Fresenius SE & Co earnings date
Fresenius SE & Co (FREA) Q3 2026 Earnings Report
DE:FREA Q3 2026 EPS Results
- Actual EPS
- EUR 0.18
- Consensus EPS
- EUR 0.20
- Beat/Miss
- Missed by -EUR 0.01
- One Year Ago EPS
- EUR 0.16
DE:FREA Q3 2026 Revenue Results
- Actual Revenue
- EUR 6.12B
- Expected Revenue
- EUR 5.88B
- Beat/Miss
- Beat by +EUR 237.33M
- YoY Revenue Growth
- +5.61%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/04/2026
- Time
- Before Open
- Conference Call
- Wednesday, November 4, 2026
Fresenius SE & Co's next earnings date is estimated for February 24, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive, with broad-based organic growth, double-digit earnings growth, higher margins, improved cash generation, stronger returns, maintained leverage and raised full-year guidance. Fresenius also reported significant progress in biopharma, MedTech, Nutrition, hospital operations and digital health. The main challenges were Tyenne supply constraints and formulary changes, Nutrition-related supply issues in China, Pharma pricing and volume pressure, Melrose Park remediation, higher planned R&D investment and weaker Q4 phasing at Helios. These issues were explicitly discussed but did not outweigh the operational improvements and upgraded outlook.
Fresenius now expects full-year core EPS growth in the upper half of its 10% to 15% guidance range at constant currency, group EBIT margin above 11.5%, full-year interest expense below EUR 300 million, and a tax rate between 24% to 25%; if exchange rates remain at the spot rate of 30th September, it expects no material impact on reported revenue, EBIT or net income for the full year. Kabi’s full-year EBIT margin indication remains 16.5% to 17%, its structural growth band remains applicable, and Nutrition is expected to have an improved growth trajectory for the fourth quarter; Helios overall as a segment is expected to deliver EBIT growth in 2027. The 2030 ambition to double biopharma revenue at an EBIT margin of around 20% remains unchanged, while the self-imposed leverage corridor of 2.5 to 3x remains unchanged.
- Improved Full-Year Core EPS GuidanceFresenius raised its full-year core EPS growth outlook and now expects growth in the upper half of the 10% to 15% range at constant currency.
- Broad-Based Group PerformanceQ3 organic revenue grew 5%, group EBIT increased at double-digit rates at constant currency, the group EBIT margin rose 50 basis points year-over-year to 11%, and core EPS increased 14% at constant currency in both the quarter and year-to-date.
- Higher EBIT Margin IndicationBased on a year-to-date group EBIT margin of 11.7%, Fresenius raised its full-year group EBIT margin indication to above 11.5%.
- Strong Cash Generation and Balance SheetFree cash flow more than doubled year-over-year. Last-twelve-month free cash flow was EUR 1.9 billion, including approximately EUR 640 million from Fresenius Medical Care share sales, while the cash conversion rate remained above 1.
- Leverage Maintained Despite mAbxience TransactionNet leverage remained at 2.5x despite the payment for the remaining stake in mAbxience, supported by strong operating cash flow and Fresenius Medical Care share-sale proceeds. The company continues to target a 2.5x to 3x net debt-to-EBITDA corridor.
- Lower Interest Expense and Successful RefinancingQuarterly interest expense declined year-over-year to EUR 75 million, and Fresenius now expects full-year interest expense below EUR 300 million. The company also completed an early refinancing of its EUR 2 billion syndicated revolving credit facility on improved terms.
- Kabi Delivered Consistent Growth and Margin ExpansionKabi organic revenue grew 6%, in the upper half of its structural growth band. Kabi EBIT margin reached 17%, at the upper end of its 16.5% to 17% full-year indication.
- Growth Vectors Increasingly Drive Kabi EarningsKabi's growth vectors grew 9%. Their EBIT margin increased 240 basis points year-over-year, and their contribution to Kabi EBIT rose from roughly 33% in 2023 to 55% in the first nine months of 2026. Growth vectors now contribute roughly one-third of group EBIT.
- Biopharma Growth and ProfitabilityBiopharma organic revenue growth was 29%, driven by Tyenne and strong demand for denosumab. The business delivered record profitability, with its Q3 margin reaching the level of Fresenius's 2030 ambition, although management said this should not be treated as a quarterly run rate.
- Expanded Biosimilar Portfolio OpportunityThe WuXi development agreement provides option rights for up to 37 potential first-to-market biosimilar candidates, expanding the portfolio from 29 marketed and pipeline molecules today to up to 66 over the next decade. The candidates target originator products with combined sales of more than EUR 370 billion.
- Full Ownership of mAbxienceThe acquisition of the remaining mAbxience stake gives Fresenius full ownership of a vertically integrated biopharma business with a scalable, cost-competitive development and manufacturing platform.
- Strong Ivenix Customer DemandThe rollout of the Ivenix infusion system in the U.S. continued to accelerate, driven by very strong customer demand. A contract with a large multi-hospital system in Arizona brought the installed base to more than 30,000 units.
- Nutrition Innovation and Access InitiativesKabi launched NutriChef, a real food-based enteral nutrition concept, and added two products to its Fresubin portfolio. Germany is expected to introduce mandatory hospital nutrition screening standards by the end of 2027, with implementation expected from 2028.
- Expanded Manufacturing and Product PortfolioKabi expanded European manufacturing capacity with new IV product lines in Poland and Italy, launched Sugammadex in a prefilled syringe and Nicardipine in a premixed bag in the U.S., and received approval in Brazil for the technology transfer of Tyenne to its Garin facility.
- Helios Delivered Strong GrowthHelios organic revenue grew 5% and its EBIT margin increased 110 basis points year-over-year to 8.7%. In Germany, revenue grew 5% and EBIT increased 25% at constant currency, with the margin up 160 basis points. Spain also delivered 5% organic revenue growth and expanded its margin by 40 basis points.
- Constructive German Hospital Reimbursement EnvironmentManagement described the German reimbursement environment as increasingly constructive. The DRG inflator for 2027 is 4.85%, and EUR 450 million in additional funding is expected to provide further support to hospitals.
- AI and Digital Health AdoptionQuirónsalud's internally developed ambient AI solution, Scribe, has been used in more than 10 million consultations. Fresenius also highlighted NVIDIA's planned investment in Avelios Medical as validation of the digital health ecosystem being developed with SAP and Avelios.
- Innovation Contribution to RevenueNew products generated roughly EUR 850 million in revenue over the last 12 months, demonstrating their contribution to Fresenius's growth.
DE:FREA Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 24, 2027 | 2026 (Q4) | 0.24- | 0.21 | ― | ― |
| Nov 04, 2026 | 2026 (Q3) | 0.200.18 | 0.16 | 13.48% (+0.02) | |
| Aug 04, 2026 | 2026 (Q2) | 0.220.22 | 0.23 | -4.78% (-0.01) | |
| May 06, 2026 | 2026 (Q1) | 0.230.22 | 0.22 | -2.43% (-0.01) | |
| Feb 25, 2026 | 2025 (Q4) | 0.240.21 | 0.18 | 16.75% (+0.03) | |
| Nov 05, 2025 | 2025 (Q3) | 0.190.16 | 0.17 | -3.78% (-0.01) | |
| Aug 06, 2025 | 2025 (Q2) | 0.200.23 | 0.2 | 15.14% (+0.03) | |
| May 07, 2025 | 2025 (Q1) | 0.190.22 | 0.18 | 21.08% (+0.04) | |
| Feb 26, 2025 | 2024 (Q4) | 0.160.18 | 0.17 | 4.23% (+0.01) | |
| Nov 06, 2024 | 2024 (Q3) | 0.160.17 | 0.15 | 14.20% (+0.02) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
