Fresenius Raises 2025 Outlook as Core Divisions Deliver Consistent Growth in Q2
Fresenius SE & Co. KGaA delivered a resilient and consistent performance in the second quarter of 2025, marked by robust revenue and earnings per share (EPS) growth. Building on the momentum seen in the first half of the year, the company raised its full-year guidance for organic revenue growth, reflecting confidence in its core businesses — Fresenius Kabi and Fresenius Helios — and its focused transformation strategy under the #FutureFresenius banner.
CEO Michael Sen emphasized the group’s strong fundamentals, saying: “Fresenius has demonstrated a resilient and consistent performance in the first half of 2025, with another quarter of strong momentum reflected by 8% Core EPS growth. Fresenius Kabi and Fresenius Helios continue to deliver strong results despite macroeconomic challenges, thanks to our focused strategy and disciplined execution.”
Q2 Financial Highlights: Growth Continues Across Key Metrics
Group revenue for Q2 2025 reached €5,571 million, representing organic growth of 5% (adjusted for Argentina hyperinflation effects). This growth was fueled by solid execution across Fresenius Kabi and Fresenius Helios, which continued to perform well in their respective markets.
Group EBIT (before special items) remained broadly stable at €654 million in constant currency. While EBIT growth was restrained by external headwinds — such as the end of energy relief payments in Germany and pricing pressures from the volume-based procurement (VBP) tender for Ketosteril in China — the Group maintained a healthy EBIT margin of 11.7%.
Net income (before special items and excluding Fresenius Medical Care) grew by a strong 8% in constant currency to €412 million, outpacing revenue growth. This solid bottom-line performance was driven by operational strength and a significant decline in interest expenses.
Earnings per share (EPS) mirrored this performance, rising 8% in constant currency to €0.73, underlining the company’s ability to deliver profitable growth even in the face of operational challenges.
Fresenius also resumed its dividend payment in the second quarter, which contributed to a net debt/EBITDA ratio of 3.1x (including lease liabilities and adjusted for exchange rates and closed acquisitions/divestitures).
Upgraded 2025 Guidance Reflects Operational Strength
Encouraged by consistent top-line and bottom-line momentum, Fresenius has raised its full-year 2025 guidance:
- Group organic revenue growth is now expected in the range of 5–7%, up from the previous range of 4–6%.
- Group EBIT growth (in constant currency) is anticipated to be 3–7%.
- Fresenius Kabi is targeting organic revenue growth in the mid- to high-single-digit range, with an EBIT margin of 16.0% to 16.5%.
- Fresenius Helios expects mid-single-digit organic revenue growth and an EBIT margin around 10%.
The company reiterated that its guidance takes into account known macroeconomic and geopolitical uncertainties — such as tariffs and pricing pressures — but does not factor in extreme scenarios that may impact the global healthcare landscape.
Fresenius Kabi: Strong Momentum Across All Business Lines
Fresenius Kabi, the company’s pharmaceutical and medtech division, delivered a strong Q2 performance, with organic revenue growth of 6% and solid EBIT growth despite currency headwinds.
Total Q2 revenue for Kabi stood at €2,111 million, remaining broadly flat due to foreign exchange impacts, but representing a 5% increase in constant currency. Key contributors to growth included:
- Pharma: Revenue grew organically by 5% to €947 million, driven by strong volumes in IV fluids across the U.S. and Europe, and favorable pricing.
- MedTech: Delivered 5% organic growth, with revenue of €392 million, supported by expansion in cell therapy in the U.S. and solid gains in Europe.
- Biopharma: Grew 33% organically to €190 million, benefiting from the continued ramp-up of biosimilars Tyenne and Idacio, and new launches such as Conexxence® and Bomyntra® in the U.S.
- Nutrition: Revenue reached €581 million, but was affected by the VBP-related impact on Ketosteril in China. Excluding Ketosteril, organic growth remained within the ambition range, supported by positive trends in Latin America, Europe, and lipid emulsion rollouts in the U.S.
On the earnings front, Fresenius Kabi’s EBIT increased 5% in constant currency to €346 million, with a strong EBIT margin of 16.4%, at the upper end of guidance. Pharma in particular stood out, delivering 16% EBIT growth and a margin of 21.7%, reflecting efficiency gains and cost discipline. Meanwhile, the Growth Vectors segment (Biopharma, Nutrition, and MedTech) delivered a 3% EBIT increase despite pressure from China’s Ketosteril tender.
Kabi also continued to invest in future growth, announcing a licensing agreement with Polpharma Biologics to commercialize a proposed vedolizumab biosimilar, expanding its autoimmune biosimilars pipeline.
Fresenius Helios: Solid Growth Amid Transition
Fresenius Helios, the hospital and healthcare services arm, posted a solid 5% organic revenue increase in Q2 to €3,370 million. This was led by Helios Germany, which grew revenue by 6% to €2,001 million, driven by price increases, improved case mix, and higher activity levels.
Helios Spain, meanwhile, saw 3% organic revenue growth (5% for H1), with revenue of €1,369 million. Growth in Spain was temporarily softened by the timing of Easter, which reduced patient volumes early in the quarter. Nonetheless, Latin American clinics within Helios Spain demonstrated solid operational results.
Group EBIT for Helios declined 5% in constant currency to €337 million, reflecting the absence of energy relief payments in Germany. Still, the EBIT margin held firm at 10.0%, underscoring the resilience of the business. The Helios Performance Programme, a transformation initiative aimed at improving efficiency, is progressing and expected to contribute more significantly in the second half of the year.
Segment-wise:
- Helios Germany EBIT fell by 4% to €150 million, but EBIT margin improved from Q4 2024 (6.6%) to 7.5%.
- Helios Spain EBIT dropped 5% to €189 million, reflecting a tough comparison to a strong Q2 2024 and the Easter effect. Nevertheless, EBIT margin remained robust at 13.8%.
Portfolio Optimization and Capital Allocation
Fresenius continues to streamline its portfolio and strengthen its balance sheet. Following Fresenius Medical Care’s (FME) announcement of a share buyback program, Fresenius plans to sell a proportional number of FME shares to maintain its current stake of approximately 28.6%. The sale proceeds will be reinvested in core businesses and used to support the group’s capital allocation priorities — including deleveraging, platform scaling, and enhancing shareholder value.
Despite the transaction, Fresenius emphasized its commitment to FME, maintaining a minimum stake of 25% plus one share.
