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    Hassan Al-Wakeel • Barclays Investment Bank

    Hassan Al-Wakeel's questions to Fresenius Medical Care AG (FMS) leadership

    Hassan Al-Wakeel's questions to Fresenius Medical Care AG (FMS) leadership • Q2 2025

    Question

    Hassan Al-Wakeel of Barclays questioned the impact of weaker volume on second-half margin expectations and asked about the significant revenue growth in Value-Based Care (VBC) and its margin profile.

    Answer

    CEO Helen Giza stated that while softer volumes have an impact, H2 margin acceleration remains on track due to rate/mix benefits, revenue cycle improvements, and FME25 savings. CFO Martin Fischer added that VBC revenue growth was driven by expanded contracting and now expects over €1.9 billion for the year, while maintaining the slightly negative to breakeven margin outlook for the segment.

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    Hassan Al-Wakeel's questions to Fresenius Medical Care AG (FMS) leadership • Q4 2024

    Question

    Hassan Al-Wakeel from Barclays asked for color on 2025 segment margin expectations and phasing, as well as the expected trajectory for U.S. same-market treatment growth throughout 2025, including Q1 trends and the path to a 2% exit rate.

    Answer

    CEO Helen Giza explained that while not providing specific 2025 segment margin guidance, both Care Delivery and Care Enablement are expected to progress within their target bands, noting Care Enablement's strong Q4 momentum. Regarding treatment growth, Giza expressed confidence in recent progress (0.5% in Q4), attributing it to operational improvements. She anticipates growth will accelerate through 2025 and return to 2% in 2026 once elevated patient mortality normalizes, adding that the impact from new weight-loss drugs on patient volumes has been minimal.

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    Hassan Al-Wakeel's questions to Fresenius Medical Care AG (FMS) leadership • Q2 2024

    Question

    Hassan Al-Wakeel of HSBC asked for a breakdown of the factors driving the deviation from normalized volume growth, including mortality and new drug classes. He also questioned the key drivers for the 2025 margin range and whether current treatment dynamics pose a risk to next year's guidance.

    Answer

    CEO Helen Giza responded that the path to normalized growth involves improving internal operations (admissions, missed treatments), mortality normalization, and the continued neutral impact from SGLT2s. For 2025 margins, she noted the drivers are similar to 2024's headwinds and tailwinds, with progress in the value-based care business also contributing. Giza acknowledged that normalizing volume will help operating leverage but expressed confidence in the strategic path.

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    Hassan Al-Wakeel's questions to Smith & Nephew PLC (SNN) leadership

    Hassan Al-Wakeel's questions to Smith & Nephew PLC (SNN) leadership • H1 2025

    Question

    Hassan Al-Wakeel of Barclays Investment Bank asked if the procedure slowdown was seen beyond knees, about weaker OUS hip performance, if Skin Subs growth was driven by physician behavior ahead of reimbursement changes, and about the bolt-on M&A pipeline.

    Answer

    CEO Deepak Nath clarified the procedure slowdown was mainly in knees and that the buyback does not constrain their ability to execute on a healthy M&A pipeline. CFO John Rogers added that on an average daily sales basis, global hips grew about 5% and 7.5% ex-China, with a strong H2 expected as China impacts reverse.

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    Hassan Al-Wakeel's questions to Smith & Nephew PLC (SNN) leadership • H1 2025

    Question

    Hassan Al-Wakeel of Barclays Investment Bank followed up on the procedure slowdown, asking if it extended beyond knees. He also inquired about OUS hip performance, the impact of the skin substitute reimbursement proposal, and the pipeline for bolt-on M&A.

    Answer

    CEO Deepak Nath clarified the procedure slowdown was primarily seen in knees. He stated that while there can be quarterly volatility, OUS Orthopedics remains an area of strength. On skin substitutes, he noted the impact is material but manageable. He affirmed that the buyback does not limit the company's ability to execute on its active pipeline of bolt-on M&A. CFO John Rogers added that global hips ADS growth was strong ex-China and should improve in H2 as China impacts reverse.

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    Hassan Al-Wakeel's questions to Koninklijke Philips NV (PHG) leadership

    Hassan Al-Wakeel's questions to Koninklijke Philips NV (PHG) leadership • Q2 2025

    Question

    Hassan Al-Wakeel of Barclays Investment Bank inquired about the drivers of the Diagnosis & Treatment (D&T) margin improvement, the rationale for the conservative margin guidance update, and the specifics behind the sales decline in the Connected Care segment.

    Answer

    CFO Charlotte Hanneman attributed the 130 basis point D&T margin expansion to strong gross margins from new innovations like BlueSeal MR and productivity gains. She explained the guidance reflects the need for significant second-half acceleration while absorbing tariff impacts, with Q3 margins expected to decline year-over-year. CEO Roy Jakobs noted the Connected Care decline was primarily in monitoring, which faced a very high comparison base, but underlying demand remains strong with major new U.S. partnerships.

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    Hassan Al-Wakeel's questions to Koninklijke Philips NV (PHG) leadership • Q2 2025

    Question

    Hassan Al-Wakeel from Barclays Investment Bank inquired about the drivers of the Diagnosis & Treatment (D&T) margin expansion, the rationale for not raising full-year margin guidance beyond the tariff benefit, and the specifics behind the sales decline in the Connected Care segment, including market share in Europe.

    Answer

    CFO Charlotte Hanneman attributed the 130 basis point D&T margin expansion to gross margin improvements from new innovations like BlueSeal MR and Spectral CT, productivity measures, and favorable mix. She explained the margin guidance reflects the need to accelerate performance in H2 while absorbing significant tariff impacts, particularly in Q3. CEO Roy Jakobs noted the Connected Care decline was against a high comparison base and that underlying demand, especially in US monitoring, remains strong. He stated it was too early to provide specific European S&RC market share numbers but confirmed they are rebuilding momentum.

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    Hassan Al-Wakeel's questions to Koninklijke Philips NV (PHG) leadership • Q1 2025

    Question

    Hassan Al-Wakeel requested a breakdown of the tariff impact by business division and asked about the outlook for Q2. He also questioned the Personal Health segment's performance, asking about potential sales pull-forward due to tariffs and the role of pricing in its strategy.

    Answer

    CFO Charlotte Hanneman stated that Diagnosis & Treatment and Personal Health are most affected by tariffs due to U.S.-China trade flows, while Connected Care is less exposed. She confirmed the Q2 outlook for modest improvement remains unchanged from February. On Personal Health, she noted strength came from international regions, not a pull-in, continuing momentum from late 2024. CEO Roy Jakobs added that the company is prioritizing A&P spending over price hikes to drive growth while maintaining margin resilience.

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    Hassan Al-Wakeel's questions to Koninklijke Philips NV (PHG) leadership • Q4 2024

    Question

    Hassan Al-Wakeel asked for the specific drivers of the high single-digit order growth in Diagnosis & Treatment (D&T) and the growth rate excluding China. He also requested a breakdown of the 2025 margin bridge and an update on 2024 margins for key businesses.

    Answer

    CEO Roy Jakobs attributed the double-digit ex-China D&T order growth to strong performance in IGT, the newly launched AI-driven helium-free MR, and the cardiac Ultrasound business. CFO Charlotte Hanneman detailed that the 2025 margin expansion will be driven by growth in high-margin businesses, improvements in DI, Enterprise Informatics, and S&RC (which both returned to profitability in 2024), and an increased productivity savings target.

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    Hassan Al-Wakeel's questions to Koninklijke Philips NV (PHG) leadership • Q2 2024

    Question

    Hassan Al-Wakeel of Barclays inquired about the drivers of strong North American order intake, the outlook for the Personal Health business in China and globally, and the rationale for not raising full-year margin guidance despite a strong first half.

    Answer

    CEO Roy Jakobs attributed North American strength to a robust market, customer consolidation favoring trusted partners, and strong demand for software and AI solutions. For Personal Health, he noted continued weakness in China but expects growth in other regions to compensate, alongside strong profitability actions. Regarding guidance, both Jakobs and CFO Abhijit Bhattacharya stated they prefer to maintain confidence in the full-year plan mid-year, noting H1 performance was within the guided improvement range.

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