Christine Peters T +49 160 60 66 770 christine.peters@freseniusmedicalcare.com Contact for analysts and investors Dr. Dominik Heger T +49 6172 609 2601 dominik.heger@freseniusmedicalcare.com w

Fresenius Medical Care starts the

year with strong earnings growth

(May 7, 2024) - Helen Giza, Chief Executive Officer of Fresenius Medical Care, said: "The first quarter

of this year demonstrates that we are executing on our strategy as planned. Both segments expanded their respective margins compared

to the prior year. Especially for Care Enablement, the first quarter was an inflection point as our transformation efforts, higher pricing

and FME25 savings drove a solid margin improvement. We are also executing with speed our strategic portfolio optimization program. We

have started the year with a slightly more favorable operating income phasing than planned and confirm our financial outlook for the

full year 2024. We would not be here without the great work of our employees, whom I would like to thank for their hard work and dedication."

yoy = year-on-year, cc = at constant

currency, EPS = earnings per share

against the strategic plan continues into 2024

Care successfully executed on its operational efficiency and turnaround plans. In the first quarter, the FME25 transformation program

continued its momentum, delivering EUR 52 million additional sustainable savings while related one-time costs amounted to EUR 28 million.

The Company is well on track to achieve the targeted additional sustainable savings of EUR 100 to 150 million by year end 2024, totaling

to EUR 650 million by year end 2025.

Medical Care is executing its portfolio optimization plan to exit non-core and dilutive assets. As announced during the first quarter,

the Company entered into agreements to divest its dialysis clinic networks in Brazil, Colombia, Chile and Ecuador. Special items associated

with portfolio optimization amounted to negative EUR 143 million in the first quarter. Subject to regulatory approvals in Brazil, Colombia

and Ecuador, the transactions represent another milestone in Fresenius Medical Care's portfolio optimization program, with each

expected to close throughout 2024.

After further signing

the divestments of its dialysis clinic networks in Guatemala, Peru and Curacao, Fresenius Medical Care has now signed or closed the exit

from all of its dialysis clinics operations in Latin America. The Company moreover closed the divestment of its dialysis clinic network

in Turkiye and the Cura Day Hospitals Group, Australia, during April. All transactions that are currently signed as part of the Company's

portfolio optimization plan are estimated to negatively impact Fresenius Medical Care by around EUR 250 million in the full year 2024

and will be treated as special items in operating income. The transactions listed above are expected to generate cash proceeds of around

EUR 650 million upon closing.

driven by solid organic growth

remained almost unchanged with EUR 4,725 million in the first quarter (+2% at constant currency, +5% organic). Revenue on outlook base1,

i.e. at constant currency, excluding special items and the business impacts from closed divestitures during 2023, increased by 4%.

revenue increased by 1% (+3% at constant currency, +6% organic) and by 5% on outlook base1.

U.S., revenue increased by 3% (+5% at constant currency, +6% organic) and by 6% on outlook base1. A growing value-based care

business, reimbursement rate increases and a favorable payor mix had a positive impact, compensating negative exchange rate effects and

the effect of closed or sold operations. In line with expectations, elevated missed treatments growth compared unfavorably to last year,

in part due to adverse Q1 2024 weather events and an unusually mild 2023 flu season, capacity constraints in clinics in some metropolitan

areas, and the remaining annualization effects from excess mortality, that weigh on U.S. same market treatment growth. Adjusted for the

exit from less profitable acute care contracts (-0.4%), U.S. same market treatment growth came in as expected at -0.3%.

International, revenue declined by 9% (-4% at constant currency, +4% organic), while they grew by 2% on outlook base1. The

effect of closed or sold operations and a negative exchange rate effect were partially offset by organic growth. Same market treatment

growth was positive at 1.4%.

revenue declined by 1% (+1% at constant currency, +2% organic), while they grew by 2% on outlook base1. Positive impacts

from pricing were offset by negative exchange rate effects and negative volume growth compared to prior year, in the absence of sales

of critical care products in China as part of a Covid-related government initiative in the first quarter 2023.

Within Inter-segment

eliminations, revenue for products transferred between the operating segments at fair market value remained stable at negative EUR

360 million (+1% at constant currency).3

expected earnings development driven by phasing of value-based care business

decreased by 6% to EUR 246 million (-4% at constant currency), resulting in a margin of 5.2% (Q1 2023: 5.5%). Operating income on

outlook base1, i.e. at constant currency, excluding special items and the business impacts from closed divestitures during

2023, increased by 23% to EUR 416 million, resulting in a margin of 8.6% (Q1 2023: 7.3%).

in Care Delivery decreased by 34% (-34% at constant currency), resulting in a margin of 5.0% (Q1 2023: 7.6%). Operating income

on outlook base1 increased by 25%, resulting in a margin of 9.3% (Q1 2023: 7.8%). The operating income development was driven

by positive effects from pricing, the value-based care business and FME25 savings, while expected labor and inflationary cost increases

impacted the earnings development.

in Care Enablement amounted to EUR 70 million (Q1 2023: EUR -24 million), resulting in a margin of 5.4% (Q1 2023: -1.9%). Operating income on outlook base1 increased by 23%, resulting

in a margin of 6.0% (Q1 2023: 5.0%). The improvement compared to the previous year's quarter was mainly driven by savings from

the FME25 program and improved pricing. These positive effects were partially offset by inflationary cost increases and unfavorable foreign

currency transaction effects.

for Corporate amounted to EUR -14 million (Q1 2023: EUR 10 million). Operating income on outlook base1 amounted to

EUR -19 million (Q1 2023: EUR -5 million), mainly due to higher costs related to certain global functions.

decreased by 18% to EUR 71 million (-17% at constant currency). Net income on outlook base1 increased by 35%.

per share (EPS) decreased by 18% to EUR 0.24 (-17% at constant currency). EPS on outlook base1 increased by 35%.

Strong cash flow development

In the first quarter,

Fresenius Medical Care generated EUR 127 million of operating cash flow (Q1 2023: EUR 143 million), resulting in a margin of 2.7%

(Q1 2023: 3.0%). The operating cash flow development was negatively impacted by EUR 58 million resulting from a cyber incident at Change

Healthcare, one of our U.S. service providers, in February.

amounted to EUR -2 million in the first quarter (Q1 2023:EUR 2 million).

Care confirms its outlook for fiscal 2024 and expects revenue to grow by a low- to mid-single digit percent rate compared to prior year.

The Company expects operating income to grow by a mid- to high-teens percent rate compared to prior year.

rates for 2024 are at constant currency, excluding special items as well as the business impacts from closed divestitures in 2023 and

the settlement agreement with the U.S. government (Tricare) in Q4 2023. The 2023 basis for the revenue outlook is EUR 19,049 million

and for the operating income outlook is EUR 1,540 million.

reconfirms its targets to achieve an operating income margin of 10% to 14% by 2025. This excludes impacts from portfolio changes.

Patients, clinics and employees

2024, Fresenius Medical Care treated 324,884 patients in 3,862 dialysis clinics worldwide and had 117,128 employees

(headcount) globally, compared to 119,845 employees as of December 31, 2023.

Care will host a conference call to discuss the results of the first quarter on May 7, 2024, at 2:00 p.m. CEST / 8:00 a.m. EDT.

Details will be available on the Fresenius Medical Care website in the "Investors" section. A replay will be available

shortly after the call.

our statement of earnings included at the end of this news and to the attachments as separate PDF files for a complete overview of the

results of the first quarter of 2024. Our 6-K disclosure provides more details.

About Fresenius Medical Care:

Care is the world's leading provider of products and services for individuals with renal diseases of which around 4.1 million patients

worldwide regularly undergo dialysis treatment. Through its network of 3,862 dialysis clinics, Fresenius Medical Care provides dialysis

treatments for approx. 325,000 patients around the globe. Fresenius Medical Care is also the leading provider of dialysis products such

as dialysis machines or dialyzers. Fresenius Medical Care is listed on the Frankfurt Stock Exchange (FME) and on the New York Stock Exchange

For more information visit the Company's

website at www.freseniusmedicalcare.com.

This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results could differ materially

from those described in these forward-looking statements due to various factors, including, but not limited to, changes in business,

economic and competitive conditions, legal changes, regulatory approvals, impacts related to the COVID-19 pandemic results of clinical

studies, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing.

These and other risks and uncertainties are detailed in Fresenius Medical Care's reports filed with the U.S. Securities and Exchange

Commission. Fresenius Medical Care does not undertake any responsibility to update the forward-looking statements in this release.