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Fresenius SE & Co. KGaA

Investor Presentation Sep 6, 2022

166_ip_2022-09-06_8bfe7685-0fea-4e29-878f-7663d50683fb.pdf

Investor Presentation

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Commerzbank and ODDO BHF's Annual Corporate Conference

6 September 2022

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.

Agenda

Our Purpose and Mission

Ever better medicine for ever more people We improve people's lives by providing high quality and affordable healthcare

A Global Leader in Health Care Products and Services

Investment Highlights

Global Trends offer Growth Opportunities for Fresenius

Sources: 1 UN, Ageing and health (2021) 2 UBS, Longer Term Investments: EM healthcare (2018) 3 IDF Diabetes Atlas (2021) 4 AAM report (2021) 5 UBS, Longer Term Investments: Generics (2018)

The Fresenius Strategy

Environment, Social and Governance: Core Priorities

Fresenius Group: Significant progress on our ESG agenda

Rating and reporting progress

Ratings confirmed: CDP Climate at "B" and MSCI at "BBB". Sustainalytics at "Low Risk" (19.7)

EU Taxonomy: 1% revenue, 49% capex, and 0% Opex is taxonomyeligible

Employee engagement

Group-wide survey to be conducted to better understand employees' concerns and demands

Consolidated results expected in Q4/2022

Performance measurement

ESG targets program on track: KPIs defined, 15% of

Management's short-term

incentive linked to ESG

Strategy and KPI alignment to be continued in 2022

KPIs to be included in new 2023 Long-Term Incentive Plan

Fresenius Group: Climate Targets - our Roadmap to Climate Neutrality in 2040

ESG Rating Overview:

We aim for continuous improvement through reporting and engagement

THE USE BY FRESENIUS SE & CO. KGAA OF ANY MSCI ESG RESEARCH LLC OR ITS AFFILIATES ("MSCI") DATA, AND THE USE OF MSCI LOGOS, TRADEMARKS, SERVICE MARKS OR INDEX NAMES HEREIN, DO NOT CONSTITUTE A SPONSORSHIP, ENDORSEMENT, RECOMMENDATION, OR PROMOTION OF FRESENIUS SE & CO. KGAA BY MSCI. MSCI SERVICES AND DATA ARE THE PROPERTY OF MSCI OR ITS INFORMATION PROVIDERS, AND ARE PROVIDED 'AS-IS' AND WITHOUT WARRANTY. MSCI NAMES AND LOGOS ARE TRADEMARKS OR SERVICE MARKS OF MSCI.

Copyright ©2022 Sustainalytics. All rights reserved.

This publication contains information developed by Sustainalytics (www.sustainalytics.com). Such information and data are proprietary of Sustainalytics and/or its third party suppliers (Third Party Data) and are provided for informational purposes only. They do not constitute an endorsement of any product or project, nor an investment advice and are not warranted to be complete, timely, accurate or suitable for a particular purpose. Their use is subject to conditions available athttps://www.sustainalytics.com/legal-disclaimers.

Fresenius Group: Global Sales Base in Growing, Non-Cyclical Markets

Before special items 2017-2018 excluding IFRS 16

Fresenius Group: Track Record of Healthy Organic Sales Growth

Fresenius Group: Strong and Balanced Healthcare Portfolio

Health Care Products Health Care Services

  • Dialysis services
  • Products for hemodialysis and peritoneal dialysis
  • Critical care solutions
  • Complementary assets to establish holistic treatment approach

Sales 2021: €17.6 bn

  • IV drugs
  • Clinical nutrition
  • Infusion therapy
  • Medical devices/ transfusion technology
  • Biosimilars

Sales 2021: €7.2 bn

Ownership: ~32% Ownership: 100% Ownership: 100% Ownership: 77%

  • Acute care
  • Outpatient services
  • Occupational risk prevention
  • Fertility services

Sales 2021: €10.9 bn

Hospital Supplies Hospital Operation Services and Projects for Hospitals

  • Post-acute care
  • Project development and planning
  • Turnkey construction
  • Maintenance, technical and total operational management

Sales 2021: €2.3 bn

Fresenius Group: All Fresenius segments with excellent market positions and ample growth opportunities; access to sufficient capital remains key to accelerate growth

Attractive segments with ample growth opportunities

Attractive for Fresenius to participate in further growth

Extensive growth capital required to capture opportunities across all segments

Fresenius Group: Unlocking value by defining new strategic imperatives to execute on accelerated profitable growth

Advantages of current set-up for our stakeholders Constraints on accelerating growth

  • Diversification and size offer stability, economies of scale and tax savings
  • Worldwide presence and brand reputation
  • Attractive debt financing conditions

  • Extensive growth capital deployment to capture incremental growth opportunities in all segments

  • Fresenius financing capacity drives need to prioritize
  • Fresenius equity issuance unattractive at current valuation

Fresenius Medical Care: Global Dialysis Market Leader

  • The world's leading provider of dialysis products and services treating ~345,000 patients1 in >4,100 clinics1
  • Provide care and products of highest quality
  • Leveraging core competencies to address global healthcare challenges and further expand in the Renal Care Continuum and beyond
  • Advancing global transformation program FME25 to enable further sustainable profitable growth and execution on strategy

Health care products

Health care services

Critical care solutions

Complementary assets

Sales by Region

Sales by Products and Services

Market Dynamics

Increase in global demand

• Sustainable business based on >1.6 million p.a.

high quality products and services patients worldwide will need continuous renal replacement therapy to treat acute kidney failure in 2030

• Strong global footprint Home dialysis

• Leading market positions By 2025, the Company aims to perform 25% of all treatments in the U.S. in a home setting

• High level of vertical integration Digitalization is driving new treatment models

Leverage ever larger data sets from ~53 million dialysis treatments per year (2021) to further improve and personalize treatments

1 As of June 30, 2022

Market Dynamics

Fresenius Kabi: A Leading Global Hospital Supplier

  • Comprehensive product portfolio for critically and chronically ill patients
  • Leading market positions

Generic IV drugs

Clinical nutrition

Medical devices /

transfusion technology

Infusion therapy

Biosimilars

  • Development of biosimilars with a focus on oncology and autoimmune diseases
  • Vision 2026 framework initiated to increase global competitiveness and advance organizational effectiveness

Sales by Region

to the previous year.

~ €16 bn

in Spain of

~2.5% p.a.

Private hospital market in Spain

Average increase of private

health insurance policies

Fresenius Helios: Europe's Largest Private Hospital Operator

  • Market leader in size and quality with excellent growth prospects
  • ~6%1 share in German acute care hospital ~12%1 share in Spanish private hospital market
  • Quality is key: defined quality targets, publication of medical treatment results, peer review processes
  • Development of new business models to foster digitalization and profit from trend towards outpatient treatments

Acute care

Outpatient

Occupational risk prevention

Fertility services

1 Based on sales

Fresenius Vamed: Leading Global Hospital Services and Projects Specialist

  • Manages hospital construction/expansion projects and provides services for healthcare facilities worldwide
  • Offers project development, planning, turnkey construction, maintenance as well as technical management, and total operational management
  • Strong track record: More than 1,000 projects in 98 countries completed
  • Leading post-acute care provider in central Europe

Projects

Post-acute care

Services

Medium-term Growth Targets 2020 – 2023 (CAGRs): Sales target specified

whilst temporary headwinds weigh on net income development

Acquisitions have smaller contributions than the ~1% additional growth originally expected

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

Before special items

Fresenius SE: Earnings-Linked Dividend Policy

1 Before special items

Fresenius SE: Fresenius Share & Shareholder Structure

Shareholder structure by investors

Analyst recommendations

Shareholder structure by region

Fresenius SE: Historical Share Price Performance

Agenda

Key messages Q2 2022

Weak
Q2 amid
intensifying
U.S. labor
shortages
and
accelerating
macro-economic
challenges
FY/22 Group guidance
driven
by
Fresenius Medical Care's
outlook
adjustment
Medium-term targets: Sales
income1
CAGR specified; net
CAGR no
longer
believed
to
be
achievable
"Meet the Management" with
Fresenius Kabi
on October 7,
2022
Marked by increased
headwinds from U.S. labor
market and global inflation
In line with expectations;
biosimilars business
progressing well
Solid organic growth in
Germany and Spain based on
healthy activity levels
Supply chain disruptions and
higher material costs remain
headwinds

01 Business Update 03 04

Fresenius Kabi: Solid Q2/22 on tough comps; acquisition of majority stake in mAbxience closed; biosimilar business progressing well

North America Ivenix

Solid quarter with market share gains despite supply disruptions, staff shortages and inflationary headwinds

Price pressure eased; low single-digit price erosion in our base product portfolio in Q2/22

GPO tendering in line with expectations; new price scheme to be implemented in Q3/22

FDA inspected Melrose Park facility - feedback expected in Q3/22

Integration of business is progressing well

Large volume pump including infusion management software tool receiving promising customer feedback

Asia-Pacific

China marked by significant NVBP related price pressure

APAC ex China with good business performance in Q2/22

Biosimilars

Acquisition of majority stake in mAbxience closed

Clinical programs for further molecules of Kabi's portfolio progressing according to plan

Biologics License Application (BLA) for tocilizumab accepted for review by FDA

01 Business Update 03 04

Fresenius Helios: Continued healthy activity levels in Germany and Spain; limited impact from cost inflation; Fertility business progressing well

Helios Germany Helios Spain Helios Fertility

Solid admissions growth sequentially (+4%) and Q2 year-over-year (+5%)

Patients returning to hospitals for elective treatments, COVID-19 no longer seen as hurdle

Sufficient bed capacity available despite rising number of Omicron patients

1 Merco Corporate Reputation Business Monitor, Spain, 2022

Ongoing growing activity levels in Spain and Latin America

Omicron wave in Q2: Moderate impact from related temporary local staff shortages

Acquisition of two small medical centers near Barcelona and Zaragoza; hospital expansions in Madrid and Málaga completed; opening of new health center in Madrid

Quirónsalud ranked1 amongst TOP 30 most reputed companies in Spain, #1 in healthcare

Activity picking up during Q2 due to receding COVID-related impact

Acquisition of two facilities in Brazil and one in the U.S. (North Carolina)

Further bolt-on acquisitions expected in FY/22

01 Business Update 03 04

Fresenius Vamed: Macro challenges remain a headwind in the project business; service business shows continuing good performance

Macro challenges

• Supply chain disruptions and higher material costs weigh on project business in Q2/22

Service business - good performance

  • Rehabilitation business supported by ongoing good activity levels
  • Continued strong contribution from high-end services

Project business – order intake remains at a high level

  • Sales in project business decreased by 12% in Q2/22 over a strong prior year
  • Order backlog at all-time high €3.73bn

Major turnkey contract in Q2/22:

• Turnkey Project, Regional Hospitals in Angola

Agenda

Q2/22 Profit and Loss Statement

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

Q2/22 Business Segment Growth

All figures before special items

1 Excluding Ivenix acquisition

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

Q2/22 Cash Flow

Operating CF Capex (net) Free Cash Flow1
€m Q2/2022 LTM Margin Q2/2022 LTM Margin Q2/2022 LTM Margin
751 12.3% -169 -4.2% 582 8.1%
109 13.1% -110 -6.8% -1 6.3%
194 7.3% -146 -5.1% 48 2.2%
7 4.2% -9 -2.1% -2 2.1%
Corporate/Other -44 n.a. -2 n.a. -46 n.a.
Excl. FMC² 393 9.4% -267 -5.4% 126 4.0%
1,017 10.5% -436 -4.9% 581 5.6%

1 Before acquisitions and dividends

2 Including FMC dividends

Fresenius Group: Temporary headwinds driven by geopolitical turmoil and the COVID-19 pandemic weighing on FY/22 earnings growth

Headwinds for net income development FY/22e Reconciliation to new guidance

Material, supply chain and energy costs

• Meaningful increases across all segments

Missing growth

• Staff shortages limit growth e.g. onboarding opportunities for new patients in dialysis clinics

Labor costs

• Headwinds primarily at FMC in the U.S. patient-facing service business

Offset

  • Including monies from the U.S. government's Provider Relief Fund
  • Compensating measures include tight cost control and product price increases wherever possible

Expectations H2/2022

  • Neither meaningful worsening of macro challenges nor major COVID-19 pandemic effects leading to lock-downs factored in
  • Overall, we consider headwinds as temporary and not structural

Assumptions for Guidance FY/22

Special items are excluded.

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

Fresenius expects significantly more pronounced headwinds from supply chain disruptions and cost inflation, including energy prices. Furthermore, significant negative effects from ongoing labor shortages and associated wage inflation, especially at Fresenius Medical Care in the U.S. are expected.

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.

The war in Ukraine is directly and indirectly affecting Fresenius Group operations. Fresenius will continue to closely monitor the potential further consequences of the war, including balance sheet valuations. The guidance does not consider a significant disruption of gas or electricity supplies in Europe.

FMC's updated guidance assumptions also apply to FSE guidance.

FY/22 Financial Outlook by Business Segment

€m (except otherwise
stated)
FY/21 Base H1/22
prelim.
FY/22e
Sales growth (org) 7,193 1% Low single-digit %
EBIT growth
(cc)
1,153 -8%1 Decline
in high single-
to
low
double-digit %-range
Sales growth (org) 10,891 6% Low-to-mid
single-digit %
EBIT growth
(cc)
1,127 7% Mid single-digit %
Sales growth
(org)
2,297 4% High single-
to
low
double-digit %
EBIT 101 19 Returning
to
absolute pre-COVID
levels
(2019: €134 m)

Before special items and including COVID-19 effects

1 Excluding Ivenix acquistion

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

FY/22 Financial Guidance

€m (except otherwise stated) FY/21
Base
H1/22 FY/22e New
Sales growth
(cc)
37,520 4% Mid single-digit % Low-to-mid
single-digit %
Net income
growth
(cc)
1,867 -3%1 Low single-digit % Decline
in low-to
mid
single-digit
%-range

Before special items and including COVID-19 effects Net income attributable to shareholders of Fresenius SE & Co. KGaA

1 Excluding Ivenix acquisition

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

Agenda

Fresenius Kabi: Q2 & H1/22 Organic Sales Growth by Regions

€m Q2/22 Δ
YoY
organic
H1/22 Δ
YoY
organic
North America 606 3% 1,185 0%
Europe 658 4% 1,298 3%
Emerging Markets 632 -2% 1,260 0%
Total sales 1,896 2% 3,743 1%

Fresenius Kabi: Q2 & H1/22 Organic Sales Growth by Product Segment

Total sales 1,896 2% 3,743 1%
Biosimilars 29 ++ 52 ++
Infusion Therapy 245 10% 475 12%
Medical Devices/
Transfusion Technology
360 0% 717 0%
Clinical Nutrition 563 2% 1,117 3%
IV Drugs 699 -3% 1,382 -5%
€m Q2/22 Δ
YoY
organic
H1/22 Δ
YoY
organic

Fresenius Kabi: Q2 & H1/22 EBIT Growth

€m Q2/22 Δ
YoY
cc
H1/22 Δ
YoY
cc
North America 174 -4% 330 -10%
Margin 28.7% -230 bps 27.8% -330 bps
Europe 80 -17% 161 -26%
Margin 12.2% -330 bps 12.4% -480 bps
Emerging Markets 140 -18% 313 3%
Margin 22.2% -380 bps 24.8% +80 bps
Corporate and Corporate R&D -123 0% -240 13%
Total EBIT 271 -15%1 564 -8%1
Margin 14.3% -270 bps 15.1% -120 bps

All figures before special items Margin growth at actual rates

1 Excluding Ivenix acquistion

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: Q2 & H1/22 Key Financials

€m Q2/22 Δ
YoY cc
H1/22 Δ
YoY cc
Total sales 2,925 5%1 5,856 6%1
Thereof
Helios Germany
1,758 4%1 3,541 5%1
Thereof
Helios Spain
1,101 6%1 2,190 9%1
Thereof
Helios Fertility
65 -- 122 --
Total EBIT
Margin
303
10.4%
1%
-50 bps
609
10.4%
7%
-10 bps
Thereof Helios
Germany
Margin
154
8.8%
1%
-30 bps
308
8.7%
2%
-30 bps
Thereof
Helios Spain
Margin
148
13.4%
0%
-100 bps
301
13.7%
10%
+0 bps
Thereof
Helios Fertility
Margin
7
10.8%
-- 11
9.0%
--
Thereof Corporate -6 -- -11 --

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

H1/22 FY/21 Δ
Helios Germany
Hospitals
-
Acute care hospitals
88
85
90
87
-2%
-2%
Beds
-
Acute care hospitals
30,473
29,941
30,487
29,955
0%
0%
Admissions (acute care) 537,302 1,048,946
Helios Spain
Hospitals 58 56 4%
Beds 8,225 8,174 1%
Admissions (including outpatients) 9,598,613 17,122,592

Fresenius Vamed: Q2 & H1/22 Key Financials

€m Q2/22 Δ
YoY
cc
H1/22 Δ
YoY
cc
Total sales
Thereof organic sales
562 1%
1%
1,075 3%
4%
Project business 145 -12% 253 -9%
Service business 417 6% 822 8%
EBIT1
Total
11 -31% 19 58%
Order intake2 253 -65% 516 -39%
Order backlog2 3,732 7%3

1 Before special items

2 Project business only

3 Versus December 31, 2021

Fresenius Group: Q2/22 Key Financials

€m Q2/221 special
items
Q2/22
reported
cc1
Δ
YoY
Sales 10,018 - 10,018 3%
EBIT 1,003 -158 845 -9%
Net interest -116 - -116 10%
Income taxes -204 39 -165 3%
Net income2 450 -67 383 -9%3

1 Before special items 2 Net income attributable to shareholders of Fresenius SE & Co. KGaA 3 Before Ivenix acquisition

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: Calculation of Noncontrolling Interests

€m H1/22 H1/21
Earnings before tax and noncontrolling interests 1,768 1,784
Taxes -404 -395
Noncontrolling interests, thereof -451 -478
Fresenius Medical Care net income not attributable to Fresenius
(H1/22: ~68%)
-292 -321
Noncontrolling interest holders in Fresenius Medical Care -112 -116
Noncontrolling
interest
holders
in Fresenius Kabi (-€34 m),
Fresenius Helios (-€9 m), Fresenius
Vamed (-€2 m) and due to
Fresenius Vamed's
23% external ownership (-€2 m)
-47 -41
Net income
attributable to
Fresenius SE & Co. KGaA
913 911

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 Q2/22 LTM Margin Δ
YoY
Operating Cash Flow 1,017 10.5% -47%
Capex (net) -436 -4.9% 13%
Free Cash Flow 581 5.6% -73%
(before acquisitions and dividends)
Acquisitions (net) -271
Dividends -701
Free Cash Flow
(after acquisitions and dividends)
-391 1.6% --

Fresenius Group: Estimated COVID-19 Effects Q2 & H1/22

Growth cc
as
reported
incl. COVID-19
Estimated
COVID-19 impact
cc
Estimated
growth
cc
excl. COVID-19
Q2/22 Q2/21 Q2/22 Q2/21 Q2/22 Q2/21
Sales 3% 8% 1% to
0%
2% to
1%
2% to
3%
6% to
7%
Net income1 -10% 20% 6% to
2%
10% to
6%
-16% to
-12%
10% to
14%
Growth cc
as
reported
incl. COVID-19
COVID-19 impact Estimated
cc
Estimated
growth
cc
excl. COVID-19
H1/22 H1/21 H1/22 H1/21 H1/22 H1/21
Sales 4% 6% 0% to
-1%
1% to
0%
4% to
5%
5% to
6%
Net income1 -4% 8% 6% to
2%
4% to
0%
-10% to
-6%
4% to
8%

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

Fresenius Group: Proven Track Record of Deleveraging

Net Debt/EBITDA1

2002-2019 excluding IFRS 16

1 At actual FX rates from 2002 to 2010 and at average FX rates from 2011 onwards, for both Net Debt and EBITDA; before special items; pro forma closed acquisitions/divestitures

2 Pro forma excluding advances made for the acquisition of hospitals from Rhön-Klinikum AG

3 Including IFRS 16

Fresenius Group: Well-balanced maturity profile1

1 As of June 30, 2022, and based on utilization of major financing instruments, excl. Commercial Paper and A/R Facility 2 Calculations based on total financial debt, excluding Lease & Purchase Money Obligations

52

Fresenius Group: Sales by Business Segment – FX, Acquisitions/Divestitures Effects Q2/22

Total 10,018 9,246 8% 5% 3% 2% 1% 0%
Fresenius Vamed 562 556 1% 0% 1% 1% 1% -1%
Fresenius Helios 2,925 2,738 7% 1% 6% 5% 1% 0%
Fresenius Kabi 1.896 1,755 8% 6% 2% 2% 0% 0%
Fresenius Medical Care 4,757 4,320 10% 9% 1% 0% 1% 0%
€m Q2/22 Q2/21 Growth at
actual
rates
Currency
translation
effects
Growth at
constant
rates
Organic
growth
Acquisi
tions
Divesti
tures/
Others

Fresenius Group: Solid Balance Sheet Structure

Fresenius Group: Financial Performance Indicators

Growth Profitability Liqudity Capital efficiency Capital management
Sales growth
(in constant currency)
Operating income (EBIT)
+/
-
Financial result
Operating cash flow
÷
Sales
EBIT
Income taxes
Net debt
÷
EBITDA
Sales growth
(organic)
-
Income taxes
-
Minority interests
= Net income
EBIT growth
(in constant currency)
Net income growth
(in constant currency)
= Cash flow margin = NOPAT
÷
Invested capital
= ROIC
EBIT
÷
Operating assets
= ROOA
= Leverage ratio

Fresenius Group1: Performance Indicators 5-year Overview

Targets 20212 2021 2020 2019 2018 2017
Sales growth (in constant currency) Mid single-digit % 5% 5% 6% 6% 16%
Net income3
growth (in constant currency)
Around top-end of low
single-digit %
5% -3% 0% 7% 21%
Liquidity
and capital
management
Cash flow
margin
10% to
12%
13.5% 18.1% 12.0%
/9.9%4
11.2% 11.6%
Net debt
/ EBITDA5
Around the top-end of
3.0x –
3.5x6
3.51x 3.44x 3.61x/
3.14x4
2.71x 2.84x
Capital efficiency
Return on invested capital (ROIC)7 Decrease by 50 to 100
basis points compared to
2020 level
5.9% 6.5% 6.7%
/7.4%4
8.3% 8.0%
Return on operating assets (ROOA)7 Decrease by 40 to 70
basis points compared to
2020 level
6.5% 7.3% 7.6%
/8.2%4
9.0% 9.4%

1 Growth rates are based on the assumptions of the respective annual forecasts and are adjusted for special items and, if applicable, other effects affecting the underlying growth

(adjustments to new accounting standards, acquisitions / divestments, acquisition costs, or cost-saving programs).

2 Including estimated COVID-19 effects (updated November 2021)

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

4 Excluding IFRS 16 effect

5 Both net debt and EBITDA calculated at LTM average exchange rates; before special items, pro forma closed acquisitions/divestitures

6 Around the top-end of the self-imposed target range of 3.0x to 3.5x; excluding further potential acquisitions

7 Before special items, pro forma acquisitions

Business segments1: Performance Indicators 5-year Overview

Targets 20212 2021 2020 2019 2018 2017
Fresenius Medical Care
Sales growth
(in constant currency)
Expecting to be at the lower end of the guidance
range of low-to-mid single-digit %
2% 5% 5% 4% 9%
3,4
Net income growth
(in constant currency)
Expecting to be at the lower end of the guidance
range of high-teens to mid-twenties %-
decline
-23% 12% -2% 4% 7%
Fresenius Kabi
Sales growth
(organic)
Low-to-mid
single-digit %
4% 4% 4% 7% 7%
EBIT growth (in constant currency) Around the top end of the
low single-digit %-guidance range
7% -6% 3% 2% 8%
Fresenius Helios
Sales growth
(organic)
Mid single-digit percentage
growth
7% 4% 5% 3% 4%
EBIT growth (in constant currency) High single-digit percentage
growth
10% 0% -4% 0% 54%
Fresenius Vamed
Sales growth
(organic)
Mid-to-high single-digit % 11% -8% 16% 16% 6%
EBIT growth (in constant currency) High double-digit € million
amount
€101 million €29 million 19% 45% 10%

1 Growth rates are based on the assumptions of the respective annual forecasts and are adjusted for special items and, if applicable,

other effects affecting the underlying growth (adjustments to new accounting standards, acquisitions / divestments, acquisition costs, or cost-saving programs).

2 Including estimated COVID-19 effects (updated November 2021)

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

4 Special items are effects (when consolidated at the Fresenius Group: special items), that are unusual in nature and were not foreseeable or not foreseeable in size or impact at the time of giving guidance.

Financial Calendar / Contact

Financial Calendar Contact

07 October 2022 Meet the Management Fresenius Kabi (virtual event) 01 November 2022 Results Q3/22

Investor Relations & Sustainability Fresenius SE & Co. KGaA phone: +49 6172 608-2485 e-mail: [email protected]

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

www.twitter.com/fresenius\_ir

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

Please note that these dates could be subject to change.

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