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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.

Fresenius Medical Care AG (FMS) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

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Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

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Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

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Interest Income

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Income Tax Expense

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Net Income from Continuing Operations

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Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

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Other Comprehensive Income

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Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

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Diluted EPS from Discontinued Operations

FMS

FMS fundamentals

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