Financial Data and Key Metrics Changes - The company achieved strong organic revenue growth of 10% in Q3 2025, with all three operating segments contributing positively [7][26] - Operating income growth accelerated to 28%, resulting in an operating income margin expansion from 9.9% to 11.7% [8][27] - Operating income, excluding special items, increased by 28% on a constant currency basis, with special items negatively affecting operating income by around EUR 100 million [27][28] Business Line Data and Key Metrics Changes - Care Delivery realized organic revenue growth of 6%, with U.S. organic growth driven by favorable rate and payer mix development [30][32] - Value Based Care segment saw a significant 42% organic growth, primarily due to a high number of member months and a change in revenue recognition [34] - Care Enablement achieved a 5% organic growth, supported by solid volume growth and positive pricing momentum [35] Market Data and Key Metrics Changes - In the U.S., same market treatment growth was slightly positive at 0.1%, reflecting the carryover effect from elevated mortality due to a severe flu season [18][32] - Internationally, same market treatment growth increased to 1.2% [18] Company Strategy and Development Direction - The company is focused on its SME Reignite strategy to drive growth and innovation, enhancing clinical outcomes and patient safety [12][16] - The initial share buyback of EUR 1 billion aligns with the commitment to reignite value creation for shareholders [8] - The company is preparing for the rollout of high volume HDF treatments, which is expected to set a new standard of care in the U.S. [10][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the full-year guidance, with expectations for continued improvement in underlying business despite a challenging environment [41][43] - The company anticipates further acceleration in earnings growth and margin expansion in Q4, supported by positive momentum from the FME25 plus program [42][43] - Management acknowledged the need to navigate various uncertainties, including potential impacts from Medicare Advantage trends and ACA tax subsidies [44][63] Other Important Information - The company reported a total investment of EUR 188 million in share repurchases by October 31, 2025 [10][38] - Operating cash flow increased by 8% year-to-date, despite a decline in Q3 compared to an inflated prior year base [37] Q&A Session Summary Question: Guidance on margin expectations and treatment adherence - Management expects continuous improvement across all segments, with strong support from Care Delivery [51] - Elevated mortality levels are still a concern, but improvements in missed treatments are being observed, which should help with overall treatment volume and mortality [52][54] Question: Phosphate binders and Medicare Advantage trends - The company now expects a total benefit of EUR 180 million from phosphate binders for the year, up from the previous guidance of EUR 100 million [58][60] - Current Medicare Advantage enrollment remains steady, with no significant impact anticipated from recent market changes [62][64] Question: EBIT guidance and treatment growth - The EBIT guidance remains wide due to various moving parts, but management is optimistic about achieving the top end of the range [68] - Improvements in admissions and mistreatments are being noted, with expectations for treatment growth to normalize as mortality levels decrease [70][74] Question: HDF rollout and its impact - The rollout of HDF is progressing well, with positive feedback from nephrologists and plans for further installations [82] - The company anticipates that HDF will start to positively impact U.S. treatment growth as patients begin to receive this treatment [102]