Core Insights - Fresenius Medical Care AG reported continued revenue growth in Q3 2025, achieving a Group organic growth of 10% and an operating income margin of 11.7%, indicating strong operational and financial progress [1][6][26]. Financial Performance - Q3 2025 revenue reached EUR 4,885 million, a 3% increase year-on-year, with an 8% increase at constant currency and a 10% organic growth [1][8]. - Operating income for Q3 2025 was EUR 477 million, up 3% year-on-year, while operating income excluding special items grew by 22% to EUR 574 million [14][19]. - Net income increased by 29% to EUR 275 million in Q3 2025, with net income excluding special items rising by 36% to EUR 322 million [20][19]. Segment Performance - Care Enablement saw a significant operating income growth of 38%, reaching a margin of 7.6% [1][18]. - Value-Based Care revenue grew by 34% to EUR 576 million, driven by an increase in member months due to contract expansion [11][19]. - Care Delivery revenue decreased by 2% to EUR 3,402 million, impacted by divestitures, but showed a positive organic growth of 6% [8][13]. Strategic Initiatives - The FME Reignite strategy is advancing, with the launch of a share buyback program and an increase in ownership of Interwell Health [1][7]. - The FME25+ transformation program delivered EUR 47 million in sustainable savings in Q3 2025, contributing to a total of EUR 174 million in savings for the first nine months [3][19]. Capital Allocation - An initial share buyback program of EUR 1.0 billion was announced, with EUR 151 million spent on repurchasing 3.6 million shares by September 30, 2025 [7][24]. - The net leverage ratio improved to 2.6x in Q3 2025, reflecting effective capital management alongside share buybacks and investments in Value-Based Care [24][6]. Outlook - The company confirmed its fiscal 2025 outlook, expecting positive revenue growth and operating income growth excluding special items in the high-teens to high-twenties percent range [26][27].

Core Insights - Fresenius Medical Care has appointed Joseph E. Turk as the new Chief Executive Officer of the global operating segment Care Enablement, effective January 1, 2026, succeeding Dr. Katarzyna Mazur-Hofsäß who is retiring [1][2][7] Company Leadership Transition - The transition is part of a planned succession as Dr. Mazur-Hofsäß has informed the Supervisory Board of her intention to retire after leading Care Enablement since its inception in 2022 [2][4] - Joseph Turk has been with Fresenius Medical Care since 2019 and has held significant roles, including Executive Vice President of Global Home and Critical Care Therapies [3][4] Management Board Comments - Michael Sen, Chairman of the Supervisory Board, expressed confidence in Turk's ability to continue improving margins and advancing innovation within Care Enablement [4] - Helen Giza, CEO and Chair of the Management Board, highlighted Turk's strong track record and his role in executing the FME Reignite strategy [4] 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]