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 2025 with strong organic revenue and

Germany (May 6, 2025) - "The results of the first quarter of 2025 once again demonstrate our continuous operational

and financial progress as we are executing the third and last year of our current strategic plan", said Helen Giza, Chief Executive

Officer of Fresenius Medical Care. "Revenue of both segments grew organically, and the phasing of the operating income development

was in-line with our expectations. Care Enablement executed strongly against its transformation plan and further expanded its operating

income margin, reaching its target margin band for the first time. Care Delivery maintained prior year s margin level despite one

dialysis day less and the negative impact from a severe flu season. Continuing last year s positive momentum, patient referrals

further increased. We therefore expect accelerating same market treatment growth in the U.S. to above 0.5% for the full year, after a

stable development in Q1. We also continue to expect operational and financial improvements in both segments during the year, translating

into significant earnings and margin growth. We therefore confirm our financial outlook for the full year 2025."

1 At constant currency,

adjusted for certain reconciling items including revenue from acquisitions, closed or sold operations and differences in dialysis days.

2 Adjusted for special

Net income attributable to shareholders of Fresenius Medical Care AG.

Key figures Q1 2025 (unaudited)

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

Execution momentum underpins

a good start to fiscal 2025

Care, the world's leading provider of products and services for individuals with renal disease, has made a good start to the third

year of its strategic plan. During the first quarter, the FME25 transformation program continued its positive momentum, delivering

EUR 68 million additional sustainable savings while related one-time costs, treated as special items, amounted to EUR 28 million. The

Company confirms its full year target of around EUR 180 million additional annual savings, totaling to EUR 750 million by year end 2025.

Fresenius Medical Care continues the execution

of its portfolio optimization plan to exit non-core and margin-dilutive assets. Announced divestments include select assets of Spectra

Laboratories, our U.S. laboratory testing services business, as well as our clinic operations in Malaysia. Special items associated with

portfolio optimization amounted to negative EUR 24 million in the first quarter.

All transactions that were realized as part of

the Company's portfolio optimization plan in 2024 are estimated to negatively impact full year 2025 Group revenue growth by around

one percent. Related cost will be treated as special items in operating income.

Strong organic revenue growth1

quarter 2025, Group revenue increased by 3% (+1% at constant currency, +5% organic1) to EUR 4,881 million. Divestitures

realized as part of the portfolio optimization plan affected the revenue development by -260 basis points.

revenue increased by 2% (-1% at constant currency, +4% organic1) to EUR 3,857 million. Divestitures realized as part of the

portfolio optimization plan affected the revenue development by -370 basis points.

In Care Delivery U.S., revenue increased by 6%

(+3% at constant currency, +4% organic1) to EUR 3,302 million. A growing value-based care business, reimbursement rate increases,

and a favorable payor mix as well as exchange rate effects had a positive impact, compensating a decrease in dialysis days. A severe flu

season in the U.S. drove elevated missed treatments. U.S. same market treatment growth came in flat year-on-year.

In Care Delivery International, revenue declined

by 19% (-19% at constant currency, +5% organic1) to EUR 555 million. The effect of closed or sold operations, mainly related

to Legacy Portfolio Optimization, as well as a decrease in dialysis days were partially offset by organic growth1. Same market

treatment growth accelerated to 2.5%.

revenue grew by 5% (+5% at constant currency, +5% organic1) to EUR 1,367 million, mainly driven by volume growth in all our

geographical regions and continued positive pricing momentum. Volume-based procurement in China developed in line with expectations and

was supportive of volume growth, yet a headwind to price development.

Within Inter-segment eliminations4,

revenue for products transferred between the operating segments at fair market value came in 5% below prior year at negative EUR 343 million

(-7% at constant currency).

Significant operating income

significantly increased by 35% (+32% at constant currency) to EUR 331 million, resulting in a margin of 6.8% (Q1 2024: 5.2%). Operating

income excluding special items increased by 13% (+11% at constant currency) to EUR 457 million, resulting in a margin2 of 9.4%

Operating income in Care Delivery increased

by 71% (+64% at constant currency), resulting in a margin of 8.4% (Q1 2024: 5.0%). Operating income excluding special items increased

by 4% (flat at constant currency), resulting in a margin2 of 9.3% (Q1 2024: 9.2%). Compared to previous year, operating income

development was driven by the impact from phosphate binders, positive price effects and savings associated with the FME25 program. The

development was negatively impacted by higher personnel expenses, that developed in line with expectations, less positive contribution

from the value-based care business, a negative impact from treatment volumes as well as inflationary cost increases.

Operating income in Care Enablement increased

by 34% (+33% at constant currency), resulting in a margin of 6.9% (Q1 2024: 5.4%). Operating income excluding special items increased

by 50% (+49% at constant currency), resulting in a margin2 of 8.3% (Q1 2024: 5.9%). The improvement compared to the previous

year's quarter was mainly driven by savings from the FME25 program and globally positive volume and pricing developments. These

positive effects were partially offset by inflationary cost increases that developed in line with expectations.

4 The company transfers

products between segments at fair market value. The associated internal revenues and expenses and all other consolidation of transactions

are included within "Inter-segment eliminations".

Operating income for Corporate amounted

to EUR -81 million (Q1 2024: EUR -14 million). Humacyte remeasurements, that are treated as special items in the Corporate line, amounted

to EUR -67 million and virtual power purchase agreements contributed EUR 3 million. Operating income excluding special items amounted

to EUR -12 million (Q1 2024: EUR -18 million).

more than doubled (+113%) to EUR 151 million (+109% at constant currency). Net income excluding special items increased by 31% (+29% at

constant currency) to EUR 246 million.

per share (EPS) more than doubled (+113%) to EUR 0.52 (+109% at constant currency). EPS excluding special items increased by

31% (+29% at constant currency) to EUR 0.84.

Continued strong cash flow

development and further improved net leverage ratio

In the first quarter, Fresenius Medical Care improved

operating cash flow by 28% to EUR 163 million (Q1 2024: EUR 127 million), resulting in a margin of 3.3% (Q1 2024: 2.7%). The operating

cash flow development was driven by the seasonality of invoicing, in line with expectations.

increased to EUR 21 million in the first quarter (Q1 2024: EUR -2 million).

and lease liabilities were further reduced to EUR 9,753 million (Q4 2024: EUR 9,803 million). The net leverage ratio (net debt/EBITDA)

slightly improved from 2.9x in Q4 2024 to 2.8x in Q1 2025.

Patients, clinics and employees

As of March 31, 2025, Fresenius Medical Care

treated 299,358 patients in 3,674 dialysis clinics worldwide and had 112,035 employees (headcount) globally, compared

to 111,513 employees as of December 31, 2024.

Outlook 2025 confirmed

Fresenius Medical Care confirms its outlook for

fiscal 2025 and expects revenue growth to be positive to a low-single digit percent rate compared to prior year. The Company expects operating

income excluding special items to grow by a high-teens to high-twenties percent rate compared to prior year.

The expected growth rates for 2025 are at constant

currency, excluding special items in operating income. The 2024 basis for the revenue outlook is EUR 19,336 million and for the operating

income outlook is EUR 1,797 million.

by / used in operating activities, after capital expenditures, before acquisitions, investments, and dividends

Investor conference call

Care will host a conference call for analysts and investors to discuss the results of the first quarter 2025 today, May 6, 2025,

at 2:00 p.m. CEST / 8:00 a.m. EDT. Details are available on the Fresenius Medical Care website in the "Investors"

section. A replay and a transcript will be available shortly after the call.

Please refer to our statement of earnings included