Fresenius SE & Co. KGaA

Investor Presentation • Mar 1, 2023

#FutureFresenius – Advancing Patient Care

Credit Suisse Global Healthcare Conference, 1 March 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 RESET under way

• Financial review FY/22
• Financial priorities & Outlook FY/23

• FutureFresenius 2024 and beyond

RESET under way – strategic review completed

2022 numbers delivered, 2023 outlook tough but realistic

Action on simpler, value-oriented structure

New management team built

More rigorous financial framework

Picking up the pace on costs out and portfolio changes

Momentum towards #FutureFresenius

Complex structures and governance

All figures before special items

Returns fading in pursuit of growth

Limited strategic flexibility to invest and grow

Fresenius Medical Care to be deconsolidated Focus on Fresenius Kabi and Fresenius Helios Active portfolio management for assets Ambitious EBIT margin bands ~1bn annual structural productivity improvement by 2025 Structural simplification Accelerate performance Sharpen focus

Becoming an industry-leading, therapy-focused healthcare company – Advancing patient care

FSE / FMC to focus on performance

Supportive and active long-term shareholder to benefit from FMC value creation plan

Change from full consolidation to at-equity consolidation of FMC after conversion

No relevant impact on material financing arrangements at both FSE and FMC

FSE one-time costs in low double-digit €m range; negligible dissynergies from deconsolidation

Value upside retained, strategic optionality created

Implementation expected Q3-4 2023

Clear benefits for FSE and FMC

Reduced complexity, increased transparency

Sharpened management focus on operating companies

Enhanced strategic flexibility and optionality

Simplified, entrepreneurial governance structure

Freed up management capacity to execute on turnaround

Focused and faster decision-making

Additional flexibility on FMC's capital allocation

#FutureFresenius

Operating Companies

Profitability optimization and growth

Investment Companies

Financial value management

Sharpen focus – Drive transformative growth with "3+1 strategy" at Kabi

Selective market positions

• Strong focus on key growth vectors
• Strengthening resilience of volume businesses
• Increased transparency and targeted segmentation
• Further details during May 2023 CMD

Highly specialized healthcare products, with balanced market reach

Nutrition €2.3B

#1 Global Parenteral Nutrition #2 Enteral Nutrition Europe & LATAM Margin-accretive business Drive global roll-out via product innovation and geographic expansion

MedTech €1.5B

• #1 Global Blood Collection
• #2 Stationary Infusion System Europe & LATAM

Innovative Ivenix platform to penetrate US infusion market and to enhance interoperability and clinical functions

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Biopharma €0.2B

End-to-end Biopharma business with state-of-theart biologic manufacturing

Strong organic growth with expansion of product portfolio and entry into US market in 2023

IV Drugs & Solutions €3.9B

#1 global hospital-sold Injectable Gx

Highly cash-accretive business

Strengthening resilience with quality and strong cost focus

Sharpen focus – Drive capital efficiency and value accretive growth at Helios

Selective market positions

• Continuing stable margin delivery
• Increased focus on return on capital and cash flow generation
• Clear strategy for value creation across portfolio
• CMD envisaged for 1Q2024

Leading healthcare services delivering value for >24 million patients yearly

#1 private hospital provider in Germany and Spain State-of-the-art medical quality and patient satisfaction Strong track record of cutting-edge technology and innovation Shaping industry trends in digitalization and outpatient care Leading fertility platform with strong brands and expansion potential

x FY 22 Net Sales Market growth outlook

Sharpen focus – Exit businesses in less attractive markets or where FSE not best owner

Develop business cells with strong organic growth paths

Strengthen portfolio focus and capital allocation

Exit ~5+ cells with triple-digit-million € sales each, where FSE is not the best owner

Support deleveraging

Details on portfolio exits over next 12-18 months

New, more rigorous F³ – Fresenius Financial Framework

				Fresenius Group
Operating Companies					Investment Companies FSE expectation as major shareholder
EBIT margin	14 –	17%	9 –	11%	10 –	14%	4 – 6%
Organic revenue growth	4 –	7%	3 –	5%
CAPITAL EFFICIENCY		CAPITAL STRUCTURE		CASH		DIVIDEND
ROIC		Leverage ratio	Cash Conversion Rate1			Progressive dividend
6 – 8%		3.0x – 3.5x		Around 1			In line with EPS cc growth but at least on prior year level

¹ Cash Conversion Rate – defined as adjusted FCFbIT / EBIT before special items All figures before special items

1 RESET under way

Financial review FY/22

• Financial priorities & Outlook FY/23

• FutureFresenius 2024 and beyond

FY/22 – Delivered revised guidance

All growth rates in constant currency (cc) Before special items Net income attributable to shareholders of Fresenius SE & Co. KGaA ¹ excluding acquisitions of Ivenix and mAbxience

Q4/22 – Solid quarter against the backdrop of challenging macro environment

All P&L growth rates in constant currency (cc) Before special items; Net income growth excluding Ivenix and mAbxience acquisitions Net income attributable to shareholders of Fresenius SE & Co. KGaA ¹ excluding acquisitions of Ivenix and mAbxience

Robust performance at Kabi and Helios despite adverse macro environment Vamed impacted by negative one-time effects in Q4/22

• Strong organic revenue growth in all three growth vectors supplemented by healthy growth in the volume business
• Biopharmaceuticals with continued strong growth trajectory
• EBIT margin¹ impacted by non-cash onetime write offs

• Healthy organic revenue growth
• Strong EBIT development
• Helios Germany gradually moving to pre-COVID patient structure
• Helios Spain with consistent strong patient demand also in Latin America

• Adverse macro environment leading to negative one-time effects due to

reassessment and revaluation of claims and legal proceedings as well as certain business initiations that did not materialize as planned

Before special items,

¹ Q2/22, Q3/22, Q4/22 margin and EBIT cc growth excluding Ivenix and mAbxience acquisitions (dotted line in graph)

Revenue EBIT margin

Strong operating cash flow in Q4/22

€m	Q4/22	Q4/21	FY/22	FY/21
OCF	1,824	1,749	4,198	5,078
% OCF Margin	17.1%	17.5%	10.3%	13.5%
Capex	-605	-674	-1,777	-2,017
Capex in % of revenue	5.6%	6.7%	4.4%	5.3%
Acquisitions	-39	-157	-830	-800
Dividends	-73	-77	-890	-1,068
FCF	1,107	841	701	1,193

• Strong Q4/22 operating cash flow
• Good cash collections and improved working capital management in particular at Fresenius Helios
• Prudent CAPEX spend in FY/22 resulting in strong Free Cash Flow
• FY/22 FCF impacted by strategic M&A

• 1 RESET under way
• 2 Financial review FY/22

3 Financial priorities & Outlook FY/23

4 #FutureFresenius – 2024 and beyond

Defining our financial ambition levels

Increase focus and transparency on our path to #FutureFresenius 1

Driving structural productivity with more ambitious cost savings program 2

Divest non-core assets, e.g. Cost reduction, e.g. • Procurement • Processes • SG&A • Targeted divestments • Selective country operation exits Targeted programs across the FSE Group… … updating 2025 targets ~€200m ~€650m 2025E ~€250m – €300m 2023E ~€350m ~€450m - €500m Cost savings – ~€1,000m New EBIT view Net income to EBIT view EBIT savings achieved Net income savings achieved … exceeding 2022 goals... €152m 2023 Target 2022A €150m Cost savings – Net income Thereof FME €158m €131m 2022A €289m

New target setting based on EBIT to reflect profitability focus

One-off costs at around ~€700-€750m (thereof €250-300m excl. FMC) between 2023 and 2025,

of which ~2/3 expected to occur in 2023

3 Focus on improving capital efficiency and returns

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

FY/23 – A year of structural progression

Persistent headwinds…

Reduced government support (excl. energy)

Increased interest rates

… but structural progression

Ramp-up of cost savings

FMC deconsolidation

Further portfolio measures

Uptake of growth vectors

Increase to PY

24

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

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 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 9 – 11%

Clearly below 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

Progressive dividend policy - dividend proposal of €0.92 per share

Clear financial priorities to accelerate performance and deliver value to shareholders

• 1 RESET under way
• 2 Financial review FY/22
• 3 Financial priorities & Outlook FY/23

4 #FutureFresenius – 2024 and beyond

A clearer picture for 2024 and beyond

30

#FutureFresenius – Our near-term agenda

#FutureFresenius

Operating Companies

Profitability optimization and growth

Investment Companies

Financial value management

32

#FutureFresenius – Maximum patient impact across platforms for leading therapies

Refocus on patient impact as a trusted partner in world-class therapies

Drive high-quality, value-generating innovation

Advance leadership in system-critical products and services

Busy and exciting 2023 ahead

Recent highlights (sample)

Attachments

Structural simplification – New structure expected to become effective in Q3 or Q4 2023

Key aspects & next steps

• Conversion into AG based on resolution of FMC extraordinary shareholder meeting
• 75% of FMC share capital present at EGM required to approve resolution
• Deconsolidation effective with registration of conversion into commercial register
• Implementation likely to take ~4 – 6 months post EGM

AGM = Annual general meeting EGM = Extraordinary general meeting

Fresenius Kabi with strong organic revenue growth Q4/22 results

QUARTERLY FINANCIALS

MAIN DEVELOPMENTS

• Strong organic revenue growth in all three growth vectors supplemented by healthy growth in the volume business
• Biopharmaceuticals with continued strong growth trajectory
• EBIT margin¹ was impacted by non-cash one-time write offs, primarily related to a capitalized in-process R&D project in North America

Before special items,

¹ Q2/22, Q3/22, Q4/22 margin and EBIT cc growth excluding Ivenix and mAbxience acquisitions

Fresenius Helios delivers good close to the year Q4/22 results

MAIN DEVELOPMENTS

• Healthy organic revenue growth, strong EBIT development
• Helios Germany: Gradually moving to pre-COVID patient structure
• Helios Spain: Very strong and consistent patient demand in Spain and Latin America
• Helios Fertility: Macroeconomic uncertainty and associated changed customer behavior resulting in a delay of treatment starts

Before special items

Fresenius Vamed with weak quarter marked by one-time effects Q4/22 results

MAIN DEVELOPMENTS

• Service business showing solid topline performance, but one-time items and macro headwinds impact profitability
• Weak top-line performance driven by difficult economic environment and negative one-time items adversely impact earnings in project business
• Adverse macro environment leading to negative one-time effects due to reassessment and revaluation of claims and legal proceedings as well as certain business initiations that did not materialize as planned

2023 Targets for Environment, Social, Governance (ESG) KPIs

Targets aligned with Management Board Compensation Short-term Incentive (STI) 2023

Fresenius Kabi: Q4 & FY/22 Organic Revenue Growth by Regions

Total revenue	2,036	7%	7,850	3%
Emerging Markets	643	11%	2,637	4%
Europe	724	6%	2,691	5%
North America	669	3%	2,522	0%
€m	Q4/22	Δ YoY organic	FY/22	Δ YoY organic

Fresenius Kabi: Q4 & FY/22 Organic Revenue Growth by Product Segment

Total revenue	2,036	7%	7,850	3%
Biopharmaceuticals	72	71%	188	108%
Medical Devices/ Transfusion Technology	401	8%	1,501	3%
Clinical Nutrition	544	6%	2,280	4%
Infusion Therapy	267	12%	1,002	13%
IV Drugs	752	2%	2,879	-3%
€m	Q4/22	Δ YoY organic	FY/22	Δ YoY organic

Fresenius Kabi: Q4 & FY/22 EBIT Growth

€m	Q4/22	Δ YoY cc	FY/22	Δ YoY cc
North America	145	-4%	661	-7%
Margin	21.7%	-140 bps	26.2%	-200 bps
Europe	114	77%	340	-10%
Margin	15.7%	+610 bps	12.6%	-210 bps
Emerging Markets	104	-49%	597	-14%
Margin	16.2%	-1870 bps	22.6%	-440 bps
Corporate and Corporate R&D	-127	1%	-518	4%
Total EBIT	236	-13%1	1,080	-10%1
Margin	11.6%	-370 bps	13.8%	-220 bps

All figures before special items Margin growth at actual rates ¹ Excluding Ivenix and mAbxience acquisitions

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: Q4 & FY/22 Key Financials

€m	Q4/22	Δ YoY cc	FY/22	Δ YoY cc
Total revenue	3,031	5%1	11,716	6%1
Thereof Helios Germany	1,749	0%1	7,021	4%1
Thereof Helios Spain	1,214	12%1	4,441	9%1
Thereof Helios Fertility	66	1%1	250	1%1
Total EBIT Margin	354 11.7%	5% -10 bps	1,185 10.1%	5% -20 bps
Thereof Helios Germany Margin	174 9.9%	2% +10 bps	623 8.9%	2% -20 bps
Thereof Helios Spain Margin	172 14.2%	7% -70 bps	556 12.5%	8% -30 bps
Thereof Helios Fertility Margin	6 9.1%	0% -70 bps	21 8.4%	0% -590 bps
Thereof Corporate	2	--	-15	--

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

	FY/22	FY/21	Δ
Helios Germany
Hospitals - Acute care hospitals	87 84	90 87	-3% -3%
Beds - Acute care hospitals	30,352 29,786	30,487 29,955	0% -1%
Admissions - patients treated in hospital - patients treated as outpatient	5,508,158 1,079,776 4,423,482	5,444,546 1,048,946 4,390,553
Helios Spain (incl. Latin America)
Hospitals	58	56	4%
Beds	8,259	8,174	1%
Admissions (including outpatients) - patients treated in hospital - patients treated as outpatient	18,853,264 1,067,410 17,785,854	17,122,592 982,204 16,140,388

46

Fresenius Vamed: Q4 & FY/22 Key Financials

€m	Q4/22	Δ YoY cc	FY/22	Δ YoY cc
Total revenue Thereof organic revenue	712	-5% -5%	2,359	2% 2%
Project business	267	-20%	674	-6%
Service business	445	7%	1,685	6%
Total EBIT	-9	-114%	20	-81%
Order intake1	572	--	1,241	--
Order backlog1			3,689	6%2

¹ Project business only ² Versus December 31, 2021

Fresenius Group: Calculation of Noncontrolling Interests

€m	FY/22	FY/21
Earnings before tax and noncontrolling interests	3,471	3,748
Taxes	-824	-848
Noncontrolling interests, thereof	-918	-1,033
Fresenius Medical Care net income not attributable to Fresenius (FY/22: ~68%)	-621	-690
Noncontrolling interest holders in Fresenius Medical Care	222	-250
Noncontrolling interest holders in Fresenius Kabi (-€ 56 m), Fresenius Helios (-€17 m), Fresenius Vamed (-€ 6 m) and due to Fresenius Vamed's 23% external ownership (+€4 m)	-75	-93
Net income attributable to Fresenius SE & Co. KGaA	1,729	1,867

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	Q4/22	LTM Margin	Δ YoY
Operating Cash Flow	1,824	10.3%	4%
Capex (net)	-605	-4.4%	10%
Free Cash Flow	1,219	5.9%	13%
(before acquisitions and dividends)
Acquisitions (net)	-39
Dividends	-73
Free Cash Flow (after acquisitions and dividends)	1,107	1.7%	32%

Fresenius Group: Reconciliation adjusted Free Cash Flow for CCR

€m	Q4/22	FY/22
Operating Cash Flow	1,824	4,198
Capex (net)	-605	-1,777
Free Cash Flow	1,219	2,421
(before acquisitions and dividends)
Special items
(net income before minorities)	+274	+530
Interests	+157	+533
(before special items)
Taxes	+218	+824
(before special items)
Adjusted Free Cash Flow for CCR	1,868	4,308

Cash Flow development Q4/22

		Operating Cash Flow Capex (net)			Free Cash Flow1
€m	Q4/22	Margin	Q4/22	Margin	Q4/22	Margin
	599	12.0%	-201	-3.6%	398	7.6%
	298	14.6%	-196	-9.6%	102	5.0%
	956	31.5%	-227	-7.4%	729	24.1%
	12	1.7%	47	+6.6%	59	8.3%
Corporate/Other	-41	n.a.	-28	n.a.	-69	n.a.
Excl. FMC²	1,225	21.6%	-404	-7.1%	821	14.5%
	1,824	17.1%	-605	-5.6%	1,219	11.5%

¹ Before acquisitions and dividends

² Including FMC dividends

Cash Flow development FY/22

	Operating Cash Flow			Capex (net)	Free Cash Flow1
€m	FY/22	Margin	FY/22	Margin	FY/22	Margin
	2,167	11.2%	-687	-3.6%	1,480	7.6%
	841	10.7%	-518	-6.6%	323	4.1%
	1,367	11.7%	-554	-4.8%	813	6.9%
	-44	-1.9%	19	+0.8%	-25	-1.1%
Corporate/Other	-133	n.a.	-37	n.a.	-170	n.a.
Excl. FMC²	2,158	10.0%	-1,090	-5.0%	1,068	5.0%
	4,198	10.3%	-1,777	-4.4%	2,421	5.9%

¹ Before acquisitions and dividends

² Including FMC dividends

Estimated COVID-19 Effects Q4 & FY/22

	Growth cc as reported incl. COVID-19		Estimated COVID-19 impact	cc	Estimated growth cc excl. COVID-19
	Q4/22	Q4/21	Q4/22	Q4/21	Q4/22	Q4/21
Revenue	4%	5%	0% to -1%	0% to -1%	4% to 5%	5% to 6%
Net income1	-19%	3%	0% to -4%	0% to -4%	-19% to -15%	3% to 7%

	Growth cc as incl. COVID-19	reported	Estimated COVID-19 impact	cc	Estimated growth cc excl. COVID-19
	FY/22	FY/21	FY/22	FY/21	FY/22	FY/21
Revenue	4%	5%	0% to -1%	0% to -1%	4% to 5%	5% to 6%
Net income1	-12%	5%	4% to 0%	-1% to -5%	-16% to -12%	6% to 10%

1 Net income attributable to shareholders of Fresenius SE & Co. KGaA; before special items

Revenue by Business Segment – FX, Acquisitions/Divestitures Effects Q4/22

€m	Q4/22	Q4/21	Growth at actual rates	Currency translation effects	Growth at constant rates	Organic growth	Acquisi tions	Divesti tures/ Others
Fresenius Medical Care	4,997	4,647	8%	6%	2%	2%	0%	0%
Fresenius Kabi	2,036	1,823	12%	4%	8%	7%	2%	-1%
Fresenius Helios	3,031	2,882	5%	0%	5%	5%	1%	-1%
Fresenius Vamed	712	748	-5%	0%	-5%	-5%	1%	-1%
Total	10,643	9,966	7%	3%	4%	3%	1%	0%

54

Revenue by Business Segment – FX, Acquisitions/Divestitures Effects FY/22

€m	FY/22	FY/21	Growth at actual rates	Currency translation effects	Growth at constant rates	Organic growth	Acquisi tions	Divesti tures/ Others
Fresenius Medical Care	19,398	17,619	10%	8%	2%	2%	1%	-1%
Fresenius Kabi	7,850	7,193	9%	5%	4%	3%	1%	0%
Fresenius Helios	11,716	10,891	8%	1%	7%	6%	2%	-1%
Fresenius Vamed	2,359	2,297	3%	1%	2%	2%	1%	-1%
Total	40,840	37,520	9%	5%	4%	3%	1%	0%

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

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