Annual Report 2025

Change report

Elevating our Performance

Unlocking our full potential

2025 has been a tremendous year: disciplined execution, strategic clarity, and the collective strength of #TeamFresenius. Across the company, we delivered excellent operating performance and navigated macroeconomic volatility and a new geopolitical reality with confidence.

“Elevating Our Performance”, is about unlocking our full potential as ONE #TeamFresenius. It reflects our company’s mindset: moving forward with confidence, accelerating performance, and making Fresenius even more innovative and relevant. Only in this way can we remain a leading healthcare company in the future.

“We are confident – not because the environment is easy, but because we are prepared: with a clear strategy, a compelling portfolio, strong momentum, and a dedicated team.”
Michael Sen, Chairman of the Management Board (Photo)

#CommittedToLife: Delivering on our promise

Everything we achieved in 2025 reinforces our commitment to saving and improving people’s lives. From scaling affordable medicines to advancing digital transformation and delivering consistently high quality of care - #CommittedToLife is the unifying promise behind our performance ambitions.

This high level of performance characterized Fresenius’ fiscal year 2025. We raised our guidance for revenue and EBIT growth and ultimately delivered on these ambitious targets. Building on strong momentum, we further strengthened our balance sheet while making targeted investments to prepare for the next growth phase.

The results for the full 2025 financial year are excellent across the board:

+ 7 %

organic revenue growth1

+ 6 %

EBIT growth2

+ 12 %

Core EPS growth2,3

1Organic growth rate adjusted for accounting effects related to Argentina hyperinflation

2Growth rate at constant currency (cc) and adjusted for Argentina hyperinflation

3Excluding Fresenius Medical Care
Before special items

Laying the foundations: Shaping next-level therapies

Looking at 2026 and beyond, our focus is on building a resilient healthcare franchise for the future.

By Upgrading our Core and Scaling our Platforms, we are further increasing our performance and expanding our impact. Our strategy aims to position Fresenius in higher-growth healthcare segments and thereby drive sustainable value creation by unlocking new, previously untapped earnings potential.

We enter 2026 and beyond with:

  • A more resilient business model and stronger financial flexibility

  • A clear emphasis on product pipeline execution and rollouts, investing in innovation and R&D-driven differentiation

  • Strengthening supply chain resilience

  • Doubling down on our local for local approach

  • Continued acceleration of digitalization, AI adoption, and process optimization

Fresenius is in great shape! The foundations are set. And together, we will continue to elevate our performance even further - for patients, for partners, and for our shareholders.

EBIT (Earnings before Interest and Taxes)
EBIT does include depreciation and write-ups on property, plant and equipment.

EBIT is calculated by subtracting costs of revenue, selling, general, and administrative expenses, and research and development expenses from revenue.
View complete Glossary