Fresenius SE & CO. KGAA Detailed Consensus
Consensus as of: 2026-09-30

Please kindly note:

  1. Historic numbers have been restated in order to reflect the Vamed exit as well as portfolio adjustments at Fresenius Helios.
  2. The Corporate/Other segment now includes the former Vamed Hospital Services business (HES).
  3. The contribution from Fresenius Medical Care is reflected in the line “Result from investments (Equity method; FME: ~28% of net income)”
  4. Consensus estimates are before special items.

KPI[EUR m]Q3 2025Q1-Q3 2025FY 2025Q3 2026 E9M 2026 EFY 2026 EFY 2027 E
RevenueNumber of Estimates881515
RevenueHighest5,838.117,446.124,096.825,776.5
RevenueConsensus (Mean)5,477.016,679.022,554.05,792.417,400.423,714.824,982.7
RevenueMedian5,799.917,407.923,703.424,948.3
RevenueLowest5,735.517,343.523,557.124,694.0
Organic revenue growth (in %)Number of Estimates741111
Organic revenue growth (in %)Highest6.65.86.87.0
Organic revenue growth (in %)Consensus (Mean)6.06.07.05.95.35.55.3
Organic revenue growth (in %)Median5.85.35.65.2
Organic revenue growth (in %)Lowest5.45.04.64.4
EBITNumber of Estimates881515
EBITHighest639.52,036.52,852.23,062.6
EBITConsensus (Mean)574.01,882.02,595.0614.92,011.92,774.22,975.9
EBITMedian616.22,013.22,776.02,961.6
EBITLowest588.61,985.62,725.22,867.8
EBIT margin (in %)Number of Estimates881515
EBIT margin (in %)Highest11.011.711.912.3
EBIT margin (in %)Consensus (Mean)10.511.311.510.611.611.711.9
EBIT margin (in %)Median10.611.611.711.9
EBIT margin (in %)Lowest10.211.411.511.5
Net interestNumber of Estimates771313
Net interestHighest-70.4-210.4-276.3-248.2
Net interestConsensus (Mean)-81.0-247.0-324.0-77.9-217.9-303.6-307.2
Net interestMedian-80.0-220.0-304.3-297.6
Net interestLowest-85.0-225.0-330.0-422.0
TaxesNumber of Estimates771313
TaxesHighest-126.7-428.7-590.0-633.5
TaxesConsensus (Mean)-122.0-408.0-582.0-131.8-433.8-613.8-671.9
TaxesMedian-130.3-432.3-605.6-669.0
TaxesLowest-140.5-442.5-679.6-747.5
Tax rate in %Number of Estimates771313
Tax rate in %Highest25.024.327.127.1
Tax rate in %Consensus (Mean)24.725.025.624.624.224.925.1
Tax rate in %Median24.624.224.525.0
Tax rate in %Lowest24.024.024.024.3
Core net income (from continuing operations)Number of Estimates771111
Core net income (from continuing operations)Highest4271,3821,9192,112
Core net income (from continuing operations)Consensus (Mean)3711,2271,6894041,3591,8581,997
Core net income (from continuing operations)Median4021,3571,8651,995
Core net income (from continuing operations)Lowest3801,3351,7721,888
Non-controlling interest in continuing operationsNumber of Estimates771010
Non-controlling interest in continuing operationsHighest-15.2-40.2-54.8-63.0
Non-controlling interest in continuing operationsConsensus (Mean)-20.0-48.0-70.0-21.2-46.2-70.0-77.8
Non-controlling interest in continuing operationsMedian-20.0-45.0-71.4-78.0
Non-controlling interest in continuing operationsLowest-28.2-53.2-77.0-85.0
Core net income (from continuing operations; after minorities)Number of Estimates771010
Core net income (from continuing operations; after minorities)Highest403.51,333.51,842.32,027.5
Core net income (from continuing operations; after minorities)Consensus (Mean)351.01,179.01,619.0383.01,313.01,797.11,929.8
Core net income (from continuing operations; after minorities)Median384.31,314.31,797.91,918.5
Core net income (from continuing operations; after minorities)Lowest364.81,294.81,749.01,847.7
Core EPS (in EUR; from continuing operations; after minorities)Number of Estimates771010
Core EPS (in EUR; from continuing operations; after minorities)Highest0.802.453.253.57
Core EPS (in EUR; from continuing operations; after minorities)Consensus (Mean)0.622.092.870.702.353.193.42
Core EPS (in EUR; from continuing operations; after minorities)Median0.682.333.203.41
Core EPS (in EUR; from continuing operations; after minorities)Lowest0.652.303.103.28
Result from investments (Equity method; FME: 32% of net income)Number of Estimates771010
Result from investments (Equity method; FME: 32% of net income)Highest72.1260.1342.3334.3
Result from investments (Equity method; FME: 32% of net income)Consensus (Mean)110.0264.0376.068.6256.6299.3304.3
Result from investments (Equity method; FME: 32% of net income)Median68.5256.5311.5314.5
Result from investments (Equity method; FME: 32% of net income)Lowest64.6252.6223.0237.6
Net income attributable to FSENumber of Estimates771111
Net income attributable to FSEHighest474.21,592.22,175.12,355.5
Net income attributable to FSEConsensus (Mean)461.01,443.01,995.0451.71,569.72,093.62,229.4
Net income attributable to FSEMedian451.31,569.32,107.42,226.7
Net income attributable to FSELowest433.31,551.31,998.52,117.6
EPS (in EUR)Number of Estimates771111
EPS (in EUR)Highest0.842.823.864.15
EPS (in EUR)Consensus (Mean)0.822.563.540.802.783.713.95
EPS (in EUR)Median0.802.783.743.94
EPS (in EUR)Lowest0.772.753.553.76
Average number of ordinary shares (in million)Number of Estimates771313
Average number of ordinary shares (in million)Highest564.94564.94566.70567.70
Average number of ordinary shares (in million)Consensus (Mean)563.24563.24563.24563.48563.48563.60563.71
Average number of ordinary shares (in million)Median563.24563.24563.24563.24
Average number of ordinary shares (in million)Lowest563.24563.24563.24563.24
Fresenius Kabi, revenueNumber of Estimates881111
Fresenius Kabi, revenueHighest2,332.06,727.09,267.910,003.9
Fresenius Kabi, revenueConsensus (Mean)2,141.06,398.08,612.02,295.36,690.39,103.89,695.6
Fresenius Kabi, revenueMedian2,292.66,687.69,108.29,675.0
Fresenius Kabi, revenueLowest2,246.76,641.78,956.79,392.1
Fresenius Kabi, organic revenue growth (in %)Number of Estimates731010
Fresenius Kabi, organic revenue growth (in %)Highest9.76.67.67.9
Fresenius Kabi, organic revenue growth (in %)Consensus (Mean)7.06.07.07.16.46.76.3
Fresenius Kabi, organic revenue growth (in %)Median6.86.56.66.1
Fresenius Kabi, organic revenue growth (in %)Lowest5.46.15.94.9
thereof Medtech, revenueNumber of Estimates881010
thereof Medtech, revenueHighest440.01,267.01,738.81,877.8
thereof Medtech, revenueConsensus (Mean)394.01,185.01,610.0426.51,253.51,707.41,832.7
thereof Medtech, revenueMedian428.21,255.21,705.31,841.0
thereof Medtech, revenueLowest411.71,238.71,682.51,766.6
thereof Nutrition, revenueNumber of Estimates881010
thereof Nutrition, revenueHighest660.01,883.02,566.12,730.4
thereof Nutrition, revenueConsensus (Mean)601.01,794.02,396.0639.31,862.32,522.92,688.6
thereof Nutrition, revenueMedian639.61,862.62,526.12,695.6
thereof Nutrition, revenueLowest619.01,842.02,467.92,616.0
thereof Biopharma, revenueNumber of Estimates881010
thereof Biopharma, revenueHighest310.0808.01,158.41,506.0
thereof Biopharma, revenueConsensus (Mean)226.0606.0871.0287.3785.31,096.11,295.0
thereof Biopharma, revenueMedian288.4786.41,095.71,285.4
thereof Biopharma, revenueLowest262.9760.91,042.01,199.9
Subtotal Growth Vectors, revenueNumber of Estimates881010
Subtotal Growth Vectors, revenueHighest1,400.03,949.05,420.96,041.4
Subtotal Growth Vectors, revenueConsensus (Mean)1,221.03,586.04,877.01,353.13,902.15,326.45,816.3
Subtotal Growth Vectors, revenueMedian1,355.83,904.85,332.55,821.7
Subtotal Growth Vectors, revenueLowest1,312.93,861.95,221.75,582.4
Pharma (IV Drugs & Fluids), revenueNumber of Estimates881010
Pharma (IV Drugs & Fluids), revenueHighest965.32,811.33,847.13,962.5
Pharma (IV Drugs & Fluids), revenueConsensus (Mean)920.02,813.03,735.0942.22,788.23,774.83,881.3
Pharma (IV Drugs & Fluids), revenueMedian936.92,782.93,772.43,874.9
Pharma (IV Drugs & Fluids), revenueLowest925.02,771.03,730.03,809.7
Fresenius Kabi, EBITNumber of Estimates881111
Fresenius Kabi, EBITHighest400.41,140.41,579.91,741.0
Fresenius Kabi, EBITConsensus (Mean)358.01,064.01,413.0386.21,126.21,529.21,682.4
Fresenius Kabi, EBITMedian385.61,125.61,532.31,681.3
Fresenius Kabi, EBITLowest373.41,113.41,494.11,607.7
Fresenius Kabi, EBIT marginNumber of Estimates881111
Fresenius Kabi, EBIT marginHighest17.217.017.018.0
Fresenius Kabi, EBIT marginConsensus (Mean)16.716.616.416.816.816.817.4
Fresenius Kabi, EBIT marginMedian16.816.816.917.3
Fresenius Kabi, EBIT marginLowest16.416.716.516.9
thereof Growth Vectors, EBITNumber of Estimates881010
thereof Growth Vectors, EBITHighest243.9672.9948.71,085.0
thereof Growth Vectors, EBITConsensus (Mean)194.0544.0743.0231.9660.9904.61,029.1
thereof Growth Vectors, EBITMedian232.9661.9901.91,026.3
thereof Growth Vectors, EBITLowest216.6645.6873.6965.8
thereof Growth Vectors, EBIT margin (in %)Number of Estimates881010
thereof Growth Vectors, EBIT margin (in %)Highest18.017.217.518.7
thereof Growth Vectors, EBIT margin (in %)Consensus (Mean)15.915.215.217.116.917.017.7
thereof Growth Vectors, EBIT margin (in %)Median17.016.916.917.6
thereof Growth Vectors, EBIT margin (in %)Lowest16.516.716.617.0
thereof Pharma (IV Drugs & Fluids), EBIT Number of Estimates881010
thereof Pharma (IV Drugs & Fluids), EBIT Highest197.5568.5805.0834.8
thereof Pharma (IV Drugs & Fluids), EBIT Consensus (Mean)202.0624.0813.0191.0562.0770.7793.8
thereof Pharma (IV Drugs & Fluids), EBIT Median191.2562.2765.7791.8
thereof Pharma (IV Drugs & Fluids), EBIT Lowest183.8554.8750.7761.9
thereof Pharma (IV Drugs & Fluids), EBIT margin (in %)Number of Estimates881010
thereof Pharma (IV Drugs & Fluids), EBIT margin (in %)Highest21.020.421.121.1
thereof Pharma (IV Drugs & Fluids), EBIT margin (in %)Consensus (Mean)22.022.221.820.320.220.420.4
thereof Pharma (IV Drugs & Fluids), EBIT margin (in %)Median20.420.220.220.5
thereof Pharma (IV Drugs & Fluids), EBIT margin (in %)Lowest19.319.820.120.0
thereof Corporate, EBITNumber of Estimates871010
thereof Corporate, EBITHighest-29.0-89.0-120.0-100.0
thereof Corporate, EBITConsensus (Mean)-38.0-105.0-143.0-36.7-97.4-143.7-146.3
thereof Corporate, EBITMedian-37.3-98.8-141.5-147.4
thereof Corporate, EBITLowest-45.0-105.0-195.9-207.5
Fresenius Helios, revenueNumber of Estimates881111
Fresenius Helios, revenueHighest3,425.210,452.214,417.315,340.4
Fresenius Helios, revenueConsensus (Mean)3,240.010,004.013,550.03,404.810,431.814,197.214,883.0
Fresenius Helios, revenueMedian3,402.010,429.014,195.214,847.9
Fresenius Helios, revenueLowest3,381.810,408.814,064.914,683.6
Fresenius Helios, organic revenue growth (in %)Number of Estimates731010
Fresenius Helios, organic revenue growth (in %)Highest6.04.66.46.4
Fresenius Helios, organic revenue growth (in %)Consensus (Mean)5.06.07.05.24.34.84.8
Fresenius Helios, organic revenue growth (in %)Median5.04.24.84.8
Fresenius Helios, organic revenue growth (in %)Lowest4.44.13.83.5
Helios Germany, revenueNumber of Estimates881010
Helios Germany, revenueHighest2,140.16,328.18,608.39,124.8
Helios Germany, revenueConsensus (Mean)2,019.06,066.08,121.02,116.16,304.18,468.58,842.2
Helios Germany, revenueMedian2,120.06,308.08,460.28,798.1
Helios Germany, revenueLowest2,099.86,287.88,410.08,704.4
Helios Spain, revenueNumber of Estimates881010
Helios Spain, revenueHighest1,305.24,144.25,809.06,215.7
Helios Spain, revenueConsensus (Mean)1,221.03,938.05,429.01,288.74,127.75,724.36,055.0
Helios Spain, revenueMedian1,282.14,121.15,724.26,057.4
Helios Spain, revenueLowest1,282.14,121.15,619.05,900.0
Fresenius Helios, EBITNumber of Estimates881111
Fresenius Helios, EBITHighest292.31,034.31,488.01,569.0
Fresenius Helios, EBITConsensus (Mean)242.0912.01,328.0280.61,022.61,447.51,508.9
Fresenius Helios, EBITMedian279.71,021.71,447.91,498.3
Fresenius Helios, EBITLowest272.41,014.41,417.21,466.4
Fresenius Helios, EBIT margin (in %)Number of Estimates881111
Fresenius Helios, EBIT margin (in %)Highest8.69.910.410.6
Fresenius Helios, EBIT margin (in %)Consensus (Mean)7.59.19.88.29.810.210.1
Fresenius Helios, EBIT margin (in %)Median8.29.810.210.1
Fresenius Helios, EBIT margin (in %)Lowest8.09.710.09.8
Helios Germany, EBITNumber of Estimates881010
Helios Germany, EBITHighest207.2553.2743.1766.5
Helios Germany, EBITConsensus (Mean)161.0468.0662.0188.5534.5722.1735.1
Helios Germany, EBITMedian189.1535.1724.2737.8
Helios Germany, EBITLowest173.8519.8691.6690.6
Helios Spain, EBITNumber of Estimates881010
Helios Spain, EBITHighest117.5512.5732.3786.2
Helios Spain, EBITConsensus (Mean)80.0445.0669.092.4487.4723.1769.5
Helios Spain, EBITMedian89.7484.7723.4768.8
Helios Spain, EBITLowest84.4479.4711.7749.2
Helios Corporate, EBITNumber of Estimates881010
Helios Corporate, EBITHighest1.02.01.00.0
Helios Corporate, EBITConsensus (Mean)1.0-1.0-3.0-0.30.7-1.6-1.8
Helios Corporate, EBITMedian-0.40.6-1.5-1.5
Helios Corporate, EBITLowest-2.0-1.0-5.0-5.2
Corporate/Other, revenueNumber of Estimates881111
Corporate/Other, revenueHighest104.0290.0732.3754.3
Corporate/Other, revenueConsensus (Mean)96.0277.0392.092.2278.2434.0451.3
Corporate/Other, revenueMedian100.0286.0407.7424.0
Corporate/Other, revenueLowest34.3220.3392.0392.0
Corporate/Other, EBITNumber of Estimates881111
Corporate/Other, EBITHighest-44.5-129.5-176.9-185.7
Corporate/Other, EBITConsensus (Mean)-26.0-94.0-146.0-51.9-136.9-202.2-214.7
Corporate/Other, EBITMedian-50.0-135.0-200.0-210.0
Corporate/Other, EBITLowest-60.0-145.0-250.0-260.0
Disclaimer

This document has been issued by Vara Research GmbH for information purposes only and is not intended to constitute investment advice. It is based on estimates and forecasts of various analysts regarding revenues, earnings and business developments of the relevant company. The company did not participate in the compilation of the estimates and it does not endorse them. Such estimates and forecasts cannot be independently verified by reason of the subjective character. Vara Research GmbH gives no guarantee, representation or warranty and is not responsible or liable as to its accuracy and completeness.