Please kindly note:

Historic numbers have been restated in order to reflect the Vamed exit as well as portfolio adjustments at Fresenius Helios.
The Corporate/Other segment now includes the former Vamed Hospital Services business (HES).
The contribution from Fresenius Medical Care is reflected in the line “Result from investments (Equity method; FME: 32% of net income)”
Consensus estimates are before special items.

[EUR m]	Q1 2024	FY 2024	Q1 2025 E	FY 2025 E	FY 2026 E
Revenue
Number of Estimates			12	15	15
Highest			5,738.2	22,925.4	24,142.5
Consensus (Mean)	5,283.0	21,526.0	5,613.2	22,645.7	23,811.9
Median			5,603.7	22,659.0	23,812.6
Lowest			5,525.8	22,461.0	23,471.0
Organic revenue growth (in %)
Number of Estimates			7	11	11
Highest			8.0	7.1	6.2
Consensus (Mean)	7.0	8.0	6.1	5.5	5.2
Median			6.6	5.6	5.4
Lowest			3.1	3.7	4.2
EBIT
Number of Estimates			12	15	15
Highest			663.0	2,666.3	2,991.5
Consensus (Mean)	631.0	2,489.0	634.0	2,608.8	2,852.1
Median			635.9	2,611.7	2,856.3
Lowest			600.0	2,545.6	2,645.7
EBIT margin (in %)
Number of Estimates			12	15	15
Highest			11.8	11.8	12.5
Consensus (Mean)	11.9	11.6	11.3	11.5	12.0
Median			11.3	11.5	12.0
Lowest			10.9	11.2	11.1
Net interest
Number of Estimates			11	15	15
Highest			-97.1	-392.0	-368.8
Consensus (Mean)	-112.0	-433.0	-106.2	-417.5	-396.1
Median			-103.0	-410.8	-392.1
Lowest			-130.0	-500.0	-432.0
Taxes
Number of Estimates			11	15	15
Highest			-133.0	-509.1	-566.0
Consensus (Mean)	-127.0	-532.0	-136.2	-558.7	-622.3
Median			-135.9	-560.1	-625.5
Lowest			-140.0	-576.4	-668.8
Tax rate in %
Number of Estimates			11	15	15
Highest			27.7	26.5	27.5
Consensus (Mean)	24.5	25.9	25.7	25.5	25.4
Median			25.5	25.5	25.5
Lowest			24.5	24.9	22.6
Core net income (from continuing operations)
Number of Estimates			11	15	15
Highest			427	1,699	1,954
Consensus (Mean)	392	1,524	395	1,633	1,834
Median			395	1,636	1,836
Lowest			365	1,537	1,607
Non-controlling interest in continuing operations
Number of Estimates			10	13	13
Highest			-15.0	-64.7	-67.6
Consensus (Mean)	-21.0	-63.0	-21.1	-82.0	-90.5
Median			-20.2	-74.4	-85.7
Lowest			-36.7	-146.9	-148.2
Core net income (from continuing operations; after minorities)
Number of Estimates			10	13	13
Highest			401.6	1,624.5	1,883.5
Consensus (Mean)	371.0	1,461.0	375.7	1,551.3	1,746.1
Median			378.3	1,559.3	1,740.9
Lowest			345.0	1,461.3	1,509.3
Core EPS (in EUR; from continuing operations; after minorities)
Number of Estimates			9	12	12
Highest			0.71	2.88	3.34
Consensus (Mean)	0.66	2.59	0.67	2.76	3.13
Median			0.67	2.77	3.10
Lowest			0.61	2.59	3.01
Result from investments (Equity method; FME: 32% of net income)
Number of Estimates			9	12	12
Highest			90.0	401.5	490.5
Consensus (Mean)	60.0	288.0	59.8	306.5	345.4
Median			60.9	303.4	340.5
Lowest			39.2	232.1	277.3
Net income attributable to FSE
Number of Estimates			9	14	14
Highest			464.2	1,981.0	2,231.5
Consensus (Mean)	431.0	1,749.0	434.8	1,864.3	2,109.5
Median			435.8	1,861.3	2,113.9
Lowest			384.2	1,748.4	1,990.3
EPS (in EUR)
Number of Estimates			9	14	14
Highest			0.82	3.52	3.98
Consensus (Mean)	0.77	3.11	0.77	3.31	3.74
Median			0.77	3.31	3.75
Lowest			0.68	3.10	3.51
Average number of ordinary shares (in million)
Number of Estimates			13	15	15
Highest			563.24	563.24	566.74
Consensus (Mean)	563.24	563.24	563.24	563.24	563.47
Median			563.24	563.24	563.24
Lowest			563.24	563.24	563.24
Fresenius Kabi, revenue
Number of Estimates			12	14	14
Highest			2,260.0	9,046.0	9,704.8
Consensus (Mean)	2,051.0	8,414.0	2,190.9	8,908.1	9,464.8
Median			2,195.1	8,915.8	9,447.5
Lowest			2,095.0	8,749.0	9,256.5
Fresenius Kabi, organic revenue growth (in %)
Number of Estimates			9	12	12
Highest			10.2	7.5	8.2
Consensus (Mean)	9.0	10.0	7.1	6.6	6.4
Median			6.6	6.7	6.4
Lowest			5.3	5.5	4.4
thereof Medtech, revenue
Number of Estimates			9	11	11
Highest			421.2	1,703.6	1,854.4
Consensus (Mean)	372.0	1,568.0	406.0	1,671.9	1,792.6
Median			402.8	1,677.9	1,795.3
Lowest			395.0	1,608.9	1,657.1
thereof Nutrition, revenue
Number of Estimates			9	11	11
Highest			660.0	2,577.3	2,762.3
Consensus (Mean)	579.0	2,399.0	622.0	2,494.8	2,659.9
Median			615.0	2,493.2	2,659.6
Lowest			603.7	2,426.8	2,569.9
thereof Biopharma, revenue
Number of Estimates			9	11	11
Highest			209.0	886.0	1,139.8
Consensus (Mean)	139.0	611.0	190.1	839.2	1,014.8
Median			187.7	855.4	1,022.8
Lowest			166.6	740.4	888.5
Subtotal Growth Vectors, revenue
Number of Estimates			9	11	11
Highest			1,270.0	5,076.7	5,637.7
Consensus (Mean)	1,089.0	4,578.0	1,218.0	5,005.9	5,467.3
Median			1,214.7	5,002.0	5,443.0
Lowest			1,177.2	4,883.5	5,307.9
Pharma (IV Drugs & Fluids), revenue
Number of Estimates			9	11	11
Highest			997.8	4,095.0	4,299.8
Consensus (Mean)	962.0	3,835.0	983.4	3,915.2	4,028.9
Median			987.6	3,922.5	4,036.7
Lowest			962.0	3,796.7	3,816.4
Fresenius Kabi, EBIT
Number of Estimates			12	14	14
Highest			367.3	1,523.0	1,675.4
Consensus (Mean)	310.0	1,319.0	354.4	1,456.4	1,603.1
Median			356.1	1,456.2	1,600.7
Lowest			328.1	1,417.4	1,524.6
Fresenius Kabi, EBIT margin
Number of Estimates			12	14	14
Highest			16.5	17.1	17.8
Consensus (Mean)	15.1	15.7	16.2	16.3	16.9
Median			16.3	16.3	16.9
Lowest			14.9	15.9	16.2
thereof Growth Vectors, EBIT
Number of Estimates			9	11	11
Highest			190.5	780.9	948.0
Consensus (Mean)	124.0	635.0	169.9	741.4	868.7
Median			170.7	749.9	873.3
Lowest			128.8	691.6	803.4
thereof Growth Vectors, EBIT margin (in %)
Number of Estimates			9	11	11
Highest			15.0	15.4	17.0
Consensus (Mean)	11.4	13.9	13.9	14.8	15.9
Median			14.4	14.9	16.0
Lowest			10.6	14.0	15.0
thereof Pharma (IV Drugs & Fluids), EBIT
Number of Estimates			9	11	11
Highest			215.0	819.0	847.7
Consensus (Mean)	206.0	771.0	204.8	786.7	813.2
Median			206.0	786.7	817.2
Lowest			192.4	759.3	773.3
thereof Pharma (IV Drugs & Fluids), EBIT margin (in %)
Number of Estimates			9	11	11
Highest			21.6	20.5	21.0
Consensus (Mean)	21.4	20.1	20.8	20.1	20.2
Median			21.0	20.0	20.3
Lowest			20.0	19.7	19.5
thereof Corporate, EBIT
Number of Estimates			9	11	11
Highest			-5.0	-20.0	-20.0
Consensus (Mean)	-20.0	-87.0	-18.1	-75.0	-78.6
Median			-20.6	-86.3	-90.5
Lowest			-23.9	-95.7	-105.3
Fresenius Helios, revenue
Number of Estimates			12	14	14
Highest			3,365.7	13,429.9	14,071.6
Consensus (Mean)	3,154.0	12,739.0	3,324.7	13,370.6	13,983.1
Median			3,330.5	13,388.4	14,034.9
Lowest			3,270.0	13,169.1	13,682.8
Fresenius Helios, organic revenue growth (in %)
Number of Estimates			8	12	12
Highest			5.9	5.4	5.1
Consensus (Mean)	5.0	6.0	5.4	5.0	4.5
Median			5.6	5.1	4.7
Lowest			4.0	4.1	3.5
Helios Germany, revenue
Number of Estimates			10	11	11
Highest			2,007.7	8,006.8	8,367.1
Consensus (Mean)	1,903.0	7,662.0	1,985.1	7,975.8	8,294.5
Median			1,988.6	7,994.5	8,287.2
Lowest			1,941.1	7,899.5	8,176.0
Helios Spain, revenue
Number of Estimates			10	11	11
Highest			1,377.1	5,435.4	5,812.5
Consensus (Mean)	1,251.0	5,077.0	1,344.6	5,400.0	5,707.2
Median			1,339.5	5,407.0	5,704.5
Lowest			1,326.1	5,269.6	5,506.8
Fresenius Helios, EBIT
Number of Estimates			12	14	14
Highest			336.8	1,368.9	1,491.1
Consensus (Mean)	348.0	1,288.0	321.8	1,323.4	1,441.1
Median			321.2	1,324.5	1,448.1
Lowest			310.0	1,275.0	1,355.0
Fresenius Helios, EBIT margin (in %)
Number of Estimates			12	14	14
Highest			10.1	10.2	10.6
Consensus (Mean)	11.0	10.1	9.7	9.9	10.3
Median			9.7	9.9	10.4
Lowest			9.3	9.5	9.6
Helios Germany, EBIT
Number of Estimates			10	11	11
Highest			156.6	703.5	767.0
Consensus (Mean)	205.0	660.0	152.5	652.9	715.0
Median			153.1	643.4	711.2
Lowest			148.4	610.0	640.0
Helios Spain, EBIT
Number of Estimates			10	11	11
Highest			188.4	704.4	758.1
Consensus (Mean)	144.0	629.0	171.9	677.6	727.2
Median			171.1	680.0	727.3
Lowest			160.0	638.8	670.3
Helios Corporate, EBIT
Number of Estimates			10	11	11
Highest			0.0	0.7	0.7
Consensus (Mean)	-1.0	-1.0	-1.4	-1.8	-1.8
Median			-0.6	-1.0	-1.0
Lowest			-5.0	-15.0	-15.0
Corporate/Other, revenue
Number of Estimates			12	14	14
Highest			150.0	449.5	432.2
Consensus (Mean)	78.0	373.0	97.6	380.1	383.9
Median			95.0	380.5	390.0
Lowest			74.6	298.4	313.3
Corporate/Other, EBIT
Number of Estimates			12	14	14
Highest			-33.0	-100.0	-128.4
Consensus (Mean)	-27.0	-118.0	-42.1	-171.7	-193.3
Median			-40.0	-177.2	-186.1
Lowest			-54.5	-218.0	-300.0

[EUR m]

Q1 2024

FY 2024

Q1 2025 E

FY 2025 E

FY 2026 E

Revenue

Number of Estimates

Highest

5,738.2

22,925.4

24,142.5

Consensus (Mean)

5,283.0

21,526.0

5,613.2

22,645.7

23,811.9

Median

5,603.7

22,659.0

23,812.6

Lowest

5,525.8

22,461.0

23,471.0

Organic revenue growth (in %)

Number of Estimates

Highest

8.0

7.1

6.2

Consensus (Mean)

7.0

8.0

6.1

5.5

5.2

Median

6.6

5.6

5.4

Lowest

3.1

3.7

4.2

EBIT

Number of Estimates

Highest

663.0

2,666.3

2,991.5

Consensus (Mean)

631.0

2,489.0

634.0

2,608.8

2,852.1

Median

635.9

2,611.7

2,856.3

Lowest

600.0

2,545.6

2,645.7

EBIT margin (in %)

Number of Estimates

Highest

11.8

12.5

Consensus (Mean)

11.9

11.6

11.3

11.5

12.0

Median

11.3

11.5

12.0

Lowest

10.9

11.2

11.1

Net interest

Number of Estimates

Highest

-97.1

-392.0

-368.8

Consensus (Mean)

-112.0

-433.0

-106.2

-417.5

-396.1

Median

-103.0

-410.8

-392.1

Lowest

-130.0

-500.0

-432.0

Taxes

Number of Estimates

Highest

-133.0

-509.1

-566.0

Consensus (Mean)

-127.0

-532.0

-136.2

-558.7

-622.3

Median

-135.9

-560.1

-625.5

Lowest

-140.0

-576.4

-668.8

Tax rate in %

Number of Estimates

Highest

27.7

26.5

27.5

Consensus (Mean)

24.5

25.9

25.7

25.5

25.4

Median

25.5

Lowest

24.5

24.9

22.6

Core net income (from continuing operations)

Number of Estimates

Highest

427

1,699

1,954

Consensus (Mean)

392

1,524

395

1,633

1,834

Median

395

1,636

1,836

Lowest

365

1,537

1,607

Non-controlling interest in continuing operations

Number of Estimates

Highest

-15.0

-64.7

-67.6

Consensus (Mean)

-21.0

-63.0

-21.1

-82.0

-90.5

Median

-20.2

-74.4

-85.7

Lowest

-36.7

-146.9

-148.2

Core net income (from continuing operations; after minorities)

Number of Estimates

Highest

401.6

1,624.5

1,883.5

Consensus (Mean)

371.0

1,461.0

375.7

1,551.3

1,746.1

Median

378.3

1,559.3

1,740.9

Lowest

345.0

1,461.3

1,509.3

Core EPS (in EUR; from continuing operations; after minorities)

Number of Estimates

Highest

0.71

2.88

3.34

Consensus (Mean)

0.66

2.59

0.67

2.76

3.13

Median

0.67

2.77

3.10

Lowest

0.61

2.59

3.01

Result from investments (Equity method; FME: 32% of net income)

Number of Estimates

Highest

90.0

401.5

490.5

Consensus (Mean)

60.0

288.0

59.8

306.5

345.4

Median

60.9

303.4

340.5

Lowest

39.2

232.1

277.3

Net income attributable to FSE

Number of Estimates

Highest

464.2

1,981.0

2,231.5

Consensus (Mean)

431.0

1,749.0

434.8

1,864.3

2,109.5

Median

435.8

1,861.3

2,113.9

Lowest

384.2

1,748.4

1,990.3

EPS (in EUR)

Number of Estimates

Highest

0.82

3.52

3.98

Consensus (Mean)

0.77

3.11

0.77

3.31

3.74

Median

0.77

3.31

3.75

Lowest

0.68

3.10

3.51

Average number of ordinary shares (in million)

Number of Estimates

Highest

563.24

566.74

Consensus (Mean)

563.24

563.47

Median

563.24

Lowest

563.24

Fresenius Kabi, revenue

Number of Estimates

Highest

2,260.0

9,046.0

9,704.8

Consensus (Mean)

2,051.0

8,414.0

2,190.9

8,908.1

9,464.8

Median

2,195.1

8,915.8

9,447.5

Lowest

2,095.0

8,749.0

9,256.5

Fresenius Kabi, organic revenue growth (in %)

Number of Estimates

Highest

10.2

7.5

8.2

Consensus (Mean)

9.0

10.0

7.1

6.6

6.4

Median

6.6

6.7

6.4

Lowest

5.3

5.5

4.4

thereof Medtech, revenue

Number of Estimates

Highest

421.2

1,703.6

1,854.4

Consensus (Mean)

372.0

1,568.0

406.0

1,671.9

1,792.6

Median

402.8

1,677.9

1,795.3

Lowest

395.0

1,608.9

1,657.1

thereof Nutrition, revenue

Number of Estimates

Highest

660.0

2,577.3

2,762.3

Consensus (Mean)

579.0

2,399.0

622.0

2,494.8

2,659.9

Median

615.0

2,493.2

2,659.6

Lowest

603.7

2,426.8

2,569.9

thereof Biopharma, revenue

Number of Estimates

Highest

209.0

886.0

1,139.8

Consensus (Mean)

139.0

611.0

190.1

839.2

1,014.8

Median

187.7

855.4

1,022.8

Lowest

166.6

740.4

888.5

Subtotal Growth Vectors, revenue

Number of Estimates

Highest

1,270.0

5,076.7

5,637.7

Consensus (Mean)

1,089.0

4,578.0

1,218.0

5,005.9

5,467.3

Median

1,214.7

5,002.0

5,443.0

Lowest

1,177.2

4,883.5

5,307.9

Pharma (IV Drugs & Fluids), revenue

Number of Estimates

Highest

997.8

4,095.0

4,299.8

Consensus (Mean)

962.0

3,835.0

983.4

3,915.2

4,028.9

Median

987.6

3,922.5

4,036.7

Lowest

962.0

3,796.7

3,816.4

Fresenius Kabi, EBIT

Number of Estimates

Highest

367.3

1,523.0

1,675.4

Consensus (Mean)

310.0

1,319.0

354.4

1,456.4

1,603.1

Median

356.1

1,456.2

1,600.7

Lowest

328.1

1,417.4

1,524.6

Fresenius Kabi, EBIT margin

Number of Estimates

Highest

16.5

17.1

17.8

Consensus (Mean)

15.1

15.7

16.2

16.3

16.9

Median

16.3

16.9

Lowest

14.9

15.9

16.2

thereof Growth Vectors, EBIT

Number of Estimates

Highest

190.5

780.9

948.0

Consensus (Mean)

124.0

635.0

169.9

741.4

868.7

Median

170.7

749.9

873.3

Lowest

128.8

691.6

803.4

thereof Growth Vectors, EBIT margin (in %)

Number of Estimates

Highest

15.0

15.4

17.0

Consensus (Mean)

11.4

13.9

14.8

15.9

Median

14.4

14.9

16.0

Lowest

10.6

14.0

15.0

thereof Pharma (IV Drugs & Fluids), EBIT

Number of Estimates

Highest

215.0

819.0

847.7

Consensus (Mean)

206.0

771.0

204.8

786.7

813.2

Median

206.0

786.7

817.2

Lowest

192.4

759.3

773.3

thereof Pharma (IV Drugs & Fluids), EBIT margin (in %)

Number of Estimates

Highest

21.6

20.5

21.0

Consensus (Mean)

21.4

20.1

20.8

20.1

20.2

Median

21.0

20.0

20.3

Lowest

20.0

19.7

19.5

thereof Corporate, EBIT

Number of Estimates

Highest

-5.0

-20.0

Consensus (Mean)

-20.0

-87.0

-18.1

-75.0

-78.6

Median

-20.6

-86.3

-90.5

Lowest

-23.9

-95.7

-105.3

Fresenius Helios, revenue

Number of Estimates

Highest

3,365.7

13,429.9

14,071.6

Consensus (Mean)

3,154.0

12,739.0

3,324.7

13,370.6

13,983.1

Median

3,330.5

13,388.4

14,034.9

Lowest

3,270.0

13,169.1

13,682.8

Fresenius Helios, organic revenue growth (in %)

Number of Estimates

Highest

5.9

5.4

5.1

Consensus (Mean)

5.0

6.0

5.4

5.0

4.5

Median

5.6

5.1

4.7

Lowest

4.0

4.1

3.5

Helios Germany, revenue

Number of Estimates

Highest

2,007.7

8,006.8

8,367.1

Consensus (Mean)

1,903.0

7,662.0

1,985.1

7,975.8

8,294.5

Median

1,988.6

7,994.5

8,287.2

Lowest

1,941.1

7,899.5

8,176.0

Helios Spain, revenue

Number of Estimates

Highest

1,377.1

5,435.4

5,812.5

Consensus (Mean)

1,251.0

5,077.0

1,344.6

5,400.0

5,707.2

Median

1,339.5

5,407.0

5,704.5

Lowest

1,326.1

5,269.6

5,506.8

Fresenius Helios, EBIT

Number of Estimates

Highest

336.8

1,368.9

1,491.1

Consensus (Mean)

348.0

1,288.0

321.8

1,323.4

1,441.1

Median

321.2

1,324.5

1,448.1

Lowest

310.0

1,275.0

1,355.0

Fresenius Helios, EBIT margin (in %)

Number of Estimates

Highest

10.1

10.2

10.6

Consensus (Mean)

11.0

10.1

9.7

9.9

10.3

Median

9.7

9.9

10.4

Lowest

9.3

9.5

9.6

Helios Germany, EBIT

Number of Estimates

Highest

156.6

703.5

767.0

Consensus (Mean)

205.0

660.0

152.5

652.9

715.0

Median

153.1

643.4

711.2

Lowest

148.4

610.0

640.0

Helios Spain, EBIT

Number of Estimates

Highest

188.4

704.4

758.1

Consensus (Mean)

144.0

629.0

171.9

677.6

727.2

Median

171.1

680.0

727.3

Lowest

160.0

638.8

670.3

Helios Corporate, EBIT

Number of Estimates

Highest

0.0

0.7

Consensus (Mean)

-1.0

-1.4

-1.8

Median

-0.6

-1.0

Lowest

-5.0

-15.0

Corporate/Other, revenue

Number of Estimates

Highest

150.0

449.5

432.2

Consensus (Mean)

78.0

373.0

97.6

380.1

383.9

Median

95.0

380.5

390.0

Lowest

74.6

298.4

313.3

Corporate/Other, EBIT

Number of Estimates

Highest

-33.0

-100.0

-128.4

Consensus (Mean)

-27.0

-118.0

-42.1

-171.7

-193.3

Median

-40.0

-177.2

-186.1

Lowest

-54.5

-218.0

-300.0