Fresenius Medical Care AG: Quick Take: Fresenius Medical Care Q2‘26 - Operating income beat, but US treatment growth came in at -0.9%

Research evidence excerpt

Fresenius Medical Care AG: Quick Take: Fresenius Medical Care Q2‘26 - Operating income beat, but US treatment growth came in at -0.9%

cement technology (e.g. xenotransplantation), sustained excess mortality in both the

patient population and the patient pipeline, and the development of therapies to slow or prevent progression of Chronic Kidney

Disease. Upside Risks – The introduction of a Medicare Integrated Care platform in the US dialysis services industry, news on

legislation seeking to increase the length of the Medicare Secondary Payer (MSP) period which would increase the number of

patients who have more lucrative private insurance, a substantial reduction in corporate bond interest rates, an extension of either

the phosphate or catheter lock TDAPA periods, reintroduction of ACA subsidies.

RATINGS DEFINITIONS, BENCHMARKS AND DISTRIBUTION

EQUITY RATINGS DEFINITIONS

Bernstein brand

The Bernstein brand rates stocks based on forecasts of relative performance for the next 12 months versus the S&P 500 for

stocks listed on the U.S. and Canadian exchanges, versus the Bloomberg Europe Developed Markets Large and Mid Cap Price

Return Index EUR (EDME) for stocks listed on the European exchanges and emerging markets exchanges outside of the Asia

Pacific region, versus the Bloomberg Japan Large and Mid Cap Price Return Index USD (JPL) for stocks listed on the Japanese

exchanges, and versus the Bloomberg Asia ex-Japan Large and Mid Cap Price Return Index (ASIAX) for stocks listed on the Asian

(ex-Japan) exchanges -unless otherwise specified.

The Bernstein brand has three categories of ratings:

• Outperform: Stock will outpace the market index by more than 15 pp

• Market-Perform: Stock will perform in line with the market index to within +/-15 pp