Fresenius Medical Care AG & Co. KGaA

Investor Presentation • May 6, 2021

Q1 2021 CONFERENCE CALL MAY 6, 2021

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 after minorities 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.

Q1 2021 | SOLID RESULTS DESPITE EFFECTS FROM COVID-19

• Organic volume growth impacted by COVID-19, as expected

• Q1 results adversely affected by exchange rates

• Business development supported by improved payor mix driven by Medicare Advantage

• Earnings development supported by phasing and expected lower SG&A expense, anticipated to reverse throughout the year

• Vaccination accelerated to around 51 percent of patients receiving at least the first dose

• Progress on sustainability initiatives reflected in enhanced reporting

• Financial targets for FY 2021 confirmed

Q1 2021 | QUALITY ON A CONSISTENTLY HIGH LEVEL

(1%) Patients 344,476

Quality remains on a consistently high level

As of March 31, 2021

Q1 2021 | PRIORITIZING PATIENT CARE

		NORTH AMERICA		EMEA	LATIN AMERICA		ASIA-PACIFIC
% of patients	Q1 2021	Q1 2020	Q1 2021	Q1 2020	Q1 2021	Q1 2020	Q1 2021	Q1 2020
Kt/V ≥ 1.2	97	97	93	94	91	90	93	94
Hemoglobin = 10–12 g/dl	69	70	81	82	48	50	50	55
Calcium = 8.4–10.2 mg/dl	81	80	78	79	74	75	71	74
Albumin ≥ 3.5 g/dl	80	80	90	89	89	90	89	88
Phosphate ≤ 5.5 mg/dl	58	59	79	80	76	76	63	63
Patients without catheter (after 90 days)	79	81	77	78	78	79	81	83
in days
Days in hospital per patient year	9.8	10.2	7.8	7.5	4.0	4.2	3.9	2.3

Definitions of quality parameters cf. 2020 Annual Report, Section "Non-Financial Group Report"

CONFIRMED COVID-19 CASES SINCE JANUARY 2020

Rolling 7-day average of daily new confirmed COVID-19 cases. Left chart: global data of John Hopkins University CSSE COVID-19 Data (April 12, 2021), right chart: FME data based on internal sources

SEQUENTIAL DECLINE OF EXCESS MORTALITY GLOBALLY

QUARTERLY EXCESS MORTALITY VS. 2019 BASE

Q1 2021 | SOLID Q1 IN LIGHT OF STRONG HEADWINDS

	Q1 2021 € million	Q1 2020 € million	Growth in %	Growth in %cc
Revenue	4,210	4,488	(6)	1
Operating income	474	555	(15)	(8)
Net income	249	283	(12)	(6)

• COVID-19 with continued negative effect on top-line and bottom-line growth
• Headwinds from FX translation
• Favorable impact on earnings from phasing and expected lower SG&A

cc = at constant currency

Q1 2021 | POSITIVE ORGANIC GROWTH

NORTH AMERICA	€ million
Revenue	2,899	(9%)
Organic growth		(1%)

EMEA	€ million
Revenue	670	(1%)
Organic growth		1%

ASIA-PACIFIC	€ million
Revenue	471	6%
Organic growth		11%

LATIN AMERICA	€ million
Revenue	159	(5%)
Organic growth		15%

• Unfavorable FX effects across all regions
• Growth negatively impacted by effects from COVID-19
• Organic growth supported by solid Health Care Products development against a high base

Q1 2021 SERVICES | NEGATIVE EFFECTS FROM FX AND COVID-19

Revenue	Q1 2021 € million	Q1 2020 € million	Growth in %	Growth in %cc	Organic growth in %	Same market treatment growth in %
Health Care Services	3,325	3,595	(7)	1	1	(2)
North America	2,643	2,908	(9)	(1)	(1)	(3)
EMEA	332	341	(3)	1	0	(3)
Asia-Pacific	228	218	5	8	10	7
Latin America	115	121	(5)	18	15	2

Drivers

• • Contributions from acquisitions
• • Organic growth despite negative COVID-19 and calcimimetics effects
• − FX translation
• − Prior-year partial reversal of a revenue recognition adjustment

cc = at constant currency

Q1 2021 PRODUCTS | ORGANIC GROWTH CONTINUED

Revenue	Q1 2021 € million	Q1 2020 € million	Growth in %	Growth in %cc	Organic growth in %
Health Care Products	885	893	(1)	4	5
North America	256	278	(8)	0	0
EMEA	338	338	0	2	2
Asia-Pacific	243	225	8	11	11
Latin America	44	47	(6)	14	15

Drivers

• • Higher sales of machines for chronic treatment
• • PD product sales
• • HHD product sales
• − FX translation
• − Lower sales of products for acute care
• − In-center disposables

cc = at constant currency

Q1 2021 | COVID-19 EFFECT WEIGHING ON PROFITABILITY

Q1 operating income drivers

• ‒ Unfavorable impacts related to COVID-19
• ‒ Higher personnel expense across all regions
• ‒ FX translation
• ‒ Positive prior-year effect from divestiture of cardiovascular clinics
• ‒ Prior-year partial reversal of a revenue recognition adjustment
• • Improved payor mix mainly driven by Medicare Advantage and Medicare rate increase
• • Phasing and expected lower SG&A expense

Operating income in €m, regions exclude Corporate Cost

Q1 2021 | NET LEVERAGE REMAINS STABLE

	Q1 2021 € million	Q1 2020 € million
Operating cash flow	208	584
in % of revenue	4.9	13.0
Capital expenditures, net	(179)	(280)
Free cash flow	29	304
Free cash flow after investing activities	(16)	272

NET LEVERAGE RATIO (NET DEBT/EBITDA)¹

							Current ratings5	S&P	Moody's	Fitch
2,6	2,3	2,1	1,8	3.22	2.94	3.14	Rating	BBB	Baa3	BBB
				2.53	2,7	2,9	Outlook	stable	stable	stable
2015	2016	2017	2018	2019	2020	Q1 2021
	1 See Chart 20 for a reconciliation of EBITDA │2 Incl. IFRS 16│3 Excl. IFRS 16 4 Excl. U.S. federal relief funding and advanced payments under the CARES Act 5 Latest update: S&P: July 15, 2019; Moody's: May 4, 2021; Fitch: April 9, 2020

2021 TARGETS CONFIRMED

Assumptions:

• Excess mortality to continue to accumulate in the first half of 2021
• COVID-19-related additional costs in the Dialysis Services business to remain on high level
• Besides the extended suspension of the Medicare sequestration through March 2021 no further major public relief funding assumed

Excluding special items:

Special items include costs related to FME25 and effects that are unusual in nature and have not been foreseeable or not foreseeable in size or impact at the time of giving guidance.

Q1 2021 | PROFIT AND LOSS

	Q1 2021 € million	Q1 2020 € million	Growth in %	Growth in %cc
Revenue	4,210	4,488	(6)	1
Operating income	474	555	(15)	(8)
Operating income margin in %	11.3	12.4
Net interest expense	76	104	(27)	(22)
Income before taxes	398	451	(12)	(5)
Income tax expense	94	100	(7)	0
Tax rate in %	23.6	22.3
Non-controlling interest	55	68	(18)	(11)
Net income	249	283	(12)	(6)

cc = at constant currency

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

	Q1 2021 € million	FY 2020 € million	FY 2019 € million
Debt
Short term debt from unrelated parties	1,127	63	1,150
+ Short term debt from related parties	14	17	22
+ Current portion of long-term debt	785	1,008	1,447
+ Current portion of long-term lease liabilities from unrelelated parties	617	588	622
+ Current portion of long-term lease liabilities from related parties	21	21	17
+ Long-term debt, less current portion	6,315	6,800	6,458
+ Long-term lease liabilities from unrelated parties, less current portion	3,907	3,764	3,960
+ Long-term lease liabilities from related parties, less current portion	114	119	106
Total debt and lease liabilities	12,900	12,380	13,782
− Cash and cash equivalents	(1,073)	(1,082)	(1,008)
Total net debt and lease liabilities	11,827	11,298	12,774

EBITDA

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

	Q1 2021 LTM € million	FY 2020 € million	FY 2019 € million
Net income	1,390	1,435	1,439
+ Income tax expense	494	501	402
− Interest income	(48)	(42)	(62)
+ Interest expense	388	410	491
+ Depreciation and amortization	1,575	1,587	1,553
+ Adjustments	253	249	110
Adjusted EBITDA (annualized)	4,052	4,140	3,933
Net leverage ratio (Net debt/EBITDA)	2.9	2.7	3.2

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 (2021: €6 M), non-cash charges, primarily related to pension expense (2021: €49 M; 2020: €50 M) and impairment loss (2021: €198 M; 2020: €199 M).

2020 BASE FOR TARGETS 2021, RECONCILIATION ADJUSTMENTS

	FY 2020 € million	Q1 2020 € million	Q2 2020 € million	Q3 2020 € million	Q4 2020 € million
Revenue	17,859	4,488	4,557	4,414	4,400
Net income excl. special items	1,359	283	351	354	372

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

	Q1 2021 € million	Q1 2020 € million
Revenue	4,210	4,488
Net income	249	283

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

• 2020 and 2021 negative impact from Latin America impairment

• 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 in 2020 and 2021 excl. the impact of the Latin America impairment (special item)
• ROIC for 2020 and 2021 was 7.5% and 7.2% excl. IFRS 16 and excl. Latin America impairment

EXCHANGE RATES U.S. DIALYSIS DAYS PER QUARTER

Euro vs.		Q1 2021	Q1 2020	FY 2020
€:\$	Period end	1.205	1.096	1.227
	Average	1.173	1.103	1.142
€:CNY	Period end	7.681	7.778	8.023
	Average	7.808	7.696	7.875
€:RUB	Period end	88.318	85.949	91.467
	Average	89.668	73.821	82.725
€:ARS	Period end	108.002	70.736	102.900
	Average	106.794	67.811	81.042
€:BRL	Period end	6.741	5.700	6.374
	Average	6.599	4.917	5.894

	Q1	Q2	Q3	Q4	Full year
2021	77	78	79	79	313
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

Q1 2021 | PATIENTS, TREATMENTS, CLINICS

	Patients as of March 31, 2021	Treatments as of March 31, 2021	Clinics as of March 31, 2021	Patients as of March 31, 2020	Treatments as of March 31, 2020	Clinics as of March 31, 2020
North America	209,279	7,926,555	2,655	213,221	8,096,332	2,597
Growth in %	(2)	(2)	2	4	5	1
EMEA	64,978	2,441,914	809	66,843	2,511,370	786
Growth in %	(3)	(3)	3	2	1	1
Asia-Pacific	33,334	1,169,169	399	31,337	1,157,675	376
Growth in %	6	1	6	(1)	4	(6)
Latin America	36,885	1,466,371	247	37,302	1,425,497	243
Growth in %	(1)	3	2	12	11	5
Total	344,476	13,004,009	4,110	348,703	13,190,874	4,002
Growth in %	(1)	(1)	3	4	5	1

2021 | SIMPLIFICATION OF REPORTING GOING FORWARD

Revenue	FY 2020 € million	FY 2019 € million	Growth in %
Health Care Services	14,114	13,872	2
North America	11,364	11,157	2
of which Care Coordination	1,307	1,184	10
Asia-Pacific	876	862	2
of which Care Coordination	249	241	3

Revenue	FY 2020 € million	FY 2019 € million	Growth in %
Health Care Services	14,114	13,872	2
North America	11,364	11,157	2
Asia-Pacific	876	862	2

Revenue	FY 2020 € million	FY 2019 € million	Growth in %
Health Care Products	3,745	3,605	4
Dialysis Products	3,644	3,529	3
Non-Dialysis Products	101	76	34

Revenue	FY 2020	FY 2019	Growth
	€ million	€ million	in %
Health Care Products	3,745	3,605	4

FINANCIAL CALENDAR 2021

REPORTING DATES & AGM

May 20	Annual General Meeting 2021 (Virtual)
July 30	Q2 2021 Earnings Release and Conference Call
November 2	Q3 2021 Earnings Release and Conference Call

CONFERENCES & MEET THE MANAGMENT

May 11-13	Bank of America Merrill Lynch Global Healthcare Conference
May 18	RBC Capital Markets Global Healthcare Conference
May 26-27	UBS Best of Europe One-on-One Virtual Conference
June 1	Jefferies Global Healthcare Conference
June 1	Kepler Cheuvreux 2nd Digital Pan European ESG Conference
June 8	Goldman Sachs Global Healthcare Conference
June 16-17	dbAccess Berlin Conference
June 17	JP Morgan European Healthcare 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

PHILIPP GEBHARDT

Director Investor Relations

+49(0) 6172-609-95011 philipp.gebhardt@fmc-ag.com

ROBERT ADOLPH

Vice President Investor Relations

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

ALICIA CAHILL

Senior Manager Investor Relations

+1 860-609-2394 alicia.cahill@fmc-ag.com