QUARTERLY FINANCIAL REPORT

Q1 | 2023

- 5 Strategy and goals

11 Results of operations, financial position, assets and liabilities 24 Subsequent events 41 Notes
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15 Investments
15 Cash flow
16 Asset and liability structure

17 Business segments

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24 Rating
9 Healthcare industry 24 Oppotunities and risk report
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11 Revenue 25 Outlook 2023
12 Earnings 28 Reconciliation tables

3 Fresenius Group figures at a glance 17 Fresenius Medical Care 33 Consolidated financial statements

19 Fresenius Kabi 33 Consolidated statement of income
21 Fresenius Helios 34 Consolidated statement of comprehensive income
4 Shareholder information 22 Fresenius Vamed 35 Consolidated statement of financial position
- 23 Employees 36 Consolidated statement of cash flows
- 23 Changes to the Management Board 38 Consolidated statement of changes in equity
5 Management Report 23 Research and development 40 Consolidated segment reporting first quarter of 2023

14 Reconciliation 62 Financial Calendar

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	Q1 /20 23	Gro wth	Gro wth in c tant ons cur ren cy
Rev en ue	10, 225	5%	5%
IT1 EB	908	-9%	2 -11 %/ -10 %
in1 EB IT ma rg	8.9 %
1 EB IT FM C ex	554	-7%	-7%
3 EB IT in e x F MC ma rg	10. 0%
1,4 Ne t in com e	38 9	-16 %	-17 %

BALANCE SHEET

€ i illio n m ns	Ma rch 31 , 20 23	Dec . 31 , 20 22	Cha nge
To tal ets ass	76, 553	76, 41 5	0%
5 Eq uity	32, 173	32, 218	0%
5 uity tio Eq ra	42 .0%	42 .2%
1,6 Ne t d ebt /E BIT DA	3.7 9	3.6 5

PROFITABILITY

	Q1 /20 23	Q1 /20 22
Ca sh Co rsio n R (C CR ); LT M ate nve	1.1	1.0
1,4,7 Ret uity af x ( RO E) ter ta urn on eq	8.1 %	8.5 %
1,7 Ret tin ts ( RO OA ) urn on op era g a sse	5.5 %	5.7 %
1,7 in ita OIC Ret ted l (R ) urn on ves ca p	4.8 %	5.1 %

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

7 2022: annual return FY/22

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

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

SHAREHOLDER INFORMATION

Despite slight economic improvements in the first quarter of 2023, macroeconomic effects and ongoing geopolitical tensions continue to burden the market environment. Overall, the DAX gained 11% in the first three months, while the Fresenius share closed -6% lower at €24.85.

KEY DATA OF THE FRESENIUS SHARE

	Q1 /20 23	202 2	Gro wth
Nu mb of sha (M 31 /D 31 ) er res ar. ec.	563 237 277 , ,	563 237 277 , ,	0%
n1 Sto tio in € ck han ota exc ge qu
Hig h	29 .08	37 .88	-23 %
Low	.46 23	20 .04	17 %
Per iod d q ati clo sin ric e in € uot -en on g p	24 .85	26 .25	-5%
Ø T rad ing lum e ( mb of sha ad ing da ) r tr vo nu er res pe y	1, 36 7, 174	1, 59 0, 013	-14 %
2 in Ma rke ital iza tio illio n € (M 31 /D 31 ) t ca p n m ar. ec.	13, 996	785 14,	-5%

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 QUARTER

While the first quarter of 2023 was characterized by slightly positive economic signals in the global economy, increased energy prices across Europe compared to the previous year and ongoing geopolitical tensions continue to burden the market environment. Despite the lasting difficult market environment in the first quarter of 2023, current ECB forecasts expect GDP growth of 1.0% for the year 2023. In May 2023, the ECB decided to raise the benchmark interest rate in the eurozone by another 25 basis points to 3.75%.

The Federal Reserve expects the US economy to grow by 0.4% in 2023, according to its latest forecast. In May 2023, the Federal Reserve decided to increase its benchmark interest rate range by another 25 basis points to 5.00% to 5.25%.

In this economic environment, the DAX increased by 11% in the first quarter of 2023 to 12,784 points. The Fresenius share saw a decline of 6% and closed at €24.85 on March 31, 2023.

INTERIM MANAGEMENT REPORT

Fresenius executing on #FutureFresenius: Strong performance of Operating Companies in Q1/ 23 and structural simplification on track

► Deconsolidation of Fresenius Medical Care moving ahead as planned
► Group Revenue increased by 5% to €10.2 billion driven by a broad-based positive performance across the Group
► Group EBIT in constant currency decreased by 10%1 to €908 million in line with expectations. EBIT development of Operating Companies was broadly flat despite negative effects from inflation; Investment Companies clearly dilutive
► Fresenius Kabi with EBIT margin of 14.5% already within structural band
► Enhanced transparency with change of Fresenius Kabi's financial disclosure from a geographic to a product segment view
► Fresenius Helios with healthy organic revenue growth driven by increasing admissions
► Structural productivity savings ramping up, ~€130 million already achieved in Q1 / 23
► Group outlook 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. 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. Our goal is 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.

We have lived up to our special responsibility as part of the healthcare system, even under the difficult circumstances of the COVID-19 pandemic, major disruptions in the global supply chains, and shortages of critical medical staff in many of the regions in which we are active.

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 busi-nesses (''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 2022, 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. The separation concept has been finalized and the relevant agreements are currently being drafted. The date of the Extraordinary General Meeting (EGM) of Fresenius Medical Care has been scheduled for July 14, 2023. Subject to the necessary shareholder approvals and the registration with the commercial register, the conversion is expected to become effective latest by the end of the 2023financial year.

Moreover, starting in 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.

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

Under the cost and efficiency program, ~€130 million of structural cost savings at EBIT level were already achieved in Q1/ 23, that is around 25% of the planned savings for 2023. In the same period, one-time costs of ~€50 million incurred to achieve these savings. These are treated as special items. Thereof, Fresenius Medical Care invested €26 million and realized ~€60 million of cost savings.

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 hastaken 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.

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 an integral part of its business model. 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 Fresenius Group Sustainability Board (GSB) held four meetings to discuss the implementation of regulatory requirements, in particular the EU taxonomy and the Supply Chain Sourcing Obligations Act and the EU's Corporate Sustainability Reporting Directive (CSRD). Furthermore, the internal quarterly reporting of ESG key figures as part of the Management Board compensation system was driven forward and work was done on setting quantitative sustainability targets. In addition, for the first time, Fresenius conducted an employee survey in the past fiscal year, among other things on employee identification and loyalty to the employer. In December 2022, we were again included in the Dow Jones Sustainability Index (DJSI Europe).

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.

RESULTSOF OPERATIONS, FINANCIAL POSITION, ASSETS AND LIABILITIES

REVENUE

Group revenue increased by 5% (5% in constant currency) to €10,225 million (Q1/ 22: €9,720 million). Organic growth was 5%. Acquisitions /divestitures contributed net 0% to growth. In total, currency translation had no effect on revenue growth. Excluding Fresenius Medical Care,

Group revenue increased by 7% (7% in constant currency) to €5,546 million (Q1/ 22: €5,192 million).

REVENUE BY REGION

€ i illio n m ns	Q1 /20 23	Q1 /20 22	Gro wth	Cur ren cy slat ion tran effe cts	Gro wth at stan t ra tes con	Org anic reve nue wth gro	uisi tion Acq s	Div esti Oth ture / s ers	% o tal reve f to nue
No rth Am eri ca	3, 894	3, 759	4%	5%	-1%	0%	0%	-1%	38 %
Eu rop e	4, 655	4, 38 1	6%	0%	6%	6%	0%	0%	46 %
ia- ific As Pac	1, 030	1, 004	3%	-2%	5%	5%	1%	-1%	10 %
Lat in A ric me a	54 6	47 2	16 %	-14 %	30 %	26 %	4%	0%	5%
Afr ica	100	104	-4%	-4%	0%	1%	0%	-1%	1%
To tal	10, 225	9, 720	5%	0%	5%	5%	1%	-1%	100 %

REVENUE BY BUSINESS SEGMENT

€ i illio n m ns	Q1 /20 23	Q1 /20 22	Gro wth	Cur ren cy ion tran slat effe cts	Gro wth at stan t ra tes con	Org anic reve nue wth gro	Acq uisi tion s	Div esti / Oth ture s ers	f to % o tal reve 1 nue
Fre ius Ka bi sen	1, 99 1	1, 847	8%	0%	8%	7%	2%	-1%	19 %
Fre ius He lios sen	3, 066	2, 93 1	5%	0%	5%	5%	0%	0%	30 %
Fre ius sen
Me dic al C are	4, 704	4, 54 8	3%	1%	2%	2%	0%	0%	46 %
Fre ius Va d sen me	583	513	14 %	1%	13 %	13 %	0%	0%	5%
To tal	10, 225	9, 720	5%	0%	5%	5%	1%	-1%	100 %

EARNINGS

Group EBITDA before special items decreased by 5% (-6% in constant currency) to €1,585 million (Q1/ 222: €1,662 million). Reported Group EBITDA was €1,491 million (Q1/ 22: €1,595 million).

Group EBIT before special items decreased by 9% (-11%/-10%3 in constant currency) to €908 million (Q1/ 222: €1,000 million). The decrease was mainly driven by the expected annualization of inflationary effects such as cost increases for personnel, material, logistics, and energy. This is due to the fact that H2/ 2022 showed stronger cost inflation compared to H1/ 2022. Moreover, a very negative performance at Fresenius Vamed weighed on Group EBIT. The EBIT margin before special items was 8.9% (Q1/ 222: 10.3%). Reported Group EBIT was €787 million (Q1/ 22: €902 million). Excluding Fresenius Medical Care, Group EBIT before special items decreased by 7% (-7% in constant currency) to €554 million (Q1/ 222: €593 million). The EBIT margin excluding Fresenius Medical Care before special items was 10.0% (Q1/ 222: 11.4%).

Group net interest before special items was -€170 million (Q1/ 222: -€119 million) mainly due to financing activities in a higher interest rate environment. Reported Group net interest was -€170 million (Q1/ 22: -€118 million).

EARNINGS

€ i illio n m ns	Q1 /20 23	Q1 /20 22	Gro wth
Re ven ue	10, 22 5	9, 72 0	5%
Co of sts re ven ue	-7, 714	246 -7,	-6%
Gr ofi t oss pr	2, 51 1	2, 474	1%
Se llin mi nis tive al a nd ad tra g, ge ner ex pen ses	-1, 52 6	-1, 393	-10 %
Res ch and de vel nt ear op me exp ens es	-19 8	-17 9	-11 %
tin inc Op e ( EB IT) era g om	787	902	-13 %
Int lt st r ere esu	0 -17	8 -11	-44 %
Fin cia l re sul t an	-17 0	-11 8	-44 %
efo inc Inc e b e t om re om axe s	61 7	78 4	-21 %
Inc e ta om xes	-15 4	-18 5	17 %
t in Ne com e	463	59 9	-23 %
No olli int ntr sts nco ng ere	-11 7	-18 6	37 %
1,2 t in ibu ius Ne tab le t o F SE &C KG aA ttr com e a res en o.	38 9	463	-16 %
1 Ne t in ttri but ab le t o F ius SE &C KG aA com e a res en o.	34 6	3 41	-16 %

1,2 rni ina (€) Ea ord sha ng s p er ry re	0.6 9	0.8 3	-17 %
1,2 Fu lly dil d e ing ord ina sha (€) ute arn s p er ry re	0.6 9	0.8 3	-17 %
1 rni ina Ea ord sha (€) ng s p er ry re	0.6 1	0.7 4	-18 %
1 Fu lly dil d e ing ord ina sha (€) ute arn s p er ry re	0.6 1	0.7 4	-18 %
Av mb of s har era ge nu er es	563 237 277 , ,	55 8, 502 143 ,	1%

2 EB ITD A	1, 585	1, 662	-5%
2 De cia tio nd iza tio ort pre n a am n	677	662	2%
2 EB IT	908	000 1,	-9%
2 EB ITD A m in arg	15. 5%	17. 1%
2 EB IT in ma rg	8.9 %	10. 3%

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

Group tax rate before special items increased to 24.9% (Q1/ 221: 22.7%) mainly due to an increase in the proportionate share of non-tax-deductible expenses compared to taxable income at Fresenius Medical Care as well as the non-recognition of increased tax loss carryforwards. Reported Group tax rate was 25.0% (Q1/ 22: 23.6%).

Noncontrolling interests before special items were -€165 million (Q1/ 221: -€218 million) of which 93% were attributable to the noncontrolling interests in Fresenius Medical Care. Reported noncontrolling interests were -€117 million (Q1/ 22: -€186 million).

Group net income2 before special items decreased by 16% (-17% in constant currency) to €389 million (Q1/ 221: €463 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 income2 before special items decreased to €346 million (Q1/ 22: €413 million). Excluding Fresenius Medical Care, Group net income2 before special items decreased by 14% (-16% in constant currency) to €341 million (Q1/ 221: €397 million).

Earnings per share2 before special items decreased by 17% (-18% in constant currency) to €0.69 (Q1/ 221: €0.83). Reported earnings per share2 were €0.61 (Q1/ 22: €0.74).

KEY FINANCIAL FIGURES EXCLUDING FRESENIUS MEDICAL CARE

(PR O F OR MA )

€ i illio n m ns	Q1 /20 23	Q1 /20 22	Gro wth	Gro wth cc
Re ven ue	5, 54 6	5, 192	7%	7%
Fre ius Ka bi sen	1, 99 1	1, 847	8%	8%
Fre ius He lios sen	3, 066	2, 93 1	5%	5%
Fre ius Va d sen me	583	513	14 %	13 %
Co lida tio nso n	-94	-99	5%	3%
Op tin inc e ( EB IT) era g om	554	593	-7%	-7%
Fre ius Ka bi sen	289	293	-1%	-4%
Fre ius He lios sen	31 1	30 6	2%	2%
Fre ius Va d sen me	-27	8	--	--
Co rat rpo e	-19	-14	-36 %	-29 %
Fin cia l re sul t an	-87	-50	-74 %	-78 %
inc Inc e b efo e t om re om axe s	46 7	543	-14 %	-15 %
Inc e ta om xes	-11 4	-12 0	5%	5%
t in Ne com e	353	423	-17 %	-18 %
les llin int tro sts s n on con g ere	-12	-26	54 %	54 %
4 Res ult Eq uity M eth od Fre ius M edi cal Ca sen re	48	66	-27 %	-26 %
1,5 t in Ne com e	38 9	463	-16 %	-17 %
EB ITD A	82 1	842	-2%	-3%
EB ITD A m in arg	8% 14.	16. 2%
De cia tio nd iza tio ort pre n a am n	267	249	7%	7%
EB IT in ma rg	10. 0%	11. 4%
Op tin ash flo era g c w	32	-58	-15 5%
% of as rev en ue	0.6 %	-1. 1%
Ca sh flow be for isit ion nd div ide nds e a cqu s a	-17 9	-25 4	-30 %
of % as rev en ue	-3. 2%	9% -4.
2,3 Ne t d ebt /E BIT DA	6 3.9	3.8 0

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

2 At LTM average exchange rates for both net debt and EBITDA; pro forma closed acquisi-
tions /divestitures; before special items; including lease liabilities, including FME dividend 3 2022: December 31
4 Before potential effects of updated Purchase Price Allocation
5 Including at Equity result from FME before potential effects

of updated Purchase Price Allocation

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 Q1 / 2023 as well as Q1/ 2022 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),
► transaction costs mAbxience, Ivenix,
► impacts related to the war in Ukraine,
► remeasurement Humacyte investment,
► legal form conversion costs Fresenius Medical Care as well as
► legacy portfolio adjustments

The special items shown within the reconciliation tables are reported in the ''Corporate'' segment. For a detailed overview of special items please see the reconciliation tables from page 28 onwards.

INVESTMENTS

INVESTMENTS/ACQUISITIONS BY BUSINESS SEGMENT

Spending on property, plant and equipment was €353 million corresponding to 3% of revenue (Q1/ 22: €338 million; 3% 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 €211 million corresponding to 4% of revenue (Q1/ 22: €176 million; 3% of revenue).

Total acquisition spending was €68 million (Q1/ 22: €162 million) mainly for investments in debt instruments and the purchase of dialysis clinics at Fresenius Medical Care. Excluding Fresenius Medical Care, total acquisition spending was €18 million (Q1/ 22: €79 million).

CASH FLOW

Group operating cash flow increased to €175 million (Q1/ 22: €101 million) driven by the governmental support on energy costs at Fresenius Helios in Germany. Significantly higher working capital at Fresenius Kabi in particular receivables and inventory weighed on cash flow. Furthermore, the earnings development at Fresenius Vamed had a negative impact. The first quarter is traditionally a softer cash flow quarter due to phasing effects with catchup effects over the course of the year. Group operating cash flow margin was 1.7% (Q1/ 22: 1.0%). Free cash flow before acquisitions and dividends increased to -€177 million (Q1/ 22: -€255 million). Free cash flow after acquisitions and dividends increased to -€281 million (Q1/ 22: -€403 million).

The cash conversion rate (CCR), which is defined as the ratio of adjusted free cash1 flow to EBIT before special items, was 0.3 (LTM: 1.1). As the first quarter is traditionally a softer cash flow quarter due to phasing effects a catch-up over the course of the year is expected.

€ in millions Q1 /2023 Q1 /2022 Thereof property, plant and equipment Thereof acquisitions Growth % of total Fresenius Kabi 93 86 78 15 8% 22% Fresenius Helios 99 151 99 0 -34% 23% Fresenius Medical Care 192 245 142 50 -22% 46% Fresenius Vamed 34 18 32 2 89% 8% Corporate 3 0 2 1 - 1% Total 421 500 353 68 -16% 100%

CASH FLOW STATEMENT (SUMMARY)

€ i illio n m ns	Q1 / 202 3	Q1 /20 22	Gro wth
Ne t in com e	46 3	599	-23 %
De cia tio nd iza tio ort pre n a am n	704	693	2%
Ch ork ing ital d o the ang e w ca p an rs	-99 2	-1, 191	17 %
Op tin Ca flo sh era g w	175	101	73 %
Ca ital dit et p ex pen ure , n	-35 2	-35 6	1%
isit ion div ide Ca sh flo bef nd nd w ore ac qu s a s	-17 7	-25 5	31 %
Ca sh d f uis itio /pr eds fro m d ive stit use or acq ns oce ure s	-51	-92	% 45
Div ide nds id pa	-53	-56	5%
flo fte uis itio ivid Fre ash d d ds e c w a r a cq ns an en	-28 1	-40 3	30 %
Ca sh vid ed by /us ed for fin ing tiv itie pro anc ac s	-10 3	-31 9	68 %
Eff of cha ch e in sh and ect tes ex nge ra on ang ca
h e iva len ts cas qu	-44	35	--
e i uiv Ne ha ash d c ash ale t c nts ng n c an eq	-42 8	-68 7	38 %

ASSET AND LIABILITY STRUCTURE

Group total assets remained nearly unchanged compared to FY/ 22 (1% in constant currency) at €76,553 million (Dec. 31, 2022: €76,415 million) given the expansion of business activities which, however, was offset by currency translation effects. Current assets increased by 5% (6% in constant currency) to €19,102 million (Dec. 31, 2022: €18,279 million), mainly driven by the increase of trade account receivables. Non-current assets decreased by 1% (0% in constant currency) to €57,451 million (Dec. 31, 2022: €58,136 million).

Total shareholders' equity decreased by 0% (2% in constant currency) to €32,173 million (Dec. 31, 2022: €32,218 million). The equity ratio was 42.0% (Dec. 31, 2022: 42.2%).

Group debt increased by 0% (1% in constant currency) to €27,765 million (Dec. 31, 2022: €27,763 million). Group net debt increased by 2% (2% in constant currency) to €25,444 million (Dec. 31, 2022: €25,014 million).

As of March 31, 2023, the net debt/EBITDA ratio was 3.79x1,2 (Dec. 31, 2022: 3.65x1,2) mainly driven by lower EBITDA contribution and higher net debt. Excluding Fresenius Medical Care, the net debt/EBITDA ratio was 3.96x1,2 (Dec. 31, 2022: 3.80x1,2).

In Q1/ 23, ROIC was 4.8% due to the lower EBIT (Q4/ 22: 5.1%). Excluding Fresenius Medical Care, the ROIC was 5.2% (Q4/ 22: 5.6%).

BALANCE SHEET

€ i illio n m ns	Ma rch 31 , 202 3	Dec . 31 , 20 22	Cha nge
As set s
Cu nt ets rre ass	19, 102	18, 279	5%
the f tr ade cei vab les nts reo ac cou re	7, 770	7, 008	11 %
the f in ies tor reo ven	947 4,	833 4,	2%
the f ca sh and sh uiv ale nts reo ca eq	2, 32 1	2, 749	-16 %
No ent set n-c urr as s	57 45 1 ,	136 58 ,	-1%
the f p lan nd uip ert t a nt reo rop y, p eq me	12, 770	12, 919	-1%
the f g ood wil l an d o the r in ible tan set reo g as s	35, 294	35, 843	-2%
the f ri ht- of- set reo g use -as s	806 5,	922 5,	-2%
To tal set as s	76, 553	76, 415	0%
Lia bil itie uit nd sha reh old ' eq s a ers y
Lia bil itie s	44 38 0 ,	44 197 ,	0%
the f tr ade ble nts reo ac cou pa ya	1, 998	2, 070	-3%
the f a ual nd oth sho lia bil itie rt-t reo ccr s a er erm s	10, 800	10, 48 8	3%
the f d ebt reo	27, 765	27, 763	0%
the f le lia bili tie reo ase s	6, 45 9	6, 592	-2%
ing in No oll ntr ter est nco s	64 11, 1	11, 803	-1%
To tal Fr niu s S E& Co . K Ga A s ha reh old ' eq uit ese ers y	20, 532	20, 415	1%
uit To tal sh ho lde rs' are eq y	32 173 ,	32 21 8 ,	0%
To tal lia bil itie nd sha reh old ' eq uit s a ers y	76, 553	76, 415	0%

1 At LTM average exchange rates for both net debt and EBITDA; pro forma closed acquisitions /divestitures 2 Before special items

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	Q1 /20 23	Q1 /20 22	Gro wth	Gro wth in c tant ons cur ren cy
Rev en ue	1, 99 1	1, 847	8%	8%
IT1 EB	289	293	-1%	-4%
in1 EB IT ma rg	14. 5%	15. 9%
1,2 Ne t in com e	191	20 1	-5%	-7%
Em loy p ees (M h 3 1/ De c. 3 1) arc	42 37 1 ,	42 063 ,	1%

► Strong organic revenue growth in all three growth vectors
► Biopharma with ongoing strong momentum
► EBIT margin1 within structural margin band despite significantly increased year-over-year inflationary headwinds
► Enhanced transparency by change of financial disclosure from a geographic to a product segment view

Revenue increased by 8% (8% in constant currency) to €1,991 million (Q1/ 22: €1,847 million) mainly driven by the strong business development of all growth vectors. Organic growth was 7%.

Revenue in MedTech increased by 11% (organic growth: 9%) to €378 million (Q1/ 22: €342 million) mainly driven by the good business development in Latin America.

Revenue in Nutrition increased by 4% (organic growth: 8%) to €602 million (Q1/ 22: €577 million) mainly driven by the good business development in Latin America and Europe.

Revenue in Biopharma increased by 207% (organic growth: 57%) to €71 million (Q1/ 22: €23 million) mainly driven by the good business development in Latin America.

Revenue of the Growth Vectors (MedTech, Nutrition and Biopharma) increased by 12% (organic growth: 10%) to €1,051 million (Q1/ 22: €942 million).

Revenue in the Pharma (IV Drugs&Fluids) business increased by 4% (organic growth: 3%) to €940 million (Q1/ 22: €905 million). The good business development in Europe and North America was dampened by offsetting effects in China.

1 Before special items

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

For a detailed overview of special items please see the reconciliation tables on pages 28f.

EBIT¹ decreased by 1% (-4% in constant currency) to €289 million (Q1/ 22: €293 million) due to the annualization of cost inflation effects.

EBIT margin1 was 14.5% (Q1 / 22: 15.9%) and thus within the structural EBIT margin band. The positive sequential development is driven by the well progressing cost savings program as well as targeted pricing initiatives.

EBIT1 of the Growth Vectors (MedTech, Nutrition and Biopharma) decreased by 14% (-17% in constant currency) to €96 million (Q1/ 22: €112 million) due to the annualization of cost inflation effects. EBIT1 margin was 9.2% (Q1/ 22: 11.9%).

EBIT1 in the Pharma (IV Drugs&Fluids) business increased by 7% (4% in constant currency) to €197 million (Q1/ 22: €185 million) due to positive development in the North American region. EBIT1 margin was 21.0% (Q1/ 22: 20.4%).

Net income1,2 decreased by 5% (-7% in constant currency) to €191 million (Q1/ 22: €201 million).

Operating cash flow decreased to €21 million (Q1/ 22: €133 million) with a margin of 1.1% (Q1/ 22: 7.2%) mainly driven by phasing effects and working capital build-ups, in particular higher inventories.

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

1 Before special items

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

3 FY/22 base: €7,850 million

4 FY/22 base: EBIT margin: 13.8%, before special items; FY/23 before special items

For a detailed overview of special items please see the reconciliation tables on pages 28f.

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, 22 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	Q1 /20 23	Q1 /20 22	Gro wth	Gro wth in c tant ons cur ren cy
Rev en ue	3, 066	2, 93 1	5%	5%
IT1 EB	31 1	30 6	2%	2%
in1 EB IT ma rg	10. 1%	10. 4%
1,2 Ne t in com e	190	195	-3%	-2%
Em loy p ees (M 31 /D 31 ) ar. ec.	125 33 7 ,	125 700 ,	0%

► Fresenius Helios with healthy organic revenue growth driven by ongoing admissions increase across all areas
► EBIT margin1 solid following successful measures to counter inflationary headwinds
► Helios Fertility recovering with increasing volumes

Revenue increased by 5% (5% in constant currency) to €3,066 million (Q1/ 22: €2,931 million). Organic growth was 5%. Acquisitions contributed 0% to revenue growth.

Revenue of Helios Germany increased by 3% (organic growth: 3%) to €1,828 million (Q1/ 22: €1,783 million), mainly driven by increasing admissions and positive mix effects.

Revenue of Helios Spain increased by 7% (9% in constant currency) to €1,170 million (Q1/22: €1,089 million). Organic growth of 8% was driven by ongoing patient demand. The clinics in Latin America also showed a good performance.

Revenue of Helios Fertility increased by 16% (18% in constant currency) to €66 million (Q1/ 22: €57 million) as patients are returning to demand fertility treatments.

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

EBIT¹ increased by 2% (2% in constant currency) to €311 million (Q1/ 22: €306 million) with an EBIT margin1 of 10.1% (Q1/ 22: 10.4%).

EBIT1 of Helios Germany increased despite cost inflation by 1% to €155 million (Q1/ 22: €154 million) with an EBIT margin1 of 8.5% (Q1/ 22: 8.6%).

EBIT1 of Helios Spain increased due to the strong revenue growth and despite cost inflation by 3% (4% in constant currency) to €157 million (Q1/ 22: €153 million). The EBIT margin1 was 13.4% (Q1 / 22: 14.0%).

EBIT1 of Helios Fertility was €4 million (Q1/ 22: €4 million) with an EBIT margin1 of 6.1% (Q1/ 22: 7.0%).

Net income1,2 decreased by 3% (-2% in constant currency) to €190 million (Q1/ 22: €195 million).

Operating cash flow increased to €108 million (Q1/ 22: -€136 million) mainly due to governmental support measures to mitigate higher energy costs in Germany and an improved working capital management. The operating cash flow margin was 3.5% (Q1/ 22: -4.6%)

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%.

1 Before special items

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

For a detailed overview of special items please see the reconciliation tables on pages 28f.

FRESENIUS MEDICAL CARE

Fresenius Medical Care is the world's largest provider of products and services for individuals with renal diseases. As of March 31, 2023, Fresenius Medical Care was treating approximately 343,000 patients in 4,060 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	Q1 /20 23	Q1 /20 22	Gro wth	Gro wth in c tant ons cur ren cy
Rev en ue	4, 704	4, 54 8	3%	2%
IT1 EB	354	39 0	-9%	-13 %
in1 EB IT ma rg	7.5 %	8.6 %
1,2 Ne t in com e	154	197	-22 %	-24 %
Em loy p ees (M h 3 1/ De c. 3 1) arc	125 23 ,	1 128 044 ,	-2%

► Both segments contributed to organic growth with improving volume trends in Care Delivery and strong critical care business in Care Enablement
► More moderate decline in operating income due to phasing, continued improvement in organic growth in line with expectations, easing labor shortage in the U.S., and progressing FME25 transformation
► First measures of legacy portfolio optimization delivered

Revenue increased by 3% to €4,704 million (+2% in constant currency, organic: +2%).

EBIT decreased by 25% to €261 million (-28% in constant currency), resulting in a margin of 5.5% (Q1/ 22: 7.6%). EBIT excluding special items and U.S. Provider Relief Funding (PRF) decreased by 9% to €354 million (-13% in constant currency), resulting in a margin of 7.5% (Q1/ 22: 8.6%).

Net income2 decreased by 45% to €86 million (-47% in constant currency). Excluding special items and PRF, net income decreased by 22% to €154 million (-24% in constant currency).

In the first quarter, Fresenius Medical Care generated €143 million of operating cash flow (Q1/ 22: €159 million), resulting in a margin of 3.0% (Q1/ 22: 3.5%). The reduction was mainly due to the decrease in net income.

Based on the results for the first quarter, Fresenius Medical Care confirms its financial targets for 2023. Fresenius Medical Care expects for 2023 revenue3 to grow at a low to mid-single-digit percentage rate and EBIT4 to remain flat or decline by up to a high-single-digit percentage rate.5

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

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 conversion and effects from legacy portfolio optimization.

¹ Before special items

² Net income attributable to shareholders of Fresenius Medical Care AG&Co. KgaA

³ FY/22 base: €19,398 million

⁴ FY/22 base: €1,540 million

⁵ 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.

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	Q1 /20 23	Q1 /20 22	Gro wth	Gro wth in c tant ons cur ren cy
Rev en ue	583	513	% 14	13 %
IT1 EB	-27	8	-	-
in1 EB IT ma rg	6% -4.	1.6 %
1.2 Ne t in com e	-36	4	-	-
Em loy p ees (M 31 /D 31 ) ar. ec.	19, 994	20, 184	-1%

► Revenue growth driven by the technical services business and the European project business
► EBIT1 negatively impacted by project business and negative one-time effects
► Major restructuring program initiated

Revenue increased by 14% (13% in constant currency) to €583 million (Q1/ 22: €513 million). Organic growth was 13%.

Revenue in the service business increased by 8% (7% in constant currency) to €436 million (Q1/ 22: €405 million) due to better performance of technical services in Germany, Italy and United Kingdom. Revenue in the project business increased by 36% (36% in constant currency) to €147 million (Q1/ 22: €108 million). The good revenue performance is mainly attributable to higher revenue in European project business.

EBIT¹ decreased to -€27 million (Q1/ 22: €8 million) with an EBIT margin1 of -4.6% (Q1/ 22: 1.6%). The weak development was related to the project business that partially did not have a contribution margin. Moreover, certain international business initiations did not materialize as planned. Significant negative one-time effects in the service business also impacted the EBIT development. To counteract the negative EBIT development, a major restructuring program was initiated.

Net income1,2 decreased to -€36 million (Q1/22: €4 million).

Order intake was €43 million (Q1 / 22: €263 million). As of March 31, 2023, order backlog was at €3,580 million (December 31, 2022: €3,689 million).

Operating cash flow decreased to -€68 million (Q1/ 22: -€45 million) with a margin of -11.7% (Q1/ 22: -8.8%), due to the negative earnings and higher working capital.

For FY/2023, Fresenius Vamed expects organic revenue3 to grow in a low-to mid-single digit percentage range. The EBIT margin4 is expected to be clearly below the structural margin band of 4% to 6%.

1 Before special items

2 Net income attributable to shareholders of VAMED AG

³ FY/22 base: €2,359 million 4 FY/22 base: EBIT margin: 0.8%, before special items; FY/23 before special items

EMPLOYEES

As of March 31, 2023, the number of employees was 313,812 (Dec. 31, 2022: 316,920).

NUMBER OF EMPLOYEES

Nu mb of loy er em p ees	Ma rch 31 , 202 3	Dec . 31 , 202 2	Gro wth
Fre ius Ka bi sen	42 37 1 ,	42 063 ,	1%
Fre ius He lios sen	125 33 7 ,	125 700 ,	0%
Fre ius M ed ica l C sen are	125 23 1 ,	128 044 ,	-2%
ius Fre Va d sen me	19, 994	20, 184	-1%
Co rat rpo e	879	929	-5%
To tal	313 812 ,	6, 31 920	-1%

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

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

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	Q1 /20 23	Q1 /20 22	Gro wth
ius bi Fre Ka sen	1 142	1 128	11 %
Fre ius He lios sen	1	0	0%
Fre ius M ed ica l C sen are	1 55	50	11 %
Fre ius Va d sen me	-	-	--
Co rat rpo e	-1	0	--
To tal	1 197	1 178	11 %

1 Before special items

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' overall opportunities and risk situation until March 31, 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 quarter of 2023 by a largely unsuccessful Russian offensive in the east of the country, speculations about an Ukrainian counteroffensive from spring on and Russia's announcement to station tactical nuclear weapons in Belarus. 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 health care 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 highly dynamic 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, including materially increasing energy prices, continues to pose the risk of material increases in costs for energy, materials and supplies as well as transportation, amongst other consequences.

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.

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 has temporarily increased in connection with the difficulties of single US banks, such as the closed Silicon Valley Bank, as well as of the globally systemically important major bank Credit Suisse, which was rescued by government liquidity aid and an announced takeover by UBS.

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 55 in the Notes of this report.

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

SIGNIFICANT EVENTS SINCE THE END OF FIRST QUARTER OF 2023

There have been no significant changes in the industry environment since the end of the first quarter of 2023. There have also been no other events with a significant impact on the net assets, financial position, and results of operations since the end of the first quarter of 2023.

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 and labor shortages 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 overall heightened volatility and muted visibility, including balance sheet valuations.

For Fresenius Medical Care's contribution to the Group's financial figures, the assumptions for Fresenius Medical Care's FY/23 guidance are also fully applicable to Fresenius Group's FY/ 23 guidance. In 2022, Fresenius Medical Care's EBIT was supported by €277 million of Provider Relief Funding from the U.S. government (at current currency). There is no additional governmental support assumed for 2023.

Furthermore, the following assumptions for Fresenius Medical Care's FY/ 23 guidance are also fully applicable to the Fresenius Group's FY/ 23 guidance:

► In 2022, operating income was supported by €277 million (at current currency) of U.S. Provider Relief funding (PRF). There is no further receipt of PRF assumed for 2023. To provide a comparable basis for the 2023 earnings outlook, the basis is adjusted accordingly.
► Revenue and operating income guidance are both on a constant currency basis and excluding special items
► Special items will be provided as separate KPI (''Revenue excluding special items'', ''Operating income 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.

All of these assumptions are subject to considerable uncertainty.

GROUP FINANCIAL TARGETS 2023

	Tar s 20 23 get	Fisc al y 202 2 ear
h1 Rev wt en ue gro	Low id- sin le-d ig it -to -m g
(or ic) gan	h wt gro	€4 0, 840 m
	flat Bro ad ly to
,2 h 1 EB IT wt gro	hig h-s ing le-d ig it d e
(in ) sta nt con cur ren cy	clin e	€3 727 m ,
EB IT h wt gro
1 FM C ex	Bro ad ly flat to
(in ) sta nt con cur ren cy	mid -sin le-d ig it d ecl ine g	€2 187 m ,
		Pro al pos
Div ide nd sh per are	At lea tab le st s	€0 .92 har pe r s e

1 Before special items

2 In 2022, operating income was supported by €277 million (at current currency) of U.S. Provider Relief funding (PRF). There is no further receipt of PRF assumed for 2023. To provide a comparable basis for the 2023 earnings outlook, the basis is adjusted accordingly.

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	Low id- sin le-d ig it -to -m g th tag per cen e g row	€7 850 m ,
EB IT in ma rg	Aro und 1 tag per cen e int bel th tru po ow e s c al m in ban d tur arg 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 s 20 23 get	Fisc al y 202 2 ear
2 Fre ius M ed ica l C sen are
Rev h wt en ue gro (in sta nt con ) cur ren cy	Low id- sin le-d ig it -to -m g th tag per cen e g row	€1 9, 39 8 m
EB IT h wt gro (in sta nt con ) cur ren cy	Fla -hi h-s ing le-d ig it t-to g e d ecl ine tag per cen	€1 54 0 m ,
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) as a percentage of consolidated net revenue to slightly decrease compared to 2022 (2022: 14.6%).

TAX RATE

For fiscal year 2023, we do expect a tax rate in a range between 24% and 25% (2022: 23.7%).

COST AND EFFICIENCY PROGRAM

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. Fresenius Medical Care increases the savings target for the program from €500 million to €650 million by 2025 and now 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 around 1.0.

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

Financing activities in 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 €700 million to €750 million, depending on financing activities.

Without further acquisitions and depending on divestment activities, Fresenius expects the net debt/EBITDA1 ratio at the end of 2023 to be slightly above the level of year-end 2022 (December 31, 2022: 3.65×) and thus above the self-imposed target corridor of 3.0× to 3.5×.

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

INVESTMENTS

In 2023, we expect to invest about 5% of revenue in property, plant and equipment. About 41% of the capital expenditure planned will be invested at Fresenius Medical Care, about 26% at Fresenius Kabi, and around 27% at Fresenius Helios.

At Fresenius Medical Care, investments will mainly be made in expanding production capacities, optimizing production costs, and setting up new dialysis clinics.

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

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

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

With a share of around 60%, Europe is the regional focus of investment in the planning period. Around 30% of the investments are planned for North America and around 10% for Asia-Pacific, Latin America, and Africa. About 30% of total funds will be invested in Germany.

For 2022, we assume return on invested capital (ROIC) to decline around one percentage point below the level of 2022 (2022: 5,1%).

CAPITAL STRUCTURE

For fiscal year 2023, we do not expect the equity ratio to change significantly compared to fiscal year 2022 (2022: 42%). Furthermore, we expect that financial liabilities in relation to total assets will remain roughly the same as in fiscal year 2022 (2022: 36%).

DIVIDEND

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

RECONCILIATION TABLES

RECONCILIATION FRESENIUS GROUP Q1

				Gro wth rat e in c tant ons
€ i illio n m ns	Q1 /20 23	Q1 /20 22	Gro wth rat e	cur ren cy
Re ed ort ve nu e r ep	10, 225	9, 720	5%	5%
(af eci ite ) EB IT ed al ort ter rep sp ms	787	902	-13 %	-14 %
Rev alu ati of bi osi mi lars nti rch ice lia bil itie nt ons co nge pu ase pr s	--	-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	49	64
Im ela ted th in Uk rai ts r to pac e w ar ne	--	30
Tra ctio Ab xie Ive nix ost nsa n c s m nce ,	4	2
inv Re Hu ent te est nt me asu rem ma cy me	-19	4
Leg al For Co rsio n C s F eni Me dic al C ost m nve res us are	3	-
lio jus Leg Po rtfo Ad tm ent acy s	84	-
EB IT (be for ial ite ) e s pec ms	908	1, 000	-9%	-11 %
t in d ( aft cia l it s) Ne ter est rte re po er spe em	-17 0	-11 8	-44 %	-42 %
Rev alu ati of bi osi mi lars nti rch ice lia bil itie nt ons co nge pu ase pr s	-	-1
t in (b efo cia l it s) Ne ter est re spe em	-17 0	-11 9	-43 %	-41 %
eci ite Inc ed (af al ) e t ort ter om axe s r ep sp ms	-15 4	-18 5	17 %	18 %
Rev alu ati of bi osi mi lars nti rch ice lia bil itie nt ons co nge pu ase pr s	--	1
Ex iate d w ith the Fr niu d e ffic ien ost pen ses as soc ese s c an cy pro gra m	-10	-12
in rai Im ela ted th Uk ts r to pac e w ar ne	-	-3
Tra ctio Ab xie Ive nix ost nsa n c s m nce ,	-1	--
inv Re Hu ent te est nt me asu rem ma cy me	5	-1
Leg al For Co rsio n C s F eni Me dic al C ost m nve res us are	-1	-
Leg Po rtfo lio Ad jus tm ent acy s	-23	-
s ( bef eci ite ) Inc al e t om axe ore sp ms	-18 4	-20 0	8%	10 %

€ i illio n m ns	Q1 /20 23	Q1 /20 22	Gro wth rat e	Gro wth rat e in c tant ons cur ren cy
No oll ing in ed (af eci al ite ) ntr ter est ort ter nco s r ep sp ms	-11 7	-18 6	37 %	40 %
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	-14	-17
in rai Im ela ted th Uk ts r to pac e w ar ne	-	-13
Re Hu inv ent te est nt me asu rem ma cy me	9	-2
Tra ctio Ab xie Ive nix ost nsa n c s m nce ,	-1	-
Leg al For Co rsio n C s F eni Me dic al C ost m nve res us are	-1	-
Leg Po rtfo lio Ad jus tm ent acy s	-41	-
No oll ing in s ( bef eci al ite ) ntr ter est nco ore sp ms	-16 5	-21 8	24 %	28 %

1 t in (af eci ite ) Ne ed al ort ter com e r ep sp ms	6 34	413	-16 %	-18 %
Rev alu ati of bi osi mi lars nti rch ice lia bil itie nt ons co nge pu ase pr s	--	-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	25	35
Im ela ted th in Uk rai ts r to pac e w ar ne	-	14
Tra ctio Ab xie Ive nix ost nsa n c s m nce ,	2	2
Re Hu inv ent te est nt me asu rem ma cy me	-5	1
Leg al For Co rsio n C s F eni Me dic al C ost m nve res us are	1	-
lio jus Leg Po rtfo Ad tm ent acy s	20	-
1 Ne t in e ( bef eci al ite ) com ore sp ms	38 9	463	-16 %	% -17

RECONCILIATION FRESENIUS KABI Q1

€ i illio n m ns	Q1 /20 23	Q1 /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	1, 99 1	1, 847	8%	8%

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	8	28
Im ela ted th in Uk rai ts r to pac e w ar ne	-	8
Tra ctio Ab xie Ive nix ost nsa n c s m nce ,	4	2
ial ite EB IT (be for ) e s pec ms	289	293	-1%	-4%

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

RECONCILIATION FRESENIUS HELIOS Q1

				Gro wth rat e in c tant ons
€ i illio n m ns	Q1 /20 23	Q1 /20 22	Gro wth rat e	cur ren cy
Re ed ort ve nu e r ep	3, 066	2, 93 1	5%	5%

iate ith niu ffic ien Ex d w the Fr d e ost pen ses as soc ese s c an cy pro gra m	-	0
EB IT (be for ial ite ) e s pec ms	31 1	30 6	2%	2%

RECONCILIATION FRESENIUS MEDICAL CARE Q1

				Gro wth rat e in c tant ons
€ i illio n m ns	Q1 /20 23	Q1 /20 22	Gro wth rat e	cur ren cy
Re ed ort ve nu e r ep	4, 704	4, 54 8	3%	2%

(af eci ite ) EB IT ed al ort ter rep sp ms	26 1	34 8	-25 %	-28 %
Co late d t o F ME 25 sts re pro gra m	26	33
Im ela ted th in Uk rai ts r to pac e w ar ne	-	22
Re Hu inv ent te est nt me asu rem ma cy me	-19	3
Leg al For Co rsio n C s F eni Me dic al C ost m nve res us are	2	-
rtfo lio jus Leg Po Ad tm ent acy s	84	-
EB IT (be for ial ite ) e s pec ms	354	40 7	-13 %	-16 %
1 Ne t in ed (af eci al ite ) ort ter com e r ep sp ms	86	157	-45 %	-47 %
Co late d t o F ME 25 sts re pro gra m	20	24
in rai Im ela ted th Uk ts r to pac e w ar ne	-	19
Re Hu inv ent te est nt me asu rem ma cy me	-14	3
Co rsio n C eni dic al C Leg al For s F Me ost m nve res us are	1	-
Leg Po rtfo lio Ad jus tm ent acy s	61	-
1 t in eci ite Ne e ( bef al ) com ore sp ms	154	203	-24 %	-27 %

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

RECONCILIATION FRESENIUS VAMED Q1

€ i illio n m ns	Q1 /20 23	Q1 /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	583	513	14 %	13 %
iate ith niu ffic ien Ex d w the Fr d e ost pen ses as soc ese s c an cy pro gra m	1	1
EB IT (be for ial ite ) e s pec ms	-27	8	--	--

RECONCILIATION FRESENIUS CORPORATE Q1

€ i illio n m ns	Q1 /20 23	Q1 /20 22	Gro wth rat e	Gro wth rat e in c tant ons cur ren cy
iate ith niu ffic ien Ex d w the Fr d e ost pen ses as soc ese s c an cy pro gra m	14	2
Leg al For Co rsio n C s F eni Me dic al C ost m nve res us are	1	-
(be for ial ite ) EB IT e s pec ms	-19	-14	-36 %	-29 %

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

€ i illio n m ns	Q1 /20 23	Q1 /20 22
Rev en ue	10, 225	9, 720
Co of sts re ven ue	-7, 714	246 -7,
ofi Gr t oss pr	2, 51 1	2, 474
Se llin mi nis tive al a nd ad tra g, ge ner ex pen ses	6 -1, 52	-1, 393
Res ch and de vel nt ear op me exp ens es	-19 8	-17 9
Op tin inc e ( IT) EB era g om	787	902
Ne t in ter est	-17 0	-11 8
inc Inc e b efo e t om re om axe s	617	784
Inc e ta om xes	-15 4	-18 5
t in Ne com e	463	59 9
olli int No ntr sts nco ng ere	117	186
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	34 6	413

Ea rni sha in € ng s p er re	0.6 1	0.7 4
Fu lly dil d e ing sha in € ute arn s p er re	0.6 1	0.7 4

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

€ i illio n m ns	Q1 /20 23	Q1 /20 22
Ne t in com e	463	59 9
Ot nsi inc e ( s) he he los r c om pre ve om
Po sit ion hic h w ill be las sif ied in in e i ub to net nt s w rec com n s seq ue yea rs
For eig nsl ati tra n c urr enc y on	-49 4	519
Ca flow sh he dg es	1	-1
FV OC I de bt ins tru nts me	8	-19
siti hic ill b ifie Inc h w ecl d e ta om xes on po ons w e r ass	-2	3
Po sit ion hic h w ill be cla ssi fie d i t in e i ub not nto nt s w re ne com n s seq ue yea rs
Ac ria l ga ins (lo s) o n d efi ned be nef it p ion lan tua sse ens p s	-1	30 7
Eq uity eth od inv har f O CI est m ees - s e o	0	-12
FV OC I eq uity in tm ent ves s	1	5
siti hic ill n sifi Inc h w be las ed e ta ot om xes on po ons w rec	0	-92
Ot he he nsi inc e ( los s), net r c om pre ve om	-48 7	710
siv e i (lo ss) To tal reh co mp en nco me	-24	1, 30 9
Co reh siv e i (lo ss) tri bu tab le t llin int at tro sts mp en nco me o n on con g ere	-10 9	44 8
siv e i tri niu Co reh bu tab le t ha reh old of Fr s S E& Co . K Ga A at mp en nco me o s ers ese	85	86 1

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

ASSETS

LIABILITIES

€ i illio n m ns	Ma rch 31 , 20 23	Dec ber 31, 202 2 em
Cas h a nd h e iva len ts cas qu	2, 32 1	2, 749
cei Tra de d o the vab les les llow nts acc ou an r re s a anc es , for ted ed it lo ex pec cr sse s	7, 770	7, 008
cei le f ies Ac vab d lo late d p nts to art cou re rom an ans re	99	157
Inv ori ent es	4, 947	4, 833
Oth t as set er cur ren s	3, 965	3, 532
I. T l cu ota nt ets rre ass	19, 102	18, 279
Pro lan nd uip ty, t a nt per p eq me	12, 770	12, 919
Rig of- ht- set use as s	806 5,	5, 922
Go odw ill	31, 045	31, 444
Oth int ible set er ang as s	4, 249	4, 39 9
Oth ent set er no n-c urr as s	2, 688	2, 62 1
De fer red ta xes	893	83 1
II. To tal ent set no n-c urr as s	57 45 1 ,	58 136 ,
To tal set as s	76, 553	76, 415

€ i illio n m ns	Ma rch 31 , 20 23	Dec ber 31, 202 2 em
Tra de ble nts acc ou pa ya	1, 998	2, 070
Sh ies ble late d p ort -te nts to art rm ac cou pa ya re	83	94
Sh ovi sio and her sh lia bil itie ort -te ot ort -te rm pr ns rm s	8, 44 5	8, 242
Sh de bt ort -te rm	1, 188	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-	725	669
Cu rtio f le lia bil itie nt rre po n o ase s	843	85 1
Cu rtio f b ond nt rre po n o s	1, 798	649
Cu rtio f co rtib le b ond nt rre po n o nve s	49 3	--
Sh lia bil itie s fo r in ort -te e ta rm com xes	332	216
lia bil itie A. To tal sh ort -te rm s	15, 919	13, 658
rtio Lon m d ebt les ter ent g- s c urr po n ,	962 1,	166 2,
Lea liab ilit ies les rtio ent se s c urr po n ,	5, 616	5, 74 1
rtio Bo nds les ent s c urr po n ,	15, 125	16, 32 9
Co rtib le b ond nve s	--	49 1
Lon liab ilit ies d lo fro rel d p ies ter to ate art g- m an ans m	1	--
Lon vis ion nd oth lon liab ilit ies ter ter g- m pro s a er g- m	2, 71 1	2, 802
Pen sio n l iab ilit ies	1, 109	1, 099
liab ilit ies fo r in Lon ter e ta g- m com xes	242	242
De fer red ta xes	1, 695	1, 669
lia bil itie B. To tal lo -te ng rm s	46 28, 1	30 53 9 ,
I. T l lia bil itie ota s	44 38 0 ,	44 197 ,
ing in A. No oll ntr ter est nco s	11, 64 1	11, 803
Su bsc rib ed ita l cap	563	563
Ca ital p re ser ve	4, 32 1	4, 323
Oth er res erv es	15, 502	15, 122
Ac ula ted her reh ive in ot cum co mp ens com e	146	40 7
niu ' e ity B. To tal Fr s S E& Co . K Ga A s ha reh old ese ers qu	20, 532	20, 415
rs' II. To tal sh ho lde uit are eq y	32 173 ,	32 21 8 ,
lia bil itie ' eq uit To tal nd sha reh old s a ers y	76, 553	76, 415

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

€ i illio n m ns	Q1 /20 23	Q1 /20 22
tin cti vit ies Op era g a
Ne t in com e	46 3	599
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	704	693
Ch e in fer de red ta ang xes	-28	-22
Ga in o ale of fix ed d o f in nd div itu ets tm ent est n s ass an ves s a res	-33	-11
s in liab ilit ies Ch nd of set et nts an ge as s a , n am ou fro bu sin uir ed dis ed of m ess es acq or pos
Tra de d o the cei vab les nts acc ou an r re	-85 0	-66 4
Inv ori ent es	-20 3	-12 7
Oth nd t a ent set er cur ren no n-c urr as s	-37 4	-21 2
cei le f ies Ac vab /pa ble late d p nts to art cou re rom ya re	50	-21
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	32 7	-24 9
Lia bil itie s fo r in e ta com xes	119	115
Ne ash ide d b ing tiv itie t c rat pr ov y o pe ac s	175	101
ing tiv itie Inv est ac s
Pu rch of lan nd ipm ert t a ent ase pr op y, p equ
and ital ize d d lop nt ts ca p eve me cos	-35 8	-36 2
Pro ds fro ale f p lan nd ipm ert t a ent cee m s s o rop y, p equ	6	6
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	-78	-12 5
Pro ds fro ale of in nd div itu tm ent est cee m s ves s a res	27	33
in inv ing tiv itie Ne ash ed t c est us ac s	-40 3	-44 8

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

€ i illio n m ns	Q1 /20 23	Q1 /20 22
Fin cin cti vit ies an g a
Pro ds fro ho de bt rt-t cee m s erm	42 7	87 1
Re of sh de bt nts ort -te pay me rm	-68	-1, 037
Pro ds fro lon m d ebt ter cee m g-	148	652
Re of lo m d ebt nts ter pay me ng-	-57 5	-47 2
Re of lea liab ilit ies nts pay me se	-23 6	-23 3
Re of lia bil itie s fr bo nds nts pay me om	--	-62 7
cei aci lity niu ica l C Pro ds fro he Ac Re vab le F of Fr s M ed m t nts cee cou ese are	233	52 0
Pro ds fro he rcis f st ock tio m t cee exe e o op ns	--	1
Div ide nds id pa	-53	-56
Ch e in olli int ntr sts et ang no nco ng ere , n	-32	6
in fin cin cti vit ies Ne ash ed t c us an g a	-15 6	-37 5
Eff of uiv cha ch ash d c ash ale ect ate nts ex ng e r an ge s o n c an eq	-44	35
Ne t d e i ash d c ash uiv ale nts ecr eas n c an eq	-42 8	-68 7
uiv inn ing ing rio Ca sh d c ash ale th e b of th d nts at ort an eq eg e r ep pe	2, 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, 32 1	2, 077

ADDITIONAL INFORMATION ON PAYMENTS

THAT ARE INCLUDED IN NET CASH PROVIDED BY OPERATING ACTIVITIES

€ i illio n m ns	Q1 /20 23	Q1 /20 22
eiv int Rec ed st ere	24	26
Pai d i nte t res	-19 2	-15 8
Inc id e ta om xes pa	-55	-87

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

		Su bsc rib ed Ca ital p			Res erv es
	Num ber of inar ord y sh are s in t hou d san	Am t oun € in tho nds usa	Am t oun € in mi llion s	Cap ital rese rve € in mi llion s	Oth er rese rves € in mi llion s
As of De be r 3 1, 202 1 cem	55 8, 502	55 8, 502	55 8	4, 026	14, 860
Pro ds fro he rcis f st ock tio m t cee exe e o op ns	--	--	--	0
Co ati ela ted ck tio to sto mp ens on exp ens e r op ns				--
Div ide nds id pa					--
Pu rch of olli int ntr sts ase no nco ng ere				0
Put tio n l iab ilit ies op					11
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					41 3
Oth hen siv e in e ( los s) er com pre com
Ca sh flow he dg es
Ch f F VO CI uity in tm ent ang e o eq ves s
For eig nsl ati tra n c urr enc on y
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					41 3
As of M h 3 202 2 1, arc	8, 502 55	8, 502 55	8 55	026 4,	287 15,
of As De be r 3 1, 202 2 cem	563 237	563 237	563	4, 323	15, 122
Div ide nds id pa	,	,			--
Tra ctio wit h n llin int ith lo of l tro sts out tro nsa ns on con g ere w ss con				-2
No olli int du han in lida tio ntr sts e t nco ng ere o c ges co nso n g rou p				--
Put tio n l iab ilit ies op					34
Co reh ive in e ( los s) mp ens com
Ne t in com e					34 6
Oth siv e in hen 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
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					34 6
As of M h 3 1, 202 3 arc	563 237 ,	563 237 ,	563	4, 32 1	15, 502

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

		Ac ula ted her reh ive in e ( los s) ot cum co mp ens com
	eig For n cur ren cy slat ion tran € in mi llion s	Cas h flo w hed ges € in mi llion s	Pen sion s € in mi llion s	Equ ity inve stm ents € in mi llion s	Fair val ue cha nge s € in mi llion s	Tot al Fre ius SE& sen 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
of As 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						0	1	1
Div ide id nds pa						0	-56	-56
Pu rch of olli int ntr sts ase no nco ng ere						0	7	7
Put tio n l iab ilit ies op						11	24	35
Tra nsf of ula tive ins /lo f e ity inv est nts er cum ga sse s o qu me				-3		--	--	--
Co reh ive in e ( los s) mp ens com
t in Ne com e						41 3	186	599
Oth hen siv e in e ( los s) er com pre com
Ca sh flow he dg es		-2				-2	1	-1
Ch f F VO CI uity in tm ent ang e o eq ves s				5		5	0	5
For eig nsl atio tra n c urr enc y n	30 9	-1	-1	0	0	30 7	22 1	52 8
ria ins fin efit nsi Ac l ga de ed ben lan tua on pe on p s			147			147	68	215
Fai lue ch r va ang es					-9	-9	-28	-37
Co ive in reh e ( los s) mp ens com	30 9	-3	146	5	-9	86 1	44 8	1, 30 9
As of M h 3 1, 202 2 arc	363	-69	-26 5	-40	10	19, 870	10, 714	30 584 ,
As of De be r 3 202 2 1, cem	613	-56	-10 9	-58	17	20, 415	803 11,	32, 21 8
Div ide nds id pa						--	-53	-53
ctio wit llin int ith of Tra h n lo l tro sts out tro nsa ns on con g ere w ss con						-2	-23	-25
No olli int du han in lida tio ntr sts e t nco ng ere o c ges co nso n g rou p						--	-13	-13
Put tio n l iab ilit ies op						34	36	70
Co reh ive in e ( los s) mp ens com
Ne t in com e						34 6	117	46 3
Oth hen siv e in 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				1		1	0	1
For eig nsl ati tra n c urr enc on y	-26 4	0	0	--	0	-26 4	-23 1	-49 5
Ac ria l ga ins de fin ed ben efit nsi lan tua on pe on p s			0			0	-1	-1
Fai lue ch r va ang es					2	2	5	7
Co reh ive in e ( los s) mp ens com	-26 4	0	0	1	2	85	-10 9	-24
of As M h 3 1, 202 3 arc	34 9	-56	-10 9	-57	19	20, 532	64 11, 1	32 173 ,

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

		Fre ius Ka bi Fre ius He lios Fre ius M sen sen sen		ed ica	l C Fre ius Va d are sen me			Co rat rpo e			Fre ius Gr 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	1, 99 1	1, 847	8%	3, 066	2, 93 1	5%	4, 704	4, 54 8	3%	583	513	14 %	-11 9	-11 9	0%	10, 225	9, 720	5%
the f co ibu tio ntr n t reo o
sol ida ted con re ven ue	1, 972	1, 829	8%	3, 060	2, 926	5%	4, 686	4, 534	3%	50 7	43 1	18 %	0	0	--	10, 225	9, 720	5%
the f in ter reo com pan y r eve nue	19	18	6%	6	5	20 %	18	14	29 %	76	82	-7%	-11 9	-11 9	0%	--	--
trib uti sol ida ted to con on con re ve
nue	19 %	19 %		30 %	30 %		46 %	47 %		5%	4%		0%	0%		100 %	100 %
EB ITD A	40 3	39 6	2%	43 9	42 8	3%	764	820	-7%	-1	32	-10 3%	-11 4	-81	% -41	49 1, 1	595 1,	-7%
De cia tio nd iza tio ort pre n a am n	114	103	11 %	128	122	5%	41 0	41 3	-1%	26	24	-8%	26	31	-16 %	704	693	2%
EB IT	289	293	-1%	31 1	6 30	2%	354	40 7	-13 %	-27	8	--	-14 0	-11 2	-25 %	787	902	-13 %
Ne t in ter est	-31	-11	-18 2%	-56	-48	-17 %	-83	-69	-20 %	-8	-2	--	8	12	-33 %	-17 0	-11 8	-44 %
Inc e ta om xes	-53	-62	15 %	-60	-58	-3%	-70	-80	13 %	0	-1	100 %	29	16	81 %	-15 4	-18 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.	191	20 1	-5%	190	195	-3%	154	203	-24 %	-36	4	--	-15 3	-19 0	19 %	6 34	41 3	-16 %

Op tin ash flo era g c w	21	133	-84 %	108	-13 6	179 %	143	159	-10 %	-68	-45	-51 %	-29	-10	-19 0%	175	101	73 %
Ca sh flow be for isit ion e a cqu s
and di vid end s	-62	39	--	13	-22 7	106 %	2	-1	--	-10 0	-54	-85 %	-30	-12	-15 0%	-17 7	-25 5	31 %

1 To tal ets ass	16, 283	16, 745	-3%	21, 92 1	21, 33 7	3%	35, 50 1	35, 754	-1%	2, 98 1	2, 887	3%	-13 3	-30 8	57 %	76, 553	76, 41 5	0%
1 De bt	3, 933	4, 195	-6%	862 7,	7, 81 1	1%	266 13,	13, 213	0%	1, 034	885	17 %	670 1,	659 1,	1%	765 27,	763 27,	0%
1 Oth tin liab ilit ies er op era g	3, 750	3, 842	-2%	3, 778	3, 424	10 %	6, 118	6, 156	-1%	974	994	-2%	30 0	34 9	-14 %	14, 920	14, 765	1%
Ca ital dit p ex pen ure , g ros s	78	84	-7%	99	79	25 %	142	162	-12 %	32	12	167 %	2	1	100 %	353	33 8	4%
Ac isit ion /in tm ent qu s, g ros s ves s	15	2	--	0	72	-10 0%	50	83	-39 %	2	6	-67 %	1	-1	200 %	68	162	-58 %

Res ch and de vel nt ear op me exp ens es	142	128	11 %	1	0	--	55	50	11 %	--	--		0	-1	100 %	198	179	11 %
Em loy p ees
1 ita (pe bal hee t d ) ate r c ap on anc e s	42 37 1 ,	42 063 ,	1%	25, 33 1 7	125 700 ,	0%	25, 23 1 1	128 044 ,	-2%	19, 994	20, 184	-1%	879	929	-5%	3 13, 812	3 16, 920	-1%

fig Key ure s
EB ITD A m in arg	20 .2%	21 .4%		14. 3%	14. 6%		16. 2%	18. 0%		-0. 2%	6.2 %					2 15. 5%	2 17. 1%
in EB IT ma rg	14. 5%	15. 9%		10. 1%	10. 4%		7.5 %	8.9 %		-4. 6%	1.6 %					2 9.0 %	2 10. 3%
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 %		8.7 %	9.1 %		4.5 %	4.7 %					6.9 %	7.1 %
Op tin ash flo era g c w
in % of rev en ue	1.1 %	7.2 %		3.5 %	6% -4.		3.0 %	3.5 %		-11 .7%	-8. 8%					1.7 %	1.0 %
1 RO IC	7.6 %	7.8 %		5.2 %	5.4 %		3.9 %	4.1 %		-0. 8%	1.1 %					4 4.8 %	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.

TABLE OF CONTENTS NOTES

-

44 V. Recent pronouncements, not yet applied 53 13. Bonds 61 22. Subsequent events
44 2. Acquisitions, divestitures and investments

46 Notes on the consolidated statement of income

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

42 General Notes 49 Notes on the consolidated statement of financial position 55 Other notes

42 1. Principles 49 8. Trade accounts and other receivables 55 17. Legal and regulatory matters
-
-
-
-
-
-
- 54 15. Noncontrolling interests
- 54 16. Fresenius SE&Co. KGaA shareholders' equity

42 I. Group structure 49 9. Inventories 56 18. Financial instruments
43 II. Basis of presentation 49 10. Other current and non-current assets 59 19. Information on capital management
43 III. Summary of significant accounting policies 50 11. Goodwill 59 20. Notes on the consolidated segment reporting
- 1. Share-based compensation plans 44 IV. Recent pronouncements, applied 50 12. Debt 61
    -
  2. 54 14. Convertible bonds 61 23. Corporate Governance

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 March 31, 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).

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. The conversion is subject to the required approval of the General Meeting of Fresenius Medical Care AG&Co. KGaA and registration with the Commercial Register and should become effective this year. An Extraordinary General Meeting of Fresenius Medical Care AG&Co. KGaA is intended to convene on July 14, 2023 to resolve on the proposal of conversion of the legal form into a German stock corporation. In the first step, after the approval of the planned conversion of legal form by the General Meeting, 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. IFRS 5 and IAS 28 both 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 presented as special item. As of April 28, 2023, the market capitalization of Fresenius Medical Care was

€12.9 billion and thus below the consolidated shareholders' equity of Fresenius Medical Care AG&Co. KGaA of €13.8 billion as of March 31, 2023. Hypothetical application of the first step would have resulted in a one-time non-cash effective special charge of approximately €0.9 billion in the consolidated financial statements of the Fresenius Group, of which €0.3 billion would be attributable to the shareholders of Fresenius SE&Co. KGaA and €0.6 billion to the noncontrolling interests of the Fresenius Group. The actual amounts to be recognized will be dependent upon the amount of equity as well as the market capitalization of Fresenius Medical Care at the date of application of IFRS 5 as well as at the date of the deconsolidation. For the consolidated financial statements of Fresenius SE&Co. KGaA, there are no effects until the date of the Extraordinary General Meeting of Fresenius Medical Care. 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 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 quarter ended March 31, 2023 have not been audited nor reviewed and should be read in conjunction with the notes included and published in the consolidated financial statements as of December 31, 2022 applying Section 315e HGB in accordance with IFRS as adopted by the EU.

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

The consolidated financial statements for the first quarter ended March 31, 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 quarter ended March 31, 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, €84 million for the first quarter ended March 31, 2022 have been reclassified from selling, general and administrative expenses to costs of revenue.

Government grants and impacts of COVID-19 pandemic

In the first quarter 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 quarter of 2023 (Q1 / 2022: €166 million, thereof €158 million recorded in revenue and €8 million as grants in other operating income).

Fresenius Medical Care recorded in the first quarter of 2023 €2 million (Q1 / 2022: €18 million) for government grants in various regions. The remaining amount of government grants received recorded in deferred income was €3 million at March 31, 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 quarter of 2022 under various other programs from multiple governments around the world in the amount of €10 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 quarter of 2023, the application of IAS 29 resulted in an effect on net income attributable to shareholders of Fresenius SE&Co. KGaA of -€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 quarter ended March 31, 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 quarter 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 standard relevant for the Fresenius Group's business:

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 endorsement of the amendments to IAS 1 is 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 €68 million and €162 million in the first quarter of 2023 and 2022, respectively. Of this amount, €78 million was paid in cash in the first quarter of 2023 including €10 million in subsequent purchase price payments already recognized as liabilities.

FRESENIUS MEDICAL CARE

In the first quarter of 2023, Fresenius Medical Care spent €50 million (Q1 / 2022: €83 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 quarter of 2023, Fresenius Kabi spent €15 million (Q1 / 2022: €2 million) on acquisitions, mainly for already planned acquisition related milestone payments relating to the acquisition of Merck KGaA's biosimilars business.

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.

Acquisition Ivenix

On May 3, 2022, Fresenius Kabi completed the acquisition of 100% of the shares of Ivenix, Inc. (Ivenix), a specialized infusion therapy company. The cash purchase price amounts to US\$240 million (€228 million). In addition, milestone payments with a current fair value in the low three-digit million euro range were recognized. These are strictly linked to the achievement of commercial and operating targets and could increase by a low three-digit million euro amount.

The transaction was accounted for as a business combination.

Based on the preliminary purchase price allocation, goodwill of US\$199 million (€188 million) which is not deductible for tax purposes and an intangible asset of US\$180 million (€171 million) were recorded in the initial statement of financial position.

FRESENIUS HELIOS

In the first quarter of 2023, Fresenius Helios did not incur any acquisition expenses (Q1 / 2022: €72 million).

FRESENIUS VAMED

In the first quarter of 2023, Fresenius Vamed spent €2 million (Q1 / 2022: €6 million) on acquisitions.

NOTES ON THE CONSOLIDATED STATEMENT OF INCOME

3. SPECIAL ITEMS

Net income attributable to shareholders of Fresenius SE& Co. KGaA for the first quarter of 2023 in the amount of €346 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 Q 1/2 023 ng , bef eci al ite ore sp ms	908	-17 0	38 9
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	-49	--	-25
Leg Po rtfo lio Ad jus tm ent acy s	-84	--	-20
Tra ctio Ab xie ost nsa n c s m nce , nix Ive	-4	--	-2
Leg al For Co rsio n C ost m nve s ius ica l C Fre M ed sen are	-3	--	-1
Re Hu ent te me asu rem ma cy inv est nt me	19	--	5
Rev alu ati of bi osi mi lars ons tin rch ice nt con ge pu ase pr liab ilit ies	0	--	0
Ea rni s Q 1/2 023 din ng ac cor g IFR S to	787	-17 0	34 6

Net income attributable to shareholders of Fresenius SE& Co. KGaA for the first quarter of 2022 in the amount of €413 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	inc Net om e ibut able attr to sha reh olde rs of F nius rese SE& Co. KG aA
Ea rni s Q 1/2 022 ng , bef eci ite al ore sp ms	1, 000	-11 9	463
Ex iate d w ith the pen ses as soc ius icie Fre nd eff st a sen co ncy (in clu din the FM E25 pro gra m g m) pro gra	-64	--	-35
Im ela ted th in ts r to pac e w ar Uk rai ne	-30	--	-14
Tra ctio Ab xie ost nsa n c s m nce , Ive nix	-2	--	-2
Re Hu ent te me asu rem ma cy inv est nt me	-4	--	-1
Rev alu ati of bi osi mi lars ons tin rch ice nt con ge pu ase pr liab ilit ies	2	1	2
Ea rni s Q 1/2 022 din ng ac cor g IFR S to	902	-11 8	413

4. REVENUE

Revenue by activity was as follows:

	Q 1/2 023
€ 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
fro ith Rev ont ts w tom en ue m c rac cus ers	1, 97 1	3, 058	4, 53 1	6 50	0	066 10,
the f re of s ice reo ven ue erv s	20	3, 055	3, 573	365	0	7, 013
rvic the f re of du d r ela ted cts reo ven ue pro an se es	1, 949	--	958	--	--	2, 907
the f re fro lon du ctio ter ont ts reo ven ue m g m pro n c rac	--	--	--	141	--	141
the f fu rth fro ith ont ts w tom reo er rev en ue m c rac cus ers	2	3	--	--	--	5
Oth er rev en ue	1	2	155	1	--	159
Re ve nu e	1, 972	3, 060	4, 686	50 7	0	10, 225

	Q 1/2 022
€ i illio n m ns	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	828 1,	2, 924	39 0 4,	43 0	0	9, 572
the f re of s ice reo ven ue erv s	136	2, 920	3, 49 3	333	0	6, 882
f re of rvic the du d r ela ted cts reo ven ue pro an se es	690 1,	--	897	--	--	2, 58 7
the f re fro lon du ctio ter ont ts reo ven ue m g m pro n c rac	--	--	--	97	--	97
f fu fro ith the rth ont ts w tom reo er rev en ue m c rac cus ers	2	4	--	--	--	6
Oth er rev en ue	1	2	144	1	--	148
Re ve nu e	1, 829	2, 926	4, 534	43 1	0	9, 720

Other revenue includes revenue from insurance and lease contracts.

5. RESEARCH AND DEVELOPMENT EXPENSES

Research and development expenses of €198 million (Q1/2022: €179 million) included expenditures for research and non-capitalizable development costs as well as regular depreciation and amortization expenses relating to capitalized development costs of €10 million (Q1/2022: €5 million). The expenses for the further development of the Biopharma business included in the research and development expenses amounted to €42 million in the first quarter of 2023 (Q1/2022: €34 million).

6. TAXES

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

7. EARNINGS PER SHARE

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

	Q1 /20 23	Q1 /20 22
€ i illi Nu rat me ors n m on s ,
Ne t in ttri but ab le t com e a o
sha reh old of ers
Fre ius SE &C KG aA sen o.	34 6	41 3
les ffe ct f di lut ion du e to s e rom
Fre ius M ed ica l C sh sen are are s	--	0
Inc vai lab le t om e a o
all ord ina sha ry res	34 6	41 3
mi in De mb of sha nat no ors nu er res
We ig hte d a mb of ver age nu er
ord ina sha nd ing tsta ry res ou	563 237 277 , ,	55 8, 502 143 ,
Pot iall dil utiv ent e y
ord ina sha ry res	--	--
We ig hte d a mb of ord ina ver age nu er ry
ing ing di ion sha nd lut tsta res ou as sum	563 237 277 , ,	55 8, 502 143 ,

sic rni in € Ba sha ea ng s p er re	0.6 1	0.7 4
Fu lly dil d e ing sha in € ute arn s p er re	0.6 1	0.7 4

NOTES ON THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION

8. TRADE ACCOUNTS AND OTHER RECEIVABLES

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

	Ma rch 31 202 3 ,		De ber 31 202 2 cem ,
€ i illio n m ns		reof dit the cre imp aire d		reof dit the cre imp aire d
Tra de d o the cei vab les nts acc ou an r re	8, 278	755	7, 48 0	755
for it lo les llow ted ed s a anc es ex pec cr sse s	50 8	36 6	47 2	35 7
Tra de d o the cei ble nts et acc ou an r re va s, n	7, 770	38 9	7, 008	39 8

Within trade accounts and other receivables (before allowances) as of March 31, 2023, €8,064 million (December 31, 2022: €7,275 million) relate to revenue from contracts with customers as defined by IFRS 15. This amount includes €505 million (December 31, 2022: €470 million) of allowances for expected credit losses. Further trade accounts and other receivables, net, relate to other revenue.

9. INVENTORIES

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

€ i illio n m ns	Ma r. 3 1, 2 023	Dec . 31 , 20 22
ria Raw ls a nd rch d c ate ts m pu ase om po nen	268 1,	1, 200
Wo rk in pro ces s	49 3	46 7
Fin ish ed ds goo	3, 364	3, 30 9
les s r ese rve s	178	143
ori Inv ent t es, ne	4, 947	4, 833

10. OTHER CURRENT AND NON-CURRENT ASSETS

At equity investments as of March 31, 2023 in the amount of €817 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 quarter of 2023, income of €26 million (Q1/ 2022: €11 million) resulting from this equity investment was included in selling, general and administrative expenses in the consolidated statement of income.

11. 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
Ca ing of Jan 1, 202 2 nt rry am ou as ua ry	5, 373	8, 903	36 14, 1	30 0	6	28, 943
Ad dit ion s	653	167	702	14	--	1, 53 6
Dis als pos	--	-3	-7	--	--	-10
Im irm lo ent pa ss	--	--	--	--	--	--
For eig nsl ati 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	--	1	0	--	--	1
Dis als pos	--	--	-18	--	--	-18
For eig nsl ati tra n c urr enc on y	-83	-4	-29 5	0	--	-38 2
ing Ca of Ma rch 31 202 3 nt rry am ou as ,	6, 178	9, 070	15, 47 8	313	6	31, 045

The decrease of goodwill mainly relates to foreign currency translation.

12. DEBT

SHORT-TERM DEBT

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

	Bo ok val ue
€ i illio n m ns	Ma rch 31 , 20 23	Dec ber 31, 202 2 em
Fre ius SE &C KG aA Co ial Pap sen o. mm erc er	37 0	80
ius ica l C AG &C KG Co ial Fre M ed aA Pap sen are o. mm erc er	574	49 7
Oth sho de bt rtt er erm	244	279
Sh de bt ort -te rm	1, 188	856

LONG-TERM DEBT

As of March 31, 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	Ma rch 31 , 20 23	Dec ber 31, 202 2 em
Sch uld sch ein Lo ans	113 1,	592 1,
Loa n f th e E n I Ba nk stm ent rom uro pea nve	40 0	40 0
cei aci lity of niu ica l C Ac Re vab le F Fr s M ed nts cou ese are	322	94
Oth er	852	749
Su bto tal	687 2,	2, 835
les rtio ent s c urr po n	725	669
rtio Lo de bt, le -te nt ng rm ss cu rre po n	1, 962	2, 166

Schuldschein Loans

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

			Inte rest rat e fixe d/ iabl var e	Bo ok val ue € i illio n m ns
	Not iona l am t oun	Mat urit y		Ma rch 31 , 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 19 /20 26 sen o.	€2 38 mi llio n	Se t. 2 3, 202 6 p	0.8 5% / iab le var	238	238
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 19 /20 29 sen o.	€8 4 m illio n	Se t. 2 4, 202 9 p	1.1 0%	84	84
Fre ius US Fi II, Inc . 20 16 /20 23 sen nan ce	\$ US 43 mi llio n	Ma rch 10 202 3 ,	3.1 2%	--	40
Fre ius M ed ica l C AG &C KG aA 202 2/2 027 sen are o.	€2 illio 5 m n	Feb 202 . 14 7 ,	iab le var	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 in hu lds che Loa ns				1, 113	1, 592

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 March 31, 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 long-term debt in the consolidated statement of financial position.

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

CREDIT LINES AND OTHER SOURCES OF LIQUIDITY

The syndicated credit 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 8, 2022, both syndicated credit facilities were amended and extended to extend the term by one year and replace U.S. dollar LIBOR as the reference rate with the Term Secured Overnight Financing Rate. They were undrawn as of March 31, 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 March 31, 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.

13. BONDS

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

				Bo ok val ue € i illio n m ns
	Not iona l am t oun	Mat urit y	Inte rest rat e	Ma rch 31 , 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%	699	699
Fre ius Fi Ire lan d P LC 202 1/2 025 sen nan ce	€5 00 mi llio n	Oc t. 1 202 5 ,	0.0 0%	49 8	49 8
Fre ius Fi Ire lan d P LC 20 /20 27 17 sen nan ce	€7 00 mi llio n	Feb 20 27 . 1,	2.1 25 %	696	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
ius Fi LC Fre Ire lan d P 202 1/2 03 1 sen nan ce	mi llio €5 00 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
Fre ius SE &C KG aA 20 14 /20 24 sen o.	€4 50 mi llio 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 202 . 15 5 ,	1.8 % 75	49 8	49 8
Fre ius SE &C KG aA 20 22 /20 25 sen o.	€7 50 mi llio n	Ma 24, 20 25 y	1.8 75 %	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
ius SE &C KG Fre aA 20 20 /20 27 sen o.	mi llio €7 50 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
Fre ius SE &C KG aA 20 19 /20 29 sen o.	€5 00 mi llio n	Feb . 15 202 9 ,	2.8 75 %	49 6	49 6
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 %	542	542
ius SE &C KG Fre aA 20 20 /20 33 sen o.	mi llio €5 00 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%	649	649
Fre ius M ed ica l C AG &C KG aA 20 18 /20 25 sen are o.	€5 00 mi llio 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
Fre ius M ed ica l C AG &C KG aA 20 19 /20 26 sen are o.	€6 00 mi llio n	No v. 3 0, 202 6	0.6 25 %	59 6	59 6
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
ius ica l C AG &C KG Fre M ed aA 202 0/2 030 sen are o.	mi llio €7 50 n	Ma 29, 20 30 y	1.5 0%	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 7	374
Fre ius M ed ica l C US Fi III, In c. 2 019 /20 29 sen are nan ce	\$ US 500 illio m n	Jun e 1 5, 202 9	3.7 5%	45 3	46 2
Fre ius M ed ica l C US Fi III, In c. 2 020 /20 31 sen are nan ce	\$ US 000 illio 1, 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 %	776	79 1
ius ica l C US Fi Fre M ed 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, 923	16, 978

As of March 31, 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.

14. CONVERTIBLE BONDS

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

					Bo € i	ok val ue illio n m ns
	Not iona l am t oun	Mat urit y	Cou pon	Cur t ren ion pric con vers e	Ma rch 31 , 20 23	Dec ber 31, 202 2 em
Fre ius SE &C KG aA 20 17 /20 24 sen o.	€5 00 mi llio n	Jan . 31 202 4 ,	0.0 00 %	€1 04 .28 35	49 3	49 1
Co rtib le b ds nve on					493	49 1

The fair value of the derivative embedded in the convertible bonds of Fresenius SE&Co. KGaA was €0 and €9 thousand at March 31, 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 March 31, 2023, the convertible bonds are shown as current portion of convertible bonds in the consolidated statement of financial position.

15. NONCONTROLLING INTERESTS

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

€ i illio n m ns	Ma r. 3 1, 2 023	Dec . 31 , 20 22
No olli int in ntr sts nco ng ere Fre ius M ed ica l C AG &C KG aA sen are o.	9, 38 0	9, 48 9
olli int No ntr sts nco ng ere in V AM ED Ak tie sel lsc haf t nge	68	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, 39 9	46 1, 0
Fre ius Ka bi sen	616	602
Fre ius He lios sen	156	155
Fre ius Va d sen me	22	21
ing in To tal oll ntr ter est no nco s	11, 64 1	11, 803

The decrease of noncontrolling interests of Fresenius Medical Care mainly relates to currency translation.

For further financial information relating to Fresenius Medical Care see the consolidated segment reporting on page 40.

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

16. FRESENIUS SE&CO. KGAA SHAREHOLDERS' EQUITY

SUBSCRIBED CAPITAL

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

During the first quarter of 2023, no stock options were exercised. Consequently, as of March 31, 2023, the subscribed capital of Fresenius SE &Co. KGaA consisted of 563,237,277 bearer ordinary shares. The shares are issued as non-par value shares. The proportionate amount of the subscribed capital is €1.00 per share.

CONDITIONAL CAPITAL

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

The Conditional Capital did not change in the first quarter of 2023. It was composed as follows as of March 31, 2023:

in €	Ord ina ry sha res
Co nd itio nal Ca ital I F ius AG p res en Sto Op tio ire ck n P lan 20 03 (ex d) p	4, 735 083 ,
Co nd itio nal Ca ital II Fre ius SE p sen Sto 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 M h 3 1, 202 3 p arc	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).

The general partner and the Supervisory Board of Fresenius SE&Co. KGaA will propose a dividend of €0.92 per bearer ordinary share to the Annual General Meeting taking place on May 17, 2023, i.e. a total dividend payment of €518 million.

OTHER NOTES

17. LEGAL AND REGULATORY MATTERS

The Fresenius Group is routinely involved in claims, lawsuits, regulatory and tax audits, investigations and other legal matters arising, for the most part, in the ordinary course of its business of providing healthcare services and products. 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 quarter ended March 31, 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.

18. FINANCIAL INSTRUMENTS

VALUATION OF FINANCIAL INSTRUMENTS

Carrying amounts of financial instruments

As of March 31, 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:

				Ma rch 31 202 3 ,
					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, 32 1	016 2,	305
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, 770	7, 47 1	212	2			85
Ac cei vab le f d lo late d p ies nts to art cou re rom an ans re	99	99
3 Oth fin ial ets er anc ass	2, 889	97 1, 1	32 0	45 5	20		123
Fin cia l as set an s	13, 079	11, 55 7	837	45 7	20	--	20 8
Fin cia l li ilit ies ab an
Tra de ble nts acc ou pa ya	1, 998	1, 998
Sh ble late d p ies ort -te nts to art rm ac cou pa ya re	83	83
Sh de bt ort -te rm	1, 188	1, 188
Sh de bt f late d p ies ort -te art rm rom re	14	14
Lon liab ilit ies d lo fro rel d p ies ter to ate art g- m an ans m	1	1
Lon m d ebt ter g-	2, 687	2, 687
Lea liab ilit ies se	6, 45 9						6, 45 9
Bo nds	16, 923	16, 923
Co rtib le b ond nve s	49 3	49 3
4 Oth fin ial liab ilit ies er anc	5, 268	2, 700	648		11	1, 909
Fin cia l li ab ilit ies an	35 114 ,	26, 087	648	--	11	909 1,	6, 9 45

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 €89 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 March 31, 2023 and December 31, 2022:

	Ma rch 31 202 3 ,			De ber 31 202 2 cem ,
			Fai alu r v e				Fai lue r va
€ i illio n m ns	ryin Car 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	305	305			35 1	35 1
1 cei for edi Tra de d o the vab les les llow ted t lo nts acc ou an r re s a anc es ex pec cr sse s ,	214		214		27 1		27 1
1 Oth fin ial ets er anc ass
ins De bt tru nts me	47 2	47 2			44 5	44 5
Eq uity in tm ent ves s	245	52	104	89	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	20		20		21		21
De riva tive des ign d a s h edg ing in ot ate str ent s n um s	58		58		37		37
Fin cia l li ilit ies ab an
Lon m d ebt ter g-	2, 687		2, 59 6		2, 835		2, 770
Bo nds	16, 923	15, 31 7			16, 978	14, 872
Co rtib le b ond nve s	49 3	48 5			49 1	48 1
1 Oth fin ial liab ilit ies er anc
Put tio n l iab ilit ies op	909 1,			909 1,	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	633			633	633			633
riva tive esi flo ing in De s d d a ash w h edg ate str ent gn s c um s	11		11		11		11
De riva tive des ign d a s h edg ing in ot ate str ent s n um s	15		15		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 quarter of 2023:

		Acc d co ntin t rue gen and ing ts o utst pay men
€ i illio n m ns	Equ ity i stm ents nve	for uisi tion acq s	Put ion liab iliti opt es
As of Ja 1, 202 3 nu ary	85	633	2, 005
Ad dit ion s	4	3	14
Dis als pos	--	-1	-27
Ga in/ ize d i rof it o los r lo s r eco gn n p ss	1	1	0
Ga in/ los ize d i ity s r eco gn n e qu	--	0	-57
Cu ef fec nd oth cha ts a rre ncy er nge s	-1	-3	-26
As of M h 3 1, 202 3 arc	89	633	1, 909

19. INFORMATION ON CAPITAL MANAGEMENT

The Fresenius Group has a solid financial profile. As of March 31, 2023, the equity ratio was 42.0% and the debt ratio (debt/total assets) was 36.3%. As of March 31, 2023, the leverage ratio (before special items) on the basis of net debt/EBITDA, calculated on the basis of closing rates, was 3.77 (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:

	Ma r. 3 1, 2 023	Dec . 31 , 20 22
r's Sta nda rd& 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 it R ati red 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.

20. NOTES ON THE CONSOLIDATED SEGMENT REPORTING

GENERAL

The consolidated segment reporting table shown on page 40 of this interim report is 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 March 31, 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 3, 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	Q1 /20 23	Q1 /20 22
To tal EB IT of ing ort ent rep se gm s	927	1, 014
Sp eci al i tem s	-12 1	-98
Ge al c te ner orp ora exp ens es Co e ( EB IT) rat rpo	-19	-14
Gr EB IT ou p	787	902
Ne t in ter est	-17 0	-11 8
efo inc Inc e b e t om re om axe s	617	784

RECONCILIATION OF NET DEBT WITH THE CONSOLIDATED

STATEMENT OF FINANCIAL POSITION

€ i illio n m ns	Ma r. 3 1, 2 023	Dec . 31 , 20 22
Sh de bt ort -te rm	1, 188	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-	725	669
Cu rtio f le lia bil itie nt rre po n o ase s	843	85 1
Cu rtio f b ond nt rre po n o s	1, 798	649
Cu rtio f co rtib le b ond nt rre po n o nve s	49 3	--
Lon m d ebt les rtio ter ent g- s c urr po n ,	1, 962	2, 166
Lea liab ilit ies les rtio ent se s c urr po n ,	5, 616	5, 74 1
Bo nds les rtio ent s c urr po n ,	15, 125	16, 32 9
Co rtib le b ond nve s	--	49 1
Lon liab ilit ies d lo ter to g- m an ans fro rel d p ies ate art m	1	--
De bt	27, 765	27, 763
les ash d c ash uiv ale nts s c an eq	2, 32 1	2, 749
Ne t d ebt	25, 444	25, 014

21. SHARE-BASED COMPENSATION PLANS

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

As of March 31, 2023, Fresenius SE&Co. KGaA had two share-based compensation plans in place: the Fresenius SE& Co. KGaA Long Term Incentive Program 2013 (2013 LTIP) which is based on stock options and phantom stocks and the Long Term Incentive Plan 2018 (LTIP 2018) which is solely based on performance shares.

Transactions during the first quarter of 2023 During the first quarter of 2023, no stock options were exercised.

At March 31, 2023, 3,580,559 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 March 31, 2023, the Management Board members of Fresenius Management SE

held 402,431 performance shares and employees of Fresenius SE&Co. KGaA held 2,494,196 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 quarter of 2023, no stock options were exercised.

22. SUBSEQUENT EVENTS

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

23. CORPORATE GOVERNANCE

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

FINANCIAL CALENDAR

An l G ral Me eti nua ene ng	Ma 17, 20 23 y
Ca ital M ark Da Lon do ets p y, n	Ma 25, 20 23 y
Re n 1 st h alf 202 3 rt o po
Co nfe Liv cal l, ebc ast ren ce e w	Au st 2 202 3 gu ,
Re n 1 - 3 rd 202 3 rt o st - art po qu er
Co nfe Liv cal l, ebc ast ren ce e w	No ber 2, 202 3 vem
Sub ject han to c ge

FRESENIUS SHARE/ADR

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

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 & Sustainability Telephone: ++ 49 61 72 6 08-24 87

E-Mail: [email protected]

Telefax: ++ 49 61 72 6 08-24 88

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. Ernst Wastler 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.

AI Terminal

Fresenius SE & Co. KGaA

166_10-q_2023-05-11_0948235a-d5c1-4a79-b428-06dcecb13f22.pdf

TABLE OF CONTENTS

- 5 Strategy and goals

17 Business segments

-

-

-

3 Fresenius Group figures at a glance 17 Fresenius Medical Care 33 Consolidated financial statements

14 Reconciliation 62 Financial Calendar

FRESENIUS GROUP FIGURES AT A GLANCE

REVENUE AND EARNINGS

BALANCE SHEET

PROFITABILITY

SHAREHOLDER INFORMATION

KEY DATA OF THE FRESENIUS SHARE

DEVELOPMENT IN THE FIRST QUARTER

INTERIM 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

CHANGE MOMENTUM

SUSTAINABILITY PROGRAM

HEALTHCARE INDUSTRY

The main growth factors are:

External factors

RESULTSOF OPERATIONS, FINANCIAL POSITION, ASSETS AND LIABILITIES

REVENUE

REVENUE BY REGION

REVENUE BY BUSINESS SEGMENT

EARNINGS

EARNINGS

KEY FINANCIAL FIGURES EXCLUDING FRESENIUS MEDICAL CARE

RECONCILIATION

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

RESEARCH AND DEVELOPMENT

RATING

RESEARCH AND DEVELOPMENT EXPENSES

OPPORTUNITIES AND RISK REPORT

SIGNIFICANT EVENTS SINCE THE END OF FIRST QUARTER OF 2023

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

CAPITAL STRUCTURE

DIVIDEND

NON-FINANCIAL TARGETS

RECONCILIATION TABLES

RECONCILIATION FRESENIUS GROUP Q1

RECONCILIATION FRESENIUS KABI Q1

RECONCILIATION FRESENIUS HELIOS Q1

RECONCILIATION FRESENIUS MEDICAL CARE Q1

RECONCILIATION FRESENIUS VAMED Q1

RECONCILIATION FRESENIUS CORPORATE Q1

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

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

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