Q2 Preview: Helios ’27 EBIT bridge in focus

研报英文原文证据摘录

Q2 Preview: Helios ’27 EBIT bridge in focus

Equity Research

European Medical Technology & Services

20 July 2026

Fresenius SE & Co KGaA

Q2 Preview: Helios ’27 EBIT bridge

in focus

We expect a strong quarter across Kabi and Helios, sitting FREG.DE/FRE GY OVERWEIGHT

above consensus, and see investor focus centred on the 2027 Unchanged

European Medical

Helios Germany EBIT bridge. We continue to see limited Technology & Services POSITIVE

Unchanged

impact from healthcare reform next year and see scope for a Price Target EUR 56.50

Unchangedguidance upgrade this year at Q2.

Price (17-Jul-26) EUR 41.73

Potential Upside/Downside +35.4%Fresenius SE is due to report Q2 2026 results on 5 August. We expect a strong quarter of

Source: Bloomberg, Barclays Research

solid execution, with both Kabi and Helios contributing. At Kabi, momentum across the

key growth vectors should continue, supported by continued strength in Biopharma,

Market Cap (EUR mn) 23503consistent with our recent US tracking (see here), and a sequential acceleration in

Shares Outstanding (mn) 563.24MedTech, while Nutrition remains resilient despite the ongoing impact of Keto VBP, which

Free Float (%) 72.89fully annualises in Q3. Investor focus is likely to centre on the 2027 EBIT bridge at Helios

52 Wk Avg Daily Volume (mn) 0.9Germany following the passing of German healthcare reform earlier this month (see here),

Dividend Yield (%) 2.51where we expect management to provide greater clarity. We continue to see the 2027

Return on Equity TTM (%) 8.51impact as limited, with upside potential should DRG rates increase by c.4% rather than

Current BVPS (EUR) 35.12c.3%, alongside additional benefit from new hospital funding (see our 2027 Helios EBIT

Source: Bloomberg

Bridge).