Fresenius Medical Care (FMEG.DE): Expert call suggests HVHDF delivering patient benefits but comparable to MCO dialyzers; volume outlook still challenged

Research evidence excerpt

Fresenius Medical Care (FMEG.DE): Expert call suggests HVHDF delivering patient benefits but comparable to MCO dialyzers; volume outlook still challenged

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13 Jul 2026 00:00:00 ET │ 13 pages

Fresenius Medical Care (FMEG.DE)

Expert call suggests HVHDF delivering patient benefits but

comparable to MCO dialyzers; volume outlook still challenged

CITI'S TAKE

We hosted Dr. Ziad Khoury, to discuss emerging dialysis modalities and Neutral

market dynamics. Key takeaways: 1) Dr. Khoury's early experience with

HVHDF is encouraging, with c.50% of HVHDF patients (n=c.30) reporting Price (10 Jul 26 17:30) €41.93

lower fatigue/improved well-being; he does not expect to see Target price €40.00

hospitalization and/or mortality benefits for 6-months; 2) Dr. Khoury views Expected share price return -4.6%HVHDF as compelling, but sees MCO-dialyzers as a credible alternative

that could see faster adoption NT given lower implementation barriers; and Expected dividend yield 3.6%

3) Dr. Khoury attributes the lack of volume growth in the US dialysis market Expected total return -1.0%

to improved treatment of CKD patients, he sees growing utilization of Market Cap €11,261MSGLT2s/GLP1s/new therapies (ie IgANs) as a headwind- over time, he

expects improvements in mortality from HVHDF/MCOs to outweigh this, US$12,879M

with volumes returning to growth in several years. We view Dr. Khoury's

comments as indicating a competitive US dialysis market in the S/M-

term, which, alongside muted volumes, leaves us on the sidelines for FMC

(Neutral). Price Performance

(RIC: FMEG.DE, BB: FME GR)

Encouraging early experience with HDF with patient-reported symptom benefits.

— Having adopted HDF since April 2026 with 30 patients currently on the therapy

in the same FMC unit, Dr.