Fresenius SE & CO. KGAA Detailed Consensus
Consensus as of: 2026-07-24

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]Q2 2025Q1-Q2 2025FY 2025Q2 2026 EH1 2026 EFY 2026 EFY 2027 E
RevenueNumber of Estimates13131414
RevenueHighest5,905.811,649.823,935.225,284.2
RevenueConsensus (Mean)5,571.011,202.022,554.05,851.011,595.023,703.424,946.3
RevenueMedian5,854.911,598.923,700.025,000.4
RevenueLowest5,808.911,552.923,448.824,426.5
Organic revenue growth (in %)Number of Estimates1171212
Organic revenue growth (in %)Highest6.25.26.15.8
Organic revenue growth (in %)Consensus (Mean)5.06.07.05.44.95.55.2
Organic revenue growth (in %)Median5.35.15.65.5
Organic revenue growth (in %)Lowest4.94.04.64.1
EBITNumber of Estimates13131414
EBITHighest705.21,383.22,824.03,050.0
EBITConsensus (Mean)654.01,308.02,595.0693.11,371.12,759.82,961.9
EBITMedian693.81,371.82,757.92,970.2
EBITLowest676.71,354.72,698.02,773.4
EBIT margin (in %)Number of Estimates13131414
EBIT margin (in %)Highest12.011.911.812.3
EBIT margin (in %)Consensus (Mean)11.711.711.511.811.811.611.9
EBIT margin (in %)Median11.911.811.711.9
EBIT margin (in %)Lowest11.611.711.311.1
Net interestNumber of Estimates11111313
Net interestHighest-60.0-128.0-276.3-248.2
Net interestConsensus (Mean)-85.0-166.0-324.0-73.7-141.7-314.0-316.3
Net interestMedian-72.0-140.0-320.0-315.0
Net interestLowest-83.6-151.6-330.0-422.0
TaxesNumber of Estimates11111313
TaxesHighest-144.6-286.6-584.3-615.9
TaxesConsensus (Mean)-143.0-286.0-582.0-153.8-295.8-610.8-666.6
TaxesMedian-152.0-294.0-599.7-669.0
TaxesLowest-170.3-312.3-679.6-747.5
Tax rate in %Number of Estimates11111313
Tax rate in %Highest27.425.427.127.1
Tax rate in %Consensus (Mean)25.125.025.624.824.125.025.2
Tax rate in %Median24.623.924.525.0
Tax rate in %Lowest23.823.624.024.3
Core net income (from continuing operations)Number of Estimates11111111
Core net income (from continuing operations)Highest4789471,8782,017
Core net income (from continuing operations)Consensus (Mean)4268561,6894669351,8381,973
Core net income (from continuing operations)Median4659341,8471,995
Core net income (from continuing operations)Lowest4519201,7721,848
Non-controlling interest in continuing operationsNumber of Estimates10101010
Non-controlling interest in continuing operationsHighest-9.0-18.0-51.2-73.9
Non-controlling interest in continuing operationsConsensus (Mean)-14.0-28.0-70.0-17.8-26.8-73.6-81.6
Non-controlling interest in continuing operationsMedian-17.1-26.1-75.2-82.7
Non-controlling interest in continuing operationsLowest-28.2-37.2-84.4-92.0
Core net income (from continuing operations; after minorities)Number of Estimates10101010
Core net income (from continuing operations; after minorities)Highest460.0920.01,801.01,932.6
Core net income (from continuing operations; after minorities)Consensus (Mean)412.0828.01,619.0449.2909.21,770.61,899.8
Core net income (from continuing operations; after minorities)Median451.1911.11,770.81,923.3
Core net income (from continuing operations; after minorities)Lowest429.9889.91,746.61,773.8
Core EPS (in EUR; from continuing operations; after minorities)Number of Estimates10101010
Core EPS (in EUR; from continuing operations; after minorities)Highest0.821.643.203.43
Core EPS (in EUR; from continuing operations; after minorities)Consensus (Mean)0.731.472.870.801.623.143.37
Core EPS (in EUR; from continuing operations; after minorities)Median0.801.623.143.41
Core EPS (in EUR; from continuing operations; after minorities)Lowest0.761.583.103.15
Result from investments (Equity method; FME: 32% of net income)Number of Estimates881111
Result from investments (Equity method; FME: 32% of net income)Highest83.8181.8337.8348.8
Result from investments (Equity method; FME: 32% of net income)Consensus (Mean)80.0154.0376.065.4163.4275.4303.8
Result from investments (Equity method; FME: 32% of net income)Median71.8169.8286.1320.7
Result from investments (Equity method; FME: 32% of net income)Lowest41.0139.0219.0232.0
Net income attributable to FSENumber of Estimates881111
Net income attributable to FSEHighest543.71,101.72,121.82,275.2
Net income attributable to FSEConsensus (Mean)492.0982.01,995.0513.01,071.02,052.12,211.0
Net income attributable to FSEMedian513.11,071.12,058.02,216.2
Net income attributable to FSELowest487.51,045.51,969.52,049.4
EPS (in EUR)Number of Estimates881111
EPS (in EUR)Highest0.971.963.774.06
EPS (in EUR)Consensus (Mean)0.871.743.540.911.903.643.92
EPS (in EUR)Median0.911.903.653.93
EPS (in EUR)Lowest0.871.863.503.64
Average number of ordinary shares (in million)Number of Estimates13121313
Average number of ordinary shares (in million)Highest563.24566.74566.74567.74
Average number of ordinary shares (in million)Consensus (Mean)563.24563.24563.24563.24563.65563.70563.78
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 Estimates12121111
Fresenius Kabi, revenueHighest2,266.04,416.09,311.310,013.5
Fresenius Kabi, revenueConsensus (Mean)2,111.04,257.08,612.02,232.14,382.19,074.49,660.3
Fresenius Kabi, revenueMedian2,223.74,373.79,066.69,675.0
Fresenius Kabi, revenueLowest2,206.04,356.08,892.99,322.2
Fresenius Kabi, organic revenue growth (in %)Number of Estimates1171010
Fresenius Kabi, organic revenue growth (in %)Highest7.56.88.17.5
Fresenius Kabi, organic revenue growth (in %)Consensus (Mean)6.05.07.06.66.26.56.3
Fresenius Kabi, organic revenue growth (in %)Median6.66.26.46.3
Fresenius Kabi, organic revenue growth (in %)Lowest5.05.55.34.8
thereof Medtech, revenueNumber of Estimates11111010
thereof Medtech, revenueHighest419.4811.41,724.71,869.3
thereof Medtech, revenueConsensus (Mean)392.0791.01,610.0412.8804.81,688.41,809.9
thereof Medtech, revenueMedian413.6805.61,687.61,821.3
thereof Medtech, revenueLowest406.1798.11,650.31,732.8
thereof Nutrition, revenueNumber of Estimates11111010
thereof Nutrition, revenueHighest621.71,231.72,563.72,743.2
thereof Nutrition, revenueConsensus (Mean)581.01,193.02,396.0611.11,221.12,516.72,685.9
thereof Nutrition, revenueMedian609.61,219.62,510.92,688.8
thereof Nutrition, revenueLowest604.21,214.22,479.92,618.6
thereof Biopharma, revenueNumber of Estimates11111010
thereof Biopharma, revenueHighest265.0503.01,202.01,490.5
thereof Biopharma, revenueConsensus (Mean)190.0380.0871.0253.7491.71,085.71,273.0
thereof Biopharma, revenueMedian253.6491.61,083.61,283.3
thereof Biopharma, revenueLowest247.0485.01,017.71,120.1
Subtotal Growth Vectors, revenueNumber of Estimates11111010
Subtotal Growth Vectors, revenueHighest1,296.42,536.45,464.36,051.1
Subtotal Growth Vectors, revenueConsensus (Mean)1,164.02,365.04,877.01,277.62,517.65,290.85,768.8
Subtotal Growth Vectors, revenueMedian1,276.42,516.45,304.55,773.7
Subtotal Growth Vectors, revenueLowest1,260.82,500.85,157.95,512.5
Pharma (IV Drugs & Fluids), revenueNumber of Estimates11111010
Pharma (IV Drugs & Fluids), revenueHighest975.01,886.03,847.13,969.6
Pharma (IV Drugs & Fluids), revenueConsensus (Mean)947.01,893.03,735.0955.11,866.13,778.23,890.1
Pharma (IV Drugs & Fluids), revenueMedian957.51,868.53,780.93,878.4
Pharma (IV Drugs & Fluids), revenueLowest936.91,847.93,710.03,809.7
Fresenius Kabi, EBITNumber of Estimates12121111
Fresenius Kabi, EBITHighest382.0740.01,565.81,741.0
Fresenius Kabi, EBITConsensus (Mean)346.0706.01,413.0365.8723.81,510.91,663.6
Fresenius Kabi, EBITMedian364.4722.41,508.91,662.7
Fresenius Kabi, EBITLowest355.2713.21,465.81,543.0
Fresenius Kabi, EBIT marginNumber of Estimates12121111
Fresenius Kabi, EBIT marginHighest16.916.816.918.0
Fresenius Kabi, EBIT marginConsensus (Mean)16.416.616.416.416.516.617.2
Fresenius Kabi, EBIT marginMedian16.316.516.617.2
Fresenius Kabi, EBIT marginLowest16.016.316.516.6
thereof Growth Vectors, EBITNumber of Estimates10101010
thereof Growth Vectors, EBITHighest213.0408.0899.81,035.2
thereof Growth Vectors, EBITConsensus (Mean)166.0350.0743.0206.2401.2860.5981.5
thereof Growth Vectors, EBITMedian207.5402.5870.81,003.1
thereof Growth Vectors, EBITLowest190.0385.0817.0882.0
thereof Growth Vectors, EBIT margin (in %)Number of Estimates10101010
thereof Growth Vectors, EBIT margin (in %)Highest16.816.217.017.7
thereof Growth Vectors, EBIT margin (in %)Consensus (Mean)14.314.815.216.215.916.317.0
thereof Growth Vectors, EBIT margin (in %)Median16.216.016.217.1
thereof Growth Vectors, EBIT margin (in %)Lowest15.015.415.616.0
thereof Pharma (IV Drugs & Fluids), EBIT Number of Estimates10101010
thereof Pharma (IV Drugs & Fluids), EBIT Highest201.0395.0837.4870.4
thereof Pharma (IV Drugs & Fluids), EBIT Consensus (Mean)206.0422.0813.0192.7386.7802.6828.2
thereof Pharma (IV Drugs & Fluids), EBIT Median192.7386.7801.3834.3
thereof Pharma (IV Drugs & Fluids), EBIT Lowest183.5377.5765.7781.0
thereof Pharma (IV Drugs & Fluids), EBIT margin (in %)Number of Estimates10101010
thereof Pharma (IV Drugs & Fluids), EBIT margin (in %)Highest20.620.922.022.2
thereof Pharma (IV Drugs & Fluids), EBIT margin (in %)Consensus (Mean)21.822.321.820.220.721.221.3
thereof Pharma (IV Drugs & Fluids), EBIT margin (in %)Median20.320.821.121.1
thereof Pharma (IV Drugs & Fluids), EBIT margin (in %)Lowest19.520.420.520.5
thereof Corporate, EBITNumber of Estimates10101010
thereof Corporate, EBITHighest-26.0-57.0-120.0-100.0
thereof Corporate, EBITConsensus (Mean)-27.0-67.0-143.0-34.8-65.8-151.6-153.9
thereof Corporate, EBITMedian-35.7-66.7-145.9-150.9
thereof Corporate, EBITLowest-40.0-71.0-195.9-207.5
Fresenius Helios, revenueNumber of Estimates12121111
Fresenius Helios, revenueHighest3,552.27,053.214,254.614,996.0
Fresenius Helios, revenueConsensus (Mean)3,370.06,764.013,550.03,524.47,025.414,196.614,854.6
Fresenius Helios, revenueMedian3,521.87,022.814,198.514,868.4
Fresenius Helios, revenueLowest3,491.16,992.114,110.914,647.8
Fresenius Helios, organic revenue growth (in %)Number of Estimates1171010
Fresenius Helios, organic revenue growth (in %)Highest5.44.35.25.3
Fresenius Helios, organic revenue growth (in %)Consensus (Mean)5.06.07.04.64.14.84.6
Fresenius Helios, organic revenue growth (in %)Median4.54.14.84.7
Fresenius Helios, organic revenue growth (in %)Lowest4.03.74.23.5
Helios Germany, revenueNumber of Estimates12121010
Helios Germany, revenueHighest2,101.14,193.18,527.18,953.4
Helios Germany, revenueConsensus (Mean)2,001.04,047.08,121.02,088.04,180.08,461.48,813.4
Helios Germany, revenueMedian2,083.74,175.78,462.78,800.8
Helios Germany, revenueLowest2,081.04,173.08,410.08,683.5
Helios Spain, revenueNumber of Estimates12121010
Helios Spain, revenueHighest1,458.02,867.05,781.96,128.8
Helios Spain, revenueConsensus (Mean)1,369.02,717.05,429.01,436.42,845.45,730.86,052.5
Helios Spain, revenueMedian1,434.12,843.15,729.56,054.3
Helios Spain, revenueLowest1,410.12,819.15,680.45,964.4
Fresenius Helios, EBITNumber of Estimates12121111
Fresenius Helios, EBITHighest380.7748.71,488.01,569.0
Fresenius Helios, EBITConsensus (Mean)337.0670.01,328.0373.0741.01,452.31,510.1
Fresenius Helios, EBITMedian373.4741.41,457.21,506.9
Fresenius Helios, EBITLowest357.1725.11,422.91,466.4
Fresenius Helios, EBIT margin (in %)Number of Estimates12121111
Fresenius Helios, EBIT margin (in %)Highest10.810.610.410.6
Fresenius Helios, EBIT margin (in %)Consensus (Mean)10.09.99.810.610.510.210.2
Fresenius Helios, EBIT margin (in %)Median10.610.610.310.2
Fresenius Helios, EBIT margin (in %)Lowest10.110.310.09.8
Helios Germany, EBITNumber of Estimates11111010
Helios Germany, EBITHighest179.0352.0746.5778.2
Helios Germany, EBITConsensus (Mean)150.0307.0662.0175.8348.8728.0737.6
Helios Germany, EBITMedian176.9349.9734.8741.0
Helios Germany, EBITLowest170.6343.6691.6690.6
Helios Spain, EBITNumber of Estimates11111010
Helios Spain, EBITHighest206.5401.5732.3786.2
Helios Spain, EBITConsensus (Mean)189.0365.0669.0199.5394.5722.4768.3
Helios Spain, EBITMedian199.0394.0724.1770.0
Helios Spain, EBITLowest194.6389.6710.8754.9
Helios Corporate, EBITNumber of Estimates11111010
Helios Corporate, EBITHighest0.00.00.00.0
Helios Corporate, EBITConsensus (Mean)-2.0-2.0-3.0-0.8-0.8-1.7-1.8
Helios Corporate, EBITMedian-0.3-0.3-1.5-1.5
Helios Corporate, EBITLowest-4.0-4.0-5.0-5.2
Corporate/Other, revenueNumber of Estimates12121111
Corporate/Other, revenueHighest102.0194.0732.3754.3
Corporate/Other, revenueConsensus (Mean)90.0181.0392.095.1187.1435.2451.4
Corporate/Other, revenueMedian94.9186.9407.5424.0
Corporate/Other, revenueLowest85.5177.5392.0392.0
Corporate/Other, EBITNumber of Estimates12121111
Corporate/Other, EBITHighest-35.0-83.0-177.0-181.5
Corporate/Other, EBITConsensus (Mean)-29.0-68.0-146.0-43.9-91.9-207.0-218.4
Corporate/Other, EBITMedian-44.6-92.6-200.0-213.7
Corporate/Other, EBITLowest-55.0-103.0-250.0-260.0
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.