QUARTERLY FINANCIAL REPORT

Q1 | 2025

6 Strategy and goals
9 Healthcare industry
9 External factors 35 Notes
10 Results of operations, financial position, assets and liabilities
- 10 Revenue
19 Business segments

3 Fresenius Group figures at a glance 19 Fresenius Kabi 27 Consolidated financial statements

21 Fresenius Helios 27 Consolidated statement of income
23 Employees 28 Consolidated statement of comprehensive income
4 Shareholder information 23 Research and development 29 Consolidated statement of financial position
- 23 Rating 30 Consolidated statement of cash flows
- 24 Opportunities and risk report 32 Consolidated statement of changes in equity
6 Interim Group Management Report 25 Outlook 2025 34 Consolidated segment reporting first quarter of 2025

11 Earnings 56 Financial Calendar

FRESENIUS GROUP FIGURES AT A GLANCE

Fresenius is a global healthcare company. Committed to life – the health and wellbeing of patients is Fresenius' top priority. For more than 100 years, we have been combining cutting-edge technology with a focus on patients, paving the way for the therapies of the future.

REVENUE AND EARNINGS

€ i illio n m ns	Q1 /20 25	Gro wth	Gro wth in c tant ons 1 cur ren cy
2 Rev en ue	5, 63 1	7%	7%
3 Org ic g th an row		7%
2 EB IT	654	4%	4%
2 EB IT in ma rg	11. 6%
2,4 Ne t in com e	49 0	% 14	13 %
2,4 Ear nin sh gs per are	0.8 7	14 %	13 %

LEVERAGE RATIO

	Ma rch 31 , 202 5	Dec . 31 , 20 24
2,5 Ne t d ebt /E BIT DA	3.0	3.0

RETURNS

	Q1 /20 25	Q1 /20 24
Ca sh Co rsio n R (C CR ); LT M ate nve	1.1	0.9
2,6 Ret in ted ita l (R OIC ) urn on ves ca p	6.2 %	6.2 %

1 Growth rate adjusted for the hyperinflation in Argentina

2 Before special items

3 Organic growth rate adjusted for accounting effects related to Argentina hyperinflation

4 Net income attributable to shareholders of Fresenius SE&Co. KGaA

including lease liabilities, including Fresenius Medical Care dividend; net debt adjusted for the valuation effect of the equity-neutral exchangeable bond

6 2024: annual return FY/24

⁵ At LTM average exchange rates for both net debt and EBITDA; pro forma acquisitions /divestitures; before special items

SHAREHOLDER INFORMATION

The Fresenius stock surged around 18% in the first three months of the fiscal year, outperforming the leading German and U.S. indices amidst a volatile macroeconomic environment.

KEY DATA OF THE FRESENIUS SHARE

	Q1 /20 25	202 4	Gro wth
Nu mb of sha (M 31 /D 31 ) er res ar. ec.	56 3, 23 7, 27 7	563 237 277 , ,	0%
n1 Sto ck han tio in € ota exc ge qu
Hig h	40 .90	31 .11	31 %
Low	33 .54	23 .46	43 %
Per iod d q ati clo sin ric uot -en on g p e	39 .37	28 .07	40 %
Ø T rad ing lum e ( mb of sha ad ing da ) r tr vo nu er res pe y	1, 16 6, 45 5	1, 286 53 0 ,	-9%
2 in ital iza tio illio Ma rke n € (M 31 /D 31 ) t ca p n m ar. ec.	22 175 ,	15, 810	40 %

The European Central Bank (ECB) has recently revised its global growth forecasts for 2025 downward. As of March 2025, the ECB has cut its projection for real GDP growth in the Eurozone to 0.9% for 2025 (previously: 1.1%). This adjustment is largely due to lingering effects from notably weaker investment and export performance in the fourth quarter of 2024, which are unlikely to be recouped in 2025. For the year 2025, the ECB expects average inflation as measured by the Harmonized Index of Consumer Prices to be 2.2%, marking a slight increase from the previous estimate of 2.1%. To further support economic growth, the ECB lowered the key interest rate for the Eurozone by 0.25 percentage points in January, March, and April 2025, bringing it to 2.25%.

Meanwhile, the Federal Reserve (FED) in December 2024 cut its real GDP growth projection for the United States to 1.7% for 2025 (previously: 2.1%) due to uncertainties stemming from geopolitical tensions and waning consumer demand.

1 Xetra closing price on the Frankfurt Stock Exchange

2 Total number of ordinary shares multiplied by the respective Xetra period-end quotation on the Frankfurt Stock Exchange

The FED also adjusted its inflation forecast for 2025 upward to 2.7% during the first quarter (previously: 2.5%), mainly influenced by tariff-related uncertainties. Amidst these ongoing uncertainties, the FED, in March 2025, opted to maintain its interest rate band steady at 4.50 to 4.75%.

In this climate of economic uncertainty, both the DAX in Germany and the S&P 500 in the United States have reached new all-time highs. However, increased geopolitical uncertainties led to higher market volatility towards the end of the quarter.

While the DAX climbed approximately 11% in the first three months, the U.S. benchmark index saw a decline of around 9%. In the same timeframe, Fresenius shares exhibited robust performance, closing at €39.37 on March 31, 2025, up approximately 18% from the beginning of the year.

INTERIM GROUP MANAGEMENT REPORT

Fresenius Q1/25: Strong start to 2025– #FutureFresenius Rejuvenate phase kicked-off with excellent momentum

► Q1/ 2025: Strong top line and excellent EPS growth, outlook confirmed.
► Group revenue1 at €5.63 billion with strong organic growth of 7%1,2 driven by consistent delivery of Fresenius Kabi and a strong performance at Fresenius Helios.
► Group EBIT1 at €654 million, increase of 4%3 in constant currency on the back of strong operating performance at Kabi; absence of energy relief payments weighing on Helios Germany; Group EBIT margin1 of 11.6%.
► Net income1,4 grew by an excellent 12%3 in constant currency to €416 million significantly outpacing revenue growth.
► EPS1,4 rose by excellent 12%3 in constant currency to €0.74 resulting from broad based operational strength and lower interest expenses.
► Operating cash flow from continuing operations of €74 million significantly improved year-on-year driven by operating development and increased focus on cash generation.
► Leverage ratio within target corridor: Net debt/EBITDA ratio at 3.0x1,5 showing 80 bps improvement in the last twelve months.
► #FutureFresenius REJUVENATE phase: Pivotal milestone delivered with the reduction of participation in Fresenius Medical Care stake enhancing strategic flexibility while setting basis for long-term profitable growth.

STRATEGY AND GOALS

At Fresenius, we live up to our promise of being committed to life. We save and improve human lives with affordable, accessible, and innovative healthcare products and the highest quality in clinical care. In doing so, we consider significant paradigm shifts in the healthcare environment with regards to biologic products and therapies, technological

Our portfolio targets three platforms: (Bio)Pharma -- including clinical nutrition, MedTech, and Care Provision. With these platforms, we cater to major trends in healthcare and are becoming a more therapy-focused company. The health and quality of life of our patients is at the core. At the same time, our platforms address attractive value pools in healthcare, which will provide opportunities for future profitable growth. Hence, we orient our portfolio towards businesses that enable a strong focus on margins and capital returns, and the highest ambitions for operational excellence and competitiveness.

dividend, net debt adjusted for the valuation effect of the equity-neutral exchangeable bond

Fresenius | Quarterly Financial Report | 1st Quarter 2025

change, and new forms of data generation, processing, and usage.

Patients are always in the focus of our activities. Our vision is to be the trusted, market-leading healthcare company that unites cutting-edge technology and human care to shape next-level therapies.

¹ Before special items

² Organic growth rate adjusted for accounting effects related to Argentina hyperinflation

3 Growth rate adjusted for Argentina hyperinflation

⁴ Excluding Fresenius Medical Care

⁵ At average exchange rates for both net debt and EBITDA; pro forma closed acquisitions /divestitures, including lease liabilities, including Fresenius Medical Care

Fresenius operates in key healthcare areas. We continuously develop our business segments and strive to assume leading positions in system-critical healthcare markets and segments.

At the same time, we hold ourselves accountable to the highest standards of quality and integrity. All of our business segments make an overall contribution to increasing the quality, affordability, and efficiency of healthcare as well as patient satisfaction. At the same time, we care for our environment by protecting nature and using its resources carefully.

Fresenius Kabi's commitment is to improving the quality of life of its patients. The quality and safety of its products and services is thus of paramount importance to Fresenius Kabi.

Fresenius Helios' hospitals are characterized by high standards of treatment quality, hygiene, patient safety, and quality of care.

At Fresenius, we combine our medical expertise with extensive production capacities, and clinical practice with technology know-how to continuously improve therapies for our patients. We will continue building on our strength in technology, our competence and quality in patient care, and our ability to manufacture cost-effectively. Developing products and systems that provide a high level of safety and user-friendliness and enable tailoring to individual patient needs is an inherent part of our strategy of sustainable and profitable growth. We plan to develop more effective products and treatment methods in order to offer best-inclass medical standards. Digitalization is playing an increasingly important role -- whether it is in healthcare facilities or in production. It drives innovative technologies and treatment concepts and can contribute to solving numerous challenges in the healthcare system.

The commitment of our more than 175,000 employees worldwide is key for the success and sustained growth of Fresenius. We firmly believe in a culture of diversity, as we are convinced that different perspectives, opinions, experiences, and values enable Fresenius to continue successfully growing as a global healthcare company.

To tackle the upcoming challenges and be able to continue to grow as a company, attracting new employees is key. Not only do we try to attract new talent, but also do everything we can to retain and develop our employees over the long term. We offer a variety of flexible workingtime models and incentive programs to ensure that our long-term needs for highly qualified employees are met. Furthermore, we offer our employees attractive opportunities to develop their careers in an international and dynamic environment.

The Fresenius Group offers a broad spectrum of systemcritical products and services for the health and quality of life of our patients. Our business segments hold leading positions in key areas of healthcare, and all of them are continuing to execute their respective strategic priorities to sustain leadership and contribute significantly to the benefit of healthcare systems. At the level of the Fresenius Group, we manage the strategic direction of the Group, and orient our portfolio towards value-maximizing business areas and maximum patient impact.

With its Vision 2026, Fresenius Kabi has developed a strategic plan to transform the company for the next decade and to better capture new growth opportunities. Fresenius Kabi will continue to focus on high-quality products and services for critically and chronically ill patients. Within this clear direction, Fresenius Kabi has defined three growth

vectors, alongside the strengthening of the resilience of our volume business IV business (3+1 strategy). The growth vectors are:

► the broadening of our biopharmaceutical offering,
►further rollout of clinical nutrition,
► expansion in the MedTech area.

We consistently pursued our segment strategy in fiscal year 2024. Fresenius Kabi and mAbxience form a complete, vertically integrated biopharmaceutical business, that holds a strong portfolio and pipeline, provides extensive and costefficient manufacturing, and is strengthening the targeted commercial footprint in Fresenius Kabi's and mAbxience's target regions. In addition, Fresenius Kabi and mAbxience continue to strengthen the biopharma business and strategic network through new agreements and partnerships.

Successful market launches have made Fresenius Kabi the leading provider of intravenous lipid nutrition in North America. This strengthens the global clinical nutrition business beyond its solid base in Europe, Latin America, and Asia-Pacific.

Our MedTech business has been further strengthened by Ivenix. With the award-winning Ivenix infusion system, we are entering the infusion therapy market in the United States. The design of the Ivenix infusion system is easier to use than conventional systems and increases the safety of infusions. The pump also works seamlessly with other systems.

In parallel, Fresenius Kabi has continued to build resilience in its volume-driven IV business and is extending the portfolio with continued launches in all regions.

Fresenius Helios wants to further strengthen its position as the leading private healthcare service provider in Europe.

Helios Germany will continue to focus its offerings on cross-sector healthcare, further specialize hospitals, and coordinate their respective medical service portfolios within regional structures. In regional competence centers, we are already pooling expertise in various specialist areas in order to achieve the best treatment results for our patients. We will continue to drive this clustering forward in the future in order to further enhance medical quality. We intend to exploit the growth potential in the outpatient sector by linking our medical care centers (MVZs) even more closely with hospitals. In addition, we will seize the newly created regulatory opportunity of daytime inpatient treatment as a further form of care. We also aim to increase the efficiency of our energy consumption in the interests of sustainability and climate protection.

In Spain, we expect demand for hospital and other healthcare services to continue to rise. We aim to integrate our diverse range of inpatient and outpatient services even better and further expand them across the entire network of sites. We will selectively consider building new clinics and expanding existing hospital sites.

Fresenius Helios consistently puts focus on the strategic factors of medical excellence, innovation, and service quality in order to attract patients. Our focus here is on optimal treatment quality as well as patient satisfaction.

Fresenius Helios is constantly advancing its digitalization agenda in order to further improve patient care and service, building on our already extensive digital offering in particular through the Quirónsalud patient portal and app. Alongside the digitalization of our documents and internal processes, we will focus even more strongly on the digitalization of direct clinical processes and clinical decision support in the future. In doing so, we also want to make responsible use of the opportunities offered by artificial intelligence.

In fiscal year 2024, we further advanced our #FutureFresenius program in order to transform our Group and position it for the coming decades. We continued to make great progress in fiscal year 2024, in both the structural and financial progression of the Group, and kept the transformation momentum.

The healthcare industry has a long runway for growth, which will be accelerated by quickly evolving technologies, new therapies such as biopharmaceuticals, more and more professional steering of patient journeys, and a true digital revolution. We want Fresenius to be at the forefront of these trends and have thus charted our course for continued system relevance in our businesses.

The first step of this journey was a Reset: strengthening our return focus, driving structural productivity, and creating change momentum across the organization. The next step in the journey was the Revitalize phase, with continuous portfolio optimization and the pursuit of growth verticals. In fiscal year 2025, we started the rejuvenate phase, in which we aim to grow profitably along our strategic platforms. In addition to the disciplined continued development of our portfolio, we will also succeed in driving forward future-oriented innovations.

After the deconsolidation of Fresenius Medical Care and targeted divestments in fiscal year 2023, we further sharpened the focus of the portfolio in 2024 with a structured exit from Fresenius Vamed, achieving structural simplification. Financial progression was further driven based on the clear structures and responsibilities defined with the new operating model as well as rigorous productivity measures. The Fresenius Financial Framework enabled us to steer and enhance performance more effectively and will continue to guide us in the future.

HEALTHCARE INDUSTRY

The healthcare sector is one of the world's largest industries and we are convinced that it shows excellent growth opportunities.

The main growth factors are:

► rising medical needs deriving from aging populations,
► the growing number of chronically ill and multimorbid patients,
► stronger demand for innovative products and therapies,
► advances in medical technology,
► the growing health consciousness, which increases the demand for healthcare services and facilities, and
► the increasing demand for digital health services for patients.

In the emerging countries, additional drivers are:

► expanding availability and correspondingly greater demand for basic healthcare, and
► increasing national incomes and hence higher spending on healthcare.

Healthcare structures are being reviewed and cost-cutting potential identified in order to contain the steadily rising healthcare expenditures. However, such measures cannot compensate for the cost pressure. Market-based elements are increasingly being introduced into the healthcare system to create incentives for cost- and quality-conscious behavior. Overall treatment costs will be reduced through improved quality standards. In addition, ever-greater importance is being placed on disease prevention and innovative reimbursement models linked to treatment quality standards.

In addition, increasing digitization in healthcare can contribute to improved cost efficiency and patient care.

The industry-specific framework for the operating business of the Fresenius Group remained essentially unchanged in the reporting period.

EXTERNAL FACTORS

In the period under review, the overall challenging macroeconomic environment continued to be characterized by geopolitical tensions, elevated cost levels due to inflation as well as persistently high interest rates.

Despite the challenging market environment, the structural growth drivers in the non-cyclical healthcare markets are in place.

The legal framework for the operating business of the Fresenius Group remained essentially unchanged in the period under review.

Currency exchange rate effects can be found in the statement of comprehensive income on page 28. The extraordinarily high inflation in Argentina and the associated devaluation of the Argentinian peso had a negative impact on the consolidated income statement.

In the period under review, the Fresenius Group was involved in various legal disputes resulting from business operations. Although it is not possible to predict the outcome of these disputes, none is expected to have a significant adverse impact on the assets and liabilities, financial position, and results of operations of the Group.

We carefully monitor and evaluate country-specific, political, legal, and financial conditions regarding their impact on our business activities. This also applies to the potential impact of inflation and currency risks.

RESULTS OF OPERATIONS, FINANCIAL POSITION, ASSETS AND LIABILITIES

As part of the portfolio optimization, the sale of the fertility services group Eugin was completed on January 31, 2024. The divestment of the majority stake in the hospital Clínica Ricardo Palma in Lima, Peru, was completed on April 23, 2024. Therefore, results of operations and financial position of Fresenius Helios and accordingly of the Fresenius Group are adjusted.

Organic growth rates and growth at constant rates of Fresenius Kabi are adjusted. Adjustments relate to the hyperinflation in Argentina. Accordingly, growth rates of the Fresenius Group are also adjusted.

With the announced exit from Vamed, results of operations and financial position of the Fresenius Group are adjusted.

REVENUE

In Q1/ 2025, Group revenue before special items increased by 7% (7% in constant currency) to €5,631 million (Q1/2024: €5,283 million). Organic growth was 7% driven by consistent delivery of Kabi and a strong performance at Helios. Acquisitions /divestitures contributed net 0% to growth. In total, currency translation had no effect (0%) on revenue growth.

REVENUE BY BUSINESS SEGMENT

€ i illio n m ns	Q1 /20 25	Q1 /20 24	Gro wth	Cur ren cy slat ion tran effe cts	Gro wth at tes1 stan t ra con	Org anic 1 wth gro	uisi tion Acq s	Div esti Oth ture / s ers	% o tal reve f to nue
Fre ius Ka bi sen	2, 146	2, 05 1	5%	0%	5%	6%	0%	-1%	38 %
Fre ius He lios sen	3, 394	3, 154	8%	0%	8%	8%	0%	0%	60 %
Co e/O the rat rpo r	91	78	n.a	n.a	n.a	n.a	n.a	n.a	2%
To tal	5, 63 1	5, 283	7%	0%	7%	7%	0%	0%	100 %

REVENUE BY REGION

€ i illio n m ns	Q1 /20 25	Q1 /20 24	Gro wth	Cur ren cy slat ion tran effe cts	Gro wth at tes1 stan t ra con	Org anic 1 wth gro	uisi tion Acq s	Div esti Oth ture / s ers	% o tal reve f to nue
No rth Am eri ca	692	674	3%	3%	0%	0%	0%	0%	12 %
Eu rop e	4, 157	3, 87 1	7%	0%	7%	8%	0%	-1%	74 %
ia- ific As Pac	394	39 0	1%	1%	0%	0%	0%	0%	7%
Lat in A ric me a	35 1	314	12 %	-11 %	23 %	26 %	0%	-3%	6%
Afr ica	37	34	9%	3%	6%	6%	0%	0%	1%
To tal	63 5, 1	283 5,	7%	0%	7%	7%	0%	0%	100 %

1 Growth rate adjusted for accounting effects related to Argentina hyperinflation

EARNINGS

In Q1/2025, Group EBITDA before special items increased by 2% (1% in constant currency) to €916 million (Q1/2024: €900 million). Reported Group EBITDA was €949 million (Q1/2024: €868 million).

In Q1/2025, Group EBIT before special items increased by 4% (4% in constant currency) to €654 million (Q1/2024: €631 million) on the back of significant operational improvements at Kabi. The end of energy relief payments weighted on Helios Germany. The EBIT margin before special items was 11.6% (Q1/2024: 11.9%). Reported Group EBIT was €687 million (Q1/2024: €599 million).

In Q1/2025, Group net interest (including other financial result) before special items increased to -€81million (Q1/2024: -€112million) due to financial debt reduction and lower interest rates. Reported Group net interest (including other financial result) was -€94 million (Q1/2024: -€111 million).

In Q1/2025, Group tax rate before special items was 25.0% (Q1/2024: 24.5%). Reported Group tax rate was 22.9% (Q1/2024: 29.7%).

In Q1/2025, Noncontrolling interests from continuing operations before special items were -€14 million (Q1/2024: -€21 million). Reported noncontrolling interests were €15 million (Q1/2024: -€19 million).

In Q1/2025, Net income1 from deconsolidated Fresenius Medical Care operations before special items increased by 23% (20% in constant currency) to €74 million (Q1/2024: €60 million).

In Q1/2025, Reported net income from discontinued operations1 was -€227 million (Q1/2024: -€25 million).

In Q1/2025, Group net income1 before special items increased by 14% (13% in constant currency) to €490 million (Q1/2024: €431 million) based on broad-based operational strength and improved interest expenses.

Reported Group net income1 decreased to€229 million (Q1/2024: €278 million).

In Q1/2025, Earnings per share1 before special items increased by 14% (13% in constant currency) to €0.87 (Q1/2024: €0.77). Reported earnings per share1 were €0.41 (Q1/2024: €0.49).

1 Net income attributable to shareholders of Fresenius SE&Co. KGaA

KEY FINANCIAL FIGURES (BEFORE SPECIAL ITEMS)

€ i illio n m ns	Q1 /20 25	Q1 /20 24	Gro wth	Gro wth cc4
Re ven ue	5, 63 1	5, 28 3	7%	7%
Fre ius Ka bi sen	2, 146	2, 05 1	5%	5%
Fre ius He lios sen	3, 394	3, 154	8%	8%
Co e/O the rat rpo r	91	78	-	-
tin inc Op e ( EB IT) era g om	654	63 1	4%	4%
ius bi Fre Ka sen	36 0	31 0	16 %	16 %
Fre ius He lios sen	333	34 8	-4%	-4%
Co e/O the rat rpo r	-39	-27	-	-
Fin cia l re sul t an	-81	2 -11	28 %	29 %
inc Inc e b efo e t om re om axe s	573	51 9	10 %	13 %
Inc e ta om xes	3 -14	-12 7	-13 %	-16 %
Ne t in com e	43 0	392	10 %	11 %
llin int les tro sts s n on con g ere	-14	-21	33 %	19 %
1 Ne t in e f de sol ida ted Fr niu s M ed ica l C tio com rom con ese are op era ns	74	60	23 %	20 %
1 t in Ne com e	49 0	43 1	14 %	13 %
EB ITD A	916	900	2%	1%
in EB ITD A m arg	16. 3%	17. 0%
De cia tio nd iza tio ort pre n a am n	262	269	-3%	-5%
EB IT in ma rg	11. 6%	11. 9%
Op tin ash flo w f nti ing tio era g c rom co nu op era ns	74	-42	--
of (co nti ing tio ns) % as rev en ue nu op era	1.3 %	-0. 8%
Cas h f low be for isit ion nd div ide nds (fr nti ing tio ns) e a cqu s a om co nu op era	-10 4	-23 2	55 %
of nti ing tio % (co ns) as rev en ue nu op era	-1. 8%	-4. 4%
2 RO IC	6.2 %	6.2 %
3 Ne t d ebt /E BIT DA	3.0 0	3.0 3

1 Net income attributable to shareholders of Fresenius SE&Co. KGaA

2 The underlying pro forma EBIT does not include special items; 2024: annual return FY/24

3 At LTM average exchange rates for both net debt and EBITDA; pro forma acquisitions /divestitures;

including lease liabilities, including FME dividend; net debt adjusted for the valuation effect of the equity-neutral exchangeable bond; 2024: December 31

4 Growth rates adjusted for hyperinflation in Argentina

CONSOLIDATED STATEMENT OF INCOME

€ i illio n m ns	Q1 /20 25	Q1 /20 24 ated rest	Q1 /20 24 viou pre s	Gro wth
Rev en ue	5, 65 1	5, 35 0	5, 704	6%
Co of sts re ven ue	240 -4,	-3, 936	298 -4,	-8%
ofi Gr t oss pr	1, 41 1	1, 414	1, 40 6	0%
Se llin al a nd ad mi nis tive tra g, ge ner ex pen ses	-64 3	-67 0	-70 2	4%
Res ch and de vel nt ear op me exp ens es	-14 0	-13 9	-13 9	-1%
Oth tin lt er op era g r esu	59	-6	-6	--
Op tin inc e ( EB IT) era g om	687	59 9	55 9	15 %
Inc e f in ted fo sin the uit eth od tm ent om rom ves s a cco un r u g eq y m	18	-30	-30	--
Int lt st r ere esu	-81	-11 1	-11 5	27 %
Oth fin ial ult er anc res	-13	-	-	--
Inc e b efo inc e t om re om axe s	61 1	8 45	41 4	33 %
Inc e ta om xes	-14 0	-13 6	-12 5	-3%
t in nti ing tio Ne e f com rom co nu op era ns	47 1	322	289	46 %
No olli int in nti ing tio ntr sts nco ng ere co nu op era ns	15	19	11	-21 %
1 t in nti ing tio Ne e f com rom co nu op era ns	45 6	303	27 8	50 %
1 Ne t in e f di nti ed tio com rom sco nu op era ns	-22 7	-25	n.a	--
Ne t in com e	244	289	289	--
olli int in t in No ntr sts nco ng ere ne com e	15	11	11	--
1 Ne t in com e	22 9	27 8	27 8	--
Ea rni ord ina sha (€) ng s p er ry re	0.4 1	0.4 9	0.4 9	--

1 Net income attributable to shareholders of Fresenius SE&Co. KGaA

RECONCILIATION

To present the underlying operational business performance and in order to compare the results with the scope of the guidance provided for fiscal year 2025, key figures are presented before special items.

Consolidated results for Q1/2025 and Q1/2024 include special items.

RECONCILIATION FRESENIUS GROUP

These concern:

► Cost and efficiency programs
► Legacy portfolio adjustments
► Fresenius transformation (amongst other discontinued operations Vamed, Vamed transformation and Vamed exit, IT-transformation, legal form conversion costs Fresenius Medical Care)
► Reduction of participation in Fresenius Medical Care

►Special items Fresenius Medical Care (impact of PPA equity method Fresenius Medical Care, special items at Fresenius Medical Care (March 31, 2025: ~29%))

The special items shown within the reconciliation tables are reported in the ''Corporate /Other'' segment.

€ i illio n m ns	Q1 /20 25	Q1 /20 24	Gro wth rat e	Gro wth rat e in c tant ons cur ren cy
Re ed (af eci al ite ) ort ter ve nu e r ep sp ms	65 5, 1	35 0 5,	6%	6%
Leg rtfo lio adj ust nts acy po me	0	-30
ius nsf ati Fre tra sen orm on	-20	-37
Re (be for ial ite ) ven ue e s pec ms	5, 63 1	5, 28 3	7%	7%
EB IT ed (af eci al ite ) ort ter rep sp ms	687	59 9	% 15	% 15
Co nd eff icie st a ncy pr og ram s	15	15
Leg rtfo lio adj ust nts acy po me	4	7
Re du ctio f p icip ati in Fre ius M ed ica l C art n o on sen are	-76	-
ius ati Fre nsf tra sen orm on	24	10
EB IT (be for ial ite ) e s pec ms	654	63 1	4%	4%
1 Ne t in ed (af eci al ite ) ort ter com e r ep sp ms	229	27 8	-18 %	-19 %
Co nd eff icie st a ncy pr og ram s	14	12
rtfo lio adj Leg ust nts acy po me	3	12
Fre ius nsf ati tra sen orm on	245	39
Re du ctio f p icip ati in Fre ius M ed ica l C art n o on sen are	-57	-
Sp eci al i s F ius M ed ica l C tem res en are	56	90
1 t in eci ite Ne e ( bef al ) com ore sp ms	49 0	43 1	14 %	13 %

INVESTMENTS

INVESTMENTS/ACQUISITIONS BY BUSINESS SEGMENT

In Q1/2025, spending on property, plant and equipment was €158 million corresponding to 2.8% of revenue (Q1/2024: €183 million; 3.5 % of revenue). These investments served primarily for the modernization and expansion of production facilities as well as hospitals.

In Q1/2025, total acquisition spending was €22 million (Q1/2024: €8 million) mainly for milestone payments in the biosimilars business at Fresenius Kabi.

DIVESTMENTS

On May 2, 2024, the Fresenius Group announced to sell a majority stake in Fresenius Vamed's rehabilitation business to PAI Partners, an international private equity firm. After having received the necessary regulatory approvals, the transaction was completed on Mach 31, 2025, and the Fresenius Group holds a 30% stake in the business. The rehabilitation business which also includes specialized healthcare services in the areas of prevention, acute care and nursing, was Fresenius Vamed's largest business unit. With approximately 13,000 employees, it provides inpatient and outpatient rehabilitation services to approximately 100,000 patients every year in various European countries.

To tal	180	191	158	22	-6%	100 %
Co e/O the rat rpo r	4	9	3	1	-56 %	2%
Fre ius He lios sen	99	122	99	0	-19 %	55 %
ius bi Fre Ka sen	77	60	56	21	28 %	43 %
€ i illio n m ns	Q1 /20 25	Q1 /20 24	plan d t an ipm ent equ	The f reo uisi tion acq s	Gro wth	% o f to tal

of 2025. An agreement on the sale of the international project business of the Health Tech Engineering (HTE) business unit to Worldwide Hospitals Group (WWH) was reached on January 31, 2025. The transaction was closed at March 31, 2025 and involved the transfer of liquidity and liquidity still to be provided in the future. The sale resulted in a negative special item of €210 million, which is reported in net income from discontinued operations. Thereof, €201 million will be cash-effective in future periods up to 2027. Taking into account the expenses already incurred in fiscal year 2024, the total special items for the exit from the project business and the wind-down of the remaining activities of Fresenius Vamed are therefore in the expected high three-digit million euro range. The Fresenius Group also holds bank guarantees for performance commitments in connection with the divested international project business in the low three-digit million euro range.

The business units earmarked for sale of Fresenius Vamed are reported as separate items (discontinued operations and assets held for sale and liabilities directly associated with the assets held for sale, respectively) in the relevant periods.

Thereof property,

On March 4, 2025, the Fresenius Group announced the sale of 10.6 million existing shares of Fresenius Medical Care AG at a placement price of €44.50 per share. Furthermore, the Fresenius Group announced the placement of senior unsecured bonds due in 2028 with an aggregate principal amount of €600 million exchangeable into shares of Fresenius Medical Care AG. In total, the Fresenius Group will receive gross proceeds of approximately €1.1 billion.

On April 8, 2025, the Fresenius Group signed an agreement to transfer its plant in Anápolis, Brazil, to EMS, a multinational pharmaceutical company. The plant is classified as held for sale as of March 31, 2025. Therewith, €32 million in assets and €5 million in liabilities are classified with their carrying amount as held for sale. The transaction is subject to the necessary regulatory approvals and is expected to be completed in the third quarter of 2025.

CASH FLOW

In Q1/2025, Group operating cash flow (continuing operations) increased to €74 million (Q1/2024: -€42 million). Group operating cash flow margin was 1.3% (Q1/2024: -0.8%).

In Q1/2025, Free cash flow before acquisitions, dividends and lease liabilities (continuing operations) increased to -€104 million (Q1/2024: -€232 million).

In Q1/2025, Free cash flow after acquisitions, dividends and lease liabilities (continuing operations) increased to €218 million (Q1/2024: -€127 million).

The dividend payment of €96 million was made to the minority shareholders of a company in which Fresenius holds a majority interest.

Free cash flow after acquisitions and dividends and lease liabilities increased to -€13 million (Q1/2024: -€103 million). Free cash flow after acquisitions and dividends includes the proceeds from the block sale of the shares in Fresenius Medical Care (€472 million). This was offset by the deconsolidated cash and cash equivalents related to the sale of the international project business of the Health Tech Engineering division to Worldwide Hospitals Group (WWH).

The cash conversion rate (CCR), which is defined as the ratio of adjusted free cash flow1 to EBIT before special items, was 1.1 (LTM) in Q1/2025. This positive development is due to the increased cash flow focus across the Group.

CASH FLOW STATEMENT (SUMMARY)

€ i illio n m ns	Q1 / 202 5	Q1 /20 24	Gro wth
Ne t in com e	47 1	322	46 %
De cia tio nd iza tio ort pre n a am n	262	269	-3%
fro inv Inc e/ Ex he d m t est nts nte om pen se me ac cou
for ing th ity tho d us e e qu me	-18	30	-16 0%
Ch ing ital ork d o the ang e w ca p an rs	-64 1	-66 3	3%
Op tin ash flo nti ing tio era g c co nu op era ns w –	74	-42	--
Op tin di nti tio ash flo ed era g c w – sco nu op era ns	-18	44	-14 1%
Op tin ash flo era g c w	56	2	--
Ca ital dit et p ex pen ure , n	-17 8	-19 0	6%
Div ide nds cei ved fro Fre ius M ed ica l C re m sen are	--	--	--
Ca sh flo bef isit ion nd div ide nd w ore ac qu s a s tin uin ion rat – c on g o pe s	-10 4	-23 2	55 %
Ca sh flo bef isit ion nd div ide nd w ore ac qu s a s – d isc tin ued tio on op era ns	-18	38	7% -14
isit ion div ide Ca sh flo bef nd nd w ore ac qu s a s	-12 2	-19 4	37 %
Ca d f uis itio fro ive stit sh /pr eds m d use or acq ns oce ure s	45 0	148	--
Div ide nds id pa	-96	--	--
fro liab ilit ies Pay lea nts me m se	-32	-43	26 %
Fre ash flo fte uis itio di vid ds d l e c w a r a cq ns, en an eas es tin uin ion rat – c on g o pe s	21 8	-12 7	--
Fre ash flo fte uis itio di vid ds d l e c w a r a cq ns, en an eas es – d isc tin ued tio on op era ns	-23 1	24	--
Fre ash flo fte uis itio di vid ds d l e c w a r a cq ns, en an eas es	-13	-10 3	87 %
Ca sh vid ed by /us ed in f ina nci ivit ies act pro ng	-77	-1, 40 0	95 %
Eff of cha ch e in sh and sh uiv ale ect tes nts ex nge ra on ang ca ca eq	-9	1	--
Ne ha e i ash d c ash uiv ale t c nts ng n c an eq	132	-1, 52 6	109 %

ASSET AND LIABILITY STRUCTURE

Total assets decreased by -1% (0% in constant currency) to €43,207 million (Dec. 31, 2024: €43,550 million).

Current assets increased by 4% (5% in constant currency) to €11,908 million (Dec. 31, 2024: €11,446 million).

Non-current assets decreased by -3% (-2% in constant currency) to €31,299 million (Dec. 31, 2024: €32,104 million).

Assets held for sale were €245 million (Dec. 31, 2024: €310 million).

Liabilities directly associated with the assets held for sale were €335 million (Dec. 31, 2024: €424 million.

Total shareholders' equity decreased by -1% (0% in constant currency) to €20,070 million (Dec. 31, 2024: €20,290 million). The equity ratio was 46.5% (Dec. 31, 2024: 46.6%).

Group debt increased by 0% (0% in constant currency) to €13,630 million (Dec. 31, 2024: €13,577 million). Group net debt decreased by 0% (-1% in constant currency) to €11,243 million (Dec. 31, 2024: €11,295 million).

As of March 31, 2025, the net debt/EBITDA ratio was 3.0x1,2 (Dec. 31, 2024: 3.0x1,2).

On March 31, 2025, ROIC² was 6.2% (Dec. 31, 2024: 6.2%).

1 At LTM average exchange rates for both net debt and EBITDA; pro forma closed acquisitions /divestitures, before special items, including lease liabilities, including Fresenius Medical Care dividend;

net debt adjusted for the valuation effect of the equity-neutral exchangeable bond

2 Before special items

BALANCE SHEET

€ i illio n m ns	Ma rch 31 , 202 5	Dec ber 31, em 202 4
Cas h a nd h e iva len ts cas qu	2, 38 7	2, 282
Tra de d o the cei vab les les llow nts acc ou an r re s a anc es ,
for ted ed it lo ex pec cr sse s	3, 748	3, 50 0
Inv ori ent es	2, 636	2, 573
Oth fin ial ets er anc ass	1, 55 8	1, 42 2
Oth ets er ass	1, 145	1, 145
Inc iva ble e ta om x r ece s	189	214
fo As s h eld le set r sa	245	31 0
I. T l cu ota nt ets rre ass	11, 908	11, 44 6
Pro lan nd uip ty, t a nt per p eq me	8, 46 7	8, 569
Rig ht- of- set use as s	303 1,	32 1, 1
Go odw ill	14, 904	15, 085
Oth int ible set er ang as s	2, 344	2, 42 2
Fre ius M ed ica l C in tm ent sen are ves
d f usi uity the eth od nte acc ou or ng eq m	3, 147	3, 639
Oth fin ial ets er anc ass	45 8	42 6
Oth ets er ass	230	23 1
De fer red ta xes	44 6	41 1
II. To tal ent set no n-c urr as s	31 299 ,	32 104 ,
To tal set as s	43 207 ,	43 0 55 ,

€ i illio n m ns	Ma rch 31 , 202 5	Dec ber 31, em 202 4
Tra de ble nts acc ou pa ya	256 1,	35 9 1,
De bt	724	746
liab ilit ies Lea se	173	172
Bo nds	1, 33 8	1, 854
Oth fin ial liab ilit ies er anc	1, 644	1, 549
Oth liab ilit ies er	2, 030	2, 094
Pro vis ion s	62 1	663
Inc x l iab ilit ies e ta om	210	148
Lia bil itie s d ire ctly iate d w ith as soc
the s h eld fo le set as r sa	335	424
lia bil itie A. To tal sh ort -te rm s	8, 33 1	9, 009
De bt	1, 739	1, 740
Lea liab ilit ies se	1, 30 6	1, 32 8
1 Bo nds	8, 35 0	7, 737
Oth fin ial liab ilit ies er anc	1, 005	965
Oth liab ilit ies er	236	252
sio iab ilit ies Pen n l	565	605
Pro vis ion s	655	717
iab ilit ies Inc x l e ta om	286	280
De fer red ta xes	664	627
lia bil itie B. To tal lo -te ng rm s	14, 806	14, 25 1
I. T l lia bil itie ota s	23, 137	23, 26 0
ing in A. No oll ntr ter est nco s	663	748
Su rib ita bsc ed l cap	563	563
Ca ital p re ser ve	4, 315	4, 315
Oth er res erv es	14, 288	14, 038
Ac ula ted her reh ive in ot cum co mp ens com e	24 1	626
niu ' e ity B. To tal Fr s S E& Co . K Ga A s ha reh old ese ers qu	19, 40 7	19, 542
rs' uit II. To tal sh ho lde are eq y	20, 070	20, 29 0
' eq To tal lia bil itie nd sha reh old uit s a ers y	43 207 ,	43 55 0 ,

1 This includes the exchangeable bond issued.

BUSINESS SEGMENTS

FRESENIUS KABI

Fresenius Kabi specializes in products for the therapy and care of critically and chronically ill patients. The portfolio includes biopharmaceuticals, clinical nutrition, MedTech products, intravenously administered generic drugs (generic IV drugs), and IV fluids.

€ i illio n m ns	Q1 /20 25	Q1 /20 24	Gro wth	Gro wth in c tant ons cur ren cy
Rev en ue	2, 146	2, 05 1	5%	5%
3 Org ic r th an eve nue gr ow	6%	9%
A1 EB ITD	47 9	44 0	9%	8%
in1 EB ITD A m arg	22 .3%	21 .5%
IT1 EB	36 0	31 0	16 %	16 %
in1 EB IT ma rg	16. 8%	15. 1%
1,2 Ne t in com e	247	192	29 %	28 %
Em loy p ees (M 31 /D 31 ) ar. ec.	302 41 ,	58 6 41 ,	-1%

In Q1/2025, revenue increased by 5% (5% in constant currency) to €2,146 million (Q1/2024: €2,051 million). Organic growth was 6%³, clearly driven by the development of the GrowthVectors.

In Q1/2025, revenue of the Growth Vectors (MedTech, Nutrition and Biopharma) increased by 10% (11% in constant currency) to €1,201 million (Q1/2024: €1,089 million). Organic growthwas 11%³.

In Q1/2025, revenue in MedTech increased by 7% (7% in constant currency) to €399 million (Q1/2024: €372 million). Organic growth was 7%3 driven by strong growth related to the Ivenix pump in the United States, and broad-based positive development across most regions.

In Q1/2025, revenue in Nutrition increased by 6% (increased 7% in constant currency, organic growth: 7%3) to €612 million (Q1/2024: €579 million) and benefited from positive pricing effects in Argentina and the good development in Europe. In the United States, the development was driven by the ongoing successful roll-out of lipid emulsions.

In Q1/2025, revenue in Biopharma increased by 37% (40% in constant currency; organic growth: 40%3) to €190 million (Q1/2024: €139 million) driven by the growth of Tyenne in Europe and the United States.

In Q1/2025, revenue in the Pharma (IV Drugs&Fluids) business decreased by -2% (-3% in constant currency; organic growth: 0%3) and amounted to €946 million (Q1/2024: €962 million) against a high prior-year base. A positive pricing-driven development in Europe was offset by a softer development in the United States and China.

1Before special items

2Net income attributable to shareholders of Fresenius SE&Co. KGaA

3Organic growth rate adjusted for accounting effects relatedto Argentina hyperinflation

Growth rates adjusted for Argentina hyperinflation

In Q1/2025, EBIT¹ of Fresenius Kabi increased by 16% (16% in constant currency) to €360 million (Q1/2024: €310 million) driven by the good revenue development of the Growth vectors and ongoing cost savings. EBIT margin1was 16.8% (Q1/2024: 15.1%).

In Q1/2025, EBIT¹ of the Growth Vectors increased by 48% (constant currency: 45%) to €184 million (Q1/2024: €124 million) due to a positive development across the board. EBIT margin1 was 15.3% (Q1/2024: 11.4%).

In Q1/2025, EBIT¹ in the Pharma business increased by 5% (constant currency: 4%) to €216 million (Q1/2024: €206 million) due to ongoing cost savings and a strong pricing development in Europe. EBIT margin1 was 22.9% (Q1/2024: 21.4%).

In Q1/2025, Net income1,2 increased by 29% (constant currency: 28%) to €247 million (Q1/2024: €192 million).

In Q1/2025, Operating cash flow was €110 million (Q1/2024: €157 million) with a margin of 5.1% (Q1/2024: 7.7%).

Fresenius Kabi expects organic revenue growth in a midto high-single-digit percentage range4 in 2025. The EBIT margin1 is expected to be in a range of 16% to 16.5%5 (structural margin band: 16% to 18%).

1 Before special items

2 Net income attributable to shareholders of Fresenius SE&Co. KGaA

3 Organic growth rate adjusted for accounting effects related to Argentina hyperinflation

4 FY/2024 base: €8,414 million

5 FY/2024 base: EBIT margin: 15.7%, before special items; FY/2025 before special items

Growth rates adjusted for Argentina hyperinflation

For a detailed overview of special items, please see the reconciliation table on page 14.

FRESENIUS HELIOS

Fresenius Helios is Europe's leading private health care provider. The company comprises Helios Germany and Helios Spain. Helios Germany operates 85 hospitals, around 220 outpatient centers, 30 occupational health centers and 6 prevention centers. Helios Spain operates 50 hospitals, around 100 outpatient centers and around 300 occupational risk prevention centers. In addition, the company is active in Latin America with 7 hospitals and as a provider of medical diagnostics.

€ i illio n m ns	Q1 /20 25	Q1 /20 24	Gro wth	Gro wth in c tant ons cur ren cy
1 Rev en ue	3, 394	3, 154	8%	8%
Org ic r th an eve nue gr ow	8%	5%
A1 EB ITD	46 5	474	-2%	-2%
in1 EB ITD A m arg	13. 7%	0% 15.
IT1 EB	333	34 8	-4%	-4%
in1 EB IT ma rg	9.8 %	11. 0%
1,2 Ne t in com e	208	209	0%	0%
Em loy p ees (M 31 /D 31 ) ar. ec.	128 038 ,	128 55 8 ,	0%

In Q1/2025, Revenue¹ increased by 8% (8% in constant currency) to €3,394 million (Q1/2024: €3,154 million). Organic growth was 8% and hence clearly above the structural growth band driven equally by Helios Germany and Helios Spain; positive phasing effect related to Easter supports growth.

In Q1/2025, revenue of Helios Germany increased by 8% (organic growth: 8%) to €2,046 million (Q1/2024: €1,903 million). The growth was driven by price effects, admissions growth and favorable case mix

In Q1/2025, revenue of Helios Spain1 increased by 8% (8% in constant currency) to €1,348 million (Q1/2024: €1,251 million). Organic growth was 8%, driven by solid activity levels and price increases. The clinics in Latin America also showed a good performance.

In Q1/2025, EBIT¹ of Fresenius Helios decreased by -4% (-4% in constant currency) to €333 million (Q1/2024: €348 million) as the energy relief funds ended in Q4/ 2024. This expected softness was partially offset by excellent profitability at Helios Spain. The EBIT margin1 was 9.8% (Q1/2024: 11.0%).

In Q1/202, EBIT¹ of Helios Germany decreased by -23% to €157 million (Q1/2024: €205 million), against the high prior-year base which included energy relief funds. The EBIT margin1 was 7.7% (Q1/2024: 10.8%).

In Q1/2025, EBIT¹ of Helios Spain increased by 22% (23% in constant currency) to €176 million (Q1/2024: €144 million), driven by strong activity growth of hospitals in Spain. Latin America upholds strong EBIT margin. The EBIT margin1 was 13.1% (Q1/2024: 11.5%).

Fresenius | Quarterly Financial Report | 1st Quarter 2025

² Net income attributable to shareholders of Fresenius SE&Co. KGaA

In Q1/2025, Net income1,2 remained stable (growth: 0%; 0% in constant currency) at €208 million (Q1/2024: €209 million).

In Q1/2025, Operating cash flow was -€8 million (Q1/2024: -€117 million) The operating cash flow margin was -0.2% (Q1/2024: -3.7%).

For FY/2025, Fresenius Helios expects organic revenue3 growth in a mid-single-digit percentage range. The EBIT margin4 is expected to be around 10% (structural margin band: 10% to 12%).

1 Before special items

3 FY/2024 base: €12,739 million

² Net income attributable to shareholders of Fresenius SE&Co. KGaA

⁴ FY/2024 base: EBIT margin: 10.1%, before special items, FY/2025 before special items

EMPLOYEES

As of March 31, 2025, the number of employees was 175,202 (Dec. 31, 2024: 176,486). The decrease in the number of employees is mainly due to the business activities of Fresenius Vamed (discontinued operations) and other business activities held for sale.

NUMBER OF EMPLOYEES

of Nu mb loy er em p ees	Ma rch 31 , 202 5	Dec . 31 , 202 4	Gro wth
ius bi Fre Ka sen	41 302 ,	6 41 58 ,	-1%
Fre ius He lios sen	128 038 ,	128 55 8 ,	0%
Co e/O the rat rpo r	862 5,	6, 34 2	-8%
To tal	175 202 ,	176 48 6 ,	-1%

RESEARCH AND DEVELOPMENT

Product and process development as well as the improvement of therapies are at the core of our growth strategy. Fresenius focuses its R&D efforts on its core competencies in the following areas:

► Generic IV drugs
► Biosimilars
► Infusion and nutrition therapies
►Medical devices

Apart from new products, we are concentrating on developing optimized or completely new therapies and treatment methods.

RESEARCH AND DEVELOPMENT EXPENSES

BY BUSINESS SEGMENT

€ i illio n m ns	Q1 /20 25	Q1 /20 24	Gro wth
1 Fre ius Ka bi sen	138	137	1%
ius lios Fre He sen	1	0	0%
Co rat rpo e	1	1	--
1 To tal	140	138	1%

1 Before special items

RATING

Fresenius is covered by the rating agencies Standard&Poor's, Moody's, and Fitch.

The following table shows the corporate credit rating of Fresenius SE&Co. KGaA:

	Sta rd& nda r's Poo	's Mo ody	Fitc h
Co red it r ati rat rpo e c ng	BB B	Baa 3	BB B -
Ou tlo ok	ble sta	ble sta	ble sta

OPPORTUNITIES AND RISK REPORT

Compared to the presentation in the consolidated financial statements and the Group management report as of December 31, 2024, applying section 315e HGB in accordance with IFRS, there have been the following important developments in Fresenius Group's overall opportunities and risk situation until March 31, 2025.

In summary, the risks to our net assets, financial position and results of operations remain essentially unchanged.

Particularly in April 2025, there were significant changes in U.S. trade policy. The latest tariff increases by the U.S. administration may have a negative impact on the Fresenius Group's business activities, particularly with regard to imports of medical technology into the United States and on the supply chain. It remains unclear whether and to what extent potential tariffs could be imposed on pharmaceutical products. The high level of uncertainty in connection with U.S. tariffs and the associated volatility pose additional challenges in the current business environment. Reactions from U.S. trading partners, particularly China and the EU, could also have a negative impact on the U.S. business and the supply chains of the Fresenius Group. While we continue to monitor developments and their impact on our business, we are analyzing alternative production and procurement strategies for the affected products.

Apart from this, the risk situation across the top 10 risk groups remains unchanged.

For the risk group healthcare financing, innovation and competition, national tenders in China as part of the National Volume-based Procurement and Provincial Volume-based Procurement as well as planning uncertainties surrounding the hospital reform and the Nursing Staff Strengthening Act in Germany continue to be significant risk drivers. In addition, we continue to be confronted with an intense competitive environment - particularly in the United States and with regard to the development of new products, technologies and services.

Risks also continue to arise in connection with the production of our vital products, the provision of services to our patients and the project business. We are continuously working to improve our business continuity management and are constantly expanding our production capacities in order to be able to react to potential manufacturing interruptions and delivery delays.

The development of case numbers in German hospitals continues to harbor a sales risk for Fresenius Helios within the sales, customers and product strategy risk group. The same applies to the development of customer dependencies in the United States as well as potential delays in market entry and market sales deficits for new products for Fresenius Kabi.

In the ordinary course of Fresenius Group's operations, the Fresenius Group is subject to litigation, arbitration as well as external and internal investigations relating to various aspects of its business. We report on legal proceedings on page 50 in the notes of this report.

Compliance risks, particularly with regard to the constantly changing regulatory environment, continue to be relevant for Fresenius. Other potential risks are also regularly examined as part of compliance investigations.

Currency and interest rate risks as well as risks resulting from the potential withdrawal of bank guarantees for performance commitments in connection with the divested international project business of Vamed continue to be relevant for the Group. In addition, errors in financial or nonfinancial reporting can have a material impact on Fresenius.

In addition, we continue to face a very pronounced general cyber security threat situation, especially in relation to our healthcare facilities and production sites. The war in Ukraine and the tension between the Russian government and the countries that support Ukraine's efforts continues to be an influential factor. We are continuing to monitor developments in this context very closely and are developing plans and measures in the event of a possible escalation.

Certain dependencies on individual suppliers -- as well as a shortage of qualified personnel still constitute risks which can adversely affect our business operations. This also applies to risks in connection with drug approval or quality of products and services.

OUTLOOK 2025

ASSUMPTIONS FOR GUIDANCE FY/25

Trends towards a changing geopolitical order have been observable since the beginning of the fiscal year 2025. The potential implications of this for customs duties, taxes, regulation, administration and political decision-making, for example, may have direct and indirect negative effects on the industry environment and the business activities of the Fresenius Group, although these cannot be estimated at present.

When Fresenius gave guidance in February, the company acknowledged the fast-moving macro-economic and geopolitical environment, resulting in a higher level of operational uncertainty. Fresenius' guidance continues to reflect current factors and known uncertainties such as potential impacts from tariffs to the extend they can currently be assessed. The guidance does not take into account potential extreme scenarios that could affect the company, its peers, and the healthcare sector as a whole.

Regardless of this, the Management Board assesses the business prospects for the Group as positive and expects a successful fiscal year 2025.

Fresenius will continue to closely monitor the potential impact of increased volatility and reduced visibility on its business and balance sheet.

All of these assumptions are subject to considerable uncertainty.

GROUP REVENUE AND EARNINGS

In 2025, we expect revenue and earnings development of the Group as shown in the table below:

GROUP FINANCIAL TARGETS 2025

	Tar get s 20 25	Bas e 20 24
		€2 526 1, m
Rev h wt en ue gro		(or ic g th gan row
(or ic) gan	4-- 6%	8% )
		€2 48 9 m ,
		(gr th in ow
h1 EB IT wt gro		sta nt con
(in ) sta nt con cur ren cy	3-- 7%	10 %) cur ren cy:

1 Before special items

Organic growth rate adjusted for accounting effects related to Argentina hyperinflation

REVENUE AND EARNINGS OF THE OPERATING COMPANIES

In 2025, we expect revenue and earnings development in our operating companies as shown in the table below:

FINANCIAL TARGETS OF THE OPERATING COMPANIES 2025

1 Op tin Co ies era g mp an	Tar s 20 25 get	Bas e 20 24
Fre ius Ka bi sen
Rev h wt en ue gro (or ic) gan	Mi ig ing ig it d-t o-h h-s le-d th tag per cen e g row	€8 414 m ,
EB IT in ma rg	16- -16 .5% (str l m in uct ura arg 16- ban d: -18 %)	€1 31 9 m , in: (m 15. 7% ) arg
Fre ius He lios sen
Rev h wt en ue gro (or ic) gan	Mi ing ig it p d-s le-d er th tag cen e g row	€1 2, 739 m
EB IT in ma rg	Aro und 10 % (str l m in uct ura arg ban d: 10- -12 %)	€1 288 m , (m in: 10. 1% ) arg

EXPENSES

For fiscal year 2025, we expect selling, general, and administrative expenses (before special items) as a percentage of consolidated net revenue to slightly increase compared to 2024 (2024: 11.8%).

TAX RATE

For fiscal year 2025, we expect a tax rate between 25% and 26% (2024: 25.9%).

LIQUIDITY AND CAPITAL MANAGEMENT

For fiscal year 2025, we expect a cash conversion rate of around 1.0.

In addition, undrawn credit lines under syndicated or bilateral credit facilities from banks provide us with sufficient financial headroom.

Financing activities in fiscal year 2025 will be largely geared towards refinancing existing financial liabilities maturing in 2025.

Net interest expenses are now expected to be in the range of €370 million to €390 million (previously: €400 million to €420 million), depending on the respective financing activities.

In fiscal year 2025, deleveraging will remain a key priority for us and we therefore have adjusted our target corridor which is now set at 2.5x to 3.0x.

1 Before special items

Organic growth rate adjusted for accounting effects related to Argentina hyperinflation Without further acquisitions and divestments, Fresenius expects the net debt/EBITDA1 ratio at the end of 2025 to be within the new self-imposed target corridor of 2.5× to 3.0× (December 31, 2024: 3.0×).

Other than that, there are no significant changes in the financing strategy planned for 2025.

INVESTMENTS

In 2025, we expect to invest about 5% of revenue in property, plant and equipment. About 56% of the capital expenditure planned will be invested at Fresenius Helios and about 38% at Fresenius Kabi.

Fresenius Helios will primarily invest in measures at the individual hospital locations in Germany and in new hospital buildings and expansions in Spain.

Fresenius Kabi will mainly invest in expansion and maintenance in 2025. This includes, in particular, the expansion of production facilities and in-licensing projects for biosimilars molecules.

With a share of around 88%, Europe is the regional focus of investment in the planning period. Around 8% of the investments are planned for North America and around 2% for Asia-Pacific, Latin America, and Africa. About 43% of total funds will be invested in Germany.

For 2025, we expect return on invested capital (ROIC) to be above 6.0% (2024: 6.2%).

CAPITAL STRUCTURE

For fiscal year 2025, we expect the equity ratio to increase about 2 percentage points compared to fiscal year 2024 (2024: 47%). Furthermore, we expect that financial liabilities in relation to total assets will slightly decrease in fiscal year 2024 (2024: 31%).

DIVIDEND

Fresenius is committed to generating attractive and predictable dividend yields as set out in the Fresenius Financial Framework. As part of the full-year reporting in February 2025, Fresenius defined a new dividend policy. Our target is to distribute ~30 -- 40% of core net income (net income excluding FMC, before special items). The new dividend policy reflects the capital allocation priorities in line with the #FutureFresenius strategy. It also underscores our intention to reinvest in growth, reduce leverage, maintain a solid investment grade rating and provide attractive shareholder returns.

Fresenius will propose to the 2025 Annual General Meeting to distribute a dividend of €1.00 for the fiscal year 2024.

NON-FINANCIAL TARGETS

The KPIs cover the key sustainability topics of medical quality and employees and these quantitative ESG KPIs are reflected in the short-term variable Management Board compensation (Short-Term Incentive -- STI).

The topic of employees is measured with the key figure of the Employee Engagement Index (EEI) for the Fresenius Group. Fresenius is aiming for an EEI of 4.33 (achieved 2024: 4.02) for fiscal year 2025 (corresponds to 100% target achievement).

The Medical Quality topic is composed of equally weighted key figures that are defined at the business segment level. The indicators are based on the respective relevance for the business model.

Fresenius Kabi aims for an Audit&Inspection Score of at most 2.3 (achieved 2024: 1.7; 100% target achievement).

Helios Germany aims to achieve an Inpatient Quality Indicator (G-IQI) score of at least 88% (achieved 2024: 90.7%; 100% target achievement), and Helios Spain aims to achieve a score of at least 75% (achieved 2024: 73.3%; 100% target achievement).

FRESENIUS SE&CO. KGAA CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)

€ i illio n m ns	Q1 /20 25	Q1 /20 24 ated ¹ rest	Q1 /20 24 viou pre s
Rev en ue	5, 65 1	5, 35 0	5, 704
Co of sts re ven ue	-4, 240	-3, 936	-4, 298
Gr ofi t oss pr	1, 41 1	1, 414	1, 40 6
Se llin al a nd ad mi nis tive tra g, ge ner ex pen ses	-64 3	-67 0	-70 2
Res ch and de vel nt ear op me exp ens es	-14 0	-13 9	-13 9
Oth tin lt er op era g r esu	59	-6	-6
Op tin inc e ( IT) EB era g om	687	59 9	55 9
Inc e f in ed for ing th ity tho d tm ent unt om rom ves s a cco us e e qu me	18	-30	-30
Ne t in ter est	-81	-11 1	-11 5
Oth fin ial ult er anc res	-13	--	--
inc Inc e b efo e t om re om axe s	61 1	45 8	414
Inc e ta om xes	-14 0	6 -13	-12 5
Ne t in e f nti ing tio com rom co nu op era ns	47 1	322	289
olli int in nti ing tio No ntr sts nco ng ere co nu op era ns	15	19	11
Ne t in e f nti ing tio rib ble att uta to com rom co nu op era ns niu s S E& Co Ga sha reh old of Fr . K A ers ese	6 45	303	27 8
Ne t in e f di nti d o ati com rom sco nue per ons	-22 7	-33	n.a
No olli int in di nti d o ati ntr sts nco ng ere sco nue per ons	0	-8	n.a
t in di nti tio rib Ne e f ed ble att uta com rom sco nu op era ns sha reh old of Fr niu s S E& Co . K Ga A to ers ese	-22 7	-25	n.a
t in Ne com e	244	289	289
No olli int in t in ntr sts nco ng ere ne com e	15	11	11
t in ibu niu Ne tab le t ha reh old of Fr s S E& Co . K Ga A ttr com e a o s ers ese	229	27 8	27 8
rni in € asi dil Ea sha (b nd d) ute ng s p er re c a	0.4 1	0.4 9	0.4 9
the f b d o inc e f nti ing tio et reo ase n n om rom co nu op era ns	0.8 1	0.5 4	0.4 9
the f b d o inc e f di nti d o ati et reo ase n n om rom sco nue per ons	-0. 40	-0. 05	n.a

1 Prior-year figures have been adjusted due to the exit from Fresenius Vamed.

FRESENIUS SE&CO. KGAA CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

€ i illio n m ns	Q1 /20 25	Q1 /20 24
t in Ne com e	244	289
Ot he he nsi inc e ( los s) r c om pre ve om
sit ion hic ill sif ied in in e i Po h w be las ub to net nt s w rec com n s seq ue yea rs
For eig nsl ati tra n c urr enc y on	-29 2	114
Ca sh flow he dg es	10	2
OC ins FV I de bt tru nts me	-2	--
Eq uity eth od inv har f co reh ive in est m ees - s e o mp ens com e	-14 3	47
Inc siti hic h w ill b ecl ifie d e ta om xes on po ons w e r ass	-1	0
Po sit ion hic h w ill be cla ssi fie d i t in e i ub not nto nt s w re ne com n s seq ue yea rs
Ac ria l ga ins de fin ed ben efit nsi lan tua on pe on p s	42	0
OC uity in FV I eq tm ent ves s	3	0
Eq uity eth od inv har f co reh ive in est m ees - s e o mp ens com e	10	3
Inc siti hic h w ill n be las sifi ed e ta ot om xes on po ons w rec	-13	0
Ot he he nsi inc e ( los s), net r c om pre ve om	-38 6	166
siv e i To tal reh (lo ss) co mp en nco me	-14 2	455
Co reh siv e i tri bu tab le t llin int at tro sts mp en nco me o n on con g ere	6	21
siv e i tri niu Co reh (lo ss) bu tab le t ha reh old of Fr s S E& Co . K Ga A at mp en nco me o s ers ese	-14 8	434

FRESENIUS SE&CO. KGAA CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED)

ASSETS

LIABILITIES

€ i illio n m ns	Ma rch 31 , 20 25	Dec ber 31, 202 4 em
Cas h a nd h e iva len ts cas qu	2, 38 7	2, 282
Tra de d o the cei vab les les llow nts acc ou an r re s a anc es ,
for ted ed it lo ex pec cr sse s	3, 748	3, 50 0
ori Inv ent es	636 2,	2, 573
Oth fin ial ets er anc ass	1, 55 8	1, 42 2
Oth ets er ass	1, 145	1, 145
Inc iva ble e ta om x r ece s	189	214
As s h eld fo le set r sa	245	31 0
I. T l cu ota nt ets rre ass	908 11,	6 11, 44
Pro lan nd uip ty, t a nt per p eq me	8, 46 7	8, 569
Rig of- ht- set use as s	1, 303	1, 32 1
Go odw ill	14, 904	15, 085
Oth int ible set er ang as s	2, 344	2, 42 2
Fre ius M ed ica l C in tm ent sen are ves
usi uity d f the eth od nte acc ou or ng eq m	3, 147	3, 639
Oth fin ial ets er anc ass	45 8	42 6
Oth ets er ass	230	23 1
De fer red ta xes	6 44	41 1
II. To tal ent set no n-c urr as s	31 299 ,	32 104 ,
To tal set as s	43 207 ,	43 55 0 ,

€ i illio n m ns	Ma rch 31 , 20 25	Dec ber 31, 202 4 em
Tra de ble nts acc ou pa ya	1, 256	1, 35 9
De bt	724	746
Lea liab ilit ies se	173	172
Bo nds	1, 33 8	1, 854
Oth fin ial liab ilit ies er anc	1, 644	1, 549
Oth liab ilit ies er	2, 030	2, 094
Pro vis ion s	62 1	663
Inc x l iab ilit ies e ta om	210	148
Lia bil itie ire iate ith s d ctly d w as soc the s h eld fo le set as r sa	335	424
A. To tal sh lia bil itie ort -te rm s	8, 33 1	9, 009
De bt	1, 739	1, 740
liab ilit ies Lea se	6 1, 30	1, 32 8
1 Bo nds	8, 35 0	7, 737
Oth fin ial liab ilit ies er anc	1, 005	965
Oth liab ilit ies er	236	252
Pen sio n l iab ilit ies	565	605
Pro vis ion s	655	717
Inc x l iab ilit ies e ta om	286	280
De fer red ta xes	664	627
B. To tal lo lia bil itie -te ng rm s	14, 806	14, 25 1
l lia bil itie I. T ota s	23, 137	23, 26 0
A. No oll ing in ntr ter est nco s	663	748
Su bsc rib ed ita l cap	563	563
Ca ital p re ser ve	4, 315	4, 315
Oth er res erv es	14, 288	14, 038
Ac ula ted her reh ive in ot cum co mp ens com e	24 1	626
' e B. To tal Fr niu s S E& Co . K Ga A s ha reh old ity ese ers qu	19, 40 7	19, 542
rs' uit II. To tal sh ho lde are eq y	20, 070	20, 29 0
' eq To tal lia bil itie nd sha reh old uit s a ers y	43 207 ,	43 0 55 ,

1 See notes 14, Bonds and 15, Bonds -- exchangeable bond

FRESENIUS SE&CO. KGAA CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)

€ i illio n m ns	Q1 /20 25	Q1 /20 24 ated ¹ rest	Q1 /20 24 viou pre s
Op tin cti vit ies era g a
Op tin cti vit ies tin uin ion rat era g a con g o pe s --
Ne t in e f nti ing tio com rom co nu op era ns	47 1	322	289
jus nci inc nti ing tio Ad le n e f h a nd tm ent s t et to o r eco om rom co nu op era ns cas h e iva len vid ed by tin cti vit ies ts cas qu pro op era g a
De cia tio nd iza tio ort pre n a am n	262	269	29 1
Ch e in de fer red ta ang xes	-6	-17	-22
Ga in o ale of fix ed d o f in nd div itu ets tm ent est n s ass an ves s a res	-76	0	0
Ga in/ s fr in for los ed tm ent unt om ves s a cco usi the uity eth od ng eq m	-18	30	30
Ch s in liab ilit ies of nd set et nts an ge as s a , n am ou sin uir dis fro bu ed ed of m ess es acq or pos
cei Tra de d o the vab les nts acc ou an r re	-31 4	-38 4	-35 7
Inv ori ent es	-12 2	-11 6	-11 4
Oth nd t a ent set er cur ren no n-c urr as s	-24 8	-28 6	-27 7
Ac cei vab le f /pa ble late d p ies nts to art cou re rom ya re	-13	-41	-30
Tra de ble isio and her sh d lo liab ilit ies nts ot ort -te ter acc ou pa ya , p rov ns rm an ng- m	68	86	96
Inc x l iab ilit ies e ta om	70	95	96
ide in tin cti vit ies tin uin ion Ne ash d b /us ed t c rat pr ov y op era g a con g o pe s --	74	-42	2
in/ vid tin cti vit ies dis tin tio Ne ash ed ed by ued t c us pro op era g a con op era ns --	-18	44	n.a
Ne ash ide d b ing tiv itie t c rat pr ov y o pe ac s	56	2	2
ing tiv itie Inv est ac s
Inv ing tiv itie nti ing tio est ac s -- co nu op era ns
Pu rch of lan nd ipm ert t a ent ase pr op y, p equ
and ital ize d d lop nt ts ca p eve me cos	9 -17	-19 1	-19 7
Pro ds fro ale f p lan nd ipm ert t a ent cee m s s o rop y, p equ	1	1	1
Ac isit ion nd inv est nts qu s a me
and rch f in ible tan set pu ase s o g as s	-22	-10	-10
fro of in div itu Pro ds ale nd tm ent est cee m s ves s a res	47 2	158	158
ide in inv ing tiv itie nti ing tio Ne ash d b /us ed t c est pr ov y ac s -- co nu op era ns	272	-42	-48
in inv ing tiv itie di nti tio Ne ash ed ed t c est us ac s -- sco nu op era ns	-21 3	-6	n.a
Ne ash ide d b /us ed in inv ing tiv itie t c est pr ov ac s y	59	-48	-48

1 Prior-year figures have been adjusted due to the exit from Fresenius Vamed.

FRESENIUS SE&CO. KGAA CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)

€ i illio n m ns	Q1 /20 25	Q1 /20 24 ated ¹ rest	Q1 /20 24 viou pre s
Fin cin cti vit ies an g a
Fin cin cti vit ies tin uin ion rat an g a con g o pe s --
Pro ds fro ho de bt rt-t cee m s erm	33	246	260
Re of sh de bt nts ort -te pay me rm	-10	-64	-77
Pro ds fro lon m d ebt ter cee m g-	65	2	2
Re of lo m d ebt nts ter pay me ng-	-43	-42 1	-40 4
Re of lea liab ilit ies nts pay me se	-32	-43	-57
Re of lia bil itie s fr bo nds nts pay me om	-50 0	-70 0	-70 0
iss Pro ds fro he of t he han ble bo nd m t cee uan ce exc gea	609	--	--
Re of rtib le b ds nts pay me co nve on	--	-50 0	-50 0
Div ide nds id pa	-96	--	--
Ch e in olli int ntr sts et ang no nco ng ere , n	0	-3	-5
ide in fin cin cti vit ies tin uin ion Ne ash d b /us ed t c rat pr ov y an g a con g o pe s --	26	-1, 483	-1, 48 1
ide fin cin cti vit ies dis tin tio Ne ash d b ued t c pr ov an g a con op era ns y --	0	2	n.a
Ne ash ide d b /us ed in fin cin cti vit ies t c pr ov y an g a	26	-1, 48 1	-1, 48 1
uiv Eff of cha ch ash d c ash ale ect ate nts ex ng e r an ge s o n c an eq	-9	1	1
Ne t in /de in sh d c ash uiv ale nts cre ase cre ase ca an eq	132	52 6 -1,	52 6 -1,
uiv inn ing ing rio Ca sh d c ash ale th e b of th d nts at ort an eq eg e r ep pe	2, 282	2, 562	2, 562
les ash d c ash uiv ale the d o f th rtin eri od nts at s c an eq en e r epo g p
sho de r "a ts h eld fo le" wn un sse r sa	27	17	17
Ca sh d c ash uiv ale th nd of the rtin eri od nts at an eq e e re po g p	2, 38 7	019 1,	019 1,

1 Prior-year figures have been adjusted due to the exit from Fresenius Vamed.

ADDITIONAL INFORMATION ON PAYMENTS

THAT ARE INCLUDED IN NET CASH PROVIDED BY OPERATING ACTIVITIES – CONTINUING OPERATIONS

€ i illio n m ns	Q1 /20 25	Q1 /20 24 ated ¹ rest	Q1 /20 24 viou pre s
Rec eiv ed int st ere	18	20	21
Pai d i nte t res	-13 3	-96	-10 0
Inc id e ta om xes pa	-35	-29	-31

1 Prior-year figures have been adjusted due to the exit from Fresenius Vamed.

FRESENIUS SE&CO. KGAA CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)

		Su rib Ca ital bsc ed p
	of Num ber ord inar y sh are s in t hou d san	Am t oun € in tho nds usa	Am t oun € in mi llion s	Cap ital rese rve € in mi llion s	Oth er rese rves € in mi llion s
As of De be r 3 1, 202 3 cem	563 237 ,	563 237 ,	563	6 4, 32	14, 092
Oth cha s in uit fro inv est nts er nge eq m me y d f usi the uity eth od nte acc ou or ng eq m	--	--	--	2	11
Put tio n l iab ilit ies op					-3
Co reh ive in e ( los s) mp ens com
t in Ne com e					278
Oth hen siv e in e ( los s) er com pre com
Ca flow sh he dg es
Ch f F VO CI uity in tm ent ang e o eq ves s
For eig nsl ati tra n c urr enc y on
Ac ria l lo def ine d b fit sio lan tua ss on ene pen n p s
Eq uity eth od inv har f co reh ive in est m ees - s e o mp ens com e
Co ive in reh e ( los s) mp ens com					278
As of M h 3 1, 202 4 arc	563 237 ,	563 237 ,	563	4, 32 8	14, 37 8
As of De be r 3 1, 202 4 cem	563 237 ,	563 237 ,	563	4, 315	14, 038
Div ide nds id pa					--
Oth cha s in uit fro inv est nts er nge eq y m me d f usi the uity eth od nte acc ou or ng eq m	--	--	--	0	17
Tra ctio wit h n llin int ith lo of l tro sts out tro nsa ns on con g ere ss con w				--
No olli int du han in lida tio ntr sts e t nco ng ere o c ges co nso n g rou p				--
tio iab ilit ies Put n l op					-4
Rec las sifi ion of lati ins /lo f e ity inv cat est nts cu mu ve ga sse s o qu me , def ine fit sio of uity inv d b lan nd sha eth od est ene pen n p s a re eq m ees					8
Co reh ive in e ( los s) mp ens com
Ne t in com e					229
Oth hen siv e in e ( los s) er com pre com
Ca sh flow he dg es
Ch f F VO CI uity in tm ent ang e o eq ves s
For eig nsl ati tra n c urr enc on y
ria in o efi nef it p ion Ac l ga n d ned be lan tua ens p s
De bt ins tru nts me
Eq uity eth od inv har f co reh ive in est m ees - s e o mp ens com e
Co reh ive in e ( los s) mp ens com					229
As of M h 3 1, 202 5 arc	563 237 ,	563 237 ,	563	4, 315	14, 28 8

FRESENIUS SE&CO. KGAA CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)

Tot al Fre ius sen ity ity m SE& Equ Equ eth od For eig inve inve Co. KG aA Non Tot al stm ents stee n s -- rs' rs' Cas h flo and de bt sha f co sha reh olde trol ling sha reh olde cur ren cy re o mp re con w slat ion hed Pen sion inst hen sive inc ity inte ity tran ents rest ges s rum om e equ s equ € in mi llion € in mi llion € in mi llion € in mi llion € in mi llion € in mi llion € in mi llion € in mi llion s s s s s s s s As of De be r 3 1, 202 3 313 -65 -15 6 -31 -43 18, 999 652 19, 65 1 cem Oth cha s in uit fro inv est nts er nge eq y m me d f usi the uity eth od 13 13 nte acc ou or ng eq m -- Put tio n l iab ilit ies -3 -3 op -- Co reh ive in e ( los s) mp ens com Ne t in 278 11 289 com e Oth hen siv e in e ( los s) er com pre com Ca sh flow he dg 2 2 2 es -- Ch f F VO CI uity in 0 0 0 tm ent ang e o eq ves s -- For eig nsl ati 104 0 0 104 10 114 tra n c urr enc on y -- -- Ac ria l lo def ine d b fit sio lan 0 0 0 tua ss on ene pen n p s -- Eq uity eth od inv har f co reh ive in 50 50 50 est m ees - s e o mp ens com e -- Co reh ive in e ( los s) 104 2 0 0 50 434 21 45 5 mp ens com of -63 6 673 116 As M h 3 1, 202 4 41 7 -15 -31 7 19, 443 20, arc 736 -56 As of De be r 3 1, 202 4 -15 1 -33 130 19, 542 748 20, 29 0 cem Div ide nds id -94 -94 pa -- Oth cha s in uit fro inv est nts er nge eq y m me d f usi the uity eth od 17 17 nte acc ou or ng eq m -- Tra ctio wit h n llin int ith lo of l 0 -2 -2 tro sts out tro nsa ns on con g ere w ss con No olli int du han in lida tio 5 5 ntr sts e t nco ng ere o c ges co nso n g rou p -- Put tio n l iab ilit ies -4 -4 op -- sifi ion of lati ins f e ity inv Rec las /lo cat est nts cu mu ve ga sse s o qu me , def ine d b fit sio lan nd sha of uity eth od inv -4 -2 -2 est ene pen n p s a re eq m ees -- -- -- Co ive in reh e ( los s) mp ens com Ne t in 229 15 244 com e Oth siv e in hen e ( los s) er com pre com Ca sh flow he dg 8 8 8 es -- Ch f F VO CI uity in 2 2 2 tm ent ang e o eq ves s -- eig ati For nsl -28 4 0 1 -28 3 -9 -29 2 tra n c urr enc y on -- -- Ac ria l ga in o n d efi ned be nef it p ion lan 30 30 30 tua ens p s -- ins De bt -1 -1 -1 tru nts me -- Eq uity eth od inv har f co reh ive in -13 3 -13 3 -13 3 est m ees - s e o mp ens com e -- Co reh ive in e ( los s) -28 4 8 31 1 -13 3 -14 8 6 -14 2 mp ens com As of M h 3 202 2 -48 -12 -34 19, 40 663 20, 070 1, 5 45 4 -5 7 arc		Ac ula ted ot cum	her reh ive co mp ens	in e ( los com	s)

FRESENIUS SE&CO. KGAA CONSOLIDATED SEGMENT REPORTING FIRST QUARTER (UNAUDITED)

All figures are reported excluding the discontinued operations of Fresenius Vamed, except for net income.

	Fre ius Ka bi Fre ius He lios sen sen				Co e/O the rat rpo r			Fre ius Gr sen ou p
by bus ine € i illio nt, ss seg me n m ns	52 202	42 202	Gro wth	52 202	42 202	Gro wth	53 202	43 202	Gro wth	202 5	202 4	Gro wth
Rev en ue	2, 146	2, 05 1	5%	3, 394	3, 154	8%	111	145	-23 %	5, 65 1	5, 35 0	6%
f co ibu tio olid the d r ntr n t ate reo o c ons eve nue	2, 133	2, 038	5%	3, 392	3, 148	8%	126	164	-23 %	65 5, 1	5, 35 0	6%
the f in ter reo com pan y r eve nue	13	13	0%	2	6	-67 %	-15	-19	21 %	--	--
trib uti sol ida ted to con on con re ven ue	38 %	38 %		60 %	59 %		2%	3%		100 %	100 %
EB ITD A	47 9	44 0	9%	46 5	474	-2%	5	-46	111 %	949	868	9%
De cia tio nd iza tio ort pre n a am n	119	130	-8%	132	126	5%	11	13	-15 %	262	269	-3%
EB IT	36 0	31 0	16 %	333	34 8	-4%	-6	-59	90 %	687	599	15 %
Ne t in /ot her fin ial ult ter est anc res	-27	-35	23 %	-54	-73	26 %	-13	-3	--	-94	-11 1	15 %
Inc e ta om xes	-75	-65	-15 %	-68	-65	-5%	3	-6	150 %	-14 0	6 -13	-3%
No olli int ntr sts nco ng ere	-11	-18	39 %	-3	-1	-20 0%	-1	0		-15	-19	21 %
Inc e f in ed for ing th ity tho d tm ent unt om rom ves s a cco us e e qu me	n.a	n.a		n.a	n.a		18	-30	160 %	18	-30	160 %
Ne t in e f di nti d F ius Va d o ati com rom sco nue res en me per ons	n.a	n.a		n.a	n.a		-22 7	-25	--	-22 7	-25	--
Ne t in ttri but ab le t har eho lde com e a o s rs of Fre ius SE &C KG aA sen o.	247	192	29 %	208	209	0%	-22 6	-12 3	-84 %	229	278	-18 %
Op tin flo ash era g c w	110	157	-30 %	-8	-11 7	93 %	-46	-38	-21 %	56	2	--
Ca sh flow be for isit ion nd div ide nds e a cqu s a	34	92	-63 %	-10 6	-23 8	55 %	-50	-48	-4%	-12 2	-19 4	37 %
1 As xcl . F eni Me dic al C set s e res us are	16, 243	16, 594	-2%	22, 502	22, 192	1%	1, 315	1, 125	17 %	40 060 ,	39, 91 1	0%
Fre ius M ed ica l C in d f tm ent nte sen are ves ac cou or
1 usi the uity eth od ng eq m	n.a	n.a		n.a	n.a		3, 147	3, 639	-14 %	3, 147	3, 639	-14 %
1 De bt	3, 47 6	3, 56 8	-3%	7, 30 8	7, 269	1%	2, 846	2, 740	4%	13, 630	13, 57 7	0%
1 Oth tin liab ilit ies er op era g	3, 897	004 4,	-3%	3, 69 1	3, 573	3%	920	9 1, 47	-38 %	8, 50 8	9, 056	-6%
Ca ital dit p ex pen ure , g ros s	56	52	8%	99	122	-19 %	3	9	-67 %	158	183	-14 %
Ac isit ion /in tm ent qu s, g ros s ves s	21	8	163 %	0	0		1	0		22	8	175 %
Res ch and de vel nt ear op me exp ens es	138	137	1%	1	0		1	2	-50 %	140	139	1%
1 Em loy (p ita bal hee t d ) ate p ees er cap on anc e s	41 302 ,	41 58 6 ,	-1%	128 038 ,	128 55 8 ,	0%	5, 862	6, 34 2	-8%	175 202 ,	176 48 6 ,	-1%
Key fig ure s
EB ITD A m in arg	22 .3%	21 .5%		13. 7%	15. 0%					2 16. 3%	2 17. 0%
in EB IT ma rg	16. 8%	15. 1%		9.8 %	11. 0%					2 6% 11.	2 11. 9%
De cia tio nd iza tio n i n % of ort pre n a am re ven ue	5.5 %	6.3 %		3.9 %	4.0 %					2 4.7 %	2 5.1 %
Op tin ash flo w i n % of era g c re ven ue	5.1 %	7.7 %		-0. 2%	-3. 7%					1.0 %	0.0 %
1 RO IC	8.3 %	8.0 %		% 5.5	5.8 %					4 6.2 %	4 6.2 %

1 2024: December 31

2 Before special items

3 After special items

4 The underlying pro forma EBIT does not include special items.

For information regarding special items, please see note 3, Special items.

The consolidated segment reporting is an integral part of the notes.

TABLE OF CONTENTS NOTES

-
-
-
- 38 IV. Recent pronouncements, applied 46 12. Interests in associates 54 22. Share-based compensation plans
- 38 V. Recent pronouncements, not yet applied 47 13. Debt 55 23. Subsequent events
38 2. Acquisitions and divestitures

41 Notes on the consolidated statement of income

41 3. Special items
43 4. Revenue
44 5. Research and development expenses
44 6. Taxes
44 7. Earnings per share

36 General Notes 45 Notes on the consolidated statement of financial position 50 Other notes

36 1. Principles 45 8. Trade accounts and other receivables 50 18. Legal and regulatory matters
-
-
-
-
-
-

36 I. Group structure 45 9. Inventories 50 19. Financial instruments
37 II. Basis of presentation 45 10. Other financial assets 53 20. Information on capital management
37 III. Summary of significant accounting policies 45 11. Goodwill 53 21. Notes on the consolidated segment reporting
-
-
- 48 14. Bonds 55 24. Corporate Governance

GENERAL NOTES

PRINCIPLES

Fresenius is a global healthcare group. As a therapy-focused healthcare company, Fresenius offers system-critical products and services for leading therapies for the treatment of critically and chronically ill patients. Besides the activities of the parent company Fresenius SE&Co. KGaA, Bad Homburg v. d. H., Germany, the activities are organized amongst the following legally independent business segments as of March 31, 2025:

► Fresenius Kabi
► Fresenius Helios

The reporting and functional currency of the Fresenius Group is the euro. In order to improve the clarity of presentation, amounts are generally presented in million euros. Amounts less than €1 million, after rounding, are marked with ''0''.

In May 2024, the Fresenius Group initiated the structured exit from its investment company Fresenius Vamed. Based on an overall plan, the exit takes place in the following major steps:

► the sale of a 70% majority stake in Vamed's rehabilitation business to PAI Partners. The transaction was completed on March 31, 2025.

► the sale of Vamed's activities in Austria to an Austrian consortium of construction companies Porr and Strabag. The transaction is expected to be completed by the end of the third quarter of 2025.
► the sale of the Health Tech Engineering (HTE) segment, which is responsible for the international project business and accounts for approximately 15% of Fresenius Vamed's revenue, to the Worldwide Hospitals Group. Originally, it was planned to gradually scale back the HTE project business in an orderly manner by 2026. The transaction was closed at March 31, 2025.

The Vamed High-End Services (HES) business unit, which provides services for Fresenius Helios and other hospitals, was transferred to Fresenius and operates under the name Fresenius Health Services (FHS).

Since May 2024, in accordance with IFRS 5, the Vamed activities in Austria have been reported as a separate item (discontinued operations) in the consolidated statement of income and the consolidated statement of cash flows as well as in the consolidated statement of financial position (assets held for sale). For reasons beyond the control of the Fresenius Group, the transaction will not be completed within 12 months of classification as held for sale. The Fresenius Group remains committed to the divestiture plan and continues to consider a divestiture highly probable.

The rehabilitation business is also reported as a separate item in the consolidated statement of income, the consolidated statement of financial position and the consolidated statement of cash flows in accordance with IFRS 5 since May 2024 until its disposal in September 2024. Since October 1, 2024, the investment has been accounted for using the equity method in accordance with IAS 28.

Since January 31, 2025 until the disposal on March 31, 2025, the business unit HTE is reported as discontinued operations in the consolidated statement of income and the consolidated statement of cash flows in accordance with IFRS 5.

The relevant IFRS require valuation at fair value, which is derived from the purchase prices, if the fair value is below the carrying amount of the net assets.

The exit from the project business and the wind-down of the remaining activities of Fresenius Vamed are still expected to result in special items in the high three-digit million euro range for fiscal year 2024 and for the coming years, most of which are cash-effective. They will be recognized in the consolidated financial statements if and to the extent that the respective recognition criteria are met. As a result of the exit from the project business, Fresenius Vamed has reassessed the business activities to be wound down and already recognized special items of €473 million in EBIT in fiscal year 2024. Further special items of €16 million were recognized in EBIT in the first quarter of 2025. Moreover, in connection with the sale of the international project business to the Worldwide Hospitals Group, an expense of €221 million including operating losses was recognized in the first quarter of 2025. The expense is reported in net income

from discontinued operations and mainly results from future payment obligations in the coming years. Accordingly, the Fresenius Group has recognized an other financial liability of €201 million for these payment obligations.

Due to the application of IFRS 5 for use cases newly added in fiscal year 2025, the prior year figures have been adjusted in the consolidated statement of income and the consolidated statement of cash flows.

Fresenius SE&Co. KGaA, as a stock exchange listed company with a domicile in a member state of the European Union (EU), fulfills its obligation to prepare and publish the consolidated financial statements in accordance with the International Financial Reporting Standards (IFRS) as adopted by the EU and applying Section 315e of the German Commercial Code (HGB).

The consolidated interim financial statements and accompanying condensed notes are prepared in accordance with the International Accounting Standard (IAS) 34. The primary financial statements are presented in a format basically consistent with the consolidated financial statements as of December 31, 2024. The consolidated interim financial statements have been prepared in accordance with the Standards and interpretations in effect on the reporting date, and endorsed in the EU, as issued by the International Accounting Standards Board (IASB) and the IFRS Interpretations Committee (IFRS IC).

The interim financial statements have been prepared in accordance with the same general accounting policies applied in the preparation of the consolidated financial statements as of December 31, 2024.

The condensed consolidated financial statements and interim management report for the first quarter ended March 31, 2025 have not been audited nor reviewed and should be read in conjunction with the notes included and published in the consolidated financial statements as of December 31, 2024 applying Section 315e HGB in accordance with IFRS as adopted by the EU.

Except for the reported sale of Vamed's international project business (see note 2, Acquisitions and divestitures), there have been no other material changes in the Fresenius Group's consolidation structure.

The consolidated financial statements for the first quarter ended March 31, 2025 include all adjustments that, in the opinion of the Management Board, are of a normal and recurring nature and are necessary to provide a fair presentation of the assets and liabilities, financial position and results of operations of the Fresenius Group.

The results of operations for the first quarter ended March 31, 2025 are not necessarily indicative of the results of operations for the fiscal year 2025.

The prior year figures have been adjusted in the consolidated statement of income, the consolidated statement of cash flows and in the corresponding notes due to the application of IFRS 5 for use cases newly added in fiscal year 2025.

In the first quarter of 2025, Fresenius Helios has used subsidies for investments in property, plant and equipment in the amount of €24 million (Q1/ 2024: €6 million), that were offset in the consolidated statement of cash flows in the item purchase of property, plant and equipment.

Due to inflation in Argentina, Fresenius Group's subsidiaries operating in Argentina apply IAS 29, Financial Reporting in Hyperinflationary Economies. For the first quarter of 2025, the application of IAS 29 resulted in an effect on net income from continuing operations attributable to shareholders of Fresenius SE&Co. KGaA of -€4 million (Q1 / 2024: -€9 million) included in selling, general and administrative expenses. The ongoing re-translation effects of hyperinflationary accounting and its impact on comparative amounts are recorded in other comprehensive income (loss) within the consolidated financial statements.

The preparation of consolidated financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The Fresenius Group has prepared its consolidated financial statements at and for the first quarter ended March 31, 2025 in conformity with IFRS, as adopted by the EU, that must be applied for the interim periods starting on or after January 1, 2025.

For the first quarter of 2025, no new standards relevant for Fresenius Group's business were applied for the first time.

The IASB issued the following new standard relevant for the Fresenius Group's business:

In April 2024, the IASB issued IFRS 18, Presentation and Disclosure in Financial Statements. IFRS 18 amends a number of other standards and replaces IAS 1, Presentation of Financial Statements. However, the new standard carries forward most of its requirements while introducing new guidance to increase transparency and comparability of financial statements. IFRS 18 requires structuring the statement of profit or loss in three newly defined categories and enhanced disclosures for company-specific measures, among others.

IFRS 18 is effective for fiscal years beginning on or after January 1, 2027. Earlier adoption is permitted. The Fresenius Group is currently evaluating the impact of IFRS 18 on the consolidated financial statements.

The EU Commission's endorsement of IFRS 18 is still outstanding.

In the Fresenius Group's view, there are no other IFRS standards not yet effective that would be expected to have a material impact on the consolidated financial statements.

2. ACQUISITIONS AND DIVESTITURES

The Fresenius Group made acquisitions, investments and purchases of intangible assets of €22 million and €8 million in the first quarter of 2025 and 2024, respectively. The purchase price payments of €22 million were paid in cash in the first quarter of 2025.

In the first quarter of 2025, Fresenius Kabi spent €21 million (Q1 / 2024: €8 million) on acquisitions, mainly for milestone payments relating to the acquisition of Merck KGaA's biosimilars business which were already recognized as liabilities as part of the acquisition.

In the first quarter of 2025 and 2024, respectively, Fresenius Helios did not incur any acquisition expenses.

On May 2, 2024, the Fresenius Group announced to sell a majority stake in Fresenius Vamed's rehabilitation business to PAI Partners, an international private equity firm. After having received the necessary regulatory approvals, the transaction was completed on March 31, 2025, and the Fresenius Group holds a 30% stake in the business. The rehabilitation business which also includes specialized healthcare services in the areas of prevention, acute care and nursing, was Fresenius Vamed's largest business unit.

With approximately 13,000 employees, it provides inpatient and outpatient rehabilitation services to approximately 100,000 patients every year in various European countries.

On May 8, 2024, the Fresenius Group announced that it initiated the structured exit from its investment company Fresenius Vamed. An Austrian consortium of construction companies Porr and Strabag has agreed to acquire Fresenius Vamed's activities in its Austrian home market. The transaction includes Fresenius Vamed's entities responsible for the technical management of the Vienna General Hospital (AKH Wien), the Austrian project business that is part of Fresenius Vamed's Health Tech Engineering business unit and shares in several spas throughout Austria. The transaction is expected to be completed by the end of the third quarter of 2025. An agreement on the sale of the international project business of the Health Tech Engineering (HTE) business unit to Worldwide Hospitals Group (WWH) was reached on January 31, 2025. The transaction was closed at March 31, 2025 and involved the transfer of liquidity and liquidity still to be provided in the future. The sale resulted in a negative special item of €210 million, which is reported in net income from discontinued operations. Thereof, €201 million will be cash-effective in future periods up to 2027. Taking into account the expenses already incurred in fiscal year 2024, the total special items for the exit from the project business and the wind down of the remaining activities of Fresenius Vamed are therefore in the expected high three-digit million euro range. The Fresenius

Group also holds bank guarantees for performance commitments in connection with the divested international project business in the low three-digit million euro range.

Net income from Fresenius Vamed's discontinued operations (including special items) was comprised of the following:

€ i illio n m ns	Q1 /20 25	Q1 /20 24
Rev en ue	132	375
Ex pen ses	-13 6	-41 9
Inc e b efo inc e t om re om axe s	-4	-44
Inc e ta om xes	-11	11
t in Ne com e	-15	-33
Los s d sub of di nti d to t re ent ue seq uen me asu rem sco nue tio at f air lue les ll ost to op era ns va s c se
and du o d lida tio e t eco nso n	-21 2	--
t in e f di nti ius Ne ed Fre com rom sco nu sen ion Va d o nd IFR S 5 rat me pe s u er	-22 7	-33

For a more appropriate presentation of the financial effects, eliminations of intercompany transactions with Fresenius Vamed have been allocated to discontinued Fresenius Vamed operations, taking into account future supply and service relationships. As of March 31, 2025, the cumulative losses recognized in other comprehensive income (loss) relating to the discontinued Fresenius Vamed operations amounted to €49 million.

The following assets and liabilities were classified as held for sale as of March 31 , 2025:

€ i illio n m ns	Ma r. 3 1, 2 025	Dec . 31 , 20 24
Cu nt ets rre ass	193	198
No ent set n-c urr as s	52	112
fo As s h eld ale set r s	245	31 0
Sh lia bil itie ort -te rm s	303	31 1
liab ilit ies Lon ter g- m	32	113
Lia bil itie s h eld fo ale r s	335	424

The carrying amounts of the main groups of assets and liabilities disposed of as part of the exit from Fresenius Vamed at the time of disposal on March 31, 2025 were as follows:

€ i illio n m ns	Ma rch 31, 202 5
Ca sh and sh iva len ts ca equ	207
Oth t a ts er cur ren sse	177
No ent set n-c urr as s	109
isp f As s d d o set ose	493
Sh lia bil itie ort -te rm s	283
Lon liab ilit ies ter g- m	176
Lia bil itie isp f s d d o ose	45 9

On March 4, 2025, the Fresenius Group announced the sale of 10.6 million existing shares of Fresenius Medical Care AG at a placement price of €44.50 per share. Furthermore, the Fresenius Group announced the placement of senior unsecured bonds due in 2028 with an aggregate principal amount of €600 million exchangeable into shares of Fresenius Medical Care AG (see note 15, Bonds -- exchangeable bond). In total, the Fresenius Group has received gross proceeds of approximately €1.1 billion.

NOTES ON THE CONSOLIDATED STATEMENT OF INCOME

The prior year figures have been adjusted in the notes on the consolidated statement of income due to the exit from Fresenius Vamed.

3. SPECIAL ITEMS

Starting with the first quarter of 2025, the special items are presented in a new, consistent structure to improve comparability. Accordingly, all legacy portfolio adjustments are reported in one item. The effects from the sale of Fresenius Medical Care AG shares and from the exchangeable bond are summarized under "Reduction of participation in Fresenius Medical Care". All effects from the exit from Fresenius Vamed and from the Group-wide

IT transformation are included in the item "Fresenius transformation". The effects from the amortization of the purchase price allocation in the context of accounting of the investment in Fresenius Medical Care using the equity method and the special items of Fresenius Medical Care are shown together as "Special items Fresenius Medical Care".

Revenue in the amount of € 5,651 million and net income attributable to shareholders of Fresenius SE&Co. KGaA in the amount of €229 million for the first quarter of 2025 include special items which impacted the consolidated statement of income as shown in the table below. Special items mainly result from the Fresenius transformation and primarily relate to the costs for the exit from Fresenius Vamed in the amount of €239 million and the associated classification as discontinued operations in

accordance with IFRS 5 and to the Group-wide IT transformation. The position ''Reduction of participation in Fresenius Medical Care'' includes the income from the sale of 10.6 million existing shares in Fresenius Medical Care AG; the income is reported in the consolidated statement of income under other operating result. Other special items mainly relate to expenses in connection with the Groupwide Fresenius cost and efficiency program as well as legacy portfolio adjustments and divestitures. In addition, they include expenses from the amortization of the purchase price allocation in connection with the accounting of the investment in Fresenius Medical Care using the equity method as well as other special items of Fresenius Medical Care. The amounts shown correspond to the effects on earnings recognized in accordance with IFRS.

€ i illio n m ns	Rev enu e	EBI T	inc Net om e ibut able attr to sha reh olde rs nius of F rese SE& Co. KG aA
Ea rni s Q 1/2 025 bef eci al ite ng ore sp ms ,	5, 63 1	654	49 0
Co nd eff icie st a ncy pr og ram s	--	-15	-14
Leg rtfo lio adj ust nts acy po me	--	-4	-3
Fre ius nsf ati tra sen orm on	20	-24	-24 5
ctio f p icip ati in ius ica l C Re du Fre M ed art n o on sen are	--	76	57
Sp eci al i s F ius M ed ica l C tem res en are	--	--	-56
rni din Ea s Q 1/2 025 IFR S to ng ac cor g	65 5, 1	687	229

Starting with the second quarter of 2024, the Fresenius Group has adjusted the definition of special items in connection with the exit from Fresenius Vamed; the special items for the first quarter of 2024 are presented accordingly on a comparable basis.

Revenue in the amount of € 5,350 million and net income attributable to shareholders of Fresenius SE&Co. KGaA in the amount of €278 million for the first quarter of 2024 included special items which had the following impact on the consolidated statement of income:

€ i illio n m ns	Rev enu e	EBI T	Net inc om e ibut attr able to sha reh olde rs of F nius rese SE& Co. KG aA
Ea rni s Q 1/2 024 bef eci al ite ng ore sp ms ,	283 5,	63 1	43 1
Co nd eff icie st a ncy pr og ram s	--	-15	-12
rtfo lio adj Leg ust nts acy po me	30	-7	-12
Fre ius nsf ati tra sen orm on	37	-10	-39
Sp eci al i s F ius M ed ica l C tem res en are	--	--	-90
Ea rni s Q 1/2 024 din IFR S to ng ac cor g	35 0 5,	59 9	27 8

4. REVENUE

Revenue by activity was as follows:

		Q 1/2 025
€ i illio n m ns	Fre ius sen Kab i	Fre ius sen Hel ios	Cor / Oth ate por er	Fre ius sen Gro up
Rev fro ith ont ts w tom en ue m c rac cus ers	2, 132	3, 38 8	126	5, 646
f re of s ice the reo ven ue erv s	41	3, 38 7	115	3, 543
the f re of du d r ela ted rvi cts reo ven ue pro an se ces	2, 085	--	0	2, 085
ctio the f re fro lon du ter ont ts reo ven ue m g m pro n c rac	--	--	11	11
the f fu rth fro ith ont ts w tom reo er rev en ue m c rac cus ers	6	1	--	7
Oth er rev en ue	1	4	--	5
Re ve nu e	2, 133	3, 392	126	65 5, 1

€ i illio n m ns	Q 1/2 024
	ius Fre sen Kab i	ius Fre sen Hel ios	Cor / Oth ate por er	ius Fre sen Gro up
Rev fro ith ont ts w tom en ue m c rac cus ers	2, 037	3, 135	164	5, 33 6
f re of s ice the reo ven ue erv s	41	3, 134	150	3, 325
the f re of du d r ela ted rvi cts reo ven ue pro an se ces	1, 984	--	0	1, 984
the f re fro lon du ctio ter ont ts reo ven ue m g m pro n c rac	--	--	14	14
the f fu rth fro ith ont ts w tom reo er rev en ue m c rac cus ers	12	1	--	13
Oth er rev en ue	1	13	--	14
Re ve nu e	2, 038	3, 148	164	5, 35 0

Other revenue includes revenue from lease contracts.

5. RESEARCH AND DEVELOPMENT EXPENSES

Research and development expenses of €140 million (Q1/2024: €139 million) included expenditures for research and non-capitalizable development costs as well as regular depreciation and amortization expenses relating to capitalized development costs of €11 million (Q1/2024: €10 million). The expenses for the further development of the Biopharma business included in the research and development expenses amounted to €41 million in the first quarter of 2025 (Q1 / 2024: €42 million).

6. TAXES

During the first quarter of 2025, there were no material changes relating to accruals for income taxes as well as recognized and accrued payments for interest and penalties. Further information can be found in the consolidated financial statements as of December 31, 2024 applying Section 315e HGB in accordance with IFRS.

7. EARNINGS PER SHARE

The following table shows the earnings per share:

	Q1 /20 25	Q1 /20 24
€ i illi Nu rat me ors n m on s ,
Ne t in e f nti ing tio com rom co nu op era ns rib ble sh ho lde f att uta to are rs o Fre ius SE &C KG aA sen o.	45 6	303
Ne t in e f di nti d com rom sco nue tio rib ble att uta to op era ns sha reh old of ers
ius SE &C KG Fre aA sen o.	-22 7	-25
Ne t in ttri but ab le t har com e a o s e f F ius SE &C KG ho lde aA rs o res en o.	229	278
De mi in mb of sha nat no ors nu er res
We ig hte d a mb of ver age nu er ord ina sha nd ing tsta ry res ou	563 237 277 , ,	563 237 277 , ,
Ea rni sha fro ng s p er re m tin uin ion s in € rat con g o pe	0.8 1	0.5 4
Ear nin sh fro gs per are m dis tin tio in € ued con op era ns	-0. 40	-0. 05
To tal rni sha in € ea ng s p er re	0.4 1	0.4 9

There were no dilutive effects from stock options issued on earnings per share in the first quarter of 2025 and 2024.

NOTES ON THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION

8. TRADE ACCOUNTS AND OTHER RECEIVABLES

As of March 31, 2025 and December 31, 2024, trade accounts and other receivables were as follows:

	Ma rch	31 202 5 ,	De ber cem	31 202 4 ,
€ i illio n m ns		the reof dit cre imp aire d		the reof dit cre imp aire d
cei Tra de d o the vab les nts acc ou an r re	4, 070	34 0	816 3,	38 9
les llow for ted ed it lo s a anc es ex pec cr sse s	322	259	31 6	254
cei Tra de d o the ble nts et acc ou an r re va s, n	3, 748	81	3, 50 0	135

Within trade accounts and other receivables (before allowances) as of March 31, 2025, €4,069 million (December 31, 2024: €3,816 million) relate to revenue from contracts with customers as defined by IFRS 15. This amount includes €322 million (December 31, 2024: €316 million) of allowances for expected credit losses. Trade accounts and other receivables from other revenue were recorded in an immaterial amount.

9. INVENTORIES

As of March 31, 2025 and December 31, 2024, inventories consisted of the following:

€ i illio n m ns	Ma r. 3 1, 2 025	Dec . 31 , 20 24
ria Raw ls a nd rch d c ate ts m pu ase om po nen	883	883
Wo rk in pro ces s	333	274
Fin ish ed ds goo	1, 574	1, 589
les s r ese rve s	154	173
ori Inv ent t es, ne	2, 636	2, 573

10. OTHER FINANCIAL ASSETS

Other financial assets include a compensation receivable resulting from German hospital law of €1,415 million (December 31, 2024: €1,281 million) which mainly relates to income equalization claims for hospital services.

11. GOODWILL

The carrying amount of goodwill has developed as follows:

€ i illio n m ns	Fre ius Kab i sen	Fre ius Hel ios sen	Fre ius Vam ed sen	Cor ate por	Fre ius Gro sen up
ing Ca of Jan 1, 202 4 nt rry am ou as ua ry	6, 149	8, 626	314	0	15, 089
dit ion Ad s	--	19	--	0	19
Dis als pos	-18	--	--	--	-18
Im irm lo ent pa ss	--	--	-18	--	-18
Re cla ssi fica tio ns	--	--	-57	57	--
For eig nsl ati tra n c urr enc y on	252	--	0	0	252
Re cla ssi fica tio "As s h eld fo le" to set ns r sa	--	--	-23 9	--	-23 9
ing Ca of De be r 3 1, 202 4 nt rry am ou as cem	6, 383	8, 645	--	57	15, 085
eig ati For nsl tra n c urr enc y on	-18 1	--	--	0	-18 1
Ca ing of Ma rch 31 202 5 nt rry am ou as ,	6, 202	8, 645	--	57	14, 904

In fiscal year 2024, impairment losses of €18 million were recognized in connection with the original decision to scale back the international project business.

12. INTERESTS IN ASSOCIATES

After the sale of 10.6 million existing shares of Fresenius Medical Care AG at a placement price of €44.50 per share on March 4, 2025, Fresenius SE&Co. KGaA owned approximately 29% of the subscribed capital of Fresenius Medical Care AG at March 31, 2025. The sale resulted in a gain of €76 million which is included in other operating result. This investment is accounted for using the equity method.

The carrying amount of the investment was €3,147 million at March 31, 2025 (December 31, 2024: €3,639 million), while the fair value based on the quoted market price of €45.64 per share on March 31, 2025 was €3,824 million. The income from investments accounted for using the equity method reported in the consolidated statement of income mainly includes the income from the investment in Fresenius Medical Care AG.

The following table contains summarized financial information of Fresenius Medical Care AG. The statement of financial position values include fair value adjustments, the amortization of which is shown in the reconciliation table.

€ i illio n m ns	Ma r. 3 1, 2 025	Dec . 31 , 20 24
Cu nt ets rre ass	7, 970	7, 923
No ent set n-c urr as s	22, 967	23, 912
Sh lia bil itie ort -te rm s	5, 46 6	5, 697
Lon liab ilit ies ter g- m	12, 823	13, 138
Ne t a ts sse	12, 648	13, 000
f sh f Ne ho lde t a ts o sse are rs o Fre ius M ed ica l C AG sen are	11, 022	11, 314
of ing Ne oll t a ts ntr sse no nco int sts ere	1, 626	1, 686

€ i illio n m ns	Q1 /20 25	Q1 /20 24
Rev en ue	4, 88 1	4, 725
t in Ne com e	190	118
Oth hen siv e in e ( los s), net er com pre com	-45 6	202
siv e i To tal reh (lo ss) co mp en nco me	-26 6	32 0

€ i illio n m ns	202 5	202 4
Ca ing of inv de nt est nt rry am ou me un r uit the eth od Jan 1 at eq y m ua ry	3, 639	3, 50 0
Pro rtio inc ttri but ab le t he nat et o t po e n om e a of niu ica l C AG sha reh old Fr s M ed ers ese are	47	22
Pro rtio the hen siv e in nat po e o r c om pre com e (los s) a ttri but ab le t he sha reh old of o t ers Fre ius M ed ica l C AG sen are	-11 8	53
Pro rtio the han in uity nat po e o r c ges eq	18	9
Am iza tio f th ffe of th has ort cts n o e e e p urc e ice al loc ati thr h p rof it o r lo pr on oug ss	-28	-52
Eff fro he sal f 3 % of t he ke in ect m t sta e o Fre ius M ed ica l C AG sen are	-41 1	n.a
ing inv Ca of de nt est nt rry am ou me un r the uit eth od Ma rch 31 at eq y m	3, 147	3, 532

Via Aceso Topco 1 S.à r.l., Fresenius SE&Co. KGaA owned 30% of Vamed's rehabilitation business at March 31, 2025.

The carrying amount of this investment accounted for using the equity method amounted to €44 million at March 31, 2025 (December 31, 2024: €45 million).

Further investments in equity method investees are not material to the Fresenius Group.

13. DEBT

As of March 31, 2025 and December 31, 2024, debt consisted of the following:

€ i illio n m ns	Bo ok val ue
	Ma rch 31	202 5 ,	De cem	ber 31 202 4 ,
		the f cu nt reo rre		the reof t cu rren
Sch uld sch ein Lo ans	1, 37 7	--	1, 37 7	--
Fre ius SE &C KG aA Co ial Pap sen o. mm erc er	70	70	70	70
Loa n f th e E n I Ba nk stm ent rom uro pea nve	40 0	40 0	40 0	40 0
Oth de bt er	593	23 1	62 1	258
Int st l iab ilit ies ere	23	23	18	18
De bt	2, 463	724	2, 48 6	746

As of March 31, 2025 and December 31, 2024, Schuldschein Loans of the Fresenius Group net of debt issuance costs consisted of the following:

				Bo ok € i n m	val ue illio ns
	Not iona l am t oun	Mat urit y	Inte rest rat e fixe d/ iabl var e	Ma rch 31 , 20 25	Dec ber 31, 202 4 em
Fre ius SE &C KG aA 20 23 /20 26 sen o.	€3 09 mi llio n	Ma 29, 20 26 y	4.4 0% / iab le var	30 9	30 9
Fre ius SE &C KG aA 20 19 /20 26 sen o.	€2 38 mi llio n	Se t. 2 3, 202 6 p	0.8 5% / iab le var	238	238
ius SE &C KG Fre aA 20 17 /20 27 sen o.	mi llio €2 07 n	Jan . 29 202 7 ,	6% iab 1.9 / le var	206	206
Fre ius SE &C KG aA 20 23 /20 28 sen o.	€4 05 mi llio n	Ma 30, 20 28 y	4.6 2% / iab le var	404	404
ius SE &C KG Fre aA 20 19 /20 29 sen o.	illio €8 4 m n	Se t. 2 4, 202 9 p	1.1 0%	84	84
Fre ius SE &C KG aA 20 23 /20 30 sen o.	€1 36 mi llio n	Ma 31, 20 30 y	4.7 7% / iab le var	136	136
in Sc hu lds che Loa ns				1, 37 7	1, 37 7
Int st l iab ilit ies ere				22	16

The syndicated credit facility of Fresenius SE&Co. KGaA in the amount of €2.0 billion which was entered into in July 2021 serves as backup line. In June 2023, the syndicated credit facility was extended by a further year until July 1, 2028. It was undrawn as of March 31, 2025. In addition,

further bilateral facilities are available to the Fresenius Group which have not been utilized, or have only been utilized in part, as of the reporting date.

At March 31, 2025, the available borrowing capacity resulting from unutilized credit facilities was approximately €3.0 billion. Thereof, €2.0 billion related to the syndicated

credit facility and approximately €1.0 billion to bilateral facilities with commercial banks.

14. BONDS

As of March 31, 2025 and December 31, 2024, bonds of the Fresenius Group measured at amortized cost net of debt issuance costs consisted of the following:

				Bo ok val ue € i illio n m ns
	Not iona l am t oun	Mat urit y	Inte rest rat e	Ma rch 31 , 20 25	Dec ber 31, 202 4 em
Fre ius Fi Ire lan d P LC 202 1/2 025 sen nan ce	€5 00 mi llio n	Oc t. 1 202 5 ,	0.0 0%	50 0	49 9
Fre ius Fi Ire lan d P LC 20 /20 27 17 sen nan ce	€7 00 mi llio n	Feb 20 27 . 1,	2.1 25 %	698	698
Fre ius Fi Ire lan d P LC 202 1/2 028 sen nan ce	€5 00 mi llio n	Oc t. 1 202 8 ,	0.5 0%	49 8	49 8
ius Fi LC Fre Ire lan d P 202 1/2 03 1 sen nan ce	mi llio €5 00 n	Oc t. 1 203 1 ,	0.8 75 %	6 49	6 49
Fre ius Fi Ire lan d P LC 20 17 /20 32 sen nan ce	€5 00 mi llio n	Jan . 30 203 2 ,	3.0 0%	49 7	49 7
Fre ius SE &C KG aA 20 19 /20 25 sen o.	€5 00 mi llio n	Feb . 15 202 5 ,	1.8 75 %	--	50 0
Fre ius SE &C KG aA 20 22 /20 25 sen o.	€7 50 mi llio n	Ma 24, 20 25 y	1.8 % 75	750	750
Fre ius SE &C KG aA 20 22 /20 26 sen o.	€5 00 mi llio n	Ma 28, 20 26 y	4.2 5%	49 9	49 9
Fre ius SE &C KG aA 20 20 /20 26 sen o.	€5 00 mi llio n	Se t. 2 8, 202 6 p	0.3 75 %	49 8	49 8
Fre ius SE &C KG aA 20 20 /20 27 sen o.	€7 50 mi llio n	Oc t. 8 202 7 ,	1.6 25 %	747	746
Fre ius SE &C KG aA 20 20 /20 28 sen o.	€7 50 mi llio n	Jan . 15 202 8 ,	0.7 5%	747	747
Fre ius SE &C KG aA 20 23 /20 28 sen o.	CH F27 illio 5 m n	Oc 8, 202 8 t. 1	2.9 6%	288	29 1
Fre ius SE &C KG aA 20 19 /20 29 sen o.	€5 00 mi llio n	Feb . 15 202 9 ,	2.8 75 %	49 7	49 7
Fre ius SE &C KG aA 20 24 /20 29 sen o.	CH F22 illio 5 m n	Oc t. 2 202 9 4,	98 1.5 %	233	236
Fre ius SE &C KG aA 20 22 /20 29 sen o.	€5 00 mi llio n	No v. 2 8, 202 9	5.0 0%	49 7	49 7
ius SE &C KG Fre aA 20 22 /20 30 sen o.	mi llio €5 50 n	Ma 24, 20 30 y	2.8 75 %	545	544
Fre ius SE &C KG aA 20 23 /20 30 sen o.	€5 00 mi llio n	Oc t. 5 203 0 ,	5.1 25 %	49 5	49 5
Fre ius SE &C KG aA 20 20 /20 33 sen o.	€5 00 mi llio n	Jan . 28 203 3 ,	1.1 25 %	49 8	49 8
Bo nd s				8, 983	9, 48 6
Int st l iab ilit ies ere				88	105

As of March 31, 2025, the bond issued by Fresenius SE& Co. KGaA in the amount of €750 million which is due on May 24, 2025 as well as the bond issued by Fresenius Finance Ireland PLC in the amount of €500 million which is due on October 1, 2025 are shown under short-term liabilities in the consolidated statement of financial position.

15. BONDS -- EXCHANGEABLE BOND

On March 11, 2025, Fresenius SE&Co. KGaA placed an exchangeable bond of €600 million with a three year maturity. The bond has been issued at a price of 101.50% of its principal amount and bears no interest, resulting in a yield-to-maturity of -0.50% per annum. Bondholders have the right to exchange their bonds into shares of Fresenius Medical Care AG during the exchange period. The standard exchange period commences 6 months and ends 35 business days prior to the maturity date. The exchange price was initially set at €57.85. Upon exchange, Fresenius SE&Co. KGaA has the flexibility to pay in cash, deliver the relevant underlying shares or deliver and pay a combination thereof. On March 31, 2025, the book value (fair value) of the exchangeable bond amounted to €617 million. The effect on earnings from measurement at fair value is shown in other financial result.

16. NONCONTROLLING INTERESTS

As of March 31, 2025 and December 31, 2024, noncontrolling interests in the Fresenius Group were as follows:

€ i illio n m ns	Ma r. 3 1, 2 025	Dec . 31 , 20 24
olli int No ntr sts nco ng ere in t he bus ine nts ss seg me
ius bi Fre Ka sen	56 8	659
Fre ius He lios sen	92	89
Fre ius Co rat sen rpo e	3	0
To tal oll ing in ntr ter est no nco s	663	748

Accumulated other comprehensive income (loss) allocated to noncontrolling interests relates to currency effects from the translation of financial statements denominated in foreign currencies. For changes in noncontrolling interests, please see the consolidated statement of changes in equity.

17. FRESENIUS SE&CO. KGAA SHAREHOLDERS' EQUITY

As of March 31, 2025, the subscribed capital of Fresenius SE&Co. KGaA consisted of 563,237,277 bearer ordinary shares.

Under the German Stock Corporation Act (AktG), the amount of dividends available for distribution to shareholders is based upon the unconsolidated retained earnings of Fresenius SE&Co. KGaA as reported in its statement of financial position determined in accordance with the German Commercial Code (HGB).

The general partner and the Supervisory Board of Fresenius SE&Co. KGaA will propose a dividend of €1.00 per bearer ordinary share to the Annual General Meeting on May 23, 2025, i.e. a total dividend payment of €563 million.

OTHER NOTES

18. LEGAL AND REGULATORY MATTERS

Information regarding legal disputes, court proceedings and investigations can be found in the consolidated financial statements as of December 31, 2024 applying Section 315e HGB in accordance with IFRS. There have been no significant changes in the first quarter of 2025.

19. FINANCIAL INSTRUMENTS

As of March 31, 2025 and December 31, 2024, the carrying amounts of financial instruments by item of the statement of financial position and structured according to categories were as follows:

		Ma rch 31 202 5 ,
					lati Re to cat ng no ego ry
€ i illio n m ns	Car ryin t g am oun	Am orti zed t cos	Fair val hro ugh ue t pro 1 fit a nd loss	Fair val hro ugh ue t oth er hen sive com pre me2 inco	ivat ives Der des igna ted ash flo as c w hed gin g inst ents rum at f air valu e	Put ion opt liab ilitie s ed mea sur at f air valu e	ion Val uat ord ing to acc IFR S 1 6 fo r leas ing ivab les and rece liab ilitie s	Val uati f on o tinu ing con invo lvem ent
Fin cia l as set an s
Ca iva sh and sh len ts ca equ	2, 38 7	2, 345	42
Tra de d o the cei vab les nts acc ou an r re , for it lo les llow ted ed s a anc es ex pec cr sse s	3, 748	3, 196	54 1				1	10
Oth fin ial ets er anc ass	2, 016	1, 959	30	8	19
Fin cia l as set an s	8, 151	7, 50 0	613	8	19	--	1	10
Fin cia l li ilit ies ab an
Tra de ble nts acc ou pa ya	256 1,	256 1,
De bt	2, 46 3	2, 46 3
liab ilit ies Lea se	1, 47 9						1, 47 9
3 Bo nds	9, 688	9, 07 1	617
Oth fin ial liab ilit ies er anc	2, 649	1, 586	334		6	692		31
Fin cia l li ab ilit ies an	535 17,	37 6 14,	95 1	--	6	692	9 1, 47	31

1 All included financial assets and liabilities are mandatorily measured at fair value through profit and loss according to IFRS 9.

2 The option to measure equity instruments at fair value through other comprehensive income has been exercised. The option has been used for €8 million other investments (included in other financial assets).

3 The option to measure the exchangeable bond at fair value through profit and loss was exercised. The own credit risk included in the exchangeable bond in the amount of €2 million is recognized in other comprehensive income.

		De ber 31 202 4 cem ,
		lati Re to cat ng no ego ry
€ i illio n m ns	Car ryin t g am oun	Am orti zed t cos	Fair val hro ugh ue t pro 1 fit a nd loss	Fair val hro ugh ue t oth er hen sive com pre me2 inco	ivat ives Der des igna ted ash flo as c w hed gin g inst ents rum at f air valu e	Put ion opt liab ilitie s ed mea sur at f air valu e	ion Val uat ord ing to acc IFR S 1 6 fo r leas ing ivab les and rece liab ilitie s	Val uati f on o tinu ing con invo lvem ent
Fin cia l as set an s
Ca iva sh and sh len ts ca equ	2, 282	2, 055	227
Tra de d o the cei vab les nts acc ou an r re , for it lo les llow ted ed s a anc es ex pec cr sse s	3, 50 0	2, 93 1	53 8	14			0	17
Oth fin ial ets er anc ass	1, 847	1, 804	12	10	21
Fin cia l as set an s	629 7,	6, 790	777	24	21	--	0	17
Fin cia l li ilit ies ab an
Tra de ble nts acc ou pa ya	35 9 1,	35 9 1,
De bt	2, 48 6	2, 48 6
liab ilit ies Lea se	1, 50 0						1, 50 0
Bo nds	9, 59 1	9, 59 1
Oth fin ial liab ilit ies er anc	2, 514	1, 44 7	333		15	688		31
Fin cia l lia bil itie an s	0 17, 45	883 14,	333	--	15	688	50 0 1,	31

1 All included financial assets and liabilities are mandatorily measured at fair value through profit and loss according to IFRS 9.

2 The option to measure equity instruments at fair value through other comprehensive income has been exercised. The option has been used for €10 million other investments (included in other financial assets).

The following table shows the carrying amounts and the fair value hierarchy levels as of March 31, 2025 and December 31, 2024:

	Ma rch 31 202 5 ,				De ber 31 202 4 cem ,
			Fai alu r v e				Fai lue r va
€ i illio n m ns	ryin Car g am t oun	Lev el 1	Lev el 2	Lev el 3	Car ryin g amo unt	Lev el 1	Lev el 2	Lev el 3
Fin cia l as set an s
1 Cas h a nd h e iva len ts cas qu	42	42			227	227
cei Tra de d o the vab les nts acc ou an r re , 1 les llow for ted ed it lo s a anc es ex pec cr sse s	54 1		54 1		55 1		55 1
1 Oth fin ial ets er anc ass
Eq uity in tm ent ves s	24		24		16		15	1
riva tive esi flo ing in De s d d a ash w h edg ate str ent gn s c um s	19		19		21		21
De riva tive des ign d a s h edg ing in ot ate str ent s n um s	14		14		6		6
Fin cia l li ab ilit ies an
De bt	2, 46 3		2, 444		2, 48 6		2, 45 6
Bo nds	9, 688	9, 46 2			9, 59 1	9, 363
1 Oth fin ial liab ilit ies er anc
tio n li ilit ies Put ab op	692			692	688			688
Ac ed tin din for isit ion t p ent uts tan cru con gen aym s o g ac qu s	324			324	32 6			32 6
De riva tive s d esi d a ash flo w h edg ing in ate str ent gn s c um s	6		6		15		15
De riva tive des ign d a s h edg ing in ot ate str ent s n um s	10		10		7		7

1 Fair value information is not provided for financial instruments, if the carrying amount is a reasonable estimate of the fair value due to the relatively short period of maturity of these instruments.

The fair value of the exchangeable bond is calculated on the basis of available market information (Level 1).

Explanations regarding further significant methods and assumptions used to estimate the fair values of financial instruments and classification of fair value measurements

according to the three-tier fair value hierarchy as well as explanations with regard to existing and expected risks from financial instruments and hedging can be found in the consolidated financial statements as of December 31, 2024 applying Section 315e HGB in accordance with IFRS.

The following table shows the changes of the fair values of financial instruments classified as level 3 in the first quarter of 2025:

€ i illio n m ns	Equ ity i stm ents nve	ntin Acc d co t rue gen and ing ts o utst pay men for uisi tion acq s	Put ion liab iliti opt es
As of Ja 1, 202 5 nu ary	1	32 6	688
Ga in/ ize d i rof it o los r lo s r eco gn n p ss	--	2	--
Ga in/ los ize d i ity s r eco gn n e qu	--	--	4
Cu ef fec nd oth cha ts a rre ncy er nge s	--	-4	--
Re cla ssi fica tio As /Li ab ilit ies di tly to set ns s rec " oci ith fo le'' d w the s h eld ate set ass as r sa	-1	--	--
As of M h 3 1, 202 5 arc	--	324	692

20. INFORMATION ON CAPITAL MANAGEMENT

The Fresenius Group has a solid financial profile. As of March 31, 2025, the equity ratio was 46.5% and the debt ratio (debt/total assets) was 31.5%. As of March 31, 2025, the leverage ratio (before special items) on the basis of net debt/EBITDA, calculated on the basis of closing rates, was 3.0 (December 31, 2024: 3.0).

The aims of the capital management and further information can be found in the consolidated financial statements as of December 31, 2024 applying Section 315e HGB in accordance with IFRS.

The Fresenius Group is covered by the rating agencies Moody's, Standard&Poor's and Fitch.

The following table shows the corporate credit rating of Fresenius SE&Co. KGaA:

	Ma r. 3 1, 2 025	Dec . 31 , 20 24
r's Sta nda rd& Poo
Co red it r ati rat rpo e c ng	BB B	BB B
Ou tlo ok	ble sta	ble sta
's Mo ody
Co it r ati red rat rpo e c ng	Baa 3	Baa 3
Ou tlo ok	ble sta	ble sta
Fit ch
Co red it r ati rat rpo e c ng	BB B-	BB B
Ou tlo ok	ble sta	ble sta

21. NOTES ON THE CONSOLIDATED SEGMENT REPORTING

The consolidated segment reporting table shown on page 34 of this interim report is an integral part of the notes.

The Fresenius Group has identified the business segments Fresenius Kabi and Fresenius Helios, which corresponds to the internal organizational and reporting structures (Management Approach) at March 31, 2025.

Due to the exit of Fresenius Vamed, the prior year figures in the consolidated statement of income and the consolidated statement of cash flows have been restated and key figures adjusted.

The column Corporate / Other is comprised of all special items (see note 3, Special items), including discontinued operations and in net income the at equity result of Fresenius Medical Care and the 30% stake in the rehabilitation business of Fresenius Vamed. Furthermore, the holding functions of Fresenius SE&Co. KGaA and intersegment consolidation adjustments are included. Moreover, Corporate / Other includes further activities, in particular Fresenius Digital Technology GmbH, which provides services in the field of information technology, as well as the Fresenius Health Services (FHS) business unit, which provides services for Fresenius Helios and other hospitals.

Revenue, EBIT and net income of the business segment Corporate /Other were composed as follows:

€ i illio n m ns	Q1 /20 25	Q1 /20 24
Re e C te/ Ot he ve nu orp ora r	111	145
Sp eci al i tem s	20	67
Gro fun ctio /el im ina tio up ns ns	-15	-19
Oth bus ine ivit ies act er ss	106	97

Co e/O EB IT the rat rpo r	-6	-59
Sp eci al i tem s	33	-32
Gro fun ctio /el im ina tio up ns ns	-31	-21
Oth bus ine ivit ies act er ss	-8	-6

t in e C Ot Ne te/ he com orp ora r	6 -22	-12 3
Sp eci al i tem s	-26 1	-15 3
Gro fun ctio /el im ina tio up ns ns	-31	-21
Oth bus ine ivit ies act er ss	-8	-9
Inc e f in tm ent om rom ves s
d f usi the uity nte acc ou or ng eq
efo cia l ite tho d b me re spe ms	74	60

The business segments were identified in accordance with IFRS 8, Operating Segments, which defines the segment reporting requirements in the annual financial statements

and interim reports with regard to the operating business, product and service businesses and regions. Further explanations with regard to the business segments can be found in the consolidated financial statements as of December 31, 2024 applying Section 315e HGB in accordance with IFRS.

Explanations regarding the notes on the business segments can be found in the consolidated financial statements as of December 31, 2024 applying Section 315e HGB in accordance with IFRS.

RECONCILIATION OF KEY FIGURES TO

CONSOLIDATED EARNINGS FROM CONTINUING OPERATIONS

€ i illio n m ns	Q1 /20 25	Q1 /20 24
To tal EB IT of ing ort ent rep se gm s	693	658
Sp eci al i tem s	33	-32
Ge al c te ner orp ora exp ens es Co e ( EB IT) rat rpo	-39	-27
Gr EB IT ou p	687	59 9
Inc e f in tm ent om rom ves s d f usi nte acc ou or ng uity the eth od eq m	18	-30
Ne t in ter est	-81	-11 1
Oth fin ial ult er anc res	-13	--
Inc e b efo inc e t om re om axe s	61 1	45 8

RECONCILIATION OF NET DEBT WITH THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION

€ i illio n m ns	Ma r. 3 1, 2 025	Dec . 31 , 20 24
De bt	2, 46 3	2, 48 6
liab ilit ies Lea se	1, 47 9	1, 50 0
Bo nds	9, 688	9, 59 1
De bt	630 13,	13, 57 7
les ash d c ash uiv ale nts s c an eq	2, 38 7	2, 282
Ne t d ebt	11, 243	11, 295

22. SHARE-BASED COMPENSATION PLANS

As of March 31, 2025, Fresenius SE&Co. KGaA had three share-based compensation plans in place: the Fresenius SE& Co. KGaA Long Term Incentive Program 2013 (2013 LTIP) which is based on stock options and phantom stocks, the Fresenius Long Term Incentive Plan 2018 (LTIP 2018) which is based on performance shares, and the Fresenius Performance Plan 2023-- 2026 (LTIP 2023), under which cash-settled virtual Fresenius SE&Co. KGaA shares (stock awards) can be granted.

During the first quarter of 2025, no stock options were exercised.

On March 21, 2025, retroactive to January 1, 2025, Fresenius SE &Co. KGaA granted 227,930 stock awards with a total fair value of €8 million to the Management Board of Fresenius Management SE under the LTIP 2023. The fair value per stock award on the grant date of January 1, 2025 was €33.57.

At March 31, 2025, 360,216 stock options issued under the 2013 LTIP were outstanding and exercisable. The members of the Fresenius Management SE Management Board did not hold any stock options. At March 31, 2025, 1,868,157 performance shares issued under the LTIP 2018 were outstanding, the Management Board members of Fresenius Management SE held 93,165 performance shares. 4,040,933 stock awards issued under the LTIP 2023 were outstanding on March 31, 2025, of which 702,849 were held by the members of the Fresenius Management SE Management Board.

23. SUBSEQUENT EVENTS

U.S. tariffs and the associated volatility pose additional challenges in the current business environment. Reactions from U.S. trading partners, particularly China and the EU, could also have a negative impact on the U.S. business and the supply chains of the Fresenius Group.

Following the end of the first quarter of 2025, no other events of material importance on the assets and liabilities, financial position, and results of operations of the Group have occurred.

24. CORPORATE GOVERNANCE

For each consolidated stock exchange listed entity, the declaration pursuant to Section 161 of the German Stock Corporation Act (Aktiengesetz) has been issued and made available to shareholders on the website of Fresenius SE& Co. KGaA (www.fresenius.com/corporate-governance).

FINANCIAL CALENDAR

l G eti An ral Me nua ene ng	Ma 23, 202 5 y
Re n 1 st h alf 202 5 rt o po	Au st 6 202 5 gu ,
Re n 1 - 3 rd 202 5 rt o st - art po qu er	No ber 5, 202 5 vem

Subject to change

FRESENIUS SHARE/ADR

Or din ary	sh AD R are
Sec uri tie s id ific ati ent 57 on no.	8 5 60 CU SIP 35 804 M1 05
Tic ker mb ol sy	FR E Tic ker mb ol FS NU Y sy
ISI N DE 000 57	856 04 ISI N US 35 804 M1 053
Blo ber bo l FR om g s ym	E G R Str Sp d L l 1 AD R uct ure ons ore eve
Re bo l FR ute rs s ym	EG io .de Rat 4 A DR 1 s har e =
Ma in t rad ing lo ion Fra nkf cat urt	/ X Tra din latf OT C etr a g p orm

CONTACT

Corporate Headquarters Else-Kröner-Straße 1 Bad Homburg v. d. H. Germany

Postal address Fresenius SE & Co. KGaA 61346 Bad Homburg v. d. H. Germany

Contact for shareholders Investor Relations Telephone: ++ 49 61 72 6 08-24 87 E-Mail: [email protected]

Contact for journalists Corporate Communications

Telephone: ++ 49 61 72 6 08-23 02 E-mail: [email protected]

Commercial Register: Bad Homburg v. d. H.; HRB 11852 Chairman of the Supervisory Board: Wolfgang Kirsch

General Partner: Fresenius Management SE Registered Offi ce and Commercial Register: Bad Homburg v. d. H.; HRB 11673 Management Board: Michael Sen (Chairman), Pierluigi Antonelli, Sara Hennicken, Robert Möller, Dr. Michael Moser Chairman of the Supervisory Board: Wolfgang Kirsch

For additional information on the performance indicators used please refer to our website https://www.fresenius.com/alternative-performance-measures.

Forward-looking statements:

This Quarterly Financial Report contains forward-looking statements. These statements represent assessments which we have made on the basis of the information available to us at the time. Should the assumptions on which the statements are based on not occur, or if risks should arise – as mentioned in the consolidated fi nancial statements and the management report as of December 31, 2024 applying Section 315e HBG in accordance with IFRS – the actual results could diff er materially from the results currently expected.

AI Terminal

Fresenius SE & Co. KGaA

166_rns_2025-05-07_8cc35b62-8929-4fb9-b9e0-7e0f361a16fb.pdf

QUARTERLY FINANCIAL REPORT

Q1 | 2025

TABLE OF CONTENTS

- 10 Revenue

3 Fresenius Group figures at a glance 19 Fresenius Kabi 27 Consolidated financial statements

11 Earnings 56 Financial Calendar

FRESENIUS GROUP FIGURES AT A GLANCE

REVENUE AND EARNINGS

LEVERAGE RATIO

RETURNS

SHAREHOLDER INFORMATION

KEY DATA OF THE FRESENIUS SHARE

INTERIM GROUP MANAGEMENT REPORT

STRATEGY AND GOALS

HEALTHCARE INDUSTRY

The main growth factors are:

In the emerging countries, additional drivers are:

EXTERNAL FACTORS

RESULTS OF OPERATIONS, FINANCIAL POSITION, ASSETS AND LIABILITIES

REVENUE

REVENUE BY BUSINESS SEGMENT

EARNINGS

KEY FINANCIAL FIGURES (BEFORE SPECIAL ITEMS)

CONSOLIDATED STATEMENT OF INCOME

RECONCILIATION

RECONCILIATION FRESENIUS GROUP

INVESTMENTS

INVESTMENTS/ACQUISITIONS BY BUSINESS SEGMENT

DIVESTMENTS

CASH FLOW

CASH FLOW STATEMENT (SUMMARY)

ASSET AND LIABILITY STRUCTURE

BALANCE SHEET

BUSINESS SEGMENTS

FRESENIUS KABI

FRESENIUS HELIOS

EMPLOYEES

NUMBER OF EMPLOYEES

RESEARCH AND DEVELOPMENT

RESEARCH AND DEVELOPMENT EXPENSES

BY BUSINESS SEGMENT

RATING

OPPORTUNITIES AND RISK REPORT

OUTLOOK 2025

ASSUMPTIONS FOR GUIDANCE FY/25

GROUP REVENUE AND EARNINGS

GROUP FINANCIAL TARGETS 2025

REVENUE AND EARNINGS OF THE OPERATING COMPANIES

FINANCIAL TARGETS OF THE OPERATING COMPANIES 2025

EXPENSES

TAX RATE

LIQUIDITY AND CAPITAL MANAGEMENT

INVESTMENTS

CAPITAL STRUCTURE

DIVIDEND

NON-FINANCIAL TARGETS

FRESENIUS SE&CO. KGAA CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)

FRESENIUS SE&CO. KGAA CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

FRESENIUS SE&CO. KGAA CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED)

LIABILITIES

FRESENIUS SE&CO. KGAA CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)

FRESENIUS SE&CO. KGAA CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)

ADDITIONAL INFORMATION ON PAYMENTS

THAT ARE INCLUDED IN NET CASH PROVIDED BY OPERATING ACTIVITIES – CONTINUING OPERATIONS

FRESENIUS SE&CO. KGAA CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)

FRESENIUS SE&CO. KGAA CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)

FRESENIUS SE&CO. KGAA CONSOLIDATED SEGMENT REPORTING FIRST QUARTER (UNAUDITED)

TABLE OF CONTENTS NOTES

41 Notes on the consolidated statement of income

36 General Notes 45 Notes on the consolidated statement of financial position 50 Other notes

GENERAL NOTES

2. ACQUISITIONS AND DIVESTITURES

NOTES ON THE CONSOLIDATED STATEMENT OF INCOME

3. SPECIAL ITEMS

4. REVENUE

5. RESEARCH AND DEVELOPMENT EXPENSES

6. TAXES