The Conference Call on Q4 and full year 2025 took place on February 24, 2026
Outlook
Outlook 2026
Outlook 2026 as published on February 24, 2026
| FY 2025 | Outlook 2026 (at constant currencies) |
|
| Revenue growth | EUR 19,628 million | Broadly flat |
| Operating Income growth | EUR 2,212 million | Between positive and negative mid-single digit percent |
Outlook 2026 is based on the assumptions outlined in the earnings release for the fourth quarter and full year of 2025 and excludes special items. Special items include the costs related to the FME25+ Program, the impacts from Legacy Portfolio Optimization and the Humacyte remeasurements and other effects that are unusual in nature and have not been foreseeable or not foreseeable in size or impact at the time of providing the outlook. The outlook assumes current laws, policies, regulations, and tariffs. Growth rates as shown above are year-on-year basis
2028 and 2030 Aspirations
Fresenius Medical Care aspires operating income growth (CAGR) of between 3 and 7 percent between 2025 and 2028.
Revenue growth (CAGR) between 2025 and 2030
| FY 2025 | Aspirations 2030 (at constant currencies) |
|
Care Delivery |
EUR 13,736 million |
Low- to mid-single digit percent |
Care Enablement |
EUR 5,476 million |
Mid-single digit percent |
Value-Based Care is excluded
Operating income margin aspirations by 2030
| FY 2025 | Aspirations 2030 |
|
Fresenius Medical Care Group |
11.3% |
Mid-teens |
Care Delivery |
13.1% |
Mid-teens |
Care Enablement |
8.1% |
Mid-teens |
Value-Based Care |
0.1% |
Low-single digit |
The assumed growth rates are at constant currency and exclude special items. The assumed margins exclude special items in operating income. Margin in percent of revenue.
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