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 delivers continued operating income improvements

in the second quarter of 2024

Bad Homburg (July 30,

2024) - "In the second quarter, we further improved our financial performance while executing against our strategic

plan and the company transformation. This quarter is another important proof point for the operational turnaround as we remain focused

to deliver on our targets", said Helen Giza, Chief Executive Officer of Fresenius Medical Care AG. "Our operating income margin

progressed toward our 2025 margin target band, as Care Enablement increased its profitability. In Care Delivery, U.S. same market treatment

growth improved sequentially despite continued elevated mortality. In both segments, we accelerated FME25 savings against plan and are

now on track to reach the upper end of our FME25 savings target range for 2024." Giza added: "In light of the developments

in the first half year, we confirm our financial outlook for the full year 2024."

Key figures (unaudited)

yoy = year-on-year, cc = at constant currency, EPS = earnings per

Focused execution against the

In the second quarter,

the FME25 transformation program continued its momentum, delivering EUR 57 million additional sustainable savings while related one-time

costs amounted to EUR 40 million. With the progress in the second quarter, Fresenius Medical Care is on track to reach the upper end of

the targeted additional sustainable savings range of EUR 100 to 150 million by year end 2024, totaling to EUR 650 million by year

Medical Care is executing its portfolio optimization plan to exit non-core and dilutive assets. During the second quarter, the company

closed the divestment of Cura Day Hospitals Group, Australia, and of its dialysis clinic networks in Chile, Ecuador, Sub-Saharan

Africa and Turkiye. The divestitures of clinic operations in Curacao, Guatemala and Peru were closed in July. Special items associated

with portfolio optimization amounted to negative EUR 15 million in the second quarter.

that are currently signed as part of Fresenius Medical Care's portfolio optimization plan are estimated to negatively impact operating

income by around EUR 250 million in the full year 2024 and will be treated as special items. These transactions are expected to

generate cash proceeds of around EUR 650 million upon closing, thereof approx. EUR 500 million have been received by the end of the second

Revenue development impacted

by execution against portfolio optimization plan

decreased by 1% to EUR 4,766 million in the second quarter (-2% at constant currency, +2% organic). Revenue on outlook base1

grew by 0.1% compared to prior year. Divestitures realized during 2023 and during the second quarter 2024 negatively impacted the revenue

revenue decreased by 3% to EUR 3,771 million (-3% at constant currency, +2% organic) and by 1% on outlook base1.

U.S., revenue increased by 1% (0% at constant currency, +1% organic) and by 1% on outlook base1. A growing value-based

care business, reimbursement rate increases and a favorable payor mix had a positive impact. Effects from elevated mortality continued

to weigh on U.S. same market treatment growth in a year-over-year comparison, while sequential trends remain encouraging. Adjusted for

the exit from less profitable acute care contracts (-0.2%), U.S. same market treatment growth came in flat (-0.1%).

International, revenue decreased by 18% (-18% at constant currency, +3% organic) and by 12% on outlook base1. This negative

development was strongly driven by divestments closed during the second quarter and partially offset by organic growth. International

same market treatment growth was positive at 1.9%.

revenue grew by 3% to EUR 1,363 million (+3% at constant currency, +3% organic) and by 3% on outlook base1 as positive

pricing momentum continues.

Within Inter-segment eliminations, revenue

for products transferred between the operating segments at fair market value decreased by 1% to a deduction of EUR 368 million (-2% at

constant currency).3

revenue remained virtually unchanged at EUR 9,491 million (0% at constant currency, +3% organic) and on outlook base1 increased

by 2%. Care Delivery revenue decreased by 1% to EUR 7,559 million (0% at constant currency, +4% organic), with Care Delivery U.S. growing

by 2% (+2% at constant currency, +4% organic) and Care Delivery International decreasing by 14% (-11% at constant currency, +3% organic).

Care Enablement revenue increased by 1% to EUR 2,660 million (+2% at constant currency, + 2% organic). Inter-segment eliminations decreased

by 1% to a deduction of EUR 728 million (0% at constant currency).

Operating margin improvement driven by Care Enablement

increased by 19% to EUR 425 million in the second quarter (+21% at constant currency), resulting in a margin of 8.9% (Q2 2023: 7.4%).

Operating income on outlook base1 increased by 8% to EUR 433 million, resulting in a margin of 9.1% (Q2 2023: 8.4%). Divestitures

realized during the second quarter had a neutral effect on operating income.

in Care Delivery decreased by 14% to EUR 332 million (-13% at constant currency), resulting in a margin of 8.8% (Q2 2023: 9.9%).

Operating income on outlook base1 decreased by 7%, resulting in a margin1 of 9.9% (Q2 2023: 10.6%). In-line

with expectations, the development was mainly driven by higher personnel expenses and inflationary cost increases. Business growth and

savings from the FME25 program contributed positively to the earnings development.

in Care Enablement strongly increased to EUR 68 million (Q2 2023:

EUR 2 million), resulting in a margin of 5.0% (Q2 2023: 0.1%). Operating income on outlook base1 quadrupled compared

to prior year, resulting in a margin1 of 5.1% (Q2 2023: 1.3%). The strong increase was driven by business growth and savings

from the FME25 program, compensating inflationary cost increases and a negative impact from foreign currency transaction.

for Corporate amounted to EUR 30 million (Q2 2023: EUR -25 million). Operating income on outlook base1 amounted

to EUR 0 million (Q2 2023: EUR -13 million).

operating income increased by 9% up to EUR 671 million (10% at constant currency), resulting in a margin of 7.1% (H1 2023: 6.5%). Divestitures

realized during the first half had a slightly positive impact on operating income. Operating income on outlook base1 increased

by 15% up to EUR 849 million, resulting in a margin of 8.9% (H1 2023: 7.9%). In Care Delivery, operating income declined by 22% to EUR

521 million (-22% at constant currency), resulting in a margin of 6.9% (H1 2023: 8.8%). Operating income margin on outlook base1

improved to 9.6% (H1 2023: 9.2%). In Care Enablement, operating income strongly increased to EUR 138 million (H1 2023: EUR -23 million),

resulting in a margin of 5.2% (H1 2023: -0.9%). Operating income margin on outlook base1 improved strongly to 5.5% (H1 2023:

3.1%). Operating income for Corporate amounted to EUR 17 million (H1 2023: -15 million).

increased by 33% to EUR 187 million in the second quarter (+34% at constant currency). Net income on outlook base1 increased

In the first half, net income2 increased

by 14% to EUR 258 million (+15% at constant currency). Net income on outlook base1 increased by 26%.

per share (EPS) increased by 33% to EUR 0.64 (+34% at constant currency). EPS on outlook base1 increased by 18%

EPS increased by 14% to EUR 0.88 (+15% at constant currency). EPS on outlook base1 increased by 26% to EUR 1.38 .

Lower net financial debt and further improved net

In the second quarter, Fresenius Medical Care

generated EUR 442 million of operating cash flow (Q2 2023: EUR 1,007 million), resulting in a margin of 9.3% (Q2 2023: 20.9%).

The operating cash flow development was negatively impacted by EUR 407 million, primarily as a result of changing vendors post the cyber

incident at Change Healthcare. This negative cash impact is expected to be recovered in Q3 2024. Additionally, the phasing of federal

income tax payments in the U.S. negatively impacted the development.

In the first half, operating cashflow amounted

to EUR 570 million (H1 2023: EUR 1,150 million), resulting in a margin of 6.0% (H1 2023: 12.1%).

amounted to EUR 289 million in the second quarter (Q2 2023: EUR 852 million), resulting in a margin of 6.1% (H1 2023: 17.7%). In the first half, Fresenius Medical Care generated free cash flow of

EUR 287 million (H1 2023: EUR 854 million), resulting in a margin of 3.0% (H1 2023: 9.0%).

and lease liabilities were further reduced to EUR 10,658 million (Q2 2023: EUR 11,714 million). At 3.1x, the corresponding

net leverage ratio (net debt/EBITDA) further decreased towards the lower end of our self-imposed target corridor.

Fresenius Medical 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.

The expected growth 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.

The company also 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 311,037 patients in 3,757 dialysis clinics worldwide and had 113,639 employees

(headcount) globally, compared to 117,128 employees as of March 31, 2024.

Media conference call

Care will host a media conference call to discuss the results of the second quarter and first half of 2024 earnings today, July 30,

2024, at 09:30 a.m. CEST / 3:30 a.m. EDT. The media conference call is for journalists who can register vial the following