EX-99.3 4 tm2518144d2_ex99-3.htm EXHIBIT 99.3

Exhibit 99.3

 

 

Fresenius Medical Care AG

 

New Segmentation

 

June 17, 2025

 

 

Investor Relations

 

phone: +49 6172 268 8795

 

email: ir@freseniusmedicalcare.com

 

Content:

 

Segment information page 2
   
Revenue development by segment page 3
   
Reconciliation page 4

 

Disclaimer

 

This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results could differ materially from those described in these forward-looking statements due to various factors, including, but not limited to, changes in business, economic and competitive conditions, legal changes, regulatory approvals, impacts related to COVID-19, results of clinical studies, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. These and other risks and uncertainties are detailed in Fresenius Medical Care AG’s reports filed with the U.S. Securities and Exchange Commission. Fresenius Medical Care AG does not undertake any responsibility to update the forward-looking statements in this release.

 

Rounding adjustments applied to individual numbers and percentages may result in these figures differing immaterially from their absolute values. Furthermore, totals and subtotals in tables may differ slightly from unrounded figures due to rounding in accordance with commercial rounding conventions.

 

 

Copyright by Fresenius Medical Care AG

 

 

 

 

 

Segment information

 

  2023  Q1 2024  Q2 2024  Q3 2024  Q4 2024  2024  Change
yoy		  Change
yoy, cc		  Q1 2025  Change
yoy		  Change
yoy, cc		 
Total                                  
Revenue in € million  19,454  4,725  4,766  4,760  5,085  19,336  -0.6% 0.0% 4,881  3.3% 1.2%
Revenue in € million excl. Tricare settlement  19,263  4,725  4,766  4,760  5,085  19,336  0.4% 1.0% 4,881  3.3% 1.2%
Operating income in € million  1,369  246  425  463  259  1,392  1.7% 2.6% 331  34.7% 31.6%
Operating income in € million excl. special items 1  1,560  403  436  469  489  1,797  15.2% 16.1% 457  13.4% 10.9%
Operating income margin  7.0% 5.2% 8.9% 9.7% 5.1% 7.2%       6.8%      
Operating income margin excl. special items 1  8.1% 8.5% 9.1% 9.9% 9.6% 9.3%       9.4%      
Days sales outstanding (DSO) 2  67              63                
Employees (headcount)  119,845              111,513                
                                   
Care Delivery segment                                  
Revenue in € million  14,749  3,481  3,481  3,471  3,571  14,003  -5.1% -4.6% 3,447  -1.0% -3.5%
Revenue in € million excl. Tricare settlement  14,558  3,481  3,481  3,471  3,571  14,003  -3.8% -3.4% 3,447  -1.0% -3.5%
Operating income in € million  1,612  168  335  456  260  1,218  -24.4% -24.1% 320  91.4% 83.3%
Operating income in € million excl. special items 1  1,597  327  379  459  430  1,593  -0.2% 0.2% 356  9.2% 5.0%
Operating income margin  10.9% 4.8% 9.6% 13.1% 7.3% 8.7%       9.3%      
Operating income margin excl. special items 1  11.0% 9.4% 10.9% 13.2% 12.0% 11.4%       10.3%      
                                   
Value-Based Care segment                                  
Revenue in € million  1,277  424  415  431  484  1,752  37.2% 37.4% 529  25.0% 21.2%
Operating income in € million  (96) 21  (6) (37) (7) (28) -70.6% -70.6% 3  -84.8% -85.2%
Operating income in € million excl. special items 1  (96) 21  (6) (37) (7) (28) -70.6% -70.6% 4  -81.0% -81.6%
Operating income margin  -7.5% 5.0% -1.5% -8.5% -1.4% -1.6%       0.6%      
Operating income margin excl. special items 1  -7.5% 5.0% -1.5% -8.5% -1.4% -1.6%       0.8%      
                                   
Care Enablement segment                                  
Revenue in € million  5,345  1,297  1,363  1,359  1,537  5,557  3.9% 5.1% 1,367  5.4% 4.9%
Operating income in € million  (67) 70  65  61  71  267  n.a.  n.a.  94  34.3  32.9%
Operating income in € million excl. special items 1  122  76  66  75  118  336  174.4% 181.1% 114  50.1% 48.7%
Operating income margin  -1.2% 5.4% 4.8% 4.5% 4.6% 4.8%       6.9%      
Operating income margin excl. special items 1  2.3% 5.9% 4.9% 5.6% 7.7% 6.0%       8.3%      
                                   
Inter-segment eliminations 3                                  
Revenue in € million  (1,917) (477) (493) (501) (507) (1,976) 3.1% 3.4% (462) -3.1% -5.6%
Operating income in € million  (13) 1  (5) (4) (8) (17) 30.4% 24.5% (5) n.a.  n.a. 
Operating income in € million excl. special items 1  (13) (3) (8) (5) (8) (24) 90.5% 89.8% (5) 77.1% 71.8%
                                   
Corporate                                  
Operating income in € million  (67) (14) 36  (13) (57) (48) -28.6% -27.8% (81) 494.9% 444.8%
Operating income in € million excl. special items 1  (50) (18) 5  (23) (44) (80) 57.3% 58.2% (12) -31.4% -55.7%

 

1 2023: additionally, excluding the Tricare settlement. For a reconciliation, please refer to the table on page 4.

2 Includes receivables related to assets held for sale.

3 The Company transfers products from the Care Enablement segment to the Care Delivery segment at fair market value. Services provided by the Care Delivery segment for patients managed under the Value-Based Care segment are also provided at fair market value. The associated internal revenues and expenses and all other consolidation of transactions are included within “Inter-segment eliminations”.

 

yoy = year-on-year; cc = constant currency. Changes in revenue, operating income and net income attributable to shareholders of FME AG include the impact of changes in foreign currency exchange rates. We calculate and present these financial measures using both IFRS Accounting Standards and at constant exchange rates to show changes in these metrics and other items without giving effect to period-to-period currency fluctuations. Under IFRS Accounting Standards, amounts received in local (non-euro) currency are translated into euro at the average exchange rate for the period presented. Once we translate the local currency for the constant currency, we then calculate the change, as a percentage, of the current period using the prior period exchange rates versus the prior period. The single quarter results are calculated as the variance between the current year-to-date results less the preceding quarter’s year-to-date which makes the single quarter subject to further foreign exchange fluctuation. This resulting percentage is a non-IFRS measure referring to a change as a percentage at constant currency. These currency-adjusted financial measures are identifiable by the designated

 

Segment informationpage 2 of 4June 17, 2025

 

 

 

Revenue development by segment

 

                               Same              Same 
                            Organic  market           Organic  market 
                      Change  Change  growth  treatment     Change  Change  growth  treatment 
in € million   2023  Q1 2024  Q2 2024  Q3 2024  Q4 2024  2024  yoy  yoy, cc  yoy  growth yoy1  Q1 2025  yoy  yoy, cc  yoy  growth yoy1 
Total revenue  19,454  4,725  4,766  4,760  5,085  19,336  -0.6% 0.0% 4.1%    4,881  3.3% 1.2% 5.4%   
                                               
Care Delivery segment  14,749  3,481  3,481  3,471  3,571  14,003  -5.1% -4.6% 0.7% 0.3% 3,447  -1.0% -3.5% 1.9% 0.8%
Thereof: U.S.  11,836  2,795  2,867  2,881  2,985  11,526  -2.6% -2.5% 0.1% -0.1% 2,892  3.5% 0.3% 1.3% 0.0%
Thereof: International  2,913  686  614  590  586  2,477  -14.9% -13.3% 3.8% 1.4% 555  -19.1% -19.0% 4.8% 2.5%
                                               
Value-Based Care segment  1,277  424  415  431  484  1,752  37.2% 37.4% 37.4%    529  25.0% 21.2% 21.2%   
                                               
Care Enablement segment  5,345  1,297  1,363  1,359  1,537  5,557  3.9% 5.1% 4.8%    1,367  5.4% 4.9% 4.9%   
                                               
Inter-segment eliminations 2  (1,917) (477) (493) (501) (507) (1,976) 3.1% 3.4%       (462) -3.1% -5.6%      
Thereof: Care Enablement segment  (1,469) (360) (368) (369) (397) (1,496) 1.8% 2.1%       (343) -5.0% -7.2%      
Thereof: Care Delivery segment  (448) (117) (125) (132) (110) (480) 7.4% 7.5%       (119) 2.6% -0.6%      

 

1 Same market treatment growth = organic growth less price effects.

2 The Company transfers products from the Care Enablement segment to the Care Delivery segment at fair market value. Services provided by the Care Delivery segment for patients managed under the Value-Based Care segment are also provided at fair market value. The associated internal revenues and expenses and all other consolidation of transactions are included within “Inter-segment eliminations”.

 

Revenue development by segmentpage 3 of 4June 17, 2025

 

 

 

Reconciliation of non-IFRS financial measures to the most directly comparable IFRS Accounting Standards financial measures for comparability with the Company´s outlook

 

These items are excluded to ensure comparability of the figures presented with the Company’s financial targets which have been defined excluding special items.

 

in € million   2023  Q1 2024  Q2 2024  Q3 2024  Q4 2024  2024  Q1 2025 
Revenue                      
Total revenue  19,454  4,725  4,766  4,760  5,085  19,336  4,881 
Tricare settlement  (191)                  
Revenue excl. Tricare settlement  19,263  4,725  4,766  4,760  5,085  19,336  4,881 
                       
Care Delivery segment  14,749  3,481  3,481  3,471  3,571  14,003  3,447 
Tricare settlement  (191)                  
Revenue excl. Tricare settlement  14,558  3,481  3,481  3,471  3,571  14,003  3,447 
                       
Value-Based Care segment  1,277  424  415  431  484  1,752  529 
Care Enablement segment  5,345  1,297  1,363  1,359  1,537  5,557  1,367 
Inter-segment eliminations  (1,917) (477) (493) (501) (507) (1,976) (462)
                       
Operating income                      
Total operating income  1,369  246  425  463  259  1,392  331 
FME25 Program  153  28  40  39  73  180  28 
Legacy Portfolio Optimization  204  143  15  (17) 146  288  24 
Legal Form Conversion Costs  30  1  2  2  4  9  0 
Humacyte Remeasurements  (15) (15) (46) (18) 7  (72) 74 
Sum of special items  372  157  11  6  230  405  126 
Operating income excl. special items  1,741  403  436  469  489  1,797  457 
Tricare settlement  (181)                  
Operating income excl. special items and Tricare settlement  1,560  403  436  469  489  1,797  457 
                       
Care Delivery segment  1,612  168  335  456  260  1,218  320 
FME25 Program  75  12  16  18  29  74  14 
Legacy Portfolio Optimization  96  147  28  (15) 141  301  22 
Sum of special items  171  159  44  3  170  375  36 
Operating income excl. special items  1,783  327  379  459  430  1,593  356 
Tricare settlement  (186)                  
Operating income excl. special items and Tricare settlement  1,597  327  379  459  430  1,593  356 
                       
Value-Based Care segment  (96) 21  (6) (37) (7) (28) 3 
FME25 Program                    1 
Sum of special items  0  0  0  0  0  0  1 
Operating income excl. special items  (96) 21  (6) (37) (7) (28) 4 
                       
Care Enablement segment  (67) 70  65  61  71  267  94 
FME25 Program  78  16  24  21  42  104  11 
Legacy Portfolio Optimization  108  0  (11) (1) 5  (7) 2 
Legal Form Conversion Costs        0  0  0  0    
Humacyte Remeasurements     (10) (12) (6) 0  (28) 7 
Sum of special items  186  6  1  14  47  69  20 
Operating income excl. special items  119  76  66  75  118  336  114 
Tricare settlement  3                   
Operating income excl. special items and Tricare settlement  122  76  66  75  118  336  114 
                       
Inter-segment eliminations  (13) 1  (5) (4) (8) (17) (5)
Legacy Portfolio Optimization     (4) (3) (1) 0  (7)   
Sum of special items  0  (4) (3) (1) 0  (7) 0 
Operating income excl. special items  (13) (3) (8) (5) (8) (24) (5)
                       
Corporate  (67) (14) 36  (13) (57) (48) (81)
FME25 Program  0  0  0  0  2  2  2 
Legacy Portfolio Optimization  0  0  1  0  0  1    
Legal Form Conversion Costs  30  1  2  2  4  9  0 
Humacyte Remeasurements  (15) (5) (34) (12) 7  (44) 67 
Sum of special items  15  (4) (31) (10) 13  (32) 69 
Operating income excl. special items  (52) (18) 5  (23) (44) (80) (12)
Tricare settlement  2                   
Operating income excl. special items and Tricare settlement  (50) (18) 5  (23) (44) (80) (12)

 

Reconciliationpage 4 of 4June 17, 2025