Q3 2022

QUARTERLY FINANCIAL REPORT

7 Healthcare industry 23 Rating
9 Results of operations, financial position, assets and liabilities 24 Opportunities and risk report
11 Reconciliation 28 Reconciliation tables
12 Cash flow
13 Asset and liability structure

14 Business segments

9 Sales 24 Subsequent events 42 Notes
10 Earnings 25 Outlook 2022
12 Investments 32 Estimated COVID-19 effects 68 Financial Calendar

3 Fresenius Group figures at a glance 14 Fresenius Medical Care 33 Consolidated financial statements

16 Fresenius Kabi 33 Consolidated statement of income
18 Fresenius Helios 34 Consolidated statement of comprehensive income
4 Shareholder information 20 Fresenius Vamed 35 Consolidated statement of financial position
22 Employees 36 Consolidated statement of cash flows
22 Changes to the Supervisory Board 38 Consolidated statement of changes in equity
6 Management Report 22 Changes to the Management Board 40 Consolidated segment reporting first three quarters of 2022
6 Strategy and goals 23 Research and development 41 Consolidated segment reporting third quarter of 2022

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. In 2021, Group sales were €37.5 billion. As of September 30, 2022, more than 300,000 employees have dedicated themselves to the service of health in about 100 countries worldwide.

SALES AND EARNINGS

€ i illio n m ns	Q3 / 202 2	Gro wth	Gro wth in c tant ons cur ren cy	Q1- 3/ 2 022	Gro wth	Gro wth in c tant ons cur ren cy
Sa les	10, 45 9	12 %	5%	30, 197	10 %	4%
IT1 EB	949	-9%	-17 %	2, 952	-4%	-10 %
1,2 Ne t in com e	37 1	-15 %	3 -22 %/ -19 %	1, 284	-5%	3 -10 %/ -8%

BALANCE SHEET

€ i illio n m ns	Sep . 30 , 20 22	Dec . 31 , 20 21	Cha nge
To tal ets ass	80, 32 8	962 71,	12 %
4 Eq uity	34, 156	29, 288	17 %
4 uity tio Eq ra	42 .5%	40 .7%
1,5 Ne t d ebt /E BIT DA	3.7 4	3.5 1

PROFITABILITY

	Q3 / 202 2	Q3 / 202 1	Q1- 3/ 2 022	Q1- 3 /2 021
in1 EB IT ma rg	9.1 %	11. 2%	9.8 %	11. 2%
1,2,6 Ret uity af x ( RO E) ter ta urn on eq			8.4 %	9.8 %
1,6 Ret tin ts ( RO OA ) urn on op era g a sse			5.7 %	6.5 %
1,6 Ret in ted ita l (R OIC ) urn on ves ca p			5.1 %	5.9 %

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

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

3 Excluding Ivenix and mAbxience acquisition 4 Including noncontrolling interests

5 At LTM average exchange rates for both net debt and EBITDA; pro forma closed acquisitions /divestitures

6 2021: annual return FY/21

SHAREHOLDER INFORMATION

The ongoing war in Ukraine and related events continue to cause additional upward pressure on global inflation during the third quarter. Overall, the DAX lost 24% in the first nine months, while the Fresenius share closed 38% lower at €21.95.

KEY DATA OF THE FRESENIUS SHARE

	Q1- 3/ 2 022	202 1	Gro wth
of (S Nu mb sha 30 /D 31 ) er res ep. ec.	563 237 277 , ,	55 8, 502 143 ,	1%
n1 Sto ck han tio in € ota exc ge qu
Hig h	37 .88	47 .44	-20 %
Low	21 .22	33 .45	-37 %
Per iod d q ati clo sin ric e in € uot -en on g p	21 .95	35 .40	-38 %
Ø T ing of ing rad lum e ( mb sha ad da ) r tr vo nu er res pe y	6, 1, 59 949	6 1, 40 5, 53	14 %
2 in Ma rke ital iza tio illio n € (S 30 /D 31 ) t ca p n m ep. ec.	12, 363	19, 77 1	-37 %

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 THIRD QUARTER 2022

The war in Ukraine continues to cause tremendous human and economic suffering and aggravates inflationary pressures on the global economy. In addition, supply-demand imbalances, rising food and energy prices and broader price pressures are fueling global inflation, deteriorating uncertainty about the economic outlook.

Overall, current ECB forecasts assume an average annual real GDP growth rate of 3.1% in the euro zone. This equates to an increase of 0.3 percentage points compared to previous estimations. As of November 2, 2022 the ECB raises the key interest rate in the euro zone by a further 75 basis points to 2.0%.

The Federal Reserve's latest forecast projects the U.S. economy to grow by 1.7% in 2022. In September, the U.S. Federal Reserve raised its main interest rate by a further 75 basis points to 3.25%.

Within this economic environment, the DAX decreased by 24% in the first nine months of 2022 to 12,784 points. The Fresenius share lost 38% and closed at €21.95 on September 30, 2022.

SHAREHOLDER STRUCTURE BY INVESTORS

SHAREHOLDER STRUCTURE

The charts opposite show the shareholder structure at the end of the first half of 2022. The Else Kröner-Fresenius-Stiftung was the largest shareholder of Fresenius SE&Co. KGaA, with 26.96% of the shares. According to notifications pursuant to the German Securities Trading Act (WpHG), BlackRock, Inc. held below 5% and Harris Associates L.P. above 3% of the shares. For further information on notifications, please visit www.fresenius.com/shareholder-structure.

As of June 30, 2022, a shareholder survey identified the ownership of about 96% of our subscribed capital. A total of over 600 institutional investors held about 340 million shares or 60% (December 31, 2021: 61%) of the subscribed capital; 50.6 million (December 31, 2021: 48.1 million) shares were identified as retail holdings. Unchanged from the previous year, the 10 largest investors held about 20% of the share capital. Our shares were mostly held by investors in Germany, the United States, and the United Kingdom.

ANALYST RECOMMENDATIONS

The recommendations published by financial analysts are an important guide for institutional and private investors when making investment decisions. According to our survey, as of November 2, 2022, we were rated with 9 ''buy'', 9 ''hold'', and no ''sell'' recommendations. The list of banks that provide regular analyst coverage of Fresenius and their latest recommendations can be found at www.fresenius.com/analysts-and-consensus.

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.

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. Business segment specialists develop concepts and measures to achieve the climate target in a Group-wide project.

The Fresenius Group Sustainability Board (GSB) has held four meetings so far in 2022 to discuss the implementation of regulatory requirements, in particular the EU taxonomy and the Due Diligence Act, as well as the EU Corporate Sustainability Reporting Directive (CSRD). Furthermore, the quarterly reporting of the ESG KPIs included in the Management Board compensation system was advanced. The business segments have also begun conducting the first Group-wide employee engagement survey in Q3.

INTERIM MANAGEMENT REPORT

Fresenius with weak third quarter driven by ongoing challenging macroeconomic environment – FY/22 guidance revised – Charting a new course for Fresenius

►Healthy organic sales growth and ongoing margin pressure
► Fresenius Medical Care's business development impacted by delayed effects from improvements in North American Services business in challenging environment
►Fresenius Kabi with healthy sales growth and sequential improvement
►Fresenius Helios with strong organic sales growth, solid EBIT in line with usual third quarter seasonality
►Fresenius Vamed impacted by macroeconomic headwinds and COVID-19

STRATEGY AND GOALS

Our goal is to expand Fresenius' position as a leading global provider of products, services, and therapies for critically and chronically ill people.

Fresenius develops innovative, affordable, and profitable medical solutions in line with megatrends of health and demographics. What drives us to achieve top performance every day is our mission: we improve people's lives by providing high-quality and affordable healthcare. Consequently, Fresenius' business decisions are guided by this mission. At the same time, we want to grow profitably and use our capital efficiently.

COST AND EFFICIENCY PROGRAM

In 2021, Fresenius initiated a cost and efficiency program to sustainably enhance profitability.

Through implementation of initiatives, Fresenius expects cost savings of at least €150 million p.a. after tax and minority interest in 2023. For the years thereafter, a further significant increase in sustainable cost savings is expected. The savings will be achieved by all four business segments and the corporate center.

Fresenius anticipates that achieving these sustainable efficiency improvements will require up-front expenses of more than €200 million in 2022 and further expenses of around €100 million in 2023, in each case after taxes and minority interest. No further significant expenses are expected thereafter. In line with previous practice, these expenses are classified as special items (see also reconciliation tables on page 28 onwards).

FME25

With a significantly simplified future structure of two global operating segments -- Care Enablement and Care Delivery -- Fresenius Medical Care orients its operating model along the relevant future value drivers.

Based on the implementation of the new global operating model, Fresenius Medical Care assumes to reduce its annual cost base by €500 million by the end of 2025.

Around 50% of these savings are expected to be realized by 2023. Around 80% of the anticipated one-time investments in FME25, amounting to approximately €450 ‒ 500 million, are expected to be made by the end of 2023. The investments will be treated as a special item.

VISION 2026

Fresenius Kabi has developed a strategic plan to transform the company for the next decade. By doing so, Fresenius Kabi enhances its presence and to spur growth, both in terms of top line and ultimately margin expansion. The strategy ''3+1'' identifies focus areas that are underpinned by structural growth drivers within the healthcare industry. Given the sustainable value potential and the company's already strong market position, Fresenius Kabi will continue to focus on products and services for critically and chronically ill patients. Within this clear direction, Fresenius Kabi has defined three growth vectors:

►the broadening of our biopharmaceutical offering,
►further roll-out of clinical nutrition,
►expansion in the MedTech area.

The focus will be on further developing the portfolio to capitalize on key market and industry trends in order to capture future growth opportunities. In parallel, Fresenius Kabi will continue to build resilience in its volume-driven IV business.

Furthermore, Fresenius Kabi will improve its global competitiveness and the effectiveness of its organization; a first step was to align the organization with the product areas, in line with the growth strategy.

In the new organizational structure, the business units and the regions will be given more accountability to support Fresenius Kabi's growth targets. At the same time, the interfaces within the company will be streamlined to foster collaboration. The new organization was implemented as of January 2022.

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

The COVID-19 pandemic has a significant impact on the economic environment of the Fresenius Group. We demonstrated our special responsibility as part of the healthcare system even under the difficult circumstances of the COVID-19 pandemic.

Russia's war against the Ukraine, will continue to have a significant negative impact on our net assets, financial position, and results of operations. While the direct and indirect impact of the war is difficult to predict at the present time, the current, significant macroeconomic inflationary environment, including materially increasing energy prices, has resulted in and could continue to lead to, amongst other consequences, material increases in costs for energy, supplies, and transportation. Furthermore, supply chain disruptions as well as labor shortages and related increases in labor costs present risks which adversely effect our business operations. Further explanations can be found in the opportunity and risk report.

The legal framework for the operating business of the Fresenius Group remained essentially unchanged. We carefully monitor and evaluate country-specific,

political, legal, and financial conditions.

2 The following description of sales relates to the respective external sales of the business segments. Consolidation effects and corporate entities are not taken into account.

Therefore, aggregation to total Group sales is not possible.

RESULTSOF OPERATIONS, FINANCIAL POSITION, ASSETS AND LIABILITIES

SALES

Group sales increased by 12% (5% in constant currency) to €10,459 million (Q3/ 21: €9,324 million). Organic growth was 4%. Acquisitions /divestitures contributed net 1% to growth. Currency translation increased sales growth by 7%. Excluding estimated COVID-19 effects1, Group sales growth would have been 4% to 5% in constant currency (Q3/ 21: 7% to 8%).

In Q1-3/ 22, Group sales increased by 10% (4% in constant currency) to €30,197 million (Q1-3 / 21: €27,554 million). Organic growth was 3%. Acquisitions /divestitures contributed net 1% to growth. Currency translation increased sales growth by 6%. Excluding estimated COVID-19 effects1, Group sales growth would have been 3% to 4% in constant currency (Q1-3/ 21: 5% to 6%).

SALES BY REGION

€ i illio n m ns	Q3 / 202 2	Q3 / 202 1	Gro wth	Cur ren cy slat ion tran effe cts	Gro wth at stan t ra tes con	Org anic sale h owt s gr	uisi tion Acq s	Div esti / ture s Oth ers	% o f to tal sale s
eri No rth Am ca	226 4,	672 3,	15 %	16 %	-1%	-2%	1%	0%	40 %
Eu rop e	4, 36 7	4, 098	7%	0%	7%	6%	1%	0%	42 %
ia- ific As Pac	1, 097	986	11 %	7%	4%	4%	0%	0%	11 %
Lat in A ric me a	632	46 1	37 %	4%	33 %	29 %	4%	0%	6%
Afr ica	137	107	28 %	0%	28 %	28 %	0%	0%	1%
To tal	10, 9 45	9, 324	12 %	7%	5%	4%	1%	0%	100 %

€ i illio n m ns	Q1- 3/ 2 022	Q1- 3 /2 021	Gro wth	Cur ren cy ion tran slat effe cts	Gro wth at stan t ra tes con	Org anic sale h owt s gr	Acq uisi tion s	Div esti / ture s Oth ers	% o f to tal sale s
No rth Am eri ca	11, 90 1	10, 60 1	12 %	12 %	0%	-1%	1%	0%	40 %
Eu rop e	13, 178	12, 43 8	6%	0%	6%	5%	1%	0%	44 %
As ia- Pac ific	3, 105	2, 867	8%	6%	2%	2%	0%	0%	10 %
Lat in A ric me a	1, 635	1, 33 6	22 %	4%	18 %	15 %	3%	0%	5%
Afr ica	37 8	312	21 %	1%	20 %	20 %	0%	0%	1%
To tal	30 197 ,	27, 554	10 %	6%	4%	3%	1%	0%	100 %

SALES BY BUSINESS SEGMENT

€ i illio n m ns	Q3 / 202 2	Q3 / 202 1	Gro wth	Cur ren cy ion slat tran effe cts	Gro wth at stan t ra tes con	Org anic sale h owt s gr	Acq uisi tion s	Div esti / ture s Oth ers	f to % o tal s 2 sale
Fre ius sen
dic al C Me are	096 5,	2 4, 44	15 %	12 %	3%	2%	1%	0%	48 %
Fre ius Ka bi sen	2, 07 1	1, 854	12 %	8%	4%	3%	1%	0%	20 %
ius lios Fre He sen	2, 829	2, 622	8%	1%	7%	6%	2%	-1%	27 %
Fre ius Va d sen me	572	51 6	11 %	1%	10 %	10 %	1%	-1%	5%
To tal	10, 45 9	9, 324	12 %	7%	5%	4%	1%	0%	100 %

€ i illio n m ns	Q1- 3/ 2 022	Q1- 3 /2 021	Gro wth	Cur ren cy slat ion tran effe cts	Gro wth at stan t ra tes con	Org anic sale h owt s gr	Acq uisi tion s	Div esti / ture s Oth ers	% o f to tal s 2 sale
Fre ius sen
Me dic al C are	14, 40 1	12, 972	11 %	9%	2%	1%	1%	0%	47 %
Fre ius Ka bi sen	5, 814	5, 37 0	8%	6%	2%	2%	0%	0%	19 %
Fre ius He lios sen	8, 685	8, 009	8%	0%	8%	6%	2%	0%	29 %
Fre ius Va d sen me	1, 647	1, 549	6%	0%	6%	6%	1%	-1%	5%
To tal	30 197 ,	27, 554	10 %	6%	4%	3%	1%	0%	100 %

EARNINGS

Group EBITDA before special items decreased by 2% (-10% in constant currency) to €1,662 million (Q3/ ²¹2: €1,703 million). Reported Group EBITDA was €1,658 million (Q3/21: €1,667 million).

In Q1-3 / 22, Group EBITDA before special items remained nearly unchanged (-6% in constant currency) at €5,006 million (Q1-3 / ²¹2: €5,008 million). Reported Group EBITDA was €4,781 million (Q1-3/ 21: €4,957 million).

Group EBIT before special items decreased by 9% (-17% in constant currency) to €949 million (Q3/ ²¹2: €1,044 million). The decrease was mainly driven by higher labor costs at Fresenius Medical Care in the U.S., general cost inflation, revaluation of contract assets in the international service and project business at Fresenius Vamed as well as higher costs in the Corporate segment. The EBIT margin before special items was 9.1% (Q3/ ²¹2: 11.2%). Reported Group EBIT was €887 million (Q3/ 21: €1,008 million).

In Q1-3/ 22, Group EBIT before special items decreased by 4% (-10% in constant currency) to €2,952 million (Q1-3 / ²¹2: €3,086 million). The EBIT margin before special items was 9.8% (Q1-3/ ²¹2: 11.2%). Reported Group EBIT was €2,634 million (Q1-3/ 21: €3,035 million).

€ i illio n m ns	Q3 / 202 2	Q3 / 202 1	Gro wth	Q1- 3/ 2 022	Q1- 3 /2 021	Gro wth
Sa les	10, 45 9	9, 324	12 %	30, 197	27, 554	10 %
Co of les sts sa	-7, 754	-6, 80 1	-14 %	256 -22 ,	-19 955 ,	-12 %
Gr ofi t oss pr	2, 705	2, 523	7%	7, 94 1	7, 59 9	5%
Se llin al a nd ad mi nis tive tra g, ge ner ex pen ses	-1, 610	-1, 30 0	-24 %	-4, 717	-3, 966	-19 %
Res ch and de vel nt ear op me exp ens es	-20 9	-21 5	3%	-59 0	-59 8	1%
tin inc Op e ( EB IT) era g om	887	1, 008	-12 %	2, 634	3, 035	-13 %
Int lt st r ere esu	-14 1	6 -12	-12 %	-37 5	-38 4	2%
Fin cia l re sul t an	-14 1	-12 6	-12 %	-37 5	-38 4	2%
inc Inc e b efo e t om re om axe s	74 6	88 2	-15 %	2, 25 9	2, 65 1	-15 %
Inc e ta om xes	-19 4	-20 1	3%	-54 5	-59 1	8%
t in Ne com e	55 1	68 1	-19 %	1, 714	2, 060	-17 %
olli int No ntr sts nco ng ere	-23 0	-26 8	14 %	-59 7	-74 1	19 %
1,2 t in ibu ius Ne tab le t o F SE &C KG aA ttr com e a res en o.	37 1	435	-15 %	1, 284	1, 34 6	-5%
1 t in ttri ius SE &C KG Ne but ab le t o F aA com e a res en o.	32 1	41 3	-22 %	1, 117	1, 31 9	-15 %
1,2 rni ina Ea ord sha (€) ng s p er ry re	0.6 6	0.7 8	-15 %	2.2 9	2.4 1	-5%
1,2 Fu lly dil d e ing ord ina sha (€) ute arn s p er ry re	0.6 6	0.7 8	% -15	2.2 9	2.4 1	-5%
1 rni ina Ea ord sha (€) ng s p er ry re	0.5 7	0.7 4	-22 %	1.9 9	2.3 6	-15 %
1 dil ing ina Fu lly d e ord sha (€) ute arn s p er ry re	0.5 7	0.7 4	-22 %	1.9 9	6 2.3	-15 %
Av mb of s har era ge nu er es	563 ,23 7,2 77	558 ,44 8,1 18	1%	560 ,60 6,6 47	557 ,92 0,1 23	0%
2 EB ITD A	1, 662	1, 703	-2%	5, 006	5, 008	0%
2 De cia tio nd iza tio ort pre n a am n	713	659	8%	2, 054	1, 922	7%
2 EB IT	949	1, 044	-9%	2, 952	086 3,	-4%
2 EB ITD A m in arg	15. 9%	18. 3%		16. 6%	18. 2%
2 in EB IT ma rg	9.1 %	11. 2%		9.8 %	11. 2%

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

2 Before special items

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

4 For estimated COVID-19 effects please see table on page 32.

3 Excluding Ivenix and mAbxience acquisition

1 Before special items

Group net interest before special items was -€141 million (Q3/ ²¹1: -€126 million) mainly due to currency translation effects and overall higher interest rates. Reported Group net interest decreased to -€141 million (Q3 / 21: -€126 million).

In Q1-3/22, Group net interest before special items improved to -€376 million (Q1-3/211: -€384 million). Reported Group net interest improved to -€375 million (Q1-3/21: -€384 million).

Group tax rate before special items was 25.0% (Q3/211: 22.9%) mainly due to an increase in the proportionate share of non-tax-deductible expenses compared to taxable income at Fresenius Medical Care. Reported Group tax rate was 26.1% (Q3/ 21: 22.8%).

In Q1-3/ 22, Group tax rate before special items was 23.5% (Q1-3/ ²¹1: 22.4%) while the reported Group tax rate was 24.1% (Q1-3/ 21: 22.3%).

Noncontrolling interests before special items were -€235 million (Q3/ 211: -€273 million) of which 90% were attributable to the noncontrolling interests in Fresenius Medical Care. Reported noncontrolling interests were -€230 million (Q3/ 21: -€268 million).

In Q1-3/ 22, Noncontrolling interests before special items were -€686 million (Q1-3/ 211: -€751 million) of which 89% were attributable to the noncontrolling interests in Fresenius Medical Care. Reported noncontrolling interests were -€597 million (Q1-3/ 21: -€741 million).

Group net income2 before special items decreased by 15% (-22%/-19%3 in constant currency) to €371 million (Q3/ ²¹1: €435 million). The decrease was mainly driven by higher labor costs at Fresenius Medical Care in the U.S., general cost inflation, revaluation of contract assets in the international service and project business at Fresenius Vamed as well as higher costs in the Corporate segment. Moreover, increased interest expenses and a higher tax rate had a negative effect on Group net income. Excluding estimated COVID-19 effects4, Group net income2 before special items was -26% to -22% in constant currency (Q3/ 21: 12% to 16%). Reported Group net income2 decreased to €321 million (Q3/ 21: €413 million).

In Q1-3/ 22, Group net income2 before special items decreased by 5% (-10%/-8%3 in constant currency) to €1,284 million (Q1-3 / ²¹1: €1,346 million). Excluding estimated COVID-19 effects4, Group net income2 before special items was -15% to -11% in constant currency (Q1-3/21: 7% to 11%). Reported Group net income2 decreased to €1,117 million (Q1-3 / 21: €1,319 million).

Earnings per share2 before special items decreased by 15% (-22% in constant currency) to €0.66 (Q3/211: €0.78). Reported earnings per share2 were €0.57 (Q3/ 21: €0.74).

In Q1-3/ 22, earnings per share2 before special items decreased by 5% (-10% in constant currency) to €2.29 (Q1-3/211: €2.41). Reported earnings per share2 were €1.99 (Q1-3/ 21: €2.36).

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 2022, key figures are presented before special items.

Consolidated results for Q3 and Q1-3 / 2022 as well as Q3 and Q1-3/ 2021 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); cf. further explanations in the section ''Strategy and Goals'' on page 6
►impacts related to the war in Ukraine
►transaction costs mAbxience, Ivenix
► hyperinflation Turkey: Due to the current significant inflation, the deterioration of the economic situation and foreign exchange controls in Turkey, IAS 29 ''Financial Reporting in Hyperinflationary Economies'' is applied for the interim reporting period. The corresponding effects on profit or loss have therefore been adjusted
►retroactice duties
►remeasurement Humacyte investment
►Net Gain related to InterWell Health

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.

Fresenius

1st -- 3rd Quarter and 3rd Quarter 2022 Quarterly Financial Report

INVESTMENTS

INVESTMENTS/ACQUISITIONS BY BUSINESS SEGMENT

Spending on property, plant and equipment was €416 million corresponding to 4% of sales (Q3/ 21: €449 million; 5% of sales). These investments served primarily for the modernization and expansion of dialysis clinics, production facilities as well as hospitals and day clinics.

In Q1-3/ 22, spending on property, plant and equipment was €1,173 million corresponding to 4% of sales (Q1-3/ 21: €1,342 million; 5% of sales).

Total acquisition spending was €502 million (Q3/ 21: €167 million), mainly for the majority stake in mAbxience by Fresenius Kabi.

In Q1-3/ 22, total acquisition spending was €955 million (Q1-3/ 21: €807 million).

CASH FLOW

Group operating cash flow increased to €1,256 million (Q3/ 21: €1,226 million) with a margin of 12.0% (Q3/ 21: 13.1%). Free cash flow before acquisitions and dividends increased to €876 million (Q3/ 21: €793 million). Free cash flow after acquisitions and dividends decreased to €388 million (Q3/ 21: €594 million).

In Q1-3/ 22, Group operating cash flow decreased to €2,374 million (Q1-3 / 21: €3,329 million) with a margin of 7.9% (Q1-3/ 21: 12.1%). Free cash flow before acquisitions and dividends decreased to €1,202 million (Q1-3/ 21: €1,986 million). Free cash flow after acquisitions and dividends decreased to -€406 million (Q1-3/ 21: €352 million).

€ i illio n m ns	Q1- 3/ 2 022	Q1- 3 /2 021	The f pr rty, reo ope plan d t an ipm ent equ	The f reo uisi tion acq s	Gro wth	f to % o tal
Fre ius M ed ica l C sen are	63 1	954	49 5	136	-34 %	30 %
Fre ius Ka bi sen	1, 03 1	34 7	30 8	723	197 %	49 %
ius lios Fre He sen	41 1	779	33 0	81	-47 %	19 %
Fre ius Va d sen me	46	58	31	15	-21 %	2%
Co rat rpo e	9	11	9	--	-18 %	0%
To tal	2, 128	2, 149	173 1,	955	-1%	100 %

CASH FLOW STATEMENT (SUMMARY)

€ i illio n m ns	Q3 / 202 2	Q3 / 202 1	Gro wth	Q1- 3 / 2 022	Q1- 3 /2 021	Gro wth
t in Ne com e	55 1	68 1	-19 %	1, 714	060 2,	-17 %
De cia tio nd iza tio ort pre n a am n	77 1	659	17 %	2, 147	1, 922	12 %
Ch ork ing ital d o the ang e w ca p an rs	-66	-11 4	42 %	-1, 48 7	-65 3	-12 8%
Op tin Ca flo sh era g w	256 1,	226 1,	2%	2, 374	3, 32 9	-29 %
Ca ital dit et p ex pen ure , n	-38 0	-43 3	12 %	-1, 172	-1, 343	13 %
Ca flo bef isit ion div ide sh nd nd w ore ac qu s a s	876	793	10 %	1, 202	986 1,	-39 %
Ca sh d f uis itio ns / ds fro m d ive stit use or acq pro cee ure s	-42 8	-12 4	--	-79 1	-64 3	-23 %
Div ide nds id pa	-60	-75	20 %	-81 7	-99 1	18 %
Fre ash flo fte uis itio d d ivid ds e c w a r a cq ns an en	38 8	594	-35 %	-40 6	352	--
Ca sh vid ed by /us ed for fin ing tiv itie pro anc ac s	-43 9	-49 2	11 %	-35 0	96	--
Eff of e in cha ch sh and ect tes ex nge ra on ang ca
h e iva len ts cas qu	50	61	-18 %	120	128	-6%
Ne ha e i ash d c ash uiv ale t c nts ng n c an eq	-1	163	-10 1%	-63 6	6 57	--

Group total assets increased by 12% (4% in constant currency) to €80,328 million (Dec. 31, 2021: €71,962 million) given currency translation effects, acquisitions and the expansion of business activities. Current assets increased by

11% (6% in constant currency) to €19,443 million (Dec. 31, 2021: €17,461 million), mainly driven by the increase of trade accounts receivables and inventories. Non-current assets increased by 12% (4% in constant currency) to €60,885 million (Dec. 31, 2021: €54,501 million).

ASSET AND LIABILITY STRUCTURE

Total shareholders' equity increased by 17% (6% in constant currency) to €34,156 million (Dec. 31, 2021: €29,288 million). The equity ratio was 42.5% (Dec. 31, 2021: 40.7%).

Group debt increased by 5% (1% in constant currency) at €28,607 million (Dec. 31, 2021: €27,155 million). Group net debt increased by 9% (4% in constant currency) to €26,479 million (Dec. 31, 2021: €24,391 million).

As of September 30, 2022, the net debt/EBITDA ratio was 3.74x1,2 (Dec. 31, 2021: 3.51x1,2) mainly driven by lower EBITDA contribution as well as acquisition spending. The net debt/EBITDA ratio as of September 30, 2022 excluding the closed acquisition of Ivenix and the completed acquisition of a majority stake in mAbxience was 3.64x1,2.

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

2 Before special items

BALANCE SHEET

€ i illio n m ns	Sep . 30 , 20 22	Dec . 31 , 20 21	Cha nge
As set s
Cu nt ets rre ass	19, 443	17, 46 1	11 %
f tr cei the ade vab les nts reo ac cou re	7, 977	7, 045	13 %
the f in ies tor reo ven	4, 999	4, 218	19 %
the f ca sh and sh uiv ale nts reo ca eq	2, 128	2, 764	-23 %
No ent set n-c urr as s	60, 885	50 54 1 ,	12 %
the f p lan nd uip ert t a nt reo rop y, p eq me	13, 25 1	12, 569	5%
f g wil r in ible the ood l an d o the tan set reo g as s	37, 849	32, 774	15 %
the f ri ht- of- set reo g use -as s	6, 37 6	6, 014	6%
To tal set as s	80, 32 8	962 71,	12 %
Lia bil itie uit nd sha reh old ' eq s a ers y
Lia bil itie s	46 172 ,	674 42 ,	8%
the f tr ade ble nts reo ac cou pa ya	1, 926	2, 039	-6%
f a lia bil itie the ual nd oth sho rt-t reo ccr s a er erm s	11, 42 9	10, 594	8%
the f d ebt reo	28, 607	27, 155	5%
the f le lia bili tie reo ase s	7, 04 1	6, 59 0	7%
No oll ing in ntr ter est nco s	12, 774	10, 29 0	24 %
niu uit To tal Fr s S E& Co . K Ga A s ha reh old ' eq ese ers y	21, 382	18, 998	13 %
uit To tal sh ho lde rs' are eq y	156 34 ,	29, 28 8	17 %
To tal lia bil itie nd sha reh old ' eq uit s a ers y	80, 32 8	71, 962	12 %

BUSINESS SEGMENTS

FRESENIUS MEDICAL CARE

Fresenius Medical Care is the world's largest provider of products and services for individuals with renal diseases. As of September 30, 2022, Fresenius Medical Care was treating 344,593 patients in 4,153 dialysis clinics. Along with its core business, the Renal Care Continuum, the company focuses on expanding in complementary areas and in the field of critical care.

€ i illio n m ns	Q3 / 202 2	Q3 / 202 1	Gro wth	Gro wth in c tant ons cur ren cy	Q1- 3/ 2 022	Q1- 3 /2 021	Gro wth	Gro wth in c tant ons cur ren cy
Sa les	5, 096	4, 44 1	15 %	3%	14, 40 1	12, 972	11 %	2%
A1 EB ITD	914	916	0%	-11 %	600 2,	610 2,	0%	-8%
IT1 EB	47 0	513	-8%	-18 %	1, 32 2	1, 42 3	-7%	-14 %
1,2 t in Ne com e	23 1	280	-17 %	-25 %	660	756	-13 %	-18 %
Em loy p ees (Se 30 /D 31 ) p. ec.					130 295 ,	130 25 1 ,	0%

► Business development continues to be strongly impacted by highly uncertain macroeconomic environment driving wage and general cost inflation in all reporting segments
►Impacts of improvements in North American Health Care Services operations delayed
►COVID-19-related excess mortality in line with expectations
►Important step in value-based care achieved with closing of InterWell Health merger

Sales increased by 15% (3% in constant currency) to €5,096 million (Q3/ 21: €4,441 million). Organic growth was 2%. Currency translation increased sales growth by 12%.

In Q1-3/ 22, sales increased by 11% (2% in constant currency) to €14,401 million (Q1-3/ 21: €12,972 million). Organic growth was 1%. Currency translation increased sales growth by 9%.

EBIT decreased by 7% (-17% in constant currency) to €472 million (Q3/ 21: €505 million) resulting in a margin of 9.3% (Q3/ 21: 11.4%). EBIT before special items decreased by 8% (-18% in constant currency) to €470 million (Q3/ 21: €513 million), resulting in a margin1 of 9.2% (Q3/ 21: 11.6%). At constant currency, the decline was mainly due to higher labor costs as well as inflationary and supply chain cost increases. This was partially offset by €80 million (Q3 2021: €0.3 million) of Provider Relief Funding from the U.S. government to compensate for certain COVID-19-related costs.

In Q1-3/ 22, EBIT decreased by 17% (-24% in constant currency) to €1,160 million (Q1-3/ 21: €1,403 million) resulting in a margin of 8.1% (Q1-3/ 21: 10.8%). EBIT before special items decreased by 7% (-14% in constant currency) to €1,322 million (Q1-3/ 21: €1,423 million), resulting in a margin1 of 9.2% (Q1-3/ 21: 11.0%).

1 Before special items

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

Net income1 decreased by 16% (-24% in constant currency) to €230 million (Q3/ 21: €273 million). Net income¹ before special items decreased by 17% (-25% in constant currency) to €231 million (Q3/ 21: €280 million). Besides the above-mentioned effects on operating income, the constant currency decline was mainly due to an increase in the proportionate share of non-tax-deductible expenses compared to taxable income.

In Q1-3/ 22, net income1 decreased by 28% (-34% in constant currency) to €535 million (Q1-3/ 21: €741 million). Net income1 before special items decreased by 13% (-18% in constant currency) to €660 million (Q1-3/ 21: €756 million).

Operating cash flow was €658 million (Q3/21: €692 million) with a margin of 12.9% (Q3/21: 15.6%). The decrease was mainly due to lower net income.

In Q1-3/ 22, operating cash flow was €1,568 million (Q1- 3/21: €1,820 million) with a margin of 10.9% (Q1-3/21: 14.0%).

Based on the delayed impacts of improvements in North American Health Care Services operations, the continuously challenging and uncertain macroeconomic environment, and the results for the third quarter, which had a more pronounced support by one-time effects, Fresenius Medical Care, as a matter of caution, extends its 2022 guidance range for net income1,3 decline from a high-teens to a high-teens to mid-twenties percentage range. The Company confirms its target for revenue2 to grow at a low single digit percentage rate in full year 2022. Revenue and net income guidance are both on a constant currency basis and excluding special items4.

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

InterWell Health merger closed

With the closing of the three-way merger of Fresenius Health Partners, InterWell Health and Cricket Health, a premier value-based kidney care provider has been created in the U.S. This is an important step in the execution of Fresenius Medical Care's strategy. The new company operates under the InterWell Health brand and will be fully consolidated by Fresenius Medical Care as the majority owner. The closing of the merger resulted in a net gain of €56 million (on EBIT level) in the third quarter, which is treated as a special item.

¹ Net income attributable to shareholders of Fresenius Medical Care AG&Co. KGaA

² FY/21 base: €17,619 million

³ FY/21 base: €1,018 million, before special items; FY/22 before special items

⁴ These targets are based on the 2021 results excluding the costs related to FME25 of EUR 49 million (for Net Income). They are in constant currency and exclude special items. Special items include further costs related to FME25, the impact of the war in Ukraine, the impact of hyperinflation in Turkiye, the Humacyte investment remeasurement, the net gain related to InterWell Health and other effects that are unusual in nature and have not been foreseeable or not foreseeable in size or impact at the time of giving guidance.

FRESENIUS KABI

Fresenius Kabi offers intravenously administered generic drugs, clinical nutrition and infusion therapies for seriously and chronically ill patients in the hospital and outpatient environments. The company is also a leading supplier of medical devices and transfusion technology products. In the biosimilars business, Fresenius Kabi is developing products with a focus on oncology and autoimmune diseases.

€ i illio n m ns	Q3 / 202 2	Q3 / 202 1	Gro wth	Gro wth in c tant ons cur ren cy	Q1- 3/ 2 022	Q1- 3 /2 021	Gro wth	Gro wth in c tant ons cur ren cy
Sa les	2, 07 1	1, 854	12 %	4%	5, 814	5, 37 0	8%	2%
A1 EB ITD	39 7	414	-4%	% -14	172 1,	194 1,	-2%	-10 %
IT1 EB	280	30 0	-7%	3 -11 %	844	874	-3%	3 -9%
1,2 t in Ne com e	184	206	-11 %	-21 %	574	600	-4%	-13 %
Em loy p ees (Se 30 /D 31 ) p. ec.					42 257 ,	41 39 7 ,	2%

►Solid organic sales growth in all three growth vectors against already strong Q3 / 21
►Biopharmaceuticals continue strong trajectory in line with ambitious plan
►Growth in Europe and rest of the world outweighing pressures in North America
►Sequentially constant EBIT margin3 despite headwinds from cost increases

Sales increased by 12% (4% in constant currency) to €2,071 million (Q3/ 21: €1,854 million). Organic growth was 3%.

In Q1-3/ 22, sales increased by 8% (2% in constant currency) to €5,814 million (Q1-3 / 21: €5,370 million). Organic growth was 2%. Positive currency translation effects of 8% in Q3/ 22 and 6% in Q1-3/ 22 were mainly related to the U.S. dollar and Chinese yuan.

Sales in North America increased by 13% (organic growth: -2%) to €668 million (Q3/ 21: €589 million). The significant sales growth was mainly driven by positive currency effects while organic growth continued to be impacted by ongoing competitive pressure and supply chain challenges.

In Q1-3/ 22, sales in North America increased by 11% (organic growth: -1%) to €1,853 million (Q1-3/ 21: €1,669 million).

Sales in Europe increased by 8% (organic growth: 6%) to €669 million (Q3/ 21: €620 million) driven by a broadbased positive development, and biopharmaceuticals.

In Q1-3/ 22, sales in Europe increased by 5% (organic growth: 4%) to €1,967 million (Q1-3/ 21: €1,880 million).

Sales in Asia-Pacific increased by 4% (organic growth: -4%) to €467 million (Q3/21: €447 million). Organic growth was affected by price pressure from the NVBP (National Volume-Based Procurement) tenders in China.

1 Before special items

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

³ Excluding Ivenix and mAbxience acquisition

In Q1-3/ 22, sales in Asia-Pacific increased by 6% (organic growth: -2%) to €1,325 million (Q1-3/ 21: €1,248 million).

Sales in Latin America /Africa increased by 35% (organic growth: 27%) to €267 million (Q3/ 21: €198 million), due to a positive business development in both regions.

In Q1-3/ 22, sales in Latin America /Africa increased by 17% (organic growth: 11%) to €669 million (Q1-3/ 21: €573 million).

Sales in the Biopharmaceuticals business was €64 million.

In Q1-3/ 22, sales in the Biopharmaceuticals business was €116 million. EBIT¹ decreased by 7% (-18%/-11%2 in constant currency) to €280 million (Q3/ 21: €300 million), mainly related to ongoing cost inflation, supply chain challenges as well as competitive pressure. EBIT margin1 was 13.5% (Q3/ 21: 16.2%). Excluding the acquisitions of Ivenix and the majority stake in mAbxience, the constant currency EBIT margin1 was sequentially stable at 14.6%2 in Q3/ 22 (Q2/ 22: 14.7%2) despite the mentioned headwinds.

In Q1-3/ 22, EBIT¹ decreased by 3% (-12%/-9%2 in constant currency) to €844 million (Q1-3/ 21: €874 million) with an EBIT margin1 of 14.5%/15.0%2 (Q1-3/ 21: 16.3%). Net income1,3 decreased by 11% (-21% in constant currency) to €184 million (Q3/ 21: €206 million).

In Q1-3/ 22, net income1,3 decreased by 4% (-13% in constant currency) to €574 million (Q1-3/21: €600 million).

Operating cash flow decreased to €301 million (Q3/ 21: €393 million) with a margin of 14.5% (Q3/ 21: 21.2%), mainly driven by a working capital build-up from e.g. higher inventories.

In Q1-3/ 22, operating cash flow decreased to €543 million (Q1-3 / 21: €868 million) with a margin of 9.3% (Q1-3 / 21: 16.2%).

For FY/ 22, Fresenius Kabi confirms its outlook and expects organic sales4 growth in a low-single-digit percentage range. Constant currency EBIT5 is expected to decline in a high-single- to low-double-digit percentage range. Both sales and EBIT outlook include expected COVID-19 effects. The financial effects from the acquisitions of Ivenix and the majority stake in mAbxience remain excluded from guidance.

1 Before special items

2 Excluding Ivenix and mAbxience acquisition

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

5 FY/21 base: €1,153 million, before special items, FY/22 before special items, excluding Ivenix and mAbxience acquisitions

1st -- 3rd Quarter and 3rd Quarter 2022 Quarterly Financial Report

⁴ FY/21 base: €7,193 million

FRESENIUS HELIOS

Fresenius Helios is Europe's leading private hospital operator. The company comprises Helios Germany, Helios Spain and Helios Fertility. Helios Germany operates 87 hospitals, ~130 outpatient centers and 6 prevention centers. Helios Spain operates 50 hospitals, 101 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	Q3 / 202 2	Q3 / 202 1	Gro wth	Gro wth in c tant ons cur ren cy	Q1- 3/ 2 022	Q1- 3 /2 021	Gro wth	Gro wth in c tant ons cur ren cy
Sa les	2, 829	2, 622	8%	7%	8, 685	8, 009	8%	8%
A1 EB ITD	34 8	34 1	2%	1%	205 1,	134 1,	6%	6%
IT1 EB	222	222	0%	-1%	83 1	788	5%	5%
1,2 t in Ne com e	138	135	2%	1%	53 0	50 1	6%	5%
Em loy p ees (Se 30 /D 31 ) p. ec.					125 977 ,	123 484 ,	2%

► Fresenius Helios with strong organic sales growth; solid EBIT development in line with usual third quarter seasonality
►Helios Germany with gradually improving admissions
►Helios Spain with ongoing healthy activity levels
►Helios Fertility with lower volumes driven by delayed treatments

Sales increased by 8% (7% in constant currency) to €2,829 million (Q3/ 21: €2,622 million). Organic growth was 6%. Acquisitions, mainly at Helios Fertility, contributed 2% to sales growth. Divestments reduced sales by 1%.

In Q1-3 / 22, sales increased by 8% (8% in constant currency) to €8,685 million (Q1-3 / 21: €8,009 million). Organic growth was 6%. Acquisitions contributed 2% to sales growth.

Sales of Helios Germany increased by 6% (organic growth: 5%) to €1,731 million (Q3/21: €1,640 million), mainly driven by gradually increasing admissions, which are however still below pre-pandemic levels. Acquisitions contributed 1% to sales growth.

In Q1-3/ 22, sales of Helios Germany increased by 6% (organic growth: 5%) to €5,272 million (Q1-3/ 21: €4,988 million). Acquisitions contributed 1% to sales growth.

Sales of Helios Spain increased by 10% (9% in constant currency) to €1,037 million (Q3/ 21: €941 million). Organic growth of 8% was driven by the continuous high level of treatment activity. The clinics in Latin America also showed a good performance. Acquisitions contributed 1% to sales growth.

In Q1-3/ 22, sales of Helios Spain increased by 10% (9% in constant currency) to €3,227 million (Q1-3/ 21: €2,937 million). Organic growth was 9%.

1 Before special items

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

Sales of the Helios Fertility were €62 million (Q3/ 21: €40 million).

In Q1-3 / 22, sales of the Helios Fertility were €184 million.

EBIT¹ remained stable (-1% in constant currency) at €222 million (Q3/ 21: €222 million) with an EBIT margin1 of 7.8% (Q3/ 21: 8.5%).

In Q1-3/ 22, EBIT¹ increased by 5% (5% in constant currency) to €831 million (Q1-3/ 21: 788 million) with an EBIT margin1 of 9.6% (Q1-3/ 21: 9.8%).

EBIT1 of Helios Germany increased by 1% to €141 million (Q3 / 21: €140 million) with an EBIT margin1 of 8.1% (Q3/ 21: 8.5%). The increase of costs from the use of external staff due to COVID-19 related staff absenteeism continued to weigh on profitability. Inflationary cost effects had only a small negative impact.

In Q1-3/ 22, EBIT1 of Helios Germany increased by 2% to €449 million (Q1-3/21: €442 million) with an EBIT margin1 of 8.5% (Q1-3/ 21: 8.9%).

EBIT1 of Helios Spain increased by 5% (3% in constant currency) to €83 million (Q3/ 21: €79 million) despite increased cost inflation. The EBIT margin1 was 8.0% (Q3/ 21: 8.4%).

In Q1-3/ 22, EBIT1 of Helios Spain increased by 9% (9% in constant currency) to €384 million (Q1-3/ 21: €352 million). The EBIT margin1 was 11.9% (Q1-3/ 21: 12.0%).

EBIT1 of Helios Fertility was €4 million with an EBIT margin1 of 6.5% (Q3/21: €9 million). Lower volumes by delayed treatments driven by macroeconomic environment. Prior year quarter was inflated by a positive special item.

In Q1-3/ 22, EBIT1 of Helios Fertility was €15 million (Q1-3/ 21: €14 million) with an EBIT margin1 of 8.2%.

Net income1,2 increased by 2% (1% in constant currency) to €138 million (Q3/ 21: €135 million).

In Q1-3/ 22, net income1,2 increased by 6% (5% in constant currency) to €530 million (Q1-3/21: €501 million).

Operating cash flow increased to €353 million (Q3/ 21: €157 million) with a margin of 12.5% (Q3/ 21: 6.0%) mainly due to an improved receivables management in Spain.

In Q1-3/ 22, operating cash flow decreased to €411 million (Q1-3 / 21: €595 million) with a margin of 4.7% (Q1-3 / 21: 7.4%).

For FY/ 22, Fresenius Helios confirms its outlook and expects organic sales3 growth in a low- to mid-single-digit percentage range and constant currency EBIT4 growth in a mid-single-digit percentage range. Both sales and EBIT outlook include expected COVID-19 effects.

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

³ FY/21 base: €10,891 million

⁴ FY/21 base: €1,127 million, before special items, FY/22 before 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	Q3 / 202 2	Q3 / 202 1	Gro wth	Gro wth in c tant ons cur ren cy	Q1- 3/ 2 022	Q1- 3 /2 021	Gro wth	Gro wth in c tant ons cur ren cy
Sa les	572	51 6	11 %	10 %	1, 647	1, 549	6%	6%
A1 EB ITD	35	45	-22 %	-24 %	102	100	2%	0%
IT1 EB	10	23	% -57	-61 %	29	35	% -17	-20 %
1.2 Ne t in com e	5	14	-64 %	-64 %	15	18	-17 %	-17 %
Em loy p ees (Se 30 /D 31 ) p ec.					20, 017	19, 72 1	2%

► Service business with solid top-line performance, but higher than estimated COVID-19 impact in rehabilitation business impacts earnings
►Despite improved top-line development, macro challenges remain a headwind in the project business
►Revaluation of contractual assets in the international service and project business weighed on EBIT development

Sales increased by 11% (10% in constant currency) to €572 million (Q3/ 21: €516 million). Organic growth was 10%.

In Q1-3/ 22, sales increased by 6% (6% in constant currency) to €1,647 million (Q1-3/ 21: €1,549 million). Organic growth was 6%.

Sales in the service business increased by 2% (1% in constant currency) to €418 million (Q3/ 21: €410 million) due to increasing rehabilitation treatments given fewer capacity restrictions.

Sales in the project business increased by 45% (45% in constant currency) to €154 million (Q3/ 21: €106 million.

In Q1-3/ 22, sales in the service business increased by 6% (5% in constant currency) to €1,240 million (Q1-3/ 21: €1,165 million).

Sales in the project business increased by 6% (6% in constant currency) to €407 million (Q1-3/21: €384 million).

EBIT¹ decreased by 57% to €10 million (Q3/ 21: €23 million) with an EBIT margin1 of 1.7% (Q3/ 21: 4.5%)

driven by macroeconomic headwinds, ongoing COVID impacts, cost inflation as well as the revaluation of contractual assets in the international service and project business.

In Q1-3/ 22, EBIT¹ decreased by 17% to €29 million (Q1-3 / 21: €35 million) with an EBIT margin1 of 1.8% (Q1-3 / 21: 2.3%).

Net income1,2 decreased by 64% to €5 million (Q3/ 21: €14 million).

In Q1-3/ 22, Net income1,2 decreased by 17% to €15 million (Q1-3/ 21: €18 million).

1 Before special items

² Net income attributable to shareholders of VAMED AG

Order intake was €153 million (Q3 / 21: €120 million). In Q1-3/ 22 order intake was €669 million (Q1-3/ 21: €971 million). As of September 30, 2022, order backlog was at €3,726 million (December 31, 2021: €3,473 million).

Operating cash flow decreased to -€18 million (Q3/ 21: €9 million) with a margin of -3.1% (Q3/ 21: 1.7%), due to working capital build-ups.

In Q1-3/ 22, operating cash flow decreased to -€56 million (Q1-3 / 21: €23 million) with a margin of -3.4% (Q1-3 / 21: 1.5%).

Fresenius Vamed adjusts its outlook for FY/22 and now expects organic sales1 to grow in a mid-single digit percentage range (previously: high-single to low-double-digit percentage range). Constant currency EBIT2 is expected to be around €100 million (previously: return to absolute pre-COVID-19 levels (FY/ 19: €134 million)). Both sales and EBIT outlook include expected COVID-19 effects.

EMPLOYEES

As of September 30, 2022, the number of employees was 319,691 (Dec. 31, 2021: 316,078).

NUMBER OF EMPLOYEES

Nu mb of loy er em p ees	Sep . 30 , 202 2	Dec . 31 , 202 1	Gro wth
Fre ius M ed ica l C sen are	130 295 ,	130 25 1 ,	0%
ius bi Fre Ka sen	42 257 ,	41 39 7 ,	2%
Fre ius He lios sen	125 977 ,	123 484 ,	2%
Fre ius Va d sen me	20, 017	19, 72 1	2%
Co rat rpo e	1, 145	225 1,	-7%
To tal	31 9, 69 1	31 6, 078	1%

CHANGES TO THE SUPERVISORY BOARD

The Annual General Meeting of Fresenius SE&Co. KGaA elected Dr.Christoph Zindel (60), member of the Management Board of Siemens Healthineers since October 2019, to the Supervisory Board of Fresenius SE&Co. KGaA. Dr.Christoph Zindel is a member of the Audit Committee of the Supervisory Board.

As announced a year ago, Klaus-Peter Müller (77) stepped down from the Supervisory Board at the end of the Annual General Meeting and handed over the chairmanship of its Audit Committee to Susanne Zeidler (61).

CHANGES TO THE MANAGEMENT BOARD

Michael Sen (53) is Chief Executive Officer of Fresenius since October 1, 2022. He was appointed unanimously by the Supervisory Board of Fresenius Management SE to succeed Stephan Sturm (59), who left the company on good terms on September 30, 2022. Michael Sen will, in addition, continue to serve as CEO of Fresenius Kabi until a successor is decided for this position.

The Fresenius Management SE Supervisory Board has unanimously appointed Sara Hennicken (41) to the company's new Chief Financial Officer as of September 1, 2022. She succeeds Rachel Empey (45), who joined the Management Board of Fresenius as CFO on August 1, 2017 and left the company at her own request at the end of August.

Dr.Carla Kriwet (51) is the new CEO of Fresenius Medical Care. The Supervisory Board of Fresenius Medical Care Management AG unanimously appointed her to succeed Rice Powell (66), who in accordance with the company's age limit for Management Board members was stepping down after 10 years heading the company. Like Rice Powell, Dr.Carla Kriwet is also a member of the Management Board of Fresenius Management SE. Dr.Carla Kriwet joined Fresenius Medical Care as CEO on October 1, 2022, earlier than previously announced and Rice Powell stepped down as CEO effective September 30, 2022.

Additionally, Helen Giza, Chief Financial Officer of Fresenius Medical Care has entered a new five-year contract and, in addition to her current positions as Chief Financial Officer and Chief Transformation Officer of Fresenius Medical Care Management AG, has assumed the position of Deputy Chief Executive Officer of Fresenius Medical Care Management AG.

The CVs of the members of the Supervisory Board and the Management Board can be found on our website at https://www.fresenius.com/Corporate-Management.

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

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- /2 3 022	Q1- /2 3 021	Gro wth
Fre ius M ed ica l C sen are	1 166	153	8%
Fre ius Ka bi sen	21 42	3 44	-5%
Fre ius He lios sen	2	2	0%
ius Fre Va d sen me	-	-	--
Co rat rpo e	-2	0	--
To tal	1 58 8	59 8	-2%

1 Before special items

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	ble sta	ble sta	ble sta

OPPORTUNITIES AND RISK REPORT

Compared to the presentation in the consolidated financial statements and the management report as of December 31, 2021 applying Section 315e HGB in accordance with IFRS, there has been the following important developments in Fresenius' overall opportunities and risk situation until September 30, 2022.

Russia's war against the Ukraine, will continue to have a significant negative impact on our net assets, financial position, and results of operations. As a provider of life-sustaining medical products and healthcare services, we are continuing our activities in both, Russia, and Ukraine to the best of our ability despite the war and the restrictions resulting from the extensive economic sanctions imposed on Russia and Belarus by numerous governments. However, we cannot exclude that operations in Ukraine, Russia and Belarus are impacted by the destruction of assets, expropriation, or other regulatory actions.

In addition to such risks, considerable uncertainties are related to a further deterioration of the global macroeconomic outlook. While the direct and indirect impact of the war is difficult to predict at the present time, the current, significant macroeconomic inflationary environment, including materially increasing energy prices, has resulted in and could continue to lead to, amongst other consequences, material increases in costs for energy, supplies, and transportation.

Furthermore, supply chain disruptions as well as qualified labor shortages and related increases in labor costs

present risks which adversely effect our business operations. In order to limit these cost increases for Fresenius, we continuously analyze and use potential savings, for example in energy consumption. Thus, we examine the use of alternative energy sources in order to deploy them wherever possible.

The discontinuation of energy supplies from Russia increases these impacts and has additional material adverse effects on our business. An expansion of the war beyond the borders of Ukraine would bring further significant consequences for Europe as a whole.

Additionally, the Ukraine War has increased the risk of cyber security attacks against our systems and data.

Furthermore, our ability to access capital could be impacted by increased volatility and disruptions in the financing markets, and further rises in interest rates.

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

The global COVID-19 pandemic also continued to adversely affect our business in the first nine months of 2022. The further development of the worldwide situation in 2022 remains uncertain and depends on the extent to which further virus variants spread and on the governmental responses in the regions we operate in or source from. An unfavourable development may result in additional adverse effects on our financial results and our ability to achieve our Guidance.

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 pages 60 to 61 in the Notes of this report.

SUBSEQUENT EVENTS

October 2022 was characterized worldwide by a regionally varying development of the COVID-19 pandemic with continuing high infection numbers and associated shortage of resources. The further development of the global situation and its impact on Fresenius remain uncertain.

Russia's ongoing war against Ukraine and the associated price increases, especially for energy, raw materials and transport, will continue to have a direct and indirect negative impact on the business activities of the Fresenius Group, which cannot be estimated at present.

The development of personnel costs and the disruption of supply chains also remain issues on a global level. Their impact on Fresenius will be continuously analyzed in detail.

Beyond that, there have been no significant changes in the industry environment since the end of the third quarter.

Also otherwise, there have been no further events with a significant impact on the net assets, financial position, and results of operations since the end of the third quarter of 2022.

OUTLOOK 2022

ASSUMPTIONS FOR GUIDANCE FY/22

For 2022 and beyond, Fresenius expects that the current challenging market environment and the global macro-economic headwinds will remain. In particular, the general cost inflation, labor shortages, meaningful uncertainty with regard to the future development of energy prices, burdens from supply chain disruptions and ongoing impacts of the COVID-19 pandemic are expected to continue. The guidance does not consider a significant disruption of gas or electricity supplies in Europe.

Fresenius will continue to closely monitor the potential further consequences of the overall heightened volatility and muted visibility, including balance sheet valuations.

The war in Ukraine is directly and indirectly affecting Fresenius Group operations. The direct adverse effects of the war amounted to €24 million at net income1 level of Fresenius Group in Q1-3/ 22 and are treated as a special item.

COVID-19 will continue to impact Fresenius Group operations in 2022. An unlikely but possible significant deterioration of the situation triggering containment measures that could have a significant and direct impact on the health care sector without any appropriate compensation is not reflected in the Group's FY/ 22 guidance.

For Fresenius Medical Care's contribution to the Group's financial figures, the assumptions for Fresenius Medical Care's FY/22 guidance are also fully applicable to Fresenius Group's FY/ 22 guidance.

All of these assumptions are subject to considerable uncertainty.

The acquisitions of Ivenix and of the majority stake in mAbxience as well as any further potential acquisitions remain excluded from guidance.

FRESENIUS GROUP

Since Fresenius Medical Care continues to operate in a challenging environment, the impacts of the Company's focused efforts to improve North American Health Care Services operations are delayed against previous assumptions. Therefore, Fresenius Medical Care now assumes lower contributions in the financial year 2022.

Consequently, Fresenius Medical Care now expects net income (attributable to shareholders of Fresenius Medical Care AG&Co. KGaA) for the financial year 2022 to decline in the high teens to mid-twenties percentage range. The Company continues to anticipate revenue to grow at a lowsingle digit percentage range in the financial year 2022. These targets are in constant currency and exclude special items.

All other business segments of the Fresenius Group, in particular Vamed, are also affected by a challenging overall economic environment. Thus, there are increased uncertainties, inflation-related cost increases, staff shortages, disruptions in supply chains, and increased energy costs. This has a direct impact on customer and patient behavior.

However, as a consequence of the development at Fresenius Medical Care, Fresenius Vamed, and in view of increasing indications of a persistent unfavorable development of these and other factors for the further course of the financial year, the Management Board has changed its risk assessment and consequently also adjusted the Group outlook for FY/22.

At constant currency, the Company now anticipates Group net income1,2 to decline around ten percent (previously: decline in a low-to-mid single-digit percentage range). Group sales3 in constant currency continue to be expected to grow in a low-to-mid single-digit percentage range.

SALES AND EARNINGS BY BUSINESS SEGMENT

In 2022, we expect sales and earnings development in our business segments as shown in the table on page 27.

COST AND EFFICIENCY PROGRAM

The Group's cost and efficiency program is running according to plan and Fresenius confirms its increased savings targets provided in February 2022 of at least €150 million p.a. after tax and minority interest in 2023. For the years thereafter, a further significant increase in sustainable cost savings is expected.

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

2 FY/21 base: €1,867 million; before special items; FY/22: before special items
3 FY/21 base: €37,520 million

EXPENSES

For 2022, we do not expect selling, general, and administrative expenses (before special items) as a percentage of consolidated net sales to change significantly compared to 2021 (2021: 14.1%).

LIQUIDITY AND CAPITAL MANAGEMENT

For 2022, we now expect an operating cash flow margin in the range of 8% to 10% (previously: in the range of 10% to 12%).

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

Financing activities in 2022 are largely geared to refinancing existing financial liabilities maturing in 2022 and 2023.

Without the closed acquisition of Ivenix and the completed acquisition of a majority stake in mAbxience as well as any further potential acquisitions, Fresenius expects the net debt/EBITDA1 ratio to be roughly on the same level as in Q3/ 22 (3.64x2) by the end of 2022 (December 31, 2021: 3.51x2).There are no significant changes in the financing strategy planned for 2022.

INVESTMENTS

In 2022, we now expect to invest about 5% (previously: about 6%) of sales in property, plant and equipment. About 45% of the capital expenditure planned will be invested at Fresenius Medical Care, about 23% at Fresenius Kabi, and around 27% at Fresenius Helios.

At Fresenius Medical Care, investments will primarily be used for the expansion of production capacity, optimizing production costs, and the establishment of new dialysis clinics.

Fresenius Kabi will primarily invest in expanding and maintaining production facilities, as well as in introducing new manufacturing technologies.

At Fresenius Helios, we will primarily invest in the new buildings, and in the modernizing and equipping of existing hospitals, newly acquired hospitals, and outpatient centers.

Fresenius Vamed primarily invests in modernization as well as equipment for 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 expect return on operating assets (ROOA) to decline by 80 to 100 basis points (previously: 50 to 80 basis points) compared with the prior-year figure (2021: 6.5%). Return on invested capital (ROIC) is expected to decline by 80 to 100 basis points (previously: 40 to 70 basis points; 2021: 5.9%).

CAPITAL STRUCTURE

For 2022, we do not expect the equity ratio to change significantly compared to 2021 (2021: 41%). Furthermore, we expect debt in relation to total assets to remain around the prior year's level (2021: 38%).

DIVIDEND

The dividend increases provided by Fresenius in the last 29 years show impressive continuity. Our dividend policy aims to align dividends with earnings-per-share growth (before special items). The payout ratio is expected to be in the range of approximately 20% to 25%. For 2022, our dividend will be based upon our final results, but we aim to keep our dividend at least constant.

¹ At LTM average exchange rates for both net debt and EBITDA; pro forma closed acquisitions /divestitures; excluding further potential acquisitions; before special items; including lease liabilities

² At LTM average exchange rates for both net debt and EBITDA; pro forma closed acquisitions /divestitures; before special items; including lease liabilities

GROUP FINANCIAL OUTLOOK 2022

	Fisc al y 202 1¹ ear	Tar s 20 22² get (Fe bru 202 2) ary	Tar s 20 22² get (adj d Ju ly 2 022 ) uste	Gui dan ce²
Sa les th (in ) sta nt gr ow con cur ren cy	€3 520 7, m	Mi d s ing le-d ig it th tag per cen e g row	Gro h i low id wt -to n a -m sin le-d ig it p ent g erc age ra nge	firm ed con
3 g Ne t in th (in ) sta nt com e row con cur ren cy	€1 867 m ,	Low sin le-d ig it g th tag per cen e g row	De clin e in low id -to a -m sin le-d ig it p ent g erc age ra nge	De clin nd ten nt e a rou pe rce

1 Before special items, including COVID-19 effects

2 Before special items, including estimated COVID-19 effects

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

OUTLOOK 2022 BY BUSINESS SEGMENT

	Fisc al y 202 1¹ ear	Tar s 20 22² get (Fe bru 202 2) ary	Tar s 20 22² get (adj d Ju ly 2 022 ) uste	Gui dan ce²
3 Fre ius M ed ica l C sen are
Sa (in les th ) sta nt gr ow con cur ren cy	619 €1 7, m	Low id s ing le-d ig it -to -m th tag per cen e g row	Low sin le-d ig it g th tag per cen e g row	firm ed con
4 g Ne t in th (in ) sta nt com e row con cur ren cy	€1 018 m ,	Low id -to -m sin ig it le-d g th tag per cen e g row	clin ig De nd a h h t t a e a rou een s p er tag cen e r ang e	clin e in ig De th e h h t s to een mid ies -tw ent nta pe rce ge ran ge
ius bi Fre Ka sen
Sa ic) les th (or gr ow gan	€7 193 m ,	Low sin le-d ig it g th tag per cen e g row	firm ed con	firm ed con
EB IT h ( in c ) wt tan t c gro ons urr enc y	€1 153 m ,	De clin e in hig h s ing le- to low do ub le-d ig it tag per cen e r ang e	firm ed con	firm ed con
Fre ius He lios sen
Sa les th (or ic) gr ow gan	€1 0, 89 1 m	Low id s ing le-d ig it -to -m th tag per cen e g row	firm ed con	firm ed con
EB IT h ( in c ) wt tan t c gro ons urr enc y	€1 127 m ,	Mi d s ing le-d ig it th tag per cen e g row	firm ed con	firm ed con
Fre ius Va d sen me
Sa les th (or ic) gr ow gan	€2 297 m ,	Hig h s ing le- to low do ub le-d ig it th tag per cen e g row	firm ed con	Gro h i wt n a mid -sin le d ig it g tag per cen e r ang e
EB IT	€1 01 m	Ret ing ab sol to ute urn -CO VID lev els pre (20 19: €1 34 m)	firm ed con	Aro und €1 00 mi llio n

1 Before special items, including COVID-19 effects

2 Before special items, including estimated COVID-19 effects

3 These targets are based on the 2021 results excluding the costs related to FME25 of EUR 49 million (for Net Income). They are in constant currency and exclude special items. Special items include further costs related to FME25, the impact of the war in Ukraine,

the impact of hyperinflation in Turkiye, the Humacyte investment remeasurement, the net gain related to InterWell Health and other effects that are unusual in nature and have not been foreseeable or not foreseeable in size or impact at the time of giving guidance.

4 Net income attributable to shareholders of Fresenius Medical Care AG&Co. KGaA