Content: Statement of earnings page 2 Segment information page 3 Balance sheet page 4 Cash flow page 5 page 6 Key metrics page 7 page 8 Outlook 2025 page 9 Disclaimer Fresenius Medical Care AG November 4, 2025 COMPLETE OVERVIEW OF THE THIRD QUARTER AND FIRST NINE MONTHS 2025 Investor Relations Copyright by Fresenius Medical Care AG email: ir@freseniusmedicalcare.com phone: +49 6172 609 2525 Reconciliation results excl. special items 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.

Statement of earnings in € million, except share data, unaudited 2025 2024 Change Change at cc 2025 2024 Change Change at cc Total revenue 4,885 4,760 2.6% 8.3% 14,558 14,251 2.2% 4.9% Costs of revenue 3,643 3,614 0.8% 6.6% 10,917 10,765 1.4% 4.2% Selling, general and administrative expense 705 756 -6.7% -1.9% 2,248 2,303 -2.4% -0.1% Research and development expense 38 40 -5.7% -3.5% 119 133 -10.6% -9.7% Income from equity method investees (47) (41) 13.1% 13.2% (140) (103) 36.0% 36.0% Other operating income (56) (191) -70.7% -69.6% (397) (532) -25.4% -24.6% Other operating expense 125 119 4.8% 8.1% 578 552 4.6% 6.3% Operating income 477 463 3.0% 7.6% 1,233 1,133 8.8% 11.0% Operating income excl. special items 1 574 469 22.4% 27.6% 1,507 1,307 15.2% 17.6% Interest income (19) (17) 13.1% 20.1% (56) (50) 11.2% 16.2% Interest expense 93 99 -6.1% -1.2% 285 306 -6.7% -4.4% Interest expense, net 74 82 -10.0% -5.6% 229 256 -10.3% -8.5% Income before income taxes 403 381 5.8% 10.4% 1,004 877 14.4% 16.6% Income tax expense 75 117 -35.4% -32.0% 215 255 -15.9% -14.1% Net income 328 264 24.0% 29.1% 789 622 26.7% 29.2% Net income attributable to noncontrolling interests 53 51 3.1% 9.1% 138 151 -9.1% -6.5% Net income attributable to shareholders of FME AG 275 213 29.0% 33.9% 651 471 38.3% 40.7% Net income attributable to shareholders of FME AG excl. special items 1 322 237 36.0% 41.4% 836 637 31.3% 33.8% Weighted average number of shares 292,101,583 293,413,449 292,971,355 293,413,449 Basic earnings per share €0.94 €0.73 29.6% 34.5% €2.22 €1.61 38.5% 40.9% Basic earnings per ADS €0.47 €0.36 29.6% 34.5% €1.11 €0.80 38.5% 40.9% Operating income 477 463 3.0% 7.6% 1,233 1,133 8.8% 11.0% Depreciation, amortization and impairment loss 357 365 -2.3% 2.7% 1,127 1,266 -10.9% -8.8% EBITDA 834 828 0.6% 5.4% 2,360 2,399 -1.6% 0.5% In percent of revenue Operating income margin 9.8% 9.7% 8.5% 8.0% Operating income margin excl. special items 1 11.7% 9.9% 10.3% 9.2% EBITDA margin 17.1% 17.4% 16.2% 16.8% EBITDA margin excl. special items 1 19.1% 17.7% 18.0% 17.3% 1 For a reconciliation of special items, please refer to the table on page 8. Three months ended September 30, Nine months ended September 30, Statement of earnings page 2 of 9 November 4, 2025

Segment information unaudited 2025 2024 Change Change at cc 2025 2024 Change Change at cc Total Revenue in € million 4,885 4,760 2.6% 8.3% 14,558 14,251 2.2% 4.9% Operating income in € million 477 463 3.0% 7.6% 1,233 1,133 8.8% 11.0% Operating income in € million excl. special items 1 574 469 22.4% 27.6% 1,507 1,307 15.2% 17.6% Operating income margin 9.8% 9.7% 8.5% 8.0% Operating income margin excl. special items 1 11.7% 9.9% 10.3% 9.2% Days sales outstanding (DSO) 2 62 65 Employees (headcount) 109,916 113,079 Care Delivery segment Revenue in € million 3,402 3,471 -2.0% 3.6% 10,229 10,433 -1.9% 0.5% Operating income in € million 419 456 -8.0% -1.1% 1,086 958 13.3% 17.3% Operating income in € million excl. special items 1 493 459 7.4% 14.4% 1,226 1,163 5.4% 8.8% Operating income margin 12.3% 13.1% 10.6% 9.2% Operating income margin excl. special items 1 14.5% 13.2% 12.0% 11.2% Days sales outstanding (DSO) 2 57 59 Value-Based Care segment Revenue in € million 576 431 33.7% 42.1% 1,611 1,269 27.0% 30.6% Operating income in € million (22) (37) -39.9% -37.9% (28) (21) 29.2% 32.9% Operating income in € million excl. special items 1 (21) (37) -41.4% -39.5% (26) (21) 22.8% 26.3% Operating income margin -3.8% -8.5% -1.7% -1.7% Operating income margin excl. special items 1 -3.7% -8.5% -1.6% -1.7% Days sales outstanding (DSO) 2 27 38 Care Enablement segment Revenue in € million 1,361 1,359 0.1% 4.6% 4,075 4,020 1.4% 4.3% Operating income in € million 87 61 42.5% 43.8% 270 196 37.5% 38.4% Operating income in € million excl. special items 1 103 75 36.4% 38.1% 334 218 53.2% 54.4% Operating income margin 6.4% 4.5% 6.6% 4.9% Operating income margin excl. special items 1 7.6% 5.6% 8.2% 5.4% Days sales outstanding (DSO) 2 92 94 Inter-segment eliminations 3 Revenue in € million (454) (501) -9.5% -4.5% (1,357) (1,471) -7.7% -5.4% Operating income in € million (3) (4) -17.8% -10.5% (17) (9) 97.6% 103.5% Operating income in € million excl. special items 1 (4) (5) -7.3% 1.0% (18) (16) 14.8% 18.5% Corporate Operating income in € million (4) (13) -68.5% 7.6% (78) 9 n.a. n.a. Operating income in € million excl. special items 1 3 (23) n.a. -84.3% (9) (37) -73.9% -45.6% Three months ended September 30, Nine months ended September 30, 2 Includes receivables related to assets held for sale. 3 Services provided by the Care Delivery segment in the U.S. for patients managed under the Value-Based Care segment are provided at fair market value. The Company also transfers products from the Care Enablement segment to the Care Delivery segment at fair market value. The associated internal revenues and expenses and all other consolidation of transactions are included within “Inter-segment eliminations”. 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 term "Constant Currency". 1 For a reconciliation of special items, please refer to the table on page 8. Segment information page 3 of 9 November 4, 2025

Balance sheet in € million, except for net leverage ratio, unaudited September 30, December 31, 2025 2024 Assets Cash and cash equivalents 1,256 1,180 Trade accounts and other receivables from unrelated parties 3,242 3,367 Inventories 2,086 2,068 Other current assets 1,240 1,308 Goodwill and intangible assets 14,835 16,541 Right-of-use assets 3,133 3,612 Other non-current assets 5,095 5,491 Total assets 30,887 33,567 Liabilities and equity Accounts payable to unrelated parties 726 904 Other current liabilities 5,033 4,756 Non-current liabilities 11,220 12,138 Total equity 13,908 15,769 Total liabilities and equity 30,887 33,567 Equity/assets ratio 45% 47% Debt and lease liabilities Short-term debt from unrelated parties 67 2 Current portion of long-term debt 476 575 Current portion of lease liabilities from unrelated parties 568 616 Current portion of lease liabilities from related parties 26 25 Long-term debt, less current portion 6,323 6,261 Lease liabilities from unrelated parties, less current portion 2,942 3,412 Lease liabilities from related parties, less current portion 71 88 Debt and lease liabilities included within liabilities directly associated with assets held for sale 1 9 Total debt and lease liabilities 10,474 10,988 Minus: Cash and cash equivalents 1 (1,256) (1,185) Total net debt and lease liabilities 9,218 9,803 Reconciliation of annualized adjusted EBITDA and net leverage ratio to the most directly comparable IFRS Accounting Standards financial measure Net income 907 741 Income tax expense 276 316 Interest income (77) (72) Interest expense 386 407 Depreciation and amortization 1,495 1,536 Adjustments 2 565 450 Annualized adjusted EBITDA 3,552 3,378 Net leverage ratio 2.6 2.9 2 Acquisitions and divestitures made for the last twelve months with a purchase price above a €50 M threshold as defined in the Syndicated Credit Facility (2025: 1 M; 2024: -€23 M), non-cash charges, primarily related to pension expense (2025: €52 M; 2024: €52 M), impairment loss (2025: €109 M; 2024: €207 M) and special items, including costs related to the FME25+ Program (2025: €185 M; 2024: €164 M), Legacy Portfolio Optimization (2025: €134 M; 2024: €113 M), Legal Form Conversion Costs (2025: €6 M; 2024: €9 M) and Humacyte Remeasurements (2025: €78 M; 2024: -€72 M). 1 Includes cash and cash equivalents included within assets held for sale. Balance sheet page 4 of 9 November 4, 2025

Cash flow statement in € million, unaudited 2025 2024 2025 2024 Operating activities Net income 328 264 789 622 Depreciation, amortization and impairment loss 357 365 1,127 1,266 Change in trade accounts and other receivables from unrelated parties (62) 464 (175) (229) Change in inventories (103) 68 (189) 12 Change in other working capital and non-cash items 222 (176) 127 (117) Net cash provided by (used in) operating activities 742 985 1,679 1,554 In percent of revenue 15.2% 20.7% 11.5% 10.9% Investing activities Purchases of property, plant and equipment and capitalized development costs (192) (165) (492) (459) Proceeds from sale of property, plant and equipment 0 (5) 12 7 Capital expenditures, net (192) (170) (480) (452) Free cash flow 550 815 1,199 1,102 In percent of revenue 11.3% 17.1% 8.2% 7.7% Acquisitions and investments, net of cash acquired, and purchases of intangible assets (3) (12) (19) (18) Investments in debt securities (14) (64) (26) (65) Proceeds from divestitures, net of cash disposed 144 1 164 502 Proceeds from sale of debt securities 11 25 57 67 Free cash flow after investing activities 688 765 1,375 1,588 Nine months ended September 30, Three months ended September 30, Cash flow page 5 of 9 November 4, 2025

in € million, unaudited 2025 2024 Change Change at cc Organic growth Same market treatment growth 1 Three months ended September 30, Total revenue 4,885 4,760 2.6% 8.3% 9.7% Care Delivery segment 3,402 3,471 -2.0% 3.6% 5.6% 0.4% Thereof: U.S. 2,842 2,881 -1.4% 5.3% 5.8% 0.1% Thereof: International 560 590 -5.1% -4.2% 4.3% 1.2% Value-Based Care segment 576 431 33.7% 42.1% 42.1% Care Enablement segment 1,361 1,359 0.1% 4.6% 4.6% Inter-segment eliminations (454) (501) -9.5% -4.5% Thereof: Care Delivery segment (129) (132) -2.0% 4.3% Thereof: Care Enablement segment (325) (369) -12.2% -7.6% Nine months ended September 30, Total revenue 14,558 14,251 2.2% 4.9% 7.3% Care Delivery segment 10,229 10,433 -1.9% 0.5% 3.7% 0.6% Thereof: U.S. 8,550 8,542 0.1% 3.0% 3.5% 0.1% Thereof: International 1,679 1,891 -11.2% -10.8% 4.8% 2.0% Value-Based Care segment 1,611 1,269 27.0% 30.6% 30.6% Care Enablement segment 4,075 4,020 1.4% 4.3% 4.3% Inter-segment eliminations (1,357) (1,471) -7.7% -5.4% Thereof: Care Delivery segment (365) (372) -1.6% 1.3% Thereof: Care Enablement segment (992) (1,099) -9.7% -7.7% 1 Same market treatment growth = organic growth less price effects Revenue development by segment Revenue development by segment page 6 of 9 November 4, 2025

unaudited 2025 2024 Change 2025 2024 Change 2025 2024 Change Care Delivery segment 3,628 3,732 -3% 293,620 308,216 -5% 33,561,556 35,927,266 -7% Thereof: U.S. 2,621 2,629 0% 205,846 205,942 0% 23,183,666 23,299,461 0% Thereof: International 1,007 1,103 -9% 87,774 102,274 -14% 10,377,890 12,627,805 -18% unaudited 2025 2024 Change 2025 2024 Change Value-Based Care segment Total U.S. 1,347,196 1,133,093 19% 161,957 131,254 23% Key metrics Clinics Patients Nine months ended September 30, Treatments Nine months ended September 30, Member Months Membership Key metrics page 7 of 9 November 4, 2025

in € million, except share data, unaudited Results 2025 FME25+ Program1 Legacy Portfolio Optimiza-tion2 Legal Form Conversion Costs Humacyte Remeasure-ments Interwell Health Deferred Tax Reversal3 Sum of special items Results 2025 excl. special items Currency translation effects Results 2025 excl. special items at cc Results 2024 FME25+ Program1 Legacy Portfolio Optimiza-tion2 Legal Form Conversion Costs Humacyte Remeasure-ments Sum of special items Results 2024 excl. special items Change excl. special items Change excl. special items at cc Three months ended September 30, Total revenue 4,885 — — — — — — 4,885 269 5,154 4,760 — — — — — 4,760 2.6% 8.3% Care Delivery segment 3,402 — — — — — — 3,402 196 3,598 3,471 — — — — — 3,471 -2.0% 3.6% Thereof: U.S. 2,842 — — — — — — 2,842 190 3,032 2,881 — — — — — 2,881 -1.4% 5.3% Thereof: International 560 — — — — — — 560 6 566 590 — — — — — 590 -5.1% -4.2% Value-Based Care segment 576 — — — — — — 576 36 612 431 — — — — — 431 33.7% 42.1% Care Enablement segment 1,361 — — — — — — 1,361 62 1,423 1,359 — — — — — 1,359 0.1% 4.6% Inter-segment eliminations (454) — — — — — — (454) (25) (479) (501) — — — — — (501) -9.5% -4.5% EBITDA 834 40 51 0 6 — 97 931 43 974 828 37 (6) 2 (18) 15 843 10.4% 15.5% Total operating income 477 41 50 0 6 — 97 574 24 598 463 39 (17) 2 (18) 6 469 22.4% 27.6% Care Delivery segment 419 23 51 — — — 74 493 32 525 456 18 (15) — — 3 459 7.4% 14.4% Value-Based Care segment (22) 1 — — — — 1 (21) (1) (22) (37) — — — — — (37) -41.4% -39.5% Care Enablement segment 87 17 (2) — 1 — 16 103 1 104 61 21 (1) 0 (6) 14 75 36.4% 38.1% Inter-segment eliminations (3) — (1) — — — (1) (4) (1) (5) (4) — (1) — — (1) (5) -7.3% 1.0% Corporate (4) 0 2 0 5 — 7 3 (7) (4) (13) 0 0 2 (12) (10) (23) n.a. -84.3% Interest expense, net 74 — — — — — — 74 4 78 82 — — — — — 82 -10.0% -5.6% Income tax expense 75 11 3 0 1 35 50 125 6 131 117 11 (25) 1 (5) (18) 99 26.5% 31.6% Net income attributable to noncontrolling interests 53 — — — — — — 53 1 54 51 — — — — — 51 3.1% 9.1% Net income4 275 30 47 0 5 (35) 47 322 13 335 213 28 8 1 (13) 24 237 36.0% 41.4% Basic earnings per share €0.94 €0.10 €0.16 €0.00 €0.02 €(0.12) €0.16 €1.10 €0.05 €1.15 €0.73 €0.10 €0.03 €0.00 €(0.05) €0.08 €0.81 36.6% 42.0% Nine months ended September 30, Total revenue 14,558 — — — — — — 14,558 385 14,943 14,251 — — — — — 14,251 2.2% 4.9% Care Delivery segment 10,229 — — — — — — 10,229 254 10,483 10,433 — — — — — 10,433 -1.9% 0.5% Thereof: U.S. 8,550 — — — — — — 8,550 248 8,798 8,542 — — — — — 8,542 0.1% 3.0% Thereof: International 1,679 — — — — — — 1,679 6 1,685 1,891 — — — — — 1,891 -11.2% -10.8% Value-Based Care segment 1,611 — — — — — — 1,611 46 1,657 1,269 — — — — — 1,269 27.0% 30.6% Care Enablement segment 4,075 — — — — — — 4,075 118 4,193 4,020 — — — — — 4,020 1.4% 4.3% Inter-segment eliminations (1,357) — — — — — — (1,357) (33) (1,390) (1,471) — — — — — (1,471) -7.7% -5.4% EBITDA 2,360 117 66 2 71 — 256 2,616 56 2,672 2,399 96 44 5 (79) 66 2,465 6.1% 8.4% Total operating income 1,233 122 79 2 71 — 274 1,507 30 1,537 1,133 107 141 5 (79) 174 1,307 15.2% 17.6% Care Delivery segment 1,086 62 78 — — — 140 1,226 40 1,266 958 45 160 — — 205 1,163 5.4% 8.8% Value-Based Care segment (28) 2 — — — — 2 (26) (1) (27) (21) — — — — — (21) 22.8% 26.3% Care Enablement segment 270 56 0 — 8 — 64 334 3 337 196 62 (12) 0 (28) 22 218 53.2% 54.4% Inter-segment eliminations (17) — (1) — — — (1) (18) (1) (19) (9) — (7) — — (7) (16) 14.8% 18.5% Corporate (78) 2 2 2 63 — 69 (9) (11) (20) 9 0 0 5 (51) (46) (37) -73.9% -45.6% Interest expense, net 229 — — — — — — 229 5 234 256 — — — — — 256 -10.3% -8.5% Income tax expense 215 32 3 1 18 35 89 304 5 309 255 30 (3) 1 (20) 8 263 15.2% 17.5% Net income attributable to noncontrolling interests 138 — — — — — — 138 4 142 151 — — — — — 151 -9.1% -6.5% Net income4 651 90 76 1 53 (35) 185 836 16 852 471 77 144 4 (59) 166 637 31.3% 33.8% Basic earnings per share €2.22 €0.31 €0.26 €0.00 €0.18 €(0.12) €0.63 €2.85 €0.06 €2.91 €1.61 €0.26 €0.49 €0.01 €(0.20) €0.56 €2.17 31.5% 34.0% Special items Reconciliation of non-IFRS financial measures to the most directly comparable IFRS Accounting Standards financial measures for comparability with the Company´s outlook Special items 1 The FME25 Program was expanded by two years, the overall savings target increased and renamed to the FME25+ Program. 4 Attributable to shareholders of FME AG. 2 2025: mainly related to the completed divestitures in Brazil and Malaysia, the proposed divestiture of select assets of FME AG’s wholly owned Spectra Laboratories and the proposed divestiture of renal dialysis clinics in Kazakhstan as well as impairment losses primarily related to right-of-use assets; 2024: mainly related to impairment losses resulting from the measurement of assets held for sale as well as gains and losses from divestitures. 3 Derecognition of certain deferred tax liabilities initially established in connection with the 2022 Interwell Health Transaction as a result of the accelerated settlement of Interwell Health put options. Reconciliation results excl. special items page 8 of 9 November 4, 2025

Outlook 2025 Spalte1 Results 2024 Outlook 2025 (at Constant Currency) Revenue1 €19,336 M Positive to a low-single digit percentage rate growth Operating income1 €1,797 M High-teens to high-twenties percentage rate growth 1 Outlook 2025 is based on the assumptions outlined in the earnings release for the fourth quarter and full year of 2024 and excludes special items. Special items include the costs related to the FME25+ Program, the impacts from Legacy Portfolio Optimization, the Legal Form Conversion Costs, the Humacyte Remeasurements and other effects that are unusual in nature and have not been foreseeable or not foreseeable in size or impact at the time of providing the outlook. The growth rates are based on the results 2024 excluding the costs related to the FME25+ Program (€180 M for operating income), the impacts from Legacy Portfolio Optimization (€288 M for operating income), the Legal Form Conversion Costs (€9 M for operating income) and the Humacyte Remeasurements (- €72 M for operating income). Outlook 2025 page 9 of 9 November 4, 2025