Fresenius SE & Co KGaA (FREG.DE): Management meetings point to solid ongoing Kabi momentum, concerns around Helios Germany likely overdone; Buy

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Fresenius SE & Co KGaA (FREG.DE): Management meetings point to solid ongoing Kabi momentum, concerns around Helios Germany likely overdone; Buy

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17 Jun 2026 01:06:28 ET │ 11 pages

Fresenius SE & Co KGaA (FREG.DE)

Management meetings point to solid ongoing Kabi momentum,

concerns around Helios Germany likely overdone; Buy

CITI’S TAKE Buy

We hosted Fresenius SE CEO Michael Sen for investor meetings. Our Price (16 Jun 26 17:30) €38.77

discussions largely mirrored those from our recent Citi EU Healthcare Target price €53.00

Leaders Conference: 1) 2Q26 trading momentum is positive, with c.3%

Expected share price return 36.7% growth in IV generics, continued strong momentum in Nutrition and

Medtech, and very strong Tyenne demand, above expectations; 2) recent Expected dividend yield 2.9%

FDA site inspections are largely routine and reflective of heightened Expected total return 39.6%

regulatory scrutiny, with no supply/financial impacts; 3) management Market Cap €21,837M

sees recent market concerns around the impact of the German hospital US$25,337M

reform as overdone and expect yoy Helios EBIT growth in 2027E, in spite

of headwinds from the surcharge and the Insurance stabilization act

(here). We view commentary from our meetings as positive, especially in

the context of recent regulatory concerns for Helios Germany, and to a Veronika DubajovaAC

lesser extent Kabi, and supportive of our Buy thesis, which is predicated +44-20-7986-4585

on HSD% EPS growth pa in the MT. We reiterate Buy. veronika.dubajova@citi.com

Giang H Nguyen, CFA

Positive current trading momentum. Management highlighted encouraging 2Q26 +44-20-7986-3903

trends through April and May, incl. stable c.3% growth in IV generics and fluids, giang.nguyen@citi.com