Fresenius Medical Care AG & Co. KGaA

Investor Presentation • Feb 23, 2021

Q4 2020 CONFERENCE CALL FEBRUARY 23, 2021

Rice Powell - CEO Franklin W. Maddux, MD - CMO 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.

FY 2020 | QUALITY ON A CONSISTENTLY HIGH LEVEL

+2% Clinics 4,092

+0% Patients 346,553

Quality remains on a consistently high level

As of December 31, 2020

KEY DRIVERS FOR OUR CORE DIALYSIS BUSINESS REMAIN INTACT

ADDRESSING GLOBAL HEALTH CARE CHALLENGES

1 United Nations, Department of Economic and Social Affairs, Population Division (2019). World Population Prospects 2019, Volume II: Demographic Profiles (ST/ESA/SER.A/427) 2 WHO Global Health Observatory (people >18 years of age) | 3 IDF Diabetes Atlas 2019 (9th edition) | 4 FME Long Range Patient Projection

2025 | MID-TERM STRATEGY

LEVERAGING OUR CORE COMPETENCIES

2020 SUSTAINABILITY PROGRESS

ON TRACK TO ACHIEVE CONTINUOUS IMPROVEMENTS

Commitment

Global standards defined for patient care, human & labor rights and supplier management

Common responsibilities

Performance

New global KPI defined for patient feedback, product quality, sustainable supply, compliance

Measurable progress

Transparency

100 KPI included in Non-financial Report

Increased disclosure

SUSTAINABILITY HIGHLIGHTS

CONFIRMED COVID-19 CASES THROUGHOUT 2020

GLOBAL | COVID-19 CASES FME | COVID-19 CASES GLOBALLY

Rolling 7-day average of daily new confirmed COVID-19 cases. Left chart: global data of John Hopkins University CSSE COVID-19 Data (February 15, 2021), right chart: FME data based on internal sources

Q4 2020 | QUALITY OF CARE ON A HIGH LEVEL

		NORTH AMERICA		EMEA	LATIN AMERICA		ASIA-PACIFIC
% of patients	Q4 2020	Q4 2019	Q4 2020	Q4 2019	Q4 2020	Q4 2019	Q4 2020	Q4 2019
Kt/V ≥ 1.2	97	97	93	94	91	91	94	95
Hemoglobin = 10–12 g/dl	71	71	82	82	48	50	52	56
Calcium = 8.4–10.2 mg/dl	81	81	78	79	73	76	72	74
Albumin ≥ 3.5 g/dl	80	81	90	89	89	91	91	87
Phosphate ≤ 5.5 mg/dl	59	60	80	80	76	76	64	63
Patients without catheter (after 90 days)	79	81	77	78	78	79	81	83
in days
Days in hospital per patient year	9.7	10.3	7.7	7.5	4.0	4.3	3.5	2.6

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

PATTERN OF EXCESS DEATHS DUE TO COVID | 2020 VS. 2019

Excess deaths due to COVID-19 were 10,379 in 2020 compared to traditional seasonal trends for 2019

WHAT WAS THE IMPACT ON THE DEMOGRAPHICS OF OUR PATIENTS?

NORTH AMERICA	2020	2019	2018
Age (years)	62.8	62.8	62.6
Diabetes %	64.0	63.7	62.9

EMEA	2020	2019	2020
Age (years)	68.6	68.5	68.5
Diabetes %	31.6	32.6	32.7

• This does not yet support a hypothesis that the mortality rate will be less than the pre-pandemic baseline
• The demographics of the population have not changed
• The excess mortality is seen in all age cohorts of our patients

GENERAL PERCENT OF POPULATION VACCINATED BY REGION

Cumulative COVID-19 vaccination doses administered per 100 people (Official data by Our World in Data as of February 16, 2020)

FY 2020 | MAINTAINING GROWTH IN A CHALLENGING YEAR

• Financial targets for 2020¹ achieved

• Q4 impacted by:

• Goodwill impairment in Latin America and

• Accelerated COVID-19-related excess mortality in North America and EMEA

• Growth in home dialysis in the U.S. on track

• 24th consecutive dividend increase planned to be proposed

¹ FY 2020 targets for revenue and net income growth at constant currency excluding special items (Latin America impairment of €195 million) and on an adjusted 2019 basis.

Q4 2020 | COVID-19 INCREASINGLY BURDENSOME FOR EARNINGS

	Q4 2020 € million	Q4 2019 € million	Growth in %	Growth in %cc
Revenue	4,400	4,580	(4)	4
Operating income	462	616	(25)	(18)
Excl. special items / adjusted	657	663	(1)	5
Net income	177	343	(48)	(43)
Excl. special items / adjusted	372	368	1	6

• COVID-19 negatively affecting top-line growth
• Increased costs for PPE and higher compensation for frontline workers
• Substantial headwinds from FX translation

Q4 2019 excl. effects from: NxStage costs, Cost Optimization Program and Care Coordination Gain/Loss. | Q4 2020 excluding Latin America impairment of goodwill and tradenames (€ 195m).

cc = at constant currency

FY 2020 | STRONG NET INCOME PERFORMANCE

	2020 Results € million	2019 Basis for Targets 2020 € million	Growth in %	Growth in %cc	Guidance 2020
Revenue	17,859	17,477	2	5	Mid to high single digit cc growth
Net income	1,164	1,200	(3)	(1)
Excl. special items / adjusted	1,359	1,236	10	12	Mid to high single digit cc growth

cc = at constant currency

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. | FY 2019 excl. effects from: NxStage costs, Cost Optimization Program and Care Coordination Gain/Loss. | FY 2020 excluding Latin America impairment of goodwill and tradenames (€ 195m).

DIVIDEND INCREASE PLANNED TO BE PROPOSED

DIVIDEND

• 24th consecutive dividend increase planned to be proposed
• Planned dividend proposal would assure dividend continuity despite COVID-19 challenges

¹ Planned dividend proposal for 2020 of €1.34 to be approved by the AGM on May 20, 2021

2021 | TAIL- AND HEADWINDS

TAILWINDS

• Growth in value-based care programs
• Medicare Advantage
• Higher adoption of home dialysis
• Effect from completion of cost optimization measures

HEADWINDS

• Impact from COVID-19 on treatment volumes and increased costs
• Reduced clinic utilization limits ability to absorb:
• Wage inflation
• Fixed cost inflation
• COVID-19 related SG&A savings realized in 2020
• Calcimimetics
• Transactional FX losses

FME²⁵

Transformation of global operating model to sustainably reduce the cost base and support our 2025 targets

2020 TARGETS ACHIEVED

Targets 2020

Achieved our target 2020 for revenue and exceeded net income growth at constant currency

Q4 2020 | ORGANIC GROWTH ON A GLOBAL BASIS

NORTH AMERICA	€ million
Revenue	2,983	(6%)
Organic growth		(1%)

EMEA	€ million
Revenue	715	1%
Organic growth		5%

ASIA-PACIFIC	€ million
Revenue	517	4%
Organic growth		8%

LATIN AMERICA	€ million
Revenue	177	(9)%
Organic growth		9%

• North America negatively impacted by COVID-19
• Solid organic growth development outside North America
• Unfavorable FX developments in all regions

Q4 2020 SERVICES | MORE PRONOUNCED IMPACT BY COVID-19

Revenue	Q4 2020 € million	Q4 2019 € million	Growth in %	Growth in %cc	Organic growth in %	Same market treatment growth in %
Health Care Services	3,406	3,607	(6)	2	0	1
North America	2,704	2,893	(7)	1	(1)	0
of which Care Coordination	292	325	(10)	(2)	1
EMEA	337	352	(4)	1	0	(1)
Asia-Pacific	235	230	2	5	7	9
of which Care Coordination	77	68	14	15	10
Latin America	125	132	(6)	20	9	(2)
79%	NORTH AMERICA	3,406 €m +0% (Organic)		ASIA-PACIFIC LATIN AMERICA	EMEA 10% 7% 4%

Drivers

• • Negative prior year revenue effect
• • Reimbursement increases
• • Treatment growth
• − Loss of treatments due to COVID-19 in North America and EMEA
• − Headwind from calcimimetics
• − FX translation

cc = at constant currency

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

Q4 2020 PRODUCTS | STRONG UNDERLYING ORGANIC GROWTH

Revenue	Q4 2020 € million	Q4 2019 € million	Growth in %	Growth in %cc	Organic growth in %
Health Care Products	994	973	2	9	8
Dialysis Products	968	953	2	8	7
North America	279	281	(1)	7	6
EMEA	353	337	5	11	8
Asia-Pacific	282	269	5	8	8
Latin America	52	61	(15)	8	8
Non-Dialysis Products	26	20	28	30	30

Drivers

• • Products for acute care treatments
• • In-center disposables
• • PD products
• • Home HD products
• − Lower sales of machines for chronic treatment
• − FX translation

cc = at constant currency

Q4 2020 | IMPAIRMENT WEIGHING ON PROFITABILITY

Q4 margin drivers

• • Negative prior year earnings effect
• • Continued benefit from lower G&A spend
• ‒ Impairment loss Latin America
• ‒ COVID-19 related excess mortality and additional costs negatively impacted in particular North America and EMEA
• ‒ Lower reimbursement for calcimimetics

Operating income in €m, excluding Corporate

Q4 2020 | DECREASING NET LEVERAGE

	Q4 2020 € million	Q4 2019 € million
Operating cash flow	584	771
in % of revenue	13.3	16.8
Capital expenditures, net	(306)	(337)
Free cash flow	283	434
Free cash flow after investing activities	130	230

NET LEVERAGE RATIO (NET DEBT/EBITDA)¹

Current ratings5	S&P	Moody's	Fitch
Rating	BBB	Baa3	BBB
Outlook	stable	stable	stable

1 See Chart 37 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: May 23, 2019; Moody's: May 20, 2020; Fitch: April 9, 2020

2021 TARGETS

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 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.

HEAD- AND TAILWINDS TO OUR TARGETS 2021

Charts are indicative to illustrate the most important drivers for 2021.

TRANSFORMATION OF THE OPERATING MODEL | FME²⁵

• To support our 2025 strategy, further strengthen profitability and compensate for the COVID-19 effects, FME²⁵ to be launched in 2021

• Invest up to €500m by 2025 to sustainably reduce the cost base and minimally improve operating income by the same amount

FME²⁵ addresses the simplification of the Fresenius Medical Care operating model and shall include

• Simplifying and streamlining the global operating model

• Apply learnings from the "new normal"

• Accelerating our digitalization agenda

MID-TERM TARGETS 2020-2025

REVENUE

(CAGR, constant currency growth in %)

Mid-single digit

NET INCOME

(CAGR, constant currency growth in %)

High-single digit

Assumptions:

It is assumed that FME²⁵ compensates for the anticipated COVID-19 related effects

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.

Q4 2020 | PROFIT AND LOSS

	Q4 2020 € million	Q4 2019 € million	Growth in %	Growth in %cc
Revenue	4,400	4,580	(4)	4
Operating income	462	616	(25)	(18)
Operating income margin in %	10.5	13.5
Operating income excl. special items / adjusted	657	663	(1)	5
Operating income margin excl. special items / adj.	14.9	14.5
Net interest expense	84	102	(18)	(12)
Income before taxes	378	514	(27)	(19)
Income tax expense	139	109	27	39
Tax rate in %	36.7	21.3
Non-controlling interest	62	62	(1)	8
Net income	177	343	(48)	(43)
Excl. special items / adjusted	372	368	1	6

cc = at constant currency

FY 2020 | PROFIT AND LOSS

	FY 2020 € million	FY 2019 € million	Growth in %	Growth in %cc
Revenue	17,859	17,477	2	5
Operating income	2,304	2,270	2	4
Operating income margin in %	12.9	13.0
Operating income excl. special items / adjusted	2,499	2,356	6	8
Operating income margin excl. special items / adj.	14.0	13.5
Net interest expense	368	429	(14)	(12)
Income before taxes	1,936	1,841	5	7
Income tax expense	501	402	25	28
Tax rate in %	25.9	21.8
Non-controlling interest	271	239	14	16
Net income	1,164	1,200	(3)	(1)
Excl. special items / adjusted	1,359	1,236	10	12

cc = at constant currency

FY 2020 | SERVICES

	FY 2020 € million	FY 2019 € million	Growth in %	Growth in %cc	Organic growth in %	Same market growth in %
Total	14,114	13,872	2	5	3	2
North America	11,364	11,157	2	4	2	1
of which Care Coordination	1,307	1,184	10	13	17
EMEA	1,365	1,354	1	4	3	1
Asia-Pacific	876	862	2	2	3	8
of which Care Coordination	249	241	3	5	(2)
Latin America	485	499	(3)	23	15	2

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

FY 2020 | PRODUCTS

	FY 2020	FY 2019	Growth	Growth	Organic
	€ million	€ million	in %	in %cc	growth in %
Total Health Care Products	3,745	3,605	4	7	5
Dialysis Products	3,644	3,529	3	7	4
North America	1,113	1,038	7	9	4
EMEA	1,303	1,263	3	6	4
Asia-Pacific	1,013	997	2	4	4
Latin America	199	210	(5)	17	16
Non-Dialysis Products	101	76	34	34	34

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

	FY 2020 € million	FY 2019 € million	FY 2018 € million
Debt
Short term debt from unrelated parties	63	1,150	1,205
+ Short term debt from related parties	17	22	189
+ Current portion of long-term debt	1,008	1,447	1,107
+ Current portion of long-term lease liabilities	588	622
+ Current portion of long-term lease liabilities from related parties	21	17
+ Long-term debt, less current portion	6,800	6,458	5,045
+ Long-term lease liabilities, less current portion	3,764	3,960
+ Long-term lease liabilities from related parties, less current portion	119	106
Total debt and lease liabilities	12,380	13,782	7,546
− Cash and cash equivalents	(1,082)	(1,008)	(2,146)
Total net debt and lease liabilities	11,298	12,774	5,400

EBITDA

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

	FY 2020 € million	FY 2019 € million	FY 2018 € million
Net income	1,435	1,439	2,226
+ Income tax expense	501	402	511
− Interest income	(42)	(62)	(147)
+ Interest expense	410	491	448
+ Depreciation and amortization	1,587	1,553	725
+ Adjustments	249	110	(722)
Adjusted EBITDA (annualized)	4,140	3,933	3,041
Net leverage ratio (Net debt/EBITDA)	2.7	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 (2019: -€71 M), NxStage related transaction costs (2019: €95 M), non-cash charges, primarily related to pension expense (2020: €50 M; 2019: €46 M) and impairment loss (2020: €199 M; 2019: €40 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

	Q4 2020 € million	Q4 2019 € million
Revenue	4,400	4,580
Net income	177	343
NxStage costs		1
Cost optimization costs		44
(Gain) loss related to divestitures of Care Coordination activities		(20)
Net income adjusted		368
Special item: Impairment in the Latin America segment	195
Net income excl. special items	372

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

• 2019 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 excl. the impact of the Latin America impairment (special item)
• ROIC for 2020 was 7.5% excl. IFRS 16 and excl. Latin America impairment

EXCHANGE RATES U.S. DIALYSIS DAYS PER QUARTER

Euro vs.		2020	2019	2018
€:\$	Period end	1.227	1.123	1.145
	Average	1.142	1.119	1.181
€:CNY	Period end	8.023	7.821	7.875
	Average	7.875	7.735	7.808
€:RUB	Period end	91.467	69.956	79.715
	Average	82.725	72.455	74.026
€:ARS	Period end	102.900	67.212	43.039
	Average	81.042	53.948	32.984
€:BRL	Period end	6.374	4.516	4.444
	Average	5.894	4.413	4.308

	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

FY 2020 | PATIENTS, TREATMENTS, CLINICS

	Patients as of Dec. 30, 2020	Treatments as of Dec. 30, 2020	Clinics as of Dec. 30, 2020	Patients as of Dec. 30, 2019	Treatments as of Dec. 30, 2019	Clinics as of Dec. 30, 2019
North America	210,260	32,843,592	2,639	211,064	32,138,448	2,579
Growth in %	0	2	2	3	4	2
EMEA	66,008	10,189,373	804	66,217	10.042,109	781
Growth in %	0	1	3	2	3	1
Asia-Pacific	33,106	4,660,875	400	33,005	4,579,220	400
Growth in %	0	2	0	5	5	2
Latin America	37,179	5,881,415	249	34,810	5,388,330	234
Growth in %	7	9	6	6	6	2
Total	346,553	53,575,255	4,092	345,096	52,148,107	3,994
Growth in %	0	3	2	4	4	2

FINANCIAL CALENDAR 2020

REPORTING DATES & AGM

May 6	Q1 2021 Earnings Release and Conference Call
May 20	Annual General Meeting 2021 (Virtal)
July 30	Q2 2021 Earnings Release and Conference Call
November 2	Q3 2021 Earnings Release and Conference Call

CONFERENCES & MEET THE MANAGMENT

March 2	Virtual European MedTech & Services Conference
March 2	Credit Suisse London Healthcare Conference
March 10 & 11	Global Healthcare Conference 2021 (Miami)
March 15	Barclays C-Suite Call Series with CEO Rice Powell
March 29	Expert Call Mapping a Digital Future for Kidney Care with Frank Maddux, MD

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