Fresenius SE (FREG.DE): Expect solid Q2 26 results; focus on commentary on implications of German hospital reform

研报英文原文证据摘录

Fresenius SE (FREG.DE): Expect solid Q2 26 results; focus on commentary on implications of German hospital reform

Equity Research

23 July 2026 | 9:20PM BST

Fresenius SE (FREG.DE): Expect solid Q2 26 results; focus on

commentary on implications of German hospital reform

We are updating our estimates prior to Fresenius SE Q2 26 results, which the Richard Felton, CFA

+44(20)7552-7872 |

company will report on 5th August. Overall we expect solid update in Q2 26. We richard.felton@gs.com

Goldman Sachs International

expect Fresenius to report a sequential acceleration in organic growth to +5.3% (in

Lauren Mitchell

line with Visible Alpha consensus) with the improvement in growth supported by +44(20)7774-8731 |

Growth Vectors within Kabi. We expect FX to have a negligible impact on Q2 26, lauren.r.mitchell@gs.comGoldman Sachs International

leading to overall group revenue of €5,850m. We forecast 12% group adjusted EBIT

margin, slightly ahead of consensus at 11.8%, with adjusted EBIT of €700m (+1.6%

ahead of consensus). By division, our estimates sit slightly ahead of consensus for

Kabi (GSe +7.5% organic growth, 16.5% adjusted EBIT margin; consensus +6.9%

organic growth, 16.4% margin) but modestly below for Helios (GSe +4.4% organic

growth, 10.7% adjusted EBIT margin; consensus +4.8% organic growth, 10.6%

margin).

Expect focus on German Hospital Reform to be key focus for conference call. We

expect the implications of German Hospital Reform to be a key focus for the

conference call. We note that management has reiterated its 10-12% structural

target for Helios but expect management to provide more detail on the implications

of measures included in recently approved policy and potential levers to offset or

mitigate potential margin impact.