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    Giang Nguyen • Citigroup Inc.

    Giang Nguyen's questions to Fresenius Medical Care AG (FMS) leadership

    Giang Nguyen's questions to Fresenius Medical Care AG (FMS) leadership • Q4 2024

    Question

    Giang Nguyen from Citi inquired about the expected U.S. volume growth exit rate for 2025 and the ramp-up trajectory, and also asked for comments on other assets being assessed for potential divestiture.

    Answer

    CEO Helen Giza responded that the volume growth ramp-up and exit rate in 2025 depend on when elevated mortality normalizes, but the company expects momentum to build throughout the year, leading to a 2% growth rate in 2026. Regarding divestitures, Giza clarified that not all assets marked for assessment will be sold. She stated that the company likes some of these assets as they are part of the overall strategy, and a further update on the portfolio and growth opportunities will be provided at the June Capital Markets Day.

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    Giang Nguyen's questions to Koninklijke Philips NV (PHG) leadership

    Giang Nguyen's questions to Koninklijke Philips NV (PHG) leadership • Q4 2024

    Question

    Giang Nguyen asked about the expected growth phasing for the remainder of the year and the company's confidence in its full-year guidance. She also questioned the implications for margins and whether they could remain in range even if the top line misses, due to cost savings.

    Answer

    CFO Charlotte Hanneman stated the outlook is realistic but that both sales growth and margin expansion are expected to be back-end loaded. This is due to the double-digit decline in China in the first half, royalty phasing, and a high comparison base. She noted that productivity savings are also back-end loaded, leading to an expected gradual improvement in both sales and EBITA margin throughout the year.

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