HALF-YEAR FINANCIAL REPORT

H1|2023

6 Strategy and goals
12 Healthcare industry
13 Results of operations, financial position, assets and liabilities 34 Outlook 2023
-
14 Earnings
16 Reconciliation
17 Reconciliation tables 71 Financial Calendar
21 Investments
22 Cash flow
23 Asset and liability structure
24 Business segments
33 Oppotunities and risk report
13 Revenue 36 Significant events since the end of first half of 2023 46 Notes

3 Fresenius Group figures at a glance 24 Fresenius Kabi 37 Consolidated financial statements

26 Fresenius Helios 37 Consolidated statement of income
28 Fresenius Medical Care 38 Consolidated statement of comprehensive income
4 Shareholder information 30 Fresenius Vamed 39 Consolidated statement of financial position
- 32 Employees 40 Consolidated statement of cash flows
- 32 Changes to the Management Board 42 Consolidated statement of changes in equity
6 Management Report 32 Research and development 44 Consolidated segment reporting first half of 2023
- 32 Rating 45 Consolidated segment reporting second quarter of 2023

FRESENIUS GROUP FIGURES AT A GLANCE

Fresenius is a global healthcare group providing products and services for dialysis, hospitals, and outpatient medical care. In addition, Fresenius focuses on hospital operations. We also manage projects and provide services for hospitals and other healthcare facilities.

REVENUE AND EARNINGS

€ i illio n m ns	Q2 /20 23	Gro wth	Gro wth in c tant ons cur ren cy	H1 / 202 3	Gro wth	Gro wth in c tant ons cur ren cy
Rev en ue	10, 35 9	3%	7%	20, 584	4%	6%
IT1 EB	956	2 -5% /15 %	-4%	1, 864	-7%	2 -7% /2 %
in1 EB IT ma rg	9.2 %			9.1 %
3 EB IT FM C ex	555	-1%	0%	109 1,	-4%	-4%
3 EB IT in e x F MC ma rg	10. 0%			10. 0%
1,4 t in Ne com e	375	-17 %	-17 %	764	-16 %	-17 %

BALANCE SHEET

€ i illio n m ns	Jun e 30 , 20 23	Dec . 31 , 20 22	Cha nge
To tal ets ass	76, 3 41	76, 41 5	0%
5 Eq uity	31, 34 0	32, 218	-2%
5 uity tio Eq ra	41 .1%	42 .2%
1,6 Ne t d ebt /E BIT DA	3.8 8	3.6 5

PROFITABILITY

	H1 / 202 3	H1 /20 22
Ca sh Co rsio n R (C CR ); LT M ate nve	1.2	0.9
1,4,7 Ret uity af x ( RO E) ter ta urn on eq	7.9 %	9.0 %
1,7 Ret tin ts ( RO OA ) urn on op era g a sse	5.3 %	6.1 %
1,7 Ret in ted ita l (R OIC ) urn on ves ca p	4.6 %	5.5 %

1 Before special items, Q1/22 and H1/22 restated following remeasurement Humacyte investment

2 According to FY/23 guidance, excluding Provider Relief Fund (PRF) at Fresenius Medical Care. In 2022, Fresenius Medical Care's EBIT was supported by €277 million (H1/22: €177 million and

Q2/22: €161 million) of Provider Relief Funding from the U.S. government (at current currency). Accordingly, the 2022 basis was adjusted. There is no additional U.S. governmental support assumed for 2023.

3 Before special items

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

5 Including noncontrolling interests

6 At LTM average exchange rates for both net debt and EBITDA; pro forma closed acquisitions /divestitures; Fresenius Medical Care: Includes debt&lease liabilities included within the balance sheet

line item ''Liabilities directly associated with assets held for sale'' as well as cash&cash equivalents included within ''Assets held for sale''

7 2022: annual return FY/22

SHAREHOLDER INFORMATION

In the first half of 2023, the market environment remained influenced by inflation, central bank monetary policy, and ongoing geopolitical tensions. Overall, the DAX gained 16% in the first half of the year, while the Fresenius share closed -3% lower at €25.37.

KEY DATA OF THE FRESENIUS SHARE

	H1 / 202 3	202 2	Gro wth
of Nu mb sha (Ju 30 /D 31 ) er res ne ec.	563 237 277 , ,	563 237 277 , ,	0%
n1 Sto ck han tio in € ota exc ge qu
Hig h	29 .08	37 .88	-23 %
Low	23 .46	20 .04	17 %
Per iod d q ati clo sin ric e in € uot -en on g p	25 .37	26 .25	-3%
Ø T ing of ing rad lum e ( mb sha ad da ) r tr vo nu er res pe y	56 1, 34 1, 1	1, 59 0, 013	-16 %
2 in Ma rke ital iza tio illio n € (Ju 30 /D 31 ) t ca p n m ne ec.	14, 289	14, 785	-3%

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 FIRST HALF OF 2023

The market environment in the first half of 2023 remained influenced by inflation, central bank monetary policy, and ongoing geopolitical tensions. At the end of July 2023, the ECB council decided to raise the key interest rate by 0.25% to 4.25% to reduce inflation.

The central bank's current forecasts continue to assume GDP growth of 1.0% for 2023. Growth is then expected to accelerate again from next year onwards and reach a level of 1.6%.

In its latest forecast, the Federal Reserve expects the U.S. economy to grow by 1.0% in 2023. This is 0.6% higher than forecast in March. The key interest rate range of 5.25% to 5.5% has now been raised to its highest level in 22 years at the end of July 2023.

Within this economic environment, the DAX increased by 16% to 16,147 points in the first half of 2023. The Fresenius share declined by 3% and closed at €25.37 on June 30, 2023.

/ Buy /

63%

SHAREHOLDER STRUCTURE BY INVESTORS

SHAREHOLDER STRUCTURE

The charts opposite show the shareholder structure at the end of the first half of 2023. The Else Kröner-Fresenius-Stiftung was the largest shareholder of Fresenius SE&Co. KGaA, with 27% of the shares. According to notifications pursuant to the German Securities Trading Act (WpHG), BlackRock, Inc. held below 5% and Harris Associates L.P. above 3% of the shares. For further information on notifications, please visit www.fresenius.com/shareholder-structure.

As of June 30, 2023, a shareholder survey identified the ownership of about 96% of our subscribed capital. A total of over 550 institutional investors held more than 310 million shares or 55% of the subscribed capital; 48.2 million (June 30, 2022: 48.8 million) shares were identified as retail holdings. The 10 largest investors held about 18% of the share capital. Our shares were mostly held by investors in Germany, the United States, and the United Kingdom.

ANALYST RECOMMENDATIONS

The recommendations published by financial analysts are an important guide for institutional and private investors when making investment decisions. According to our survey, as of July 25, 2023, we were rated with 12 ''buy'', 7 ''hold'', and no ''sell'' recommendations. The list of banks that provide regular analyst coverage of Fresenius and their latest rec-ommendations can be found at www.fresenius.com/analysts-and-consensus.

VIRTUAL ANNUAL GENERAL MEETING

The virtual Annual General Meeting 2023 of Fresenius SE&Co. KGaA took place on May 17, 2023. With a large majority of 96.71%, the shareholders approved the proposal of the General Partner and the Supervisory Board to maintain the dividend at €0.92 per share (2022: €0.92). The shareholders also approved with a large majority of 89.19% the Compensation Report for the 2022 business year.

With a majority of 93.01%, the shareholders approved an update to the compensation system for members of the Management Board. In particular, the Compensation System 2023+ 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 long-term variable compensation.

Shareholder majorities of 93.53 and 89.19%, respectively, approved the actions of the Management and Supervisory Boards in 2022.

At the virtual Annual General Meeting 2023 of Fresenius SE&Co. KGaA, 72.57% of the capital stock was represented.

INTERIM GROUP MANAGEMENT REPORT

Progress on #FutureFresenius: Operating Companies showing consistent performance; Group simplification delivered

► Excellent Group revenue growth of 7% in constant currency to €10.4 billion; Operating Companies with very strong 8% organic growth
► Group EBIT increased 15%1 in constant currency reflecting strong performance of Operating Companies and operational turnaround at Fresenius Medical Care
► Fresenius Kabi's EBIT margin within structural band at 14.2% driven by operating leverage and well progressing cost savings
► Fresenius Helios with very strong organic revenue growth of 7% driven primarily by excellent activity levels in Spain
► Structural productivity savings ramping up, ~€280 million already achieved in H1 / 23
► Deconsolidation of Fresenius Medical Care on track with overwhelmingly positive votes at Extraordinary General Meeting
► Fresenius Vamed's transformation initiated
► Group revenue outlook excluding Fresenius Medical Care improved, Group EBIT outlook excluding Fresenius Medical Care confirmed

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.2 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 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.

1 According to FY/23 guidance, excluding Provider Relief Fund (PRF) at Fresenius Medical Care. In 2022, Fresenius Medical Care's EBIT was supported by €277 million (H1/22: €177 million and Q2/22: €161 million) of Provider Relief Funding from the U.S. government (at current currency). Accordingly, the 2022 basis was adjusted. There is no additional U.S. governmental support assumed

for 2023. 2 WHO 2021: ''Ageing and health''

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). 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 300,000 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.

Within this clear direction, Fresenius Kabi has defined three growth vectors, next to the strengthening of resilience of our volume businesses (''3+1'' strategy). The growth vectors are:

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

In 2022, we have thoroughly focused on strengthening these growth vectors: 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 it by 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.

RESET FOR #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 ready to continue to ''Revitalize'' Fresenius, 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.

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). We will prioritize growth investments for the healthcare 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). The deconsolidation of Fresenius Medical Care is moving ahead as planned. 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. Subject to the registration with the commercial register, the conversion is expected to become effective by the end of 2023. Moreover, since Q1/ 23, selected financials of the Fresenius Group are reported excluding Fresenius Medical Care to better reflect #FutureFresenius.

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.

Structural productivity improvements are expected to offset market headwinds and to create financial flexibility for future growth investments in the coming years.

The new target is to achieve annual structural cost savings of around €1 billion at EBIT level from the fiscal year 2025 onwards. To achieve the targeted cost savings, one-time costs of around €700 to €750 million are expected at EBIT level, of which around 2/ 3 will be incurred 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 Group-wide cost savings program is well progressing with Fresenius Medical Care and Fresenius Kabi being the largest contributors. Under the program, ~€280 million of structural cost savings at EBIT level were already achieved in H1/23, that is around 55% of the planned savings for 2023. In the same period, one-time costs of ~€110 million incurred to achieve these savings. These are treated as special items. Fresenius Medical Care realized ~€75 million of cost savings in Q2/23 and invested €25 million in the same period.

Fresenius Medical Care will accelerate and extend its FME25 transformation program to further optimize processes along the new operating model. Fresenius Medical Care targets savings for the program of €650 million by 2025 and expects to invest up to €650 million in the same period.

In further support of its turnaround efforts the company will drive additional operational efficiency and cost reduction measures. In Care Delivery, this will include productivity and operating leverage improvements in the core dialysis services business. In Care Enablement, Fresenius Medical Care will focus on pricing initiatives, productivity measures and review of its global manufacturing footprint.

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

Following the continued negative business performance, Fresenius announced as part of the presentation of the Q1/ 23 results, 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 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 Q2/ 23, negative one-time items for closing down activities resulting in write-downs and provisions of €332 million were booked which are predominantly non-cash items.

For further potential asset re-evaluations, charges for discontinued business activities as well as restructuring costs additional around €200 million to €250 million are anticipated as of today. Thereof, approximately €60 million to €80 million cash-effective restructuring costs are anticipated.

The operational turnaround is expected for the second half of 2023, with sequential improvement in Q3/ 23 and a positive EBIT in Q4/ 23. This recovery is mainly driven by the service business HES and the HFO business. By 2025, Fresenius Vamed is expected to reach the structural EBIT margin band of 4% to 6% set out in the #FutureFresenius Financial Framework.

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 long-term 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.

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

REVENUE

Group revenue increased by 3% (7% in constant currency) to €10,359 million (Q2/22: €10,018 million). Organic growth was 6%. Acquisitions /divestitures contributed net 1% to growth. In total, currency translation had a negative effect of 4% on revenue growth. The Operating Companies increased revenue by 6% (9% in constant currency). Excluding Fresenius Medical Care, Group revenue increased by 5% (7% in constant currency) to €5,557 million (Q2/ 22: €5,284 million).

In H1/ 23, Group revenue increased by 4% (6% in constant currency) to €20,584 million (H1/ 22: €19,738 million). Organic growth was 5%. Acquisitions /divestitures contributed net 1% to growth. Currency translation decreased revenue growth by 2%.

The Operating Companies increased revenue by 6% (7% in constant currency) in H1/ 23. Excluding Fresenius Medical Care, Group revenue increased by 6% (7% in constant currency) to €11,103 million (H1/22: €10,476 million).

REVENUE BY REGION

Afr ica To tal	137 10, 35 9	137 10, 018	0% 3%	-7% -4%	7% 7%	7% 6%	0% 1%	0% 0%	1% 100 %
Lat in A ric me a	582	53 1	10 %	-26 %	36 %	33 %	4%	-1%	6%
ia- ific As Pac	006 1,	1, 004	0%	-7%	7%	7%	1%	-1%	10 %
Eu rop e	4, 630	4, 43 0	5%	0%	5%	5%	0%	0%	44 %
No rth Am eri ca	004 4,	3, 916	2%	-2%	4%	4%	0%	0%	39 %
€ i illio n m ns	Q2 /20 23	Q2 /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 / ture s Oth ers	% o f to tal reve nue

€ i illio n m ns	H1 / 202 3	H1 /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 / ture s Oth ers	% o f to tal reve nue
No rth Am eri ca	7, 898	7, 675	3%	1%	2%	2%	0%	0%	39 %
Eu rop e	9, 285	8, 81 1	5%	-1%	6%	5%	0%	1%	45 %
As ia- Pac ific	2, 036	2, 008	1%	-5%	6%	6%	1%	-1%	10 %
in A ric Lat me a	1, 128	1, 003	12 %	-21 %	33 %	30 %	4%	-1%	5%
Afr ica	237	24 1	-2%	-6%	4%	5%	0%	-1%	1%
To tal	20, 584	19, 738	4%	-2%	6%	5%	1%	0%	100 %

REVENUE BY BUSINESS SEGMENT

€ i illio n m ns	Q2 /20 23	Q2 /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 ture / s Oth ers	f to % o tal 1 reve nue
Fre ius Ka bi sen	2, 00 1	1, 896	6%	-5%	11 %	8%	3%	0%	19 %
Fre ius He lios sen	3, 113	2, 925	6%	-1%	7%	7%	0%	0%	30 %
Fre ius sen Me dic al C are	4, 825	4, 757	1%	-5%	6%	6%	0%	0%	46 %
Fre ius Va d sen me	53 1	562	-6%	0%	-6%	-7%	1%	0%	5%
To tal	10, 35 9	10, 018	3%	-4%	7%	6%	1%	0%	100 %

€ i illio n m ns	H1 / 202 3	H1 /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 / ture s Oth ers	% o f to tal 1 reve nue
ius bi Fre Ka sen	3, 992	3, 743	7%	-3%	10 %	8%	2%	0%	19 %
Fre ius He lios sen	6, 179	5, 856	6%	0%	6%	6%	0%	0%	30 %
Fre ius sen Me dic al C are	9, 529	9, 305	2%	-2%	4%	4%	0%	0%	46 %
Fre ius Va d sen me	1, 114	1, 075	4%	1%	3%	3%	0%	0%	5%
To tal	20, 584	19, 738	4%	-2%	6%	5%	1%	0%	100 %

EARNINGS

Group EBITDA before special items decreased by 2% (0% in constant currency) to €1,649 million (Q2/ 222: €1,682 million). Reported Group EBITDA was €1,247 million (Q2/ 22: €1,528 million). In H1/ 23, Group EBITDA before special items decreased by 3% (-3% in constant currency) to €3,234 million (H1/ 222: €3,344 million). Reported Group EBITDA was €2,738 million (H1/ 22: €3,123 million).

Group EBIT before special items and excluding Provider Relief Fund (PRF) increased by 15%3 in constant currency. The EBIT increase was driven by Fresenius Medical Care, and the Operating Companies compensating successfully inflationary headwinds. The Operating Companies showed an EBIT increase of 5% and an EBIT margin of 11.3%. Group EBIT before special items decreased by 5% (-4% in constant currency) to €956 million (Q2/ 222: €1,003 million) mainly driven by the negative earnings performance at Fresenius Vamed. The EBIT margin before special items was 9.2% (Q2/ 222: 10.0%). Reported Group EBIT was €543 million (Q2/ 22: €845 million). Excluding Fresenius Medical Care, Group EBIT before special items decreased by 1% (0% in constant currency) to €555 million (Q2/ 222: €558 million). The EBIT margin excluding Fresenius Medical Care before special items was 10.0% (Q2/ 222: 10.6%).

EARNINGS

€ i illio n m ns	Q2 /20 23	Q2 /20 22	Gro wth	H1 / 202 3	H1 /20 22	Gro wth
Re ven ue	10, 35 9	10, 01 8	3%	20 58 4 ,	19, 73 8	4%
Co of sts re ven ue	-8, 026	-7, 44 0	-8%	-15 740 ,	-14 686 ,	-7%
Gr ofi t oss pr	2, 333	2, 57 8	-10 %	4, 844	5, 052	-4%
Se llin al a nd ad mi nis tive tra g, ge ner ex pen ses	-1, 58 9	-1, 53 1	-4%	-3, 115	-2, 924	-7%
Res ch and de vel nt ear op me exp ens es	-20 1	-20 2	0%	-39 9	-38 1	-5%
tin inc Op e ( EB IT) era g om	543	845	-36 %	1, 33 0	1, 747	-24 %
Int lt st r ere esu	-18 4	6 -11	-59 %	-35 4	-23 4	-51 %
Fin cia l re sul t an	-18 4	-11 6	-59 %	-35 4	-23 4	-51 %
Inc e b efo inc e t om re om axe s	35 9	72 9	-51 %	97 6	1, 51 3	-35 %
Inc e ta om xes	-19 3	-16 5	% -17	-34 7	-35 0	1%
t in Ne com e	166	564	-71 %	629	1, 163	-46 %
olli int No ntr sts nco ng ere	-86	-18 1	52 %	-20 3	-36 7	45 %
1,2 Ne t in ibu tab le t o F ius SE &C KG aA ttr com e a res en o.	375	45 0	-17 %	764	913	-16 %
1 t in ttri ius SE &C KG Ne but ab le t o F aA com e a res en o.	80	383	-79 %	42 6	796	-46 %
1,2 rni ina Ea ord sha (€) ng s p er ry re	0.6 7	0.8 0	-17 %	1.3 6	1.6 3	-17 %
1,2 Fu lly dil d e ing ord ina sha (€) ute arn s p er ry re	0.6 7	0.8 0	% -17	1.3 6	1.6 3	% -17
rni ina 1 Ea ord sha (€) ng s p er ry re	0.1 5	0.6 8	-78 %	0.7 6	1.4 2	-46 %
1 dil ing ina Fu lly d e ord sha (€) ute arn s p er ry re	0.1 5	0.6 8	-78 %	6 0.7	1.4 2	-46 %
Av mb of s har era ge nu er es	563 237 277 , ,	56 0, 080 52 1 ,	1%	563 237 277 , ,	559 29 1, 332 ,	1%
2 EB ITD A	649 1,	682 1,	-2%	3, 234	3, 344	-3%
2 De cia tio nd iza tio ort pre n a am n	693	679	2%	1, 37 0	1, 34 1	2%
2 EB IT	956	1, 003	-5%	864 1,	2, 003	-7%
2 EB ITD A m in arg	15. 9%	16. 8%		15. 7%	16. 9%
2 in EB IT ma rg	9.2 %	10. 0%		9.1 %	10. 1%

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

2 Before special items

3 According to FY/23 guidance, excluding Provider Relief Fund (PRF) at Fresenius Medical Care

In H1/ 23, Group EBIT before special items excluding Provider Relief Fund (PRF) increased by 2%2 in constant currency.

The Operating Companies increased EBIT by 2% with a margin of 11.4%. Group EBIT before special items decreased by 7% (-7% in constant currency) to €1,864 million (H1 / 221: €2,003 million). The EBIT margin before special items was 9.1% (H1/ 221: 10.1%). Reported Group EBIT was €1,330 million (H1/ 22: €1,747 million). Excluding Fresenius Medical Care, Group EBIT before special items decreased by 4% (-4% in constant currency) to €1,109 million (H1/ 221: €1,151 million). The EBIT margin excluding Fresenius Medical Care before special items was 10.0% (H1/ 221: 11.0%).

Group net interest before special items increased to -€184 million (Q2/ 221: -€116 million) mainly due to financing activities in a higher interest rate environment. Reported Group net interest was -€184 million (Q2/ 22: -€116 million).

In H1 / 23, Group net interest before special items increased to -€354 million (H1/ 221: -€235 million). Reported Group net interest was -€354 million (H1/ 22: -€234 million).

Group tax rate before special items increased to 27.3% (Q2/ 221: 23.0%) mainly due to the increase in the proportionate share of non-tax-deductible expenses compared to taxable income at Fresenius Medical Care as well as to the non-recognition of increased tax loss carry forwards at Fresenius Vamed. Reported Group tax rate was 53.8% (Q2/ 22: 22.6%).

In H1/ 23, Group tax rate before special items was 26.2% (H1/ 221: 22.9%) while the reported Group tax rate was 35.6% (H1/ 22: 23.1%).

1 Before special items

KEY FINANCIAL FIGURES EXCLUDING FRESENIUS MEDICAL CARE (PRO FORMA)

€ i illio n m ns	Q2 /20 23	Q2 /20 22	Gro wth	Gro wth cc	H1 / 202 3	H1 /20 22	Gro wth	Gro wth cc
Re ven ue	5, 55 7	5, 28 4	5%	7%	11, 103	10, 47 6	6%	7%
ius bi Fre Ka sen	2, 00 1	896 1,	6%	11 %	3, 992	3, 743	7%	10 %
Fre ius He lios sen	3, 113	2, 925	6%	7%	6, 179	5, 856	6%	6%
ius Fre Va d sen me	53 1	562	-6%	-6%	1, 114	1, 075	4%	3%
Co rat rpo e	-88	-99	11 %	14 %	-18 2	-19 8	-8%	-9%
tin inc Op e ( EB IT) era g om	555	55 8	-1%	0%	1, 109	1, 151	-4%	-4%
Fre ius Ka bi sen	285	27 1	5%	5%	574	564	2%	1%
Fre ius He lios sen	31 1	303	3%	3%	622	609	2%	3%
ius Fre Va d sen me	-20	11	--	--	-47	19	--	--
Co rat rpo e	-21	-27	22 %	22 %	-40	-41	2%	5%
Fin cia l re sul t an	-10 4	-44	6% -13	-14 1%	-19 1	-94	-10 3%	-10 7%
Inc e b efo inc e t om re om axe s	45 1	514	-12 %	-12 %	918	1, 057	-13 %	-14 %
Inc e ta om xes	-12 1	-11 3	-7%	-8%	-23 5	-23 3	-1%	-1%
t in Ne com e	33 0	40 1	-18 %	-18 %	683	824	-17 %	-18 %
les llin int tro sts s n on con g ere	-13	-21	38 %	48 %	-25	-47	47 %	51 %
uity ius Res ult Eq M eth od Fre sen 4 Me dic al C are	58	70	-17 %	-20 %	106	136	-22 %	-23 %
1,5 t in Ne com e	375	45 0	-17 %	-17 %	764	913	-16 %	-17 %

EB ITD A	824	816	1%	2%	1, 645	1, 658	-1%	-1%
EB ITD A m in arg	8% 14.	4% 15.			8% 14.	8% 15.
De cia tio nd iza tio ort pre n a am n	269	258	4%	-5%	53 6	50 7	6%	6%
EB IT in ma rg	10. 0%	10. 6%			10. 0%	0% 11.
Op tin ash flo era g c w	285	393	-27 %		31 7	335	-5%
% of as rev en ue	5.1 %	7.4 %			2.9 %	3.2 %
Ca sh flow be for isit ion e a cqu s and di vid end s	45	126	-64 %		-13 4	-12 8	-5%
% of	0.8 %	2.4 %			-1. 2%	-1. 2%
as rev en ue
6 RO IC					5.0 %	5.6 %
2,3 Ne t d ebt /E BIT DA					4.1 9	3.8 0

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

cash&cash equivalents included within ''Assets held for sale''.

4 Before potential effects of updated Purchase Price Allocation

5 Including at Equity result from FME before potential effects

of updated Purchase Price Allocation

6 The underlying pro forma EBIT does not include special items

² At LTM average exchange rates for both net debt and EBITDA; pro forma closed acquisitions /divestitures; before special items; including lease liabilities, including FME dividend; Fresenius Medical Care: Includes debt&lease liabilities included within the balance sheet line item ''Liabilities directly associated with assets held for sale'' as well as

^{3 2022:} December 31

Noncontrolling interests before special items were -€186 million (Q2/ 222: -€233 million) of which 93% were attributable to the noncontrolling interests in Fresenius Medical Care. Reported noncontrolling interests were -€86 million (Q2/ 22: -€181 million).

In H1/ 23, noncontrolling interests before special items were -€351 million (H1/ 222: -€451 million) of which 93% were attributable to the noncontrolling interests in Fresenius Medical Care. Reported noncontrolling interests were -€203 million (H1/ 22: -€367 million).

Group net income1,2 before special items decreased by 17% (-17% in constant currency) to €375 million (Q2/ 222: €450 million). The decrease was driven by cost inflation and the negative earnings development at Fresenius Vamed. Moreover, rising interest costs and a higher tax rate weighed on the net income development. Reported Group net income1 decreased to €80 million (Q2/ 22: €383 million). Excluding Fresenius Medical Care, Group net income1 before special items decreased by 17% (-17% in constant currency) to €375 million (Q2/ 222: €450 million).

In H1/ 23, Group net income2 before special items decreased by 16% (-17% in constant currency) to €764 million (H1/ 222: €913 million). Reported Group net income2 decreased to €426 million (H1/ 22: €796 million). Excluding Fresenius Medical Care, Group net income1 before special items decreased by 17% (-18% in constant currency) to €683 million (H1/ 222: €824 million).

Earnings per share1 before special items decreased by 17% (-17% in constant currency) to €0.67 (Q2/ 222: €0.80). Reported earnings per share1 were €0.15 (Q2/ 22: €0.68).

In H1/ 23, earnings per share1 before special items decreased by 17% (-17% in constant currency) to €1.36 (H1/ 222: €1.63). Reported earnings per share1 were €0.76 (H1/ 22: €1.42).

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 Q2 / 2022 and Q2/ 2023 as well as H1/ 2022 and H1/ 2023 include special items.

These concern:

► Revaluations of biosimilars contingent purchase price liabilities
► expenses associated with the Fresenius cost and efficiency program (including costs related to FME25 program)
► impacts related to the war in Ukraine (2022)
► transaction costs mAbxience, Ivenix
► hyperinflation Turkey (2022)
► reactive duties (2022)
► remeasurement Humacyte investment
► legal form conversion costs Fresenius Medical Care (2023)
► legacy portfolio adjustments (2023)
► VAMED transformation (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

RECONCILIATION TABLES

RECONCILIATION FRESENIUS GROUP

			Gro wth rat e				Gro wth rat e in c tant ons
Q2 /20 23	Q2 /20 22	Gro wth rat e	cur ren cy	H1 / 202 3	H1 /20 22	Gro wth rat e	cur ren cy
10, 35 9	10, 018	3%	7%	20, 584	19, 738	4%	6%
543	845	-36 %	-35 %	1, 33 0	1, 747	-24 %	-24 %
-	-			0	-2
59	50			108	114
-	10			-	40
0	5			4	7
-	10			-	10
-	9			-	9
4	74			-15	78
8	-			11	-
10	-			94	-
332	-			332	-
956	1, 003	-5%	-4%	1, 864	2, 003	-7%	-7%
-18 4	-11 6	-59 %	-62 %	-35 4	-23 4	-51 %	-52 %
-	-			-	-1
-18 4	6 -11	-59 %	-62 %	-35 4	-23 5	% -51	% -51
-19 3	-16 5	-17 %	-18 %	-34 7	-35 0	1%	1%
-	-			0	1
-13	-14			-23	-26
-	-1			-	-4
-	-1			-1	-1
-	--			-	0
-	-3			-	-3
-1	-20			4	-21
-2	-			-3	-
-2	-			-25	-
--	-			0	-
-21 1	-20 4	-3%	-5%	-39 5	-40 4	2%	2%
				in c tant ons

				Gro wth rat e in c tant				Gro wth rat e in c tant
€ i illio n m ns	Q2 /20 23	Q2 /20 22	Gro wth rat e	ons cur ren cy	H1 / 202 3	H1 /20 22	Gro wth rat e	ons cur ren cy
No oll ing in ed (af eci al ite ) ntr ter est ort ter nco s r ep sp ms	-86	-18 1	52 %	52 %	-20 3	-36 7	45 %	46 %
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	-13	-9			-27	-26
in rai Im ela ted th Uk ts r to pac e w ar ne	-	-3			-	-16
Tra ctio Ab xie Ive nix ost nsa n c s m nce ,	0	-			-1	-
Hy inf lati Tu rke per on y	-	-4			-	-4
Re Hu inv ent te est nt me asu rem ma cy me	-2	-36			7	-38
Leg al f rsio s F ius M ed ica l C ost orm co nve n c res en are	-3	-			-4	-
Leg rtfo lio adj ust nts acy po me	-6	-			-47	-
Va d t sfo ati me ran rm on	-76	-			-76	-
ing in s ( eci ite ) No oll bef al ntr ter est nco ore sp ms	6 -18	-23 3	20 %	19 %	-35 1	-45 1	22 %	23 %
1 t in eci ite Ne ed (af al ) ort ter com e r ep sp ms	80	383	-79 %	-79 %	42 6	796	-46 %	-47 %
Rev alu ati of bi osi mi lars nti rch ice lia bil itie nt ons co nge pu ase pr s	-	-			0	-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	33	27			58	62
in rai Im ela ted th Uk ts r to pac e w ar ne	-	6			-	20
Tra ctio Ab xie Ive nix ost nsa n c s m nce ,	0	4			2	6
Hy inf lati Tu rke per on y	-	6			-	6
Ret ctiv e d uti roa es	-	6			-	6
Re Hu inv ent te est nt me asu rem ma cy me	1	18			-4	19
Leg al f rsio s F ius M ed ica l C ost orm co nve n c res en are	3	-			4	-
Leg rtfo lio adj ust nts acy po me	2	-			22	-
sfo ati Va d t me ran rm on	256	-			256	-
1 Ne t in e ( bef eci al ite ) com ore sp ms	375	45 0	-17 %	-17 %	764	913	-16 %	-17 %

RECONCILIATION FRESENIUS KABI

€ i illio n m ns	Q2 /20 23	Q2 /20 22	Gro wth rat e	Gro wth rat e in c tant ons cur ren cy	H1 / 202 3	H1 /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, 00 1	896 1,	6%	11 %	3, 992	3, 743	7%	10 %
ati of bi osi mi nti ice lia bil itie Rev alu lars rch nt ons co nge pu ase pr s	-	-			0	-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	21	18			29	46
Im ela ted th in Uk rai ts r to pac e w ar ne	-	4			-	12
Tra ctio Ab xie Ive nix ost nsa n c s m nce ,	0	5			4	7
Hy inf lati Tu rke per on y	-	4			-	4
(be for ial ite ) EB IT e s pec ms	285	27 1	5%	5%	574	564	2%	1%

RECONCILIATION FRESENIUS HELIOS

				Gro wth rat e				Gro wth rat e
€ i illio n m ns	/20 23	Q2 /20 22	Gro wth rat	in c tant ons	H1 / 202 3	H1 /20 22	Gro wth rat	in c tant ons
	Q2		e	cur ren cy			e	cur ren cy
Re ed ort ve nu e r ep	3, 113	2, 925	6%	7%	6, 179	5, 856	6%	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
ial ite EB IT (be for ) e s pec ms	31 1	303	3%	3%	622	609	2%	3%

RECONCILIATION FRESENIUS MEDICAL CARE

				Gro wth rat e in c tant ons				Gro wth rat e in c tant ons
€ i illio n m ns	Q2 /20 23	Q2 /20 22	Gro wth rat e	cur ren cy	H1 / 202 3	H1 /20 22	Gro wth rat e	cur ren cy
Re ed ort ve nu e r ep	4, 825	4, 757	1%	6%	9, 52 9	9, 305	2%	4%

EB IT ed (af eci al ite ) ort ter rep sp ms	35 7	34 0	4%	5%	618	688	-10 %	-11 %
Co late d t o F ME 25 sts re pro gra m	25	24			51	57
Im ela ted th in Uk rai ts r to pac e w ar ne	-	1			-	23
Hy inf lati Tu rke per on y	-	6			-	6
Re Hu inv ent te est nt me asu rem ma cy me	4	75			-15	78
Leg al f rsio s F ius M ed ica l C ost orm co nve n c res en are	5	-			7	-
rtfo lio adj Leg ust nts acy po me	10	-			94	-
EB IT (be for ial ite ) e s pec ms	40 1	44 5	-10 %	-8%	755	852	-11 %	-12 %
1 Ne t in ed (af eci al ite ) ort ter com e r ep sp ms	141	148	-5%	-4%	227	305	-26 %	-26 %
Co late d t o F ME 25 sts re pro gra m	20	16			40	40
Im ela ted th in Uk rai ts r to pac e w ar ne	-	1			-	20
Hy inf lati Tu rke per on y	-	6			-	6
inv Re Hu ent te est nt me asu rem ma cy me	3	54			-11	57
Leg al f rsio s F ius M ed ica l C ost orm co nve n c res en are	4	-			5	-
Leg rtfo lio adj ust nts acy po me	7	-			68	-
1 Ne t in e ( bef eci al ite ) com ore sp ms	175	225	-22 %	-21 %	32 9	42 8	-23 %	-23 %

RECONCILIATION FRESENIUS VAMED

€ i illio n m ns	Q2 /20 23	Q2 /20 22	Gro wth rat e	Gro wth rat e in c tant ons cur ren cy	H1 / 202 3	H1 /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	53 1	562	-6%	-6%	1, 114	1, 075	4%	3%
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			2	2
in rai Im ela ted th Uk ts r to pac e w ar ne	-	5			-	5
Va d t sfo ati me ran rm on	332	-			332	-
ial ite EB IT (be for ) e s pec ms	-20	11	--	--	-47	19	--	--

RECONCILIATION FRESENIUS CORPORATE

€ i illio n m ns	Q2 /20 23	Q2 /20 22	Gro wth rat e	Gro wth rat e in c tant ons cur ren cy	H1 / 202 3	H1 /20 22	Gro wth rat e	Gro wth rat e in c tant ons cur ren cy
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	12	7			26	9
ctiv uti Ret e d roa es	-	9			-	9
Leg al f rsio s F ius M ed ica l C ost orm co nve n c res en are	3	-			4	-
ial ite EB IT (be for ) e s pec ms	-21	-27	22 %	22 %	-40	-41	2%	5%

INVESTMENTS

INVESTMENTS/ACQUISITIONS BY BUSINESS SEGMENT

Spending on property, plant and equipment was €396 million corresponding to 4% of revenue (Q2/ 22: €419 million; 4% of revenue). These investments served primarily for the modernization and expansion of dialysis clinics, production facilities as well as hospitals and day clinics. Excluding Fresenius Medical Care, spending on property, plant and equipment was €240 million corresponding to 4% of revenue (Q2/ 22: €247 million; 5% of revenue).

In H1/ 23, spending on property, plant and equipment was €749 million corresponding to 4% of revenue (H1/ 22: €757 million; 4% of revenue). Excluding Fresenius Medical Care, spending on property, plant and equipment was €451 million corresponding to 4% of revenue (H1/ 22: €423 million; 4% of revenue).

Total acquisition spending was €27 million (Q2/ 22: €291 million) mainly for investments in debt instruments at Fresenius Medical Care. Excluding Fresenius Medical Care, total acquisition spending was €0 million (Q2/ 22: €224 million).

In H1/ 23, total acquisition spending was €95 million (H1/ 22: €453 million). Excluding Fresenius Medical Care, total acquisition spending was €18 million (H1 / 22: €303 million).

€ i illio n m ns	H1 / 202 3	H1 /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	178	40 8	162	16	-56 %	21 %
Fre ius He lios sen	224	288	224	0	-22 %	27 %
Fre ius M ed ica l C sen are	375	484	298	77	-23 %	44 %
Fre ius Va d sen me	59	26	57	2	127 %	7%
Co rat rpo e	8	4	8	0	100 %	1%
To tal	844	21 0 1,	749	95	-30 %	100 %

CASH FLOW

Group operating cash flow increased to €1,186 million (Q2/ 22: €1,017 million) driven by the good cash flow development at Fresenius Medical Care and Fresenius Kabi. This was partly offset by the negative earnings development at Fresenius Vamed. Group operating cash flow margin was 11.4% (Q2/ 22: 10.2%). Free cash flow before acquisitions and dividends increased to €791 million (Q2/ 22: €581 million). Free cash flow after acquisitions and dividends increased to -€30 million (Q2/ 22: -€391 million). Excluding Fresenius Medical Care, Group operating cash flow decreased to €285 million (Q2/22: €393 million).

In H1/ 23, Group operating cash flow increased to €1,361 million (H1 / 22: €1,118 million) with a margin of 6.6% (H1/ 22: 5.7%). Free cash flow before acquisitions and dividends increased to €614 million (H1 / 22: €326 million). Free cash flow after acquisitions and dividends increased to -€311 million (H1 / 22: -€794 million).

Excluding Fresenius Medical Care, Group operating cash flow decreased to €317 million (H1/ 22: €335 million).

The cash conversion rate (CCR), which is defined as the ratio of adjusted free cash flow1 to EBIT before special items, was 0.8 in H1/ 23 (LTM: 1.2). Excluding Fresenius Medical Care, the cash conversion rate was 0.3 in H1/ 23 (LTM: 1.0).

CASH FLOW STATEMENT (SUMMARY)

€ i illio n m ns	Q2 / 202 3	Q2 /20 22	Gro wth	H1 / 202 3	H1 /20 22	Gro wth
Ne t in com e	166	564	-71 %	629	163 1,	-46 %
De cia tio nd iza tio ort pre n a am n	704	683	3%	1, 40 8	1, 37 6	2%
Ch ing ital ork d o the ang e w ca p an rs	6 31	-23 0	--	-67 6	-1, 42 1	52 %
Op tin Ca sh flo era g w	1, 186	1, 017	17 %	1, 36 1	1, 118	22 %
Ca ital dit et p ex pen ure , n	-39 5	-43 6	9%	-74 7	-79 2	6%
Ca sh flo bef isit ion nd div ide nd ore ac qu s a s w	79 1	58 1	36 %	614	32 6	88 %
Ca sh d f uis itio /pr eds fro m d ive stit use or acq ns oce ure s	10	-27 1	104 %	-41	-36 3	89 %
Div ide nds id pa	-83 1	-70 1	-19 %	-88 4	-75 7	-17 %
Fre ash flo fte uis itio d d ivid ds e c w a r a cq ns an en	-30	-39 1	92 %	-31 1	-79 4	61 %
Ca vid for fin ing tiv itie sh ed by /us ed pro anc ac s	237	40 8	-42 %	134	89	51 %
Eff of cha ch e in sh and ect tes ex nge ra on ang ca
iva h e len ts cas qu	-57	35	--	-10 1	70	--
Ne ha e i ash d c ash uiv ale t c nts ng n c an eq	15 0	52	18 8%	-27 8	-63 5	56 %

ASSET AND LIABILITY STRUCTURE

Group total assets remained nearly unchanged compared to FY/ 22 (1% in constant currency) at €76,413 million (Dec. 31, 2022: €76,415 million). Current assets increased by 6% (7% in constant currency) to €19,305 million (Dec. 31, 2022: €18,279 million), mainly driven by the business expansion related increase of trade account receivables and inventories. Non-current assets decreased by 2% (0% in constant currency) to €57,108 million (Dec. 31, 2022: €58,136 million).

Total shareholders' equity decreased by 2% (0% in constant currency) to €31,430 million (Dec. 31, 2022: €32,218 million). The equity ratio was 41.1% (Dec. 31, 2022: 42.2%).

Group debt increased by 2% (2% in constant currency) to €28,183 million (Dec. 31, 2022: €27,763 million). Group net debt increased by 3% (3% in constant currency) to €25,712 million (Dec. 31, 2022: €25,014 million).

Group debt excluding Fresenius Medical Care increased by 4% (4% in constant currency) to €15,271 million (Dec. 31, 2022: €14,708 million). Group net debt excluding Fresenius Medical Care increased by 6% (6% in constant currency) to €14,162 million (Dec. 31, 2022: €13,307 million).

As of June 30, 2023, the net debt/EBITDA ratio was 3.88x1,2,3 (Dec. 31, 2022: 3.65x1,2) mainly driven by lower EBITDA contribution at Fresenius Medical Care and Fresenius Vamed, and higher net debt. Excluding Fresenius Medical Care, the net debt/EBITDA ratio was 4.19x1,2 (Dec. 31, 2022: 3.80x1,2).

In Q2/ 23, ROIC was 4.6% (Q4/ 22: 5.1%). Excluding Fresenius Medical Care, the ROIC was 5.0% (Q4 / 22: 5.6%).

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

2 Before special items

BALANCE SHEET

€ i illio n m ns	Jun e 30 , 20 23	Dec . 31 , 20 22	Cha nge
As set s
Cu nt ets rre ass	19, 305	18, 279	6%
f tr cei the ade vab les nts reo ac cou re	625 7,	7, 008	9%
the f in ies tor reo ven	5, 018	4, 833	4%
the f ca sh and sh uiv ale nts reo ca eq	2, 47 1	2, 749	-10 %
the f as s h eld fo le set reo r sa	48	--
No ent set n-c urr as s	57 108 ,	58 136 ,	-2%
f p uip the lan nd ert t a nt reo rop y, p eq me	796 12,	12, 919	-1%
the f g ood wil l an d o the r in ible tan set reo g as s	35, 165	35, 843	-2%
f ri of- the ht- set reo g use -as s	5, 739	5, 922	-3%
To tal set as s	76, 413	76, 415	0%
Lia bil itie uit nd sha reh old ' eq s a ers y
Lia bil itie s	44 983 ,	44 197 ,	2%
f tr the ade ble nts reo ac cou pa ya	1, 925	2, 070	-7%
the f a ual nd oth sho lia bil itie rt-t reo ccr s a er erm s	11, 119	10, 48 8	6%
the f li ab ilit ies di tly oci d w ith he ld f sal ate ets reo rec ass ass or e	17	--
the f d ebt reo	28, 183	27, 763	2%
the f le lia bili tie reo ase s	6, 40 5	6, 592	-3%
ing in No oll ntr ter est nco s	11, 34 4	11, 80 3	-4%
To tal Fr niu s S E & Co . K Ga A s ha reh old ' eq uit ese ers y	20 08 6 ,	20 41 5 ,	-2%
uit To tal sh ho lde rs' are eq y	31 43 0 ,	32 218 ,	-2%
To tal lia bil itie nd sha reh old ' eq uit s a ers y	76 41 3 ,	76 41 5 ,	0%

³ Fresenius Medical Care: Includes debt&lease liabilities included within the balance sheet line item ''Liabilities directly associated with assets held for sale'' as well as cash&cash equivalents included within ''Assets held for sale''.

BUSINESS SEGMENTS

FRESENIUS KABI

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

€ i illio n m ns	Q2 /20 23	Q2 /20 22	Gro wth	Gro wth in c tant ons cur ren cy	H1 / 202 3	H1 /20 22	Gro wth	Gro wth in c tant ons cur ren cy
Rev en ue	2, 00 1	896 1,	6%	11 %	3, 992	3, 743	7%	10 %
IT1 EB	285	27 1	5%	5%	574	564	2%	1%
in1 EB IT ma rg	14. 2%	14. 3%			14. 4%	15. 1%
1,2 Ne t in com e	179	189	-5%	-6%	37 0	39 0	-5%	-7%
Em loy p ees (Ju 30 /D 31 ) ne ec.					42 943 ,	42 063 ,	2%

► Growth vectors with very strong double-digit organic revenue growth
► Pharma showing accelerated sequential growth
► EBIT margin1 in structural margin band

Revenue increased by 6% (11% in constant currency) to €2,001 million (Q2/ 22: €1,896 million) mainly driven by the strong business development of all growth vectors. Organic growth was 8%.

In H1/23, revenue increased by 7% (10% in constant currency) to €3,992 million (H1/22: €3,743 million). Organic growth was 8%.

Revenue of the Growth Vectors (MedTech, Nutrition and Biopharma) increased by 10% (organic growth: 12%) to €1,062 million (Q2/ 22: €961 million).

In H1/ 23, revenue of the Growth Vectors increased by 11% (organic growth: 11%) to €2,113 million (H1/ 22: €1,903 million).

Revenue in MedTech increased by 6% (organic growth: 9%) to €365 million (Q2/ 22: €345 million) driven by, amongst others, the good business development in Transfusion Medicine and Cell Therapies (TCT) as well as by successful product rollouts.

In H1/ 23, revenue in MedTech increased by 8% (organic growth: 9%) to €744 million (H1/ 22: €687 million).

Revenue in Nutrition increased by 5% (organic growth: 13%) to €614 million (Q2/ 22: €587 million) mainly driven by the good business development in Latin America and the further improving situation in China.

In H1/23, revenue in Nutrition increased by 4% (organic growth: 11%) to €1,216 million (H1/22: €1,164 million).

Revenue in Biopharma increased by 188% (organic growth: 34%) to €83 million (Q2/ 22: €29 million) mainly driven by successful product launches in Europe, the U.S., and Latin America.

In H1/ 23, revenue in Biopharma increased by 196% (organic growth: 44%) to €153 million (H1/ 22: €52 million).

Revenue in the Pharma (IV Drugs&Fluids) business increased by 2% (organic growth: 6%) to €952 million (Q2/22: €935 million). The revenue increase is driven by the positive business development in both product segments.

In H1/ 23, revenue in the Pharma business increased by 3% (organic growth: 5%) to €1,892 million (H1/ 22: €1,840 million).

1 Before special items

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

EBIT¹ of Fresenius Kabi increased by 5% (5% in constant currency) to €285 million (Q2/ 22: €271 million) due to the good operating performance and the well-progressing cost saving initiatives. EBIT margin1 was 14.2% (Q2 / 22: 14.3%) and thus within the structural EBIT margin band.

In H1/ 23, EBIT1 increased by 2% (1% in constant currency) to €574 million (H1/ 22: €564 million) EBIT margin1 was 14.4% (H1/ 22: 15.1%).

EBIT1 of the Growth Vectors increased by 9% (12% in constant currency) to €88 million (Q2/ 22: €81 million) due to the excellent revenue development and the well-progressing cost saving initiatives. EBIT1 margin was 8.3% (Q2/ 22: 8.4%).

In H1/ 23, EBIT1 of the Growth Vectors decreased by 5% (-5% in constant currency) to €184 million (H1/ 22: €193 million) with a margin1 of 8.7% (H1/22: 10.1%).

EBIT1 in the Pharma business increased by 4% (7% in constant currency) to €206 million (Q2/ 22: €198 million) due to the solid revenue development and the well-progressing cost saving initiatives. EBIT1 margin was 21.6% (Q2/ 22: 21.1%).

In H1/ 23, EBIT1 in the Pharma business increased by 5% (5% in constant currency) to €403 million (H1/ 22: €383 million) with a margin1 of 21.3% (H1/ 22: 20.8%).

Net income1,2 decreased by 5% (-6% in constant currency) to €179 million (Q2/ 22: €189 million).

In H1/ 23, net income1,2 decreased by 5% (-7% in constant currency) to €370 million (H1/ 22: €390 million).

Operating cash flow increased to €180 million (Q2/ 22: €109 million) with a margin of 9.0% (Q2/ 22: 5.7%) mainly driven by an improved working capital management.

In H1/23, operating cash flow decreased to €201 million (H1/22: €242 million) with a margin of 5.0% (H1/22: 6.5%).

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 healthcare provider. The company comprises Helios Germany, Helios Spain and Helios Fertility. Helios Germany operates 87 hospitals, ~240 outpatient centers, 27 occupational health centers and 6 prevention centers. Helios Spain operates 50 hospitals, ~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	Q2 /20 23	Q2 /20 22	Gro wth	Gro wth in c tant ons cur ren cy	H1 / 202 3	H1 /20 22	Gro wth	Gro wth in c tant ons cur ren cy
Rev en ue	3, 113	2, 925	6%	7%	6, 179	856 5,	6%	6%
IT1 EB	31 1	303	3%	3%	622	609	2%	3%
in1 EB IT ma rg	10. 0%	10. 4%			10. 1%	10. 4%
1,2 Ne t in com e	183	197	-7%	-7%	373	39 2	-5%	-4%
Em loy p ees (Ju 30 /D 31 ) ne ec.					126 962 ,	125 700 ,	1%

► Fresenius Helios with excellent organic revenue growth driven by high activity levels at Helios Spain including Latin America
► Helios Germany with solid top-line development supported by more complex treatments
► EBIT margin1 well in structural margin band due to ongoing successful measures to counter inflationary headwinds
► Helios Fertility with solid operating performance

Revenue increased by 6% (7% in constant currency) to €3,113 million (Q2/ 22: €2,925 million). Organic growth was 7%. Acquisitions contributed 0% to revenue growth.

In H1/ 23, revenue increased by 6% (6% in constant currency) to €6,179 million (H1/ 22: €5,856 million). Organic growth was 6%. Acquisitions contributed 0% to revenue growth.

Revenue of Helios Germany increased by 4% (organic growth: 4%) to €1,823 million (Q2 / 22: €1,758 million),

mainly driven by increasing admissions and positive mix effects supported by an increase of complex treatments.

In H1/ 23, revenue of Helios Germany increased by 3% (organic growth: 3%) to €3,651 million (H1/ 22: €3,541 million).

Revenue of Helios Spain increased by 11% (12% in constant currency) to €1,223 million (Q2/22: €1,101 million). Organic growth of 12% was driven by ongoing high activity levels. The clinics in Latin America also showed a good performance.

In H1 / 23, revenue of Helios Spain increased by 9% (11% in constant currency) to €2,393 million (H1 / 21: €2,190 million).

Revenue of Helios Fertility increased by 5% (11% in constant currency) to €68 million (Q2/ 22: €65 million) driven by mix effects.

In H1/ 23, revenue of the Helios Fertility were €134 million (H1/ 22: €122 million).

¹ Before special items

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

EBIT¹ of Fresenius Helios increased by 3% (3% in constant currency) to €311 million (Q2/ 22: €303 million) with an EBIT margin1 of 10.0% (Q2/ 22: 10.4%).

In H1/ 23, EBIT1 increased by 2% (3% in constant currency) to €622 million (H1/ 22: €609 million) with an EBIT margin1 of 10.1% (H1/ 22: 10.4%).

EBIT1 of Helios Germany remained stable at €154 million (Q2/ 22: €154 million) with an EBIT margin1 of 8.4% (Q2/ 22: 8.8%).

In H1/ 23, EBIT1 of Helios Germany increased to €309 million (H1/ 22: €308 million) with an EBIT margin1 of 8.5% (H1/ 22: 8.7%).

EBIT1 of Helios Spain increased due to the strong revenue growth and despite cost inflation by 4% (5% in constant currency) to €154 million (Q2/ 22: €148 million). The EBIT margin1 was 12.6% (Q2 / 22: 13.4%).

In H1/ 23, EBIT1 of Helios Spain increased by 3% (5% in constant currency) to €311 million (H1/22: €301 million). The EBIT margin1 was 13.0% (H1/ 22: 13.7%).

EBIT1 of Helios Fertility was €7 million (Q2/ 22: €7 million) with an EBIT margin1 of 10.3% (Q2/ 22: 10.8%).

In H1/ 23, EBIT1 of Helios Fertility was €11 million (H1/ 22: €11 million) with an EBIT margin1 of 8.2% (H1/ 22: 9.0%).

Net income1,2 decreased by 7% (-7% in constant currency) to €183 million (Q2/ 22: €197 million).

In H1/ 23, net income1,2 decreased by 5% (-4% in constant currency) to €373 million (H1/ 22: €392 million).

Operating cash flow decreased to €61 million (Q2/ 22: €194 million) mainly due to delays in the budget negotiations in Germany leading to higher receivables at Helios Germany. The operating cash flow margin was 2.0% (Q2/ 22: 6.6%).

In H1/ 23, operating cash flow increased to €169 million (H1/ 22: €58 million) with a margin of 2.7% (H1/ 22: 1.0%).

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 MEDICAL CARE

Fresenius Medical Care is the world's largest provider of products and services for individuals with renal diseases. As of June 30, 2023, Fresenius Medical Care was treating approximately 344,000 patients in 4,050 dialysis clinics. Dialyzers and dialysis machines are among the most important product lines. In addition, Fresenius Medical Care offers dialysis-related services.

€ i illio n m ns	Q2 /20 23	Q2 /20 22	Gro wth	Gro wth in c tant ons cur ren cy	H1 / 202 3	H1 /20 22	Gro wth	Gro wth in c tant ons cur ren cy
Rev en ue	4, 825	4, 757	1%	6%	9, 529	9, 305	2%	4%
,2 IT1 EB	40 1	284	41 %	44 %	755	675	12 %	11 %
in1 ,2 EB IT ma rg	8.3 %	6.0 %			7.9 %	7.3 %
1,2,3 Ne t in com e	175	116	51 %	54 %	32 9	313	5%	5%
Em loy p ees (Ju 30 /D 31 ) ne ec.					124 295 ,	128 044 ,	-3%

► Fresenius Medical Care successfully executes strategic plan
► Organic growth accelerated in the second quarter in Care Enablement and Care Delivery
► Savings resulting from FME25 transformation program fully on track
► Legal form conversion to a German Stock Corporation approved by shareholders
► FY 2023 operating income guidance range narrowed

Revenue increased by 1% to €4,825 million (+6% in constant currency, organic: +6%). In H1/ 23, revenue increased by 2% (4% in constant currency) to €9,529 million (H1/ 22: €9,305 million).

EBIT increased by 5% (5% in constant currency) to €357 million (Q2/ 22: €341 million), resulting in a margin of 7.4% (Q2/ 22: 7.2%). EBIT excluding special items and U.S. Provider Relief Funding (PRF) increased by 41% to €401 million (44% in constant currency), resulting in a margin of 8.3% (Q2/ 22: 6.0%).

In H1/ 23, EBIT decreased by 10% (-11% in constant currency) to €618 million (H1/ 22: €688 million) resulting in a margin of 6.5% (H1/ 22: 7.4%). EBIT excluding special items and PRF increased by 12% (11% in constant currency) to €755 million (H1/ 22: €675 million), resulting in a margin of 7.9% (H1/ 22: 7.3%).

Net income3 decreased by 5% to €140 million (-4% in constant currency). Excluding special items and PRF, net income3 increased by 51% to €175 million (54% in constant currency).

In H1/ 23, net income3 decreased by 26% (-26% in constant currency) to €227 million (H1/ 22: €305 million). Net income3 before special items and PRF increased by 5% (5% in constant currency) to €329 million (H1/ 22: €313 million).

In the second quarter, Fresenius Medical Care generated €1,007 million of operating cash flow (Q2/ 22: €751 million), resulting in a margin of 20.9% (Q2/ 22: 15.8%). The increase was mainly driven by the recoupment of advanced payments during 2022, which had been received in the U.S. under the Medicare Accelerated and Advance Payment Program in 2020, as well as by seasonality of invoicing.

In H1/ 23, operating cash flow was €1,150 million (H1/ 22: €910 million) with a margin of 12.1% (H1/ 22: 9.8%).

1 Before special items

2 According to FY/23 guidance, excluding Provider Relief Fund (PRF) at Fresenius Medical Care

³ Net income attributable to shareholders of Fresenius Medical Care AG&Co. KGaA

The Company continues to expect for 2023 revenue1 to grow at a low to mid-single digit percentage rate. Based on the earnings development for the first half of the year, Fresenius Medical Care narrows its EBIT target range for 2023. The Company now expects EBIT2 to remain flat or decline by up to a low-single digit percentage rate3 (previous target: remain flat or decline by up to a high-single digit percentage rate3). The Company's target to achieve an operating income margin of 10 to 14% by 2025 remains unchanged.

For further information, please see Fresenius Medical Care's press release at www.freseniusmedicalcare.com.

1 FY/22 base: €19,398 million

2 FY/22 base: €1,540 million

3 Revenue and EBIT, as referred to in the outlook, are both on a constant currency basis and excluding special items. Special items will be provided as separate KPI (''Revenue excluding special items'', ''EBIT excluding special items'') to capture effects that are unusual in nature and have not been foreseeable or not foreseeable in size or impact at the time of giving guidance. These items are excluded to ensure comparability of the figures presented with the Company's financial targets which have been defined excluding special items.

For FY 2022, special items included costs related to the FME25 program, the impact of the war in Ukraine, the impact of hyperinflation in Turkiye, the Humacyte investment remeasurement, and the net gain related to InterWell Health. Additionally, FY 2022 basis for Outlook 2023 and 2025 was adjusted for Provider Relief Funding.

For FY 2023, special items include costs related to the FME25 program, the Humacyte investment remeasurement, the costs associated with the legal form conversion and effects from legacy portfolio optimization.

FRESENIUS VAMED

Fresenius Vamed manages projects and provides services for hospitals and other healthcare facilities worldwide and is a leading post-acute care provider in Central Europe. The portfolio ranges along the entire value chain: from project development, planning, and turnkey construction, via maintenance and technical management, to total operational management.

€ i illio n m ns	Q2 /20 23	Q2 /20 22	Gro wth	Gro wth in c tant ons cur ren cy	H1 / 202 3	H1 /20 22	Gro wth	Gro wth in c tant ons cur ren cy
Rev en ue	53 1	562	-6%	-6%	1, 114	1, 075	4%	3%
IT1 EB	-20	11	-	-	-47	19	-	-
1 EB IT- Ma rge	-3. 8%	2.0 %			-4. 2%	1.8 %
1.2 t in Ne com e	-31	6	-	-	-67	10	-	-
Em loy p ees (Ju 30 /D 31 ) ne ec.					166 20,	20, 184	0%

► Negative revenue growth driven by project delays and portfolio adjustments due to transformation measures
► EBIT1 negatively impacted by lower top-line and nonrecurring items
► Transformation program initiated

Revenue decreased by 6% (-6% in constant currency) to €531 million (Q2/ 22: €562 million). Organic growth was -7%.

In H1/ 23, revenue increased by 4% (3% in constant currency) to €1,114 million (H1/22: €1,075 million). Organic growth was 3%.

Revenue in the service business increased by 6% (5% in constant currency) to €443 million (Q2/ 22: €417 million) due to positive development of High-End Services (HES).

In H1/ 23, revenue in the service business increased by 7% (6% in constant currency) to €879 million (H1/ 22: €822 million).

Revenue in the project business decreased by 39% (-39% in constant currency) to €88 million (Q2/ 22: €145 million).

In H1/ 23, revenue in the project business decreased by 7% (-7% in constant currency) to €235 million (H1/ 22: €253 million).

EBIT¹ decreased to -€20 million (Q2/ 22: €11 million) with an EBIT margin1 of -3.8% (Q2/ 22: 2.0%). The weak development was related to lower revenues and negative nonrecurring items. To counteract the negative EBIT development, a major transformation program was initiated.

In H1/ 23, EBIT1 decreased to -€47 million (H1/ 22: €19 million) with an EBIT margin1 of -4.2% (H1/ 22: 1.8%).

2 Net income attributable to shareholders of VAMED AG

¹ Before special items

³ Thereof conditionally agreed order backlog of €1,017 million

⁴ FY/22 base: €2,359 million

⁵ FY/22 base: EBIT margin: 0.8%, before special items; FY/23 before special items

Net income1,2 decreased to -€31 million (Q2/ 22: €6 million). In H1/ 23, net income1,2 decreased to -€67 million (H1/ 22: €10 million).

Order intake was €179 million (Q2 / 22: €253 million). As of June 30, 2023, order backlog3 was at €3,280 million (December 31, 2022: €3,689 million).

Operating cash flow decreased to €2 million (Q2/ 22: €7 million) with a margin of 0.4% (Q2/ 22: 1.2%) due to the negative earnings development. In H1/ 23, operating cash flow decreased to -€66 million (H1/ 22: -€38 million) with a margin of -5.9% (H1/22: -3.5%).

For FY/ 2023, Fresenius Vamed confirms outlook and expects organic revenue4 to grow in a low-to mid-single digit percentage range. The EBIT margin5 is expected to be clearly below the structural margin band of 4% to 6%.

EMPLOYEES

As of June 30, 2023, the number of employees was 315,233 (Dec. 31, 2022: 316,920).

NUMBER OF EMPLOYEES

Nu mb of loy er em p ees	Jun e 30 , 202 3	Dec . 31 , 202 2	Gro wth
Fre ius Ka bi sen	42 943 ,	42 063 ,	2%
Fre ius He lios sen	126 962 ,	125 700 ,	1%
ius ica l C Fre M ed sen are	124 295 ,	128 044 ,	-3%
Fre ius Va d sen me	20, 166	20, 184	0%
Co rat rpo e	867	929	-7%
To tal	315 233 ,	31 6, 920	-1%

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.

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:

►Dialysis

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

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

RESEARCH AND DEVELOPMENT EXPENSES

BY BUSINESS SEGMENT

€ i illio n m ns	H1 / 202 3	H1 /20 22	Gro wth
1 Fre ius Ka bi sen	284	275	3%
Fre ius He lios sen	2	1	100 %
1 Fre ius M ed ica l C sen are	108	105	3%
Fre ius Va d sen me	-	-	--
Co rat rpo e	-1	-1	--
To tal	393	38 0	3%

1 Before special items

RATING

Fresenius 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:

	Sta rd& nda 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	ativ neg e

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 June 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 the first half of 2023 by a largely unsuccessful Russian offensive in the east of the country and the subsequent start of an expected Ukrainian counteroffensive in June 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.

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. In the first quarter of 2023, uncertainty on the financing markets had temporarily increased in connection with the difficulties of single U.S. banks, such as the closed Silicon Valley Bank, as well as of the globally systemically important major bank Credit Suisse.

Likewise, impairments of intangible assets, including goodwill, continue to be a relevant risk 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 halfyear 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 62 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

GROUP REVENUE AND EARNINGS

For 2023, Fresenius assumes no further escalations of geopolitical tensions and challenges from COVID-19, and supply chain constraints continuing to ease. Fresenius expects that the general cost inflation will have a more significant negative effect on its business than in 2022 due to the annualization effect of cost increases occurred in H2/ 2022.

Fresenius 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.

With the positive vote of Fresenius Medical Cares' shareholders in favor of the change of legal form, the structural simplification of the Fresenius Group has passed a major milestone. In order to reflect the deconsolidation of Fresenius Medical Care already now, Fresenius will provide the Group guidance for the fiscal year 2023 from now on solely excluding Fresenius Medical Care. This is a further step towards the implementation of #FutureFresenius, where Fresenius Medical Care will no longer be part of Fresenius' fully consolidated subsidiaries.

GROUP FINANCIAL TARGETS 2023

	Tar s 20 23 get	Fisc al y 202 2 ear
h1 Rev wt en ue gro	Mi d-s ing le-d ig it
C FM ex	tag per cen e
(or ic) gan	h wt gro	€2 1, 532 m
	Bro ad ly flat to
EB IT h wt gro	mid -sin le-d ig it g
1 FM C ex	tag per cen e
(in ) sta nt con cur ren cy	dec line	€2 187 m ,
		For FY /22 id: pa
Div ide nd sh per are	At lea tab le st s	€0 .92 har pe r s e

1 Before special items

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 ,
	Aro und 14 % (str l m in uct ura arg ban d:
EB IT in ma rg	of 14 % --1 7% )	13. 8%
Fre ius He lios sen
Rev h wt en ue gro (or ic) gan	Mi d-s ing le-d ig it 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 get s 20 23	Fisc al y 202 2 ear
Fre ius M ed ica l C sen are
	Wi th ado tio f IF RS 5 p n o loo k is ovi ded out pr ex C FM 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 (or ic) gan	Low id- sin le-d ig it -to -m g th tag per cen e g row	€2 35 9 m ,
EB IT in ma rg	Cle arl bel th y ow e l m in ban d str uct ura arg of 4 --6 %	0.8 %

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: 12.5%).

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: 22.3%).

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 is to achieve annual structural cost savings of around €1 billion at EBIT level from the fiscal year 2025 onwards. To achieve the targeted cost savings, one-time costs of around €700 to €750 million are expected at EBIT level, of which around 2/ 3 will be incurred in the year.

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, revenue and administrative costs, procurement, as well as divesting from non-core assets.

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

Fresenius Medical Care will accelerate and extend its FME25 transformation program to further optimize processes along the new operating model. The savings target for the program amounts to €650 million by 2025 and the Company expects to invest up to €650 million in the same period.

LIQUIDITY AND CAPITAL MANAGEMENT

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

We expect higher interest rates in fiscal year 2023, resulting in higher interest expense of €400 million to €440 million (excluding Fresenius Medical Care), depending on financing activities.

Fresenius expects the net debt/EBITDA1 ratio excluding Fresenius Medical Care to be below 4.0× by the end of 2023, therefore improving from 4.19×1 as of June 30, 2023 (December 31, 2022: 3.80× ). 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.

Fresenius

1st Half and 2nd Quarter 2023 Quarterly Financial Report

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 2022, 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 the Company 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 proposed to the Annual General Meeting. 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%.

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.

SIGNIFICANT EVENTS SINCE THE END OF FIRST HALF OF 2023

On July 14, 2023, an Extraordinary General Meeting of Fresenius Medical Care AG &Co. KGaA has approved the proposal of conversion of the legal form into a German stock corporation. The resulting changes are described in note 1. I., Group structure.

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 half of 2023. There have been no significant changes in the Fresenius Group's operating environment following the end of the first half of 2023.

FRESENIUS SE&CO. KGAA CONSOLIDATED STATEMENT OF INCOME

€ i illio n m ns	Q2 /20 23	Q2 /20 22	H1 / 202 3	H1 /20 22
Rev en ue	10, 35 9	10, 018	20, 584	19, 738
Co of sts re ven ue	-8, 026	-7, 44 0	-15 740 ,	-14 686 ,
ofi Gr t oss pr	2, 333	2, 57 8	4, 844	5, 052
Se llin al a nd ad mi nis tive tra g, ge ner ex pen ses	589 -1,	53 -1, 1	-3, 115	-2, 924
Res ch and de vel nt ear op me exp ens es	-20 1	-20 2	-39 9	-38 1
Op tin inc e ( IT) EB era g om	543	845	1, 33 0	1, 747
Ne t in ter est	-18 4	-11 6	-35 4	-23 4
inc Inc e b efo e t om re om axe s	35 9	729	976	1, 513
Inc e ta om xes	-19 3	-16 5	-34 7	-35 0
t in Ne com e	166	564	629	1, 163
No olli int ntr sts nco ng ere	86	181	203	36 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	80	383	42 6	796

Ea rni sha in € ng s p er re	0.1 5	0.6 8	0.7 6	1.4 2
Fu lly dil d e ing sha in € ute arn s p er re	0.1 5	0.6 8	0.7 6	1.4 2

FRESENIUS SE&CO. KGAA CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

€ i illio n m ns	Q2 /20 23	Q2 /20 22	H1 / 202 3	H1 /20 22
t in Ne com e	166	564	629	163 1,
nsi inc Ot he he e ( los s) r c om pre ve om
sit ion hic ill sif ied in in e i Po h w be las ub to net nt s w rec com n s seq ue yea rs
For eig nsl ati tra n c urr enc on y	-91	1, 355	-58 5	1, 874
Ca sh flow he dg es	1	2	2	1
FV OC I de bt ins tru nts me	-5	-14	3	-33
Inc siti hic h w ill b ecl ifie d e ta om xes on po ons w e r ass	1	8	-1	11
sit ion hic ill ssi fie d i t in e i Po h w be cla ub not nto nt s w re ne com n s seq ue yea rs
Ac ria l ga ins (lo s) o n d efi ned be nef it p ion lan tua sse ens p s	-40	215	-41	522
uity inv of OC Eq eth od sha I est m ees re --	0	1	--	-11
FV OC I eq uity in tm ent ves s	13	1	14	6
Inc siti hic h w ill n be las sifi ed e ta ot om xes on po ons w rec	12	-64	12	-15 6
Ot he he nsi inc e ( los s), net r c om pre ve om	-10 9	504 1,	-59 6	2, 214
siv e i To tal reh co mp en nco me	57	2, 068	33	3, 37 7
Co siv e i (lo ss) tri llin int reh bu tab le t at tro sts mp en nco me o n on con g ere	13	924	-96	1, 372
Co reh siv e i tri bu tab le t ha reh old of Fr niu s S E& Co . K Ga A at mp en nco me o s ers ese	44	1, 144	129	2, 005

FRESENIUS SE&CO. KGAA CONSOLIDATED STATEMENT OF FINANCIAL POSITION

ASSETS

LIABILITIES

€ i illio n m ns	Jun e 30 , 20 23	Dec ber 31, 202 2 em
Cas iva h a nd h e len ts cas qu	2, 47 1	2, 749
Tra de d o the cei vab les les llow nts acc ou an r re s a anc es , for it lo ted ed ex pec cr sse s	625 7,	7, 008
Ac cei vab le f d lo late d p ies nts to art cou re rom an ans re	85	157
Inv ori ent es	5, 018	4, 833
Oth t as set er cur ren s	4, 058	3, 532
As s h eld fo le set r sa	48	--
I. T l cu ota nt ets rre ass	19, 305	18, 279
Pro lan nd uip ty, t a nt per p eq me	12, 796	12, 919
Rig of- ht- set use as s	5, 739	5, 922
Go odw ill	30, 993	31, 444
Oth int ible set er ang as s	4, 172	4, 39 9
Oth ent set er no n-c urr as s	2, 49 9	2, 62 1
De fer red ta xes	909	83 1
II. To tal ent set no n-c urr as s	57 108 ,	136 58 ,
To tal set as s	76, 413	76, 415

€ i illio n m ns	Jun e 30 , 20 23	Dec ber 31, 202 2 em
Tra de ble nts acc ou pa ya	1, 925	2, 070
Sh ble late d p ies ort -te nts to art rm ac cou pa ya re	84	94
Sh ovi sio and her sh lia bil itie ort -te ot ort -te rm pr ns rm s	8, 622	8, 242
Sh de bt ort -te rm	1, 142	856
Sh de bt f late d p ies ort -te art rm rom re	14	11
Cu rtio f lo m d ebt nt ter rre po n o ng-	730	669
Cu rtio f le lia bil itie nt rre po n o ase s	839	85 1
Cu rtio f b ond nt rre po n o s	1, 800	649
Cu rtio f co rtib le b ond nt rre po n o nve s	49 5	--
Sh lia bil itie s fo r in ort -te e ta rm com xes	38 9	216
Lia bil itie ire iate ith s d ctly d w the s h eld fo le set as soc as r sa	17	--
A. To tal sh lia bil itie ort -te rm s	16, 057	13, 658
Lon m d ebt les rtio ter ent g- s c urr po n ,	2, 46 6	2, 166
Lea liab ilit ies les rtio ent se s c urr po n ,	56 6 5,	5, 74 1
Bo nds les rtio ent s c urr po n ,	15, 131	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	2, 702	2, 802
Pen sio n l iab ilit ies	1, 165	1, 099
Lon liab ilit ies fo r in ter e ta g- m com xes	256	242
De fer red ta xes	1, 640	1, 669
lia bil itie B. To tal lo -te ng rm s	926 28,	30 53 9 ,
l lia bil itie I. T ota s	44 983 ,	44 197 ,
ing in A. No oll ntr ter est nco s	11, 344	11, 803
Su bsc rib ed ita l cap	563	563
Ca ital p re ser ve	4, 323	4, 323
Oth er res erv es	090 15,	122 15,
Ac ula ted her reh ive in ot cum co mp ens com e	110	40 7
' e niu s S E& Co Ga ity B. To tal Fr . K A s ha reh old ese ers qu	086 20,	20, 415
rs' II. To tal sh ho lde uit are eq y	31 43 0 ,	32 21 8 ,
lia bil itie ' eq uit To tal nd sha reh old s a ers y	76, 413	76, 415

FRESENIUS SE&CO. KGAA CONSOLIDATED STATEMENT OF CASH FLOWS

€ i illio n m ns	H1 / 202 3	H1 /20 22
Op tin cti vit ies era g a
Ne t in com e	629	1, 163
Ad jus nci le n inc ash d tm ent s t et e t o r eco om o c an iva vid tin cti vit ies h e len ed by ts cas qu pro op era g a
De cia tio nd iza tio ort pre n a am n	40 8 1,	37 6 1,
Ch e in de fer red ta ang xes	-87	-89
Ga in/ of fix f in div itu los ale ed d o nd ets tm ent est s o n s ass an ves s a res	-36	81
Ch s in nd liab ilit ies of set et nts an ge as s a , n am ou fro sin uir dis of bu ed ed m ess es acq or pos
Tra de d o the cei vab les nts acc ou an r re	-70 3	-58 0
ori Inv ent es	-31 1	-27 1
Oth nd t a ent set er cur ren no n-c urr as s	-36 5	-54 4
Ac cei vab le f /pa ble late d p ies nts to art cou re rom ya re	65	52
Tra de ble isio and her sh d lo liab ilit ies nts ot ort -te ter acc ou pa ya , p rov ns rm an ng- m	0 57	-15 1
Lia bil itie s fo r in e ta com xes	191	81
ide ing tiv itie Ne ash d b t c rat pr ov y o pe ac s	36 1, 1	1, 118
Inv ing tiv itie est ac s
of ipm Pu rch lan nd ert t a ent ase pr op y, p equ and ital ize d d lop nt ts ca p eve me cos	-75 9	-80 1
ipm Pro ds fro ale f p lan nd ert t a ent cee m s s o rop y, p equ	12	9
Ac isit ion nd inv est nts qu s a me and rch f in ible tan set pu ase s o g as s	-11 8	6 -43
Pro ds fro ale of in nd div itu tm ent est cee m s ves s a res	77	73
in inv ing tiv itie Ne ash ed t c est us ac s	-78 8	-1, 155

FRESENIUS SE&CO. KGAA CONSOLIDATED STATEMENT OF CASH FLOWS

€ i illio n m ns	H1 / 202 3	H1 /20 22
Fin cin cti vit ies an g a
fro Pro ds ho de bt rt-t cee m s erm	825	196 1,
Re of sh de bt nts ort -te pay me rm	-53 2	-1, 604
Pro ds fro lon m d ebt ter cee m g-	1, 026	726
Re of lo m d ebt nts ter pay me ng-	-62 0	-61 9
Re of lea liab ilit ies nts pay me se	-47 1	-47 4
Pro ds fro he iss of bon ds m t cee uan ce	--	30 0 1,
Re of lia bil itie s fr bo nds nts pay me om	--	-62 7
fo s fr iva cili of ius ica l C Pay r/p eed th e A s R ble Fa Fre M ed nts unt ty me roc om cco ece sen are	-93	166
Pro ds fro he rcis f st ock tio m t cee exe e o op ns	--	20
Div ide nds id pa	-88 4	-75 7
Ch e in olli int ntr sts et ang no nco ng ere , n	-1	5
in fin cin cti vit ies Ne ash ed t c us an g a	-75 0	-66 8
Eff of cha ch ash d c ash uiv ale ect ate nts ex ng e r an ge s o n c an eq	-10 1	70
Ne t d e i ash d c ash uiv ale nts ecr eas n c an eq	-27 8	-63 5
Ca uiv inn ing ing rio sh d c ash ale th e b of th d nts at ort an eq eg e r ep pe	2, 749	764 2,
Ca sh d c ash uiv ale th nd of the rtin eri od nts at an eq e e re po g p	2, 47 1	2, 129

ADDITIONAL INFORMATION ON PAYMENTS

THAT ARE INCLUDED IN NET CASH PROVIDED BY OPERATING ACTIVITIES

€ i illio n m ns	H1 / 202 3	H1 /20 22
Rec eiv ed int st ere	64	44
Pai d i nte t res	-39 3	-27 1
Inc id e ta om xes pa	-30 0	-43 0

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

	Su	Res erv es
	Num ber of ord inar 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
of As De be r 3 1, 202 1 cem	55 8, 502	55 8, 502	55 8	026 4,	860 14,
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	735 4,	735 4,	5	142	-14 7
Pu rch of olli int ntr sts ase no nco ng ere				3
tio iab ilit ies Put n l op					19
Tra nsf of ula tive ins /lo f e ity inv est nts er cum ga sse s o qu me					3
Co ive in reh e ( los s) mp ens com
Ne t in com e					796
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
eig ati For nsl 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 reh ive in e ( los s) mp ens com					796
As of Ju 30, 20 22 ne	563 237 ,	563 237 ,	563	4, 177	15, 164

As of De be r 3 1, 202 2 cem	563 237 ,	563 237 ,	563	4, 323	15, 122
Div ide id nds pa					-51 8
Tra ctio wit h n llin int ith lo of l tro sts out tro nsa ns on con g ere ss con w				0
No olli int du han in lida tio ntr sts e t nco ng ere o c ges co nso n g rou p				--
Put tio n l iab ilit ies op					60
Co reh ive in e ( los s) mp ens com
t in Ne com e					6 42
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 y on
ria efi nef it p ion Ac l lo n d ned be lan tua sse s o ens p s
Fai lue ch r va ang es
Co ive in reh e ( los s) mp ens com					6 42
As of Ju 30, 20 23 ne	563 237 ,	563 237 ,	563	4, 323	15, 090

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

	Ac ula ted her reh ive in e ( los s) ot cum co mp ens com
	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	-39 0	-75 7
Scr ip div ide nd						--	--	--
of ing in Pu rch oll ntr ter est ase no nco s						3	44	47
Put tio n l iab ilit ies op						19	39	58
nsf of tive ins f e ity inv Tra ula /lo 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						796	36 7	1, 163
Oth siv e in hen e ( los s) er com pre com
Ca sh flow he dg es		0				0	1	1
Ch f F VO CI uity in tm ent ang e o eq ves s				6		6	0	6
For eig nsl atio tra n c urr enc n y	968	0	-5	0	0	963	916	1, 879
Ac ria l ga ins de fin ed ben efit nsi lan tua on pe on p s			252			252	114	36 6
Fai lue ch r va ang es					-12	-12	-26	-38
Co reh ive in e ( los s) mp ens com	968	0	247	6	-12	2, 005	1, 37 2	3, 37 7
of As Ju 30, 20 22 ne	1, 022	-66	-16 4	-39	7	664 20,	36 11, 9	32 033 ,
of As 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	-36 6	-88 4
Tra ctio wit h n llin int ith lo of l tro sts out tro nsa ns on con g ere w ss con						0	-8	-8
No olli int du han in lida tio ntr sts e t nco ng ere o c ges co nso n g rou p						--	-12	-12
Put tio n l iab ilit ies op						60	23	83
Co ive in reh e ( los s) mp ens com
Ne t in com e						42 6	203	629
Oth hen siv e in e ( los s) er com pre com
Ca sh flow he dg es		1				1	1	2
Ch f F VO CI uity in tm ent ang e o eq ves s				4		4	10	14
eig ati For nsl tra n c urr enc y on	-28 0	-1	-1	--	0	-28 2	-30 3	-58 5
Ac ria l lo n d efi ned be nef it p ion lan tua sse s o ens p s			-21			-21	-8	-29
Fai lue ch r va ang es					1	1	1	2
Co reh ive in e ( los s) mp ens com	-28 0	0	-22	4	1	129	-96	33
As of Ju 30, 20 23 ne	333	-56	-13 1	-54	18	20, 086	11, 344	31 43 0 ,

FRESENIUS SE&CO. KGAA CONSOLIDATED SEGMENT REPORTING FIRST HALF

	Fre	ius Ka sen	bi	Fre	ius He sen	lios	Fre sen	ius ica M ed	l C are	ius Fre Va d sen me			Co rat rpo e			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	32 202	22 202	Gro wth	33 202	23 202	Gro wth	202 3	202 2	Gro wth
Rev en ue	3, 992	3, 743	7%	6, 179	5, 856	6%	9, 529	9, 305	2%	1, 114	1, 075	4%	-23 0	-24 1	5%	20, 584	19, 738	4%
f co ibu tio the ntr n t reo o
sol ida ted con re ven ue	3, 955	3, 707	7%	6, 167	5, 844	6%	9, 494	9, 274	2%	968	912	6%	0	1	-10 0%	20, 584	19, 738	4%
f in the ter reo com pan y r eve nue	37	36	3%	12	12	0%	35	31	13 %	146	163	-10 %	-23 0	-24 2	5%	--	--
trib uti sol ida ted to con on con re ven ue	19 %	19 %		30 %	29 %		46 %	47 %		5%	5%		0%	0%		100 %	100 %
EB ITD A	803	775	4%	880	857	3%	1, 58 9	1, 686	-6%	5	67	-93 %	-53 9	-26 2	-10 6%	2, 738	3, 123	-12 %
De cia tio nd iza tio ort pre n a am n	229	21 1	9%	258	248	4%	834	834	0%	52	48	8%	35	35	0%	40 8 1,	37 6 1,	2%
EB IT	574	564	2%	622	609	2%	755	852	-11 %	-47	19	--	-57 4	-29 7	-93 %	1, 33 0	1, 747	-24 %
t in Ne ter est	-60	-20	-20 0%	-12 1	-93	-30 %	-16 3	-14 1	-16 %	-18	-3	--	8	23	-65 %	-35 4	-23 4	-51 %
Inc e ta om xes	-11 6	-12 0	3%	-11 7	-11 5	-2%	-16 0	-17 1	5%	-1	-4	75 %	47	60	-22 %	-34 7	-35 0	1%
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.	37 0	39 0	-5%	373	39 2	-5%	32 9	42 8	-23 %	-67	10	--	-57 9	-42 4	-37 %	42 6	796	-46 %

Op tin ash flo era g c w	20 1	242	-17 %	169	58	191 %	1, 150	910	26 %	-66	-38	-74 %	-93	-54	-72 %	1, 36 1	1, 118	22 %
Ca sh flow be for isit ion e a cqu s
and di vid end s	35	38	-8%	-51	-17 9	72 %	854	58 1	47 %	-12 3	-56	-12 0%	-10 1	-58	-74 %	614	32 6	88 %
1 To tal ets ass	16, 39 1	16, 745	-2%	22, 42 0	21, 33 7	5%	34, 960	35, 754	-2%	2, 715	2, 887	-6%	-73	-30 8	76 %	76, 3 41	76, 41 5	0%
1 De bt	4, 125	4, 195	-2%	8, 070	7, 81 1	3%	13, 066	13, 213	-1%	1, 120	885	27 %	1, 802	1, 659	9%	28, 183	27, 763	2%
1 Oth tin liab ilit ies er op era g	796 3,	3, 842	-1%	3, 927	3, 424	15 %	6, 100	6, 156	-1%	995	994	0%	325	34 9	-7%	15, 143	765 14,	3%
Ca ital dit p ex pen ure , g ros s	162	186	-13 %	224	213	5%	298	334	-11 %	57	20	185 %	8	4	100 %	749	757	-1%
isit ion /in Ac tm ent qu s, g ros s ves s	16	222	-93 %	0	75	-10 0%	77	150	-49 %	2	6	-67 %	--	--		95	45 3	-79 %

Res ch and de vel nt ear op me exp ens es	284	275	3%	2	1	100 %	108	105	3%	--	--		5	0	--	39 9	38 1	5%
Em loy p ees
1 (pe ita bal hee t d ) ate r c ap on anc e s	42 943 ,	42 063 ,	2%	1 26, 962	1 25, 700	1%	1 24, 295	1 28, 044	-3%	20, 166	20, 184	0%	867	929	-7%	3 15, 233	3 16, 920	-1%
Key fig ure s
in EB ITD A m arg	20 .1%	20 .7%		14. 2%	6% 14.		16. 7%	18. 1%		0.4 %	6.2 %					2 15. 7%	2 16. 9%
EB IT in ma rg	14. 4%	15. 1%		10. 1%	10. 4%		7.9 %	9.2 %		-4. 2%	1.8 %					2 9.1 %	2 10. 1%
De cia tio nd iza tio ort pre n a am n
in % of rev en ue	5.7 %	5.6 %		4.2 %	4.2 %		8.8 %	9.0 %		4.7 %	4.5 %					6.8 %	7.0 %
Op tin ash flo era g c w
in % of rev en ue	5.0 %	6.5 %		2.7 %	1.0 %		12. 1%	9.8 %		-5. 9%	-3. 5%					6.6 %	5.7 %
1 RO IC	7.0 %	7.8 %		5.1 %	5.4 %		3.7 %	4.1 %		-2. 7%	1.1 %					4 4.6 %	4 5.1 %

1 2022: December 31

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 SECOND QUARTER

	Fre	ius Ka sen	bi	Fre	ius He sen	lios	Fre sen	ius M ed ica	l C are	Fre ius Va d sen me			Co rat rpo e		Fre ius Gr 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	31 202	21 202	Gro wth	32 202	22 202	Gro wth	202 3	202 2	Gro wth
Rev en ue	2, 00 1	896 1,	6%	3, 113	2, 925	6%	4, 825	4, 757	1%	53 1	562	-6%	-11 1	-12 2	9%	10, 35 9	10, 018	3%
the f co ibu tio ntr n t reo o
ida sol ted con re ven ue	1, 983	1, 878	6%	3, 107	2, 918	6%	4, 808	4, 740	1%	46 1	48 1	-4%	0	1	-10 0%	10, 35 9	10, 018	3%
the f in ter reo com pan y r eve nue	18	18	0%	6	7	-14 %	17	17	0%	70	81	-14 %	-11 1	-12 3	10 %	--	--
trib uti sol ida ted to con on con re ven ue	19 %	19 %		30 %	29 %		46 %	47 %		5%	5%		0%	0%		100 %	100 %
EB ITD A	40 0	37 9	6%	44 1	42 9	3%	825	866	-5%	6	35	-83 %	-42 5	-18 1	-13 5%	1, 247	1, 52 8	-18 %
De cia tio nd iza tio ort pre n a am n	115	108	6%	130	126	3%	424	42 1	1%	26	24	8%	9	4	125 %	704	683	3%
EB IT	285	27 1	5%	31 1	303	3%	40 1	44 5	-10 %	-20	11	--	-43 4	-18 5	-13 5%	543	845	-36 %
Ne t in ter est	-29	-9	--	-65	-45	-44 %	-80	-72	-13 %	-10	-1	--	0	11	-10 0%	-18 4	-11 6	-59 %
Inc e ta om xes	-63	-58	-9%	-57	-57	0%	-90	-91	-2%	-1	-3	67 %	18	44	-59 %	-19 3	-16 5	-17 %
Ne t in ttri but ab le t har eho lde com e a o s rs
of ius SE &C KG Fre aA sen o.	179	189	-5%	183	197	-7%	175	225	-22 %	-31	6	--	6 -42	-23 4	-82 %	80	383	-79 %
Op tin ash flo era g c w	180	109	65 %	61	194	-69 %	1, 007	75 1	34 %	2	7	71 %	-64	-44	-45 %	1, 186	1, 017	17 %
Ca sh flow be for isit ion nd e a cqu s a
div ide nds	97	-1	--	-64	48	--	852	582	46 %	-23	-2	--	-71	-46	-54 %	79 1	58 1	36 %

Ca ital dit p ex pen ure , g ros s	84	102	-18 %	125	134	-7%	156	172	-10 %	25	8	--	6	3	100 %	39 6	41 9	-5%
Ac isit ion /in tm ent qu s, g ros s ves s	1	220	-10 0%	0	3	-10 0%	27	67	-61 %	--	--		-1	--		27	29 1	-91 %
Res ch and de vel nt ear op me exp ens es	142	147	-3%	1	1	0%	53	55	-4%	--	--		5	-1	--	20 1	202	0%
Key fig ure s
EB ITD A m in arg	20 .0%	20 .0%		2% 14.	14. 7%		17. 1%	18. 2%		1.1 %	6.2 %					1 9% 15.	1 16. 8%
EB IT in ma rg	14. 2%	14. 3%		10. 0%	10. 4%		8.3 %	9.4 %		-3. 8%	2.0 %					1 9.2 %	1 10. 0%
cia tio iza tio De nd ort pre n a am n
in % of rev en ue	5.7 %	5.7 %		4.2 %	4.3 %		8.8 %	8.9 %		4.9 %	4.3 %					6.8 %	6.8 %
Op tin flo ash era g c w in % of rev en ue	9.0 %	5.7 %		2.0 %	6.6 %		20 .9%	15. 8%		0.4 %	1.2 %					11. 4%	10. 2%

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

-

49 IV. Recent pronouncements, applied 57 13. Debt 67 22. Share-based compensation plans
49 V. Recent pronouncements, not yet applied 59 14. Bonds 68 23. Subsequent events
50 2. Acquisitions, divestitures and investments
51 3. Disposal group classified as held for sale of Fresenius Medical Care

47 General Notes 55 Notes on the consolidated statement of financial position 62 Other notes

47 1. Principles 55 9. Trade accounts and other receivables 62 18. Legal and regulatory matters
-
48 II. Basis of presentation 55 11. Other current and non-current assets 66 20. Information on capital management
-
-
-
-
- 60 16. Noncontrolling interests
- 61 17. Fresenius SE&Co. KGaA shareholders' equity

47 I. Group structure 55 10. Inventories 63 19. Financial instruments
-
48 III. Summary of significant accounting policies 56 12. Goodwill 66 21. Notes on the consolidated segment reporting
-
-
- 60 15. Convertible bonds 68 24. Corporate Governance

52 Notes on the consolidated statement of income

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

GENERAL NOTES

1. PRINCIPLES

I. GROUP STRUCTURE

Fresenius is a global healthcare group with products and services for dialysis, hospitals and outpatient medical care. In addition, the Fresenius Group focuses on hospital operations and also manages projects and provides services for hospitals and other healthcare facilities worldwide. Besides the activities of the parent company Fresenius SE&Co. KGaA, Bad Homburg v. d. H., Germany, the activities are organized amongst the following legally independent business segments as of June 30, 2023:

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

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 Medical Care and Fresenius Kabi each implemented a new global operating model. Thereafter, Fresenius Medical Care has reorganized the businesses into two global operating divisions, Care Enablement and Care Delivery, and Fresenius Kabi into four operating divisions: Biopharma, MedTech, Nutrition and Pharma (IV Drugs&Fluids).

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 quarter of 2023 and recognized negative one-time effects of €332 million. These mainly relate to impairments of loans, investments, receivables and inventories as well as the recognition of provisions. Most of these nonrecurring items are non-cash.

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 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. There is no impact on the consolidated financial statements of Fresenius SE&Co. KGaA for the first half ended June 30, 2023. For the financial statements in subsequent reporting periods, the specific accounting standards are as follows.

In the first step, as a result of the approval of the conversion of legal form, Fresenius Medical Care will be classified in accordance with IFRS 5 as a separate item (business held for deconsolidation) in the Fresenius Group consolidated statement of financial position, the consolidated statement of comprehensive income and the consolidated statement of cash flows. 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 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 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 will not result in any expenses in the third quarter of 2023. Step 2 may have effects due to the market capitalization of Fresenius Medical Care at the date of deconsolidation.

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). The values in use according to IAS 36 of the two Fresenius Medical Care CGUs, Care Enablement and Care Delivery, were above the respective carrying amounts as of June 30, 2023.

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''.

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. 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.

III. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of consolidation

The condensed consolidated financial statements and interim management report for the first half and the second quarter ended June 30, 2023 have been reviewed by our auditor PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft, Frankfurt am Main, and should be read in conjunction with the notes included and published in the consolidated financial statements as of December 31, 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 half and the second quarter ended June 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 half ended June 30, 2023 are not necessarily indicative of the results of operations for the fiscal year 2023.

Classifications

Comparative information for certain items have been reclassified to conform with current year's presentation.

In the business segment Fresenius Medical Care, in the consolidated statement of income, €184 million for the first half ended June 30, 2022 have been reclassified from selling, general and administrative expenses to costs of revenue due to a voluntary presentation policy change. This change was the result of an assessment of internal and external reporting by Fresenius Medical Care management with the aim of increasing transparency and aligning financial information.

Government grants and impacts of COVID-19 pandemic

In the first half of 2023, the German hospitals of the Fresenius Group received government compensation payments in the amount of €88 million to compensate for costs indirectly caused by the increase in energy prices. The payments were recognized in the consolidated statement of income according to their causes. Against the background of a recently passed amendment to the law, the Fresenius Group is continuously reviewing how to proceed with the government compensation payments and their conditions. This also concerns the possible receipt of further compensation payments from the second half of 2023 onwards.

In the first half of 2023, the Fresenius Group received in a small scope reimbursement payments and funding due to the COVID-19 pandemic.

The German hospitals of the Fresenius Group did not receive reimbursements and grants to compensate for COVID-19 related financial charges in the first half of 2023 (H1/ 2022: €212 million, thereof €195 million recorded in revenue and €17 million as grants in other operating income).

Fresenius Medical Care recorded in the first half of 2023 €3 million (H1/ 2022: €181 million) for government grants in various regions. The remaining amount of government grants received recorded in deferred income was €0.7 million at June 30, 2023 and €6 million at December 31, 2022.

In addition to the programs above, the Fresenius Group also received grants and other reimbursements in the first half of 2022 under various other programs from multiple governments around the world in the amount of €15 million.

Hyperinflationary accounting

Fresenius Group's subsidiaries operating in Argentina, Lebanon and Turkey apply IAS 29, Financial Reporting in Hyperinflationary Economies, due to inflation in those countries. For the first half of 2023, the application of IAS 29 resulted in an effect on net income attributable to shareholders of Fresenius SE&Co. KGaA of -€29 million (H1 / 2022: -€17 million) included in selling, general and administrative expenses. The ongoing re-translation effects of hyperinflationary accounting and its impact on comparative amounts are recorded in other comprehensive income (loss) within the consolidated financial statements.

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.

IV. RECENT PRONOUNCEMENTS, APPLIED

The Fresenius Group has prepared its consolidated financial statements at and for the first half ended June 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 half 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 Co-operation 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 of €95 million and €453 million in the first half of 2023 and 2022, respectively. Of this amount, €118 million was paid in cash in the first half of 2023 including €23 million in subsequent purchase price payments already recognized as liabilities.

FRESENIUS MEDICAL CARE

In the first half of 2023, Fresenius Medical Care spent €77 million (H1/ 2022: €150 million) on acquisitions, mainly on investments in debt instruments and the purchase of dialysis clinics.

Business combination of InterWell Health

On August 24, 2022 (acquisition date), Fresenius Medical Care completed a business combination among Fresenius Health Partners, Inc. (FHP), the value-based care division of Fresenius Medical Care's wholly owned subsidiary Fresenius Medical Care Holdings, Inc., with InterWell Health LLC, a physician organization driving innovation in the kidney care space in the United States, and Cricket Health, Inc., a U.S. provider of value-based kidney care with a patient engagement and data platform. The new company, InterWell Topco L.P. (NewCo), operates under the InterWell Health brand.

This business combination was conducted as a non-cash transaction. The contributions of the net assets of InterWell Health LLC and Cricket Health, Inc. were accounted for as a business combination in accordance with IFRS 3. Fresenius Medical Care's contribution of the net assets of FHP was recorded under common control at their respective carrying values at the acquisition date and the reduction of the Fresenius Medical Care's interest in FHP, in exchange for net assets received of InterWell Health LLC and Cricket Health, Inc., was accounted for as an equity transaction. Upon consummation of the business combination, Fresenius Medical Care holds approximately 75% of NewCo. The former owners of Cricket Health, Inc. and InterWell Health LLC hold approximately 17% and 8%, respectively, as noncontrolling interests in NewCo.

Fresenius Medical Care is in the process of reviewing and finalizing the information necessary for the purchase price allocation, including, but not limited to the final capital interest allocation. Any adjustments to acquisition accounting, net of related income tax effects, will be recorded with a corresponding adjustment to goodwill within one year from the acquisition date. Goodwill initially recorded in connection with the transaction was US\$703 million (€708 million), which has subsequently been reduced by US\$43 million (€44 million) during the fourth quarter of 2022 to account for changes in the purchase price allocation.

FRESENIUS KABI

In the first half of 2023, Fresenius Kabi spent €16 million (H1/ 2022: €222 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 goodwill in the amount of €464 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 half of 2023, Fresenius Helios did not incur any acquisition expenses (H1/ 2022: €75 million).

FRESENIUS VAMED

In the first half of 2023, Fresenius Vamed spent €2 million (H1/ 2022: €6 million) on acquisitions.

3. DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE OF FRESENIUS MEDICAL CARE

During the first half of 2023, Fresenius Medical Care's management committed to a plan to sell the health care service business within Care Delivery in Hungary and Sub-Saharan Africa. Fresenius Medical Care signed an agreement in connection with the FME25 program to sell the local dialysis service provider business to an operator of private clinics and other medical facilities in Hungary, which was completed on July 11, 2023. Furthermore, Fresenius Medical Care signed an agreement in connection with the legacy portfolio optimization program to sell 51 of its renal dialysis clinics in Sub-Saharan Africa to a South African hospital group.

Immediately before the classification of these disposals as held for sale, special items in the amount of €12 million were recognized for the planned divestiture in Hungary and included in selling, general and administrative expenses in the consolidated statement of income. The carrying amounts of the assets in the disposal group for the planned divestitures in Hungary are recognized at fair value less costs to

sell. The planned divestiture of Fresenius Medical Care's clinic network in Sub-Saharan Africa did not result in an impairment loss and the assets are recorded at their carrying amount.

As of June 30, 2023, the following assets and liabilities were classified as held for sale:

Lia bil itie ire cia ith s d ctl ted s h eld fo ale set y a sso w as r s	17
Pro vis ion nd oth liab ilit ies s a er	5
liab ilit ies Lea se	12
As s h eld fo ale set r s	48
Oth er	9
Go odw ill	27
Rig ht- of- set use as s	7
Pro lan nd uip ty, t a nt per p eq me	5
€ i illio n m ns	Jun e 30 , 20 23

NOTES ON THE CONSOLIDATED STATEMENT OF INCOME

4. SPECIAL ITEMS

Net income attributable to shareholders of Fresenius SE& Co. KGaA for the first half of 2023 in the amount of €426 million includes special items which had the following impact on the consolidated statement of income:

			Net inc om e ibut able attr to sha reh olde rs
€ i illio n m ns	EBI T	Inte rest exp ens es	of F nius rese SE& Co. KG aA
rni Ea s H 1/2 023 ng , bef eci al ite ore sp ms	1, 864	-35 4	764
Va d t sfo ati me ran rm on	-33 2	--	-25 6
Ex iate d w ith the pen ses as soc Fre ius nd eff icie st a sen co ncy (in clu din the FM E25 pro gra m g
m) pro gra	-10 8	--	-58
Leg rtfo lio adj ust nts acy po me	-94	--	-22
ctio xie Tra Ab ost nsa n c s m nce , Ive nix	-4	--	-2
al f rsio Leg ost orm co nve n c s Fre ius M ed ica l C sen are	-11	--	-4
Re Hu ent te me asu rem ma cy inv est nt me	15	--	4
ati of bi osi mi Rev alu lars ons tin rch ice nt con ge pu ase pr liab ilit ies	0	--	0
rni din Ea s H 1/2 023 ng ac cor g IFR S to	1, 33 0	-35 4	42 6

Net income attributable to shareholders of Fresenius SE& Co. KGaA for the first half of 2022 in the amount of €796 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
rni Ea s H 1/2 022 ng , bef eci al ite ore sp ms	2, 003	-23 5	913
Ex iate d w ith the pen ses as soc Fre ius nd eff icie st a sen co ncy (in din clu the FM E25 pro gra m g
m) pro gra	-11 4	--	-62
in Im ela ted th ts r to pac e w ar Uk rai ne	-40	--	-20
Re Hu ent te me asu rem ma cy inv est nt me	-78	--	-19
ctio xie Tra Ab ost nsa n c s m nce , Ive nix	-7	--	-6
Hy inf lati Tu rke per on y	-10	--	-6
Ret ctiv e d uti roa es	-9	--	-6
ati bi osi mi Rev alu of lars ons tin rch ice nt con ge pu ase pr liab ilit ies	2	1	2
rni din Ea s H 1/2 022 ng ac cor g IFR S to	1, 747	-23 4	796

5. REVENUE

Revenue by activity was as follows:

		H1 /20 23
€ i illio n m ns	Fre ius sen Kab i	Fre ius sen Hel ios	Fre ius sen Med ical Ca re	Fre ius 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	3, 953	6, 161	9, 173	966	0	20, 253
the f re of s ice reo ven ue erv s	40	6, 160	7, 244	738	0	14, 182
the f re of du d r ela ted rvic cts reo ven ue pro an se es	3, 910	--	929 1,	--	--	839 5,
the f re fro lon du ctio ter ont ts reo ven ue m g m pro n c rac	--	--	--	228	--	228
f fu fro ith the rth ont ts w tom reo er rev en ue m c rac cus ers	3	1	--	--	--	4
Oth er rev en ue	2	6	32 1	2	--	33 1
Re ve nu e	3, 955	6, 167	9, 494	968	0	20, 584

€ i illio n m ns		H1 /20 22
	Fre ius sen i Kab	Fre ius sen ios Hel	Fre ius sen ical Ca Med re	Fre ius 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	3, 704	839 5,	8, 963	909	1	19, 6 41
the f re of s ice reo ven ue erv s	40	5, 832	7, 132	676	1	13, 68 1
f re of rvic the du d r ela ted cts reo ven ue pro an se es	659 3,	--	1, 83 1	--	--	5, 49 0
the f re fro lon du ctio ter ont ts reo ven ue m g m pro n c rac	--	--	--	233	--	233
f fu fro ith the rth ont ts w tom reo er rev en ue m c rac cus ers	5	7	--	--	--	12
Oth er rev en ue	3	5	31 1	3	--	322
Re ve nu e	3, 707	5, 844	9, 274	912	1	19, 738

Other revenue includes revenue from insurance and lease contracts.

6. RESEARCH AND DEVELOPMENT EXPENSES

Research and development expenses of €399 million (H1 / 2022: €381 million) included expenditures for research and non-capitalizable development costs as well as regular depreciation and amortization expenses relating to capitalized development costs of €21 million (H1/ 2022: €12 million). The expenses for the further development of the Biopharma business included in the research and development expenses amounted to €83 million in the first half of 2023 (H1/2022: €74 million).

7. TAXES

During the first half 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.

8. EARNINGS PER SHARE

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

	H1 / 202 3	H1 /20 22
€ i illi Nu rat me ors n m on s ,
Ne t in ttri but ab le t com e a o
of sha reh old ers
Fre ius SE &C KG aA sen o.	42 6	796
ffe ct f di ion les lut du e to s e rom
Fre ius M ed ica l C sh sen are are s	--	--
vai Inc lab le t om e a o
all ord ina sha ry res	42 6	796
mi in of De mb sha nat no ors nu er res
We ig hte d a mb of ver age nu er
ina ing ord sha nd tsta ry res ou	563 237 277 , ,	559 29 1, 332 ,
Pot iall dil utiv ent e y
ina ord sha ry res	--	--
We ig hte d a mb of ord ina ver age nu er ry
sha nd ing ing di lut ion tsta res ou as sum	563 237 277 , ,	559 29 332 1, ,

sic rni in € Ba sha ea ng s p er re	6 0.7	1.4 2
Fu lly dil d e ing sha in € ute arn s p er re	0.7 6	1.4 2

NOTES ON THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION

9. TRADE ACCOUNTS AND OTHER RECEIVABLES

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

	Jun e 3 0, 202 3			De ber 31 202 2 cem ,
€ i illio n m ns		the reof dit cre imp aire d		the reof dit cre imp aire d
Tra de d o the cei vab les nts acc ou an r re	8, 177	825	7, 48 0	755
les llow for ted ed it lo s a anc es ex pec cr sse s	552	41 8	47 2	35 7
cei Tra de d o the ble nts et acc ou an r re va s, n	625 7,	40 7	7, 008	39 8

Within trade accounts and other receivables (before allowances) as of June 30, 2023, €7,954 million (December 31, 2022: €7,275 million) relate to revenue from contracts with customers as defined by IFRS 15. This amount includes €550 million (December 31, 2022: €470 million) of allowances for expected credit losses. Further trade accounts and other receivables, net, relate to other revenue.

10. INVENTORIES

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

€ i illio n m ns	Jun e 30 , 20 23	Dec . 31 , 20 22
ria Raw ls a nd rch d c ate ts m pu ase om po nen	1, 303	1, 200
Wo rk in pro ces s	45 8	46 7
Fin ish ed ds goo	3, 424	3, 30 9
les s r ese rve s	167	143
ori Inv ent t es, ne	5, 018	4, 833

11. OTHER CURRENT AND NON-CURRENT ASSETS

At equity investments as of June 30, 2023 in the amount of €716 million (December 31, 2022: €793 million) mainly related to the equity method investee of Fresenius Medical Care named Vifor Fresenius Medical Care Renal Pharma Ltd. In the first half of 2023, income of €75 million (H1/ 2022: €30 million) resulting from this equity investment was included in selling, general and administrative expenses in the consolidated statement of income.

12. GOODWILL

The carrying amount of goodwill has developed as follows:

€ i illio n m ns	Fre ius sen Kab i	Fre ius sen Hel ios	Fre ius sen Med ical Ca re	Fre ius sen Vam ed	Cor ate por	Fre ius sen Gro 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
dit ion Ad s	653	167	702	14	--	6 1, 53
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, 26 1	9, 073	15, 79 1	313	6	31, 444
Ad dit ion s	--	2	3	1	--	6
Dis als pos	--	-4	-48	--	--	-52
Im irm lo ent pa ss	--	--	-2	--	--	-2
eig ati For nsl tra n c urr enc y on	-81	-2	-32 1	1	--	-40 3
Ca ing of Jun e 3 0, 202 3 nt rry am ou as	6, 180	9, 069	15, 42 3	315	6	30, 993

The decrease of goodwill mainly relates to foreign currency translation.

In connection with the implementation of the new global operating models at Fresenius Medical Care and 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 future business developments compared with the previous assumptions. One exception is the business segment Fresenius Vamed whose business results declined

in the second quarter of 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) used for the impairment tests decreased from 5.65% to 5.32%. As a result, no impairments of goodwill have been recognized.

13. DEBT

SHORT-TERM DEBT

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

	Bo ok val ue
€ i illio n m ns	Jun e 30 , 20 23	Dec ber 31, 202 2 em
Fre ius SE &C KG aA Co ial Pap sen o. mm erc er	130	80
Fre ius M ed ica l C AG &C KG aA Co ial Pap sen are o. mm erc er	834	49 7
Oth sho de bt rtt er erm	178	279
Sh de bt ort -te rm	1, 142	856

LONG-TERM DEBT

As of June 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	Jun e 30 , 20 23	Dec ber 31, 202 2 em
Sch uld sch ein Lo ans	1, 96 1	1, 592
Loa n f th e E n I Ba nk stm ent rom uro pea nve	40 0	40 0
Ac Re cei vab le F aci lity of Fr niu s M ed ica l C nts cou ese are	--	94
Oth er	835	749
Su bto tal	3, 196	2, 835
les rtio ent s c urr po n	730	669
Lo de bt, le rtio -te nt ng rm ss cu rre po n	2, 46 6	2, 166

Schuldschein Loans

As of June 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	Jun e 30 , 20 23	Dec . 31 , 20 22
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
Fre ius SE &C KG aA 20 19 /20 23 sen o.	€2 64 mi llio 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	114
ius SE &C KG Fre aA 20 17 /20 24 sen o.	46 mi llio €2 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	4.4 0% / iab le var	30 9	--
ius SE &C KG 26 Fre aA 20 19 /20 sen o.	mi llio €2 38 n	Se 6 t. 2 3, 202 p	iab 0.8 5% / le var	238	238
Fre ius SE &C KG aA 20 17 /20 27 sen o.	€2 07 mi llio n	Jan . 29 202 7 ,	1.9 6% / iab 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	--
ius SE &C KG Fre aA 20 19 /20 29 sen o.	illio €8 4 m 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	--
ius US Fi 16 Fre II, Inc . 20 /20 23 sen nan ce	\$ US mi llio 43 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 5 m illio n	Feb . 14 202 7 ,	iab le var	25	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	200	200
Sc hu lds che in Loa ns				1, 96 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 June 30, 2023, the fixed tranche of €114 million of Fresenius SE&Co. KGaA's Schuldschein Loans due on September 25, 2023 and the fixed tranche of €246 million of Fresenius SE&Co. KGaA's Schuldschein Loans due on January 31, 2024, are shown as current portion of longterm 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 facilities of Fresenius SE&Co. KGaA and Fresenius Medical Care AG &Co. KGaA in the amount of €2.0 billion each which were entered into in July 2021 serve as backup lines. On June 2, 2023, both syndicated credit facilities were extended an additional year until July 1, 2028, with a maximum available borrowing amount of €1.9 billion each in the last year. They were undrawn as of June 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 June 30, 2023, the available borrowing capacity resulting from unutilized credit facilities was approximately €6.4 billion. Thereof, €4.0 billion related to the syndicated credit facilities and approximately €2.4 billion for bilateral facilities with commercial banks.

14. BONDS

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

	Not iona l am t oun	Mat urit y		Bo ok val ue € i illio n m ns
			Inte rest rat e	Jun e 30 , 20 23	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 8	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 %	6 49	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 5	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%	650	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%	49 9	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%	49 7	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 %	59 7	6 59
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 %	745	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%	49 8	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	747	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%	36 8	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%	454	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 %	913	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 %	777	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%	59 1	602
Bo nd s				16, 93 1	16, 978

As of June 30, 2023, the bonds issued by Fresenius Medical Care AG&Co. KGaA in the amount of €650 million, which are due on November 29, 2023 and the bonds issued by

Fresenius Finance Ireland PLC in the amount of €700 million, which are due on January 30, 2024 as well as 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.

15. CONVERTIBLE BONDS

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

					Bo ok € i n m	val ue illio ns
	iona Not l am t oun	urit Mat y	Cou pon	Cur t ren ion pric con vers e	Jun e 30 , 20 23	Dec ber 31, 202 2 em
ius SE &C KG Fre aA 20 17 /20 24 sen o.	mi llio €5 00 n	Jan . 31 202 4 ,	0.0 00 %	.06 €1 03 31	49 5	49 1
Co rtib le b ds nve on					495	49 1

The fair value of the derivative embedded in the convertible bonds of Fresenius SE&Co. KGaA was €0 and €9 thousand at June 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 June 30, 2023, the convertible bonds are shown as current portion of convertible bonds in the consolidated statement of financial position.

16. NONCONTROLLING INTERESTS

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

€ i illio n m ns	Jun e 30 , 20 23	Dec . 31 , 20 22
olli int in No ntr sts nco ng ere Fre ius M ed ica l C AG &C KG aA sen are o.	9, 176	9, 48 9
olli int No ntr sts nco ng ere in V AM ED Ak tie sel lsc haf t nge	-18	76
olli int No ntr sts nco ng ere in t he bus ine nts ss seg me
ius ica l C Fre M ed sen are	1, 40 2	46 1, 0
Fre ius Ka bi sen	599	602
Fre ius He lios sen	163	155
Fre ius Va d sen me	22	21
ing in To tal oll ntr ter est no nco s	11, 344	11, 803

For further financial information relating to Fresenius Medical Care see the consolidated segment reporting on pages 44 and 45.

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.

17. 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 half of 2023, no stock options were exercised. Consequently, as of June 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 22, 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 half of 2023. It was composed as follows as of June 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	735 083 4, ,
Co nd itio nal Ca ital II Fre ius SE p sen Sto ck Op tio n P lan 20 08 (ex ire d) p	3, 2, 937 45
Co nd itio nal Ca ital III tio n b bo nds p op ear er and /or rtib 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 ck Op tio n P lan 20 13	22, 824 857 ,
To tal Co nd itio nal Ca ita l as of Ju 30, 20 23 p ne	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

18. 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. Legal matters that the Fresenius Group currently deems to be material or noteworthy are described below. 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. For the other matters described below, the Fresenius Group believes that the loss is not probable and/ or the loss or range of possible losses cannot be reasonably estimated at this time. 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. In the following, only changes as far as content or wording are concerned during the first half ended June 30, 2023 compared to the information provided in the consolidated financial statements are described. These changes should be read in conjunction with the overall information in the consolidated financial statements as of December 31, 2022 applying Section 315e HGB in accordance with IFRS; defined terms or abbreviations having the same meaning as in the consolidated financial statements as of December 31, 2022 applying Section 315e HGB in accordance with IFRS.

INTERNAL REVIEW /FCPA COMPLIANCE

The United States Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) have accepted the Monitor's certification and the non-prosecution agreement (NPA) with the DOJ and the separate agreement with the SEC (SEC Order) expired on March 1, 2023 and March 29, 2023, respectively.

PRODUCT LIABILITY LITIGATION

Trial on the remaining issue is scheduled to begin March 11, 2024. Both parties have preserved appeals from the court's summary judgment rulings.

SUBPOENA ''MARYLAND'' Relator has filed an appeal.

SUBPOENA ''FRESENIUS VASCULAR CARE'' (AAC) Fresenius Medical Care Holding Inc. (FMCH) will defend the allegations asserted in the litigation now proceeding.

HBDI REQUEST

FMC-AG&Co. KGaA is committed to comply with the Hessen Data Protection Authority's (Hessischer Beauftragter für Datenschutz und Informationsfreiheit or HBDI) request in good faith and cooperate with them, and it is working to provide the relevant information. Additionally, FMC-AG&Co. KGaA is fully committed to safeguarding and protecting patients' privacy as per applicable laws and privacy-by-design standards, as well as to improve the devices continuously, considering technical, regulatory and privacy requirements.

19. FINANCIAL INSTRUMENTS

VALUATION OF FINANCIAL INSTRUMENTS

Carrying amounts of financial instruments

As of June 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:

	Jun e 3 0, 202 3
					Re lati to cat ng no ego ry
€ i illio n m ns	Car ryin t g am oun	Am orti zed t cos	Fair val ue t hro ugh pro 1 fit a nd loss	Fair val hro ugh ue t oth er sive hen com pre me2 inco	Der ivat ives des igna ted ash flo as c w hed gin g inst ents rum at f air valu e	Put ion opt liab ilitie s ed mea sur at f air valu e	Val ion uat ord ing to acc IFR S 1 6 fo r leas ing ivab les and rece liab ilitie s	Val uati f co on o n tinu ing invo lve t men
Fin cia l as set an s
Ca sh and sh iva len ts ca equ	2, 47 1	2, 045	42 6
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 ,	625 7,	25 7, 7	264	4			86	14
Ac cei vab le f d lo late d p ies nts to art cou re rom an ans re	85	85
3 Oth fin ial ets er anc ass	2, 912	2, 035	297	43 7	26		117
Fin cia l as set an s	13, 093	11, 42 2	987	44 1	26	--	203	14
Fin cia l li ab ilit ies an
Tra de ble nts acc ou pa ya	1, 925	1, 925
Sh ble late d p ies ort -te nts to art rm ac cou pa ya re	84	84
Sh de bt ort -te rm	1, 142	1, 142
Sh de bt f late d p ies ort -te art rm rom re	14	14
Lon m d ebt ter g-	3, 196	3, 196
liab ilit ies Lea se	6, 40 5						6, 40 5
Bo nds	16, 93 1	16, 93 1
Co rtib le b ond nve s	49 5	49 5
4 Oth fin ial liab ilit ies er anc	297 5,	2, 710	646		21	896 1,		24
Fin cia l lia bil itie an s	35 48 9 ,	26, 49 7	646	--	21	1, 896	6, 405	24

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 €91 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 June 30, 2023 and December 31, 2022:

	Jun e 3 0, 202 3				De ber 31 202 2 cem ,
€ i illio n m ns		Fai alu r v e				Fai lue r va
	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 sh and sh iva len ts ca equ	42 6	42 6			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 ,	268		268		27 1		27 1
1 Oth fin ial ets er anc ass
De bt ins tru nts me	45 0	45 0			44 5	44 5
uity in Eq tm ent ves s	219	48	104	67	224	36	103	85
De riva tive s d esi d a ash flo w h edg ing in ate str ent gn s c um s	26		26		21		21
De riva tive des ign d a s h edg ing in ot ate str ent s n um s	65		65		37		37
Fin cia l li ilit ies ab an
Lon m d ebt ter g-	196 3,		3, 152		2, 835		2, 770
Bo nds	16, 93 1	15, 289			16, 978	14, 872
Co rtib le b ond nve s	49 5	48 8			49 1	48 1
1 Oth fin ial liab ilit ies er anc
Put tio n l iab ilit ies op	1, 896			1, 896	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	623			623	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	21		21		11		11
riva tive ign ing in De des d a s h edg ot ate str ent s n um s	23		23		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 in-

struments 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 half of 2023:

€ i illio n m ns	ity i Equ stm ents nve	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
As of Ja 202 3 1, nu ary	85	633	2, 005
Ad dit ion s	4	1	18
Dis als pos	--	-15	-36
Ga in/ los ize d i rof it o r lo s r eco gn n p ss	-21	5	0
Ga in/ ize d i ity los s r eco gn n e qu	--	1	-65
Cu ef fec nd oth cha ts a rre ncy er nge s	-1	-2	-26
As of Ju 30, 20 23 ne	67	623	1, 896

20. INFORMATION ON CAPITAL MANAGEMENT

The Fresenius Group has a solid financial profile. As of June 30, 2023, the equity ratio was 41.1% and the debt ratio (debt / total assets) was 36.9%. As of June 30, 2023, the leverage ratio (before special items) on the basis of net debt/EBITDA, calculated on the basis of closing rates, was 3.85 (December 31, 2022: 3.64).

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:

	Jun e 30 , 20 23	Dec . 31 , 20 22
Sta rd& r's nda Poo
Co e C red it R ati 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	ativ neg e	ativ neg e

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

21. NOTES ON THE CONSOLIDATED SEGMENT REPORTING

GENERAL

The consolidated segment reporting tables shown on pages 44 and 45 of this interim report are an integral part of the notes.

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

The column Corporate 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 includes intersegment consolidation adjustments as well as all special items (see note 4, Special items).

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.

RECONCILIATION OF KEY FIGURES TO

CONSOLIDATED EARNINGS

€ i illio n m ns	H1 / 202 3	H1 /20 22
of ing To tal EB IT ort ent rep se gm s	1, 904	2, 044
Sp eci al i tem s	-53 4	-25 6
Ge al c te ner orp ora exp ens es
Co e ( EB IT) rat rpo	-40	-41
Gr EB IT ou p	1, 33 0	1, 747
Ne t in ter est	-35 4	-23 4
inc Inc e b efo e t om re om axe s	976	1, 513

RECONCILIATION OF NET DEBT WITH THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION

€ i illio n m ns	Jun e 30 , 20 23	Dec . 31 , 20 22
Sh de bt ort -te rm	142 1,	856
Sh de bt f late d p ies ort -te art rm rom re	14	11
Cu rtio f lo m d ebt nt ter rre po n o ng-	730	669
Cu rtio f le lia bil itie nt rre po n o ase s	839	85 1
Cu rtio f b ond nt rre po n o s	1, 800	649
Cu rtio f co rtib le b ond nt rre po n o nve s	49 5	--
Lon m d ebt les rtio ter ent g- s c urr po n ,	2, 46 6	2, 166
liab ilit ies rtio Lea les ent se s c urr po n ,	56 6 5,	5, 74 1
Bo nds les rtio ent s c urr po n ,	15, 131	16, 32 9
Co rtib le b ond nve s	--	49 1
De bt	28, 183	27, 763
les ash d c ash uiv ale nts s c an eq	2, 47 1	2, 749
Ne t d ebt	25, 712	25, 014

22. SHARE-BASED COMPENSATION PLANS

SHARE-BASED COMPENSATION PLANS OF FRESENIUS SE &CO. KGAA

As of June 30, 2023, Fresenius SE&Co. KGaA had two sharebased 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 and the Long Term Incentive Plan 2018 (LTIP 2018) which is solely based on performance shares.

Transactions during the first half of 2023

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

At June 30, 2023, 3,528,280 stock options issued under the 2013 LTIP were outstanding and exercisable. The members of the Fresenius Management SE Management Board held 461,250 stock options. At June 30, 2023, the Management Board members of Fresenius Management SE held 402,431 performance shares and employees of Fresenius SE & Co. KGaA held 2,471,468 performance shares under the LTIP 2018.

SHARE-BASED COMPENSATION PLANS OF FRESENIUS MEDICAL CARE AG&CO. KGAA

On March 1, 2023, 276,587 performance shares with a total fair value of €9 million were allocated under the Management Board Long Term Incentive Plan 2020 to the members of the Management Board and to certain former members of the Management Board. Of this number, 212,148 performance shares with a total fair value of €7 million relate to members of the Management Board and 64,439 performance shares with a total fair value of €2 million relate to certain former members of the Management Board. These amounts will be amortized over the three-year vesting period. The weighted average fair value per performance share at the allocation date was €32.16.

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

Bad Homburg v. d. H., August 4, 2023

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

The Management Board

H. Giza S. Hennicken Dr.M. Moser

23. SUBSEQUENT EVENTS

On July 14, 2023, an Extraordinary General Meeting of Fresenius Medical Care AG&Co. KGaA has approved the proposal of conversion of the legal form into a German stock corporation. The resulting changes are described in note 1. I., Group structure.

24. CORPORATE GOVERNANCE

For each consolidated stock exchange listed entity, the declaration pursuant to Section 161 of the German Stock Corporation Act (Aktiengesetz) has been issued and made available to shareholders on the website of Fresenius SE& Co. KGaA (www.fresenius.com/corporate-governance), and of Fresenius Medical Care AG&Co. KGaA (www.freseniusmedicalcare.com).

M. Sen P. Antonelli Dr.S. Biedenkopf Dr.F. De Meo

RESPONSIBILITY STATEMENT

''To the best of our knowledge, and in accordance with the applicable reporting principles for interim financial reporting, the interim consolidated financial statements give a

true and fair view of the assets, liabilities, financial position and profit or loss of the Group, and the interim Group management report includes a fair review of the development and performance of the business and the position of the

Group, together with a description of the principal opportunities and risks associated with the expected development of the Group for the remaining months of the financial year.''

Bad Homburg v. d. H., August 4, 2023

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

The Management Board

M. Sen P. Antonelli Dr.S. Biedenkopf Dr.F. De Meo

H. Giza S. Hennicken Dr.M. Moser

REPORT AFTER REVIEW

To Fresenius SE&Co. KGaA, Bad Homburg v. d. Höhe

We have reviewed the condensed consolidated interim financial statements - comprising the consolidated statement of financial position, consolidated statement of income, consolidated statement of comprehensive income, consolidated statement of cash flows, consolidated statement of changes in equity and selected explanatory notes - and the interim group management report of Fresenius SE&Co. KGaA, Bad Homburg v. d. Höhe, for the period from 1 January 2023 to 30 June 2023 which are part of the half-year financial report pursuant to § [Article] 115 WpHG [Wertpapierhandelsgesetz: German Securities Trading Act]. The preparation of the condensed consolidated interim financial statements in accordance with the IFRS applicable to interim financial reporting as adopted by the EU and of the interim group management report in accordance with the provisions of the German Securities Trading Act applicable to interim group management reports is the responsibility of the Management Board of Fresenius Management SE (the general partner). Our responsibility is to issue a review report on the condensed consolidated interim financial statements and on the interim group management report based on our review.

We conducted our review of the condensed consolidated interim financial statements and the interim group management report in accordance with German generally accepted standards for the review of financial statements promulgated by the Institut der Wirtschaftsprüfer [Institute of Public Auditors in Germany] (IDW) and additionally observed the International Standard on Review Engagements "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" (ISRE 2410). Those standards require that we plan and perform the review so that we can preclude through critical evaluation, with moderate assurance, that the condensed consolidated interim financial statements have not been prepared, in all material respects, in accordance with the IFRS applicable to interim financial reporting as adopted by the EU and that the interim group management report has not been prepared, in all material respects, in accordance with the provisions of the German Securities Trading Act applicable to interim group management reports. A review is limited primarily to inquiries of company personnel and analytical procedures and therefore does not provide the assurance attainable in a financial statement audit. Since, in accordance with our engagement, we have not performed a financial statement audit, we cannot express an audit opinion.

Based on our review, no matters have come to our attention that cause us to presume that the condensed consolidated interim financial statements have not been prepared, in all material respects, in accordance with the IFRS applicable to interim financial reporting as adopted by the EU nor that the interim group management report has not been prepared, in all material respects, in accordance with the provisions of the German Securities Trading Act applicable to interim group management reports.

Frankfurt am Main, August 4, 2023

PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft

(Original German Version signed by:)

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FINANCIAL CALENDAR

Re n 1 - 3 rd 202 3 rt o st - art po qu er
Co nfe cal l, Liv ebc ast ren ce e w	No ber 2, 202 3 vem
Sub ject han to c ge

FRESENIUS SHARE/ADR

	din Or sh ary are		AD R
Sec uri tie s id ific ati ent on no.	60 57 8 5	CU SIP	35 804 M1 05
Tic ker mb ol sy	FR E	Tic ker mb ol sy	FS NU Y
ISI N	856 DE 000 57 04	ISI N	US 35 804 M1 053
Blo ber bo l om g s ym	FR E G R	Str uct ure	Sp d L l 1 AD R ons ore eve
Re bo l ute rs s ym	FR EG .de	Rat io	4 A DR 1 s har e =
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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, Dr. Francesco De Meo, Helen Giza, Sara Hennicken, 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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AI Terminal

Fresenius SE & Co. KGaA

166_10-q_2023-08-04_7e88367d-ab2c-440e-8b85-81448dd86498.pdf

TABLE OF CONTENTS

3 Fresenius Group figures at a glance 24 Fresenius Kabi 37 Consolidated financial statements

FRESENIUS GROUP FIGURES AT A GLANCE

REVENUE AND EARNINGS

BALANCE SHEET

PROFITABILITY

SHAREHOLDER INFORMATION

KEY DATA OF THE FRESENIUS SHARE

DEVELOPMENT IN THE FIRST HALF OF 2023

SHAREHOLDER STRUCTURE

ANALYST RECOMMENDATIONS

VIRTUAL ANNUAL GENERAL MEETING

INTERIM GROUP MANAGEMENT REPORT

STRATEGY AND GOALS

AT THE HEART OF HEALTHCARE

EXECUTING SEGMENT STRATEGIES

RESET FOR #FUTUREFRESENIUS

PORTFOLIO FOCUS

DECONSOLIDATION OF FRESENIUS MEDICAL CARE

STRUCTURAL PRODUCTIVITY

TRANSFORMATION FRESENIUS VAMED

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

REVENUE

REVENUE BY REGION

REVENUE BY BUSINESS SEGMENT

EARNINGS

EARNINGS

RECONCILIATION

These concern:

RECONCILIATION TABLES

RECONCILIATION FRESENIUS GROUP

RECONCILIATION FRESENIUS KABI

RECONCILIATION FRESENIUS HELIOS

RECONCILIATION FRESENIUS MEDICAL CARE

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 MEDICAL CARE

FRESENIUS VAMED

EMPLOYEES

NUMBER OF EMPLOYEES

CHANGES TO THE MANAGEMENT BOARD

RESEARCH AND DEVELOPMENT

RESEARCH AND DEVELOPMENT EXPENSES

RATING

OPPORTUNITIES AND RISK REPORT

OUTLOOK 2023

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

SIGNIFICANT EVENTS SINCE THE END OF FIRST HALF OF 2023

FRESENIUS SE&CO. KGAA CONSOLIDATED STATEMENT OF INCOME

FRESENIUS SE&CO. KGAA CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FRESENIUS SE&CO. KGAA CONSOLIDATED STATEMENT OF FINANCIAL POSITION

LIABILITIES

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W	W
irt	irt
ha	ha
fts	fts
ü	ü
fer	fer
sc	sc
p	p
r	r
(	(
Ge	Ge
Pu	Pu
b	b
l	l
ic	ic
Au	Au
d	d
ito	ito
)	)
rm	rm
an	an
r	r