Fresenius Medical Care Thoughts into Q2 2026

Research evidence excerpt

Fresenius Medical Care Thoughts into Q2 2026

J P M O R G A N Europe Equity Research

17 July 2026

Fresenius Medical Care Underweight

FMEG.DE, FME GR

Thoughts into Q2 2026 Price (16 Jul 26):€42.04

Price Target (Jun-27):€37.40

We set out our latest thoughts ahead of Q2 results (4 August). We expect the quarter European Medical Technologies &

to face easy comps on volumes given the weak flu/respiratory season, although IR Services

indicated there were other operational challenges that mean this is unlikely to be David Adlington AC

visible in the quarter. Nevertheless, the quarter should show underlying progress (44-20) 7134-5828

for CD on margins. We also expect bulls to focus on the roll-out of HDF, with david.adlington@jpmorgan.com

potential for some real-life data to be shared. However, bears will focus on the H2 Anchal Verma

outlook, where roll-off of TDAPA payments should drive earnings’ contraction (44-20) 3493-6144

that we believe could be under-estimated by the Street. While we think FY26 anchal.verma@jpmorgan.com

consensus forecasts look reasonable, we believe the phasing looks a little off – Philip S Omnou

(44-20) 3493-5648

seeing upside to Q2 estimates, but downside to H2. We are 10% ahead of consensus philip.omnou@jpmorgan.com

for Q2 adj EBIT. We would not chase the shares into Q2 on expectation of a beat J.P. Morgan Securities plc

as investors face several quarters of earnings’ compression from there as the

TDAPA tailwinds roll off. Specialist Sales contact details:

Marjan Daeipour - Specialist Sales -

• Care Delivery. The diagnostics companies have pointed to a very weak European Healthcare

respiratory season, which should help volumes vs a relatively easy comp (44 20) 7134-1329

(tough/late respiratory season last year).