Financial Data and Key Metrics Changes - Adjusted EBITDA increased by 24% year-over-year, with EBITDA margins improving by 260 basis points to 12.3% due to cost optimization efforts [9][10] - Earnings per share rose by 140% year-over-year, driven by higher EBITDA and lower interest expenses, despite an increase in tax expenses [10] - The company reaffirmed its low-end guidance for 2026, targeting $630 million in adjusted EBITDA and $315 million in adjusted free cash flow [11][12] Business Line Data and Key Metrics Changes - In Customized Polymer Solutions, demand was flat overall, with IBC volumes up low singles and small containers down low singles, while large containers declined mid-single digits [6][7] - Durable Metal Solutions faced pressure, particularly from chemical customers, while Sustainable Fiber Solutions saw volume declines due to industrial softness in North America [7] - Innovative Closure Solutions experienced a high single-digit decline in volumes, but total sales remained flat due to a strong price mix [7][8] Market Data and Key Metrics Changes - The overall market environment remains soft, particularly in fiber and steel, affecting demand across various segments [19] - The company noted that while some seasonality may improve small container volumes in Q2, the overall demand conditions are still muted [19][20] Company Strategy and Development Direction - The company is focused on its "Build to Last" strategy, emphasizing cost optimization and capital flexibility to create shareholder value [3][4] - There is a commitment to organic growth, with significant capital allocated to high-return investments and a disciplined approach to share repurchases [12][14] - The management is transforming the commercial team to focus on aggressive market capture, shifting from a "farmer" to a "hunter" mentality [20][48] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the continued muted demand environment but expressed confidence in the company's ability to manage costs and drive growth [15][19] - The company is optimistic about the potential for volume recovery in the latter half of the year, supported by ongoing commercial initiatives [48][50] Other Important Information - The company completed $130 million of its $150 million share repurchase program and announced a new $300 million authorization for future buybacks [4][13] - The company is actively addressing manufacturing costs and expects improvements as the year progresses [38] Q&A Session Summary Question: Insights on inventory management and volume trends - Management noted that demand conditions remain muted, particularly in fiber and steel, but some seasonality may improve volumes in Q2 [19][20] Question: CapEx and growth projects - The company is deploying additional capacity in Europe and Africa, particularly in the mining sector, which is showing significant growth [26][27] Question: Volume performance and EBITDA guidance - Management expressed confidence in achieving volume targets for the year despite a weaker Q1, citing ongoing commercial activities and customer wins [48][50] Question: Price cost spread in Fiber - Management indicated that the price cost spread will be more favorable in the second half of the year, with ongoing efforts to manage costs effectively [35][36] Question: Share repurchase strategy - The company plans to maintain a disciplined approach to share repurchases, with a commitment to a 2% annual buyback, while remaining open to potential acquisitions [66][68]

Core Viewpoint - Fresenius Medical Care (FME) is accelerating its share buyback program, initiating the second tranche of a total EUR 1 billion buyback plan, with approximately EUR 415 million allocated for repurchase from January 12 to May 8, 2026 [1][8]. Group 1: Share Buyback Program - The first tranche of the share buyback program was completed ahead of schedule on December 29, 2025 [2]. - The total volume of the share buyback program is EUR 1 billion, and it is expected to be completed significantly earlier than originally planned, in less than a year [2][8]. - The second tranche is set to be executed by May 8, 2026 [8]. Group 2: Financial Performance and Strategy - The acceleration of the share buyback program is supported by strong financial performance and consistent execution of the 'FME Reignite' strategy, focusing on value creation and shareholder returns [3]. - Strong cash-flow generation, driven by continued business momentum, enables the acceleration of the share buyback program, showcasing the effectiveness of the new capital allocation framework [3]. Group 3: Company Overview - Fresenius Medical Care is the leading provider of products and services for individuals with renal diseases, serving around 4.2 million patients worldwide who regularly undergo dialysis treatment [4]. - The company operates a network of 3,628 dialysis clinics, providing treatments for approximately 294,000 patients globally [4]. - Fresenius Medical Care is listed on both the Frankfurt Stock Exchange (FME) and the New York Stock Exchange (FMS) [4].

Core Viewpoint - Fresenius Medical Care (FME) has initiated the first tranche of its EUR 1 billion share buyback program, aimed at enhancing shareholder value as part of its new capital allocation framework [1][2][3]. Group 1: Share Buyback Program - The initial share buyback program totals EUR 1 billion over two years, with the first tranche of up to EUR 600 million set to be completed by April 30, 2026 [1][7]. - The share buyback is a key component of the FME Reignite strategy, which focuses on value creation for shareholders [2][3]. - Regular updates on the share buyback program will be provided on the company's investor relations website [3]. Group 2: Company Overview - Fresenius Medical Care is the leading provider of products and services for individuals with renal diseases, serving approximately 4.2 million patients globally who undergo dialysis treatment [4]. - The company operates a network of 3,676 dialysis clinics, providing treatments for around 300,000 patients worldwide [4]. - Fresenius Medical Care is also a major supplier of dialysis products, including dialysis machines and dialyzers, and is listed on both the Frankfurt Stock Exchange and the New York Stock Exchange [4].

Financial Data and Key Metrics Changes - For the full year 2024, the company generated $2.549 billion in revenue, a decrease of 0.7% year-over-year, with GAAP net income of $162.2 million compared to $235 million in 2023, and credit adjusted EBITDA of $757.7 million, reflecting a 9% decline year-over-year [17][18] - In Q4 2024, revenue was $650.3 million, up 4.8% sequentially and 1.9% year-over-year, while GAAP net income was negative $16.7 million compared to $39.3 million in Q3 and $37.3 million in Q4 2023 [18][19] - The company reported a credit adjusted EBITDA of $183.9 million for Q4, down 6.7% sequentially and 2.6% year-over-year, with a credit adjusted EBITDA margin of 28.3% compared to 31.8% in Q3 and 29.6% in Q4 last year [18][19] Business Line Data and Key Metrics Changes - Revenue from direct-to-consumer platforms was $174.6 million, up 0.1% sequentially and 8% year-over-year [19] - Bingo Blitz generated $159.1 million in revenue, down 0.5% sequentially but up 5.8% year-over-year, while Slotomania's revenue was $118.4 million, down 7.9% sequentially and 13.5% year-over-year [19][20] - Solitaire Grand Harvest revenue was $72.5 million, down 8.1% sequentially and 4.3% year-over-year, indicating underperformance [21] Market Data and Key Metrics Changes - The company noted that acquired titles like Animals & Coins and Governor of Poker 3 showed robust performance, with Animals & Coins achieving record results during the Black Friday period [22][23] - SuperPlay contributed approximately $48 million in revenue for the quarter, reflecting only a partial period contribution due to the timing of the acquisition [23] Company Strategy and Development Direction - The company is focused on executing a return to growth strategy, which includes a capital allocation framework, quarterly dividends, a buyback program, and a plan to restart M&A activities [7][10] - Over the next 12 to 18 months, the company plans to launch three new games, including Disney's Solitaire and Claire's Chronicles, while continuing to explore M&A opportunities [8][9] - The company is transitioning its portfolio away from declining legacy titles and investing in new studios to enhance growth potential [29][30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about generating consistent top-line growth through new game launches and investments in existing titles [10][32] - The company anticipates a transitional year in 2025, with expected revenue between $2.8 billion and $2.85 billion and adjusted EBITDA between $715 million and $740 million [28][32] - Management highlighted the importance of stabilizing the business while investing in new titles, expecting in-play and SuperPlay studios to become positive EBITDA contributors by 2026 [33][34] Other Important Information - The company is adopting a more market-based executive compensation structure to align leadership interests with shareholder returns [16] - Free cash flow for the year was $396.8 million, reflecting a 9.1% decline year-over-year [17] Q&A Session Summary Question: What is the organic growth trajectory for 2025? - Management indicated that the existing portfolio and recently acquired titles are expected to trend around flat, with high singles growth anticipated for the casino business [39][40] Question: What are the key learnings from the DTC strategy in 2024? - Management noted that DTC has been a significant growth driver for EBITDA, with a successful strategy in place [51][52] Question: How is the new game pipeline trending? - Management expressed excitement about the upcoming launch of Disney's Solitaire, expecting it to be one of the top games in the next year [55][56] Question: How does the company view the social casino genre's growth? - Management sees stability in the genre with opportunities to gain market share, despite not expecting significant overall growth [72][73] Question: What is the roadmap for introducing more IGT content? - Management reported positive engagement from Cleopatra II and is excited about rolling out more IGT content throughout the year [84]