Fresenius SE & Co. KGaA

Investor Presentation • Aug 2, 2023

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

Bad Homburg, 2 August 2023

Safe Harbor Statement

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

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

1 Business update

• Financial review Q2/23

• FutureFresenius

H1/Q2: Strong performance and consistent progress with #FutureFresenius

#FutureFresenius – focus on value creation

Strong Q2/23 at Operating Companies; VAMED restructuring underway

• Strong top-line performance
• Cost savings program progressing ahead of schedule
• Both Kabi and Helios within structural margin band
• Combined EBIT margin at 11.3%

Core of #FutureFresenius plowing ahead

Topline outlook ex-FMC improved; Kabi outlook upgraded at CMD

Operating Companies: Kabi and Helios delivering

KEY MESSAGES

All growth rates in constant currency (cc) before special items

• Excellent organic revenue growth fueled by double-digit increases for total of Nutrition, MedTech and Biopharma
  • EBITDA margin of 20% in Q2/23
  • EBIT margin within margin band driven by operating performance and cost savings improvement

• Very strong organic revenue growth above growth band driven by doubledigit increase of Helios Spain
• Excellent activity levels at Helios Spain
• Solid performance at Helios Germany
• EBIT margin in margin band

Major milestone reached - deconsolidation process well advanced

Advancing patient care – expanding portfolio of specialized healthcare products

Recent highlights

Advancing patient care – innovating across our healthcare services network

Recent highlights

1 Business update

Financial review Q2/23

FutureFresenius

Q2/23 – Excellent performance by Operating Companies

All P&L growth rates in constant currency (cc), before special items Net income attributable to shareholders of Fresenius SE & Co. KGaA ¹ According to FY/23 guidance, excluding Provider Relief Fund (PRF) at Fresenius Medical Care

Fresenius Kabi posts strong growth momentum Q2/23 results

12

1,000 1,500 2,000 Q2/22 Q4/22 Q1/23 14.3% 2,001 Q3/22 1,896 13.5% 11.6% 14.5% 14.2% Q2/23 Revenue €m EBIT Margin 2% 3% 7% 7% 8% 271 280 236 289 285 Revenue growth org. EBIT €m QUARTERLY FINANCIALS

MAIN DEVELOPMENTS

• Strong organic revenue growth
• Nutrition, MedTech and Biopharma additive to Kabi growth rate
• Improving growth in Pharma
• EBIT margin remains above 14% and in line with CMD guidance
• Solid EBIT growth driven by both, Growth Vectors and Pharma
• Momentum on cost savings, mitigating ongoing inflationary cost pressures

Before special items

Fresenius Helios delivering strong quarter Q2/23 results

MAIN DEVELOPMENTS

• Strong organic revenue growth mainly driven by excellent activity levels at Helios Spain as well as Fertility
• Helios Germany with solid top-line development supported by more complex treatments
• EBIT margin within structural margin band
• Inflationary headwinds mitigated by strong operating top-line performance and well progressing cost savings

Before special items

Fresenius Vamed: Weak quarter – transformation underway Q2/23 results

Major milestone achieved – positive EGM vote on change of Fresenius Medical Care's legal form

	Incl. FMC	Excl. FMC
€m	Q2/23	Q2/23
Revenue	10,359	5,557
EBIT	956	555
EBIT margin	9.2%	10.0%
Financial result	-184	-104
Net income	375	3751
ROIC	4.6%	5.0%
Net debt/ EBITDA	3.88x	4.19x
Operating cash flow	1,186	285

Before special items

¹ Including at equity result from FMC before potential effects of updated Purchase Price Allocation

Approval of legal form change on July 14

2023

Start of IFRS 5 Application

FMC will be represented in one single item line in FSE's P&L and B/S from Q3/23 onwards

No one-time P&L revaluation effect due to the very strong share price performance of FMC over the recent months (market capitalization July 14: ~€14bn)

Registration in commercial register

Upon change of legal form at equity accounting is applied - could have P&L effects which are recognized as non-cash special items

Operating cash flow solid in Q2/23

€m	Q2/23	Q2/22	Q2/23 LTM	Q2/22 LTM
OCF	1,186	1,017	4,441	4,093
% OCF Margin	11.4%	10.2%	10.7%	10.5%
Capex	-395	-436	-1,732	-1,899
Capex in % of revenue	-3.8%	-4.4%	-4.2%	-4.9%
% FCF before acquisitions and dividends	7.6%	5.8%	6.5%	5.6%
Acquisitions	10	-271	-508	-644
Dividends	-831	-701	-1,017	-909
FCF	-30	-391	1,184	641

• Q2 OCF increased by 17% over prior year quarter
• Kabi and FMC with strong OCF performance
• Higher working capital weighs on Helios OCF
• Weak operating performance reflected in Vamed's OCF
• LTM OCF Margin at a healthy 10.7%
• CAPEX below FY/23 expectation of around 5%

Cost savings program progressing well

Cost savings program is fully on track to deliver on 2023 targets and beyond

~55% of full year 2023 EBIT savings realized during H1

FMC and Kabi as largest contributors to cost savings

~€110m of one-time costs in H1

Outlook for FY/23 presented in new format given progressing Group simplification

Fresenius Group

Revenue growth excluding FMC (organic): Mid-single-digit growth

EBIT (cc growth) excluding FMC: Broadly flat-to-mid-single-digit decline

Operating Companies Investment Companies

Mid-single-digit organic revenue growth Within structural EBIT margin band of 9 – 11% Mid-single-digit organic revenue growth Around 14%; structural EBIT margin band of 14 – 17% Low-to-mid-single-digit organic revenue growth Clearly below structural EBIT margin band of 4 – 6% With adoption of IFRS 5 outlook is provided ex FMC Performance of FMC to be reflected in FSE's P&L below EBIT

• 1 Business update
• Financial review Q2/23

#FutureFresenius

#FutureFresenius – Driving value and performance

Appendix

FY/23 – Other financial KPIs for Fresenius Group excluding FMC

With adoption of IFRS 5 – Guidance to be provided ex FMC only:

Higher interest rates leading to increased interest expenses of €400 to €440m depending on refinancing activities

Capital efficiency and returns to be improved over next quarters

¹ At LTM average exchange rates for both net debt and EBITDA; pro forma closed acquisitions/divestitures; before special items; after effects from assets held for sale at FME ² At LTM

Fresenius Kabi: Q2/23 & H1/23 Organic Revenue Growth by Product Group

Total revenue	2,001	8%	3,992	8%
Pharma (IV Drugs & Fluids)	952	6%	1,892	5%
Growth Vectors1	1,062	12%	2,113	11%
Biopharma	83	34%	153	44%
Nutrition	614	13%	1,216	11%
MedTech	365	9%	744	9%
€m	Q2/23	Δ YoY organic	H1/23	Δ YoY organic

¹ consists of MedTech, Nutrition, Biopharma

Fresenius Kabi: Q2/23 & H1/23 EBIT(DA) development

€m	Q2/23	Δ YoY cc	H1/23	Δ YoY cc
Total EBITDA	400	6%	803	3%
Margin	20.0%	0 bps	20.1%	-60 bps
Growth Vectors1	88	12%	184	-5%
Margin	8.3%	-10 bps	8.7%	-140 bps
Pharma (IV Drugs & Fluids)	206	7%	403	5%
Margin	21.6%	+50 bps	21.3%	+50 bps
Corporate	-8	-128%	-13	-64%
Total EBIT	285	5%	574	1%
Margin	14.2%	-10 bps	14.4%	-70 bps

All figures before special items

Margin growth at actual rates

¹ consists of MedTech, Nutrition, Biopharma

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

Fresenius Helios: Q2/23 & H1/23 Key Financials

€m	Q2/23	Δ YoY cc	H1/23	Δ YoY cc
Total revenue	3,113	7%1	6,179	6%1
Thereof Helios Germany	1,823	4%1	3,651	3%1
Thereof Helios Spain	1,223	12%1	2,393	10%1
Thereof Helios Fertility	68	11%1	134	14%1
Total EBIT Margin	311 10.0%	3% -40 bps	622 10.1%	3% -30 bps
Thereof Helios Germany Margin	154 8.4%	0% -40 bps	309 8.5%	0% -20 bps
Thereof Helios Spain Margin	154 12.6%	5% -80 bps	311 13.0%	5% -70 bps
Thereof Helios Fertility Margin	7 10.3%	0% -50 bps	11 8.2%	0% -80 bps
Thereof Corporate	-4	--	-9	--

¹ Organic growth

All figures before special items

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

Fresenius Helios: Key Metrics

	H1/23	FY/22	Δ
Helios Germany
Hospitals - Acute care hospitals	87 84	87 84	0% 0%
Beds - Acute care hospitals	30,110 29,544	30,352 29,786	-1% -1%
Admissions - patients treated in hospital - patients treated as outpatient	2,784,615 566,798 2,217,817	5,508,158 1,079,776 4,423,482
Helios Spain (incl. Latin America)
Hospitals	58	58	0%
Beds	8,267	8,259	0%
Admissions (including outpatients) - patients treated in hospital - patients treated as outpatient	10,431,629 591,341 9,840,288	18,853,264 1,067,410 17,785,854

Fresenius Vamed: Q2/23 & H1/23 Key Financials

€m	Q2/23	Δ YoY cc	H1/23	Δ YoY cc
Total revenue Thereof organic revenue	531	-6% -7%	1,114	3% 3%
Project business	88	-39%	235	-7%
Service business	443	5%	879	6%
EBIT1 Total	-20	--	-47	--
Order intake2	179	-29%	222	-57%
Order backlog2			3,2803	-12%4

¹ Before special items

² Project business only

³ Thereof conditionally agreed order backlog €1,017 million

⁴ Versus December 31, 2022

Fresenius Group: Calculation of Noncontrolling Interests

€m	H1/23	H1/22
Earnings before tax and noncontrolling interests	1,510	1,768
Taxes	-395	-404
Noncontrolling interests, thereof	-351	-451
Fresenius Medical Care net income not attributable to Fresenius (FY/22: ~68%)	-223	-292
Noncontrolling interest holders in Fresenius Medical Care	103	-112
Noncontrolling interest holders in Fresenius Kabi (-€28 m), Fresenius Helios (-€11 m), Fresenius Vamed (-€1 m) and due to Fresenius Vamed's 23% external ownership (+€15 m)	-25	-47
Net income attributable to Fresenius SE & Co. KGaA	764	913

Before special items

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

Fresenius Group: Cash Flow

€m	Q2/23	Q2/23 LTM	LTM Margin	Δ YoY
Operating Cash Flow	1,186	4,441	10.7%	17%
Capex (net)	-395	-1,732	-4.2%	9%
Free Cash Flow	791	2,709	6.5%	36%
(before acquisitions and dividends)
Acquisitions (net)	10	-508
Dividends	-831	-1,017
Free Cash Flow (after acquisitions and dividends)	-30	1,184	2.8%	92%

Fresenius Group: Reconciliation adjusted Free Cash Flow for CCR

€m	Q2/23	Q2/22	H1/23	H1/22
Operating Cash Flow	1,186	1,017	1,361	1,118
Capex (net)	-395	-436	-747	-792
Free Cash Flow	791	581	614	326
(before acquisitions and dividends)
Special items (net income before minorities)	-6	+119	+85	+201
Interests (before special items)	+184	+116	+354	+235
Taxes (before special items)	+211	+204	+395	+404
Adjusted Free Cash Flow for CCR	1,180	1,020	1,448	1,166

Cash Flow development Q2/23

		Operating Cash Flow					Capex (net)			Free Cash Flow1
€m		Q2/23	Q2/22	Q2/23 Margin	Q2/22 Margin	Q2/23	Q2/22	Q2/23 Margin	Q2/22 Margin	Q2/23	Q2/22	Q2/23 Margin	Q2/22 Margin
		180	109	9.0%	5.7%	-83	-110	-4.2%	-5.8%	97	-1	4.8%	-0.1%
		61	194	2.0%	6.6%	-125	-146	-4.1%	-5.0%	-64	48	-2.1%	1.6%
		1,007	751	20.9%	15.8%	-155	-169	-3.2%	-3.6%	852	582	17.7%	12.2%
		2	7	0.4%	1.2%	-25	-9	-4.7%	-1.6%	-23	-2	-4.3%	-0.4%
	Corporate/Other	-64	-44	n.a.	n.a.	-7	-2	n.a.	n.a.	-71	-46	n.a.	n.a.
	Excl. FMC²	285	393	5.1%	7.4%	-240	-267	-4.3%	-5.0%	45	126	0.8%	2.4%
		1,186	1,017	11.4%	10.2%	-395	-436	-3.8%	-4.4%	791	581	7.6%	5.8%

¹ Before acquisitions and dividends

² Including FMC dividends

Cash Flow development Q2/23 LTM

		Operating Cash Flow				Capex (net)		Free Cash Flow1
€m	Q2/23 LTM	Q2/22 LTM	Q2/23 Margin	Q2/22 Margin	Q2/23 LTM	Q2/22 LTM	Q2/23 Margin	Q2/22 Margin	Q2/23 LTM	Q2/22 LTM	Q2/23 Margin	Q2/22 Margin
	800	970	9.9%	13.1%	-480	-502	-5.9%	-6.8%	320	468	4.0%	6.3%
	1,478	824	12.3%	7.3%	-537	-574	-4.5%	-5.1%	941	250	7.8%	2.2%
	2,407	2,270	12.3%	12.3%	-654	-778	-3.4%	-4.2%	1,753	1,492	8.9%	8.1%
	-72	99	-3.0%	4.2%	-20	-50	-0.8%	-2.1%	-92	49	-3.8%	2.1%
Corporate/Other	-172	-70	n.a.	n.a.	-41	5	n.a.	n.a.	-213	-65	n.a.	n.a.
Excl. FMC²	2,140	1,950	9.7%	9.4%	-1,078	-1,121	-4.9%	-5.4%	1,062	829	4.8%	4.0%
	4,441	4,093	10.7%	10.5%	-1,732	-1,899	-4.2%	-4.9%	2,709	2,194	6.5%	5.6%

¹ Before acquisitions and dividends

² Including FMC dividends

Revenue by Business Segment – FX, Acquisitions/Divestitures Effects Q2/23

€m	Q2/23	Q2/22	Growth at actual rates	Currency translation effects	Growth at constant rates	Organic growth	Acquisi tions	Divesti tures/ Others
Fresenius Kabi	2,001	1,896	6%	-5%	11%	8%	3%	0%
Fresenius Helios	3,113	2,925	6%	-1%	7%	7%	0%	0%
Fresenius Medical Care	4,825	4,757	1%	-5%	6%	6%	0%	0%
Fresenius Vamed	531	562	-6%	0%	-6%	-7%	1%	0%
Total	10,359	10,018	3%	-4%	7%	6%	1%	0%

Revenue by Business Segment – FX, Acquisitions/Divestitures Effects H1/23

€m	H1/23	H1/22	Growth at actual rates	Currency translation effects	Growth at constant rates	Organic growth	Acquisi tions	Divesti tures/ Others
Fresenius Kabi	3,992	3,743	7%	-3%	10%	8%	2%	0%
Fresenius Helios	6,179	5,856	6%	0%	6%	6%	0%	0%
Fresenius Medical Care	9,529	9,305	2%	-2%	4%	4%	0%	0%
Fresenius Vamed	1,114	1,075	4%	1%	3%	3%	0%	0%
Total	20,584	19,738	4%	-2%	6%	5%	1%	0%

Financial Calendar / Contact

Financial Calendar		Social Media
02 November 2023	Results Q3/23	Follow Fresenius Investor Relations on LinkedIn:

Please note that these dates could be subject to change.

Contact

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

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