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    Falko Friedrichs • Deutsche Bank

    Falko Friedrichs's questions to Fresenius Medical Care AG (FMS) leadership

    Falko Friedrichs's questions to Fresenius Medical Care AG (FMS) leadership • Q2 2025

    Question

    Falko Friedrichs of Deutsche Bank asked about the next steps and financial impact of the new high-volume HDF machine rollout in the U.S., and for the expected full-year FX headwind at current rates.

    Answer

    CEO Helen Giza detailed the plan to convert 30 clinics with 600 HDF machines in H2 2025, with a limited financial impact this year but a significant ramp-up in 2026. CFO Martin Fischer estimated a potential 3-4% negative FX impact on full-year revenue and earnings if the then-current exchange rates were to persist.

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    Falko Friedrichs's questions to Fresenius Medical Care AG (FMS) leadership • Q1 2025

    Question

    Falko Friedrichs from Deutsche Bank AG asked how far the company's referral process is from its ultimate goal, questioned the scope for cost-cutting beyond 2025, and probed for any plans regarding a significant share buyback program.

    Answer

    CEO Helen Giza stated the goal for the referral process is to capture every possible patient and that they will continue to drive improvements until growth rates fully recover. She indicated that future efficiency opportunities and capital allocation plans, including returns to shareholders, would be detailed at the June Capital Markets Day.

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    Falko Friedrichs's questions to Fresenius Medical Care AG (FMS) leadership • Q4 2024

    Question

    Falko Friedrichs from Deutsche Bank asked if the company believes it gained market share in Q4 with its same-market treatment growth and if it expects to continue gaining share in 2025.

    Answer

    CEO Helen Giza responded that the company's operational improvement work is paying off, leading to better performance in accepting referrals and retaining patients, including through superior disaster management. She believes the positive results are likely a combination of market dynamics and the company's own strengthened performance, which gives her confidence for 2025.

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    Falko Friedrichs's questions to Fresenius Medical Care AG (FMS) leadership • Q2 2024

    Question

    Falko Friedrichs of Deutsche Bank AG asked about the potential risks that could reverse the encouraging same-store treatment growth trend seen in June and July. He also inquired how much of a shortfall the proposed 2.1% CMS rate increase would be relative to expected cost increases next year.

    Answer

    CEO Helen Giza identified a negative change in mortality trends as the primary risk to the recent volume improvement, while expressing confidence in the pull-through from operational enhancements. Regarding the CMS rate, she stated the 2.1% increase was in line with their moderate expectations for the outlook, and the company will continue to manage the spread between reimbursement and cost increases through efficiencies.

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    Falko Friedrichs's questions to Koninklijke Philips NV (PHG) leadership

    Falko Friedrichs's questions to Koninklijke Philips NV (PHG) leadership • Q1 2025

    Question

    Falko Friedrichs asked for confirmation that Philips did not lose market share in medical imaging in Q1, an updated view on full-year growth in China, and more specific details on the products and components flowing between China and the U.S.

    Answer

    CEO Roy Jakobs confirmed that based on preliminary data, Philips gained market share in Medical Imaging in Q1, citing strong momentum in CT and MR. CFO Charlotte Hanneman reiterated that the full-year outlook for China remains a mid-to-high single-digit decline, with no change in the cautious view. She specified that the Personal Health and Diagnosis & Treatment segments have the most significant U.S.-China trade flows, making them the most impacted by tariffs.

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    Falko Friedrichs's questions to Koninklijke Philips NV (PHG) leadership • Q2 2024

    Question

    Falko Friedrichs from Deutsche Bank questioned if the strong 9% order intake growth in Q2 was sustainable for the rest of the year and asked for clarification on the expected timing of the China stimulus impact on orders versus sales.

    Answer

    CFO Abhijit Bhattacharya cautioned against extrapolating the 9% quarterly growth due to the inherent lumpiness of orders, reiterating the H1 growth was 3% and the full-year outlook is for positive growth, with China's recovery as the main variable. He confirmed that any major sales contribution from the China stimulus is more likely in 2025, though some order impact could be seen in H2 2024, depending on the speed of implementation.

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    Falko Friedrichs's questions to Evotec SE (EVO) leadership

    Falko Friedrichs's questions to Evotec SE (EVO) leadership • Q1 2024

    Question

    Falko Friedrichs requested more specific details on the time lag for orders to convert into revenue. He also asked if Q1 adjusted EBITDA was in line with internal plans and sought more comfort on the achievability of the full-year guidance, noting the commentary seemed to shift from €100M to €95M.

    Answer

    CBO Matthias Evers specified that the order-to-revenue timeline can be 6-8+ months for large, integrated contracts, though it is much faster for transactional business. CFO Laetitia Rouxel confirmed that Q1 performance was in line with the internal plan to achieve the full-year qualitative guidance of mid-double-digit EBITDA growth and that the €95M figure was a reference to external consensus, not a change in guidance.

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