FMCQF Fresenius Med Care (PK)

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER

 

Pursuant to Rule 13a-16 or 15d-16 of the

Securities Exchange Act of 1934

 

For the month of February 2025

 

Commission file number: 001-32749

 

FRESENIUS MEDICAL CARE AG

(Translation of registrant's name into English)

 

Else-Kröner Strasse 1

61346 Bad Homburg

Germany

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F x                                                 Form 40-F ¨

 

 

 

On February 25, 2025, Fresenius Medical Care AG (the “Company”) issued a Press Release announcing its fourth quarter and full year results for the period ending December 31, 2024. A copy of the Press Release is furnished as Exhibit 99.1 and the corresponding financial figures as Exhibit 99.2.

 

The attached Press Release contains non-GAAP financial measures. For purposes of Regulation G, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles. To supplement our fourth quarter and full year 2024 consolidated financial results presented in accordance with International Financial Reporting Standards, or IFRS, we have used non-GAAP financial measures, including (a) EBITDA, or operating income excluding interest, taxes, depreciation and amortization, (b) free cash flow, (c) net leverage ratio (ratio of net debt to adjusted EBITDA) and (d) results presented in constant currency and as adjusted for special items identified in the Press Release and associated tables. These non-GAAP measures are provided to enhance the user’s overall understanding of our current financial performance and our prospects for the future. In addition, because we have historically reported certain non-GAAP financial measures in our financial results, we believe the inclusion of these non-IFRS financial measures provides consistency and comparability in our financial reporting to prior periods for which these non-GAAP financial measures were previously reported. These non-GAAP financial measures should not be used as a substitute for or be considered superior to GAAP financial measures. Reconciliation of the non-GAAP financial measures to the most comparable IFRS financial measures are included in the attached Financial Statements. As the reconciliation of amounts stated in Constant Currency is inherent in the disclosure included in the Press Release, we believe that a separate reconciliation would not provide any additional benefit.

 

The Exhibits attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.

 

EXHIBITS

 

The following exhibits are being furnished with this Report:

 

Exhibit 99.1	Press release issued on February 25, 2025.
Exhibit 99.2	Complete overview of the fourth quarter 2024 and full year 2024.

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

DATE: February 25, 2025

 

	Fresenius Medical Care AG
	By:	/s/ Helen Giza
	Name:	Helen Giza
	Title:	Chief Executive Officer and Chair of the Management Board
	By:	/s/ Martin Fischer
	Name:	Martin Fischer
	Title:	Chief Financial Officer and member of the Management Board

 

 

 

Exhibit 99.1

 

 

 

Press Release

Media contact Christine Peters T +49 160 60 66 770 christine.peters@freseniusmedicalcare.com Contact for analysts and investors Dr. Dominik Heger T +49 6172 609-2601 dominik.heger@freseniusmedicalcare.com www.freseniusmedicalcare.com

 

Fresenius Medical Care delivers 18% earnings growth in 2024 and continues the acceleration momentum into 2025

 

·	Organic revenue growth1 of 4% driven by Care Enablement and Care Delivery

·	Underlying U.S. same market treatment growth further accelerated in Q4 and turned positive for the full year

·	Accumulated savings of the FME25 program already reached EUR 567 million and 2025 target raised to EUR 750 million

·	With 18% operating income2 growth top end of the 2024 outlook range reached
·	Reported operating income grew by 2%, reported net income3 by +8%

·	Net financial leverage ratio reduced from 3.2x to 2.9x and dividend is planned to be raised by 21%

·	High teens to high twenties percent earnings growth in 2025, translating into an 11 to 12% margin

 

Bad Homburg, Germany (February 25, 2025) – “Fresenius Medical Care has again delivered against its commitments and we met the top end of our 2024 target to profitably grow our business. We successfully executed against our strategic turnaround and transformation plan, advancing our legacy portfolio optimization and realizing significant FME25 savings ahead of plan. The momentum we have created enables us to further raise our FME25 savings target from EUR 650 million to EUR 750 million”, said Helen Giza, Chief Executive Officer of Fresenius Medical Care AG. “Our continued focus on improving operational performance resulted in meaningful progress in the operating income margin towards our 2025 margin targets. Over the course of the past financial year, both business segments contributed to the positive development.” Giza added: “In Care Delivery, a key milestone was underlying U.S. same market treatment growth remaining positive for the second consecutive quarter and turning positive for the full year. Care Enablement recorded accelerated volume growth alongside continued positive pricing momentum. The strong operating income improvement of Care Enablement is testimony to delivering on our ambitious transformation plan. We are confident in the continued execution of our 2025 strategy. We have set the course to significantly grow earnings, raising the implied operating income margin to around 11 to 12 percent in 2025. I would like to thank our employees for their unwavering commitment in providing high quality of patient care worldwide, every day.”

 

¹ At constant currency, adjusted for certain reconciling items including revenues from acquisitions, closed or sold operations and differences in dialysis days

 

² Revenue and operating income outlook, as referred to in the 2024 outlook, are both at constant currency, excluding special items as well as the business impact from closed divestitures in 2023 and the settlement agreement with the U.S. government (Tricare) in 2023. For FY 2023 and 2024, special items include costs related to the FME25 program, the Humacyte remeasurements, the legal form conversion costs and effects from legacy portfolio optimization. For further details please see the reconciliation attached to the Press Release.

 

³ Net income attributable to shareholders of Fresenius Medical Care AG

 

 

Key figures Q4 and FY 2024

 

		Q4 2024				Q4 2023				Growth				Growth				FY 2024				FY 2023				Growth				Growth
		EUR m				EUR m				yoy				yoy, cc				EUR m				EUR m				yoy				yoy, cc
Revenue			5,085				4,988				+2	%			+2	%			19,336				19,454				-1	%			0	%
on outlook base2			5,069				4,834								+5	%			19,454				19,049								+2	%
Operating income			259				428				-39	%			-39	%			1,392				1,369				+2	%			+3	%
on outlook base2			489				373								+31	%			1,812				1,540								+18	%
Net income3			67				188				-64	%			-62	%			538				499				+8	%			+9	%
on outlook base2			266				154								+73	%			912				644								+42	%
Basic EPS (EUR)			0.23				0.64				-64	%			-62	%			1.83				1.70				+8	%			+9	%
on outlook base2			0.91				0.52								+73	%			3.11				2.19								+42	%

 

yoy = year-on-year, cc = at constant currency, EPS = earnings per share

 

Execution against the strategic plan translates into strong financial performance and further momentum

 

Fresenius Medical Care, the world’s leading provider of products and services for individuals with renal diseases, successfully finished year two of a three-year strategic turnaround and transformation plan.

 

Operational efficiency: In 2024, the FME25 transformation program accelerated its momentum, delivering EUR 221 million additional sustainable savings for the full year 2024, ahead of the upgraded full year target of around EUR 200 million. Accumulated savings of the entire program reached EUR 567 million. Related one-time costs were EUR 180 million in 2024, adding up to EUR 599 million since the start of the program in 2021. The program is unfolding a strong momentum, which allows to raise the target for sustainable annual savings by EUR 100 million to now EUR 750 million by the end of the current year. The Company assumes related one-time costs of EUR 700 million to EUR 750 million for the total FME25 transformation program.

 

 

Portfolio Optimization: Fresenius Medical Care continues the execution of its portfolio optimization plan to exit non-core and dilutive assets. During 2024, the exit of clinic operations in multiple markets were announced and, except for Brazil, also closed. Those exits include all Latin American countries, Sub-Saharan Africa, and Türkiye, as well as the divestments of Cura Day Hospitals Group in Australia and select assets of Spectra Laboratories, our U.S. laboratory testing services business. All assets divested during 2024 include 230 facilities, 8,200 employees and around 33,800 dialysis patients. Divestitures closed or held for sale in 2024 negatively impacted revenue by EUR 306 million and resulted in a negative effect on operating income of EUR 288 million in the full year 2024, treated as special items to operating income. As announced, the Company used the proceeds from divestitures to further improve the leverage ratio.

 

Capital Allocation: During 2024, Fresenius Medical Care strictly followed its disciplined financial policy. An increase of 10% in Free Cash Flow after investing activities, mainly due to proceeds from divestitures, was used to further reduce its net financial debt by 9% to EUR 9.8 billion. The corresponding net leverage ratio (net debt/EBITDA) decreased to 2.9x at the end of 2024, compared to 3.2x at the end of 2023. The Company adheres to its dividend policy of developing dividends in line with the development of net income excluding special items. Consequently, the planned dividend proposal for fiscal year 2024 of EUR 1.44 per share corresponds to an increase by 21% compared to prior year’s dividend.

 

Revenue development driven by robust organic growth¹

 

In the fourth quarter 2024, Group revenue increased by 2% to EUR 5,085 million (+2% at constant currency, +7% organic¹). Revenue on outlook base² increased by 5% to EUR 5,069 million compared to prior year. Divestitures realized as part of the portfolio optimization plan affected the revenue development by -250 basis points.

 

Care Delivery revenue decreased by 1% to EUR 3,945 million (-1% at constant currency, +6% organic¹) and increased by 3% on outlook base². Divestitures realized as part of the portfolio optimization plan affected the revenue development by -370 basis points.

 

In Care Delivery U.S., revenue increased by 1% (+1% at constant currency, +7% organic¹) and by 8% on outlook base². Growth in the U.S. was driven by the value-based care business and an overall increase in treatment volumes, higher reimbursement rates and a favorable payor mix shift, partially offset by the absence, in 2024, of the Tricare Settlement. U.S. same market treatment growth further improved sequentially. Adjusted for the exit from less profitable acute care contracts (-0.1%), underlying U.S. same market treatment growth remained positive (+0.5%) compared to prior year for the second consecutive quarter.

 

In Care Delivery International, revenue decreased by 10% (-10% at constant currency, +4% organic¹) and by 17% on outlook base². This development was driven by divestments realized as part of the portfolio optimization plan (-1,980 basis points), partially offset by organic growth¹ and an increase in dialysis days. International same market treatment growth was positive at 1.5%.

 

 

Care Enablement revenue grew by 11% to EUR 1,537 million (+11% at constant currency, +10% organic¹) and by 10% on outlook base², driven by volume growth in all our geographical regions as well as positive pricing momentum. Volume-based procurement in China developed in line with expectations and was supportive of volume growth, yet a headwind to price development.

 

Within Inter-segment eliminations, revenue for products transferred between the operating segments at fair market value increased by 8% to EUR 397 million (+8% at constant currency)⁴.

 

In the full year 2024, Group revenue decreased by 1% to EUR 19,336 million (stable at constant currency, +4% organic¹). On outlook base², revenue increased by 2%, in line with the full year outlook. Divestitures realized as part of the portfolio optimization plan impacted the revenue development by -160 basis points. Care Delivery revenue decreased by 2% to EUR 15,275 million (-2% at constant currency, +4% organic¹). Care Delivery U.S. grew by 1% (+1% at constant currency, +4% organic¹) and Care Delivery International decreased by 15% (-13% at constant currency, +4% organic¹). Divestitures realized as part of the portfolio optimization plan affected the revenue development of Care Delivery by -230 basis points and the revenue development of Care Delivery International by -1,230 basis points. Adjusted for the exit from less profitable acute care contracts (-0.2%), underlying U.S. same market treatment growth turned positive at 0.1%. Care Enablement revenue increased by 4% to EUR 5,557 million (+5% at constant currency, +5% organic¹). Inter-segment eliminations increased by 2% to EUR 1,496 million (+2% at constant currency)⁴.

 

Strong operating income growth supported by both segments

 

In the fourth quarter 2024, Group operating income decreased by 39% to EUR 259 million (-39% at constant currency), resulting in a margin² of 5.1% (Q4 2023: 8.6%). Operating income on outlook base² increased by 31% to EUR 489 million, resulting in a margin² of 9.6% (Q4 2023: 7.7%). Divestitures realized as part of the portfolio optimization plan had a neutral effect on operating income² margin development in the fourth quarter.

 

Operating income in Care Delivery decreased by 51% to EUR 253 million (-51% at constant currency), resulting in a margin of 6.4% (Q4 2023: 13.0%). Previous year’s quarter included the positive impact of the Tricare settlement in the net amount of EUR 181 million. Operating income on outlook base² increased by 10%, resulting in a margin² of 10.7% (Q4 2023: 10.0%). This growth was mainly driven by a lower negative contribution from the value-based care business, positive volume and price effects as well as savings associated with the FME25 program. The positive development was partly offset by the phasing of a consent agreement on certain pharmaceuticals and higher personnel expenses.

 

4

The company transfers products between segments at fair market value. The associated internal revenues and expenses and all other consolidation of transactions are included within “Inter-segment eliminations”.

 

 

Operating income in Care Enablement significantly increased to EUR 71 million (Q4 2023: EUR -42 million), resulting in a margin of 4.6% (Q4 2023: -3.1%). Operating income on outlook base² grew by more than sixfold compared to prior year, resulting in a margin² of 7.8% (Q4 2023: 1.3%). This strong increase was driven by positive volume and price effects as well as savings from the FME25 program, compensating inflationary cost increases as well as negative price impacts from volume-based procurement in China.

 

Operating income for Corporate amounted to EUR -57 million (Q4 2023: EUR -44 million). The development includes the negative valuation effects of virtual power purchase agreements (EUR -7 million). Operating income on outlook base² amounted to EUR -42 million (Q4 2023: EUR -26 million).

 

In the full year 2024, Group operating income increased by 2% to EUR 1,392 million (+3% at constant currency), resulting in a margin of 7.2% (FY 2023: 7.0%). Operating income on outlook base² increased by 18% to EUR 1,812 million, reaching the upper end of the tightened full year outlook and resulting in a margin of 9.3% (FY 2023: 8.1%). Divestitures realized during the full year were neutral on operating income margin development. In Care Delivery, operating income declined by 22% to EUR 1,190 million (-21% at constant currency), resulting in a margin of 7.8% (FY 2023: 9.7%). Operating income margin on outlook base² improved to 10.3% (FY 2023: 9.7%). In Care Enablement, operating income significantly increased to EUR 267 million (FY 2023: EUR -67 million), resulting in a margin of 4.8% (Q4 2023: -1.2%). Operating income margin on outlook base² increased to 6.1% (FY 2023: 2.3%). Operating income for Corporate amounted to EUR -48 million (FY 2023: -67 million).

 

Net income³ in the fourth quarter 2024 decreased by 64% to EUR 67 million (-62% at constant currency). Previous year’s quarter included the positive impact of the Tricare settlement in the net amount of EUR 110 million. Net income on outlook base² strongly increased by 73%.

 

In the full year 2024, net income³ increased by 8% to EUR 538 million (+9% at constant currency). Net income on outlook base² increased by 42%.

 

Basic earnings per share (EPS) decreased by 64% to EUR 0.23 in the fourth quarter 2024 (-62% at constant currency). EPS on outlook base² increased by 73% to EUR 0.91.

 

In the full year 2024, EPS increased by 8% to EUR 1.83 (+9% at constant currency). EPS on outlook base² increased by 42% to EUR 3.11.

 

Lower net financial debt and improved net leverage ratio driven by robust cash flow development

 

Fresenius Medical Care improved operating cash flow by 16% to EUR 832 million (Q4 2023: EUR 719 million) in the fourth quarter 2024, resulting in a margin of 16.4% (Q4 2023: 14.4%). Operating cash flow increased mainly due to a favorable working capital development, which was partially offset by the absence, in 2024, of the Tricare settlement.

 

 

In the full year 2024, operating cashflow decreased by 9% to EUR 2,386 million (FY 2023: EUR 2,629 million), resulting in a margin of 12.3% (FY 2023: 13.5%). The decline was mainly driven by a negative impact from the phasing of dividend payments received from equity method investments and the absence, in 2024, of the Tricare settlement.

 

Free cash flow⁵ increased by 25% to EUR 599 million in the fourth quarter (Q4 2023:
EUR 480 million), resulting in a margin of 11.8% (Q4 2023: 9.6%). In the full year 2024, free cash flow decreased by 13% to EUR 1,701 million (FY 2023: EUR 1,960 million), resulting in a margin of 8.8% (FY 2023: 10.1%).

 

Total net debt and lease liabilities were further reduced to EUR 9,803 million (Q4 2023: EUR 10,760 million). The net leverage ratio (net debt/EBITDA) improved from 3.2x in Q4 2023 to 2.9x in Q4 2024.

 

Patients, clinics and employees

 

As of December 31, 2024, Fresenius Medical Care treated 299,352 patients in 3,675 dialysis clinics worldwide and had 111,513 employees (headcount) globally, compared to 119,845 employees as of December 31, 2023.

 

Outlook 2025

 

In 2025, Fresenius Medical Care expects revenue growth to be positive to a low-single digit percent rate compared to prior year.

 

The Company expects operating income to grow by a high-teens to high-twenties percent rate compared to prior year.

 

The expected growth rates for 2025 are at constant currency, excluding special items² in operating income. The 2024 basis for the revenue outlook is EUR 19,336 million and for the operating income outlook is EUR 1,797 million.

 

Press conference

 

Fresenius Medical Care will host a virtual press conference to discuss the results of the fourth quarter and the full year 2024 today, February 25, 2024, at 10:00 a.m. CET / 4:00 a.m. EST. The press conference will be webcasted in the “Media” section (Link: Events | Fresenius Medical Care). A replay will be available shortly after the conference.

 

⁵ Net cash provided by / used in operating activities, after capital expenditures, before acquisitions/divestitures, investments, and dividends

 

 

Investor conference call

 

Fresenius Medical Care will host a conference call for analysts and investors to discuss the results of the fourth quarter and the full year 2024 today, February 25, 2025, at 2:00 p.m. CET / 8:00 a.m. ET. Details are available on the Fresenius Medical Care website in the “Investors” section. A replay and a transcript will be available shortly after the call.

 

Please refer to our statement of earnings included at the end of this news and to the attachments as separate PDF files for a complete overview of the results of the fourth quarter and full year 2024. Our 20-F disclosure provides more details.

 

About Fresenius Medical Care:

 

Fresenius Medical Care is the world’s leading provider of products and services for individuals with renal diseases of which around 4.2 million patients worldwide regularly undergo dialysis treatment. Through its network of 3,675 dialysis clinics, Fresenius Medical Care provides dialysis treatments for approx. 299,000 patients around the globe. Fresenius Medical Care is also the leading provider of dialysis products such as dialysis machines or dialyzers. Fresenius Medical Care is listed on the Frankfurt Stock Exchange (FME) and on the New York Stock Exchange (FMS).

 

For more information visit the company’s website at www.freseniusmedicalcare.com.

 

Disclaimer:

 

This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results could differ materially from those described in these forward-looking statements due to various factors, including, but not limited to, changes in business, economic and competitive conditions, legal changes, regulatory approvals, results of clinical studies, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. These and other risks and uncertainties are detailed in Fresenius Medical Care’s reports filed with the U.S. Securities and Exchange Commission. Fresenius Medical Care does not undertake any responsibility to update the forward-looking statements in this release.

 

 

 

 

Statement of earnings

 

		Three months ended December 31,
in € million, except share data		2024				2023				Change				Change at cc
Revenue		5,085				4,988				1.9		%		1.6		%
Revenue (outlook base)1			5,069				4,834								4.9	%
Costs of revenue			3,814				3,638				4.8	%			4.5	%
Selling, general and administrative expense			840				845				-0.7	%			-0.8	%
Research and development expense			50				66				-24.1	%			-24.3	%
Income from equity method investees			(32	)			(23	)			37.6	%			37.6	%
Other operating income			(228	)			(257	)			-11.5	%			-11.3	%
Other operating expense			382				291				30.9	%			29.3	%
Operating income			259				428				-39.5	%			-38.7	%
Operating income (outlook base)1			489				373								31.0	%
Interest expense, net			80				85				-5.7	%			-6.4	%
Income before taxes			179				343				-47.8	%			-46.6	%
Income tax expense			61				86				-29.4	%			-28.6	%
Net income			118				257				-54.0	%			-52.7	%
Net income attributable to noncontrolling interests			51				69				-25.4	%			-25.9	%
Net income2			67				188				-64.4	%			-62.5	%
Net income2 (outlook base)1			266				154								72.9	%
Weighted average number of shares			293,413,449				293,413,449
Basic earnings per share		€	0.23			€	0.64				-64.4	%			-62.5	%
Basic earnings per share (outlook base)1		€	0.91			€	0.52								72.9	%
In percent of revenue
Operating income margin			5.1	%			8.6	%
Operating income margin (outlook base)1			9.6	%			7.7	%

 

¹ Outlook base as referred to the 2024 outlook, presented at constant currency, excluding special items, business impacts from closed divestitures in 2023 and the Tricare settlement. For a reconciliation, please refer to the table at the end of the press release.

 

² Attributable to shareholders of FME AG.

 

 

 

 

Statement of earnings

 

		Twelve months ended December 31,
in € million, except share data		2024				2023				Change				Change at cc
Revenue			19,336				19,454				-0.6	%			0.0	%
Revenue (outlook base)1			19,454				19,049								2.1	%
Costs of revenue			14,579				14,529				0.3	%			1.0	%
Selling, general and administrative expense			3,143				3,196				-1.7	%			-1.2	%
Research and development expense			183				232				-20.9	%			-20.9	%
Income from equity method investees			(135	)			(122	)			10.7	%			10.7	%
Other operating income			(760	)			(515	)			47.5	%			47.8	%
Other operating expense			934				765				22.1	%			22.5	%
Operating income			1,392				1,369				1.7	%			2.6	%
Operating income (outlook base)1			1,812				1,540								17.6	%
Interest expense, net			335				336				-0.3	%			-0.2	%
Income before taxes			1,057				1,033				2.3	%			3.5	%
Income tax expense			316				301				5.2	%			6.3	%
Net income			741				732				1.1	%			2.3	%
Net income attributable to noncontrolling interests			203				233				-13.1	%			-12.8	%
Net income2			538				499				7.8	%			9.4	%
Net income2 (outlook base)1			912				644								41.6	%
Weighted average number of shares			293,413,449				293,413,449
Basic earnings per share		€	1.83			€	1.70				7.8	%			9.4	%
Basic earnings per share (outlook base)1		€	3.11			€	2.19								41.6	%
In percent of revenue
Operating income margin			7.2	%			7.0	%
Operating income margin (outlook base)1			9.3	%			8.1	%

 

1 Outlook base as referred to the 2024 outlook, presented at constant currency, excluding special items, business impacts from closed divestitures in 2023 and the Tricare settlement. For a reconciliation, please refer to the table at the end of the press release.

 

2 Attributable to shareholders of FME AG.

 

 

 

 

Reconciliation of non-IFRS financial measures to the most directly comparable IFRS Accounting Standards financial measures for comparability with the Company’s outlook (outlook base)

 

		Three months ended December 31,								Twelve months ended December 31,
in € million		2024				2023				2024				2023
Operating performance (outlook base)
These items are excluded to ensure comparability of the figures presented with the Company’s financial targets which have been defined excluding special items and at constant currency.
Revenue			5,085				4,988				19,336				19,454
Divestitures1			—				37				—				(214	)
Tricare settlement			—				(191	)			—				(191	)
Revenue excl. 2023 divestitures and Tricare settlement			5,085				4,834				19,336				19,049
Currency translation effects			(16	)			—				118				-
Revenue (outlook base)			5,069				4,834				19,454				19,049
Operating income			259				428				1,392				1,369
FME25 Program			73				52				180				153
Legal Form Conversion Costs			4				17				9				30
Legacy Portfolio Optimization2			146				57				288				204
Humacyte Remeasurements			7				1				(72	)			(15	)
Sum of special items:			230				127				405				372
Divestitures1			—				(1	)			—				(20	)
Tricare settlement			—				(181	)			-				(181	)
Sum of special items, 2023 divestitures and Tricare settlement			230				(55	)			405				171
Operating income excl. special items, 2023 divestitures and Tricare settlement			489				373				1,797				1,540
Currency translation effects			0				—				15				—
Operating income (outlook base)			489				373				1,812				1,540
Net income3			67				188				538				499
FME25 Program			53				37				130				109
Legal Form Conversion Costs			3				12				7				21
Legacy Portfolio Optimization2			138				21				282				138
Humacyte Remeasurements			5				1				(54	)			(11	)
Sum of special items:			199				71				365				257
Divestitures1			—				5				—				(2	)
Tricare settlement			—				(110	)			—				(110	)
Sum of special items, 2023 divestitures and Tricare settlement			199				(34	)			365				145
Net income3 excl. special items, 2023 divestitures and Tricare settlement			266				154				903				644
Currency translation effects			0				—				9
Net income3 (outlook base)			266				154				912				644

 

¹ Business impacts from closed divestitures in 2023.

 

² 2024: mainly comprise gains and losses from divestitures, impairment losses resulting from the measurement of assets held for sale or from write-downs of related non-current assets; 2023: mainly comprise the derecognition of capitalized development costs and the impairment of intangible assets (licenses and distribution rights) as well as termination costs (including certain contractual obligation expenses) related to a dialysis cycler development program which was discontinued in the first quarter of 2023 and other impacts related to agreed-upon divestitures in 2023.

 

³ Attributable to shareholders of FME AG.

 

 

 

Exhibit 99.2

 

 

 

 

 

Fresenius Medical Care AG

 

COMPLETE OVERVIEW OF THE FOURTH QUARTER AND FULL YEAR 2024

 

February 25, 2025

 

 

Investor Relations

 

phone: +49 6172 609 2525

 

email: ir@freseniusmedicalcare.com

 

Content:
Statement of earnings	page 2
Segment information	page 3
Balance sheet	page 4
Cash flow	page 5
Revenue development by segment	page 6
Key metrics	page 7
Reconciliation results (outlook base)	page 8
Outlook 2025	page 9

 

Disclaimer

 

This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results could differ materially from those described in these forward-looking statements due to various factors, including, but not limited to, changes in business, economic and competitive conditions, legal changes, regulatory approvals, impacts related to COVID-19, results of clinical studies, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. These and other risks and uncertainties are detailed in Fresenius Medical Care AG’s reports filed with the U.S. Securities and Exchange Commission. Fresenius Medical Care AG does not undertake any responsibility to update the forward-looking statements in this release.

 

Rounding adjustments applied to individual numbers and percentages may result in these figures differing immaterially from their absolute values. Furthermore, totals and subtotals in tables may differ slightly from unrounded figures due to rounding in accordance with commercial rounding conventions.

 

Copyright by Fresenius Medical Care AG

 

 

 

 

Statement of earnings

 

		Three months ended December 31,																Twelve months ended December 31,
in € million, except share data		2024				2023				Change				Change at cc				2024				2023				Change				Change at cc
Total revenue			5,085				4,988				1.9	%			1.6	%			19,336				19,454				-0.6	%			0.0	%
Total revenue (outlook base) 1			5,069				4,834								4.9	%			19,454				19,049								2.1	%
Costs of revenue			3,814				3,638				4.8	%			4.5	%			14,579				14,529				0.3	%			1.0	%
Selling, general and administrative expense			840				845				-0.7	%			-0.8	%			3,143				3,196				-1.7	%			-1.2	%
Research and development expense			50				66				-24.1	%			-24.3	%			183				232				-20.9	%			-20.9	%
Income from equity method investees			(32	)			(23	)			37.6	%			37.6	%			(135	)			(122	)			10.7	%			10.7	%
Other operating income			(228	)			(257	)			-11.5	%			-11.3	%			(760	)			(515	)			47.5	%			47.8	%
Other operating expense			382				291				30.9	%			29.3	%			934				765				22.1	%			22.5	%
Operating income			259				428				-39.5	%			-38.7	%			1,392				1,369				1.7	%			2.6	%
Operating income (outlook base) 1			489				373								31.0	%			1,812				1,540								17.6	%
Interest income			(21	)			(27	)			-21.0	%			-24.1	%			(72	)			(88	)			-18.9	%			-17.7	%
Interest expense			101				112				-9.4	%			-10.6	%			407				424				-4.1	%			-3.8	%
Interest expense, net			80				85				-5.7	%			-6.4	%			335				336				-0.3	%			-0.2	%
Income before income taxes			179				343				-47.8	%			-46.6	%			1,057				1,033				2.3	%			3.5	%
Income tax expense			61				86				-29.4	%			-28.6	%			316				301				5.2	%			6.3	%
Net income			118				257				-54.0	%			-52.7	%			741				732				1.1	%			2.3	%
Net income attributable to noncontrolling interests			51				69				-25.4	%			-25.9	%			203				233				-13.1	%			-12.8	%
Net income attributable to shareholders of FME AG			67				188				-64.4	%			-62.5	%			538				499				7.8	%			9.4	%
Net income attributable to shareholders of FME AG (outlook base) 1			266				154								72.9	%			912				644								41.6	%
Weighted average number of shares			293,413,449				293,413,449												293,413,449				293,413,449
Basic earnings per share		€	0.23			€	0.64				-64.4	%			-62.5	%		€	1.83			€	1.70				7.8	%			9.4	%
Basic earnings per ADS		€	0.11			€	0.32				-64.4	%			-62.5	%		€	0.92			€	0.85				7.8	%			9.4	%
Operating income			259				428				-39.5	%			-38.7	%			1,392				1,369				1.7	%			2.6	%
Depreciation, amortization and impairment loss			477				426				12.0	%			11.0	%			1,743				1,752				-0.6	%			0.0	%
EBITDA			736				854				-13.8	%			-13.9	%			3,135				3,121				0.4	%			1.1	%
In percent of revenue
Operating income margin			5.1	%			8.6	%											7.2	%			7.0	%
Operating income margin (outlook base) 1			9.6	%			7.7	%											9.3	%			8.1	%
EBITDA margin			14.5	%			17.1	%											16.2	%			16.0	%

 

¹ Outlook base as referred to the 2024 outlook, presented at constant currency, excluding special items, business impacts from closed divestitures in 2023 and the Tricare settlement. For a reconciliation, please refer to the table on page 8.

 

 

 

 

Segment information

 

		Three months ended December 31,																Twelve months ended December 31,
		2024				2023				Change				Change at cc				2024				2023				Change				Change at cc
Total
Revenue in € million			5,085				4,988				1.9	%			1.6	%			19,336				19,454				-0.6	%			0.0	%
Revenue in € million (outlook base) 1			5,069				4,834								4.9	%			19,454				19,049								2.1	%
Operating income in € million			259				428				-39.5	%			-38.7	%			1,392				1,369				1.7	%			2.6	%
Operating income in € million (outlook base) 1			489				373								31.0	%			1,812				1,540								17.6	%
Operating income margin			5.1	%			8.6	%											7.2	%			7.0	%
Operating income margin (outlook base) 1			9.6	%			7.7	%											9.3	%			8.1	%
Days sales outstanding (DSO) 2																			63				67
Employees (headcount)																			111,513				119,845
Care Delivery segment
Revenue in € million			3,945				3,976				-0.8	%			-1.2	%			15,275				15,578				-1.9	%			-1.5	%
Revenue in € million (outlook base) 1			3,929				3,812								3.1	%			15,337				15,158								1.2	%
Operating income in € million			253				515				-50.9	%			-50.8	%			1,190				1,516				-21.5	%			-21.1	%
Operating income in € million (outlook base) 1			419				382								9.7	%			1,572				1,477								6.4	%
Operating income margin			6.4	%			13.0	%											7.8	%			9.7	%
Operating income margin (outlook base) 1			10.7	%			10.0	%											10.3	%			9.7	%
Days sales outstanding (DSO) 2																			53				59
Care Enablement segment
Revenue in € million			1,537				1,380				11.3	%			11.3	%			5,557				5,345				3.9	%			5.1	%
Revenue in € million (outlook base) 1			1,536				1,398								9.9	%			5,618				5,353								5.0	%
Operating income in € million			71				(42	)			n.a.				n.a.				267				(67	)			n.a.				n.a.
Operating income in € million
(outlook base)1			120				18								548.0	%			344				121								184.4	%
Operating income margin			4.6	%			-3.1	%											4.8	%			-1.2	%
Operating income margin (outlook base) 1			7.8	%			1.3	%											6.1	%			2.3	%
Days sales outstanding (DSO) 2																			95				97
Inter-segment eliminations 3
Revenue in € million			(397	)			(368	)			8.0	%			7.8	%			(1,496	)			(1,469	)			1.8	%			2.1	%
Revenue in € million (outlook base) 1			(396	)			(376	)							5.5	%			(1,501	)			(1,462	)							2.7	%
Operating income in € million			(8	)			(1	)			748.3	%			797.7	%			(17	)			(13	)			30.4	%			24.5	%
Operating income in € million (outlook base) 1			(8	)			(1	)							809.9	%			(24	)			(13	)							89.8	%
Corporate
Operating income in € million			(57	)			(44	)			29.6	%			27.4	%			(48	)			(67	)			-28.6	%			-27.8	%
Operating income in € million (outlook base) 1			(42	)			(26	)							55.3	%			(80	)			(45	)							77.1	%

 

¹ Outlook base as referred to the 2024 outlook, presented at constant currency, excluding special items, business impacts from closed divestitures in 2023 and the Tricare settlement. For a reconciliation, please refer to the table on page 8.

² Includes receivables related to assets held for sale.

³ The Company transfers products between segments at fair market value. The associated internal revenues and expenses and all other consolidation of transactions are included within “Inter-segment eliminations”.

 

cc = constant currency. Changes in revenue, operating income and net income attributable to shareholders of FME AG include the impact of changes in foreign currency exchange rates. We calculate and present these financial measures using both IFRS Accounting Standards and at constant exchange rates to show changes in these metrics and other items without giving effect to period-to-period currency fluctuations. Under IFRS Accounting Standards, amounts received in local (non-euro) currency are translated into euro at the average exchange rate for the period presented. Once we translate the local currency for the constant currency, we then calculate the change, as a percentage, of the current period using the prior period exchange rates versus the prior period. The single quarter results are calculated as the variance between the current year- to-date results less the preceding quarter’s year-to-date which makes the single quarter subject to further foreign exchange fluctuation. This resulting percentage is a non-IFRS measure referring to a change as a percentage at constant currency. These currency-adjusted financial measures are identifiable by the designated term “Constant Currency”.

 

 

 

 

Balance sheet

 

		December 31,				December 31,
in € million, except for net leverage ratio			2024				2023
Assets
Cash and cash equivalents			1,180				1,403
Trade accounts and other receivables from unrelated parties			3,367				3,471
Inventories			2,068				2,179
Other current assets			1,308				1,648
Goodwill and intangible assets			16,541				16,012
Right-of-use assets			3,612				3,671
Other non-current assets			5,491				5,546
Total assets			33,567				33,930
Liabilities and equity
Accounts payable to unrelated parties			904				762
Other current liabilities			4,756				5,350
Non-current liabilities			12,138				12,991
Total equity			15,769				14,827
Total liabilities and equity			33,567				33,930
Equity/assets ratio			47	%			44	%
Debt and lease liabilities
Short-term debt from unrelated parties			2				457
Current portion of long-term debt			575				487
Current portion of lease liabilities from unrelated parties			616				593
Current portion of lease liabilities from related parties			25				24
Long-term debt, less current portion			6,261				6,960
Lease liabilities from unrelated parties, less current portion			3,412				3,419
Lease liabilities from related parties, less current portion			88				110
Debt and lease liabilities included within liabilities directly associated with assets held for sale			9				137
Total debt and lease liabilities			10,988				12,187
Minus: Cash and cash equivalents1			(1,185	)			(1,427	)
Total net debt and lease liabilities			9,803				10,760
Reconciliation of adjusted EBITDA and net leverage ratio to the most directly comparable IFRS Accounting Standards financial measure
Net income			741				732
Income tax expense			316				301
Interest income			(72	)			(88	)
Interest expense			407				424
Depreciation and amortization			1,536				1,613
Adjustments2			450				409
Adjusted EBITDA			3,378				3,391
Net leverage ratio			2.9				3.2

 

¹ Includes cash and cash equivalents included within assets held for sale.

 

² Acquisitions and divestitures made for the last twelve months with a purchase price above a €50 M threshold as defined in the Syndicated Credit Facility (2024: -€23 M; 2023: -€35 M), non-cash charges, primarily related to pension expense (2024: €52 M; 2023: €56 M), impairment loss (2024: €207 M; 2023: €139 M) and special items, including costs related to the FME25 Program (2024: €164 M; 2023: €106 M), Legal Form Conversion Costs (2024: €9 M; 2023: €30 M), Legacy Portfolio Optimization (2024: €113 M; 2023: €128 M) and Humacyte Remeasurements (2024: -€72 M; 2023: -€15 M).

 

 

 

 

Cash flow statement

 

		Three months ended December 31,								Twelve months ended December 31,
in € million		2024				2023				2024				2023
Operating activities
Net income			118				257				741				732
Depreciation, amortization and impairment loss			477				426				1,743				1,752
Change in trade accounts and other receivables from unrelated parties			30				39				(198	)			(126	)
Change in inventories			96				42				108				(13	)
Change in other working capital and non-cash items			111				(45	)			(8	)			284
Net cash provided by (used in) operating activities			832				719				2,386				2,629
In percent of revenue			16.4	%			14.4	%			12.3	%			13.5	%
Investing activities
Purchases of property, plant and equipment and capitalized development costs			(241	)			(250	)			(699	)			(685	)
Proceeds from sale of property, plant and equipment			8				11				14				16
Capital expenditures, net			(233	)			(239	)			(685	)			(669	)
Free cash flow			599				480				1,701				1,960
In percent of revenue			11.8	%			9.6	%			8.8	%			10.1	%
Acquisitions and investments, net of cash acquired, and purchases of intangible assets			(5	)			(14	)			(23	)			(35	)
Investments in debt securities			(17	)			(4	)			(82	)			(102	)
Proceeds from divestitures, net of cash disposed			128				147				630				172
Proceeds from sale of debt securities			8				14				75				90
Free cash flow after investing activities			713				623				2,301				2,085

 

 

 

 

Revenue development by segment

 

																						Same market
														Change				Organic				treatment
in € million		2024				2023				Change				at cc				growth				growth1
Three months ended December 31,
Total revenue			5,085				4,988				1.9	%			1.6	%			7.4	%
Care Delivery segment			3,945				3,976				-0.8	%			-1.2	%			6.3	%			0.7	%
Thereof: U.S.			3,359				3,321				1.1	%			0.5	%			6.8	%			0.4	%
Thereof: International			586				655				-10.3	%			-9.7	%			3.6	%			1.5	%
Care Enablement segment			1,537				1,380				11.3	%			11.3	%			9.7	%
Inter-segment eliminations			(397	)			(368	)			8.0	%			7.8	%
Twelve months ended December 31,
Total revenue			19,336				19,454				-0.6	%			0.0	%			4.1	%
Care Delivery segment			15,275				15,578				-1.9	%			-1.5	%			3.7	%			0.3	%
Thereof: U.S.			12,798				12,665				1.0	%			1.2	%			3.7	%			-0.1	%
Thereof: International			2,477				2,913				-14.9	%			-13.3	%			3.8	%			1.4	%
Care Enablement segment			5,557				5,345				3.9	%			5.1	%			4.8	%
Inter-segment eliminations			(1,496	)			(1,469	)			1.8	%			2.1	%

 

¹ Same market treatment growth = organic growth less price effects.

 

Health care services and health care products revenue by segment

 

	2024																2023
		Care				Care				Inter-								Care				Care				Inter-
		Delivery				Enablement				segment								Delivery				Enablement				segment
in € million		segment				segment				eliminations				Total				segment				segment				eliminations				Total
Three months ended December 31,
Health care services revenue			3,892				—				—				3,892				3,925				—				—				3,925
Health care products revenue			53				1,140				—				1,193				51				1,012				—				1,063
Inter-segment revenue			—				397				(397	)			—				—				368				(368	)			—
Revenue			3,945				1,537				(397	)			5,085				3,976				1,380				(368	)			4,988
Twelve months ended December 31,
Health care services revenue			15,085				—				—				15,085				15,394				—				—				15,394
Health care products revenue			190				4,061				—				4,251				184				3,876				—				4,060
Inter-segment revenue			—				1,496				(1,496	)			—				—				1,469				(1,469	)			—
Revenue			15,275				5,557				(1,496	)			19,336				15,578				5,345				(1,469	)			19,454

 

 

 

 

Key metrics Care Delivery segment

 

		Twelve months ended December 31, 2024
						Growth				Net change								Growth								Growth
		Clinics				in %				in clinics 1				Patients				in %				Treatments				in %
Total			3,675				-6	%			(250	)			299,352				-10	%			47,617,071				-8	%
Thereof: U.S.			2,624				0	%			9				206,436				1	%			31,213,447				0	%
Thereof: International			1,051				-20	%			(259	)			92,916				-27	%			16,403,624				-20	%

 

1 Net change in clinics (acquired, de novo, combined, closed and sold).

 

 

 

 

Reconciliation of non-IFRS financial measures to the most directly comparable IFRS Accounting Standards financial measures for comparability with the Company´s outlook (outlook base)

 

					Special items																																Special items
																																																																		Sum of
																																																																		special
														Legacy												Result								Results																Legacy																items,				Results				Change
										Legal Form				Portfolio				Humacyte								2024				Currency				2024												Legal Form				Portfolio				Humacyte												divestitures				2023				at cc
		Results				FME25				Conversion				Optimiza-				Remeasure-				Sum of				excl. special				translation				(outlook				Results				FME25				Conversion				Optimiza-				Remeasure-								Tricare				and Tricare				(outlook				(outlook
in € million, except share data		2024				Program				Costs				tion1				ments				special items				items				effects				base)				2023				Program				Costs				tion1				ments				Divestitures2				settlement				settlement				base)				base)
Three months ended December 31,
Total revenue			5,085				—				—				—				—				—				5,085				(16	)			5,069				4,988				—				—				—				—				37				(191	)			(154	)			4,834				4.9	%
Care Delivery segment			3,945				—				—				—				—				—				3,945				(16	)			3,929				3,976				—				—				—				—				27				(191	)			(164	)			3,812				3.1	%
Thereof: U.S.			3,359				—				—				—				—				—				3,359				(21	)			3,338				3,321				—				—				—				—				(27	)			(191	)			(218	)			3,103				7.5	%
Thereof: International			586				—				—				—				—				—				586				5				591				655				—				—				—				—				54				—				54				709				-16.5	%
Care Enablement segment			1,537				—				—				—				—				—				1,537				(1	)			1,536				1,380				—				—				—				—				18				—				18				1,398				9.9	%
Inter-segment eliminations			(397	)			—				—				—				—				—				(397	)			1				(396	)			(368	)			—				—				—				—				(8	)			—				(8	)			(376	)			5.5	%
EBITDA			736				68				4				69				7				148				884				(2	)			882				854				31				17				57				1				(1	)			(181	)			(76	)			778				13.5	%
Total operating income			259				73				4				146				7				230				489				0				489				428				52				17				57				1				(1	)			(181	)			(55	)			373				31.0	%
Care Delivery segment			253				29				—				141				—				170				423				(4	)			419				515				25				—				32				—				(4	)			(186	)			(133	)			382				9.7	%
Care Enablement segment			71				42				0				5				0				47				118				2				120				(42	)			27				—				25				—				5				3				60				18				548.0	%
Inter-segment eliminations			(8	)			—				—				0				—				0				(8	)			0				(8	)			(1	)			—				—				—				—				—				—				—				(1	)			809.9	%
Corporate			(57	)			2				4				0				7				13				(44	)			2				(42	)			(44	)			—				17				0				1				(2	)			2				18				(26	)			55.3	%
Interest expense, net			80				—				—				—				—				—				80				(1	)			79				85				—				—				—				—				(2	)			—				(2	)			83				-4.2	%
Income tax expense			61				20				1				16				2				39				100				1				101				86				15				5				36				0				0				(47	)			9				95				6.0	%
Net income attributable to noncontrolling interests			51				—				—				(8	)			—				(8	)			43				0				43				69				—				—				0				—				(4	)			(24	)			(28	)			41				3.6	%
Net income3			67				53				3				138				5				199				266				0				266				188				37				12				21				1				5				(110	)			(34	)			154				72.9	%
Basic earnings per share		€	0.23			€	0.18			€	0.01			€	0.47			€	0.02			€	0.68			€	0.91			€	0.00			€	0.91			€	0.64			€	0.13			€	0.04			€	0.07			€	0.00			€	0.01			€	(0.37	)		€	(0.12	)		€	0.52				72.9	%
Twelve months ended December 31,
Total revenue			19,336				—				—				—				—				—				19,336				118				19,454				19,454				—				—				—				—				(214	)			(191	)			(405	)			19,049				2.1	%
Care Delivery segment			15,275				—				—				—				—				—				15,275				62				15,337				15,578				—				—				—				—				(229	)			(191	)			(420	)			15,158				1.2	%
Thereof: U.S.			12,798				—				—				—				—				—				12,798				14				12,812				12,665				—				—				—				—				(141	)			(191	)			(332	)			12,333				3.9	%
Thereof: International			2,477				—				—				—				—				—				2,477				48				2,525				2,913				—				—				—				—				(88	)			—				(88	)			2,825				-10.6	%
Care Enablement segment			5,557				—				—				—				—				—				5,557				61				5,618				5,345				—				—				—				—				8				—				8				5,353				5.0	%
Inter-segment eliminations			(1,496	)			—				—				—				—				—				(1,496	)			(5	)			(1,501	)			(1,469	)			—				—				—				—				7				—				7				(1,462	)			2.7	%
EBITDA			3,135				164				9				113				(72	)			214				3,349				22				3,371				3,121				106				30				128				(15	)			(20	)			(181	)			48				3,169				6.4	%
Total operating income			1,392				180				9				288				(72	)			405				1,797				15				1,812				1,369				153				30				204				(15	)			(20	)			(181	)			171				1,540				17.6	%
Care Delivery segment			1,190				74				—				301				—				375				1,565				7				1,572				1,516				75				—				96				—				(24	)			(186	)			(39	)			1,477				6.4	%
Care Enablement segment			267				104				0				(7	)			(28	)			69				336				8				344				(67	)			78				—				108				—				(1	)			3				188				121				184.4	%
Inter-segment eliminations			(17	)			—				—				(7	)			—				(7	)			(24	)			0				(24	)			(13	)			—				—				—				—				—				—				—				(13	)			89.8	%
Corporate			(48	)			2				9				1				(44	)			(32	)			(80	)			0				(80	)			(67	)			0				30				0				(15	)			5				2				22				(45	)			77.1	%
Interest expense, net			335				—				—				—				—				—				335				1				336				336				—				—				—				—				2				—				2				338				-0.6	%
Income tax expense			316				50				2				14				(18	)			48				364				5				369				301				44				9				65				(4	)			(7	)			(47	)			60				361				2.0	%
Net income attributable to noncontrolling interests			203				—				—				(8	)			—				(8	)			195				0				195				233				—				—				1				—				(13	)			(24	)			(36	)			197				-1.0	%
Net income3			538				130				7				282				(54	)			365				903				9				912				499				109				21				138				(11	)			(2	)			(110	)			145				644				41.6	%
Basic earnings per share		€	1.83			€	0.44			€	0.02			€	0.97			€	(0.18	)		€	1.25			€	3.08			€	0.03			€	3.11			€	1.70			€	0.38			€	0.07			€	0.47			€	(0.04	)		€	(0.02	)		€	(0.37	)		€	0.49			€	2.19				41.6	%

 

¹ 2024: mainly comprise gains and losses from divestitures, impairment losses resulting from the measurement of assets held for sale or from write-downs of related non-current assets; 2023: mainly comprise the derecognition of capitalized development costs and the impairment of intangible assets (licenses and distribution rights) as well as termination costs (including certain contractual obligation expenses) related to a dialysis cycler development program which was discontinued in the first quarter of 2023 and other impacts related to agreed-upon divestitures in 2023. 

² Business impacts from closed divestitures in 2023. 

³ Attributable to shareholders of FME AG.

 

 

 

 

Outlook 2025

 

							Outlook 2025
				Results 2024			(at Constant Currency)
Revenue1				€19,336 M			Positive to a low-single digit percentage rate growth
Operating income1				€1,797 M			High-teens to high-twenties percentage rate growth

 

¹ Outlook 2025 is based on the assumptions outlined in the earnings release for the fourth quarter and full year of 2024 and excludes special items. Special items include the costs related to the FME25 Program, the impacts from Legacy Portfolio Optimization, the Legal Form Conversion Costs and the Humacyte Remeasurements and other effects that are unusual in nature and have not been foreseeable or not foreseeable in size or impact at the time of providing the outlook. The growth rates are based on the results 2024 excluding the costs related to the FME25 Program (€180 M for operating income), the impacts from Legacy Portfolio Optimization (€288 M for operating income), the Legal Form Conversion Costs (€9 M for operating income) and the Humacyte Remeasurements (-€72 M for operating income).

 

 

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