Leif Heussen T +49 6172 608-4030 leif.heussen@fresenius.com Contact for analysts and investors Dr. Dominik Heger T +49 6172 609-2601 dominik.heger@fmc-ag.com www.freseniusmedicalcare.com

Fresenius Medical Care continues to execute on turnaround plan

and raises 2023 earnings outlook due to strong operational performance in first nine months and solid business outlook for the fourth

Helen Giza, Chief Executive Officer of Fresenius

Medical Care, said: "Our unwavering focus on executing against our strategic plan and the successful implementation of turnaround

measures to date, continue to translate into improved operating performance. Notably in the third quarter, we continued to unlock sustainable

savings with our FME25 program, further improved our labor productivity and continued to execute on our portfolio optimization plan.

Given our improving performance for the first nine months of the year and solid expectations for the remainder of the year, we confidently

upgrade our full year earnings outlook."

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

Successful execution against

Fresenius Medical Care has continuously advanced

its structural change. After implementing the new operating model along with the corresponding new financial reporting, the simplification

of the governance structure through a legal form conversion remains on track to be completed by 1 December 2023.

Care continues to successfully execute on its operational efficiency and turnaround plans. In the third quarter, the FME25 transformation

program delivered EUR 97 million of savings, resulting in EUR 232 million for the first nine months of the year. The Company is fully

on track to achieve sustainable savings of EUR 250 to 300 million by year end 2023 and EUR 650 million by year end 2025.

Moreover, Fresenius Medical Care is executing

its portfolio optimization plan to exit non-core and dilutive assets. In the third quarter, the Company entered into an agreement to

sell National Cardiovascular Partners (NCP) with 21 facilities providing outpatient cardiac catheterization and vascular laboratory services,

which are included in the U.S. Care Delivery business, in connection with its Legacy Portfolio Optimization program.

1 For FY 2022, special items included costs related to

the FME25 program, the impact of the war in Ukraine, the impact of hyperinflation in Turkiye, the Humacyte investment remeasurement and

the net gain related to InterWell Health. Additionally, the FY 2022 basis for the 2023 outlook was adjusted for U.S. Provider Relief

Funding. For FY 2023, special items include costs related to the FME25 program, the Humacyte investment remeasurement, the costs associated

with the legal form conversion and effects from legacy portfolio optimization. For further details please see the reconciliation attached

to the Press Release.

2 Net income attributable to shareholders of Fresenius

Medical Care AG & Co. KGaA

In line with the Company's disciplined

financial policy, Fresenius Medical Care has already refinanced a bond of EUR 650 million, maturing in November 2023. The Company

is using a mix of long-term bank financing at very attractive financing conditions as well as cash and short-term debt. Upcoming extraordinary

cash inflows will enable the Company to further delever.

Revenue development supported

by solid organic growth

decreased by 3% to EUR 4,936 million in the third quarter (+7% at constant currency, +7% organic).

revenue decreased by 4% to EUR 3,974 million (+6% at constant currency, +7% organic).

In Care Delivery U.S., revenue declined by 3%

(+4% at constant currency, +5% organic). A negative exchange rate effect and a decrease in dialysis days was partially offset by organic

growth, which was supported by a favorable impact from the value-based care business, reimbursement rate increases and a favorable payor

mix. The annualization effect of COVID-19-related excess mortality in the late-stage CKD (Chronic Kidney Disease) and ESRD (End-Stage

Renal Disease) population continues to weigh on same market treatment growth (-0.4%). Adjusted for the exit from less profitable acute

care contracts same market treatment growth was at +0.2%.

In Care Delivery International, revenue declined

by 7% (+14% at constant currency, +16% organic). A negative exchange rate effect and the impact of closed or sold clinics was partially

offset by organic growth, which was driven by a significant effect of hyperinflation in various markets. Despite the annualization effect

of COVID-19-related excess mortality, same market treatment growth was positive at 1.6%.

revenue declined by 3% to EUR 1,330 million (+5% at constant currency, +5% organic). The negative exchange rate effects have

been partly offset by higher sales of in-center disposables, machines for chronic treatment and home hemodialysis products as well as

higher average sales prices.

Within Inter-segment eliminations, revenue

for products transferred between the operating segments at fair market value declined by 10% to EUR 368 million (-1% at constant currency).3

The Company transfers products between segments at fair market value. The associated internal revenues and expenses and

any remaining internally generated profit or loss for the product transfers are recorded within the operating segments initially, are

eliminated upon consolidation and are included within "Inter-segment eliminations".

In the first nine months, revenue was stable

at EUR 14,466 million (+5% at constant currency, +5% organic). Care Delivery revenue was stable at EUR 11,602 million (+4% at constant

currency, +5% organic), with stable revenue for Care Delivery U.S. (+2% at constant currency, +3% organic), and a revenue decline of

1% for Care Delivery International (+13% at constant currency, +14% organic). Care Enablement revenue was stable at EUR 3,965 million

(+5% at constant currency, +5% organic). Inter-segment eliminations declined by 5% and amounted to EUR 1,101 million (stable at constant

Earnings development driven

by productivity improvements and FME25 savings

decreased by 31% to EUR 324 million (-28% at constant currency), resulting in a margin of 6.6% (Q3 2022: 9.3%). Operating

income excluding special items and U.S. Provider Relief Funding (PRF)1 increased by 14% to EUR 431 million (+20% at constant

currency), resulting in a margin of 8.7% (Q3 2022: 7.4%).

Operating income in Care Delivery decreased

by 34% to EUR 332 million (-29% at constant currency), resulting in a margin of 8.4% (Q3 2022: 12.1%). Operating income excluding special

items and PRF1 increased by 11% to EUR 410 million (+17% at constant currency), resulting in a margin of 10.3% (Q3 2022: 9.0%).

This was mainly driven by business growth, savings from the FME25 program and lower personnel expenses resulting from improved productivity.

The operating income development was negatively impacted by lower income attributable to a non-recurring consent payment for certain

pharmaceuticals, inflationary cost increases as well as by foreign currency translation.

Operating income in Care Enablement amounted

to EUR -1 million (Q3 2022:

EUR -26 million), resulting in a margin of -0.1% (Q3 2022: -1.9%). Operating income excluding special items increased by 197% to EUR

22 million (+217% at constant currency), resulting in a margin of 1.7% (Q3 2022: 0.5%). The improvement compared to the previous year's

quarter was mainly driven by increased volumes, improved pricing and savings from the FME25 program. These effects were partially offset

by inflationary cost increases and negative foreign currency transaction effects.

Operating income for Corporate amounted

to EUR -8 million (Q3 2022: EUR -7 million). Excluding special items, operating income amounted to EUR -2 million (Q3 2022: EUR -6 million).

In the first nine months, operating income decreased

by 19% to EUR 942 million (-18% at constant currency), resulting in a margin of 6.5% (9M 2022: 8.1%). Excluding special items and PRF1,

operating income increased by 13% to EUR 1,186 million (+14% at constant currency), resulting in a margin of 8.2% (9M 2022: 7.3%). In

Care Delivery, operating income declined by 19% to EUR 1,001 million (-18% at constant currency), resulting in a margin of 8.6% (9M 2022:

10.6%). In Care Enablement, operating income decreased to EUR -24 million (9M 2022: EUR 33 million), resulting in a margin of -0.6% (9M

2022: 0.8%). Operating income for Corporate amounted to EUR -23 million (9M 2022: EUR -101 million).

decreased by 63% to EUR 84 million (-61% at constant currency). Excluding special items and PRF1, net income2

remained stable at EUR 168 million (+5% at constant currency).

months, net income2 declined by 42% to EUR 311 million (-41% at constant currency). Excluding special items and PRF1,

net income2 increased by 3% to EUR 497 million (+5% at constant currency).

per share (EPS) decreased by 63% to EUR 0.29 (-61% at constant currency). EPS excluding special items and PRF1

remained stable at EUR 0.57 (+5% at constant currency).

months, EPS declined by 42% to EUR 1.06 (-41% at constant currency). Excluding special items and PRF1, EPS increased

by 3% to EUR 1.69 (+5% at constant currency).

Strong cash flow development

In the third quarter, Fresenius Medical Care

generated EUR 760 million of operating cash flow (Q3 2022: EUR 658 million), resulting in a margin of 15.4% (Q3 2022: 12.9%).

The increase in net cash provided by operating activities is the result of the change in certain working capital items, in particular

due to the recoupment of advanced payments during 2022, which had been received under the U. S. Medicare Accelerated and Advance Payment

In the first nine months, operating cashflow