Fresenius Medical Care (FMEG.DE): Mixed Q2 26 as P&L beat partly overshadowed by soft US SMTG; Neutral

Research evidence excerpt

Fresenius Medical Care (FMEG.DE): Mixed Q2 26 as P&L beat partly overshadowed by soft US SMTG; Neutral

Equity Research

3 August 2026 | 10:38PM BST

Fresenius Medical Care (FMEG.DE): Mixed Q2 26 as P&L beat partly

overshadowed by soft US SMTG; Neutral

Fresenius Medical Care has reported mixed Q2 26 results, with strong P&L results Richard Felton, CFA

+44(20)7552-7872 |

offset by surprisingly soft US SMTG and reiterated guidance, which implies a sharper richard.felton@gs.com

Goldman Sachs International

H2 26 EBIT decline than currently contemplated by consensus.

Lauren Mitchell

+44(20)7774-8731 |

(1) Stronger-than-expected results through the P&L. Constant currency revenue lauren.r.mitchell@gs.com

growth of +3.6% was ahead of Vara consensus (+2.6%), with better-than-expected

growth across all three segments, leading to revenue of €4,861m (+1.4% ahead of

consensus). Adjusted operating profit grew by +23.5% to €569m (+10.5% ahead of

consensus). The beat was primarily driven by Care Delivery, which saw +45%

constant currency EBIT growth (+34% excluding TDAPA impact). Adjusted EPS of

€1.13 was +11% ahead of consensus.

(2) Deterioration in US SMTG. Against the strong P&L results, US SMTG (which is

perhaps the most closely watched KPI for FME) came in well below our expectations

of -0.3%, deteriorating to -0.9% in Q2 26. It is the largest quarterly Y/Y decline since

Q2 22. We also note that FME has announced the transition of the CEO for Care

Delivery.

(3) FY26 guidance reiterated; implies sharp deceleration in H2 26 constant currency

EBIT growth. Despite better-than-expected constant currency EBIT growth in H1 26

(+18.6%), management has reiterated its FY26 guidance for around flat constant

currency EBIT growth, which implies a deceleration to ~low-teens constant FX EBIT