Fresenius Medical Care AG (FMS): Financial results for Q2 2026

Fresenius Medical Care reported EUR 4,861 million of Q2 2026 revenue, up 1% year on year, with 4% growth at constant currency and 5% organic growth. All operating segments contributed to organic growth, but currency effects negatively affected all three operating segments and divestitures reduced Group revenue development by 50 basis points. Care Delivery grew 3% to EUR 3,478 million, Value-Based Care grew 6% to EUR 536 million, and Care Enablement grew 2% to EUR 1,371 million.

Profitability strengthened materially on the adjusted basis. Operating income excluding special items rose 20%, or 23% at constant currency, to EUR 569 million and the adjusted operating margin expanded to 11.7% from 9.9%. Care Delivery adjusted operating income increased 40% to EUR 527 million, supported by rate effects, TDAPA reimbursement regulations and FME25+ savings. Reported operating income increased 10% to EUR 466 million, but reported net income attributable to shareholders declined 3% to EUR 218 million. Basic EPS excluding special items increased 24% to EUR 1.13, while basic EPS increased 6% to EUR 0.81.

Care Enablement remains an important offset to the Care Delivery improvement. Its reported operating income increased 11% to EUR 99 million, but operating income excluding special items decreased 6% to EUR 111 million and the adjusted margin declined to 8.1% from 8.7%. Pricing, volume and 5008X CAREsystem sales outside China were positive, while inflationary costs, volume-based procurement and stricter tender requirements in China weighed on performance. Value-Based Care moved to EUR 17 million of operating income from a EUR 9 million loss, although the company noted that quarterly earnings volatility is inherent to the business model.

Cash generation was strong, with operating cash flow up 11% to EUR 860 million, principally driven by favorable working-capital development. Free cash flow was EUR 625 million versus EUR 628 million in Q2 2025. Total net debt and lease liabilities increased 6% to EUR 9,902 million, while the net leverage ratio remained 2.6x, around the lower end of the 2.5x to 3.0x target band. The company cancelled all 24.8 million shares from its initial buyback and had repurchased 2,454,945 shares for EUR 94 million under the second program as of June 30.

The company reaffirmed its 2026 outlook for broadly flat revenue growth and operating income excluding special items ranging from a positive to negative mid-single digit percent growth rate at constant currency. Execution priorities include scaling the 5008X CAREsystem, where 227 U.S. clinics had converted and more than 600,000 treatments had been performed, completing the clinic-footprint optimization benefits in the second half, and delivering the FME25+ savings plan. Investors should also track the EUR 42 million of Q2 FME25+ one-time costs and the EUR 71 million impact associated with the recommended revocation of the TAVNEOS® marketing authorization.