Fresenius Medical Care

Research evidence excerpt

Fresenius Medical Care

J P M O R G A N Europe Equity Research

25 June 2026

CMS u/l reimbursement uplift of 1.1% is disappointing. Underweight

There is an offset from phosphate binders incorporation FMEG.DE, FME GR

into the bundle - but this is more than factored in to Price (24 Jun 26):€42.17

consensus Price Target (Jun-27):€37.40

Our Take: The CMS proposal for 2027 ESRD payments was published overnight. European Medical Technologies &

The shares are reacting (-6%) to the headline increase of +1.1% which the market Services

is likely to fear won’t fully cover cost inflation. In our view, the situation is more David Adlington AC

complex (as always) and there are offsets in terms of bringing phosphate binders (44-20) 7134-5828

fully into the bundle and an uplift to the Defencath add-on payment. Net-net, we david.adlington@jpmorgan.com

see reimbursement up c3-4%, which is clearly less concerning than the 1.1% Anchal Verma

headline. However, we think consensus was (and still is) too high for FY27 EBIT, (44-20) 3493-6144

forecasting c17% EBIT growth (vs flat in 2026). While the -6% share price reaction anchal.verma@jpmorgan.com

in isolation looks overdone, we note the recent move (+18% in June) leaves the Philip S Omnou

(44-20) 3493-5648

shares vulnerable to profit taking. philip.omnou@jpmorgan.com

• Noteworthy Areas: J.P. Morgan Securities plc

Specialist Sales contact details:

• The new headline increase is 1.1% and likely the driver of the share price Marjan Daeipour - Specialist Sales -

fall. European Healthcare

• However, the total bundle payment is increasing from $281.71 to $299.55, (44marjan.daeipour@jpmorgan.com20) 7134-1329

a 6.3% increase. This is because the new payment includes $15.96 in the

bundle for phosphate binders that were previously outside the bundle.