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Creditor Relations
Financing strategy
We ensure our financial flexibility through maintaining sufficient liquidity. Our refinancing risks are limited due to our balanced maturity profile, which is characterized by a wide range of maturities of up to 2032. Corporate bonds in euro and U.S. dollar form the basis of our mid- and long-term financing instruments. Corporate bonds in euro are issued under our €10 BN debt issuance program. For short-term financing, we use our €1.5 BN commercial paper program, and bilateral credit lines. The €2 BN Syndicated Credit Facility, signed in July 2021, serves as a backup facility.
Financing & Currency Mix
as of March 31, 2026
1 Does not include debt and lease liabilities which are part of liabilities directly associated with assets held for sale
Bonds and convertible bonds
| Instrument | Maturity/Term | Amount in M | ISIN Code |
| 3.75% Bond | 2019-2029 | USD 500 | USU3149FAA76 |
| 0.625% Bond | 2019-2026 | EUR 600 | XS2084497705* |
| 1.250% Bond | 2019-2029 | EUR 500 | XS2084488209 |
| 1.000% Bond | 2020-2026 | EUR 500 | XS2178769076** |
| 1.500% Bond | 2020-2030 | EUR 750 | XS2178769159 |
| 2.375% Bond | 2020-2031 | USD 1,000 | USU3149FAB59 |
| 1.875% Bond | 2021-2026 | USD 850 | USU3149FAC33 |
| 3.000% Bond | 2021-2031 | USD 650 | USU3149FAD16 |
| 3.875% Bond | 2022-2027 | EUR 750 | XS2530444624 |
| 3.125% Bond | 2025-2028 | EUR 600 | XS3036647694 |
| 3.250% Bond | 2025-2030 | EUR 500 | XS3233499089 |
| 3.750% Bond | 2025-2032 | EUR 500 | XS3036647777 |
* An amount of EUR 199,975,000 tendered on April 10, 2025
** An amount of EUR 100,025,000 tendered on April 10, 2025
European Medium Term Note Program
| Issuer | Fresenius Medical Care AG |
| Program Amount | € 10,000,000,000 |
| Arranger: | Deutsche Bank |
| Dealer: | BNP Paribas, BofA Securities, Citigroup, Deutsche Bank, Goldman Sachs Bank Europe SE, ING, J.P. Morgan, Santander Corporate & Investment Banking, UniCredit |
| Fiscal and Paying Agent | Deutsche Bank |
Further details and Base Prospectus
Commercial Paper Program
The Commercial Paper Program enables Fresenius Medical Care to issue short-term notes of up to € 1.5 billion on the money market. The issuances are made through the European Commercial Paper Program (ECP).
| Issuer | Fresenius Medical Care AG |
| Program amount | € 1,500,000,000 |
| Arranger | Commerzbank |
| Dealer | Barclays, Commerzbank, Crédit Agricole, DZ BANK AG, ING, Landesbank Baden-Württemberg, Landesbank Hessen-Thüringen |
| Issuing and paying agent | Commerzbank |
| Term | Up to 2 years less 1 day |
Well-balanced maturity profile1
as of March 31, 2026
1 Based on utilization of major financing instruments, excl. Commercial Paper, and other cash management lines
2 Calculations based on total financial debt, excluding Lease & Purchase Money Obligations
Net Leverage Ratio
as of March 31, 2026
1 Excl. U.S. federal relief funding and advanced payments under the CARES Act
Rating
Standard & Poor's, Moody's and Fitch, the leading rating agencies, have assigned Fresenius Medical Care the following rating:
| Standard & Poor's | Moody's | Fitch | |
|---|---|---|---|
| Corporate credit rating | BBB- | Baa3 | BBB- |
| Outlook | stable | stable | stable |
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The Conference Call on Q1 2026 took place on May 5, 2026
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