Fresenius Medical Care AG & Co. KGaA

Investor Presentation • Jul 30, 2020

Q2 2020 CONFERENCE CALL JULY 30, 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, 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.

Q2 2020 | BUSINESS UPDATE

• Solid revenue growth continued

• Significant net income growth

• Exceptionally positive free cash flow development

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

• Draft rule for ESRD PPS proposes a 1.8% rate increase

COVID-19 UPDATE

• Continuing wide-ranging measures to fight COVID-19

• COVID-19 affected people with advanced kidney disease generating an increase in hospitalization and somewhat higher mortality

• Temporary pause in routine medical visits for many patients with advanced CKD needing to consider renal replacement therapy

• Postponements in elective procedures in Asia-Pacific Care Coordination business

• Pandemic increases interest in and awareness for Home Dialysis

H1 2020 | STEADY ON THE PATH OF GROWTH

+1% Clinics 4,036

+2% Patients 347,683

Quality remains on a consistently high level

As of June 30, 2020

Q2 2020 | QUALITY OUTCOMES REMAIN KEY

		NORTH AMERICA		EMEA		LATIN AMERICA		ASIA-PACIFIC
% of patients	Q2 2020	Q2 2019	Q2 2020	Q2 2019	Q2 2020	Q2 2019	Q2 2020	Q2 2019
Kt/V ≥ 1.2	97	97	93	94	90	90	94	96
Hemoglobin = 10–12 g/dl	73	71	82	82	46	49	52	56
Calcium = 8.4–10.2 mg/dl	81	83	77	79	75	76	72	73
Albumin ≥ 3.5 g/dl	80	80	89	89	90	92	89	90
Phosphate ≤ 5.5 mg/dl	57	60	77	79	77	76	65	64
Patients without catheter (after 90 days)	80	82	77	79	79	80	81	85
in days
Days in hospital per patient year	9.8	11.0	7.3	7.9	3.9	4.2	2.6	2.7

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

Q2 2020 | SOLID REVENUE AND STRONG INCOME GROWTH

	Q2 2020 € million	Q2 2019 € million	Growth in %	Growth in %cc
Revenue	4,557	4,345	5	5
Operating income	656	521	26	24
Net income	351	254	38	36

• Solid 4% organic revenue growth
• Services and products contributing to growth
• Strong underlying business performance
• Recovery of COVID-19 related negative effects experienced in Q1 cc = at constant currency

Q2 2020 | STRONG ORGANIC GROWTH IN NORTH AMERICA & EMEA

NORTH AMERICA	€ million
Revenue	3,240	6%
Organic growth		4%
EMEA	€ million
Revenue	687	6%
Organic growth		7%

ASIA-PACIFIC	€ million
Revenue	450	(2%)
Organic growth		(1)%

LATIN AMERICA	€ million
Revenue	170	(2%)
Organic growth		18%

cc = at constant currency

• North America and EMEA drove organic growth
• Asia-Pacific with muted development due to Covid-19 impact in Care Coordination

Q2 2020 SERVICES | ROBUST GROWTH DESPITE COVID-19

Revenue	Q2 2020 € million	Q2 2019 € million	Growth in %	Growth in %cc	Organic growth in %	Same market treatment growth in %
Health Care Services	3,614	3,455	5	4	4	2
North America	2,951	2,789	6	4	4	2
of which Care Coordination	349	278	26	23	32
EMEA	341	335	2	4	4	3
Asia-Pacific	196	210	(7)	(9)	(7)	1
of which Care Coordination	41	57	(28)	(27)	(33)
Latin America	119	121	(1)	26	18	4

Drivers

• • Growth in same market treatments
• • Contributions from acquisitions
• − Effects of closed or sold clinics in particular in Asia-Pacific

cc = at constant currency

Q2 2020 PRODUCTS | GROWTH DESPITE COVID-19

Revenue	Q2 2020 € million	Q2 2019 € million	Growth in %	Growth in %cc	Organic growth in %
Health Care Products	943	890	6	7	7
Dialysis Products	921	873	5	7	6
North America	289	272	6	4	4
EMEA	324	296	10	11	9
Asia-Pacific	254	248	2	4	4
Latin America	51	51	(3)	19	17
Non-Dialysis Products	22	17	29	29	29

Drivers

• • Acute care products
• • In-center disposables
• − Machines for chronic

cc = at constant currency

H1 2020 | SOLID OPERATING INCOME DEVELOPMENT

Operating income excluding Corporate

Operating income in €m; % Operating income margin

© │ Conference Call │ Q2 2020 7/30/2020

Page 13

Q2 2020 | STRONG OPERATING INCOME GROWTH DESPITE COVID-19

COVID-19 impact

• • Recovery of direct negative effects experienced in Q1
• • Recovery of net valuation effects
• • Ongoing cost saving measures to mitigate continuing impact
• Impact on business in Asia-Pacific in particular in Care Coordination

Margin drivers

• Underlying business performance

Operating income excluding Corporate

Operating income in €m; % Operating income margin

Q2 2020 | VERY STRONG CASH FLOW AND FINANCIAL METRICS

	Q2 2020 € million	Q2 2019 € million
Operating cash flow	2,319	852
in % of revenue	50.9	19.6
Capital expenditures, net	(216)	(293)
Free cash flow	2,103	559
Free cash flow after investing activities	2,039	476

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 24 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 TARGET 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 25

Your Questions Are Welcome!

Q2 2020 | PROFIT AND LOSS

	Q2 2020 € million	Q2 2019 € million	Growth in %	Growth in %cc
Revenue	4,557	4,345	5	5
Operating income	656	521	26	24
Operating income margin in %	14.4	12.0
Net interest expense	92	114	(20)	(20)
Income before taxes	564	407	39	36
Income tax expense	137	92	49	46
Tax rate in %	24.3	22.7
Non-controlling interest	76	61	25	22
Net income	351	254	38	36

pp = percentage point

cc = at constant currency

H1 2020 | PROFIT AND LOSS

	H1 2020 € million	H1 2019 € million	Growth in %	Growth in %cc
Revenue	9,045	8,478	7	6
Operating income	1,211	1,058	14	12
Operating income margin in %	13.4	12.5
Net interest expense	196	222	(12)	(13)
Income before taxes	1,015	836	21	19
Income tax expense	237	193	23	21
Tax rate in %	23.4	23.1
Non-controlling interest	144	118	22	19
Net income	634	525	21	18

pp = percentage point

cc = at constant currency

H1 2020 SERVICES

	H1 2020 € million	H1 2019 € million	Growth in %	Growth in %cc	Organic growth in %	Same market growth in %
Total	7,209	6,773	6	5	4	3
North America	5,859	5,469	7	5	3	3
of which Care Coordination	686	586	17	14	19
EMEA	682	659	3	5	4	3
Asia-Pacific	414	409	1	(1)	0	3
of which Care Coordination	101	109	(8)	(7)	(14)
Latin America	240	236	2	27	19	4

H1 2020 PRODUCTS

	H1 2020 € million	H1 2019 € million	Growth in %	Growth in %cc	Organic growth in %
Total Health Care Products	1,836	1,705	8	8	5
Dialysis Products	1,786	1,669	7	8	4
North America	567	479	18	15	8
EMEA	638	606	5	6	4
Asia-Pacific	474	477	0	1	0
Latin America	98	98	(1)	17	14
Non-Dialysis Products	50	36	44	45	45

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

	Q2 2020 € million	FY 2019 € million	FY 2018 € million
Debt
Short term debt	876	1,150	1,205
+ Short term debt from related parties	3	22	189
+ Current portion of long-term debt	1,513	1,447	1,107
+ Current portion of long-term lease liabilities	622	622
+ Current portion of long-term lease liabilities from related parties	21	17
+ Long-term debt, less current portion	6,274	6,458	5,045
+ Long-term lease liabilities, less current portion	4,039	3,960
+ Long-term lease liabilities from related parties, less current portion	130	106
Total debt and lease liabilities	13,478	13,782	7,546
− Cash and cash equivalents	(1,889)	(1,008)	(2,146)
Total net debt and lease liabilities	11,589	12,774	5,400

EBITDA

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

	Q2 2020 LTM € million	FY 2019 € million	FY 2018 € million
Net income	1,574	1,439	2,226
+ Income tax expense	446	402	511
− Interest income	(56)	(62)	(147)
+ Interest expense	459	491	448
+ Depreciation and amortization	1,608	1,553	725
+ Adjustments	97	110	(722)
Adjusted EBITDA (annualized)	4,128	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: €3 M; 2019: -€71 M), non-cash charges, primarily related to pension expense (2020: €47 M; 2019: €46 M), impairment loss (2020: €47 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

	Q2 2020 € million	Q2 2019 € million
Revenue	4,557	4,345
Net income	351	254
NxStage costs		3
Cost optimization costs		2
(Gain) loss related to divestitures of Care Coordination activities		(9)
Net income adjusted		250

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 Q2 2020 was 7.1% excl. IFRS 16

EXCHANGE RATES U.S. DIALYSIS DAYS PER QUARTER

Euro vs.		H1 2020	H1 2019	FY 2019
€:\$	Period end	1.120	1.138	1.123
	Average	1.102	1.130	1.119
€:CNY	Period end	7.922	7.819	7.821
	Average	7.751	7.668	7.735
€:RUB	Period end	79.630	71.598	69.956
	Average	76.669	73.744	72.455
€:ARS	Period end	79.073	48.226	67.212
	Average	71.164	46.839	53.948
€:BRL	Period end	6.112	4.351	4.516
	Average	5.410	4.342	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

H1 2020 | PATIENTS, TREATMENTS, CLINICS

	Patients as of June 30, 2020	Treatments as of June 30, 2020	Clinics as of June 30, 2020	Patients as of June 30, 2019	Treatments as of June 30, 2019	Clinics as of June 30, 2019
North America	212,149	16,303,730	2,614	208,019	15,698,880	2,583
Growth in %	2	4	1	4	4	6
EMEA	67,220	5,056,261	797	65,871	4,976,025	783
Growth in %	2	2	2	4	4	3
Asia-Pacific	31,893	2,284,425	380	31,845	2,237,630	399
Growth in %	0	2	(5)	4	4	4
Latin America	36,421	2,881,731	245	33,815	2,607,728	231
Growth in %	8	11	6	7	5	(1)
Total	347,683	26,526,147	4,036	339,550	25,520,263	3,996
Growth in %	2	4	1	4	4	5

FINANCIAL CALENDAR 2020

REPORTING DATES & AGM

• August 27 Virtual Annual General Meeting
• October 29 Q3 Earnings Release and Conference Call

CONFERENCES & MEET THE MANAGMENT

October 8 Virtual Capital Markets Day 2020

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