► Fresenius Medical Care
► Fresenius Vamed

As of July 14, 2023, Fresenius Medical Care is accounted for as business segment to be deconsolidated in accordance with IFRS 5. As of January 1, 2023, the business segments are differentiated between operating companies (Fresenius Kabi and Fresenius Helios) and investment companies (Fresenius Medical Care and Fresenius Vamed).

Furthermore, as of January 1, 2023, Fresenius Kabi implemented a new global operating model. Thereafter, Fresenius Kabi has reorganized the business into four operating divisions: Biopharma, MedTech, Nutrition and Pharma (IV Drugs&Fluids).

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''.

Deconsolidation of Fresenius Medical Care

Fresenius announced in February 2023 its intention to initiate plans towards a conversion of the legal form of Fresenius Medical Care AG&Co. KGaA into a German stock corporation (Aktiengesellschaft -- AG) and thereupon to deconsolidate the business segment Fresenius Medical Care in accordance with the relevant International Financial Reporting Standards (IFRS). On July 14, 2023, the Extraordinary General Meeting of Fresenius Medical Care AG&Co. KGaA approved the proposal of conversion of the legal form into a German stock corporation. After registration with the commercial register, the conversion of the legal form will become effective. Fresenius expects the registration at the end of November 2023. For the interim financial statements as of September 30, 2023 and the statements in subsequent reporting periods, the specific accounting standards apply as follows.

In the first step, as a result of the approval of the conversion of legal form, Fresenius Medical Care has been classified since July 14, 2023 in accordance with IFRS 5 as a separate line item (operations to be deconsolidated) in the Fresenius Group consolidated statement of income, the consolidated statement of financial position and the consolidated statement of cash flows as of September 30, 2023.

After registration with the commercial register (second step), the investment in Fresenius Medical Care will be deconsolidated and subsequently accounted for at equity in accordance with IAS 28. The relevant IFRS require valuation of Fresenius Medical Care at fair value. If this value, which corresponds to Fresenius Medical Care's market capitalization, is below the book value of Fresenius Medical Care's consolidated equity, the Fresenius Group must recognize a non-cash effective impairment, which is included as special item. As of July 14, 2023, the market capitalization of Fresenius Medical Care was €13.7 billion based on a share price of 46.78 € and thus above the consolidated shareholders' equity of Fresenius Medical Care AG&Co. KGaA of €13.5 billion as of June 30, 2023.

Therefore, the first step with the initial recognition did not result in any expenses in the third quarter of 2023. As part of the IFRS 5 subsequent remeasurement, the market capitalization and consolidated shareholders' equity were compared again as of September 30, 2023. As of September 30, 2023, the market capitalization of Fresenius Medical Care was €12 billion based on a share price of 40.84 € and thus below the consolidated shareholders' equity of Fresenius Medical Care AG &Co. KGaA of €14 billion as of September 30, 2023. Valuation rules under IFRS 5 therefore resulted in a non-cash special item of €2 billion in the consolidated financial statements of the Fresenius Group, of which €0.6 billion was attributable to the shareholders of Fresenius SE&Co. KGaA and €1.4 billion to the non-controlling interests of the Fresenius Group. The expenses are reported as part of the net income from Fresenius Medical Care operations to be deconsolidated under IFRS 5.

With respect to subsequent IFRS 5 remeasurements and step 2, further effects may arise depending on the value of Fresenius Medical Care's market capitalization.

Due to the application of IFRS 5, the prior year and prior quarter figures of the current year in the consolidated statement of income and the consolidated statement of cash flows have been adjusted.

The application of IFRS 5 at the Fresenius Group level does not have any impact on the consolidated financial statements of Fresenius Medical Care, because the recoverability of net assets in the consolidated financial statements of Fresenius Medical Care is measured in accordance with IAS 36, which, in contrast to IFRS 5, is determined by the higher of the value in use and the fair value less costs of disposal (which mainly corresponds to the market capitalization).

Transformation Fresenius Vamed

Following the continued negative business performance, Fresenius announced as part of the presentation of the results for the first quarter of 2023 plans for an in-depth analysis of Fresenius Vamed's business model, its governance and relevant processes. At the same time, a comprehensive and far-reaching restructuring program has been initiated with the clear goal to increase the company's profitability. Also, a comprehensive reassessment of the company organization was initiated.

As a result of this transformation, Fresenius Vamed has revalued the affected business activities in the second and third quarter of 2023 and recognized negative one-time effects of €441 million. These mainly relate to impairments of loans, investments, receivables, inventories and orders, restructuring expenses as well as the recognition of provisions. Most of these nonrecurring items are non-cash.

II. BASIS OF PRESENTATION

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 the format consistent with the consolidated financial statements as of December 31, 2022, with the exception of the adjustments required by IFRS 5. 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, 2022, with the exception of Fresenius Medical Care's accounting in accordance with IFRS 5.

III. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of consolidation

The condensed consolidated financial statements and interim management report for the first three quarters and the third quarter ended September 30, 2023 have not been audited nor reviewed and should be read in conjunction with the notes included and published in the consolidated financial statements as of December 31, 2022 applying Section 315e HGB in accordance with IFRS as adopted by the EU.

Except for the reported acquisitions (see note 2, Acquisitions, divestitures and investments), there have been no other material changes in the Fresenius Group's consolidation structure.

The consolidated financial statements for the first three quarters and the third quarter ended September 30, 2023 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 three quarters ended September 30, 2023 are not necessarily indicative of the results of operations for the fiscal year 2023.

Classifications

The prior year and prior quarter figures of the current year have been adjusted in the consolidated statement of income, the consolidated statement of cash flows and in the notes due to the application of IFRS 5 for Fresenius Medical Care operations to be deconsolidated.

Government grants and impacts of COVID-19 pandemic

In the first three quarters of 2023, the German clinics of the Fresenius Group received government compensation payments and reimbursements in the amount of €158 million to compensate for costs indirectly caused by the increase in energy prices. Approximately half of the payments were recognized in the consolidated statement of income on a pro rata basis. Against the background of an amendment to the law that came into force in August 2023, the Fresenius Group is continuously reviewing how to proceed with the government compensation payments and their conditions, also with regard to the dividend payment by Fresenius SE&Co. KGaA. This also concerns the possible receipt of further compensation payments.

The German clinics of the Fresenius Group did not receive reimbursements and grants to compensate for COVID-19 related financial charges in the first three quarters of 2023 (Q1 -- 3 / 2022: €220 million, thereof €195 million recorded in revenue and €25 million as grants in other operating income).

Hyperinflationary accounting

Fresenius Group's subsidiaries operating in Argentina and Türkiye apply IAS 29, Financial Reporting in Hyperinflationary Economies, due to inflation in those countries. For the first three quarters of 2023, the application of IAS 29 resulted in an effect on net income from continuing operations attributable to shareholders of Fresenius SE&Co. KGaA of -€33 million (Q1-- 3/ 2022: -€17 million) included in selling, general and administrative expenses. The ongoing

retranslation effects of hyperinflationary accounting and its impact on comparative amounts are recorded in other comprehensive income (loss) within the consolidated financial statements.

Use of estimates

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.

Business segment to be deconsolidated

The planned deconsolidation of the business segment Fresenius Medical Care is accounted for in accordance with IFRS 5 by the Fresenius Group as of July 14, 2023. At that date, the General Meeting of Fresenius Medical Care AG &Co. KGaA approved the conversion of the legal form into a German stock corporation and the deconsolidation within one year was considered highly probable.

Following classification as ''business segment to be deconsolidated'', assets and related liabilities are presented separately in one line within the current section of the consolidated statement of financial position. The Fresenius Group also presents the results separately in the consolidated statement of income and in the consolidated statement of cash flows and prior year figures and prior quarter figures of the current year are adjusted.

The business segment to be deconsolidated is measured at the lower of its carrying amount or its fair value less costs of deconsolidation and regular depreciation and amortization has been ceased.

IV. RECENT PRONOUNCEMENTS, APPLIED

The Fresenius Group has prepared its consolidated financial statements at and for the first three quarters ended September 30, 2023 in conformity with IFRS, as adopted by the EU, that must be applied for the interim periods starting on or after January 1, 2023.

For the first three quarters of 2023, the following new standard relevant for Fresenius Group's business was applied for the first time:

In May 2017, the IASB issued IFRS 17, Insurance Contracts. In June 2020 and December 2021, further amendments were published. IFRS 17 establishes principles for the recognition, measurement, presentation and disclosure related to the issuance of insurance contracts. IFRS 17 replaces IFRS 4, Insurance Contracts, which was brought in as an interim standard in 2004. IFRS 4 permitted the use of national accounting standards for the accounting of insurance contracts under IFRS. As a result of the varied application for insurance contracts, there was a lack of comparability among peer groups. IFRS 17 eliminates this diversity in practice by requiring all insurance contracts to be accounted for using updated estimates and assumptions that reflect the timing of cash flows and any uncertainty relating to insurance contracts.

The adoption of IFRS 17 did not have a material impact on the consolidated financial statements of the Fresenius Group.

V. RECENT PRONOUNCEMENTS, NOT YET APPLIED The IASB issued the following new standards relevant for the Fresenius Group's business:

In May 2023, the IASB issued Amendments to IAS 12, Income Taxes. The amendments temporarily exempt companies from accounting for deferred taxes arising from the implementation of the Organisation for Economic Cooperation and Development's (OECD) international tax reform, known as Pillar Two model. The Pillar Two model aims at taxing large multinational companies with a rate of at least 15%. Moreover, the amendments prescribe targeted disclosures. The exemption may be used immediately. Disclosures are required for fiscal years beginning on or after January 1, 2023. The Fresenius Group is currently evaluating the impact of the amendments to IAS 12 on the consolidated financial statements.

In January 2020, the IASB issued Amendments to IAS 1, Classification of Liabilities as Current and Noncurrent. The amendments clarify under which circumstances debt and other liabilities with an uncertain settlement date should be classified as current or non-current. Among others, the amendments state that liabilities shall be classified depending on rights that exist at the end of the reporting period and define under which conditions liabilities might be settled by cash, other economic resources or equity. On July 15, 2020, and October 31, 2022, the IASB deferred the effective date. The amendments to IAS 1 are now effective for fiscal years beginning on or after January 1, 2024. Earlier adoption is permitted. The Fresenius Group is currently evaluating the impact of the amendments to IAS 1 on the consolidated financial statements.

The EU Commission's endorsements of the amendments to IAS 1 and IAS 12 are still outstanding.

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

2. ACQUISITIONS, DIVESTITURES AND INVESTMENTS

The Fresenius Group made acquisitions, investments and purchases of intangible assets from continuing operations of €197 million and €819 million in the first three quarters of 2023 and 2022, respectively. Of this amount, €221 million was paid in cash in the first three quarters of 2023 including €24 million in subsequent purchase price payments already recognized as liabilities.

FRESENIUS KABI

In the first three quarters of 2023, Fresenius Kabi spent €195 million (Q1-- 3/ 2022: €723 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.

Acquisition mAbxience

On August 1, 2022, Fresenius Kabi closed the acquisition of a stake of 55% of mAbxience Holding S.L. (mAbxience), a leading international biopharmaceutical company, focused on the rapidly growing market for the development and manufacturing of biological drugs (biopharmaceuticals).

The company has been consolidated since August 1, 2022, and has contributed €59 million to revenue in the fiscal year 2022.

The consideration transferred in the amount of €511 million is a combination of €499 million upfront payment, which was paid in cash upon closing, and performancebased payments expected for future years with a current fair value of €12 million. These are strictly tied to the achievement of development and operating targets and could be in the low three-digit million euro range in total.

The transaction was accounted for as a business combination.

The following table summarizes the final fair values of assets acquired and liabilities assumed. During 2023, the acquisition accounting was reviewed and finalized. Adjustments, net of related income tax effects, were recorded to goodwill and intangible assets.

€ i illio n m ns
Fai ire alu of d ets r v es ass ac qu d l iab ilit ies ed an as sum
Cas h a nd h e iva len ts cas qu	6
Tra de d o the cei vab les nts acc ou an r re	24
Inv ori ent es	89
Oth t as set er cur ren s	26
Pro lan nd uip ty, t a nt per p eq me	68
Int ible nd oth set ets ang as s a er ass	352
Go odw ill	510
Tra de ble ho ovi sio nts rt-t acc ou pa ya , s erm pr ns and her sh lia bil itie ot ort -te rm s	-41
Oth liab ilit ies er	-10 5
No olli int ntr sts nco ng ere	8 -41
sid tio Tra nsf ed err con era n	51 1

The goodwill in the amount of €510 million resulting from the acquisition is not deductible for tax purposes. Until December 31, 2022, the goodwill was allocated to the relevant four cash generating units of Fresenius Kabi according to the regional distribution of the acquired business. Since January 1, 2023, it has been allocated to the Biopharma cash generating unit in accordance with the applicable new reporting structure.

FRESENIUS HELIOS

In the first three quarters of 2023, Fresenius Helios did not incur any acquisition expenses (Q1-- 3/ 2022: €81 million).

FRESENIUS VAMED

In the first three quarters of 2023, Fresenius Vamed spent €2 million (Q1-- 3/ 2022: €15 million) on acquisitions.

DECONSOLIDATION OF FRESENIUS MEDICAL CARE

On July 14, 2023, the Extraordinary General Meeting of Fresenius Medical Care AG&Co. KGaA approved the proposal of conversion of the legal form into a German stock corporation and thereupon Fresenius Medical Care was classified as a separate item (operations to be deconsolidated) in the Fresenius Group consolidated statement of income, the consolidated statement of financial position and the consolidated statement of cash flows (see note 1., III. Summary of significant accounting policies).

Net income from Fresenius Medical Care's operations to be deconsolidated (including special items) was comprised of the following:

€ i illio
n m ns	Q1 3/2 023 -	Q1 3 /20 22 -
Rev en ue	14, 46 6	14, 40 1
Co of sts re ven ue	-10 890 ,	-10 738 ,
Gr ofi t oss pr	3, 6 57	3, 663
Se llin al a nd ad mi nis tive tra g, ge ner ex pen ses	-2, 46 8	-2, 33 6
Res ch and de vel nt ear op me exp ens es	-16 6	-16 7
tin inc Op e ( EB IT) era g om	942	1, 160
t in Ne ter est	-25 2	-21 7
Inc e b efo inc e t om re om axe s	690	943
Inc e ta om xes	-21 4	-24 2
Ne t in com e	6 47	70 1
Los s d sub of tio be dec olid d to t re ent to ate ue seq uen me asu rem op era ns ons at f air lue les f d lida tio n ( boo ked ain ood wil l) ost st g va s c s o eco nso ag	-2, 33 6	--
Oth val ion ad jus s (m ain ly s ion of lar uat tm ent er usp ens re gu de cia tio nd iza tio n) ort pre n a am	30 0	--
t in niu ica tio Ne e f Fr s M ed l C com rom ese are op era ns be de sol ida ted de r IF RS to 5 con un	56 0 -1,	70 1

For a more appropriate presentation of the financial effects, eliminations of intercompany transactions with Fresenius Medical Care have been allocated to Fresenius Medical Care operations to be deconsolidated, taking into account future supply and service relationships.

As of September 30, 2023, the cumulative income / expense recognized in other comprehensive income (loss) relating to the operations to be deconsolidated amounts to €424 million.

As of September 30, 2023, the carrying amounts of the assets and liabilities of Fresenius Medical Care operations to be deconsolidated in the consolidated statement of financial position of the Fresenius Group were as follows:

ASSETS

€ i illio n m ns	Sep ber 30 , 20 23 tem
Cas h a nd h e iva len ts cas qu	1, 553
Tra de d o the cei vab les les llow for ted edi t lo nts acc ou an r re s a anc es ex pec cr sse s ,	3, 646
Ac cei vab le f d lo late d p ies nts to art cou re rom an ans re	25
ori Inv ent es	2, 304
Oth t as set er cur ren s	1, 054
uip Pro lan nd ty, t a nt per p eq me	4, 101
As s h eld fo le set r sa	43 7
Rig ht- of- set use as s	3, 948
Go ill odw	13, 077
Oth int ible set er ang as s	1, 43 7
Oth ent set er no n-c urr as s	1, 554
De fer red ta xes	384
niu ica ida As ela ted Fr s M ed l C be de sol ted set to to s r ese are con	33 52 0 ,

LIABILITIES

€ i illio n m ns	Sep ber 30 , 20 23 tem
Tra de ble nts acc ou pa ya	753
Sh ies ble late d p ort -te nts to art rm ac cou pa ya re	72
Sh ovi sio and her sh lia bil itie ort -te ot ort -te rm pr ns rm s	3, 572
Sh de bt ort -te rm	54 7
Cu rtio f lo m d ebt nt ter rre po n o ng-	57
Cu rtio f le lia bil itie nt rre po n o ase s	627
Cu rtio f b ond nt rre po n o s	650
Sh lia bil itie s fo r in ort -te e ta rm com xes	223
Lia bil itie s h eld fo le r sa	65
Lon m d ebt les rtio ter ent g- s c urr po n ,	49 6
Lea liab ilit ies les rtio ent se s c urr po n ,	3, 687
Bo nds les rtio ent s c urr po n ,	6, 768
Lon vis ion nd oth lon liab ilit ies ter ter g- m pro s a er g- m	1, 112
sio iab ilit ies Pen n l	50 8
Lon liab ilit ies fo r in ter e ta g- m com xes	40
De fer red ta xes	934
Lia bil itie ela ted Fr niu s M ed ica l C be de sol ida ted to to s r ese are con	20, 111

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 application of IFRS 5 for Fresenius Medical Care operations to be deconsolidated.

3. SPECIAL ITEMS

Net income attributable to shareholders of Fresenius SE&Co. KGaA for the first three quarters of 2023 in the amount of €20 million includes special items which had the following impact on the consolidated statement of income:

ibut able attr to sha reh olde rs Inte of F nius rest rese € i illio SE& Co. KG n m ns EBI T aA exp ens es Ea rni s Q 3/ 202 3, bef eci al ite 628 -30 0 108 1 1, 1, ng ore sp ms - Va d t sfo ati -44 1 -33 9 me ran rm on -- iate ith niu ffic ien Ex d w the Fr d e -94 -73 ost pen ses as soc ese s c an cy pro gra m -- Leg rtfo lio adj -17 -15 ust nts acy po me -- Leg al f rsio s F ius M ed ica l C -8 -7 ost orm co nve n c res en are -- Tra ctio Ab xie Ive nix ost -7 -4 nsa n c s m nce -- , Rev alu ati of bi osi mi lars nti rch ice lia bil itie -3 9 4 nt ons co nge pu ase pr s Sp eci al ite fro tin uin ion 0 9 -43 -57 4 rat ms m con g o pe s IFR S 5 lua tio -59 4 va n -- -- lio adj Leg rtfo -38 ust nts acy po me -- -- Ex iate d w ith the FM E 2 5 p -23 pen ses as soc rog ram -- -- Leg al f rsio s F ius M ed ica l C -3 ost orm co nve n c res en are -- -- Re Hu inv 4 ent te est nt me asu rem ma cy me -- -- eci ite ius ica tio Sp al fro Fre M ed l C ms m sen are op era ns be de sol ida ted -65 4 to con -- -- rni rdi Ea s Q 1 3/ 202 3 a IFR S 1, 058 -29 1 20 to ng cco ng -		Net inc om e

Net income attributable to shareholders of Fresenius SE&Co. KGaA for the first three quarters of 2022 in the amount of €1,117 million included special items which had the following impact on the consolidated statement of income:

€ i illio n m ns	EBI T	Inte rest exp ens es	Net inc om e ibut able attr to sha reh olde rs of F nius rese SE& Co. KG aA
Ea rni s Q 3/ 202 2, bef eci al ite 1 ng ore sp ms -	63 1, 1	-16 1	284 1,
Ex iate d w ith the Fr niu d e ffic ien ost pen ses as soc ese s c an cy pro gra m	-10 2	--	-84
in rai Im ela ted th Uk ts r to pac e w ar ne	-20	--	-17
Tra ctio Ab xie Ive nix ost nsa n c s m nce ,	-22	--	-17
Ret ctiv e d uti roa es	-9	--	-6
Hy inf lati Tü rki per on ye	-5	--	-5
Rev alu ati of bi osi mi lars nti rch ice lia bil itie nt ons co nge pu ase pr s	2	1	2
Sp eci al ite fro tin uin ion rat ms m con g o pe s	6 -15	1	-12 7
Ex iate d w ith the FM E 2 5 p pen ses as soc rog ram	--	--	-25
inv Re Hu ent te est nt me asu rem ma cy me	--	--	-18
Im ela ted th in Uk rai ts r to pac e w ar ne	--	--	-7
Hy inf lati Tü rki per on ye	--	--	-2
Ne ain late d t o I rW ell He alt h t g nte re	--	--	12
eci ite ius ica tio Sp al fro Fre M ed l C ms m sen are op era ns be de sol ida ted to con	--	--	-40
rni rdi Ea s Q 1 3/ 202 2 a IFR S to ng cco ng -	1, 47 5	-16 0	1, 117

4. REVENUE

Revenue by activity was as follows:

€ i illio n m ns	Q 1-- 3/ 202 3
	ius Fre sen Kab i	ius Fre sen Hel ios	ius Fre sen Vam ed	Cor ate por	ius Fre sen Gro up
Rev fro ith ont ts w tom en ue m c rac cus ers	5, 973	9, 075	1, 52 8	1	16, 57 7
f re of s ice the reo ven ue erv s	99	9, 072	1, 122	1	10, 294
the f re of du d r ela ted rvic cts reo ven ue pro an se es	5, 872	--	--	--	5, 872
the f re fro lon du ctio ter ont ts reo ven ue m g m pro n c rac	--	--	40 6	--	40 6
the f fu rth fro ith ont ts w tom reo er rev en ue m c rac cus ers	2	3	--	--	5
Oth er rev en ue	4	37	3	--	44
Re ve nu e	977 5,	9, 112	53 1, 1	1	16, 62 1

€ i illio n m ns	Q 1-- 3/ 202 2
	Fre ius sen Kab i	Fre ius sen Hel ios	Fre ius sen Vam ed	Cor ate por	Fre ius sen Gro up
Rev fro ith ont ts w tom en ue m c rac cus ers	5, 773	8, 660	1, 41 3	1	15, 847
f re of s ice the reo ven ue erv s	60	650 8,	1, 033	1	9, 744
the f re of du d r ela ted rvic cts reo ven ue pro an se es	5, 705	--	--	--	5, 705
the f re fro lon du ctio ter ont ts reo ven ue m g m pro n c rac	--	--	38 0	--	38 0
the f fu rth fro ith ont ts w tom reo er rev en ue m c rac cus ers	8	10	--	--	18
Oth er rev en ue	4	8	3	--	15
Re ve nu e	5, 777	668 8,	6 1, 41	1	862 15,

Other revenue includes revenue from insurance and lease contracts.

5. RESEARCH AND DEVELOPMENT EXPENSES

Research and development expenses of €457 million (Q1--3/2022: €424 million) included expenditures for research and non-capitalizable development costs as well as regular depreciation and amortization expenses relating to capitalized development costs of €27 million (Q1 -- 3/ 2022: €14 million). Furthermore, research and development expenses included impairments of €13 million. These related to in-process R& D that were not pursued further. The expenses for the further development of the Biopharma business included in the research and development expenses amounted to €141 million in the first three quarters of 2023 (Q1-- 3/ 2022: €114 million).

6. TAXES

During the first three quarters of 2023, there were no material changes relating to accruals for income taxes as well as recognized and accrued payments for interest and penalties. Further information can be found in the consolidated financial statements as of December 31, 2022 applying Section 315e HGB in accordance with IFRS.

7. EARNINGS PER SHARE

The following table shows the earnings per share including and excluding the dilutive effect from stock options issued:

	Q1 3/2 023 -	Q1 3 /20 22 -
€ 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 f ble sh ho lde att uta to are rs o
Fre ius SE &C KG aA sen o.	514	945
Ne t in e f Fr niu s M ed ica l com rom ese Ca tio be dec olid d to ate re op era ns ons und IFR S 5 trib ble sh at uta to er are
ho lde f F ius SE &C KG aA rs o res en o.	-49 4	172
Ne t in ttri but ab le t har com e a o s e f F ius SE &C KG ho lde aA rs o res en o.	20	1, 117
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 , ,	56 0, 606 647 ,

Ea rni sha fro ng s p er re m tin uin ion s in € rat con g o pe	0.9 1	1.6 8
Ear nin sh fro Fre ius gs per are m sen
dic al C tio Me be to are op era ns dec olid d u nde r IF RS 5 in € ate ons	-0. 87	0.3 1
rni in € To tal sha ea ng s p er re	0.0 4	1.9 9

There were no dilutive effects on earnings per share in the first three quarters of 2023 and 2022.

NOTES ON THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION

The decrease in actual figures compared to previous year figures is mainly due to the accounting of Fresenius Medical Care according to IFRS 5.

8. TRADE ACCOUNTS AND OTHER RECEIVABLES

As of September 30, 2023 and December 31, 2022, trade accounts and other receivables were as follows:

	Se be r 3 0, 202 3 tem p		De ber 31 202 2 cem ,
€ i illio n m ns		the f cr edit im pair ed reo		the f cr edit im pair ed reo
Tra de d o the cei vab les nts acc ou an r re	4, 48 6	393	7, 48 0	755
les llow for ted ed it lo s a anc es ex pec cr sse s	344	275	47 2	35 7
Tra de d o the cei ble nts et acc ou an r re va s, n	142 4,	118	008 7,	39 8

Within trade accounts and other receivables (before allowances) as of September 30, 2023, €4,485 million (December 31, 2022: €7,275 million) relate to revenue from contracts with customers as defined by IFRS 15. This amount includes €343 million (December 31, 2022: €470 million) of allowances for expected credit losses. Further trade accounts and other receivables, net, relate to other revenue.

9. INVENTORIES

As of September 30, 2023 and December 31, 2022, inventories consisted of the following:

€ i illio n m ns	Sep t. 3 0, 2 023	Dec . 31 , 20 22
ria Raw ls a nd rch d c ate ts m pu ase om po nen	959	1, 200
Wo rk in pro ces s	32 6	46 7
Fin ish ed ds goo	1, 48 8	3, 30 9
les s r ese rve s	110	143
ori Inv ent t es, ne	2, 663	4, 833

10. OTHER CURRENT AND NON-CURRENT ASSETS

Other assets include compensation receivable resulting from German hospital law of €1,473 million (December 31, 2022: €1,179 million) which mainly relates to income equalization claims for hospital services. The increase in compensation receivable in the first three quarters of 2023 is mainly due to delayed budget negotiations with providers.

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 Med ical Ca sen re	Fre ius Vam ed sen	Cor ate por	ius Fre Gro sen up
ing Ca of Jan 1, 202 2 nt rry am ou as ua ry	5, 373	8, 903	14, 36 1	30 0	6	28, 943
Ad dit ion s	699	167	702	14	--	1, 582
Dis als pos	--	-3	-7	--	--	-10
eig ati For nsl tra n c urr enc y on	235	6	735	-1	--	975
Ca ing of De be r 3 1, 202 2 nt rry am ou as cem	6, 30 7	9, 073	15, 79 1	313	6	31, 49 0
dit ion Ad s	--	3	3	1	--	7
Dis als pos	--	-4	-48	--	--	-52
Im irm lo ent pa ss	--	--	-2	--	--	-2
For eig nsl ati tra n c urr enc y on	28	1	-32 1	1	--	-29 1
Re cla ssi fica tio "As ela ted Fr niu s M ed ica l to set to ns s r ese
Ca be dec olid d u nde r IF RS 5" to ate re ons	n.a	n.a	42 3 -15 ,	n.a	-6	42 9 -15 ,
ing Ca of Se be r 3 0, 202 3 nt tem rry am ou as p	6, 335	9, 073	--	315	0	15, 723

In connection with the implementation of the new global operating model at Fresenius Kabi, reallocations of goodwill to the operating divisions within the new operating structures have been made and the effects of these reallocations on the recoverability of goodwill have been assessed. There were no indications of impairment in the new operating divisions as of January 1, 2023.

At the end of the first half of the year, the Fresenius Group performed impairment tests, in particular on goodwill. The business results of all goodwill-bearing cash generating units have improved or developed in line with the assumptions of the impairment tests performed at December 31, 2022. There are also no indications of a significant deterioration in the third quarter of 2023 and future business developments compared with the previous assumptions. One exception is the business segment Fresenius Vamed whose

business results declined in 2023 due to one-time expenses in connection with the transformation. As a result of the transformation, a positive business development is expected in the following years. The overall basic rate of the WACC (after tax) to be used for the impairment tests was 5.74% as of September 30, 2023 (December 31, 2022: 5.65%). As a result, no impairments of goodwill have been recognized as of September 30, 2023.

12. DEBT

SHORT-TERM DEBT

As of September 30, 2023 and December 31, 2022, short-term debt consisted of the following:

	Bo ok val ue
€ i illio n m ns	Sep ber 30 , 20 23 tem	Dec ber 31, 202 2 em
Fre ius SE &C KG aA Co ial Pap sen o. mm erc er	80	80
Fre ius M ed ica l C AG &C KG aA Co ial Pap sen are o. mm erc er	n.a	49 7
Oth sho de bt rtt er erm	104	279
Sh de bt ort -te rm	184	856

LONG-TERM DEBT

As of September 30, 2023 and December 31, 2022, long-term debt net of debt issuance costs consisted

of the following:

	Bo ok val ue
€ i illio n m ns	Sep tem ber 30 , 20 23	Dec ber 31, 202 2 em
Sch uld sch ein Lo ans	622 1,	592 1,
Loa n f th e E n I Ba nk stm ent rom uro pea nve	40 0	40 0
cei aci lity of niu ica l C Ac Re vab le F Fr s M ed nts cou ese are	n.a	94
Oth er	716	749
Su bto tal	2, 738	2, 835
les rtio ent s c urr po n	289	669
rtio Lo de bt, le -te nt ng rm ss cu rre po n	2, 44 9	2, 166

Schuldschein Loans

As of September 30, 2023 and December 31, 2022, Schuldschein Loans of the Fresenius Group net of debt issuance costs consisted of the following:

				Bo ok val ue € i illio n m ns
	Not iona l am t oun	Mat urit y	Inte rest rat e fixe d/ iabl var e	Sep ber 30 , 20 23 tem	Dec ber 31, 202 2 em
Fre ius SE &C KG aA 20 17 /20 24 sen o.	€1 75 mi llio n	Jan . 31 202 3 ,	iab le var	--	175
ius SE &C KG Fre aA 20 19 /20 23 sen o.	64 mi llio €2 n	Ma rch 23 202 3 ,	iab le var	--	264
Fre ius SE &C KG aA 20 19 /20 23 sen o.	€1 14 mi llio n	Se t. 2 5, 202 3 p	0.5 5%	--	114
Fre ius SE &C KG aA 20 17 /20 24 sen o.	€2 46 mi llio n	Jan . 31 202 4 ,	1.4 0%	246	246
Fre ius SE &C KG aA 20 23 /20 26 sen o.	€3 09 mi llio n	Ma 29, 20 26 y	0% / iab le 4.4 var	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	--
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	4.7 7% / iab le var	135	--
Fre ius US Fi II, Inc . 20 16 /20 23 sen nan ce	\$ US 43 mi llio n	Ma rch 10 202 3 ,	3.1 2%	--	40
Fre ius M ed ica l C AG &C KG aA 202 2/2 027 sen are o.	€2 illio 5 m n	Feb 202 . 14 7 ,	iab le var	n.a	25
Fre ius M ed ica l C AG &C KG aA 202 2/2 029 sen are o.	€2 00 mi llio n	Feb . 14 202 9 ,	iab le var	n.a	200
Sc in hu lds che Loa ns				622 1,	1, 592

On May 30, 2023, Fresenius SE&Co. KGaA issued €850 million of sustainability-linked Schuldschein Loans in six tranches with fixed and variable interest rates with maturities of three, five and seven years. The proceeds were used for general corporate purposes including refinancing of existing financial liabilities. The margin is linked to the achievement of sustainability targets in the areas of treatment quality and product safety.

The variable tranche of €175 million of Fresenius SE& Co. KGaA's Schuldschein Loans in the total amount of €421 million originally due on January 31, 2024 was repaid prior to maturity on January 31, 2023.

The variable tranche of €264 million of Fresenius SE& Co. KGaA's Schuldschein Loans in the total amount of €378 million originally due on September 25, 2023 was also repaid prior to maturity on March 23, 2023.

As of September 30, 2023, the fixed tranche of €246 million of Fresenius SE&Co. KGaA's Schuldschein Loans due on January 31, 2024, is shown as current portion of long-term debt in the consolidated statement of financial position.

Loan from the European Investment Bank

On January 31, 2022, Fresenius SE &Co. KGaA drew a loan from the European Investment Bank in the amount of €400 million with variable interest rates which is due on December 15, 2025.

CREDIT LINES AND OTHER SOURCES OF LIQUIDITY 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. On June 2, 2023, the syndicated credit facility was extended an additional year until July 1, 2028, with a maximum available borrowing amount of €1.9 billion in the last year. It was undrawn as of September 30, 2023. 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 September 30, 2023, the available borrowing capacity resulting from unutilized credit facilities was approximately €3.1 billion. Thereof, €2.0 billion related to the syndicated credit facility and approximately €1.1 billion to bilateral facilities with commercial banks.

13. BONDS

As of September 30, 2023 and December 31, 2022, bonds of the Fresenius Group net of debt issuance costs consisted of the following:

				Bo ok val ue € i illio n m ns
	Not iona l am t oun	Mat urit y	Inte rest rat e	Sep ber 30 , 20 23 tem	Dec ber 31, 202 2 em
Fre ius Fi Ire lan d P LC 20 17 /20 24 sen nan ce	€7 00 mi llio n	Jan . 30 202 4 ,	1.5 0%	700	699
ius Fi LC Fre Ire lan d P 202 1/2 025 sen nan ce	mi llio €5 00 n	Oc t. 1 202 5 ,	0.0 0%	49 8	49 8
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 %	697	696
Fre ius Fi Ire lan d P LC 202 1/2 028 sen nan ce	€5 00 mi llio n	Oc t. 1 202 8 ,	0.5 0%	49 8	49 7
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 5	49 5
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 6	49 6
ius SE &C KG Fre aA 20 14 /20 24 sen o.	mi llio €4 50 n	Feb . 1, 20 24	4.0 0%	45 0	45 0
Fre ius SE &C KG aA 20 19 /20 25 sen o.	€5 00 mi llio n	Feb . 15 202 5 ,	1.8 75 %	49 9	49 8
ius SE &C KG Fre aA 20 22 /20 25 sen o.	mi llio €7 50 n	Ma 24, 20 25 y	1.8 75 %	748	747
Fre ius SE &C KG aA 20 22 /20 26 sen o.	€5 00 mi llio n	Ma 28, 20 26 y	4.2 5%	49 7	49 6
Fre ius SE &C KG aA 20 20 /20 26 sen o.	€5 00 mi llio n	Se 28, 20 26 p.	0.3 75 %	49 7	49 7
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 %	744	743
Fre ius SE &C KG aA 20 20 /20 28 sen o.	€7 50 mi llio n	Jan . 15 202 8 ,	0.7 5%	746	746
ius SE &C KG Fre aA 20 19 /20 29 sen o.	mi llio €5 00 n	Feb . 15 202 9 ,	2.8 75 %	49 7	6 49
Fre ius SE &C KG aA 20 22 /20 29 sen o.	€5 00 mi llio n	No v. 2 8, 202 9	5.0 0%	49 6	49 5
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 %	543	542
Fre ius SE &C KG aA 20 20 /20 33 sen o.	€5 00 mi llio n	Jan . 28 203 3 ,	1.1 25 %	49 7	49 7
Fre ius M ed ica l C AG &C KG aA 20 19 /20 23 sen are o.	€6 50 mi llio n	No v. 2 9, 202 3	0.2 5%	n.a	649
ius ica l C AG &C KG Fre M ed aA 20 18 /20 25 sen are o.	mi llio €5 00 n	Jul 11, 20 25 y	1.5 0%	n.a	49 9
Fre ius M ed ica l C AG &C KG aA 202 0/2 026 sen are o.	€5 00 mi llio n	Ma 29, 20 26 y	1.0 0%	n.a	49 7
ius ica l C AG &C KG 26 Fre M ed aA 20 19 /20 sen are o.	€6 mi llio 00 n	6 No v. 3 0, 202	0.6 25 %	n.a	596
Fre ius M ed ica l C AG &C KG aA 202 2/2 027 sen are o.	€7 50 mi llio n	Se 20, 20 27 p.	3.8 75 %	n.a	745
Fre ius M ed ica l C AG &C KG aA 20 19 /20 29 sen are o.	€5 00 mi llio n	No v. 2 9, 202 9	1.2 5%	n.a	49 8
Fre ius M ed ica l C AG &C KG aA 202 0/2 030 sen are o.	€7 50 mi llio n	Ma 29, 20 30 y	0% 1.5	n.a	747
Fre ius M ed ica l C US Fi II, Inc . 20 14 /20 24 sen are nan ce	\$ US 40 0 m illio n	Oc t. 1 5, 202 4	4.7 5%	n.a	374
ius ica l C US Fi Fre M ed III, In c. 2 019 /20 29 sen are nan ce	\$ US illio 500 m n	Jun e 1 5, 202 9	3.7 5%	n.a	46 2
Fre ius M ed ica l C US Fi III, In c. 2 020 /20 31 sen are nan ce	\$ US 1, 000 illio m n	Feb . 16 203 1 ,	2.3 75 %	n.a	930
Fre ius M ed ica l C US Fi III, In c. 2 02 1/2 026 sen are nan ce	\$ US 850 illio m n	De c. 1 202 6 ,	1.8 75 %	n.a	79 1
Fre ius M ed ica l C US Fi III, In c. 2 02 1/2 03 1 sen are nan ce	\$ US 650 illio m n	De c. 1 203 1 ,	3.0 0%	n.a	602
Bo nd s				9, 59 8	16, 978

On October 18, 2023, Fresenius SE&Co. KGaA placed a bond of CHF275 million with a five year maturity.

On October 5, 2023, Fresenius SE&Co. KGaA placed a bond of €500 million with a seven year maturity.

As of September 30, 2023, the bonds issued by Fresenius Finance Ireland PLC in the amount of €700 million, which are due on January 30, 2024 and the bonds issued by

Fresenius SE&Co. KGaA in the amount of €450 million, which are due on February 1, 2024, are shown as current portion of bonds in the consolidated statement of financial position.

14. CONVERTIBLE BONDS

As of September 30, 2023 and December 31, 2022, the convertible bonds of the Fresenius Group net of debt issuance costs consisted of the following:

					Bo ok val ue € i illio n m ns
	Not iona l am t oun	Mat urit y	Cou pon	Cur t ren ion pric con vers e	Sep ber 30 , 20 23 tem	Dec ber 31, 202 2 em
Fre ius SE &C KG aA 20 17 /20 24 sen o.	€5 00 mi llio n	Jan . 31 202 4 ,	0.0 00 %	€1 03 .06 31	49 7	49 1
Co rtib le b ds nve on					49 7	49 1

The fair value of the derivative embedded in the convertible bonds of Fresenius SE&Co. KGaA was €0 and €9 thousand at September 30, 2023 and December 31, 2022, respectively. Fresenius SE &Co. KGaA purchased stock options (call options) with a corresponding fair value to hedge future fair value fluctuations of this derivative.

Potential conversions are always cash-settled. Any increase of Fresenius' share price above the conversion price would be offset by a corresponding value increase of the call options.

As of September 30, 2023, the convertible bonds are shown as current portion of convertible bonds in the consolidated statement of financial position.

15. NONCONTROLLING INTERESTS

As of September 30, 2023 and December 31, 2022, noncontrolling interests in the Fresenius Group were as follows:

€ i illio n m ns	Sep t. 3 0, 2 023	Dec . 31 , 20 22
No olli int in ntr sts nco ng ere Fre ius M ed ica l C AG &C KG aA sen are o.	8, 248	9, 48 9
No olli int ntr sts nco ng ere in V AM ED Ak tie sel lsc haf t nge	-46	76
No olli int ntr sts nco ng ere in t he bus ine nts ss seg me
Fre ius M ed ica l C sen are	1, 240	1, 46 0
ius bi Fre Ka sen	632	602
Fre ius He lios sen	153	155
ius Fre Va d sen me	21	21
To tal oll ing in ntr ter est no nco s	10, 24 8	11, 803

Accumulated other comprehensive income (loss) allocated to noncontrolling interests mainly 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.

16. FRESENIUS SE&CO. KGAA SHAREHOLDERS' EQUITY

SUBSCRIBED CAPITAL

As of January 1, 2023, the subscribed capital of Fresenius SE&Co. KGaA consisted of 563,237,277 bearer ordinary shares.

During the first three quarters of 2023, no stock options were exercised. Consequently, as of September 30, 2023, the subscribed capital of Fresenius SE&Co. KGaA consisted of 563,237,277 bearer ordinary shares. The shares are issued as non-par value shares. The proportionate amount of the subscribed capital is €1.00 per share.

CONDITIONAL CAPITAL

In order to fulfill the subscription rights under the current stock option plan 2013 of Fresenius SE&Co. KGaA, Conditional Capital IV exists (see note 21, Share-based compensation plans). Another Conditional Capital III exists for the authorization to issue option bearer bonds and / or convertible bonds.

The Conditional Capital did not change in the first three quarters of 2023. It was composed as follows as of September 30, 2023:

in €	Ord ina ry sha res
Co nd itio nal Ca ital I F ius AG p res en Sto Op tio ire ck n P lan 20 03 (ex d) p	4, 735 083 ,
Co nd itio nal Ca ital II Fre ius SE p sen Sto Op tio ire ck n P lan 20 08 (ex d) p	3, 45 2, 937
Co nd itio nal Ca ital III tio n b bo nds p op ear er rtib and /or le b ds co nve on	48 97 202 1, ,
Co nd itio nal Ca ital IV Fr niu s S E& Co . K Ga A p ese Sto Op tio ck n P lan 20 13	22, 824 857 ,
To tal Co nd itio l C ita l as of Se be r 3 0, 202 3 tem na ap p	79, 984 079 ,

DIVIDENDS

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 2023, a dividend of €0.92 per bearer ordinary share was approved by Fresenius SE&Co. KGaA's shareholders at the Annual General Meeting and paid afterwards. The total dividend payment was €518 million.

OTHER NOTES

17. LEGAL AND REGULATORY MATTERS

The Fresenius Group is routinely involved in claims, lawsuits, regulatory and tax audits, investigations and other legal matters arising, for the most part, in the ordinary course of its business of providing healthcare services and products. The Fresenius Group records its litigation reserves for certain legal proceedings and regulatory matters to the extent that the Fresenius Group determines an unfavorable outcome is probable and the amount of loss can be reasonably estimated. The outcome of litigation and other legal matters is always difficult to predict accurately and outcomes that are not consistent with Fresenius Group's view of the merits can occur. The Fresenius Group believes that it has valid defenses to the legal matters pending against it and is defending itself vigorously. Nevertheless, it is possible that the resolution of one or more of the legal matters currently pending or threatened could have a material adverse effect on its business, results of operations and financial condition.

Further information regarding legal disputes, court proceedings and investigations can be found in detail in the consolidated financial statements as of December 31, 2022 applying Section 315e HGB in accordance with IFRS. For Fresenius Group excluding Fresenius Medical Care, there have been no significant changes in the first three quarters of 2023.

18. FINANCIAL INSTRUMENTS

VALUATION OF FINANCIAL INSTRUMENTS

Carrying amounts of financial instruments

As of September 30, 2023 and December 31, 2022, the carrying amounts of financial instruments by item of the statement of financial position and structured according to categories were as follows:

	Se be r 3 0, 202 3 tem p
					Re lati to cat ng no ego ry
€ i illio n m ns	Car ryin t g am oun	orti Am zed t cos	Fair val ue thro ugh 1 fit a nd loss pro	Fair val ue thro ugh oth er hen sive com pre me2 inco	Der ivat ives des igna ted flo ash as c w hed gin g inst ents rum air at f valu e	ion Put opt liab ilitie s ed mea sur air at f valu e	Val ion uat ord ing to acc S 1 6 fo IFR 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, 095	1, 065	30
Tra de d o the cei vab les les llow for ted edi t lo nts acc ou an r re s a anc es ex pec cr sse s ,	4, 142	3, 876	253	2			0	11
Ac cei vab le f d lo late d p ies nts to art cou re rom an ans re	19	19
3 Oth fin ial ets er anc ass	2, 00 1	1, 894	80	17	10
Fin cia l as set an s	257 7,	6, 854	363	19	10	--	0	11
Fin cia l li ilit ies ab an
Tra de ble nts acc ou pa ya	1, 214	1, 214
Sh ble late d p ies ort -te nts to art rm ac cou pa ya re	3	3
Sh de bt ort -te rm	184	184
Sh de bt f late d p ies ort -te art rm rom re	10	10
Lon m d ebt ter g-	2, 738	2, 738
Lea liab ilit ies se	2, 089						2, 089
Bo nds	9, 59 8	9, 59 8
Co rtib le b ond nve s	49 7	49 7
4 Oth fin ial liab ilit ies er anc	2, 525	1, 59 8	43 3		11	46 7		16
Fin cia l lia bil itie an s	18, 858	842 15,	433	--	11	46 7	2, 089	16

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 €17 million other investments (included in other financial assets).

3 Other financial assets are included in the item other current and non-current assets in the consolidated statement of financial position.

4 Other financial liabilities are included in the items short-term provisions and other short-term liabilities and long-term provisions and other long-term liabilities in the consolidated statement of financial position.

	De ber 31 202 2 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
Fin cia l as set an s
Cas iva h a nd h e len ts cas qu	2, 749	2, 39 8	35 1
Tra de d o the cei vab les les llow for ted edi t lo nts acc ou an r re s a anc es ex pec cr sse s ,	7, 008	6, 648	268	3			89
cei le f ies Ac vab d lo late d p nts to art cou re rom an ans re	157	157
3 Oth fin ial ets er anc ass	2, 759	1, 903	279	42 7	21		129
Fin cia l as set an s	12, 673	11, 106	898	43 0	21	--	21 8
Fin cia l li ilit ies ab an
Tra de ble nts acc ou pa ya	2, 070	2, 070
Sh ble late d p ies ort -te nts to art rm ac cou pa ya re	94	94
Sh de bt ort -te rm	856	856
Sh de bt f late d p ies ort -te art rm rom re	11	11
Lon m d ebt ter g-	2, 835	2, 835
liab ilit ies Lea se	6, 592						6, 592
Bo nds	16, 978	16, 978
Co rtib le b ond nve s	49 1	49 1
4 Oth fin ial liab ilit ies er anc	5, 40 0	2, 732	652		11	2, 005
Fin cia l li ilit ies ab an	35 32 7 ,	26, 067	652	--	11	2, 005	6, 592

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 € 88 million other investments (included in other financial assets).

3 Other financial assets are included in the item other current and non-current assets in the consolidated statement of financial position.

Fair value of financial instruments

The following table shows the carrying amounts and the fair value hierarchy levels as of September 30, 2023 and December 31, 2022:

	Se be r 3 0, 202 3 tem p			De ber 31 202 2 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 Ca iva sh and sh len ts ca equ	30	30			35 1	35 1
1 Tra de d o the cei vab les les llow for ted edi t lo nts acc ou an r re s a anc es ex pec cr sse s ,	255		255		27 1		27 1
1 Oth fin ial ets er anc ass
De bt ins tru nts me	--	--			44 5	44 5
Eq uity in tm ent ves s	48		28	20	224	36	103	85
riva tive esi flo ing in De s d d a ash w h edg ate str ent gn s c um s	10		10		21		21
De riva tive des ign d a s h edg ing in ot ate str ent s n um s	37		37		37		37
Oth fin ial ets er anc ass	12			12	--			--
Fin cia l li ilit ies ab an
Lon m d ebt ter g-	2, 738		2, 693		2, 835		2, 770
Bo nds	9, 59 8	8, 79 1			16, 978	14, 872
Co rtib le b ond nve s	49 7	49 2			49 1	48 1
1 Oth fin ial liab ilit ies er anc
tio iab ilit ies Put n l op	46 7			46 7	2, 005			2, 005
Ac ed tin din for isit ion t p ent uts tan cru con gen aym s o g ac qu s	41 9			41 9	633			633
De riva tive s d esi d a ash flo w h edg ing in ate str ent gn s c um s	11		11		11		11
riva tive ign ing in De des d a s h edg ot ate str ent s n um s	14		14		19		19

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.

Explanations regarding the 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, 2022 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 three quarters of 2023:

€ i illio n m ns	Equ ity i d stm ents nve an oth er f inan cial ets ass	Acc d co ntin t rue gen and ing ts o utst pay men for uisi tion acq s	ion liab iliti Put opt es
of As Ja 1, 202 3 nu ary	85	633	2, 005
Ad dit ion s	19	1	18
Dis als pos	--	-17 7	-36
Ga in/ los ize d i rof it o r lo s r eco gn n p ss	-24	-3	0
Ga in/ los ize d i ity s r eco gn n e qu	--	0	-87
Cu ef fec nd oth cha ts a rre ncy er nge s	-1	1	-24
Re cla ssi fica tio "As /Li ab ilit ies late d t o F ius M ed ica l C be de sol ida ted de r IF RS 5" to set to ns s re res en are con un	-47	-36	-1, 40 9
of Se As be r 3 0, 202 3 tem p	32	41 9	46 7

19. INFORMATION ON CAPITAL MANAGEMENT

The Fresenius Group has a solid financial profile. As of September 30, 2023, the equity ratio was 40.2% and the debt ratio (debt / total assets) was 20.1%. As of September 30, 2023, the leverage ratio (before special items) on the basis of net debt / EBITDA, calculated on the basis of closing rates, was 4.03 (December 31, 2022: 3.80).

The aims of the capital management and further information can be found in the consolidated financial statements as of December 31, 2022 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 company rating of Fresenius SE&Co. KGaA:

	Sep t. 3 0, 2 023	Dec . 31 , 20 22
r's Sta nda rd& Poo
Co e C it R ati red rat rpo ng	BB B	BB B
Ou tlo ok	ativ neg e	ble sta
's Mo ody
Co e C red it R ati rat rpo ng	Baa 3	Baa 3
Ou tlo ok	ble sta	ble sta
Fit ch
Co e C red it R ati rat rpo ng	BB B-	BB B
Ou tlo ok	ble sta	ativ neg e

On August 25, 2023, Fitch revised the outlook from negative to stable. The Corporate Credit Rating was affirmed at BBB-.

On February 24, 2023, Standard&Poor's confirmed Fresenius Group's BBB Corporate Credit Rating, the outlook was changed from stable to negative.

20. NOTES ON THE CONSOLIDATED SEGMENT REPORTING

GENERAL

The consolidated segment reporting tables shown on pages 42 to 43 of this interim report are an integral part of the notes.

The Fresenius Group has identified the business segments Fresenius Kabi, Fresenius Helios and Fresenius Vamed, which corresponds to the internal organizational and reporting structures (Management Approach) at September 30, 2023.

The business segment Fresenius Medical Care is accounted for in accordance with IFRS 5 and reported as operations to be deconsolidated in these interim financial statements. Accordingly, the prior year figures and prior quarter figures of the current year 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 the holding functions of Fresenius SE&Co. KGaA as well as Fresenius Digital Technology GmbH, which provides services in the field of information technology. Corporate /Other includes intersegment consolidation adjustments, all special items (see note 3, Special items) as well as in net income Fresenius Medical Care operations to be deconsolidated under IFRS 5.

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, 2022 applying Section 315e HGB in accordance with IFRS.

NOTES ON THE BUSINESS SEGMENTS

Explanations regarding the notes on the business segments can be found in the consolidated financial statements as of December 31, 2022 applying Section 315e HGB in accordance with IFRS (except disclosures amended by IFRS 5).

RECONCILIATION OF KEY FIGURES TO

CONSOLIDATED EARNINGS FROM CONTINUING OPERATIONS

€ i illio n m ns	Q1 3/2 023 -	Q1 3 /20 22 -
To tal EB IT of ing ort ent rep se gm s	1, 687	1, 704
Sp eci al i tem s	0 -57	6 -15
Ge al c te ner orp ora exp ens es
Co e ( EB IT) rat rpo	-59	-73
Gr EB IT ou p	1, 058	1, 475
t in Ne ter est	-29 1	-16 0
inc Inc e b efo e t om re om axe s	767	1, 315

RECONCILIATION OF NET DEBT WITH THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION

€ i illio n m ns	Sep t. 3 0, 2 023	Dec . 31 , 20 22
Sh de bt ort -te rm	184	856
Sh de bt f late d p ies ort -te art rm rom re	10	11
Cu rtio f lo m d ebt nt ter rre po n o ng-	289	669
Cu rtio f le lia bil itie nt rre po n o ase s	216	85 1
Cu rtio f b ond nt rre po n o s	1, 150	649
Cu rtio f co rtib le b ond nt rre po n o nve s	49 7	--
Lon m d ebt les rtio ter ent g- s c urr po n ,	2, 44 9	2, 166
liab ilit ies rtio Lea les ent se s c urr po n ,	1, 873	5, 74 1
Bo nds les rtio ent s c urr po n ,	8, 44 8	16, 32 9
Co rtib le b ond nve s	--	49 1
De bt	116 15,	27, 763
les ash d c ash uiv ale nts s c an eq	1, 095	2, 749
Ne t d ebt	14, 02 1	25, 014

21. SHARE-BASED COMPENSATION PLANS

As of September 30, 2023, 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, under which cash-settled virtual Fresenius SE&Co. KGaA shares (stock awards) can be granted.

TRANSACTIONS DURING THE FIRST THREE QUARTERS OF 2023

During the first three quarters of 2023, no stock options were exercised.

At September 30, 2023, 1,976,086 stock options issued under the 2013 LTIP were outstanding and exercisable. The members of the Fresenius Management SE Management Board held 303,750 stock options. At September 30, 2023, the Management Board members of Fresenius Management SE held 182,045 performance shares and employees of Fresenius SE &Co. KGaA held 2,347,155 performance shares under the LTIP 2018.

22. SUBSEQUENT EVENTS

On October 31, 2023, the Fresenius Group announced that it will sell its 70% stake in IDCQ CRP, a co-holding entity of the hospital Clínica Ricardo Palma in Lima, Peru. Subject to antitrust review, the all-cash transaction is expected to close in the first quarter of 2024.

No other events of material importance on the assets and liabilities, financial position, and results of operations of the Group have occurred following the end of the first three quarters of 2023. There have been no significant changes in the Fresenius Group's operating environment following the end of the first three quarters of 2023.

23. 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), and of Fresenius Medical Care AG &Co. KGaA (www.freseniusmedicalcare.com).

FINANCIAL CALENDAR

Re n F Y/2 3 rt o po
Co nfe cal l, Liv ebc ast ren ce e w	Feb 21, 20 24 rua ry
Re n 1 20 24 rt o st q ter po uar Co nfe cal l, Liv ebc ast ren ce e w	Ma 8, 202 4 y
An l G ral Me eti nua ene ng	Ma 17, 20 24 y
alf Re n 1 st h 202 4 rt o po Co nfe cal l, Liv ebc ast ren ce e w	Jul 31, 20 24 y
Re - 3 rd 202 n 1 4 rt o st - art po qu er Co nfe cal l, Liv ebc ast ren ce e w	No ber 6, 202 4 vem

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 Telefax: ++ 49 61 72 6 08-24 88 E-Mail: [email protected]

Contact for journalists

Corporate Communications Telephone: ++ 49 61 72 6 08-23 02 Telefax: ++ 49 61 72 6 08-22 94 E-mail: [email protected]

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, Dr. Sebastian Biedenkopf, Helen Giza, 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 Quarterly 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, 2022 applying Section 315e HBG in accordance with IFRS and the SEC filings of Fresenius Medical Care AG & Co. KGaA – the actual results could differ materially from the results currently expected.

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Fresenius SE & Co. KGaA

166_10-q_2023-11-06_a2ad257c-afdd-46f7-acce-084ec1a415d0.pdf

TABLE OF CONTENTS

3 Fresenius Group figures at a glance 24 Fresenius Kabi 35 Consolidated financial statements

15 Reconciliation 67 Financial Calendar

FRESENIUS GROUP FIGURES AT A GLANCE

REVENUE AND EARNINGS

BALANCE SHEET

PROFITABILITY

SHAREHOLDER INFORMATION

KEY DATA OF THE FRESENIUS SHARE

DEVELOPMENT IN THE THIRD QUARTER 2023

INTERIM GROUP MANAGEMENT REPORT

FutureFresenius continues to provide positive momentum: Fresenius delivers strong third quarter performance and improves operating earnings outlook

STRATEGY AND GOALS

AT THE HEART OF HEALTHCARE

EXECUTING SEGMENT STRATEGIES

#FUTUREFRESENIUS

PORTFOLIO FOCUS

DECONSOLIDATION OF FRESENIUS MEDICAL CARE

STRUCTURAL PRODUCTIVITY

TRANSFORMATION FRESENIUS VAMED

SHARPENING OF FOCUS: EXIT FROM HOSPITAL MARKET IN PERU

CHANGE MOMENTUM

SUSTAINABILITY PROGRAM

HEALTHCARE INDUSTRY

The main growth factors are:

In the emerging countries, additional drivers are:

External factors

RESULTS OF OPERATIONS, FINANCIAL POSITION, ASSETS AND LIABILITIES

NEW PRESENTATION OF FINANCIAL INFORMATION

REVENUE BY BUSINESS SEGMENT

REVENUE

EARNINGS

EARRNINGS

RECONCILIATION

These concern:

RECONCILIATION TABLES

RECONCILIATION FRESENIUS GROUP

RECONCILIATION FRESENIUS KABI

RECONCILIATION FRESENIUS HELIOS

RECONCILIATION FRESENIUS VAMED

RECONCILIATION FRESENIUS CORPORATE

INVESTMENTS

INVESTMENTS/ACQUISITIONS BY BUSINESS SEGMENT

CASH FLOW

CASH FLOW STATEMENT (SUMMARY)

ASSET AND LIABILITY STRUCTURE

BALANCE SHEET

BUSINESS SEGMENTS

FRESENIUS KABI

FRESENIUS HELIOS

FRESENIUS VAMED

► Fresenius Vamed's transformation with good progress

EMPLOYEES

NUMBER OF EMPLOYEES

CHANGES TO THE MANAGEMENT BOARD

RESEARCH AND DEVELOPMENT

RESEARCH AND DEVELOPMENT EXPENSES

RATING

OPPORTUNITIES AND RISK REPORT

OUTLOOK 2023

ASSUMPTIONS FOR GUIDANCE FY/23

GROUP REVENUE AND EARNINGS

GROUP FINANCIAL TARGETS 2023

REVENUE AND EARNINGS BY BUSINESS SEGMENT

FINANCIAL TARGETS BY BUSINESS SEGMENT 2023

EXPENSES

TAX RATE

COST AND EFFICIENCY PROGRAM

LIQUIDITY AND CAPITAL MANAGEMENT

INVESTMENTS

DIVIDEND

NON-FINANCIAL TARGETS

FRESENIUS SE&CO. KGAA CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)

FRESENIUS SE&CO. KGAA CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

FRESENIUS SE&CO. KGAA CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED)

ASSETS

LIABILITIES