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    Victoria Lambert • Berenberg Bank

    Victoria Lambert's questions to Fresenius Medical Care AG (FMS) leadership

    Victoria Lambert's questions to Fresenius Medical Care AG (FMS) leadership • Q1 2025

    Question

    Victoria Lambert inquired about U.S. trading performance in April to assess confidence in the full-year growth guidance and asked for the specific Q1 operating income benefit from phosphate binders.

    Answer

    CEO Helen Giza expressed confidence in the full-year guidance of 0.5%+ same market treatment growth, citing strong underlying referral trends as a positive leading indicator despite a severe flu season. CFO Martin Fischer confirmed the phosphate binder benefit was a "double-digit million" euro amount in Q1, in line with expectations for a seasonally stronger start to the year.

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    Victoria Lambert's questions to Fresenius Medical Care AG (FMS) leadership • Q4 2024

    Question

    Victoria Lambert from Berenberg inquired if the 2025 guidance includes contributions from the 5008x launch, asked about related CapEx for 2025-2026, and sought clarification on the excess mortality rate headwind.

    Answer

    CFO Martin Fischer stated that the 5008x launch will not have a significant impact on 2025 guidance as the commercial launch is weighted towards the second half of the year, with a full launch in 2026. He noted the related CapEx would be a 'mid double-digit' number in 2025 and not massive. CEO Helen Giza confirmed that excess mortality remained elevated in H2 2024, showing only a slight improvement from H1, and was still higher than desired.

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    Victoria Lambert's questions to Fresenius Medical Care AG (FMS) leadership • Q2 2024

    Question

    Victoria Lambert of Berenberg Bank questioned the rationale for adding U.S. clinics in the quarter after a period of closures. She also asked if the company is observing improved staff availability and lower contract labor costs, and if wage inflation remains around the 3% level.

    Answer

    CEO Helen Giza clarified that new clinic additions are highly targeted, focusing on areas with capacity constraints or clear growth opportunities, and are not in the same regions as recent closures. On labor, she confirmed the company is still assuming a net 3% labor cost increase for the year, which is on track. While open positions remain around 3,500, she noted an incremental improvement in the mix, with fewer open nursing positions.

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