Fresenius Medical Care AG

XMUN:FME

Profitability: The company said it had another quarter of highly profitable growth, with operating income up 23% and margin expanding again, helped by the FME25+ program and stronger results in Care Delivery and Value-based Care.

U.S. referrals: Management said U.S. same market treatment growth fell 0.9% because of an operational miss in capturing referrals, and now expects full-year U.S. same market treatment growth to be around the Q2 level.

Guidance confirmed: The company confirmed its full-year 2026 outlook, keeping revenue broadly flat and expecting operating income to stay at an elevated level with a mid-single-digit percentage upside/downside range.

TDAPA relief: TDAPA is now expected to be a smaller full-year headwind of around EUR 50 million, better than the earlier expectation of around EUR 100 million, though it will turn into a headwind in the second half.

Buybacks: The first EUR 1 billion share buyback was completed early, and a second EUR 1 billion program has already started, with 2.5 million shares repurchased by quarter-end.

China and costs: Care Enablement in China remained pressured by regulation, while higher raw material and logistics costs tied to Middle East conflict remained a headwind but were still covered within guidance.

HDF rollout: The 5008X and high-volume HDF rollout continued to accelerate, with 227 clinics converted across 23 states by late July and early patient feedback described as encouraging.