6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

Pursuant to Rule 13a-16 or 15d-16 of the

Securities Exchange Act of 1934

For the month of February 2024

Commission file number: 001-32749

FRESENIUS MEDICAL CARE AG

(Translation of registrant's name into English)

Else-Kröner Strasse 1

61346 Bad Homburg

Germany

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F x Form 40-F ¨

On February 20, 2024, Fresenius Medical Care AG (the “Company”) issued a Press Release announcing its fourth quarter and full year results for the period ending December 31, 2023. A copy of the Press Release is furnished as Exhibit 99.1 and the corresponding financial figures as Exhibit 99.2.

The attached Press Release contains non-GAAP financial measures. For purposes of Regulation G, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles. To supplement our fourth quarter and full year 2023 consolidated financial results presented in accordance with International Financial Reporting Standards, or IFRS, we have used non-GAAP financial measures, including (a) EBITDA, or operating income excluding interest, taxes, depreciation and amortization, (b) free cash flow, (c) net leverage ratio (ratio of net debt to adjusted EBITDA) and (d) results presented in constant currency and as adjusted for special items identified in the Press Release and associated tables. These non-GAAP measures are provided to enhance the user’s overall understanding of our current financial performance and our prospects for the future. In addition, because we have historically reported certain non-GAAP financial measures in our financial results, we believe the inclusion of these non-IFRS financial measures provides consistency and comparability in our financial reporting to prior periods for which these non-GAAP financial measures were previously reported. These non-GAAP financial measures should not be used as a substitute for or be considered superior to GAAP financial measures. Reconciliation of the non-GAAP financial measures to the most comparable IFRS financial measures are included in the attached Financial Statements. As the reconciliation of amounts stated in Constant Currency is inherent in the disclosure included in the Press Release, we believe that a separate reconciliation would not provide any additional benefit.

The Exhibits attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.

EXHIBITS

The following exhibits are being furnished with this Report:

Exhibit 99.1	Press release issued on February 20, 2024.
Exhibit 99.2	Complete overview of the fourth quarter 2023 and full year 2023.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

DATE: February 20, 2024

Fresenius Medical Care AG

By:	/s/ Helen Giza
Name:	Helen Giza
Title:	Chief Executive Officer and Chair of the Management Board

By:	/s/ Martin Fischer
Name:	Martin Fischer
Title:	Chief Financial Officer and member of the Management Board

EX-99.1

Exhibit 99.1

Press Release	Media contact
	Christine Peters
	T +49 160 6066 770
	christine.peters@freseniusmedicalcare.com
	Contact for analysts
	and investors
	Dr. Dominik Heger
	T +49 6172 609-2601
	dominik.heger@freseniusmedicalcare.com
	www.freseniusmedicalcare.com

February 20, 2024

Fresenius Medical Care delivers on commitments in a year of fundamental transformation

- Revenue growth of 5% in 2023 driven by favorable business development

- Operating income¹ growth of 15% exceeding top end of outlook range, due to business growth, FME25 savings ahead of plan and contributions from the Tricare settlement

- Successful execution on turnaround plan resulting in significant labor productivity improvements in Care Delivery and positive pricing in Care Enablement

- Several key divestments announced as part of the ongoing Portfolio Optimization Program

- Strong cash flow performance and net financial leverage ratio reduced

- Dividend of €1.19 per share proposed

- For 2024 continued revenue growth and accelerated operating income growth projected

Helen Giza, Chief Executive Officer of Fresenius Medical Care, said: “In 2023, we delivered on our commitments while we fundamentally transformed Fresenius Medical Care. Exceeding our upgraded financial outlook for the full year was the very successful finish to an extraordinary year. We implemented the new global operating model, progressed on our operational turnaround ambitions, changed our legal form and advanced on the Portfolio Optimization Program through key divestments. Thanks to the commitment of our 120,000 employees, the high quality of care for our patients remains front and center in everything we do. Based on the turnaround progress achieved last year, we have a strong foundation to build on to make 2024 a year of accelerated profitable growth while progressing towards our ambitious mid-term margin target.”

¹ For FY 2022, special items included costs related to the FME25 program, the impact of the war in Ukraine, the impact of hyperinflation in Turkiye, the Humacyte investment remeasurement and the net gain related to InterWell Health. Additionally, the FY 2022 basis for the 2023 outlook was adjusted for U.S. Provider Relief Funding. For FY 2023, special items include costs related to the FME25 program, the Humacyte investment remeasurement, the costs associated with the legal form conversion and effects from legacy portfolio optimization. For further details please see the reconciliation attached to the Press Release.

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Key figures (IFRS)

	Q4 2023		Q4 2022		Growth			Growth		FY 2023		FY 2022		Growth			Growth
	EUR m		EUR m		yoy			yoy, cc		EUR m		EUR m		yoy			yoy, cc
Revenue		4,988		4,997		0	%	+7	%		19,454		19,398		0	%		+5	%
Operating income		428		352		+22	%	+27	%		1,369		1,512		-9	%		-7	%
excl. special items and PRF1		555		489		+14	%	+18	%		1,741		1,540		+13	%		+15	%
Net income2		188		139		+35	%	+41	%		499		673		-26	%		-24	%
excl. special items and PRF1		259		248		+4	%	+8	%		756		729		+4	%		+6	%
Basic EPS (EUR)		0.64		0.47		+35	%	+41	%		1.70		2.30		-26	%		-24	%
excl. special items, and PRF1		0.88		0.85		4	%	+8	%		2.58		2.49		+4	%		+6	%

yoy = year-on-year, cc = at constant currency, EPS = earnings per share

Successful execution against the strategic plan

Fresenius Medical Care, the world’s leading provider of products and services for individuals with renal diseases, successfully finished a year of significant transformation.

Structure: During fiscal year 2023, Fresenius Medical Care continuously advanced its structural change. After implementing the new operating model along with the corresponding new financial reporting at the start of the year, it ended with the successful completion of its change of legal form into a German stock corporation. Through this change, a simplified corporate governance structure gives the Company more flexibility and autonomy and strengthens the role of the free float shareholders.

² Net income attributable to shareholders of Fresenius Medical Care AG

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Operational efficiency: In 2023, the company successfully executed on its operational efficiency improvement and turnaround plans. The FME25 transformation program reached annual sustainable savings of EUR 346 million, ahead of our initial plan for the year (EUR 250 to 300 million). Related one-time costs were EUR 153 million in 2023, adding up to EUR 420 million since the start of the program in 2021. The program continues well on track to achieving the targeted EUR 650 million of sustainable annual savings by year end 2025. The significant improvement in labor productivity in Care Delivery a year earlier than targeted, as well as the successful pricing initiatives in Care Enablement additionally supported the underlying positive earnings development.

Portfolio Optimization: Fresenius Medical Care announced several key divestments as part of the strategy to execute on its portfolio optimization program to exit non-core and dilutive assets. The divestments of National Cardiovascular Partners in the U.S. (closed), our operations in Argentina (closed) and Cura Day Hospitals Group in Australia (signed) generate EUR 0.5 billion in total proceeds, of which EUR 135 million were received in 2023. The three assets include 127 facilities, more than 4,500 employees, more than 10,000 dialysis patients. Divestments closed in 2023 accounted for EUR 214 million of revenue and EUR 20 million of operating income.

Capital Allocation: During 2023, Fresenius Medical Care strictly followed its disciplined financial policy. A significant increase of +32% in Free Cash Flow, mainly due to favorable contributions from working capital and the Tricare settlement was used to reduce its net financial debt by 11% to EUR 10.8 billion. The corresponding net leverage ratio (net debt/EBITDA) decreased to 3.2x at the end of 2023, compared to 3.4x at the end of 2022. The Company adheres to its dividend policy of developing dividends in line with the development of net income excluding special items. Consequently, the dividend proposal for fiscal year 2023 of EUR 1.19 per share corresponds to an increase by 6% compared to prior year’s dividend.

Sustainability: Fresenius Medical Care continued to make progress towards its Sustainability goals. Underscoring the Company’s focus on high quality care, the patients’ overall satisfaction with our services measured by the Net Promoter Score of 72 was at an even higher level than in previous years. With its recent submission of the commitment letter to the Science Based Targets Initiative (SBTi), the Company underlines its goal to achieve climate neutrality in its operations by 2040 in line with the Paris Agreement.

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Revenue development driven by solid organic growth

In the fourth quarter 2023, revenue remained flat with EUR 4,988 million (+7% at constant currency, +3% organic).

Care Delivery revenue remained flat with EUR 3,976 million in the fourth quarter 2023 (+8% at constant currency, +2% organic).

In Care Delivery U.S., revenue increased by 2% (+7% at constant currency, +1% organic). The increase was mainly driven by value-based care business growth, reimbursement rate increases, a favorable payor mix, an increase in dialysis days as well as the impact from the Tricare settlement in the amount of €191 million, partially offset by negative exchange rate effects. The annualization effect of COVID-19-related excess mortality in the late-stage CKD (Chronic Kidney Disease) and ESRD (End-Stage Renal Disease) population continues to weigh on same market treatment growth (-0.6%). Adjusted for the exit from less profitable acute care contracts same market treatment growth was flat.

In Care Delivery International, revenue declined by 11% (+10% at constant currency, +7% organic) as a negative exchange rate effect could only be partially offset by organic growth. Despite the annualization effect of COVID-19-related excess mortality, same market treatment growth was positive at 1.9%.

Care Enablement revenue declined slightly by 1% to EUR 1,380 million in the fourth quarter 2023 (+5% at constant currency, +6% organic). The negative exchange rate effects were partly offset by higher product sales as well as higher average sales prices.

Within Inter-segment eliminations³, revenue for products transferred between the operating segments at fair market value declined by 5% to EUR -368 million in the fourth quarter 2023 (+2% at constant currency).

In full year 2023, revenue was stable at EUR 19,454 million (+5% at constant currency, +4% organic). Care Delivery revenue was stable at EUR 15,578 million (+5% at constant currency, +3% organic). In Care Delivery U.S., revenue increased by 1% (+3% at constant currency, +3% organic). Adjusted for the exit from less profitable acute care contracts, U.S. same market treatment growth was at +0.2%. Revenue in Care Delivery International declined by 4% (+12% at constant currency, +7% organic). Care Enablement revenue was stable at EUR 5,345 million (+5% at constant currency, +4% organic). Inter-segment eliminations³ declined by 5% and amounted to EUR -1,469 million (stable at constant currency).

³ The Company transfers products between segments at fair market value. The associated internal revenues and expenses and all other consolidation of transactions are included within “Inter-segment eliminations”.

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Earnings development driven by labor productivity improvements and FME25 savings

In the fourth quarter 2023, operating income increased by 22% to EUR 428 million (+27% at constant currency), resulting in a margin of 8.6% (Q4 2022: 7.0%). Operating income excluding special items and U.S. Provider Relief Funding (PRF)¹ increased by 14% to EUR 555 million (+18% at constant currency), resulting in a margin of 11.1% (Q4 2022: 9.8%).

Operating income in Care Delivery rose by 13% to EUR 515 million in the fourth quarter 2023 (+17% at constant currency), resulting in a margin of 13.0% (Q4 2022: 11.4%). Operating income excluding special items and PRF¹ increased by 12% to EUR 572 million (+16% at constant currency), resulting in a margin of 14.4% (Q4 2022: 12.8%). This was mainly driven by savings from the FME25 program and the impact of the Tricare settlement in the net amount of EUR 181 million. The operating income development was negatively impacted by our value-based care business, inflationary cost increases as well as higher expense related to performance-based compensation plans.

Operating income in Care Enablement amounted to EUR -42 million in the fourth quarter 2023 (Q4 2022: EUR -62 million), resulting in a margin of -3.1% (Q4 2022: -4.5%). Operating income excluding special items¹ improved from EUR -3 million in Q4 2022 to EUR 10 million, resulting in a margin of 0.7% (Q4 2022: -0.2%). The improvement compared to the previous year’s quarter was primarily driven by savings from the FME25 program and positive pricing, partially offset by inflationary cost increases and unfavorable foreign currency transaction effects.

Operating income for Corporate amounted to EUR -44 million in the fourth quarter 2023 (Q4 2022: EUR -44 million). Excluding special items¹, operating income amounted to EUR -26 million (Q4 2022: EUR -20 million).

In the full year 2023, operating income decreased by 9% to EUR 1,369 million (-7% at constant currency), resulting in a margin of 7.0% (FY 2022: 7.8%). Excluding special items and PRF¹, operating income increased by 13% to EUR 1,741 million (+15% at constant currency), resulting in a margin of 8.9% (FY 2022: 7.9%). In Care Delivery, operating income declined by 10% to EUR 1,516 million (-8% at constant currency), resulting in a margin of 9.7% (FY 2022: 10.8%). Operating income excluding special items and PRF¹ increased by 14% to EUR 1,687 million (+16% at constant currency), resulting in a margin of 10.8% (Q4 2022: 9.5%). In Care Enablement, operating income decreased to EUR -67 million (FY 2022: EUR -30 million), resulting in a margin of -1.2% (FY 2022: -0.6%). Operating income excluding special items¹ improved by +16% (+19% at constant currency) to EUR 119 million, resulting in a margin of 2.2% (Q4 2022: 1.9%). Operating income for Corporate amounted to EUR -67 million (FY 2022: EUR -144 million). Operating income excluding special items¹ amounted to EUR -52 million (FY 2022: EUR -41 million).

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Net income² increased by 35% to EUR 188 million (+41% at constant currency) in the fourth quarter 2023. Excluding special items and PRF¹, net income² increased by 4% to EUR 259 million (+8% at constant currency).

In the full year 2023, net income² declined by 26% to EUR 499 million (-24% at constant currency). Excluding special items and PRF¹, net income² increased by 4% to EUR 756 million (+6% at constant currency).

Basic earnings per share (EPS) increased by 35% to EUR 0.64 (+41% at constant currency) in the fourth quarter 2023. EPS excluding special items and PRF¹ increased by 4% to EUR 0.88 (+8% at constant currency).

In the full year 2023, EPS declined by 26% to EUR 1.70 (-24% at constant currency). Excluding special items and PRF¹, EPS increased by 4% to EUR 2.58 (+6% at constant currency).

Strong cash flow development

Fresenius Medical Care increased its operating cash flow by 20% to EUR 719 million in the fourth quarter, resulting in a margin of 14.4% (Q4 2022: 12.0%). The increase in net cash provided by operating activities is mainly due to higher income supported by the Tricare settlement and favorable changes in working capital. In the full year 2023, operating cashflow increased by 21% to EUR 2,629 million, resulting in a margin of 13.5% (FY 2022: 11.2%).

Free cash flow⁴ increased by 21% to EUR 480 million in the fourth quarter, resulting in a margin of 9.6% (Q4 2022: 8.0%). In the full year 2023, Fresenius Medical Care generated free cash flow of EUR 1,960 million, a 32% increase compared to prior year, resulting in a margin of 10.1% (FY 2022: 7.6%).

⁴ Net cash provided by / used in operating activities, after capital expenditures, before acquisitions, investments, and dividends

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Patients, clinics and employees

As of December 31, 2023, Fresenius Medical Care treated 332,548 patients in 3,925 dialysis clinics worldwide and had 119,845 employees (headcount) globally, compared to 128,044 employees as of December 31, 2022.

Outlook⁵

In 2024, Fresenius Medical Care expects revenue to grow by a low- to mid-single digit percent rate compared to prior year.

The Company expects operating income to grow by a mid- to high-teens percent rate compared to prior year.

The expected growth rates for 2024 are at constant currency, excluding special items. The 2023 basis for the revenue outlook is EUR 19,049 million and for the operating income outlook is EUR 1,540 million, both numbers are adjusted for the positive impact of the Tricare settlement and the operating business impact from divestments closed by year-end 2023.

The Company reconfirms its targets to achieve an operating income margin of 10% to 14% by 2025. This excludes impacts from portfolio changes.

Press conference

Fresenius Medical Care will host a press conference to discuss the strategic outlook and full year 2023 results on February 20, 2024, at 10:00 a.m. CET / 4:00 a.m. EST. The press conference will be webcasted in the “Media” section (Link: Events | Fresenius Medical Care). A replay will be available shortly after the conference.

⁵ Revenue and operating income, as referred to in the outlook, are both on a constant currency basis and excluding special items. Special items include 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 2023 excluding the costs related to the FME25 program (€153 M for operating income), the Legal Form Conversion Costs (€30 M for operating income), the impacts from Legacy Portfolio Optimization (€204 M for operating income) and the Humacyte Investment Remeasurement (-€15 M for operating income). Additionally, the results 2023 were adjusted for the Tricare settlement (-€191 M for revenue and -€181 M for operating income) and for the divestiture of the Argentinian business and NCP (-€214 M for revenue and -€20 M for operating income).

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Investor conference call

Fresenius Medical Care will host a conference call to discuss the results of the fourth quarter and full year 2023 on February 20, 2024, at 02:00 p.m. CET / 08:00 a.m. EST. Details will be available on the Fresenius Medical Care website in the “Investors” section (Link: Publications | Fresenius Medical Care). A replay will be available shortly after the call.

Please refer to our statement of earnings included at the end of this news and to the attachments as separate PDF files for a complete overview of the results of the fourth quarter and full year 2023. Our 20-F disclosure provides more details.

Fresenius Medical Care is the world's leading provider of products and services for individuals with renal diseases of which around 4.1 million patients worldwide regularly undergo dialysis treatment. Through its network of 3,925 dialysis clinics, Fresenius Medical Care provides dialysis treatments for approx. 333,000 patients around the globe. Fresenius Medical Care is also the leading provider of dialysis products such as dialysis machines or dialyzers. Fresenius Medical Care is listed on the Frankfurt Stock Exchange (FME) and on the New York Stock Exchange (FMS).

For more information visit the Company’s website at www.freseniusmedicalcare.com.

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.

Implementation of measures as presented herein may be subject to information and consultation procedures with works councils and other employee representative bodies, as per local laws and practice. Consultation procedures may lead to changes on proposed measures.

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EX-99.2

Exhibit 99.2

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 2024 page 9 Disclaimer Copyright by Fresenius Medical Care AG email: ir@freseniusmedicalcare.com phone: +49 6172 609 2525 Revenue development by segment 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. Fresenius Medical Care AG February 20, 2024 COMPLETE OVERVIEW OF THE FOURTH QUARTER AND FULL YEAR 2023 Investor Relations

Statement of earnings in € million, except share data 2023 2022 Change Change at cc 2023 2022 Change Change at cc Total revenue 4,988 4,997 -0.2% 7.4% 19,454 19,398 0.3% 5.5% Costs of revenue 3,638 3,766 -3.4% 4.2% 14,529 14,504 0.2% 5.6% Selling, general and administrative expenses 845 805 5.0% 10.9% 3,196 3,170 0.8% 4.5% Research and development expenses 66 62 6.3% 8.1% 232 229 1.5% 2.5% Income from equity method investees (23) (19) 21.3% 21.8% (122) (67) 83.0% 83.2% Other operating income (257) (152) 68.7% 87.3% (515) (550) -6.3% 7.0% Other operating expense 291 185 57.7% 85.3% 765 748 2.2% 22.0% Remeasurement Gain from InterWell Health — (2) — (148) Operating income 428 352 21.5% 27.4% 1,369 1,512 -9.4% -7.5% Operating income excl. special items and PRF 1 555 489 13.7% 18.4% 1,741 1,540 13.1% 15.5% Interest income (27) (25) 8.5% 34.3% (88) (68) 30.4% 50.9% Interest expense 112 100 11.4% 20.0% 424 360 17.9% 22.6% Interest expense, net 85 75 12.3% 15.4% 336 292 15.0% 16.0% Income before income taxes 343 277 24.0% 30.7% 1,033 1,220 -15.3% -13.1% Income tax expense 86 83 4.1% 13.0% 301 325 -7.5% -4.5% Net income 257 194 32.6% 38.2% 732 895 -18.1% -16.2% Net income attributable to noncontrolling interests 69 55 25.4% 31.1% 233 222 5.7% 8.4% Net income attributable to shareholders of FME AG 188 139 35.4% 41.1% 499 673 -25.9% -24.3% Net income attributable to shareholders of FME AG excl. special items and PRF 1 259 248 4.4% 8.0% 756 729 3.7% 5.8% Operating income 428 352 21.5% 27.4% 1,369 1,512 -9.4% -7.5% Depreciation, amortization and impairment loss 426 495 -13.9% -9.1% 1,752 1,838 -4.7% -1.4% EBITDA 854 847 0.8% 6.1% 3,121 3,350 -6.8% -4.1% Weighted average number of shares 293,413,449 293,413,449 293,413,449 293,246,430 Basic earnings per share €0.64 €0.47 35.4% 41.1% €1.70 €2.30 -25.9% -24.3% Basic earnings per ADS €0.32 €0.24 35.4% 41.1% €0.85 €1.15 -25.9% -24.3% In percent of revenue Operating income margin 8.6% 7.0% 7.0% 7.8% Operating income margin excl. special items and PRF 1 11.1% 9.8% 8.9% 7.9% EBITDA margin 17.1% 16.9% 16.0% 17.3% 1 For a reconciliation of special items, please refer to the table on page 8. Three months ended December 31, Twelve months ended December 31, Statement of earnings page 2 of 9 Februar 20, 2024

Segment information 2023 2022 Change Change at cc 2023 2022 Change Change at cc Total Revenue in € million 4,988 4,997 -0.2% 7.4% 19,454 19,398 0.3% 5.5% Operating income in € million 428 352 21.5% 27.4% 1,369 1,512 -9.4% -7.5% Operating income margin 8.6% 7.0% 7.0% 7.8% Operating income in € million excl. special items and PRF 1 555 489 13.7% 18.4% 1,741 1,540 13.1% 15.5% Operating income margin excl. special items and PRF 1 11.1% 9.8% 8.9% 7.9% Days sales outstanding (DSO) 2 67 68 Employees (headcount) 119,845 128,044 Care Delivery segment Revenue in € million 3,976 3,993 -0.4% 7.5% 15,578 15,593 -0.1% 5.2% Operating income in € million 515 456 12.9% 17.2% 1,516 1,686 -10.1% -8.2% Operating income margin 13.0% 11.4% 9.7% 10.8% Operating income in € million excl. special items and PRF 1 572 510 12.2% 16.1% 1,687 1,478 14.1% 16.5% Operating income margin excl. special items and PRF 1 14.4% 12.8% 10.8% 9.5% Days sales outstanding (DSO) 2 59 60 Care Enablement segment Revenue in € million 1,380 1,392 -0.8% 5.3% 5,345 5,353 -0.1% 5.0% Operating income in € million (42) (62) -32.3% -35.1% (67) (30) 123.2% 123.5% Operating income margin -3.1% -4.5% -1.2% -0.6% Operating income in € million excl. special items 1 10 (3) n.a. n.a. 119 103 15.5% 19.5% Operating income margin excl. special items 1 0.7% -0.2% 2.2% 1.9% Days sales outstanding (DSO) 2 97 100 Inter-segment eliminations 3 Revenue in € million (368) (388) -5.2% 1.8% (1,469) (1,548) -5.1% 0.4% Operating income in € million (1) 2 n.a. n.a. (13) 0 n.a. n.a. Corporate Operating income in € million (44) (44) 1.2% 4.1% (67) (144) -53.7% -51.5% Operating income in € million excl. special items 1 (26) (20) 29.3% 35.2% (52) (41) 26.1% 32.9% 3 The Company transfers products between segments at fair market value. The associated internal revenues and expenses and all other consolidation of transactions are included within “Inter-segment eliminations”. 1 For a reconciliation of special items, please refer to the table on page 8. Operating income margin excluding the Tricare settlement (-€191 M for revenue and -€181 M for operating income) is 7.8% for Total and 10.3% for Care Delivery segment for the three months and 8.1% for Total and 9.8% for Care Delivery segment for the twelve months ended December 31, 2023. 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". 2 Includes receivables included within assets held for sale. Three months ended December 31, Twelve months ended December 31, Segment information page 3 of 9 February 20, 2024

Balance sheet in € million, except for net leverage ratio December 31, December 31, 2023 2022 Assets Cash and cash equivalents 1,403 1,274 Trade accounts and other receivables from unrelated parties 3,471 3,574 Inventories 2,179 2,296 Other current assets 1,648 1,059 Goodwill and intangible assets 16,012 17,310 Right-of-use assets 3,671 4,187 Other non-current assets 5,546 6,054 Total assets 33,930 35,754 Liabilities and equity Accounts payable to unrelated parties 762 813 Other current liabilities 5,350 5,654 Non-current liabilities 12,991 13,838 Total equity 14,827 15,449 Total liabilities and equity 33,930 35,754 Equity/assets ratio 44% 43% Debt and lease liabilities Short-term debt from unrelated parties 457 644 Short-term debt from related parties — 4 Current portion of long-term debt 487 694 Current portion of lease liabilities from unrelated parties 593 650 Current portion of lease liabilities from related parties 24 24 Long-term debt, less current portion 6,960 7,171 Lease liabilities from unrelated parties, less current portion 3,419 3,875 Lease liabilities from related parties, less current portion 110 130 Debt and lease liabilities included within liabilities directly associated with assets held for sale 137 — Total debt and lease liabilities 12,187 13,192 Minus: Cash and cash equivalents1 (1,427) (1,274) Total net debt and lease liabilities 10,760 11,918 Reconciliation of adjusted EBITDA and net leverage ratio to the most directly comparable IFRS Accounting Standards financial measures Net income 732 895 Income tax expense 301 325 Interest income (88) (68) Interest expense 424 360 Depreciation and amortization 1,613 1,718 Adjustments2 409 320 Adjusted EBITDA 3,391 3,550 Net leverage ratio 3.2 3.4 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 (2023: -€35 M; 2022: -€22 M), non-cash charges, primarily related to pension expense (2023: €56 M; 2022: €54 M), impairment loss (2023: €139 M; 2022: €120 M) and special items, including costs related to the FME25 Program (2023: €106 M; 2022: €155 M), Legal Form Conversion Costs (2023: €30 M), Legacy Portfolio Optimization (2023: €128 M), Humacyte Investment Remeasurement (2023: -€15 M; 2022: €103 M), Net Gain Related to InterWell Health (2022: -€114 M), Hyperinflation in Turkiye (2022: €5 M) and the Impacts Related to the War in Ukraine (2022: €19 M). 1 Includes cash and cash equivalents included within assets held for sale. Balance sheet page 4 of 9 February 20, 2024

Cash flow statement in € million 2023 2022 2023 2022 Operating activities Net income 257 194 732 895 Depreciation, amortization and impairment loss 426 495 1,752 1,838 Change in trade accounts and other receivables from unrelated parties 39 (8) (126) (77) Change in inventories 42 (35) (13) (204) Change in other working capital and non-cash items (45) (46) 284 (285) Net cash provided by (used in) operating activities 719 600 2,629 2,167 In percent of revenue 14.4% 12.0% 13.5% 11.2% Investing activities Purchases of property, plant and equipment and capitalized development costs (250) (229) (685) (724) Proceeds from sale of property, plant and equipment 11 27 16 37 Capital expenditures, net (239) (202) (669) (687) Free cash flow 480 398 1,960 1,480 In percent of revenue 9.6% 8.0% 10.1% 7.6% Acquisitions and investments, net of cash acquired, and purchases of intangible assets (14) (19) (35) (59) Investments in debt securities (4) (14) (102) (106) Proceeds from divestitures 147 4 172 60 Proceeds from sale of debt securities 14 6 90 58 Free cash flow after investing activities 623 375 2,085 1,433 Three months ended December 31, Twelve months ended December 31, Cash flow page 5 of 9 February 20, 2024

in € million 2023 2022 Change Change at cc Organic growth Same market treatment growth1 Three months ended December 31, Total revenue 4,988 4,997 -0.2% 7.4% 3.3% Care Delivery segment 3,976 3,993 -0.4% 7.5% 2.4% 0.3% Thereof: U.S. 3,321 3,261 1.9% 7.0% 1.3% -0.6% Thereof: International 655 732 -10.7% 9.7% 7.4% 1.9% Care Enablement segment 1,380 1,392 -0.8% 5.3% 5.6% Inter-segment eliminations (368) (388) -5.2% 1.8% Twelve months ended December 31, Total revenue 19,454 19,398 0.3% 5.5% 3.9% Care Delivery segment 15,578 15,593 -0.1% 5.2% 3.4% 0.3% Thereof: U.S. 12,665 12,575 0.7% 3.4% 2.6% -0.3% Thereof: International 2,913 3,018 -3.5% 12.4% 6.7% 1.4% Care Enablement segment 5,345 5,353 -0.1% 5.0% 4.4% Inter-segment eliminations (1,469) (1,548) -5.1% 0.4% in € million Care Delivery segment Care Enablement segment Inter-segment eliminations Total Care Delivery segment Care Enablement segment Inter-segment eliminations Total Three months ended December 31, Health care services revenue 3,925 — — 3,925 3,947 — — 3,947 Health care products revenue 51 1,012 — 1,063 46 1,004 — 1,050 Inter-segment revenue — 368 (368) — — 388 (388) — Revenue 3,976 1,380 (368) 4,988 3,993 1,392 (388) 4,997 Twelve months ended December 31, Health care services revenue 15,394 — — 15,394 15,418 — — 15,418 Health care products revenue 184 3,876 — 4,060 175 3,805 — 3,980 Inter-segment revenue — 1,469 (1,469) — — 1,548 (1,548) — Revenue 15,578 5,345 (1,469) 19,454 15,593 5,353 (1,548) 19,398 1 Same market treatment growth = organic growth less price effects. Revenue development by segment 2023 Reconciliation of health care services and health care products revenue to new segments 2022 Revenue development by segment page 6 of 9 February 20, 2024

Clinics Growth in % Net change in clinics 1 Patients Growth in % Treatments Growth in % Total 3,925 -5% (191) 332,548 -4% 51,654,540 -1% Thereof: U.S. 2,615 -2% (56) 205,308 0% 31,210,375 0% Thereof: International 1,310 -9% (135) 127,240 -8% 20,444,165 -2% Key metrics Care Delivery segment Twelve months ended December 31, 2023 1 Net change in clinics (acquired, de novo, combined, closed and sold). Key metrics page 7 of 9 February 20, 2024

in € million, except share data Results 2023 FME25 Program Legal Form Conversion Costs Legacy Portfolio Optimiza-tion1 Humacyte Investment Remeasure-ment Sum of special items Results 2023 excl. special items Results 2022 FME25 Program Net Gain Related to InterWell Health2 Humacyte Investment Remeasure-ment Ukraine War3 Hyper-inflation in Turkiye Provider Relief Funding (PRF) Sum of special items and PRF Results 2022 excl. special items and PRF Change Change at cc Three months ended December 31, Total revenue 4,988 — 4,988 4,997 — 4,997 -0.2% 7.4% EBITDA 854 31 17 57 1 106 960 847 53 (1) 24 (3) (1) (6) 66 913 5.2% 10.2% Total operating income 428 52 17 57 1 127 555 352 95 0 24 25 (1) (6) 137 489 13.7% 18.4% Care Delivery segment 515 25 — 32 — 57 572 456 63 0 — (2) (1) (6) 54 510 12.2% 16.1% Care Enablement segment (42) 27 — 25 — 52 10 (62) 32 — — 27 0 — 59 (3) n.a. n.a. Inter-segment eliminations (1) — — — — — (1) 2 — — — — — — — 2 n.a. n.a. Corporate (44) — 17 0 1 18 (26) (44) — — 24 — — — 24 (20) 29.3% 35.2% Interest expense, net 85 — 85 75 — 75 12.3% 15.4% Income tax expense 86 15 5 36 0 56 142 83 25 (1) 6 (1) — (1) 28 111 28.9% 36.8% Net income attributable to noncontrolling interests 69 — — 0 — 0 69 55 — — — — — 0 0 55 27.0% 32.8% Net income 4 188 37 12 21 1 71 259 139 70 1 18 26 (1) (5) 109 248 4.4% 8.0% Basic earnings per share €0.64 €0.13 €0.04 €0.07 €0.00 €0.24 €0.88 €0.47 €0.24 €0.00 €0.06 €0.09 €0.00 €(0.01) €0.38 €0.85 4.4% 8.0% Twelve months ended December 31, Total revenue 19,454 — 19,454 19,398 — 19,398 0.3% 5.5% EBITDA 3,121 106 30 128 (15) 249 3,370 3,350 155 (114) 103 19 5 (277) (109) 3,241 3.9% 6.9% Total operating income 1,369 153 30 204 (15) 372 1,741 1,512 204 (56) 103 49 5 (277) 28 1,540 13.1% 15.5% Care Delivery segment 1,516 75 — 96 — 171 1,687 1,686 118 (56) — 9 (2) (277) (208) 1,478 14.1% 16.5% Care Enablement segment (67) 78 — 108 — 186 119 (30) 86 — — 40 7 — 133 103 15.5% 19.5% Inter-segment eliminations (13) — — — — — (13) 0 — — — — — — — 0 n.a. n.a. Corporate (67) 0 30 0 (15) 15 (52) (144) — — 103 — — — 103 (41) 26.1% 32.9% Interest expense, net 336 — 336 292 — 292 15.0% 16.0% Income tax expense 301 44 9 65 (4) 114 415 325 55 (19) 27 2 — (73) (8) 317 30.6% 34.5% Net income attributable to noncontrolling interests 233 — — 1 — 1 234 222 — — — — — (20) (20) 202 16.4% 19.5% Net income 4 499 109 21 138 (11) 257 756 673 149 (37) 76 47 5 (184) 56 729 3.7% 5.8% Basic earnings per share €1.70 €0.38 €0.07 €0.47 €(0.04) €0.88 €2.58 €2.30 €0.50 €(0.13) €0.26 €0.16 €0.02 €(0.62) €0.19 €2.49 3.6% 5.8% 2 Remeasurement gain of the investment, prior to the transaction, in InterWell Health LLC, the impairment of certain long-lived intangible assets belonging to Acumen Physician Solutions, LLC which was transferred to InterWell Health as part of the transaction and certain transaction-related costs. 3 Bad debt expense in Russia and Ukraine and the impairment of a production plant and associated machines resulting from economic sanctions imposed on Russia, which negatively impacted our supply chain to the country, as a result of the Ukraine War. 1 Impacts mainly comprise the derecognition of capitalized development costs and the impairment of intangible assets (licenses and distribution rights) as well as termination costs (including certain contractual obligation expenses) related to a dialysis cycler development program which was discontinued in the first quarter of 2023 and other impacts related to agreed-upon divestitures in 2023. 4 Attributable to shareholders of FME AG. 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 Results excl. special items Special items and PRF Reconciliation results excl. special items page 8 of 9 February 20, 2024

Outlook 2024 Spalte1 Results 2023 Outlook 2024 (at Constant Currency) Revenue1 €19,049 M low- to mid-single digit percent growth Operating income1 €1,540 M mid- to high-teens percent growth 1 Outlook 2024 is based on the assumptions outlined in the earnings release for the fourth quarter and full year of 2023 and excludes special items. Special items include the costs related to the FME25 Program, the Legal Form Conversion Costs, the impacts from Legacy Portfolio Optimization and the Humacyte Investment Remeasurement 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 2023 excluding the costs related to the FME25 Program (€153 M for operating income), the Legal Form Conversion Costs (€30 M for operating income), the impacts from Legacy Portfolio Optimization (€204 M for operating income) and the Humacyte Investment Remeasurement (-€15 M for operating income). Additionally, the results 2023 were adjusted for the Tricare settlement (-€191 M for revenue and -€181 M for operating income) and for the divestitures of the Argentinian business and NCP (-€214 M for revenue and -€20 M for operating income). Outlook 2024 page 9 of 9 February 20, 2024