Fresenius SE & Co KGaA: Initial thoughts on approved GKV Stabilization Act

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Fresenius SE & Co KGaA: Initial thoughts on approved GKV Stabilization Act

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Fresenius SE & Co KGaA

Initial thoughts on approved GKV

Stabilization Act

Reiterate Rating: BUY | PO: 58.00 EUR | Price: 42.57 EUR

Stabilization Act approval removes uncertainty for 2027 13 July 2026

On Friday, the Bundestag and Bundesrat approved the GKV Stabilization Act, which has Equity

dominated debate for Fresenius SE throughout 2026. Overall, the approved Act is

slightly more favorable vs the April 29th draft, and we expect could support stable Anna Ractliffe >> Research Analyst

margins for Helios Germany in 2027, an improvement from the start of the year where MLI (UK)

investor debate seemed to focus on a potential ‘cliff’. We view the company’s +44anna.ractliffe@bofa.com020 7995 2591

commitment to 10-12% Helios margins as positive, though we look for more details on Julien Ouaddour >>

the 2027 bridge at the Q2 report. We believe this removes uncertainty, and alleviates Research Analyst

BofASE (France)

some pressure on the 2027 debate. We reiterate our Buy Rating, as we continue to see +33 1 8770 0614

scope for beats & raises throughout the year driving a re-rating. julien.ouaddour@bofa.com

James Nin >>

Final Act is an improvement vs April 29th draft ResearchBofASE (France)Analyst

The finalized Stabilization Act will go into effect January 1st, 2027. The key improvement +33 1 8770 0739

james.nin@bofa.com

in the approved Act (vs the April 29th Cabinet Draft) is the removal of the clause that

would place the annual DRG inflator at the lower of the base wage rate and orientation

value. However, the base-wage rate 1% deduction remains in place, as well as the 50%

absorption of cost increases over the base wage rate increase. For 2027, the 1.14% Stock Data