Fresenius Medical Care Q2 2026 Earnings Call Transcript

Fresenius Medical Care (NYSE: FMS ) held its second-quarter earnings conference call on Tuesday.

Below is the complete transcript from the call.

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Access the full call at Summary Fresenius Medical Care reported a 23% increase in operating income, driven by strong organic revenue growth and improvements in profitability, alongside the FME 25+ transformation program which delivered €67 million in savings.

The company completed a €1 billion share buyback program ahead of schedule and initiated a second €1 billion program, maintaining a net leverage ratio of 2.6 times.

U.S. same market treatment growth declined by 0.9% due to operational issues with referrals, which the company is addressing with organizational changes.

Fresenius Medical Care successfully rolled out its 5008X machines in the U.S., converting 227 clinics, and is seeing positive patient and clinician feedback.

The company maintained a strong financial position with a 5% organic revenue growth, despite continued regulatory challenges in China and inflationary pressures from the Middle East conflict.

The company expects flat revenue development for 2026 and aims to maintain elevated profitability levels, forecasting mid-single-digit percentage changes in operating income.

Management is focusing on resolving referral issues in the U.S. and foresees treatment growth stabilizing at Q2 levels for the remainder of the year.

Full Transcript Dominic, Investor Relations Thank you, Valentina.

I would like to welcome everyone to our earnings call for the second quarter of 2026.

I appreciate your flexibility to join this earlier call.

We felt it is more helpful to have the call earlier given that we had to publish earlier than originally planned.

I do apologize for the inconvenience, in particular for those of you who are located in a different time zone or those of you who cover another company hosting a call in parallel.

As always, I start out the call by mentioning our cautionary language that is in our safe harbor statement as well as in our presentation and in all the materials that we have distributed earlier today.

For further details concerning risks and uncertainties, please refer to these documents and to our SEC filings.

The call is scheduled for one hour.

In order to give everyone the chance to ask questions, we would limit the number of questions, as always, to two.

Thank you for making this work.

Let me now welcome Helen Gieser, CEO and Chair of the Management Board, and Martin Fischer, our Chief Financial Officer.

Helen, the floor is yours.

Helen Gieser, CEO and Chair of the Management Board Thank you, Dominic, and welcome everyone and thank you for joining.

At this earlier time of the day, I will begin my prepared remarks on slide 4.

We continued our strong start to the year, delivering another quarter of highly profitable growth, supported by solid organic revenue development and further improvement in profitability.

Operating income growth accelerated to 23% in line with our planned phasing for the year and we realized another quarter of margin expansion.

This was also supported by the continued execution of our FME 25+ transformation program which delivered 67 million euro of sustainable savings during the quarter.

Excuse me.

We also completed our initial 1 billion euro share buyback program on an accelerated timeline and have already launched a second 1 billion euro program, underscoring our continued focus on disciplined capital allocation and reigniting shareholder returns.

With a net leverage ratio of 2.6 times, we remain around the lower end of our target corridor and continue to maintain a strong financial position.

With that overview, let me turn to the key second quarter highlights across our operating segments on slide 5.

Beginning with Care Delivery, the international markets delivered 0.8% same market treatment growth.

In the U.S., same market treatment growth declined by 0.9%.

At the same time, I am genuinely encouraged by the progress we are seeing where it matters most for our patients.

Our continued focus on quality and patient care is making a real difference.