-- Stable organic revenue1 development driven by growth in Care Delivery and
Care Enablement, offset by the expected decline in profit-neutral
Value-Based Care
-- Operating income2 decreased by 6%, due to regulatory and inflation
headwinds
-- Reported operating income decreased by 19% and reported net
income3 decreased by 42%, mainly due to one-time costs related to the
China strategy refinement
-- Earnings per share2 (EPS) remained stable supported by the share buyback
program
-- 348 U.S. clinics representing 16% of our U.S. dialysis machines converted
to the 5008X CAREsystem(TM) with 1.3 million treatments4
-- FY 2026 outlook -- revenue outlook broadly flat, operating income outlook
narrowed to between flat and a negative mid-single digit percent growth
rate
BAD HOMBURG, Germany, Nov. 3, 2026 /PRNewswire/ -- "Three weeks into my role as CEO, I am energized by the opportunities ahead. As a global leader in kidney care, Fresenius Medical Care combines exceptional capabilities with unparalleled reach. Following the structural changes of recent years, many parts of our business are still at an early stage of development. This creates a compelling opportunity to deliver transformational improvements in performance, not simply the incremental gains typically associated with more mature businesses. We are muted in our assessment of performance and endeavor to improve the current trajectory over time," said Shervin J. Korangy, new Chief Executive Officer and Chair of the Management Board of Fresenius Medical Care. "With the FME25+ transformation, the company has built a solid foundation to continue to profitably grow and create value for all stakeholders. My focus will be on identifying opportunities to accelerate innovation, expand access to care, improve outcomes and drive long-term profitable growth."
Martin Fischer, Chief Financial Officer of Fresenius Medical Care outlined, "Fresenius Medical Care delivered a quarter of broadly stable revenue and resilient earnings development, as continued underlying performance improvements counter the expected negative effects from TDAPA regulations and increased inflation headwinds. Care Delivery further increased operating income(2) , driven by continued underlying operating income(2) improvement of 21% excluding the negative TDAPA effects. The U.S. rollout of our innovative 5008X CAREsystem is progressing on plan, now available in 348 U.S. clinics, having performed 1.3 million treatments. The ongoing experience with the HvHDF modality in our clinics is exciting and clinical observations are consistently tracking very well compared with real-world data outside the U.S., which show to significantly improve patient outcomes."
Shervin J. Korangy concluded, "Based on the operating income development in the first nine months and the anticipated headwinds in the fourth quarter we narrowed our outlook for 2026 to the lower half of our outlook range."
Key figures Q3 and 9M 2026 (unaudited)
Q3 Q3
2026 2025 Growth Growth 9M 2026 9M 2025 Growth Growth
yoy, yoy,
EUR m EUR m yoy cc EUR m EUR m yoy cc
---------- ----- ----- ------ ------ ------- ------- ------ --------
Revenue 4,937 4,885 1 % -1 % 14,409 14,558 -1 % 2 %
Operating
income 384 477 -19 % -19 % 1,136 1,233 -8 % -5 %
excl.
special
items(2) 545 574 -5 % -6 % 1,581 1,507 5 % 8 %
Net
income(3) 160 275 -42 % -41 % 496 651 -24 % -21 %
excl.
special
items(2) 291 322 -10 % -10 % 844 836 1 % 4 %
Basic EPS
(EUR) 0.61 0.94 -35 % -34 % 1.84 2.22 -17 % -14 %
excl.
special
items(2) 1.11 1.10 0 % 0 % 3.14 2.85 10 % 13 %
---------- ----- ----- ------ ------ ------- ------- ------ --------
yoy = year-on-year, cc = at constant currency, EPS = earnings per share
Strategic progress
Fresenius Medical Care, the world's leading provider of products and services for individuals with renal disease, continues to focus on execution to improve core operations and to drive profitable growth.
The large-scale U.S. commercial rollout of the innovative 5008X CAREsystem is progressing as planned. Since its launch in early 2026, approximately 16% of dialysis machines in Fresenius Medical Care's U.S. clinics have been replaced, keeping the company on track to reach its full-year target of around 20%. As adoption expands, treatments performed with the system have risen to 1.3 million, including more than 500,000 HDF treatments and more than 300,000 HvHDF treatments. Early observations are directionally better than previously published real-world data associating HvHDF with fewer hospitalizations, fewer missed treatments, and improved survival compared with conventional hemodialysis. At ASN Kidney Week in Denver, Colorado, we presented updates demonstrating the ability to achieve HvHDF for U.S. patients, with typical treatment times, blood and dialysate flows during therapy and look forward to presenting data in publications and congresses specifically around patient experience, hospitalizations, and survival through 2027.
In October, Fresenius Medical Care launched the multiFiltratePRO(TM) system in the U.S. for critically ill patients with acute kidney injury (AKI). The system continuously cleans the blood, removing waste and extra fluid when a patient's kidneys can no longer do this on their own. multiFiltratePRO is the first FDA-cleared continuous kidney replacement therapy (CKRT) system in the U.S. for regional citrate anticoagulation using the Ci-Ca Protocol. The system brings important treatment steps together in one place, helping make a complex therapy easier for healthcare professionals to manage so they can focus on patient care.
The launch followed FDA clearance of multiFiltratePRO and approval of Cienby(TM), a sodium citrate solution, and Calrezdy(TM), a calcium chloride solution. Together, these advances reflect Fresenius Medical Care's longstanding experience in developing and bringing complex kidney therapies to patients around the world.
In China, the company refined its commercial strategy by discontinuing production and sales of the 4008A hemodialysis system locally and exited its peritoneal dialysis (PD) business while maintaining existing obligations in the market. The resulting one-time costs of EUR 108 million are primarily attributable to impairment charges, scrappage and termination costs, treated as a special item in Care Enablement.
During the third quarter of 2026, the FME25+ transformation program delivered EUR 74 million additional sustainable savings while related one-time costs, treated as special items amounted to EUR 54 million. The company expects EUR 250 million savings and EUR 350 million related one-time costs in 2026. FME25+ savings are expected to total EUR 1.2 billion by the end of 2027.
As part of the capital allocation framework, share buyback programs complement shareholder returns through dividends. On May 26, a second program for a total volume of around EUR 1 billion (excluding ancillary costs) was announced and is being executed in tranches within 12 months. The first tranche was initiated on May 28 and is planned to end by December 15, 2026. As of September 30, 9.1 million shares or 3.4% of total shares issued have been repurchased for a total investment of EUR 357 million.
Organic revenue growth in Care Delivery and Care Enablement
In the third quarter of 2026, Group revenue increased by 1% compared to prior year (-1% at constant currency, +0.1% organic(1) ) to EUR 4,937 million. Divestitures realized as part of the portfolio optimization plan negatively affected the revenue development by 30 basis points.
Care Delivery revenue increased by 3% (+1% at constant currency, +2% organic(1) ) to EUR 3,492 million. Divestitures realized as part of the portfolio optimization plan negatively affected the revenue development by 40 basis points.
In Care Delivery U.S., revenue increased by 3% (+1% at constant currency, +1% organic(1) ) to EUR 2,920 million. Favorable rate effects were offset by the TDAPA reimbursement regulations headwind as expected. U.S. same market treatment growth came in at -1.1%.
In Care Delivery International, revenue increased by 2% (+3% at constant currency, +6% organic(1) ) to EUR 572 million, driven by positive organic growth(1) . International same market treatment growth amounted to 1.4%.
Value-Based Care revenue declined by 7% (-9% at constant currency, -9% organic(1) ) to EUR 537 million. The development in the quarter was driven by the changed risk contracting for one of the contracts, partially offset by positive effects from payor premium rates and prior-year phasing of CKCC reporting from CMS.
Care Enablement revenue increased by 7% (+5% at constant currency, +5% organic(1) ) to EUR 1,451 million. Positive pricing globally and positive volume development outside China were mainly driven by the sales of 5008X CAREsystem.
Within Inter-segment eliminations(5) , revenue for services provided and products transferred between the operating segments at fair market value came in at negative EUR 543 million.
Comments