Fresenius SE & Co. KGaA

Investor Presentation • May 11, 2023

Executing on #FutureFresenius: Strong Q1/23 for Operating Companies, structural simplification on track

Bad Homburg, 9 May 2023

Safe Harbor Statement

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

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

1 Business update

• Financial review Q1/23

• FutureFresenius

#FutureFresenius moving forward: Strong Q1 for Operating Companies, simplification on track

#FutureFresenius – steady momentum

• Good growth momentum in all segments
  • Revenues €10.2 bn (+5%)
  • Operating Companies at upper end of growth band
• Operating Companies EBIT broadly flat, Investment Companies EBIT dilutive
  • EBIT incl. FMC: €908m (-10%), EBIT ex FMC: €554m (-7%)
  • Fresenius Kabi and Fresenius Helios in margin band
  • VAMED negative EBIT margin (-4.6%) hurt quarter; performance measures in place

2023 outlook confirmed

All growth rates in constant currency (cc) Before special items Excluding PRF

Strong Q1/23 for Operating Companies – Kabi and Helios delivering

€311m 10.1% 9 11 €3.1bn +5% 3 5

KEY MESSAGES

• Strong organic revenue growth paced by all three growth vectors Nutrition, Medtech and Biopharma
• EBIT margin in margin band helped by cost savings program
• Healthy organic revenue growth driven by Helios Spain and Fertility
• EBIT margin helped by cost and streamlining efficiencies

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

FMC turnaround taking shape; EGM July 14

7

• Structural simplification on track
• EGM vote July 14
• Enhanced reporting transparency
• Improving treatment volumes
• Focus on margin improvements
• FME25 starting to gain traction

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

Advancing patient care with innovative strengths in products and services

Recent highlights (sample)

Vizient Innovative Technology Contract awarded for the Ivenix Infusion System

several prior postmarketing requirements for lipid emulsions

Pilot project for filtration concept and reprocessing of narcotic gases

Approval for Europe's first and only regular flight operation of drones in medical logistics

Roll-out of electronic patient record in further Helios clinics

1 Business update

Financial review Q1/23

FutureFresenius

Q1/23 – Good growth momentum

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

Fresenius Kabi off to a good start to the year Q1/23 results

MAIN DEVELOPMENTS

• Strong organic revenue growth in all three growth vectors; Biopharmaceuticals with ongoing strong growth momentum
• Healthy growth in IV drugs & Fluids
• EBIT margin within margin band despite inflation
• Ongoing cost savings program as well as targeted pricing initiatives help offset pressure

Fresenius Helios delivers solid Q1/23 Q1/23 results

MAIN DEVELOPMENTS

• Healthy organic revenue growth mainly driven by Helios Spain including Latin America and Fertility
• EBIT margin well within structural margin band – continued ability to counter inflationary headwinds
• Higher energy costs in Germany mitigated by governmental support as well as achieved energy consumption savings of almost 20%
• Tariff negotiations Agreement with Verdi in Germany; ongoing in Spain; reflected in outlook

Before special items

Fresenius Vamed: Weak quarter, fixing underway Q1/23 results

MAIN DEVELOPMENTS

• Revenue growth driven by Technical Services business and European Project business
• Weak EBIT negatively impacted by legacy project portfolio, business initiations that did not materialize as planned as well as negative one-time effects mainly in the service business

Major restructuring program initiated

• o Streamlining organizational structures
• o Stringent cost & efficiency measures
• o Portfolio measures

Before special items

Illustrative financial implications from change of Fresenius Medical Care's legal form

	Incl. FMC	Excl. FMC
€m	Q1/23	Q1/23
Revenue	10,225	5,546
EBIT	908	554
EBIT margin	8.9%	10.0%
Financial result	-170	-87
Net income	389	3891
ROIC	4.8%	5.2%
Net debt/ EBITDA	3.79x	3.96x
Operating cash flow	175	32

¹ Including at equity result from FMC before potential effects of updated Purchase Price Allocation ² Financials as per March 31, 2023

Operating cash flow increased in Q1/23

€m	Q1/23	Q1/22	Q1/23 LTM	Q1/22 LTM
OCF	175	101	4,272	4,527
% OCF Margin	1.7%	1.0%	10.3%	11.8%
Capex	-352	-356	-1,773	-1,962
Capex in % of revenue	-3.4%	-3.6%	-4.3%	-5.1%
Acquisitions	-51	-92	-789	-829
Dividends	-53	-56	-887	-1,063
FCF	-281	-403	-823	-673

• Q1 structurally a weaker CF quarter with catch-up effects over the course of the year
• Q1 OCF increased by 73% over weak prior year quarter
• Vamed and Kabi with lower OCF
• Helios with healthy OCF above expectations
• LTM OCF Margin at 10.3%
• CAPEX below FY/23 expectation of around 5%

Capital efficiency and returns to be improved over next quarters

² At LTM

Ambitious cost savings program announced – execution well on track

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

~25% of full year 2023 EBIT savings realized during Q1 (~€130m)

FMC and Kabi as largest contributors to cost savings

Majority of one-time costs to occur in coming quarters, ~€50m of one-time costs in Q1

• 1 Business update
• 2 Financial review Q1/23

3 #FutureFresenius

#FutureFresenius – Busy months, more to come

Complete FMC deconsolidation Preparations fully on track

Kabi: Intensify focus and transparency

• Extraordinary General Meeting July 14
• Business-oriented disclosure available
• Upcoming CMD May 25
• Continuously upgrade performance management Roll-out of new F³ Fresenius Financial Framework
  • Structural productivity delivery ramping up

Manage portfolio exits

Individual asset reviews progressing; launching processes

Drive cultural change and people strategy

Refine Group Operating Model

Advance ESG agenda and roadmap

19

FMC deconsolidation on track for completion in Q3-4 2023

Fresenius Kabi Capital Market Day coming up in May

London, UK

May 25, 2023

• Hybrid format management presentations and Q&A
• Opportunity to meet and engage live with Fresenius Kabi Management

Key topics

I of Cattle.
- 2
I
-
I -
-

21

• #FutureFresenius Fresenius Kabi's contributions as operating company in advancing patient care
• Vision 2026 – Driving for margin enhancement and transformative growth
  • "3+1" strategy delivery
  • Performance management upgrades
  • …

Creating value in all our business units

• Roll-out Nutrition
• Broaden Biopharmaceuticals
• Expand MedTech
• Resilience in Generics & IV Fluids

Q&A

Attachments

Fresenius Group

Revenue growth (organic) Low-to-mid-single-digit growth

EBIT (cc growth)1 including FMC: Broadly flat-to-high-single digit decline

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

structural EBIT margin band of 9 – 11%

Operating Companies Investment Companies

• Mid-single-digit organic revenue growth Within Low-to-mid-single-digit organic revenue growth Around 1pp below structural EBIT margin band of 14 – 17% Low-to-mid-single-digit organic revenue growth Clearly below Low-to-mid-single-digit revenue growth in cc Flat-to-high-single-digit operating income decline excl 2022 PRF1
  • structural EBIT margin band of 4 – 6%

¹ Adjusted EBIT excluding Provider Relief Funding (PRF); In 2022 Fresenius Medical Care received €277m (at current currency) Provider Relief Funding; No Provider Relief Funding support expected for 2023

FY/23 – Other financial KPIs

Illustrative financial implications from change of Fresenius Medical Care's legal form

2023
	July 14	Registration in H2/23	After conversion
Current	Extraordinary General Meeting	Registration in commercial register	At equity accounting
• FMC fully consolidated	• Application of IFRS 5 • FMC to be presented as separate line item in FSE's financial statement IFRS 5 adoption most likely leads to • one-time P&L effect due to revaluation of FMC at its market cap compared to the book value FSE holds	• Effective date AG conversion and deconsolidation At equity accounting under IAS 28 • • Further P&L effect due to deconsolidation (mainly based on market capitalization of FMC and other adjustments, e.g. FX valuation)	• Ongoing at equity accounting for FMC • Separate line for equity result in P&L (based on 32% share) impacted from results of necessary Purchase Price Allocation Separate line for at equity investment • book value in Balance Sheet

Impact of IFRS 5 adoption (in € billion):

	Fair Value of FMC (market capitalization), as of April 28, 2023	12.9
-	Carrying amount of FMC net assets less FMC NCIs, as of March 31, 2023	13.8
=	IFRS measurement effect for Fresenius Group  non-cash-effective, classified as special item	-0.9
	t/o allocated to noncontrolling interest	-0.6
	t/o attributable to shareholders of Fresenius SE	-0.3

Deconsolidation and Fair Value determination under IAS 28 could have further measurement effects; based on similar assumptions as at Step 1 (IFRS 5 adoption)

Fresenius Kabi: Q1/23 Organic Revenue Growth by Product Group

Total revenue	1,991	7%
Pharma (IV Drugs & Fluids)	940	3%
Growth Vectors1	1,051	10%
Biopharma	71	57%
Nutrition	602	8%
MedTech	378	9%
€m	Q1/23	Δ YoY organic

¹ consists of MedTech, Nutrition, Biopharma

Fresenius Kabi: Q1/23 EBIT(DA) development

€m	Q1/23	Δ YoY cc
Total EBITDA	403	0%
Margin	20.2%	-120 bps
Growth Vectors1	96	-17%
Margin	9.2%	-270 bps
Pharma (IV Drugs & Fluids)	197	4%
Margin	21.0%	+60 bps
Corporate	-4	37%
Total EBIT	289	-4%
Margin	14.5%	-140 bps

All figures before special items Margin growth at actual rates ¹ consists of MedTech, Nutrition, Biopharma For a detailed overview of special items and adjustments please see the reconciliation tables provided on our website https://www.fresenius.com/results-center.

Fresenius Helios: Q1/23 Key Financials

€m Q1/23		Δ YoY cc
Total revenue	3,066	5%1
Thereof Helios Germany	1,828	3%1
Thereof Helios Spain	1,170	8%1
Thereof Helios Fertility	66	18%1
Total EBIT Margin	311 10.1%	2% -30 bps
Thereof Helios Germany Margin	155 8.5%	1% -10 bps
Thereof Helios Spain Margin	157 13.4%	4% -60 bps
Thereof Helios Fertility Margin	4 6.1%	0% -90 bps
Thereof Corporate	-5	--

¹ Organic growth

All figures before special items

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

Fresenius Helios: Key Metrics

	Q1/23	FY/22	Δ
Helios Germany
Hospitals	87	87	0%
- Acute care hospitals	84	84	0%
Beds	30,165	30,352	-1%
- Acute care hospitals	29,599	29,786	-1%
Admissions	1,433,728	5,508,158
- patients treated in hospital	287,317	1,079,776
- patients treated as outpatient	1,146,411	4,423,482
Helios Spain (incl. Latin America)
Hospitals	58	58	0%
Beds	8,267	8,259	0%
Admissions (including outpatients)	5,260,956	18,853,264
- patients treated in hospital	300,546	1,067,410
- patients treated as outpatient	4,960,410	17,785,854

Fresenius Vamed: Q1/23 Key Financials

€m	Q1/23	Δ YoY cc
Total revenue Thereof organic revenue	583	13% 13%
Project business	147	36%
Service business	436	7%
EBIT1 Total	-27	--
Order intake2	43	--
Order backlog2	3,580	-3%3

¹ Before special items ² Project business only ³ Versus December 31, 2022

Fresenius Group: Calculation of Noncontrolling Interests

€m	Q1/23	Q1/22
Earnings before tax and noncontrolling interests	738	881
Taxes	-184	-200
Noncontrolling interests, thereof	-165	-218
Fresenius Medical Care net income not attributable to Fresenius (FY/22: ~68%)	-106	-137
Noncontrolling interest holders in Fresenius Medical Care	47	-55
Noncontrolling interest holders in Fresenius Kabi (-€14 m), Fresenius Helios (-€5 m), Fresenius Vamed (-€1 m) and due to Fresenius Vamed's 23% external ownership (+€8 m)	-12	-26
Net income attributable to Fresenius SE & Co. KGaA	389	463

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

Fresenius Group: Cash Flow

€m	Q1/23	Q1/23 LTM	LTM Margin	Δ YoY
Operating Cash Flow	175	4,272	10.3%	73%
Capex (net)	-352	-1,773	-4.3%	1%
Free Cash Flow	-177	2,499	6.0%	31%
(before acquisitions and dividends)
Acquisitions (net)	-51	-789
Dividends	-53	-887
Free Cash Flow (after acquisitions and dividends)	-281	823	2.0%	30%

Fresenius Group: Reconciliation adjusted Free Cash Flow for CCR

€m	Q1/23	Q1/22
Operating Cash Flow	175	101
Capex (net)	-352	-356
Free Cash Flow	-177	-255
(before acquisitions and dividends)
Special items
(net income before minorities)	+91	+82
Interests	+170	+119
(before special items)
Taxes	+184	+200
(before special items)
Adjusted Free Cash Flow for CCR	268	146

Cash Flow development Q1/23

	Operating Cash Flow				Capex (net)				Free Cash Flow1
€m	Q1/23	Q1/22	Q1/23 Margin	Q1/22 Margin	Q1/23	Q1/22	Q1/23 Margin	Q1/22 Margin	Q1/23	Q1/22	Q1/23 Margin	Q1/22 Margin
	21	133	1.1%	7.2%	-83	-94	-4.2%	-5.1%	-62	39	-3.1%	2.1%
	108	-136	3.5%	-4.6%	-95	-91	-3.1%	-3.1%	13	-227	0.4%	-7.7%
	143	159	3.0%	3.5%	-141	-160	-3.0%	-3.5%	2	-1	0.0%	0.0%
	-68	-45	-11.7%	-8.8%	-32	-9	-5.5%	-1.7%	-100	-54	-17.2%	-10.5%
Corporate/Other	-29	-10	n.a.	n.a.	-1	-2	n.a.	n.a.	-30	-12	n.a.	n.a.
Excl. FMC²	32	-58	0.6%	-1.1%	-211	-196	-3.8%	-3.8%	-179	-254	-3.2%	-4.9%
	175	101	1.7%	1.0%	-352	-356	-3.4%	-3.6%	-177	-255	-1.7%	-2.6%

¹ Before acquisitions and dividends

² Including FMC dividends

Cash Flow development Q1/23 LTM

	Operating Cash Flow			Capex (net)				Free Cash Flow1
€m	Q1/23 LTM	Q1/22 LTM	Q1/23 Margin	Q1/22 Margin	Q1/23 LTM	Q1/22 LTM	Q1/23 Margin	Q1/22 Margin	Q1/23 LTM	Q1/22 LTM	Q1/23 Margin	Q1/22 Margin
	729	1,058	9.1%	14.5%	-507	-506	-6.3%	-6.9%	222	552	2.8%	7.6%
	1,611	853	13.6%	7.6%	-558	-581	-4.7%	-5.2%	1,053	272	8.9%	2.4%
	2,151	2,440	11.0%	13.6%	-668	-810	-3.4%	-4.5%	1,483	1,630	7.6%	9.1%
	-67	150	-2.8%	6.4%	-4	-66	-0.1%	-2.8%	-71	84	-2.9%	3.6%
Corporate/Other	-152	26	n.a.	n.a.	-36	1	n.a.	n.a.	-188	27	n.a.	n.a.
Excl. FMC²	2,248	2,213	10.3%	10.9%	-1,105	-1,152	-5.1%	-5.7%	1,143	1,061	5.2%	5.2%
	4,272	4,527	10.3%	11.8%	-1,773	-1,962	-4.3%	-5.1%	2,499	2,565	6.0%	6.7%

¹ Before acquisitions and dividends

² Including FMC dividends

Revenue by Business Segment – FX, Acquisitions/Divestitures Effects Q1/23

€m	Q1/23	Q1/22	Growth at actual rates	Currency translation effects	Growth at constant rates	Organic growth	Acquisi tions	Divesti tures/ Others
Fresenius Kabi	1,991	1,847	8%	0%	8%	7%	2%	-1%
Fresenius Helios	3,066	2,931	5%	0%	5%	5%	0%	0%
Fresenius Medical Care	4,704	4,548	3%	1%	2%	2%	0%	0%
Fresenius Vamed	583	513	14%	1%	13%	13%	0%	0%
Total	10,225	9,720	5%	0%	5%	5%	1%	-1%

Financial Calendar / Contact

Financial Calendar		Social Media
09 May 2023	Results Q1/23	Follow Fresenius Investor Relations & Sustainability on
17 May 2023	Annual General Meeting	LinkedIn:
02 August 2023	Results Q2/23
02 November 2023	Results Q3/23

Please note that these dates could be subject to change.

Contact

Investor Relations & Sustainability Fresenius SE & Co. KGaA phone: +49 6172 608-2485 e-mail: ir-fre@fresenius.com

For further information and current news: www.fresenius.com

www.twitter.com/fresenius\_ir

www.linkedin.com/company/fresenius-investor-relations