Fresenius Medical Care AG(US:FMS)2025-11-04 13:00Q3 2025 Performance Highlights - Strong organic revenue growth of 9.7% was supported by all three operating segments[9, 27, 31] - Accelerated operating income growth of 28% at constant currency led to a step-change in margin expansion to 11.7%[9, 29, 31] - FME25+ savings of EUR 47 million continued momentum[9] - The company repurchased 3.6 million shares, representing 1.2% of share capital, for EUR 151 million[9, 56] Segment Performance - Care Delivery: Revenue increased by 3.6% at constant currency, with U S organic growth of 5.8% driven by favorable rate/mix effects[36, 39] Operating income increased by 14.4% at constant currency[37] - Value-Based Care: Revenue increased by 42.1% at constant currency, driven by a significantly higher number of member months[41, 42] - Care Enablement: Revenue increased by 4.6% at constant currency[47] Operating income increased by 38.1% at constant currency, with margin expansion to 7.6%[49] Financial Position - Total net debt and lease liabilities decreased to EUR 9,218 million compared to EUR 9,831 million in Q3 2024, a decrease of 6%[52] - Net leverage ratio improved to 2.6x, compared to 2.9x at FY 2024 and 3.41x in Q3 2024[54] - Operating cash flow was EUR 742 million, a decrease of 25% compared to EUR 985 million in the prior year, which was inflated by around EUR 400 million following the cyber incident at Change Healthcare[52, 55] Outlook - The company confirmed its FY 2025 outlook, expecting revenue to grow positively to a low-single digit percent and operating income to grow in the high-teens to high-twenties percent, both on a constant currency basis and excluding special items[58, 59] The implied Group operating income margin is expected to be around 11% to 12%[59]