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- **Revenue Growth**: 10% organic revenue growth, driven by Care Delivery (6%), Value-Based Care (42%), and Care Enablement (5%).
- **Profitability**: 28% operating income growth, 11.7% margin (up 180 bps), with EUR 174M FME25+ savings.
- **Strategic Moves**: EUR 1B share buyback (EUR 188M executed), HVHDF rollout in 2026, and EUR 312M Interwell Health stake increase.
- **Risks**: Elevated mortality (60 bps flu impact), CMS delays in Value-Based Care, and FX transaction losses.
- **Key Drivers**: Phosphate binders (EUR 180M contribution), FME25+ savings, and improved revenue cycle management.

**【CEO Summary Section】**
- **Revenue Growth**: Organic revenue increased by 10% year-over-year, driven by all three segments. Care Delivery saw 6% growth, Value-Based Care expanded 42%, and Care Enablement grew 5%.
- **Profitability**: Operating income rose 28%, with a margin of 11.7%, up 180 basis points. FME25+ program delivered EUR 174 million in savings, exceeding the original EUR 100 million target.
- **Strategic Initiatives**: Launched a EUR 1 billion share buyback program, with EUR 188 million executed by October 2025. Advanced the FME Reignite strategy, focusing on quality, innovation, and cost efficiency.
- **HDF Rollout**: Early adoption of high-volume HDF (HVHDF) in select U.S. clinics showed positive patient outcomes, with plans for broader rollout in 2026.

**【CFO Financial Commentary】**
- **Financial Highlights**: GAAP net income of EUR 420 million, with non-GAAP EPS exceeding expectations. Operating cash flow increased 8% year-to-date, despite FX headwinds.
- **Segment Performance**: Care Delivery margin expanded to 14.5%, driven by rate/mix improvements and phosphate binders. Value-Based Care reported a loss due to CMS delays, while Care Enablement margin rose 200 basis points to 7.6%.
- **Leverage Management**: Net debt/lease ratio improved to 2.6x, within the 2.5-3.0x target range. Capital allocation focused on buybacks and strategic investments (e.g., Interwell Health stake increase).

**【Q&A Key Highlights】**
- **Phosphate Binders Impact**: Full-year contribution upgraded to EUR 180 million (vs. EUR 100 million guidance), driven by pharma business outperformance.
- **Treatment Adherence**: Controllable missed treatments decreased 84%, with antimicrobial catheter adoption at 84% of eligible patients.
- **Medicare Advantage**: Enrollment trends stable, but monitoring potential plan consolidations.
- **HDF Outlook**: 2026 rollout expected to reduce mortality and improve patient retention, with early clinics showing 72% patient vaccination rates.
- **2026 Guidance**: Same-market treatment growth assumptions cautious due to elevated mortality, but HDF and FME25+ savings expected to offset headwinds.

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