Marianne Bulot

Marianne Bulot from Bank of America inquired about the source of the remaining FME25 savings for 2025 and asked if the company is still identifying assets for potential divestiture as part of its portfolio review.

Answer

CFO Martin Fischer explained that remaining FME25 savings would come from ongoing manufacturing/supply chain optimization, G&A functions, and Care Delivery. CEO Helen Giza stated that the major portfolio cleanup is largely complete, though the company will continue its disciplined review of asset performance.

Marianne Bulot from Bank of America asked about the company's debt maturity schedule for 2025, the expected evolution of the net debt-to-EBITDA ratio, and capital allocation priorities between CapEx and shareholder returns.

Answer

CFO Martin Fischer stated that about EUR 500 million in debt matures in 2025, with a larger EUR 1.9 billion tower due in 2026. He noted the company is well-positioned with strong cash generation and a leverage ratio already below its target. While a full update is planned for the Capital Markets Day, he highlighted two priorities: supporting profitable business growth and considering the importance of shareholder returns, given the strong cash flow.

Marianne Bulot of Bank of America Corporation requested an update on job opening positions and how trends in staffing could potentially help clinic utilization for the remainder of the year.

Answer

CEO Helen Giza reported that open positions remain stable at around 3,500, which is above the pre-COVID optimum of 2,500-3,000. However, she highlighted positive progress, including a better mix with fewer nursing vacancies and a reduction in the number of labor-constrained clinics to around 200. She explained that as these clinics become unconstrained, it directly helps utilization, operating leverage, and volume.

Marianne Bulot of Bank of America Corporation asked for a quantification of Q1 ramp-up costs and the full-year expectation, as well as details on the working capital movement, specifically the lower prepayments.

Answer

CFO Dr. Almuth Steinkuhler quantified Q1 ramp-up costs as a 'small single-digit million value,' which was in line with expectations. She explained the negative working capital movement was due to the timing of customer prepayments, with a large prepayment received in Q1 of the prior year that did not repeat in the current quarter.