Fresenius SE & Co KGaA：2Q26：上调符合预期，并带来增量积极因素

研报英文原文证据摘录

M

Update

August 5, 2026 06:28 AM GMT

Morgan Stanley & Co. International plc+

Fresenius SE & Co KGaA | Europe

Aisyah Noor

Equity Analyst

2Q26: Raise as expected, with

incremental positives

Jack Reynolds-Clark, CFA

Equity Analyst

Alejandra Galindez

Research Associate

AlphaSignals Earnings Reaction

Fresenius SE & Co KGaA (FREG.DE, FRE GY)

Unchanged

Modest upside

Modest revision higher

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Key Takeaways

Expect small positive share price reaction to FRE's beat-and-raise result this

morning

Top Pick

Healthcare Services | Germany

Stock Rating

Industry View

Price target

Shr price, close (Aug 4, 2026)

52-Week Range

Mkt cap, curr (mn)

Net debt (12/26e) (mn)*

*EV (12/26e) (mn)

Overweight

In-Line

€49.00

€44.36

€52.96-35.11

€25,024

€9,772

€33,510

FY26 outlook raised for Kabi margin and EPS, implying +3% upgrades to

* = GAAP or approximated based on GAAP

consensus FY26 EPS

Fiscal Year Ending

12/25 12/26e 12/27e 12/28e

2Q trading was +1% ahead of cons on organic sales growth and +4% ahead on

Sales / Revenue

(€mn)**

EBITDA (€mn)**

EBIT (€mn)**

Net income (€mn)**

EPS (€)**

Prior EPS (€)**

ModelWare EPS (€)

Prior ModelWare EPS

(€)

P/E**

*EV/Revenue

*EV/EBITDA

*EV/EBIT

DPS (€)

Div yld (%)

FCF yld ratio (%)**

Net debt (€mn)*

Net debt/EBITDA**

22,873 23,701 25,038 26,367

EBIT adj

MS view: we believe a guidance raise was well expected by the market heading into

the print, reflecting in the shares up ~8% in the last month. That said, we see

incremental positives in the release that should support the investment case and

reflect positively on earnings momentum, namely: 1) FY EPS upgrade was driven not

just by lower interest expectations, but also operational outperformance for Kabi

where margin guide was upgraded for the year, 2) Biopharma performance

supported by denosumab delivering ahead of expectations, diversifying further the

biosimilar growth; 3) Helios EBIT is expected to grow in 2027, which should reassure

in the context of Germany GKV reform, 4) Nutrition growing at the upper end of the

structural band of 4-7% excluding Keto effects.…