Christine Peters T +49 160 60 66 770 Christine.Peters@FreseniusMedicalCare.com Contact for analysts and investors Dr. Dominik Heger T +49 6172 609 2525 Dominik.Heger@FreseniusMedicalCare.com w

Fresenius Medical Care delivers strong organic revenue growth and

double-digit operating income growth in the second quarter of 2025

Bad Homburg, Germany (August 5, 2025)

- "In the second quarter of 2025, we further improved our operational performance as strong organic revenue growth and double-digit

operating income growth put us fully on track to deliver our full year 2025 financial outlook", said Helen Giza, Chief Executive

Officer of Fresenius Medical Care AG. "Organic revenue growth of 7% was supported by all operating segments. The overall phasing

of earnings in the first half of the year developed in line with our planning. Strong profitability gains in Care Enablement led to double-digit

operating income growth. Care Delivery also drove improvements in operating income and margin, despite flat U.S. volume development.

We remain encouraged by the strong and accelerating momentum in patient referrals that continued in the second quarter. However, this

positive development in patient inflow was offset by higher-than-expected patient outflow driven by continued elevated mortality and

a greater number of missed treatments following the severe flu season in the first months of the year. In the second half of the year,

we expect to realize further significant operational and financial improvements." Giza added: "Reflecting our confidence

and the strong cash generation, we are about to initiate the first tranche of the announced share buyback in August."

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

items; for further details please see the reconciliation attached to the press release

3 Net income attributable to shareholders of Fresenius

Key figures Q2 and H1 2025 (unaudited)

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

Strategic execution on track

Fresenius Medical Care, the world's leading

provider of products and services for individuals with renal disease, maintained strong focus on the execution of its strategic plan.

During the second quarter of 2025, the FME25+ transformation program continued its positive momentum, delivering EUR 58 million additional

sustainable savings while related one-time costs, treated as special items, amounted to EUR 53 million. The Company confirms its full

year FME25+ target of around EUR 180 million additional annual savings, totaling to EUR 1,050 million by year end 2027. The Company assumes

related one-time costs of EUR 100 million to 150 million in 2025 and EUR 1,000 million to 1,050 million for the total program.

The Company continues the execution of its portfolio

optimization plan to exit non-core and margin-dilutive assets. Special items associated with portfolio optimization amounted to negative

EUR 6 million in the second quarter.

All transactions that were realized as part of

Fresenius Medical Care's portfolio optimization plan in 2024 are estimated to negatively impact full year 2025 Group revenue growth

by around one percent. Related costs will be treated as special items in operating income.

As part of the new capital allocation framework,

as presented at its recent Capital Markets Day, Fresenius Medical Care commits to return excess capital to shareholders. The Company

announced an initial share buyback of EUR 1 billion within two years. The Company intends to initiate the first tranche of the program

Organic revenue growth1 across

In the second quarter 2025, Group revenue

increased by 1% (+5% at constant currency, +7% organic1) to EUR 4,792 million. Divestitures realized as part of the portfolio

optimization plan affected the revenue development by -110 basis points.

Care Delivery revenue decreased by 3%

(+1% at constant currency, +4% organic1) to EUR 3,381 million. Divestitures realized as part of the portfolio optimization

plan affected the revenue development by -190 basis points.

In Care Delivery U.S., revenue decreased by 2%

(+3% at constant currency, +3% organic1) to EUR 2,817 million. Reimbursement rate increases and a favorable payor mix development

had a positive impact while exchange rates developed unfavorably. The severe flu season in the U.S. in the first months of the year resulted

in significantly increased mortality compared to the elevated mortality level in the prior year. This impacted the treatment numbers

in the second quarter and for the remainder of the year. The effect was partially offset in the second quarter by an accelerated number

of patient new starts. Therefore, U.S. same market treatment growth came in flat year-on-year.

In Care Delivery International, revenue decreased

by 8% (-8% at constant currency, +5% organic1) to EUR 564 million. The effect of closed or sold operations, mainly related

to portfolio optimization, were partially offset by organic growth1. Same market treatment growth amounted to +1.7%.

Fresenius Medical Care now reports Value-Based

Care, previously part of Care Delivery, as a standalone segment. The new segmentation reflects the growing importance of this business

and the Company's clear commitment towards enhancing financial reporting transparency. Value-Based Care revenue grew by

22% (+28% at constant currency, +28% organic1) to EUR 506 million, mainly driven by significantly higher number of member

months due to contract expansion, while exchange rates developed unfavorably.

Care Enablement revenue declined by 1%

(+3% at constant currency, +3% organic1) to EUR 1,348 million. Volume growth and continued positive pricing momentum was offset

by unfavorable exchange rate effects.

Within Inter-segment eliminations4,

revenue for services provided and products transferred between the operating segments at fair market value came in 10% below prior year

at negative EUR 443 million (-6% at constant currency). In line with the new segment reporting, services provided by the Care Delivery

segment for patients managed under the Value-Based Care segment are now being included within inter-segment eliminations.

4 The Company transfers

products from the Care Enablement segment to the Care Delivery segment at fair market value. Services provided by the Care Delivery segment

for patients managed under the Value-Based Care segment are also provided at fair market value. The associated internal revenues and

expenses and all other consolidation of transactions are included within "Inter-segment eliminations".

In the first half 2025, Group revenue

increased by 2% (+3% at constant currency, +6% organic¹) to EUR 9,673 million. Divestitures realized as part of the portfolio optimization

plan impacted the revenue development by -190 basis points. Care Delivery revenue decreased by 2% (-1% at constant currency, +3% organic1)

to EUR 6,828 million, with Care Delivery U.S. growing by 1% (+2% at constant currency, +2% organic1) to EUR 5,709 million

and Care Delivery International decreasing by 14% (-14% at constant currency, +5% organic1) to EUR 1,119 million. Divestitures

realized as part of the portfolio optimization plan affected the revenue development of Care Delivery by -300 basis points and the revenue

development of Care Delivery International by -1,600 basis points. U.S. same market treatment growth came in flat while International

same market treatment growth improved to 2.1%. Value-Based Care revenue increased by 24% (+25% at constant currency, +25% organic1)

to EUR 1,035 million. Care Enablement revenue increased by 2% (+4% at constant currency, +4% organic1) to EUR 2,715 million.

Inter-segment eliminations decreased by 7% (-6% at constant currency) to a deduction of EUR 905 million.

Double-digit operating income growth and

further margin expansion

In the second quarter 2025, Group Operating

income remained stable (+3% at constant currency) at EUR 425 million, resulting in a margin of 8.9% (Q2 2024: 8.9%). Operating income

excluding special items increased by 9% (+13% at constant currency) to EUR 476 million, resulting in a margin2 of 9.9% (Q2

2024: 9.1%). Divestitures realized during the second quarter were neutral on operating income margin development.

Operating income in Care Delivery increased

by 3% (+9% at constant currency) to EUR 346 million, resulting in a margin of 10.2% (Q2 2024: 9.6%). Operating income excluding special

items came in flat (+5% at constant currency) at EUR 378 million, resulting in a margin2 of 11.2% (Q2 2024: 10.9%). Compared

to previous year, operating income development was driven by positive price effects, the impact from phosphate binders, and savings from

the FME25+ program. The development was negatively impacted by higher personnel expenses due to planned merit increases and unfavorable

medical benefit costs as well as other inflationary cost increases.

Operating income in Value-Based Care amounted

to a loss of EUR 9 million, compared to a loss of EUR 6 million in the prior year, resulting in a margin of -1.7% (Q2 2024: -1.5%). Identically,

operating income excluding special items amounted to a loss of EUR 9 million, compared to a loss of EUR 6 million in the prior year,

resulting in a margin2 of -1.7% (Q2 2024: -1.5%). The development was mainly driven by an unfavorable savings rate and inflation,

while the effect from an increase in member months contributed positively.

Operating income in Care Enablement increased

by 36% (+39% at constant currency) to EUR 89 million, resulting in a margin of 6.6% (Q2 2024: 4.8%). Operating income excluding special

items significantly increased by 76% (+79% at constant currency) to EUR 117 million, resulting in a margin2 of 8.7% (Q2 2024: