FMC - Key themes ahead of Q2’25 results on August 4th

研报英文原文证据摘录

FMC - Key themes ahead of Q2’25 results on August 4th

17 July 2026

FMC - Key themes ahead of Q2'25 results on August 4th

Susannah Ludwig +41 582 723 127 susannah.ludwig@bernsteinsg.com

Estelle Pang, CFA +44 20 7676 7646 estelle.pang@bernsteinsg.com

Richard Hombach +44 20 7762 1858 richard.hombach@bernsteinsg.com

We regularly hold calls with companies towards the end of each quarter, making sure we are up-to-date with their latest communications

ahead of any “quiet period”. We comment on these discussions soon after holding these calls, even if they are simply a re-iteration of

previous messages. We held a call with Fresenius Medical Care today ahead of them entering their quiet period leading up to their Q2 2026

results on August 4th. We rate FMC Market-Perform with a target price of EUR 44.65(ADR of $25.50).

FMC publishes a pre-close brief ahead of each quarterly results, which can be found here.

Below please find key themes from our discussion.

Same Market Treatment Growth

Full-year same market treatment growth in the US is expected to remain broadly flat, with results likely skewing slightly negative. While the

company expects Q2 to deliver similar results to Q1, they expect improvement during the second half of the year as the impact of clinic

closures moderates and operational initiatives begin to normalize referral activity.

Care Delivery

The Care Delivery business has appointed a new leader for its dialysis clinic operations. Under the new leadership, the company has closed

approximately 100 clinics over the past four months, executed the rollout of the 5008X dialysis platform across the US, and expanded the

adoption of catheter lock solutions. FMC believes the business has made progress in its turnaround efforts, although further work remains.