Fresenius Medical Care AG & Co. KGaA

Investor Presentation • May 9, 2023

Q1 2023 Conference Call May 9, 2023

Helen Giza, CEO & Chair of the Management Board

This presentation may be deemed to be offering material in respect of the proposed conversion of the legal form of Fresenius Medical Care AG & Co. KGaA. Fresenius Medical Care AG & Co. KGaA has filed with the United States Securities and Exchange Commission (the "SEC") a registration statement on Form F-4, including a preliminary information statement/prospectus constituting a part thereof. SHAREHOLDERS OF FRESENIUS MEDICAL CARE AG & CO. KGaA ARE URGED TO READ THE REGISTRATION STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC, INCLUDING THE INFORMATION STATEMENT/PROSPECTUS THAT WILL BE PART OF THE REGISTRATION STATEMENT, AS THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED CONVERSION. The final information statement/prospectus will be distributed to shareholders of Fresenius Medical Care AG & Co. KGaA. Shareholders may obtain a free copy of the disclosure documents (when they are available) and other documents filed by Fresenius Medical Care AG & Co. KGaA with the SEC at the SEC's website at www.sec.gov or from Fresenius Medical Care AG, Attention: Investor Relations, Else-Kröner-Strasse 1, 61352 Bad Homburg, v.d.H., Germany.

Safe harbor statement: This presentation includes certain forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Act of 1934, as amended. Forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy or might not even be anticipated. The Company has based these forward-looking statements on current estimates and assumptions which we believe are reasonable and which are made to the best of our knowledge. Actual results could differ materially from those included in the forward-looking statements due to various risk factors and uncertainties, including changes in business, economic or competitive conditions, changes in reimbursement, regulatory compliance issues, regulatory reforms, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, cyber security issues and the availability of financing. Given these uncertainties, readers should not put undue reliance on any forward-looking statements. These and other risks and uncertainties are discussed in detail in Fresenius Medical Care AG & Co. KGaA's (FMC AG & Co. KGaA) Annual Report on Form 20-F under the heading "Forward-Looking Statements" and under the headings in that report referred to therein, and in FMC AG & Co. KGaA's other reports filed with the Securities and Exchange Commission (SEC) and the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse).

Forward-looking statements represent estimates and assumptions only as of the date that they were made. The information contained in this presentation is subject to change without notice and the company does not undertake any duty to update the forward-looking statements, and the estimates and assumptions associated with them, except to the extent required by applicable law and regulations.

If not mentioned differently the term net income after minorities refers to the net income attributable to the shareholders of Fresenius Medical Care AG Co. KGaA. The term EMEA refers to the region Europe, Middle East and Africa. Amounts are in Euro if not mentioned otherwise.

Implementation of measures as presented herein may be subject to information & consultation procedures with works councils and other employee representative bodies, as per local laws and practice. Consultation procedures may lead to changes on proposed measures.

Executing on our strategic aspiration

Unlock value as the leading kidney care company
Structure	Simplified governance	Global operating model with two segments		Financial reporting with enhanced transparency
Capital allocation	Disciplined financial policy		ROIC improvement focus
Operational efficiencies &	FME25
turnaround drivers
Portfolio optimization	Care Delivery		Care Enablement
Culture	Accountability		Sustainability	Diversity & Inclusion

Continuous monitoring of clinical performance to enhance care

Quality index components

Dialysis effectiveness

Measures how sufficiently the body is cleansed of waste substances

Vascular access

Measures the share of patients who do not receive dialysis via a dialysis catheter but rather via safer vascular access alternatives that reduce risk of infection and improve outcomes

Anemia management

Measures hemoglobin levels and specific medications given during dialysis to achieve optimum clinical outcomes, such as overall health and well-being

	Q4 2022	Q1 2023
Quality index	81%	81%
Dialysis effectiveness	94%	94%
Vascular access	78%	78%
Anemia management	71%	71%

Q1 2023 | Improving trends and execution on turnaround plan

• Organic growth driven by both segments
  • ‒ Care Delivery | improving volume trends
  • ‒ Care Enablement | strong critical care business
• More moderate decline in operating income due to improved business performance and phasing of product sales ▪ Financial outlook for FY 2023 confirmed 1
• Execution of first steps of legacy portfolio optimization
• Change of legal form moving ahead as planned

2023

Q1 2023 | Improving trends moderated earnings decline

• Both operating segments contributed to growth
• Continued improvement in organic growth in line with expectations

Operating income | guidance base Revenue ¹ | guidance base¹

• Improved business performance supported by FME25 savings
• Positive prior year effects in the base

1: Reconciliation table for special items (guidance base), reported growth rates: page 22 | cc = at constant currency

Q1 2023 | Operating income development

in € million

Reconciliation table for special items (guidance base): page 22

Q1 2023 | Key developments in Care Delivery

Execution on turnaround plan drives efficiencies

Optimization of clinical infrastructure underway

Easing of labor market environment in the U.S. but not normalized yet

Progressing FME25 transformation

Sequential improvement of volume development still impacted by accumulated excess mortality

Q1 2023 | Care Delivery performance supported by improving volume trends

Margin in %

2,930 3,003 717 753 Q1 2022 3,756 Q1 2023 3,647 +1% cc +2% organic U.S. International in € million in € million

Operating income | guidance base Revenue ¹ | guidance base¹

1: Reconciliation table for special items (guidance base), reported growth rates: page 22 | cc = at constant currency

Q1 2023 | Key developments in Care Enablement

Progressing turnaround measures in face of continued inflationary pressure

First decision on portfolio optimization executed with P&L impact due to write-offs

Progressing FME25 transformation

Improved sales of home hemodialysis machines

Strong performance of critical care products based on business in China

Q1 2023 | Care Enablement earnings impacted by inflation

Operating income | guidance base Revenue ¹ | guidance base¹

1: Reconciliation table for special items (guidance base), reported growth rates: page 22 | cc = at constant currency

Q1 2023 | Cash flow and net leverage ratio

	Q1 2023 € million	Q1 2022 € million
Operating cash flow	143	159
▪ Capital expenditures, net	(141)	(160)
Free cash flow	2	(1)
▪ Free cash flow after investing activities	(20)	(53)

Net leverage ratio (Net debt/EBITDA)

Key developments

• Slightly lower operating cash flow mainly due to decrease in net income
• Free cash flow conversion on stable level

1 Excl. U.S. federal relief funding and advanced payments under the CARES Act

Outlook confirmed

Further outlook

By 2025 an improved operating income margin of 10 to 14% is targeted

Outlook is provided in constant currency and exclusive of 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. Assumptions for Outlook 2023 are outlined on slide 26 of this presentation.

Operating income 2022 excluding special items and 2022 provider relief funding of EUR 277m

Your questions are welcome.

Q1 2023

Appendix

Q1 2023 | Profit and Loss

	Q1 2023 € million	Q1 2022 € million	Growth in %	Growth in %cc
Revenue	4,704	4,548	3	2
Operating income	261	348	(25)	(28)
Operating income margin in %	5.5	7.6
Operating income excl. special items & PRF	354	390	(9)	(13)
Operating income margin in % excl. sp. items & PRF	7.5	8.6
Net interest expense	83	69	20	15
Income before taxes	178	279	(36)	(38)
Income tax expense	45	67	(33)	(36)
Tax rate in %	25.0	24.0
Non-controlling interest	47	55	(13)	(16)
Net income	86	157	(45)	(47)
Net income excl. special items & PRF	154	197	(22)	(24)

cc = at constant currency

Debt

Reconciliation of non-IFRS financial measures to most directly comparable IFRS financial measures

	Q1 2023 € million	FY 2022 € million	FY 2021 € million
Debt
Short-term debt from unrelated parties	700	665	1,178
+ Short-term debt from related parties	13	4	78
+ Current portion of long-term debt	697	694	668
+ Current portion of long-term lease liabilities from unrelated parties	633	650	640
+ Current portion of long-term lease liabilities from related parties	25	24	21
+ Long-term debt, less current portion	7,328	7,171	6,647
+ Long-term lease liabilities from unrelated parties, less current portion	3,741	3,875	3,990
+ Long-term lease liabilities from related parties, less current portion	129	130	98
Total debt and lease liabilities	13,266	13,213	13,320
− Cash and cash equivalents	(1,224)	(1,274)	(1,482)
Total net debt and lease liabilities	12,042	11,939	11,838

Reconciliation of annualized adjusted EBITDA and net leverage ratio to the most directly comparable IFRS financial measures

	LTM Q1 2023 € million	FY 2022 € million	FY 2021 € million
Net income	816	895	1,219
+ Income tax expense	303	325	353
− Interest income	(66)	(68)	(73)
+ Interest expense	372	360	353
+ Depreciation and amortization	1,716	1,718	1,586
+ Adjustments	358	320	125
Adjusted EBITDA (annualized)	3,499	3,550	3,563
Net leverage ratio (Net debt/EBITDA)	3.4	3.4	3.3

Adjustments: Acquisitions and divestitures made for the last twelve months with a purchase price above a €50 M threshold as defined in the Syndicated Credit Facility (2023: -€17 M; 2022: -€22 M), non-cash charges, primarily related to pension expense (2023: €53 M; 2022: €54 M), impairment loss (2023: €141 M; 2022: €120 M) and special items, including costs related to the FME25 Program (2023: €150 M; 2022: €155 M), Legal Form Conversion Costs (2023: €2 M), Legacy Portfolio Optimization (2023: €60 M), Net Gain Related to InterWell Health (2023: -€114 M; 2022: -€114 M), Humacyte Investment Remeasurement (2023: €80 M; 2022: €103 M), Hyperinflation in Turkiye (2023: €5 M; 2022: €5 M) and the Impacts Related to the War in Ukraine (2023: -€2 M; 2022: €19 M).

2022 base for 2023 targets, reconciliation adjustments

	FY 2022 € million	Q1 2022 € million	Q2 2022 € million	Q3 2022 € million	Q4 2022 € million
Revenue	19,398	4,548	4,757	5,096	4,997
Operating income	1,540	390	284	377	489

Reconciliation of non-IFRS financial measures to the most directly comparable IFRS financial measures for comparison with guidance (€ million)

	Group		Care Delivery			Care Enablement			Corporate
	Q1 2023	Q1 2022	Growth rate	Q1 2023	Q1 2022	Growth rate	Q1 2023	Q1 2022	Growth rate	Q1 2023	Q1 2022
Operating Income	261	348	-25%	284	298	-4%	(24)	69	n.a.	10	(10)
FME25 program	26	33		17	20		10	13		(1)	--
Ukraine War	--	22		--	8		--	14		--
Humacyte investment remeasurement	(19)	3		--	--		--	--		(19)	3
Legacy portfolio optimization	84	--		1	--		83	--		--	--
Legal form conversion costs	2	--		--	--		--	--		2	--
Provider Relief Funding	--	(16)		--	(16)		--	--		--	--
Operating income excl. special items and PRF	354	390	-9%	302	310	-2%	69	96	-29%	(8)	(7)

Inter-segment elimination effect on operating income: (9m) for Q1 2023, (9m) for Q1 2022

Return on Invested Capital (ROIC) continued to be impacted by lower earnings

• For the years 2015-17 ROIC as reported within the Form 20-F.
• ROIC adjusted in 2018 for the divestiture of Care Coordination activities, FCPA-related charge, U.S. Ballot Initiatives, U.S. tax reform / including these effects, ROIC for FY 2018 was 12.4%
• ROIC adjusted in 2019 for the effects of IFRS 16, NxStage, FCPA, Cost optimization costs, divestiture of Care Coordination activities / including these effects, ROIC for FY 2019 was 6.8% (excl. IFRS 16)
• ROIC in 2020 excl. the impact of the Latin America impairment (special item) and in 2021 excluding FME25 (special item)
• ROIC for 2020 and 2021 was 7.5% and 5.5% excl. IFRS 16 and excl. Latin America impairment in 2020
• ROIC in 2022 adjusted for the effects of the FME25 program, the Humacyte Investment Remeasurement, the net gain related to InterWell Health, the effects of hyperinflation in Turkiye and impacts related to the war in Ukraine
• ROIC in 2023 adjusted for the effects of the FME25 program, Legal Form Conversion Costs, Legacy Portfolio Optimization and Humacyte Investment Remeasurement
• Long-term value creation based on accretive acquisitions and organic growth
• 2020 negative impact from Latin America impairment
• 2021 negative impact from FME25
• 2022 negative impact from FME25 and the Humacyte investment remeasurement
• 2023 with effects from FME25 and Legacy Portfolio Optimization

Exchange rates, U.S. dialysis days per quarter, definitions

Exchange rates	U.S. dialysis days per quarter
----------------	--------------------------------

		Q1 2023	FY 2022	FY 2021
€:USD	Period end	1.088	1.067	1.133
	Average	1.073	1.053	1.183
€:CNY	Period end	7.476	7.358	7.195
	Average	7.342	7.079	7.628
€:RUB	Period end	84.638	78.138	85.300
	Average	78.686	73.365	87.153
€:ARS	Period end	227.456	189.201	116.780
	Average	206.769	137.041	112.522
€:BRL	Period end	5.516	5.639	6.310
	Average	5.575	5.440	6.378
€:TRY	Period end	20.863	19.965	15.234
	Average	20.263	17.409	10.512

	Q1	Q2	Q3	Q4	Full year
2022	77	78	79	79	313
2021	77	78	79	79	313
2020	77	78	79	79	313
2019	76	78	79	80	313
2018	77	78	78	80	313

Definitions

cc	At constant currency
HD	Hemodialysis
PD	Peritoneal dialysis
Net income	Net income attributable to shareholders of FME
LTM	Last-Twelve-Months

Patients, treatments, clinics

	as of March 31, 2023			as of December 31, 2022
	Patients	Treatments	Clinics	Patients	Treatments	Clinics
United States	206,197	7,709,803	2,636	206,033	31,361,555	2,671
Growth in %	1	0	(2)	0	(2)	0
International	136,870	5,133,771	1,424	138,654	20,948,576	1,445
Growth in %	(1)	(1)	(3)	(1)	0	(3)
Total	343,067	12,843,574	4,060	344,687	52,310,131	4,116
Growth in %	0	0	(2)	0	(1)	(1)

Financial calendar

	Date	Event
g n M ti G r A o p & e R	May 9 May 16 July 14 August 2	Report on 1st quarter 2023: Earnings Release and Conference Call Annual General Meeting Extraordinary General Meeting Report on 2nd quarter 2023: Earnings Release and Conference Call
& t s n e e e m h c t n e t e g e r a e e n f M n a o M C	May 24 June 7 June 13 June 21 June 22	Berenberg Conference, New York Jefferies Global Healthcare Conference, New York GoldmanSachs Global Healthcare Conference Citi European Helathcare Conference, London JP Morgan European Healthcare Conference, London

Dates and/or participation might be subject to change

Contacts

FME Investor Relations Else-Kröner-Str. 1 61352 Bad Homburg v. d. H. Germany

Ticker: FME or FMS (NYSE/ADR)

WKN: 578 580

ISIN: DE00057858002

CUSIP (ADR): 358029106

Dr. Dominik Heger

Head of Investor Relations, Strategic Development & Communications | EVP

+49(0) 6172-609-2525 dominik.heger@fmc-ag.com

Alicia Cahill

Director Investor Relations

+1 860-609-2394 alicia.cahill@fmc-ag.com

Robert Adolph

Vice President Investor Relations

+49(0) 6172-609-2477 robert.adolph@fmc-ag.com

Ilia Kuerten

Vice President Investor Relations

+49(0) 6172-609-96253 ilia.kuerten@fmc-ag.com

Felix Klein

Senior Manager Investor Relations

+49(0) 6172-609-5216 felix.klein@fmc-ag.com