Fresenius Medical Care AG & Co. KGaA

Investor Presentation • Oct 29, 2020

Q3 2020 CONFERENCE CALL OCTOBER 29, 2020

Rice Powell - CEO Helen Giza - CFO

Safe harbor statement: This presentation includes certain forward -looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Act of 1934, as amended. Forward -looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy or might not even be anticipated. The Company has based these forward -looking statements on current estimates and assumptions which we believe are reasonable and which are made to the best of our knowledge. Actual results could differ materially from those included in the forward -looking statements due to various risk factors and uncertainties, including changes in business, economic or competitive conditions, changes in reimbursement, regulatory compliance issues, regulatory reforms, impacts related to the COVID -19 pandemic, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, cyber security issues and the availability of financing. Given these uncertainties, readers should not put undue reliance on any forward -looking statements. These and other risks and uncertainties are discussed in detail in Fresenius Medical Care AG & Co. KGaA's (FMC AG & Co. KGaA) Annual Report on Form 20 -F under the heading "Forward -Looking Statements" and under the headings in that report referred to therein, and in FMC AG & Co. KGaA's other reports filed with the Securities and Exchange Commission (SEC) and the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse).

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

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

© Copyright

Q3 2020 | BUSINESS UPDATE

• Solid revenue and strong earnings development at constant currency

• Third quarter impacted by sizable FX headwinds

• Continued strong performance in North America despite expected headwinds from calcimimetics

• Financial targets for 2020 confirmed inclusive of anticipated COVID-19 effects

9M 2020 | QUALITY REMAINS KEY

+2% Patients 349,167

Quality remains on a consistently high level

Q3 2020 | QUALITY OUTCOMES ON A HIGH LEVEL

		NORTH AMERICA		EMEA	LATIN AMERICA		ASIA-PACIFIC
% of patients	Q3 2020	Q3 2019	Q3 2020	Q3 2019	Q3 2020	Q3 2019	Q3 2020	Q3 2019
Kt/V ≥ 1.2	97	97	93	94	91	91	94	95
Hemoglobin = 10–12 g/dl	71	71	82	83	46	50	52	55
Calcium = 8.4–10.2 mg/dl	80	82	77	78	74	76	71	73
Albumin ≥ 3.5 g/dl	79	79	90	88	89	90	90	88
Phosphate ≤ 5.5 mg/dl	58	60	79	80	75	76	64	64
Patients without catheter (after 90 days)	80	82	77	78	78	80	81	86
in days
Days in hospital per patient year	9.6	10.9	7.2	7.9	4.0	4.2	3.1	2.8

Definitions of quality parameters cf. 2019 Annual Report, Section "Non-Financial Group Report"

Q3 2020 | STRONG EARNINGS MOMENTUM

	Q3 2020 € million	Q3 2019 € million	Growth in %	Growth in %cc
Revenue	4,414	4,419	0	6
Operating income	632	595	6	11
Net income	354	333	6	11

• Underlying earnings growth trend continues
• Strong operating performance and ongoing cost saving measures to mitigate COVID-19 impact
• Headwinds from FX effects

Q3 2020 | ALL REGIONS CONTRIBUTED TO ORGANIC GROWTH

NORTH AMERICA	€ million
Revenue	3,069	0%
Organic growth		2%
EMEA	€ million
Revenue	682	0%
Organic growth		1%

	4,414
ASIA-PACIFIC	€m
11%	+3%
	(Organic)

ASIA-PACIFIC	€ million
Revenue	484	2%
Organic growth		6%

LATIN AMERICA	€ million
Revenue	170	(7)%
Organic growth		17%

• Favorable commercial mix drove organic growth in North America despite headwinds from calcimimetics
• Headwinds from FX effects affecting revenue growth in all regions

Q3 2020 SERVICES | ROBUST CONSTANT CURRENCY GROWTH

Revenue	Q3 2020 € million	Q3 2019 € million	Growth in %	Growth in %cc	Organic growth in %	Same market treatment growth in %
Health Care Services	3,499	3,492	0	6	3	2
North America	2,801	2,795	0	6	2	1
of which Care Coordination	329	273	20	27	32
EMEA	346	343	1	5	3	2
Asia-Pacific	227	223	2	5	6	8
of which Care Coordination	71	64	10	12	5
Latin America	120	131	(9)	19	13	2

North America: same market treatment growth relates to growth in the U.S.

Drivers

• • Negative prior year revenue effect
• • Contributions from acquisitions
• • Organic revenue growth
• − Headwind from calcimimetics
• − FX translation effects

Q3 2020 PRODUCTS | FX EFFECTS IMPACTING PRODUCT SALES

Revenue	Q3 2020 € million	Q3 2019 € million	Growth in %	Growth in %cc	Organic growth in %
Health Care Products	915	927	(1)	4	3
Dialysis Products	891	907	(2)	4	2
North America	267	278	(4)	2	0
EMEA	313	320	(2)	0	(2)
Asia-Pacific	257	252	2	6	6
Latin America	50	51	(1)	27	26
Non-Dialysis Products	24	20	20	20	20

Drivers

• • Acute care products
• • Machines for chronic treatment
• • PD products
• − FX translation effects

Q3 2020 | PROFITABILITY ON A HIGH LEVEL

Q3 margin drivers

• • Negative prior year earnings effect
• • Commercial revenue
• • Favorable cost management of pharmaceuticals
• ‒ Lower reimbursement for calcimimetics

9M 2020: Net neutral COVID-19 effect

• = In North America direct costs mainly covered by CARES Act and suspension of the Medicare sequestration
• • Ongoing cost saving measures to mitigate continuing impact
• ‒ Slower growth in number of treatments
• ‒ Additional indirect cost incurred

Operating income in €m; % Operating income margin

Operating income excluding Corporate

Q3 2020 | SOLID CASH FLOW GENERATION

	Q3 2020 € million	Q3 2019 € million
Operating cash flow	746	868
in % of revenue	16.9	19.7
Capital expenditures, net	(239)	(284)
Free cash flow	507	584
Free cash flow after investing activities	458	516

NET LEVERAGE RATIO (NET DEBT/EBITDA)¹

Current ratings4	S&P	Moody's	Fitch
Rating	BBB	Baa3	BBB
Outlook	stable	stable	stable

1 See Chart 23 for a reconciliation of EBITDA │2 Incl. IFRS 16│3 Excl. IFRS 16

4 Latest update: S&P: May 23, 2019; Moody's: May 20, 2020; Fitch: April 9, 2020

2020 TARGETS CONFIRMED

REVENUE (constant currency)

Mid to high single digit

growth rate

NET INCOME (constant currency)

Mid to high single digit

growth rate

2019: EUR 17,477m 2019: EUR 1,236m

Excluding special items: Special items are effects that are unusual in nature and have not been foreseeable or not foreseeable in size or impact at the time of giving guidance.

For additional information on the basis for the simplified 2020 guidance please refer to chart 23

Your Questions Are Welcome!

Q3 2020 | PROFIT AND LOSS

	Q3 2020 € million	Q3 2019 € million	Growth in %	Growth in %cc
Revenue	4,414	4,419	0	6
Operating income	632	595	6	11
Operating income margin in %	14.3	13.5
Net interest expense	88	105	(16)	(11)
Income before taxes	544	490	11	16
Income tax expense	124	98	25	31
Tax rate in %	22.9	20.2
Non-controlling interest	66	59	12	19
Net income	354	333	6	11

9M 2020 | PROFIT AND LOSS

	9M 2020 € million	9M 2019 € million	Growth in %	Growth in %cc
Revenue	13,459	12,897	4	6
Operating income	1,843	1,653	11	12
Operating income margin in %	13.7	12.8
Net interest expense	284	327	(13)	(12)
Income before taxes	1,559	1,326	18	18
Income tax expense	362	292	24	24
Tax rate in %	23.2	22.0
Non-controlling interest	210	177	19	19
Net income	987	857	15	15

9M 2020 | SERVICES

	9M 2020 € million	9M 2019 € million	Growth in %	Growth in %cc	Organic growth in %	Same market growth in %
Total	10,708	10,265	4	6	4	3
North America	8,660	8,264	5	5	3	2
of which Care Coordination	1,015	859	18	18	23
EMEA	1,028	1,002	3	5	4	2
Asia-Pacific	641	632	1	1	2	8
of which Care Coordination	171	173	(1)	0	(7)
Latin America	360	367	(2)	24	17	3

9M 2020 | PRODUCTS

	9M 2020	9M 2019	Growth	Growth	Organic
	€ million	€ million	in %	in %cc	growth in %
Total Health Care Products	2,751	2,632	5	7	4
Dialysis Products	2,675	2,576	4	6	3
North America	834	757	10	10	3
EMEA	950	926	3	4	2
Asia-Pacific	731	728	0	2	2
Latin America	148	149	(1)	20	18
Non-Dialysis Products	76	56	36	36	36

RECONCILIATION OF NON-IFRS FINANCIAL MEASURES TO THE MOST DIRECTLY COMPARABLE IFRS FINANCIAL MEASURES

	Q3 2020 € million	FY 2019 € million	FY 2018 € million
Debt
Short term debt	307	1,150	1,205
+ Short term debt from related parties	86	22	189
+ Current portion of long-term debt	1,046	1,447	1,107
+ Current portion of long-term lease liabilities	605	622
+ Current portion of long-term lease liabilities from related parties	21	17
+ Long-term debt, less current portion	6,980	6,458	5,045
+ Long-term lease liabilities, less current portion	3,883	3,960
+ Long-term lease liabilities from related parties, less current portion	125	106
Total debt and lease liabilities	13,053	13,782	7,546
− Cash and cash equivalents	(1,599)	(1,008)	(2,146)
Total net debt and lease liabilities	11,454	12,774	5,400

EBITDA

RECONCILIATION OF ANNUALIZED ADJUSTED EBITDA AND NET LEVERAGE RATIO TO THE MOST DIRECTLY COMPARABLE IFRS FINANCIAL MEASURES

	Q3 2020 LTM € million	FY 2019 € million	FY 2018 € million
Net income	1,602	1,439	2,226
+ Income tax expense	471	402	511
− Interest income	(42)	(62)	(147)
+ Interest expense	428	491	448
+ Depreciation and amortization	1,614	1,553	725
+ Adjustments	76	110	(722)
Adjusted EBITDA (annualized)	4,149	3,933	3,041
Net leverage ratio (Net debt/EBITDA)	2.8	3.2	1.8

Adjustments: Acquisitions and divestitures made for the last twelve months with a purchase price above a €50 M threshold as defined in the Amended 2012 Credit Agreement (2020: €2 M; 2019: -€71 M), non-cash charges, primarily related to pension expense (2020: €49 M; 2019: €46 M), impairment loss (2020: €25 M; 2019: €40 M) and NxStage related transaction costs (2019: €95 M).

2019 BASE FOR GUIDANCE 2020, RECONCILIATION ADJUSTMENTS

	FY 2019 € million	Q1 2019 € million	Q2 2019 € million	Q3 2019 € million	Q4 2019 € million
Revenue excl. special items	17,477	4,133	4,345	4,419	4,580
Net income excl. special items	1,236	286	250	332	368

RECONCILIATION OF NON-IFRS FINANCIAL MEASURES TO THE MOST DIRECTLY COMPARABLE IFRS FINANCIAL MEASURES

	Q3 2020 € million	Q3 2019 € million
Revenue	4,414	4,419
Net income	354	333
NxStage costs		1
Cost optimization costs		18
(Gain) loss related to divestitures of Care Coordination activities		(20)
Net income adjusted		332

RETURN ON INVESTED CAPITAL (ROIC)

• Long-term value creation based on accretive acquisitions and organic growth
• 2018 positive impact from Sound divestiture

• 2019 negative impact from NxStage acquisition

• For the years 2015-17 ROIC as reported within the Form-20-F.

• ROIC adjusted in 2018 for the divestiture of Care Coordination activities, FCPA related charge, U.S. Ballot Initiatives, U.S. tax reform / including these effects, ROIC for FY 2018 was 12.4%
• ROIC adjusted in 2019 for the effects of IFRS 16, NxStage, FCPA, Cost optimization costs, divestiture of Care Coordination activities / including these effects, ROIC for FY 2019 was 6.8% (excl. IFRS 16)
  • ROIC for Q3 2020 was 7.3% excl. IFRS 16

EXCHANGE RATES U.S. DIALYSIS DAYS PER QUARTER

Euro vs.		9M 2020	9M 2019	FY 2019
€:\$	Period end	1.171	1.089	1.123
	Average	1.125	1.124	1.119
€:CNY	Period end	7.972	7.778	7.821
	Average	7.866	7.713	7.735
€:RUB	Period end	91.776	70.756	69.956
	Average	79.960	73.085	72.455
€:ARS	Period end	89.327	62.609	67.212
	Average	76.162	50.014	53.948
€:BRL	Period end	6.631	4.529	4.516
	Average	5.710	4.365	4.413

	Q1	Q2	Q3	Q4	Full year
2020	77	78	79	79	313
2019	76	78	79	80	313
2018	77	78	78	80	313
2017	77	78	79	79	313
2016	78	78	79	79	314
2015	76	78	79	79	312

DEFINITIONS

cc	Constant currency
HD	Hemodialysis
PD	Peritoneal dialysis
Net income	Net income attributable to shareholders of FME

9M 2020 | PATIENTS, TREATMENTS, CLINICS

	Patients as of Sep. 30, 2020	Treatments as of Sep. 30, 2020	Clinics as of Sep. 30, 2020	Patients as of Sep. 30, 2019	Treatments as of Sep. 30, 2019	Clinics as of Sep. 30, 2019
North America	211,766	24,600,114	2,620	209,633	23,872,968	2,585
Growth in %	1	3	1	4	4	4
EMEA	67,623	7,659,111	805	66,259	7,503,691	784
Growth in %	2	2	3	3	3	2
Asia-Pacific	32,689	3,465,604	397	32,239	3,398,594	401
Growth in %	1	2	(1)	3	5	3
Latin America	37,089	4,373,824	251	34,357	3,982,556	233
Growth in %	8	10	8	7	6	3
Total	349,167	40,098,563	4,073	342,488	38,757,809	4,003
Growth in %	2	3	2	4	4	3

FINANCIAL CALENDAR 2020

REPORTING DATES & AGM

February 23, 2021 Q4 Earnings Release and Conference Call

CONFERENCES & MEET THE MANAGMENT

UBS European Healthcare Conference
Credit Suisse 29th Annual Healthcare Conference
Jefferies Global Healthcare Conference
DZ BANK Equity Conference
Berenberg European Conference
Société Générale The Premium Review Conference

Please note that dates and/or participation might be subject to change

FME INVESTOR RELATIONS

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

TICKER: FME or FMS (NYSE) WKN: 578 580 ISIN: DE00057858002

DR. DOMINIK HEGER

Head of Investor Relations, Strategic Development & Communications | EVP

+49(0) 6172-609-2601 dominik.heger@fmc-ag.com

ROBERT ADOLPH

Vice President Investor Relations

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

PHILIPP GEBHARDT

Director Investor Relations

+1-781-699-2142 philipp.gebhardt@fmc-ag.com