Fresenius SE & Co KGaA: Q1’26 Call feedback: Solid print; scope for upside in FY26

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Fresenius SE & Co KGaA: Q1’26 Call feedback: Solid print; scope for upside in FY26

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Fresenius SE & Co KGaA

Q1’26 Call feedback: Solid print; scope for

upside in FY26

Reiterate Rating: BUY | PO: 58.00 EUR | Price: 40.96 EUR

Helios Germany remains at centre of debate 11 May 2026

Fresenius delivered a solid Q1, and reiterated FY26 guidance, though airtime on the call Equity

expectedly focused on Helios Germany. Into the print, two key Helios Germany

overhangs weighed on valuation: 1) Energy prices and 2) Regulatory proposals. On

Key Changesenergy, we expect the update was more positive than expected, with nearly 2/3 of 2027

hedged. On the regulatory proposals, we believe Helios Germany is well positioned to (EUR) Previous Current

navigate the changes, and think there are incremental positives within the proposals 2026E EPS 3.52 3.50

(50% coverage of actual wage increase above base, and 2027 1.14% DRG uplift), 2027E EPS 3.94 3.89

however we expect it will take time for the sentiment overhang to clear. On Kabi, the 2028E EPS 4.46 4.44

key update was the Otulfi contract, which we think is >€100mn (over 5 years). Kabi 2026E DPS 1.00 0.99

delivered 6% Q1 growth, and we expect growth can accelerate as VBP rolls off, Nutrition

launches ramp, and the Ivenix roll out continues. Overall, we leave our numbers largely Anna Ractliffe >>

Research Analyst

unchanged, and continue to view guidance as derisked. We reiterate our Buy as we see MLI (UK)

scope for beat and raises through the year to drive a re-rating. Our PO remains +44 020 7995 2591 anna.ractliffe@bofa.com

unchanged at €58. Julien Ouaddour >>

BofASE (France)3 takeaways from the call +33 1 8770 0614

Biopharma: Biopharma sales of €238mn grew 34% y/y, but stepped down sequentially julien.ouaddour@bofa.com