Fresenius Medical Care AG AGM 2026

Good morning, ladies and gentlemen. My name is Michael Sen. As Chairman of the Supervisory Board, I herewith open the annual general meeting 2026 of Fresenius AG, Fresenius Medical Care AG, and in accordance with the articles of association, take chair of this annual general meeting. On behalf of the Supervisory Board and the Management Board, I would like to extend a very warm welcome to you. I would also like to welcome those who are following the publicly broadcast part of today's AGM on the internet. My introductory remarks, the speech of Mrs. Giza, the CEO, and personal introductions of the new members of the Management Board will be broadcast to the interested public via the internet. These parts of the annual general meeting will be recorded and made available later on the company's website.

I also cordially welcome the members of the Management Board and would like to introduce them personally. On my left, Helen Giza. She serves as the Chief Executive Officer and is also responsible for the Value-Based Care segment, which include value and risk-based care programs. Craig Cordola is responsible for the Care Delivery segment encompassing the global healthcare services business. Martin Fischer serves as Chief Financial Officer. Dr. Jörg Häring is responsible for law, compliance, and HR. Charles Hugh-Jones holds the position of Global Chief Medical Officer. Joseph Turk is responsible for the Care Enablement segment, which combines our global business under a cohesive global medical technology framework. That all the members of the Management Board are attending in person here today. I will address later in more detail the personal changes on the executive board since the last AGM.

From the Supervisory Board, I would like to welcome the Deputy Chair, Stefanie Balling; the shareholder representatives, Sarah Henneken, Shervin J. Korangy, Dr. Marcus Kuhnert, and Gregory Sorensen; as well as the additional employee representatives, Ralf Erkens, Beate Haßdenteufel, Regina Karsch, Frank Michael Prescher, and Dr. Manuela Stauss-Grabo. From the Supervisory Board, I would also like to welcome Mrs. Pascale Witz. Mrs. Witz is unable to attend this meeting in person due to an unavoidable scheduling conflict and will therefore join us via video and audio link. As you can see right now. I would also like to welcome the notaries, Dr. Carsten Angersbach and Jochen Rothmann. Dr. Angersbach, seated next to me on the left as seen from you, has been entrusted with the task of taking the minutes of this annual general meeting, and Mr. Rothmann is responsible for recording any statements, written questions, motions, or election nominations.

However, please note that written questions, motions or nominations can only be considered if they are again verbally presented during the meeting. Mr. Rothmann is seated at the speaker registration desk seen from you at the front right of this room. I would also like to welcome the proxies nominated by the company, as well as the representatives of our auditor. Dear shareholders, we are clearly living in new times defined by geopolitical uncertainty, transactional global relationships, and market volatility. At the same time, artificial intelligence and digitalization are transforming whole industries at an unprecedented pace. For a global healthcare company such as Fresenius Medical Care, adaptability or flexibility is not optional. It is decisive. It is a must. The ability to recognize changes early on and anticipate them will be essential for success. The company laid the groundwork for this last year.

With the successful implementation of the multi-year FME25 turnaround and transformation program, the company has strengthened its operational foundation. Fresenius Medical Care is now more robust, more efficient, and more flexible or adaptable than it was just a few years ago. Building on that, Fresenius Medical Care extended the program under the name FME25+ for an additional 2 years. FME25+ is designed to further improve operational excellence and deliver additional sustainable cost savings beyond the original 2025 savings target. Fresenius Medical Care looks back on a strong year. Financial performance and margins have improved. Leverage has been reduced. Organic revenue growth reached 8% at constant currency, driven by positive contributions from all our operating segments. Supported by a very strong fourth quarter, operating income before special items increased by 27% for the full year, reaching the upper end of the financial guidance. The operating margin rose to 11.3%.

With this, Fresenius Medical Care has delivered on its key commitments to strengthen its own competitiveness and become more resilient, and enables the company to embark on its new phase of development, FME Reignite. Reignite means to rekindle. In other words, to bring energy and momentum through a more efficient organization and the close integration of treatments, products, and innovation. Fresenius Medical Care aims to achieve above-average profitable growth, thereby creating value for patients, employees, partners, and the company. In the past fiscal year, the management board concentrated on optimizing core operations and further elevating quality of care and clinical outcomes. At the same time, the company continued to expand its Value-Based Care business. In kidney diseases, this business shifts incentives from treatment volume to measurable outcomes. Since the third quarter 2025, Value-Based Care is, alongside Care Delivery and Care Enablement, the third operating segment.

Previously, it was part of the Care Delivery segment. The shift of Value-Based Care to its own operating segment is meant to increase transparency in financial reporting. This allows you, dear shareholders, greater insight. The global stock markets recorded significant gains in the course of the past year. In the U.S., growth in the leading S&P 500 and Dow Jones Industrial indices were driven again by technology and AI companies. However, uncertainties stemming from U.S. customs and healthcare policies have put particular pressure on companies in the U.S. healthcare sector. Against this backdrop, Fresenius Medical Care's share price ended the year modestly lower. At the same time, analyst valuations increased. Price targets rose. This shows growing recognition for the FME strategy and its implementation. Dear shareholders, your participation in Fresenius Medical Care should be worthwhile.

Fresenius Medical Care introduced a new and more stringent capital allocation framework in June last year. This framework reflects a continued disciplined and transparent approach to capital deployment. Due to the dividend policy and large-scale share buyback program, you can directly participate in the company's improved performance. For fiscal year 2025, the company's management proposes a dividend of EUR 1.49 per entitled share. This represents a 3% increase. In 2025, the company initiated a EUR 1 billion share buyback program. The first tranche was completed early at the end of December, and in late April 2026 of this year, the second tranche of approximately EUR 450 million followed. The share buyback program was just concluded significantly quicker than originally planned in less than a year. Ladies and gentlemen, scaling innovation is essential for healthcare companies to remain relevant in the future and provide the best possible care to patients.

It is, and I am convinced, to be a key driver of the company's new strategy. One important example for innovation with measurable patient benefits is a new high-volume hemodiafiltration therapy and the market introduction of the 5008X CAREsystem in the U.S. Hemodiafiltration is the optimal in-center treatment for kidney failure, better cleaning a patient's blood. After clearance from the U.S. Food and Drug Administration, FDA, the company began rolling out its 5008X dialysis system across the U.S. in late 2025. The nationwide commercialization began this year. Patients benefit from this new standard of care. For Fresenius Medical Care, this rollout of the 5008X represents the largest infrastructure upgrade in the company's history. Innovations are successful, and I'm convinced of that, when they benefit people and when, at the same time, they are scalable.

In this respect, Fresenius Medical Care continues to invest in future technologies consistently, such as advances in membrane engineering for innovative new dialysis and medical devices for better therapies. The network of the company is a significant competitive edge. Ladies and gentlemen, outstanding products, a motivated team, and strong leadership are essential for long-term success. The Supervisory Board sees itself as a committed partner and advisor to the Management Board and supports it in strategically developing the company. The Supervisory Board and the Management Board work together in a spirit of trust. At the beginning of this year, the Management Board evolved in line with the company's strategic priorities. Joseph E. Turk assumed his expanded role as CEO for Care Enablement, and Charles Hugh-Jones joined the board as a Global Chief Medical Officer.

On behalf of the Supervisory Board, I wish Mr. Turk and Mr. Hugh-Jones every success in their new roles. At the same time, I would like to extend my deep gratitude to Dr. Katarzyna Mazur-Hofsäß and Franklin W. Maddux for their long and successful services to the company. I would also like to thank Martin Fischer for his reappointment as Chief Financial Officer and member of the Management Board. As announced yesterday, the Supervisory Board has renewed his office term by another 5 years until 2031. It shows a strong expression of trust in his leadership qualities and the important contribution to the long-term success of the company. Ladies and gentlemen, on behalf of the Supervisory Board, I thank the Management Board and above all 110,000 employees for their performance. 44 million dialysis treatments and supplying life-sustaining medical technology for patients in 140 countries are impressive figures.

I would like to extend my special thanks to Helen Giza for her dedicated and successful work. Under her leadership, the global team has grown even closer and achieved great things. I would also like to thank my colleagues on the Supervisory Board for their excellent, respectful collaboration. Finally, I would like to say thanks to you, our shareholders, for your continued trust. Fresenius Medical Care did a lot of things right last year and is now well-positioned. The company is more innovative and resilient. With FME Reignite, the company has a compelling strategy and a team that is successfully implementing it. I am therefore confident that Fresenius Medical Care will continue to provide top-tier kidney care in the future while also achieving financial success. Thank you very much. Ladies and gentlemen, before we proceed to the agenda, I would like to point out some necessary formalities.

In the interest of streamlining the proceedings of the AGM in a practical and appropriate manner, I will limit myself to announcing the essential points. For more organizational details, please refer to the information sheet you received at the entrance when presenting your admission tickets. Copies of the information sheet are also available at the information desk in the foyer. Since the invitation to the annual general meeting, all required documents and information have been accessible on the company's website. They can also be inspected today at the information desk. As announced in the invitation to the annual general meeting, the administration's resolution proposal regarding agenda item 2 has been amended as the number of shares entitled to dividends has further decreased due to the share buyback program that was carried out. The proposed dividend remains unchanged at €1.49 per share entitled to dividend.

The amended solution proposal is also available on the company's website and can be inspected at the information desk. As meeting room, I exclusively designate this large room, namely the Harmony Room. I would like to point out already now that voting will only be possible here in this room. Requests to speak and motions are also possible only in this room. The attendance area of this AGM in the meeting of the Stock Corporation Act includes the entire C2 upper floor of the Congress Center Frankfurt, which is delimited by the registration desk on the ground floor, as well as the C0 foyer on the ground floor, including the adjacent rooms accessible to the shareholders. You leave the attendance area, and therefore the AGM, when you pass the registration desk on floor C0. If you wish to leave the AGM prematurely, please sign out at the registration desk.