Michael Sen, CEO of Fresenius, expressed satisfaction with the company’s performance, citing an impressive start to the year. Sen attributed this success to the company’s intensified focus on Fresenius Kabi and Fresenius Helios, which he believes is yielding positive results. He expressed confidence in maintaining growth momentum and announced an upward revision of the full-year outlook. Sen highlighted the completion of the strategic portfolio restructuring with the exit from Vamed, emphasizing that Fresenius is now a simpler, stronger, and more innovative company, thanks to the consistent implementation of #FutureFresenius. Sen also expressed optimism about the enhanced opportunities to provide world-class therapies and improve people’s health.
The overview of results for Q1/2024, before and after special items, is available on the company’s website.
With the deconsolidation of Fresenius Medical Care, Group financial figures are now presented in accordance with IAS 28 (at equity method) since December 1, 2023. The company emphasizes that dividends received from Fresenius Medical Care will also be reported as a separate line as part of the cash flow statement.
The consolidated results for Q1/24, as well as Q1/24 including special items, reveal a positive trend in group revenue, which increased by 4% (6% in constant currency) to €5,704 million (Q1/23: €5,546 million). Organic growth was 6%, driven by strong performance across the Operating Companies. The Group EBITDA before special items increased by 13% (13% in constant currency) to €924 million (Q1/23: €828 million), while the Group EBIT before special items increased by 15% (15% in constant currency) to €633 million (Q1/23: €554 million).
The Group net income before special items increased by 10% (11% in constant currency) to €429 million (Q1/23: €389 million), driven by operating strength. Group net income before special items, excluding Medical Care, increased by 8% (8% in constant currency) to €369 million (Q1/23: €341 million).
The company’s operating cash flow saw some fluctuations, with the first quarter typically being the softest. Despite this, the cash conversion rate (CCR) improved to 1.0 in Q1/24 (LTM) (Q1/23: 0.9 LTM), reflecting the increased cash flow focus across the Group.
An analyst conference call will be held on May 8, 2024, at 1:30 p.m. CET (7:30 a.m. EST), where further insights into the results for Q1/24 will be provided.
