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

Medical Care delivers strong operating income growth in Q1 2026 while advancing the U.S. rollout of 5008X CAREsystems at speed

Germany (May 5, 2026) - "Fresenius Medical Care delivered continued operational and financial progress in the first

quarter, with organic revenue growth, improved profitability and adjusted EPS growth. Operating income growth was in line with our planned

phasing," said Helen Giza, Chief Executive Officer of Fresenius Medical Care. "Care Delivery posted strong operating income

growth supported by positive TDAPA effects. Excluding positive TDAPA effects, underlying Care Delivery operating income2 improved

by 6%. We are pleased with the speed of the rollout of our innovative 5008X CAREsystem, now available in around 100 clinics and with

more than 100,000 treatments performed." Giza continued, "Through focused execution of our FME Reignite strategy, we remain

on track to maintain Group operating income at a consistent high level while overcoming significant regulatory headwinds. We confirm

our outlook for 2026 and are firmly committed to creating long-term value for our shareholders."

Key figures Q1 2026 (unaudited)

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

currency, EPS = earnings per share

Care, the world's leading provider of products and services for individuals with renal disease, successfully advances the next

phase of value creation with its FME Reignite strategy. The strategy focuses on strengthening core operations, driving profitable growth

and innovation, and advancing the company culture.

quarter, the FME25+ transformation program delivered EUR 50 million additional sustainable savings. Fresenius Medical Care started the

optimization of its U.S. dialysis clinic footprint by exiting 64 of up to 100 selected clinics. The company expects to retain the majority

of its dialysis patients in neighboring clinics. FME25+ one-time costs, driven mainly by clinic closures cost, were treated as special

items and amounted to EUR 166 million. The company expects EUR 250 million savings and EUR 350 million related one-time costs in 2026.

FME25+ savings are expected to total EUR 1.2 billion by the end of 2027.

capital allocation framework, shareholder returns through dividends are complemented by share buybacks. Through an initial share buyback

program of EUR 1.0 billion, 24.8 million shares or 8.5% of share capital were bought back in a significantly accelerated way. On April 30,

the program was successfully completed in less than one year instead of within two years, as originally announced. As of March 31,

23.3 million shares or 7.9% of total share capital have been repurchased for a total investment amount of EUR 941 million.

revenue growth driven by all operating segments

quarter 2026, Group revenue decreased by 6% compared to prior year (+3% at constant currency, +4% organic1) to

EUR 4,612 million. Significant currency effects negatively impacted revenue development in all three operating segments. Divestitures

realized as part of the portfolio optimization plan negatively affected the revenue development by 50 basis points.

revenue decreased by 4% (+5% at constant currency, +6% organic1) to EUR 3,294 million. Divestitures realized as part of the

portfolio optimization plan negatively affected the revenue development by 80 basis points.

U.S., revenue decreased by 4% (+6% at constant currency, +7% organic1) to EUR 2,765 million. TDAPA reimbursement regulations

as well as favorable rate and payor mix effects had a positive impact while exchange rates developed unfavorably. U.S. same market treatment

growth came in at -0.4%.

International, revenue decreased by 5% (-2% at constant currency, +3% organic1) to EUR 529 million. The effects of closed

or sold operations, mainly related to portfolio optimization, and unfavorable exchange rates were partially offset by positive organic

growth1. International same market treatment growth amounted to 1.3%.

Care revenue decreased by 7% (+3% at constant currency, +3% organic1) to EUR 490 million. The development in the quarter

was driven by higher number of member months and positive effects from premium rates, offset by the changed risk contracting for one

of the contracts and negative exchange rate effects.

revenue decreased by 5% (+1% at constant currency, +1% organic1) to EUR 1,299 million. Unfavorable exchange rate effects

as well as lower volumes, driven by negative impacts from volume-based procurement and stricter tender requirements in China, were partly

offset by positive pricing and volume development outside China, mainly driven by the sales of 5008X CAREsystems.

Within Inter-segment

eliminations4, revenue for services provided and products transferred between the operating segments at fair market

value came in at negative EUR 471 million.

growth and margin expansion

quarter 2026, Group operating income decreased by 14% (-9% at constant currency) to EUR 286 million, resulting in a margin of 6.2%

(Q1 2025: 6.8%). Operating income excluding special items increased by 2% (+10% at constant currency) to EUR 467 million, resulting in

a margin2 of 10.1% (Q1 2025: 9.4%).

in Care Delivery decreased by 15% (-3% at constant currency) to EUR 271 million, resulting in a margin of 8.2% (Q1 2025: 9.3%).

Operating income excluding special items increased by 12% (+26% at constant currency) to EUR 398 million, resulting in a margin2

of 12.1% (Q1 2025: 10.3%). Compared to previous year, operating income development was driven by positive impact from TDAPA reimbursement

regulations as well as positive rate and payor mix effects. The development was negatively impacted by higher personnel expenses.

in Value-Based Care amounted to a loss of EUR 11 million, compared to a profit of EUR 3 million in the prior year, resulting in

a margin of -2.3% (Q1 2025: 0.6%) Operating income excluding special items more than doubled with an increase of 113% (+137% at constant

currency) to EUR 9 million, resulting in a margin2 of 1.8% (Q1 2025: 0.8%). The improvement was driven by an enhanced savings

rate and positive contributions from the FME25+ program.

in Care Enablement decreased by 7% (-9% at constant currency) to EUR 87 million, resulting in a margin of 6.7% (Q1 2025: 6.9%).

Operating income excluding special items decreased by 1% (stable at constant currency) to EUR 113 million, resulting in a margin2

of 8.7% (Q1 2025: 8.3%). Compared to the previous year's quarter, positive contributions from FME25+ program, the sales of 5008X

CAREsystems as well as positive price and volume effects outside China contributed positively. This was offset mainly by unfavorable

currency transaction as well as negative volume and price effects in China.

for Corporate amounted to a loss of EUR 40 million (Q1 2025: loss of EUR 81 million). Operating income excluding special items

amounted to a loss of EUR 32 million (Q1 2025: loss of EUR 12 million). This development was mainly driven by the planned cost of the

strategic IT platform investments.

decreased by 22% compared to prior year (-21% at constant currency) to EUR 118 million in the first quarter 2026. Net income excluding

special items increased by 2% (+9% at constant currency) to EUR 251 million.

per share (EPS) decreased by 17% compared to prior year (-16% at constant currency) to EUR 0.43 in the first quarter 2026, based

on 275,246,345 shares. Basic EPS excluding special items increased by 8% (+16% at constant currency) to EUR 0.91.

improved cash flow, net leverage ratio around lower end of target corridor

quarter 2026, operating cash flow significantly increased by 39% to EUR 227 million (Q1 2025: EUR 163 million), resulting

in a margin of 4.9% (Q1 2025: 3.3%). The operating cash flow development was mainly driven by favorable working capital development despite

seasonality in invoicing.

increased by 94% to EUR 40 million in the first quarter 2026 (Q1 2025: EUR 21 million), resulting in a margin of 0.9% (Q1 2025: 0.4%).

and lease liabilities slightly increased to EUR 9,790 million (Q1 2025: EUR 9,753 million). The net leverage ratio (net debt/EBITDA)

came in at 2.6x in Q1 2026 (Q4 2025: 2.5x) and continues to be around the lower end of our 2.5x to 3.0x target band.

Patients, clinics and employees

2026, Fresenius Medical Care treated 289,923 patients in 3,539 dialysis clinics worldwide and had 108,165 employees

Medical Care expects revenue growth to be broadly flat compared to prior year. The company expects operating income to

remain on a consistent level, with a range between a positive and negative mid-single digit percent growth rate compared to prior year.

5 Net cash provided by /

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

rates for 2026 are at constant currency and excluding special items in operating income. The 2025 basis for the revenue outlook is EUR

19,628 million and for the operating income outlook is EUR 2,212 million.

Care will host a conference call for analysts and investors to discuss the results of the first quarter today, May 5, 2026, 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.

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

of the results of the first quarter 2026. Our form 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 4.5 million patients

worldwide regularly undergo dialysis treatment. Through its network of 3,539 dialysis clinics, Fresenius Medical Care provides dialysis

treatments for approx. 290,000 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, results of clinical studies, foreign exchange rate fluctuations,