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 further accelerates organic revenue development

and achieves an inflection in earnings growth, delivering 28% operating income growth in the third quarter of 2025

Bad Homburg, Germany (November 4, 2025)

- "In Q3 of 2025, we continued the momentum and further accelerated revenue growth. Conversion into operating income2

growth increased as planned for the third consecutive quarter, underlining our continued operational and financial progress. Our Group

operating income2 margin of 11.7% extended well into the implied full year 2025 range of 11% to 12%. This demonstrates important

progress on our trajectory to deliver our full year 2025 financial outlook", said Helen Giza, Chief Executive Officer of Fresenius

Medical Care AG. "All three operating segments contributed to the Group organic growth of 10%. U.S. same market treatment growth

was slightly positive in Q3. Operating income2 in Care Enablement grew strongly by 38%, leading to a margin of 7.6%. In parallel,

Care Delivery significantly improved profitability, reaching a strong margin of 14.5%, at the top end of its 2025 target margin band."

Helen Giza added: "We advanced our FME Reignite strategy for value creation with the launch of the first tranche of our initial

share buyback program, the ownership increase in our Value-Based Care entity Interwell Health and the continued rollout of the 5008X in

the U.S. For 2025, we are well on track to achieve our commitments, while we are excited about what lies ahead with FME Reignite."

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; growth rate at constant currency (if not stated otherwise); for further details please see the reconciliation attached to the

3 Net income attributable to shareholders of Fresenius

Key figures Q3 and 9M 2025 (unaudited)

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

FME Reignite strategy advances

Fresenius Medical Care, the world's leading

provider of products and services for individuals with renal disease, continued to advance the FME Reignite strategy. During the third

quarter of 2025, the FME25+ transformation program continued its positive momentum, delivering EUR 47 million additional sustainable

savings while related one-time costs, treated as special items, amounted to EUR 41 million. In the first nine months, the Company already

delivered EUR 174 million of its full year FME25+ target of around EUR 180 million additional annual savings. FME25+ savings are expected

to total EUR 1,050 million by year end 2027, while program cost of EUR 1,000 million to 1,050 million are anticipated in the same time

During the third quarter, as part of the portfolio

optimization plan, closed divestments included clinic operations in Brazil and Malaysia. Special items associated with portfolio optimization

amounted to negative EUR 50 million in the third quarter.

All transactions realized as part of Fresenius

Medical Care's portfolio optimization plan in 2024 and 2025 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,

Fresenius Medical Care announced an initial share buyback of EUR 1.0 billion as a commitment to return excess capital to shareholders.

The program commenced in August with a first tranche of up to EUR 600 million. As of September 30, 2025, 3.6 million shares

have been repurchased for a total investment amount of EUR 151 million.

Strong organic revenue growth1

In the third quarter 2025, Group revenue

increased by 3% (+8% at constant currency, +10% organic1) to EUR 4,885 million. Divestitures realized as part of the portfolio

optimization plan affected the revenue development by -60 basis points.

Care Delivery revenue decreased by 2%

(+4% at constant currency, +6% organic1) to EUR 3,402 million. Divestitures realized as part of the portfolio optimization

plan affected the revenue development by -120 basis points.

In Care Delivery U.S., revenue decreased by 1%

(+5% at constant currency, +6% organic1) to EUR 2,842 million. Reimbursement rate increases, a favorable payor mix development,

the positive impact from phosphate binders and reduced implicit price concessions had a positive impact while exchange rates developed

unfavorably. U.S. same market treatment growth slightly advanced to 0.1% year-on-year.

In Care Delivery International, revenue decreased

by 5% (-4% at constant currency, +4% organic1) to EUR 560 million. The effects of closed or sold operations, mainly related

to portfolio optimization and unfavorable exchange rates, were partially offset by organic growth1. Same market treatment

growth amounted to 1.2%.

Value-Based Care revenue grew by 34% (+42%

at constant currency, +42% organic1) to EUR 576 million, driven by a significantly higher number of member months mainly due

to contract expansion, while exchange rates developed unfavorably.

Care Enablement revenue remained stable

compared to prior year (+5% at constant currency, +5% organic1) at EUR 1,361 million. Volume growth and continued positive

pricing momentum were 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 at negative EUR 454

In the first nine months, Group revenue

increased by 2% (+5% at constant currency, +7% organic¹) to EUR 14,558 million. Divestitures realized as part of the portfolio optimization

plan impacted the revenue development by -150 basis points. Care Delivery revenue decreased by 2% (0% at constant currency, +4% organic1)

to EUR 10,229 million, with Care Delivery U.S. flat year-on-year (+3% at constant currency, +4% organic1) at EUR 8,550 million

and Care Delivery International decreasing by 11% (-11% at constant currency, +5% organic1) to EUR 1,679 million. Divestitures

realized as part of the portfolio optimization plan affected the revenue development of Care Delivery by -240 basis points and the revenue

development of Care Delivery International by -1,350 basis points. U.S. same market treatment growth came in at 0.1% while international

same market treatment growth amounted to 2.0%. Value-Based Care revenue increased by 27% (+31% at constant currency, +31% organic1)

to EUR 1,611 million. Care Enablement revenue increased by 1% (+4% at constant currency, +4% organic1) to EUR 4,075 million.

Inter-segment eliminations decreased to a deduction of EUR 1,357 million.

Accelerated earnings growth

and double-digit operating income margin

In the third quarter 2025, Group operating

income increased by 3% (+8% at constant currency) to EUR 477 million, resulting in a margin of 9.8% (Q3 2024: 9.7%). Operating income

excluding special items significantly increased by 22% (+28% at constant currency) to EUR 574 million, resulting in a margin2

of 11.7% (Q3 2024: 9.9%). Divestitures realized during the third quarter were neutral on operating income margin development.

Operating income in Care Delivery decreased

by 8% (-1% at constant currency) to EUR 419 million, resulting in a margin of 12.3% (Q3 2024: 13.1%). Operating income excluding special

items grew by 7% (+14% at constant currency) at EUR 493 million, resulting in a margin2 of 14.5% (Q3 2024: 13.2%). Compared

to previous year, operating income development was driven by the positive impact from phosphate binders, positive rate and payor mix

effects and savings from the FME25+ program. The development was negatively impacted by the absence of income attributable to a consent

agreement on certain pharmaceuticals compared to the prior year, higher personnel expenses due to planned merit increases as well as

other inflationary cost increases.

Operating income in Value-Based Care amounted

to a loss of EUR 22 million, compared to a loss of EUR 37 million in the prior year, resulting in a margin of -3.8% (Q3 2024: -8.5%)

and reflecting the quarterly earnings volatility, which is inherent to the business model. Operating income excluding special items amounted

to a loss of EUR 21 million, compared to a loss of EUR 37 million in the prior year, resulting in a margin2 of -3.7% (Q3 2024:

-8.5%). The improvement compared to the previous year's quarter was driven by a favorable savings rate, partially offset by delayed

CKCC reporting from CMS.

Operating income in Care Enablement increased

by 43% (+44% at constant currency) to EUR 87 million, resulting in a margin of 6.4% (Q3 2024: 4.5%). Operating income excluding special

items increased by 36% (+38% at constant currency) to EUR 103 million, resulting in a margin2 of 7.6% (Q3 2024: 5.6%). The

improvement compared to the previous year's quarter was mainly driven by higher volumes as well as positive pricing developments

and savings from the FME25+ program. These positive effects were partially offset by higher-than-expected currency transaction effects

as well as inflationary cost increases, which developed in line with expectations.

Operating income for Corporate amounted

to a loss of EUR 4 million (Q3 2024: loss of EUR 13 million). Humacyte remeasurements, treated as special items in the Corporate line,

amounted to EUR -5 million and virtual power purchase agreements amounted EUR -2 million. Operating income excluding special items amounted