Assets and liabilities
Asset and liability structure
The Group’s total assets decreased by 5% (-2% in constant currency) to €41,395 million (December 31, 2024: €43,550 million). The decrease is mainly due to divestments. Inflation had no significant impact on the assets of Fresenius in 2025.
Current assets decreased by 4% (-1% in constant currency) to €11,027 million (December 31, 2024: €11,446 million). Within current assets, trade accounts receivable and other receivables increased by 2% (4% in constant currency) to €3,558 million (December 31, 2024: €3,500 million). At 58 days, average days revenue outstanding was below the previous year’s level (60 days).
Inventories increased by 1% (8% in constant currency) to €2,611 million (December 31, 2024: €2,573 million). The scope of inventory in 2025 was 62 days (December 31, 2024: 63 days). The ratio of inventories to total assets increased to 6.3% (December 31, 2024: 5.9%).
Non-current assets decreased by 5% (-3% in constant currency) to €30,368 million (December 31, 2024: €32,104 million). The goodwill and intangible assets in the amount of €16,716 million (December 31, 2024: €17,507 million) has proven sustainable. As in the previous year, the addition to the goodwill from acquisitions was €0 million in fiscal year 2025.
Shareholders’ equity decreased by 3% (2% increase in constant currency) to €19,767 million (December 31, 2024: €20,290 million). Group net income attributable to Fresenius SE & Co. KGaA increased shareholders’ equity. The equity ratio improved to 48% (December 31, 2024: 47%).
The liabilities and equity side of the balance sheet shows a solid financing structure. Total shareholders’ equity, including noncontrolling interests, covers 65% of non-current assets (December 31, 2024: 63%). Shareholders’ equity, noncontrolling interests, and long-term liabilities in total cover all non-current assets and inventories.
Long-term liabilities decreased by 7% (-7% in constant currency) to €13,245 million (December 31, 2024: €14,251 million). Short-term liabilities decreased by 7% (-6% in constant currency) to €8,383 million (December 31, 2024: €9,009 million).
The Group has neither provisions nor accruals that are of major significance as individual items. Other provisions and accruals result mainly from provisions for self-insurance programs, for personnel expenses, for claims with deductibles, for warranties and claims, for interest liabilities from income taxes, and for litigation and other legal risks.
Group debt1 decreased by 12% (-12% in constant currency) to €11,933 million (December 31, 2024: €13,577 million). Its relative weight in the balance sheet was 29% (December 31, 2024: 31%). Approximately 1% of the Group’s debt is denominated in U.S. dollars. Liabilities due in less than one year were €1,471 million (December 31, 2024: €2,772 million), while liabilities due in more than one year were €10,462 million (December 31, 2024: €10,805 million).
as of December 31, € in millions |
|
2025 |
|
2024 |
|---|---|---|---|---|
Assets |
|
|
|
|
Cash and cash equivalents |
|
1,585 |
|
2,282 |
Trade accounts and other receivables, less allowances for expected credit losses |
|
3,558 |
|
3,500 |
Inventories |
|
2,611 |
|
2,573 |
Other financial assets |
|
1,915 |
|
1,422 |
Other assets |
|
1,127 |
|
1,145 |
Income tax receivables |
|
220 |
|
214 |
Assets held for sale |
|
11 |
|
310 |
I. Total current assets |
|
11,027 |
|
11,446 |
Property, plant and equipment |
|
8,488 |
|
8,569 |
Right-of-use assets |
|
1,231 |
|
1,321 |
Goodwill |
|
14,527 |
|
15,085 |
Other intangible assets |
|
2,189 |
|
2,422 |
Fresenius Medical Care investment accounted for using the equity method |
|
2,813 |
|
3,639 |
Other financial assets |
|
465 |
|
426 |
Other assets |
|
269 |
|
231 |
Deferred taxes |
|
386 |
|
411 |
II. Total non-current assets |
|
30,368 |
|
32,104 |
Total assets |
|
41,395 |
|
43,550 |
|
|
|
|
|
Liabilities and shareholders' equity |
|
|
|
|
Trade accounts payable |
|
1,309 |
|
1,359 |
Debt |
|
718 |
|
746 |
Lease liabilities |
|
169 |
|
172 |
Bonds |
|
584 |
|
1,854 |
Other financial liabilities |
|
2,599 |
|
1,549 |
Other liabilities |
|
2,142 |
|
2,094 |
Provisions |
|
736 |
|
663 |
Income tax liabilities |
|
115 |
|
148 |
Liabilities directly associated with the assets held for sale |
|
11 |
|
424 |
A. Total short-term liabilities |
|
8,383 |
|
9,009 |
Debt |
|
883 |
|
1,740 |
Lease liabilities |
|
1,242 |
|
1,328 |
Bonds |
|
8,337 |
|
7,737 |
Other financial liabilities |
|
281 |
|
965 |
Other liabilities |
|
260 |
|
252 |
Pension liabilities |
|
529 |
|
605 |
Provisions |
|
712 |
|
717 |
Income tax liabilities |
|
404 |
|
280 |
Deferred taxes |
|
597 |
|
627 |
B. Total long-term liabilities |
|
13,245 |
|
14,251 |
I. Total liabilities |
|
21,628 |
|
23,260 |
A. Noncontrolling interests |
|
663 |
|
748 |
Subscribed capital |
|
563 |
|
563 |
Capital reserve |
|
4,315 |
|
4,315 |
Other reserves |
|
14,751 |
|
14,038 |
Accumulated other comprehensive income (loss) |
|
-525 |
|
626 |
B. Total Fresenius SE & Co. KGaA shareholders’ equity |
|
19,104 |
|
19,542 |
II. Total shareholders’ equity |
|
19,767 |
|
20,290 |
Total liabilities and shareholders’ equity |
|
41,395 |
|
43,550 |
€ in millions |
|
2025 |
|
2024 |
|
2023 |
|
2022 |
|
2021 |
||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total assets |
|
41,395 |
|
43,550 |
|
45,284 |
|
76,400 |
|
71,962 |
||||||
Shareholders’ equity1 |
|
19,767 |
|
20,290 |
|
19,651 |
|
32,218 |
|
29,288 |
||||||
as % of total assets1 |
|
48% |
|
47% |
|
43% |
|
42% |
|
41% |
||||||
Shareholders’ equity1 / non-current assets, in % |
|
65% |
|
63% |
|
60% |
|
55% |
|
54% |
||||||
Debt2 |
|
11,933 |
|
13,577 |
|
15,830 |
|
27,763 |
|
27,155 |
||||||
as % of total assets |
|
29% |
|
31% |
|
35% |
|
36% |
|
38% |
||||||
|
||||||||||||||||
|
|
Dec. 31, 2025 |
|
Dec. 31, 2024 |
|
Dec. 31, 2023 |
|
Dec. 31, 2022 |
|
Dec. 31, 2021 |
||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debt / EBITDA3 |
|
3.1 |
|
3.6 |
|
4.5 |
|
4.2 |
|
4.0 |
||||||||
Net debt / EBITDA3 |
|
2.7 |
|
3.0 |
|
3.8 |
|
3.8 |
|
3.6 |
||||||||
EBITDA / financial result |
|
11.4 |
|
8.3 |
|
8.4 |
|
13.8 |
|
15.0 |
||||||||
|
||||||||||||||||||
Group net debt decreased by 8% (-8% in constant currency) to €10,348 million (December 31, 2024: €11,295 million) due to a strong cash flow.
The net debt to equity ratio including noncontrolling interests (gearing) is 52% (December 31, 2024: 56%).
The return on equity after taxes2 (equity attributable to shareholders of Fresenius SE & Co. KGaA) was 10.4% (December 31, 2024: 8.9%). The return on total assets after taxes and before noncontrolling interests2 was 4.4% (2024: 3.8%).
Working capital3 amounted to €4,697 million (2024: €4,514 million). This corresponds to 21% of revenue (2024: 21%).
Group ROIC was 6.6%4 (2024: 6.2%4). Within the position invested capital, goodwill of €14.8 billion had a significant effect on the calculation of ROIC. ROIC excluding goodwill was 13.3%4 (2024: 12.6%4).
It is important to take into account that approximately 75% of the goodwill is attributable to the strategically significant acquisitions of
HELIOS Kliniken in 2006,
APP Pharmaceuticals in 2008,
Hospitals of Rhön-Klinikum AG in 2014,
Quirónsalud and the biosimilars business in 2017, and
Ivenix and mAbxience in 2022.
Those have significantly strengthened the competitive position of the Fresenius Group.
The WACC (weighted average cost of capital) of Fresenius was 5.07% (2024: 5.24%).
€ in millions, except for ROIC |
|
December 31, 2025 |
|
December 31, 2024 |
||||||
|---|---|---|---|---|---|---|---|---|---|---|
Total assets |
|
41,395 |
|
43,550 |
||||||
Plus: Cumulative goodwill amortization |
|
104 |
|
122 |
||||||
Minus: Cash and cash equivalents |
|
-1,585 |
|
-2,282 |
||||||
Minus: Other financial instruments |
|
-304 |
|
– |
||||||
Minus: Loans to related parties |
|
-10 |
|
-13 |
||||||
Minus: Deferred tax assets |
|
-386 |
|
-411 |
||||||
Minus: Accounts payable |
|
-1,272 |
|
-1,313 |
||||||
Minus: Accounts payable to related parties |
|
-38 |
|
-48 |
||||||
Minus: Provisions and other current liabilities1 |
|
-5,748 |
|
-5,315 |
||||||
Minus: Provisions for income taxes |
|
-519 |
|
-428 |
||||||
Minus: Assets held for sale |
|
-11 |
|
-310 |
||||||
Minus: Fresenius Medical Care investment accounted for using the equity method |
|
-2,813 |
|
-3,639 |
||||||
Invested capital |
|
28,813 |
|
29,913 |
||||||
Average invested capital as of December 31 |
|
29,363 |
|
29,704 |
||||||
Operating income2 |
|
2,595 |
|
2,489 |
||||||
Income tax expense |
|
-665 |
|
-644 |
||||||
NOPAT2 |
|
1,930 |
|
1,845 |
||||||
ROIC in % |
|
6.6% |
|
6.2% |
||||||
|
||||||||||
1 Includes financial liabilities (short- and long-term), bonds, and lease liabilities
2 Before special items
3 Trade receivables and inventories less trade payables and advance payments received
4 Before special items; pro forma acquisitions / divestitures
For a detailed overview of special items and adjustments please see section Reconciliation Fresenius Group.
ROE is calculated by fiscal year’s net income / total equity × 100.
Invested capital = total assets + accumulated amortization of goodwill - deferred tax assets - cash and cash equivalents - trade accounts payable - accruals (without pension accruals) - other liabilities not bearing interest.
Calculated by: (Inventories / Costs of goods sold) × 365 days.