Fresenius Medical Care AG & Co. KGaA

Investor Presentation • May 4, 2022

Q1 2022 Conference Call May 4, 2022

Rice Powell	Chief Executive Officer & Chairman of the Management Board
Helen Giza	Chief Financial Officer & Chief Transformation Officer

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.

Implementation of measures as presented herein may be subject to information & consultation procedures with works councils and other employee representative bodies, as per local laws and practice. Consultation procedures may lead to changes on proposed measures.

Higher than anticipated COVID-19-related excess mortality, but declining throughout the quarter

Earnings development affected by ongoing significantly elevated labor costs compounded by effects from Omicron in Health Care Services and by increased material and logistics costs in Health Care Products

Earnings development in EMEA was additionally

Q1 2022 | Clinics, patients, treatments

Clinics, patients and treatments as of March 31, 2022

Q1 2022 | Treatment quality on high level

		North America		EMEA	Latin America		Asia-Pacific
% of patients	Q1 2022	Q1 2021	Q1 2022	Q1 2021	Q1 2022	Q1 2021	Q1 2022	Q1 2021
Kt/V ≥ 1.2	97	97	93	93	92	91	95	93
Hemoglobin = 10–12 g/dl	70	69	81	81	49	48	52	50
Calcium = 8.4–10.2 mg/dl	84	81	79	78	74	74	72	71
Albumin ≥ 3.5 g/dl	84	80	89	90	90	89	89	89
Phosphate ≤ 5.5 mg/dl	57	58	78	79	77	76	63	63
Patients without catheter (after 90 days)	78	79	76	77	77	78	79	81
Days in hospital per patient year (global basis, in days)			10.7		11.1 (Q1 2021)

Definitions of quality parameters cf. 2021 Annual Report, section "Non-Financial Group Report".

Confirmed COVID-19 cases since January 2020

General population cases globally FME patient 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 (April 30, 2022), right chart: FME data based on internal sources

Spike in global excess mortality

Quarterly excess mortality vs. 2019 base

▪ Increase in COVID-19-related excess deaths in Q1

▪ LTM excess mortality amounts to 9,013

▪ Total number of excess deaths vs. 2019 base since Q1 2020 amounts to 22,584

Historical excess mortality updated for late entries.

Q1 2022 | Negative impact on Q1 performance

	Q1 2022 € million	Q1 2021 € million	Growth in %	Growth in %cc
Revenue	4,548	4,210	8	3
Operating income	348	474	(27)	(30)
Operating income excl. special items1	403	477	(15)	(19)
Net income	157	249	(37)	(39)
Net income excl. special items1	200	251	(20)	(23)

• Revenue growth across Health Care Services and Health Care Products
• Omicron-related increase in labor costs in services
• Higher material and logistic costs weighing on product margins
• Tailwinds from FX effects

1 Special items relate to costs associated with FME25 program and the impact related to the war in Ukraine

Q1 2022 | Revenue growth despite COVID-19

North America	€ million
Revenue	3,171	9%
Organic growth		0%

EMEA	€ million
Revenue	674	1%
Organic growth		2%

Asia-Pacific	€ million
Revenue	507	8%
Organic growth		4%

Latin America	€ million
Revenue	183	15%
Organic growth		16%

• Solid group revenue growth of 8%
• Organic growth despite negative effects of COVID-19:
• Health Care Services +1%
• Health Care Products +3%

Q1 2022 | Health Care Services

Revenue	Q1 2022 € million	Q1 2021 € million	Growth in %	Growth in %cc	Organic growth in %	Same market treatment growth in %
Health Care Services	3,607	3,325	8	3	1	(1)
North America	2,889	2,643	9	2	0	(2)
EMEA	344	332	4	5	4	(1)
Asia-Pacific	236	228	4	2	1	2
Latin America	130	115	13	15	15	(2)

cc = at constant currency

North America | 79% EMEA | 10% Asia-Pacific | 7% Latin America | 4%

Drivers at constant currency

• • Partial reversal of an accrual related to a revenue recognition adjustment for accounts receivable in legal dispute
• • Organic growth despite the adverse impact of COVID-19
• • Contributions from acquisitions

Q1 2022 | Health Care Products

Revenue	Q1 2022 € million	Q1 2021 € million	Growth in %	Growth in %cc	Organic growth in %
Health Care Products	941	885	6	3	3
North America	282	256	10	3	3
EMEA	330	338	(2)	0	0
Asia-Pacific	271	243	11	6	6
Latin America	53	44	21	16	16

Drivers at constant currency

• • Higher sales of in-center disposables and renal pharmaceuticals
• − Lower sales of machines for chronic cc = at constant currency treatment

North America | 30% EMEA | 35% Asia-Pacific | 29% Latin America | 6%

Q1 2022 | Operating income margin development

pp = percentage points

2022 | Tail- & headwinds vs. 2021

Q1 2022 | Recoupment affecting cash flow development

	Q1 2022 € million	Q1 2021 € million
Operating cash flow	159	208
in % of revenue	3.5	4.9
Capital expenditures, net	(160)	(179)
Free cash flow	(1)	29
Free cash flow after investing activities	(53)	(16)

Net leverage ratio (Net debt/EBITDA) 1

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

1 See backup for a reconciliation of EBITDA │2 Excl. U.S. federal relief funding and advanced payments under the CARES Act

2022 | Guidance

1 Basis 2021 and Guidance 2022 are exclusive of special items; Guidance 2022 is subject to the outlined assumptions

Your questions are welcome.

Q1 2022 | Profit and Loss

	Q1 2022 € million	Q1 2021 € million	Growth in %	Growth in %cc
Revenue	4,548	4,210	8	3
Operating income	348	474	(27)	(30)
Operating income margin in %	7.6	11.3
Operating income excl. special items	403	477	(15)	(19)
Operating income margin in % excl. special items	8.9	11.3
Net interest expense	69	76	(9)	(14)
Income before taxes	279	398	(30)	(33)
Income tax expense	67	94	(29)	(32)
Tax rate in %	24.0	23.6
Non-controlling interest	55	55	(2)	(8)
Net income	157	249	(37)	(39)
Net income excl. special items	200	251	(20)	(23)

cc = at constant currency

Debt

Reconciliation of non-IFRS financial measures to most directly comparable IFRS financial measures

	Q1 2022 € million	FY 2021 € million	FY 2020 € million
Debt
Short-term debt from unrelated parties	970	1,178	63
+ Short-term debt from related parties	146	78	17
+ Current portion of long-term debt	59	668	1,008
+ Current portion of long-term lease liabilities from unrelated parties	650	640	588
+ Current portion of long-term lease liabilities from related parties	22	21	21
+ Long-term debt, less current portion	7,452	6,647	6,800
+ Long-term lease liabilities from unrelated parties, less current portion	3,951	3,990	3,764
+ Long-term lease liabilities from related parties, less current portion	94	98	119
Total debt and lease liabilities	13,343	13,320	12,380
− Cash and cash equivalents	(1,173)	(1,482)	(1,082)
Total net debt and lease liabilities	12,170	11,838	11,298

Reconciliation of annualized adjusted EBITDA and net leverage ratio to the most directly comparable IFRS financial measures

	Q1 2022 € million	FY 2021 € million	FY 2020 € million
Net income	1,127	1,219	1,435
+ Income tax expense	326	353	501
− Interest income	(72)	(73)	(42)
+ Interest expense	345	353	410
+ Depreciation and amortization	1,611	1,586	1,587
+ Adjustments	173	125	249
Adjusted EBITDA (annualized)	3,510	3,563	4,140
Net leverage ratio (Net debt/EBITDA)	3.5	3.3	2.7

Adjustments: Acquisitions and divestitures made for the last twelve months with a purchase price above a €50 M threshold as defined in the Syndicated Credit Facility (2022: €9 M; 2021: €13 M), non-cash charges, primarily related to pension expense (2022: €50 M; 2021: €49 M), impairment loss (2022: €43 M; 2021: €38 M), as well as costs related to the FME25 Program (2022: € 50 M; 2021: €25 M) and the Ukraine war (2022: €21 M).

2021 base for 2022 targets, reconciliation adjustments

	FY 2021 € million	Q1 2021 € million	Q2 2021 € million	Q3 2021 € million	Q4 2021 € million
Revenue	17,619	4,210	4,320	4,441	4,647
Net income excl. special items	1,018	251	225	280	263

Reconciliation of non-IFRS financial measures to the most directly comparable IFRS financial measures

	Q1 2022 € million	Q1 2021 € million
Revenue	4,548	4,210
Net income	157	249
Special item: costs relating to FME25	24	2
Special item: Ukraine war	19
Net income excl. special items	200	251

Return on Invested Capital (ROIC)

• 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) and in 2021 excluding FME25 (special item)
• ROIC for 2020 and 2021 was 7.5% and 5.5% excl. IFRS 16 and excl. Latin America impairment in 2020
• ROIC adjusted in Q1 2022 for the effects of FME25 and impacts related to the war in Ukraine

▪ Long-term value creation based on accretive acquisitions and organic growth

• 2018 positive impact from Sound divestiture
• 2019 negative impact from NxStage acquisition
• 2020 negative impact from Latin America impairment
• 2021 negative impact from FME25
• 2022 negative impact from FME25 and the Ukraine war

Exchange rates, U.S. dialysis days per quarter, definitions

Exchange rates

		Q1 2022	FY 2021	FY 2020
€:USD	Period end	1.110	1.133	1.227
	Average	1.122	1.182	1.142
€:CNY	Period end	7.040	7.195	8.023
	Average	7.121	7.628	7.875
€:RUB	Period end	92.069	85.300	91.467
	Average	97.419	87.153	82.725
€:ARS	Period end	123.113	116.780	102.900
	Average	119.648	112.522	81.042
€:BRL	Period end	5.301	6.310	6.374
	Average	5.870	6.378	5.894
€:TRL	Period end	16.282	15.234	9.113
	Average	15.672	10.512	8.055

U.S. dialysis days per quarter

	Q1	Q2	Q3	Q4	Full year
2022	77	78	79	79	313
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	At constant currency
HD	Hemodialysis
PD	Peritoneal dialysis
Net income	Net income attributable to shareholders of FME
LTM	Last-Twelve-Months

Patients, treatments, clinics

	as of March 31, 2022					as of March 31, 2021
	Patients	Treatments	Clinics	Patients	Treatments	Clinics
North America	207,238	7,814,534	2,692	209,279	7,926,555	2,655
Growth in %	(1)	(1)	1	(2)	(2)	2
EMEA	65,973	2,437,934	819	64,978	2,441,914	809
Growth in %	2	0	1	(3)	(3)	3
Asia-Pacific	33,523	1,179,567	393	33,334	1,169,169	399
Growth in %	1	1	(2)	6	1	6
Latin America	36,759	1,426,068	249	36,885	1,466,371	247
Growth in %	0	(3)	1	(1)	3	2
Total	343,493	12,858,103	4,153	344,476	13,004,009	4,110
Growth in %	0	(1)	1	(1)	(1)	3

Financial calendar

	Date	Event
g n M ti G r A o p & e R	May 12, 2022 August 2, 2022 November 1, 2022	Annual General Meeting 2022, virtual Report on 2nd quarter 2022: Earnings Release and Conference Call Report on 3rd quarter 2022: Earnings Release and Conference Call
& t s n e e e m h c t n e t e g e r a e e n f M n a o M	May 12, 2022 May 17, 2022 May 23, 2022 May 24, 2022 May 24-25, 2022 June 14, 2022 June 23, 2022	BofA Securities 2022 Health Care Conference, Las Vegas UBS Best of Europe One-on-One Conference, virtual Berenberg Conference USA 2022, Tarrytown/NY UBS Global Healthcare Conference, New York dbAccess German Corporate Conference, Frankfurt Goldman Sachs Global Healthcare Conference, Rancho Palos Verdes JP Morgan European Healthcare Conference
C	June 28, 2022	Expert call Accelerating Growth in Home Dialysis

Dates and/or participation might be subject to change

Contacts

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

Ticker: FME or FMS (NYSE/ADR)

WKN: 578 580

ISIN: DE00057858002

CUSIP (ADR): 358029106

Dr. Dominik Heger

Head of Investor Relations, Strategic Development & Communications | EVP

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

Alicia Cahill

Senior Manager Investor Relations

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

Vice President Investor Relations

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