FSE$FSNUY

Fresenius SE & Co KGaA · Q2 2026 earnings

Q2 2026 earnings · · Investor relations

Briefing

Fresenius SE & Co KGaA reported strong Q2 2026 results with 6% organic revenue growth and raised full-year guidance.

Group revenue reached €5,864 million with 6% organic growth. EBIT before special items grew 10% in constant currency to €719 million, expanding the margin by 60 bps to 12.3%. Core EPS rose 14% in constant currency to €0.83, prompting an upgrade to FY 2026 core EPS growth guidance to 10-15%.

  • Group revenue of €5,864 million, +6% organic (adjusted for Argentina hyperinflation effects).
  • EBIT before special items €719 million (+10% constant currency), margin 12.3% (+60 bps).
  • Core net income €470 million and core EPS €0.83, both +14% in constant currency.
  • FY 2026 guidance raised: core EPS growth now expected at 10-15% (previously 5-10%); Kabi EBIT margin target improved to upper end of 16.5-17.0%.

Headline financials

Total Revenue

€6.78B

No prior period
EPS (adj)

€0.83

No prior period
Net Income

€543M

No prior period
Operating Income

€831M

No prior period

Revenue by segment

Fresenius · €5.77B total across 2 segments · Q2 2026

  • Fresenius Helios
    €3.53B—
  • Fresenius Kabi
    €2.24B—

Forward guidance

FY 2026 guidance upgraded due to strong operational performance; organic revenue growth 4-7%, constant currency core EPS growth 10-15%, EBIT margin ~11.5%.

Tailwinds

  • Core EPS growth guidance raised to 10-15% from 5-10%.
  • Kabi EBIT margin target improved to upper end of 16.5-17.0%.
  • Strong scaling of Growth Vectors at Kabi and resilient profitability at Helios.
  • ROIC improved ~200 bps since 2022 to 6.9%.
  • Net debt/EBITDA stable at 2.6x, trending toward lower end of target range.

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