Fresenius Medical Care AG: Addressing key debates & Expert call recap

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Fresenius Medical Care AG: Addressing key debates & Expert call recap

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Fresenius Medical Care AG

Addressing key debates & Expert call recap

Maintain Rating: UNDERPERFORM | PO: 32.00 EUR | Price: 41.25 EUR

HV HDF, MOTheR & TDAPA driving debate 23 June 2026

Fresenius Medical has re-rated c10% over the past three months, with sentiment Equity

shifting more positive on expectations that HV HDF can accelerate US SMTG, and a

potential TDAPA extension. We hosted Dr. Nigwekar, a nephrologist and co-director of Anna Ractliffe >> Research Analyst

Kidney Care at Mass General Brigham to discuss early HV HDF observations, and the MLI (UK)

competitive landscape. Dr Nigwekar was overall positive on HV HDF and its benefit to +44anna.ractliffe@bofa.com020 7995 2591

patients. We continue to believe in the technology, however we think it is unlikely to Julien Ouaddour >>

materialize in numbers near-term. We maintain our Underperform rating as we lack Research Analyst

BofASE (France)

visibility on a return to US SMTG and sustainable business-driven EBIT growth. +33 1 8770 0614

julien.ouaddour@bofa.com

Can HV HDF drive an acceleration in US SMTG? James Nin >>

Research Analyst

US SMTG remains the main sentiment driver for FME but has lagged the c2% target BofASE (France)

since 2020. HV HDF is a key lever to improve US SMTG either from 1) improving clinical +33 1 8770 0739

james.nin@bofa.com

outcomes (decreased mortality) or 2) improving adherence. Dr Nigwekar noted it is too

soon to see a benefit in either measure, though we think improvements in adherence will

likely predate clinical/medical outcomes. Still, on our math, a c15% improvement in

missed treatments would only add c10bps to US SMTG annually through 2030. Stock Data