Fresenius Medical Care AG & Co. KGaA (FMS) reported fourth-quarter 2023 adjusted earnings per share (EPS) of 47 cents, which beat the Zacks Consensus Estimate of 36 cents by 30.6%. The bottom line improved 6.8% year over year.Revenue DetailsRevenues of $5.37 billion (EUR 4,988 million) beat the Zacks Consensus Estimate by 0.9%. The company’s reported revenues were flat year over year but recorded a growth of 7% at constant currency (cc) and 3% on an organic basis.Segmental DetailsFresenius Medical implement ...

▪ Solid organic revenue growth driven by both operating segments 4 2023 – Payors favor home treatments Investor Relations │ Analyst Presentation Q4 2023 Page 11 Low priority on M&A activities 2 Q4 Business Update Outlook Q4 2023 | Key developments at Group level ▪ Broadly stable U.S. same market treatment growth ▪ Operating income (outlook base) increased due to strong FME25 savings, the Tricare settlement and pricing in Care Enablement ▪ Realization of FME25 savings continued ahead of plan ▪ Value-based ca ...

Revenue and Income Performance - Revenue growth of 5% in FY 2023, reaching EUR 19,454 million, driven by favorable business development [3] - Operating income increased by 15% in FY 2023, totaling EUR 1,369 million, exceeding the top end of the outlook range [3] - Free cash flow increased by 32% in FY 2023, reaching EUR 1,960 million, resulting in a margin of 10.1% [29] - Net income for FY 2023 declined by 26% to EUR 499 million, but increased by 4% to EUR 756 million when excluding special items [26] - For Q4 2023, revenue was EUR 4,988 million, a decrease of 0.2% year-over-year, but a growth of 7.4% at constant currency [44] - Operating income for Q4 2023 was EUR 428 million, representing a 21.5% increase year-over-year, and EUR 555 million when excluding special items [44] - For the full year 2023, revenue was EUR 19,454 million, a slight increase of 0.3% year-over-year, with a growth of 5.5% at constant currency [48] - The operating income for the full year 2023 was EUR 1,369 million, a decrease of 9.4% year-over-year, while excluding special items, it was EUR 1,741 million, an increase of 13.1% [48] - Basic earnings per share for Q4 2023 increased by 35.4% to €0.64, and for the full year, it decreased by 25.9% to €1.70 [44][48] Cost Management and Savings - FME25 transformation program achieved annual sustainable savings of EUR 346 million, ahead of the initial target of EUR 250 to 300 million [8] - Special items impacting operating income in 2023 included costs related to the FME25 program (€153 million), Legal Form Conversion Costs (€30 million), and Legacy Portfolio Optimization (€204 million) [35] Financial Position and Debt - Net financial debt reduced by 11% to EUR 10.8 billion, with a net leverage ratio of 3.2x at the end of 2023 [10] - Proposed dividend of EUR 1.19 per share, a 6% increase compared to the prior year's dividend [10] Future Outlook - In 2024, revenue is expected to grow by a low- to mid-single digit percent rate compared to the prior year [31] - The Company expects operating income to grow by a mid- to high-teens percent rate compared to the prior year, with a 2023 revenue outlook of EUR 19,049 million and an operating income outlook of EUR 1,540 million [32] - The Company reconfirms its targets to achieve an operating income margin of 10% to 14% by 2025, excluding impacts from portfolio changes [33] Operational Highlights - As of December 31, 2023, Fresenius Medical Care treated 332,548 patients in 3,925 dialysis clinics worldwide [30] - The Company has a network of 3,925 dialysis clinics, providing treatments for approximately 333,000 patients globally [39] Upcoming Events - The Company will host a press conference on February 20, 2024, to discuss the strategic outlook and full year 2023 results [34] Divestments - Key divestments generated EUR 0.5 billion in total proceeds, with EUR 135 million received in 2023 [9]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) For the fiscal year ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 or ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell company report Commission file number 001-32749 FRESENIUS MEDICAL CARE AG (Exact name of Registrant as specified in its charter) FR ...

Fresenius Medical Care (FMS) recently announced the receipt of FDA 510(k) clearance for the company’s 5008X Hemodialysis System.The new system is aimed at providing an improved standard of care in dialysis therapy to patients suffering from kidney diseases in the United States. The FDA clearance will allow the company to start clinical evaluations and user studies in the United States.Price PerformanceFor the past six months, FMS’s shares have declined 24.0% against the industry’s growth of 6.0%. The S&P 50 ...

Financial Data and Key Metrics - Revenue growth in Q3 was 7% at constant currency, driven by favorable pricing and volume in both Care Delivery and Care Enablement segments [62] - Operating income improved by 20% on a guided basis, with group margin increasing to 8.7% [38] - FME25 transformation program delivered EUR 97 million in savings in Q3, bringing year-to-date savings to EUR 232 million, with a target of EUR 250-300 million by year-end [30] - Leverage ratio remained at 3.4x, within the target range of 3-3.5x, with deleveraging as a top priority [42] Business Line Performance - **Care Delivery**: Organic revenue growth was supported by the U.S. value-based care business, InterWell Health, and reimbursement rate increases. Same-market treatment growth in the U.S. improved to 0.2% when adjusted for acute contract exits [19] - **Care Enablement**: Revenue increased by 5% on a constant currency basis, driven by higher sales of in-center disposables, machines, and home hemodialysis products. Operating income improved to EUR 22 million, supported by FME25 savings and pricing measures [20][41] Market Performance - The U.S. market saw positive growth in Care Delivery, with a favorable payer mix and reimbursement rate increases, though acute care contract exits had a negative impact [19] - Care Enablement faced negative exchange rate effects but benefited from higher sales volumes and pricing measures [40] Strategic Direction and Industry Competition - The company is focused on executing its FME25 transformation program, aiming for EUR 250-300 million in sustainable savings by 2025 [30] - Portfolio optimization continues, with the divestment of National Cardiovascular Partners (NCP) in the U.S. [31] - The company is addressing the potential impact of GLP-1 medications on patient volumes, expecting a balanced long-term effect [14][35] Management Commentary on Operating Environment and Future Outlook - Management highlighted inflationary pressures, particularly in Care Enablement, and negative impacts from nonrecurring pharmaceutical payments and exchange rate headwinds [18] - The company raised its full-year 2023 operating income guidance, expecting low single-digit growth, supported by FME25 savings and productivity improvements [43][44] - Management remains optimistic about achieving an operating profit margin of 10-14% by 2025 [69] Other Important Information - The company completed the refinancing of a EUR 650 million bond expiring in November, using a mix of long-term bank financing, cash, and short-term debt [13] - CMS Star ratings for clinics showed strong performance, with the company outpacing the industry in 3-, 4-, and 5-star clinics [17] Q&A Summary Questions and Answers - **Home Treatments**: Home treatment rates remained stable at around 16% [126] - **Labor Market**: Open positions improved to around 4,300, with labor conditions more stable than previous quarters [50] - **GLP-1 Impact**: No significant impact from GLP-1 medications observed yet, with only 8% of CKD patients prescribed SGLT2 inhibitors [54][90] - **CKCC Margin Dilution**: The CKCC true-up in Q3 was lower than expected, contributing to margin dilution, but this is not expected to repeat in Q4 [55][78] - **Care Enablement Margins**: Margins were impacted by transactional FX effects, with ongoing efforts to improve performance [78] - **Q4 Expectations**: Q4 is expected to be weaker due to tough year-over-year comparisons, including bonus plan favorability and NCP deconsolidation gains in the previous year [97] - **Value-Based Care**: The company is evaluating its participation in government programs like CKCC, with a focus on improving collaboration and transparency [75][86] - **Pricing Negotiations**: Private payer negotiations are ongoing, with a focus on profitability and potential contract exits where necessary [121]

Exhibit 99.1 Filed by Fresenius Medical Care AG & Co. KGaA (Commission File No. 001-32749), pursuant to Rules 165 and 425 under the Securities Act of 1933, as amended This Exhibit consists of a convenience English translation of Fresenius Medical Care AG & Co. KGaA's (FME) Conversion Report issued in connection with its a proposed conversion of the legal form of FME. Under the U.S. Securities Act of 1933, as amended (the Securities Act), this Exhibit may be deemed to be offering material of FME. FME has fil ...

Fresenius Medical Care AG & Co. KGaA (NYSE:FMS) Q4 2022 Earnings Conference Call February 22, 2023 9:30 AM ET Company Participants Dominik Heger - Head, Investor Relations Helen Giza - Chair & Chief Executive Officer Conference Call Participants Graham Doyle - UBS Hassan Al-Wakeel - Barclays Oliver Metzger - ODDO BHF Christoph Gretler - CS Ed Ridley-Day - Redburn Lisa Clive - Bernstein James Vane-Tempest - Jefferies Victoria Lambert - Berenberg Falko Friedrichs - Deutsche Bank Robert Davies - Morgan Stanley ...

© Copyright | --- | --- | --- | --- | |--------------------------------------------------------------------------|-------|-------|-------| | | | | | | | | | | | | | | | | Q4 2022 Conference Call February 22, 2023 Helen Giza, CEO & Chair of the | | | | | Management Board | | | | | | | | | Implementation of measures as presented herein may be subject to information & consultation procedures with works councils and other employee representative bodies, as per local laws and practice. Consultation procedures ma ...

Financial Performance - Revenue increased by 10% to €19,398 million (2% at constant currency) in the Fiscal Year[585] - Net income declined by 31% to €673 million (-37% at constant currency) in the Fiscal Year[585] - Gross profit rose by 5% to €5,310 M in 2022, but gross profit margin decreased to 27.4% from 28.8% in 2021[429] - Operating income declined by 18% to €1,512 M in 2022, with operating income margin dropping to 7.8% from 10.5% in 2021[429] - Net income attributable to shareholders fell by 31% to €673 M in 2022, with basic earnings per share decreasing by 31% to €2.30[429] - Revenue increased by 10% to €19,398 M in 2022 from €17,619 M in 2021, with healthcare services revenue growing by 11% to €15,418 M and healthcare products revenue increasing by 6% to €3,980 M[429] - The number of dialysis treatments decreased by 1% to 52,310,131 in 2022, with same-market treatment growth improving to -1.4% from -1.9% in 2021[429] - Selling, general and administrative costs increased by 22% to €3,784 M in 2022, representing 19.5% of revenue compared to 17.6% in 2021[429] Cash Flow and Liquidity - Available borrowing capacity under unutilized credit facilities amounted to approximately €3.1 billion as of December 31, 2022, including €2.0 billion under the Syndicated Credit Facility[481] - Cash and cash equivalents decreased to €1,274 million as of December 31, 2022, compared to €1,482 million in 2021[482] - Free cash flow in 2022 was €1,480 million, representing 7.6% of revenue, down from €1,660 million (9.4% of revenue) in 2021[485] - Net cash provided by operating activities decreased to €2,167 million in 2022 (11% of revenue) from €2,489 million in 2021 (14% of revenue)[486] - Net cash used in investing activities in 2022 was €735 million, compared to €1,196 million in 2021[493] - The company utilized €497 million of its €1,500 million commercial paper program as of December 31, 2022, down from €715 million in 2021[504] Capital Structure and Investments - Total assets increased by 4% to €35.8 billion as of December 31, 2022, compared to €34.4 billion in 2021[510] - Equity ratio increased to 43% at December 31, 2022, compared to 41% in 2021[511] - ROIC decreased to 3.3% at December 31, 2022, compared to 4.9% in 2021[511] - Capital expenditures in 2023 are anticipated to be around €0.9 billion, with a focus on organic growth[496] - The company's pension commitments decreased by €2,898 thousand in 2022, with total commitments at €20,984 thousand as of December 31, 2022[723] Dividend and Shareholder Returns - The proposed dividend for 2022 is €1.12 per share, totaling approximately €329 million, compared to €1.35 per share (€396 million) for 2021[508] Operational Metrics - Days Sales Outstanding (DSO) increased to 68 days at December 31, 2022, compared to 62 days in 2021[489] Innovation and R&D - The company launched the "China CAPD" app in 2022 to assist peritoneal dialysis patients in China with therapy data entry, vital signs tracking, and consumables ordering[529] - The U.S. FDA approved the 2008-series hemodialysis machines with silicon tubing containing platinum catalysts, addressing concerns raised in May 2022[532] - The company invested in developing digitally connected 4008A dialysis machines for the Chinese market, focusing on QR codes, tablets, and cloud-based applications[531] - The NxStage VersiHD touchscreen cycler and NxStage System One continue to lead the global market in home hemodialysis products[528] - The Kinexus digital therapy platform, integrated with the Liberty® Select cycler, received FDA clearance for remote therapy programming in November 2022[526] - R&D expenditure in 2022 was €229 million, representing 6% of healthcare product revenue, consistent with 2021 (6%) and up from 2020 (5%)[545] - The company's patent portfolio at the end of 2022 comprised 10,086 property rights across 1,599 patent families, with 53 new patent families added during the year[545] - The multiFiltratePRO platform, launched globally in 28 languages, expanded its capabilities in 2022 with software version 6 enabling CKRT for infants and babies[536] - The FX CorAL dialyzer, based on the Helixone® hydro membrane, has been successfully used in multiple markets since 2021, focusing on reducing side effects and improving patient compatibility[534] - The SILENCIA APD cycler, designed for low-cost automated peritoneal dialysis, achieved positive results in South America, with planned rollouts in Asia, the Middle East, and North Africa[527] - The company's VR tool, stay•safe MyTraining VR, was nominated for the 2022 VR Award in the "VR Healthcare of the Year" category and is available in Germany, France, and the Netherlands, with further global expansion planned for 2023[542] - Collaboration with Humacyte, Inc. advanced in 2022, with the Humacyte Human Acellular Vessel (HAV) receiving approval for humanitarian use in Ukraine for vascular repair in war zones[544] - The company's R&D workforce at the end of 2022 included 1,235 employees, with over 780 based in Europe, primarily at facilities in Germany[547] - The NxStage System One introduced a "speed swap" function in 2022, allowing filter replacement during therapy without changing the treatment set, enhancing usability for clinic staff[537] - The icor technology for ECMO systems, particularly Xenios, received limited market approval in 2022, offering pulsatile ECMO therapy designed to reduce pressure on the left ventricle[538] - Research and development expenses increased by 4% to €229 M in 2022, driven by higher amortization of capitalized development costs and R&D activities at NxStage[436] Organizational Changes and Strategy - The company consolidated its health care products business, including R&D, into the Care Enablement segment starting January 1, 2023[522] - The company implemented a new global operating model effective January 1, 2023, with reporting under the new model starting in Q1 2023[565] - The company realigned its operating model under the "FME25" program, reducing Management Board departments from eight to five[588] - The company implemented a new global operating model on January 1, 2023, aimed at simplifying the organization, reducing overhead costs, and optimizing the portfolio[198] - Net income, net income growth, and ROIC will no longer be used as primary key performance indicators for internal management starting January 1, 2023[412] Compensation and Governance - The company's General Partner receives non-profit-and-loss-related annual compensation of 4% of its share capital, amounting to €120 thousand in the fiscal year[592] - Payments under the MB LTIP 2020 will be possible for the first time in 2023, with amounts to be invested in company shares and held for at least one year[587] - The compensation system for the Management Board includes base salary increases for members with expanded responsibilities, reflecting the reduction in the number of departments[590] - The short-term variable compensation for the Management Board in the fiscal year was based exclusively on group-level performance targets, as per the "Compensation System 2020+"[590] - The company's compensation system aligns with the German Corporate Governance Code, with any deviations disclosed in accordance with legal requirements[597] - The company's Global Chief Medical Officer, Mr. Franklin W. Maddux, was granted an exception to the standard age limit, extending his term by five years due to his critical role in the company's transformation phase[563] - The company's compensation system aims to reward Management Board members based on their performance and contribution to the company's long-term sustainable development[607] - The short-term incentive target amount equals 105% of the Management Board member's base salary[625] - Revenue target achievement for the Fiscal Year was 66.36%, while operating income and net income target achievements were 0%[635] - The sustainability target achievement for the Fiscal Year was 120%[641] - The overall target achievement for the short-term variable compensation in the Fiscal Year was 37.27%[643] - Performance Shares allocated under the MB LTIP 2020 ranged from 20,974 to 45,841 shares for Management Board members[660] - The company's compensation structure consists of 29% base salary, 31% short-term incentive, and 40% long-term incentive[611] - The company's long-term strategy focuses on revenue growth, net income growth, and return on invested capital (ROIC)[655] - The Management Board's compensation is 71% performance-based, with 40% of variable components tied to long-term incentives to promote sustainable corporate development[612] - The CEO's maximum compensation for the fiscal year is €12,000 THOUS or $13,434 THOUS, while the CEO North America's is €9,500 THOUS or $10,635 THOUS, and other Management Board functions are capped at €7,000 THOUS or $7,836 THOUS[616] - Short-term incentive payouts are capped at 120% of the target amount, with long-term incentives capped at 200% for target achievement and 400% for allocation amounts[614] - The short-term incentive is linked to four performance targets: 20% revenue, 20% operating income, 40% net income, and 20% sustainability criteria[626] - The overall target achievement for the short-term incentive is capped at 120%, with payouts determined by weighted arithmetic mean of target achievements[642] - For the 2023 short-term incentive, Helen Giza's payout is €542 THOUS, Franklin W. Maddux's is €360 THOUS, and Rice Powell's is €788 THOUS, based on a 37.27% overall target achievement[644] - Long-term incentives include Performance Shares allocated under the MB LTIP 2020, with target achievements defined at 0%, 100%, and 200% thresholds[651] - Revenue growth, net income growth, and ROIC are key performance targets for long-term incentives, each weighted at 1/3[656] - Payouts from the 2018 LTIP allocation in the fiscal year include €228 THOUS for Franklin W. Maddux, €254 THOUS for Dr. Katarzyna Mazur-Hofsäß, and €737 THOUS for Rice Powell[677] - Helen Giza's total allocated performance shares as of December 31, 2022, amount to 84,084, with a fair value of €4,708 thousand[688] - Franklin W. Maddux, MD's total allocated performance shares as of December 31, 2022, amount to 55,553, with a fair value of €3,114 thousand[688] - Rice Powell's total allocated performance shares as of December 31, 2022, amount to 146,892, with a fair value of €8,231 thousand[688] - William Valle's total allocated performance shares as of December 31, 2022, amount to 106,877, with a fair value of €5,985 thousand[688] - Franklin W. Maddux, MD's stock options outstanding as of December 31, 2022, include 30,000 options with an exercise price of €76.99[690] - Rice Powell's stock options outstanding as of December 31, 2022, include 149,400 options with an exercise price of €76.99[690] - Helen Giza's total compensation for 2022 was €3,214 thousand, including a base salary of €1,385 thousand and a short-term incentive of €542 thousand[699] - Franklin W. Maddux, MD's total compensation for 2022 was €2,644 thousand, including a base salary of €921 thousand and a long-term incentive of €228 thousand[699] - The total non-performance-based compensation for Helen Giza in 2022 was €1,427 thousand, representing 72% of her total compensation[699] - The total non-performance-based compensation for Franklin W. Maddux, MD in 2022 was €1,095 thousand, representing 65% of his total compensation[699] - William Valle's total compensation for 2022 was €4,926 thousand, including a base salary of €1,567 thousand and a long-term incentive of €993 thousand[701] - Rice Powell's total compensation for 2022 was €4,658 thousand, including a base salary of €2,013 thousand and a long-term incentive of €1,642 thousand[700] - The Share Based Award payout for 2018 allocations in 2019 resulted in payouts of €112 thousand for Dr. Katarzyna Mazur-Hofsäß, €905 thousand for Rice Powell, and €624 thousand for William Valle[667] - Outstanding virtual shares under the Share Based Award as of December 31, 2022, include 5,788 for Dr. Katarzyna Mazur-Hofsäß, 9,913 for Rice Powell, and 5,208 for William Valle[689] - The short-term incentive for 2022, to be paid out in 2023, includes €416 thousand for Dr. Katarzyna Mazur-Hofsäß and €788 thousand for Rice Powell[700] - Mr. Rice Powell received a retirement pension starting January 1, 2023, and was compensated $1,060 THOUS for a one-year post-employment non-competition covenant[736] Risk Management and Compliance - The company faces significant risks related to regulatory compliance, medical cost management, and cyber-attacks, which could materially impact its operations[517] - The company's risk management system involves regional risk coordinators using software to identify and assess risks, with semi-annual reviews and discussions in corporate risk committees[272] Environmental and Sustainability - Scope 1 and Scope 2 emissions decreased by 10.5% in 2022, with Scope 1 emissions down by 1.6% and Scope 2 emissions down by 15% due to REC procurement and reduced energy usage[241] - The company identified a considerable number of existing sites in high or extreme water stress areas by 2030 and 2040, primarily in North America, and is incorporating this analysis into risk management systems[252] Market and Competitive Landscape - Fresenius Medical Care faced significant labor market challenges in the U.S., including staff shortages, high turnover rates, and increased costs for agency staff and retention payments, impacting growth and operating leverage[584] - The company's U.S. operations were impacted by limited patient acceptance at some dialysis centers due to staffing shortages, negatively affecting growth in healthcare services and complementary business areas[584]