Results of operations
The growth rates of Fresenius Kabi have been adjusted. Adjustments relate to the hyperinflation in Argentina. The growth rates of the Fresenius Group have also been adjusted accordingly.
With the gradual exit from Fresenius Vamed, the information on results of operations, financial position, and assets and liabilities have been adjusted in accordance with accounting requirements to reflect continuing and discontinued operations.
The results of operations are presented before special items.
Revenue1
Group revenue increased by 5% (6% in constant currency) to €22,554 million (2024: €21,526 million). Organic growth amounted to 7%. Group revenue reported was €22,873 million (2024: €21,954 million).
In detail, the revenue performance of the business segments2 was as follows:
Fresenius Kabi increased revenue by 2% (6% in constant currency) to €8,612 million (2024: €8,414 million). Currency translation effects had a negative impact of 4%. They mainly resulted from the hyperinflation in Argentina as well as the depreciation of the U.S. dollar. Organic growth amounted to 7%. The business performance was especially driven by the growth vectors (MedTech, Nutrition, and Biopharma) with a total growth of 7% (11% in constant currency).
Revenue in the MedTech business increased by 3% (6% in constant currency) to €1,610 million (2024: €1,568 million). The organic growth of 6% was driven by a good performance across all regions.
Revenue in the Nutrition business remained almost stable (5% growth in constant currency) at €2,396 million (2024: €2,399 million). The organic growth of 5% benefited from the good development in Europe, Latin America, and the United States. The tender business related to the Nutrition product Ketosteril in China had a negative impact.
Revenue in the Biopharma business increased by 43% in fiscal year 2025 (51% in constant currency) to €871 million (2024: €611 million). The strong growth was driven by the ramp up of the Tyenne® biosimilar molecule in Europe and the United States.
Revenue in the Pharma business (IV Drugs & Fluids) decreased to €3,735 million, mainly due to currency exchange rate effects (2024: €3,835 million). Organic growth amounted to 2% and was driven by recorded good volume demand, despite a strong prior-year base and disciplined pricing in Europe as well as continued growth in I.V. solutions in the United States.
Fresenius Helios increased revenue by 6% (7% in constant currency) to €13,550 million (2024: €12,739 million). Organic revenue growth amounted to 7%.
Helios Germany’s revenue increased by 6% to €8,121 million (2024: €7,662 million). Organic growth was 6% and was driven by positive volume and price effects.
Helios Spain’s revenue increased by 7% (7% in constant currency) to €5,429 million (2024: €5,077 million). Organic growth was 7% and was primarily driven by continued strong demand for treatments, higher reimbursement rates.
Organic growth rate adjusted for accounting effects related to Argentina hyperinflation.
€ in millions |
|
2025 |
|
2024 |
|
Growth |
|
Currency translation effects |
|
Constant currency growth2 |
|
Organic growth2 |
|
Acquisitions |
|
Divestitures / others |
|
% of total revenue |
||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Fresenius Kabi |
|
8,612 |
|
8,414 |
|
2% |
|
-4% |
|
6% |
|
7% |
|
0% |
|
-1% |
|
38% |
||||||
Fresenius Helios |
|
13,550 |
|
12,739 |
|
6% |
|
-1% |
|
7% |
|
7% |
|
0% |
|
0% |
|
60% |
||||||
Corporate / Others |
|
392 |
|
373 |
|
n / a |
|
n / a |
|
n / a |
|
n / a |
|
n / a |
|
n / a |
|
2% |
||||||
Total |
|
22,554 |
|
21,526 |
|
5% |
|
-1% |
|
6% |
|
7% |
|
0% |
|
-1% |
|
100% |
||||||
|
||||||||||||||||||||||||
€ in millions |
|
2025 |
|
2024 |
|
Growth |
|
Currency translation effects |
|
Constant currency growth2 |
|
Organic growth2 |
|
Acquisitions |
|
Divestitures / others |
|
% of total revenue |
||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
North America |
|
2,737 |
|
2,701 |
|
1% |
|
-5% |
|
6% |
|
6% |
|
0% |
|
0% |
|
12% |
||||||
Europe |
|
16,774 |
|
15,662 |
|
7% |
|
0% |
|
7% |
|
7% |
|
0% |
|
0% |
|
74% |
||||||
Asia-Pacific |
|
1,505 |
|
1,603 |
|
-6% |
|
-4% |
|
-2% |
|
-2% |
|
0% |
|
0% |
|
7% |
||||||
Latin America |
|
1,375 |
|
1,404 |
|
-2% |
|
-12% |
|
10% |
|
13% |
|
0% |
|
-3% |
|
6% |
||||||
Africa |
|
163 |
|
156 |
|
4% |
|
-2% |
|
6% |
|
6% |
|
0% |
|
0% |
|
1% |
||||||
Total |
|
22,554 |
|
21,526 |
|
5% |
|
-1% |
|
6% |
|
7% |
|
0% |
|
-1% |
|
100% |
||||||
|
||||||||||||||||||||||||
Earnings structure
In 2025, Group net income3 before special items increased by 14% (16% in constant currency) to €1,995 million (2024: €1,749 million) due to a strong operating business development.
Earnings per share3 before special items increased by 14% (16% in constant currency) to €3.54 (2024: €3.11). The weighted average number of shares was 563.2 million.
In 2025, Core net income3 before special items increased by 11% (12% in constant currency) to €1,619 million (2024: €1,461 million).
Core Earnings per share3 before special items increased by 11% (12% in constant currency) to €2.87 (2024: €2.59).
Reported Group net income3 increased to €1,264 million (2024: €471 million).
Reported earnings per share3 was €2.24 (2024: €0.84).
Group EBITDA before special items increased by 2% (3% in constant currency) to €3,693 million (2024: €3,614 million). Group EBITDA reported was €3,430 million (2024: €3,313 million).
Group EBIT before special items increased by 4% (6% in constant currency) to €2,595 million (2024: €2,489 million). Group EBIT reported was €2,310 million (2024: €2,073 million).
€ in millions |
|
2025 |
|
2024 restated2 |
|
2024 previous |
||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenue |
|
22,873 |
|
21,954 |
|
21,833 |
||||||||
Costs of revenue |
|
-17,180 |
|
-16,317 |
|
-16,455 |
||||||||
Gross profit |
|
5,693 |
|
5,637 |
|
5,378 |
||||||||
Selling, general, and administrative expenses |
|
-2,883 |
|
-2,888 |
|
-2,919 |
||||||||
Other operating income and expenses |
|
133 |
|
-35 |
|
-36 |
||||||||
Research and development expenses |
|
-633 |
|
-641 |
|
-641 |
||||||||
Operating income (EBIT) |
|
2,310 |
|
2,073 |
|
1,782 |
||||||||
Income from investments accounted for using the equity method |
|
198 |
|
38 |
|
38 |
||||||||
Interest result |
|
-329 |
|
-429 |
|
-432 |
||||||||
Other financial result |
|
9 |
|
– |
|
– |
||||||||
Income before income taxes |
|
2,188 |
|
1,682 |
|
1,388 |
||||||||
Income taxes |
|
-582 |
|
-530 |
|
-521 |
||||||||
Net income from continuing operations |
|
1,606 |
|
1,152 |
|
867 |
||||||||
Noncontrolling interests in continuing operations |
|
70 |
|
24 |
|
-34 |
||||||||
Net income from continuing operations attributable to shareholders of Fresenius SE & Co. KGaA |
|
1,536 |
|
1,128 |
|
901 |
||||||||
|
|
|
|
|
|
|
||||||||
Net income from discontinued operations |
|
-272 |
|
-856 |
|
-571 |
||||||||
Noncontrolling interests from discontinued operations |
|
0 |
|
-199 |
|
-141 |
||||||||
Net income from discontinued operations attributable to shareholders of Fresenius SE & Co. KGaA |
|
-272 |
|
-657 |
|
-430 |
||||||||
|
|
|
|
|
|
|
||||||||
Net income |
|
1,334 |
|
296 |
|
296 |
||||||||
Noncontrolling interests in net income |
|
70 |
|
-175 |
|
-175 |
||||||||
Net income attributable to shareholders of Fresenius SE & Co. KGaA |
|
1,264 |
|
471 |
|
471 |
||||||||
|
|
|
|
|
|
|
||||||||
Earnings per share in € (basic and diluted) |
|
2.24 |
|
0.84 |
|
0.84 |
||||||||
thereof based on net income from continuing operations |
|
2.72 |
|
2.00 |
|
1.60 |
||||||||
thereof based on net income from discontinued operations |
|
-0.48 |
|
-1.16 |
|
-0.76 |
||||||||
|
||||||||||||||
in % |
|
2025 |
|
20242 |
|
2023 |
|
2022 |
|
2021 |
||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
EBITDA margin1 |
|
16.4 |
|
16.8 |
|
16.3 |
|
15.4 |
|
16.8 |
||||||
EBIT margin1 |
|
11.5 |
|
11.6 |
|
11.2 |
|
10.2 |
|
11.7 |
||||||
|
||||||||||||||||
EBIT1 development by business segment was as follows:
Fresenius Kabi’s EBIT increased by 7% (9% in constant currency) to €1,413 million (2024: €1,319 million) driven by the strong organic revenue development, especially of the growth vectors, and ongoing improvements in the cost base. The EBIT margin was 16.4% (2024: 15.7%) and thus within the structural EBIT margin band.
The EBIT of the growth vectors increased by 17% (20% in constant currency) to €743 million (2024: €635 million), driven by strong EBIT growth in Biopharma and MedTech. The EBIT margin improved to 15.2% (2024: 13.9%).
EBIT in the Pharma (IV Drugs & Fluids) business increased by 5% (9% in constant currency) to €813 million (2024: €771 million), especially driven by good business development in Europe as well as by ongoing productivity gains and cost measures. The EBIT margin was 21.8% (2024: 20.1%).
The EBIT of Fresenius Helios increased by 3% (3% in constant currency) to €1,328 million (2024: €1,288 million). The EBIT margin was 9.8% (2024: 10.1%) and was thus within the structural EBIT margin range.
The EBIT of Helios Germany remained almost stable at €662 million (2024: €660 million), driven by a good revenue development and excellent cost savings achieved, whereas the prior year was significantly supported by energy relief funds. The EBIT margin was 8.2% (2024: 8.6%).
The EBIT of Helios Spain increased by 6% (7% in constant currency) to €669 million (2024: €629 million), which was driven by strong revenue growth of hospitals in Spain, based on volume and price effects. The EBIT margin was 12.3% (2024: 12.4%).
Development of other major items in the statement of income
Group gross profit increased by 1% (3% in constant currency) to €5,693 million (2024: €5,637 million). The gross margin decreased to 24.9% (2024: 25.7%). The cost of revenue increased by 5% to €17,180 million (2024: €16,317 million). Cost of revenue as a percentage of Group revenue was 75.1% (2024: 74.3%).
Selling, general, and administrative expenses consisted primarily of personnel costs, marketing and distribution costs, as well as depreciation and amortization. These expenses, excluding other operating income and expenses, decreased by 6% to €2,750 million (2024: €2,923 million), mainly due to other operating income.
R & D expenses decreased by 1% to €633 million (2024: €641 million).
Depreciation and amortization was €1,098 million1 (2024: €1,125 million1). The ratio as a percentage of revenue was 4.9%1 (2024: 5.2%1). Depreciation and amortization reported was €1,120 million (2024: €1,239 million).
Group personnel costs increased to €10,099 million (2024: €9,621 million). The reported personnel cost ratio was 44.2% (2024: 43.8%).
Income from investments accounted for using the equity method related mainly to Fresenius Medical Care, and was €198 million in fiscal year 2025 (2024: €38 million).
The Group financial result1 was -€324 million (2024: -€433 million), mainly due to a reduction in financial debt following strong cash flow. The Group financial result reported was -€320 million (2024: -€429 million).
The Group tax rate1 was 25.6% (2024: 25.9%), hence in line with expectation. The Group tax rate reported was 26.6% (2024: 31.5%).
Noncontrolling interests1 were -€70 million (2024: -€63 million) and mainly relate to the discontinued business segment Fresenius Vamed.
Net income from discontinued operations attributable to shareholders of Fresenius SE & Co. KGaA was -€272 million (2024: -€657 million) and relates to the discontinued operation Fresenius Vamed.
Reconciliation Fresenius Group
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, the respective key figures are presented before special items.
Consolidated results for fiscal year 2025 as well as for fiscal year 2024 include special items. These concern:
Cost and efficiency programs
Legacy portfolio adjustments
Fresenius transformation (discontinued operations Vamed, Vamed transformation and Vamed exit, IT transformation, legal form conversion costs Fresenius Medical Care, among others)
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 (stake as of December 31, 2025: ~29%))
Legal and regulatory matters
The special items shown within the reconciliation tables are reported in the Corporate / Other segment.
€ in millions |
|
2025 |
|
2024 restated |
|
Growth rate |
|
Growth rate in constant currency |
||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenue reported (after special items) |
|
22,873 |
|
21,954 |
|
4% |
|
6% |
||||||||
Legacy portfolio adjustments |
|
-7 |
|
-30 |
|
|
|
|
||||||||
Fresenius transformation |
|
-312 |
|
-398 |
|
|
|
|
||||||||
Revenue reported (before special Items) |
|
22,554 |
|
21,526 |
|
5% |
|
6% |
||||||||
|
|
|
|
|
|
|
|
|
||||||||
EBIT reported (after special items) |
|
2,310 |
|
2,073 |
|
11% |
|
13% |
||||||||
Cost and efficiency programs |
|
174 |
|
144 |
|
|
|
|
||||||||
Legacy portfolio adjustments |
|
-6 |
|
46 |
|
|
|
|
||||||||
Reduction of participation in Fresenius Medical Care |
|
-85 |
|
– |
|
|
|
|
||||||||
Fresenius transformation |
|
190 |
|
226 |
|
|
|
|
||||||||
Legal and regulatory matters |
|
12 |
|
– |
|
|
|
|
||||||||
EBIT (before special items) |
|
2,595 |
|
2,489 |
|
4% |
|
6% |
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net income reported (after special items)1 |
|
1,264 |
|
471 |
|
168% |
|
175% |
||||||||
Cost and efficiency programs |
|
149 |
|
115 |
|
|
|
|
||||||||
Legacy portfolio adjustments |
|
10 |
|
54 |
|
|
|
|
||||||||
Fresenius transformation |
|
471 |
|
859 |
|
|
|
|
||||||||
Reduction of participation in Fresenius Medical Care |
|
-86 |
|
– |
|
|
|
|
||||||||
Legal and regulatory matters |
|
9 |
|
– |
|
|
|
|
||||||||
Special items Fresenius Medical Care |
|
178 |
|
250 |
|
|
|
|
||||||||
Net income (before special items)1 |
|
1,995 |
|
1,749 |
|
14% |
|
16% |
||||||||
|
||||||||||||||||
1 Before special items
2 The following description of revenue relates to the respective external revenue of the business segments. Consolidation effects and corporate entities are not taken into account. Therefore, aggregation to total Group revenue is not possible.
3 Net income attributable to the shareholders of Fresenius SE & Co. KGaA
Growth rates adjusted for Argentina hyperinflation.
For a detailed overview of special items please see section Reconciliation Fresenius Group.
EBIT is calculated by subtracting costs of revenue, selling, general, and administrative expenses, and research and development expenses from revenue.