EX-99.2 3 tm2326830d3_ex99-2.htm EXHIBIT 99.2
Exhibit 99.2

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Content: Statement of earnings page 2 Segment information page 3 Balance sheet page 4 Cash flow page 5 page 6 Key metrics page 7 page 8 Outlook 2023 page 9 Disclaimer Fresenius Medical Care AG & Co. KGaA November 1, 2023 COMPLETE OVERVIEW OF THE THIRD QUARTER AND FIRST NINE MONTHS 2023 Investor Relations Copyright by Fresenius Medical Care AG & Co. KGaA email: ir@fmc-ag.com phone: +49 6172 609 2525 Revenue development by segment Reconciliation results excl. special items This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including changes in business, economic and competitive conditions, regulatory reforms, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. These and other risks and uncertainties are detailed in Fresenius Medical Care AG & Co. KGaA's reports filed with the U.S. Securities and Exchange Commission. Fresenius Medical Care AG & Co. KGaA does not undertake any responsibility to update the forward-looking statements in this release. Rounding adjustments applied to individual numbers and percentages may result in these figures differing immaterially from their absolute values. Furthermore, totals and subtotals in tables may differ slightly from unrounded figures due to rounding in accordance with commercial rounding conventions.

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Statement of earnings in € million, except share data, unaudited 2023 2022 Change Change at cc 2023 2022 Change Change at cc Total revenue 4,936 5,096 -3.1% 6.6% 14,466 14,401 0.4% 4.9% Costs of revenue 3,707 3,853 -3.8% 6.4% 10,890 10,738 1.4% 6.1% Selling, general and administrative expenses 794 817 -2.9% 4.6% 2,351 2,365 -0.6% 2.4% Research and development expenses 53 61 -13.7% -10.8% 166 167 -0.4% 0.5% Income from equity method investees (23) (17) 29.7% 30.5% (98) (47) 108.1% 108.2% Other operating income (65) (158) -78.8% -74.5% (258) (397) -52.6% -44.4% Other operating expense 146 215 -32.6% -14.4% 473 562 -16.0% 1.2% Remeasurement Gain from InterWell Health — (147) — (147) Operating income 324 472 -31.3% -27.8% 942 1,160 -18.8% -18.0% Operating income excl. special items and PRF 1 431 377 14.2% 19.7% 1,186 1,052 12.8% 14.1% Interest income (25) (16) 56.6% 84.1% (61) (43) 43.0% 60.5% Interest expense 114 92 23.0% 30.7% 313 260 20.4% 23.5% Interest expense, net 89 76 16.0% 19.4% 252 217 16.0% 16.2% Income before income taxes 235 396 -40.4% -36.9% 690 943 -26.8% -25.9% Income tax expense 88 112 -21.2% -17.8% 214 242 -11.5% -10.5% Net income 147 284 -48.0% -44.5% 476 701 -32.1% -31.2% Net income attributable to noncontrolling interests 63 54 18.7% 26.8% 165 166 -0.8% 1.0% Net income attributable to shareholders of FMC AG & Co. KGaA 84 230 -63.3% -60.9% 311 535 -41.8% -41.2% Net income attributable to shareholders of FMC AG & Co. KGaA excl. special items and PRF 1 168 168 -0.2% 4.8% 497 481 3.3% 4.7% Operating income 324 472 -31.3% -27.8% 942 1,160 -18.8% -18.0% Depreciation, amortization and impairment loss 454 502 -9.6% -2.7% 1,326 1,344 -1.3% 1.4% EBITDA 778 974 -20.1% -14.8% 2,268 2,504 -9.4% -7.6% Weighted average number of shares 293,413,449 293,413,449 293,413,449 293,190,145 Basic earnings per share €0.29 €0.78 -63.3% -60.9% €1.06 €1.82 -41.9% -41.3% Basic earnings per ADS €0.14 €0.39 -63.3% -60.9% €0.53 €0.91 -41.9% -41.3% In percent of revenue Operating income margin 6.6% 9.3% 6.5% 8.1% Operating income margin excl. special items and PRF 1 8.7% 7.4% 8.2% 7.3% EBITDA margin 15.8% 19.1% 15.7% 17.4% 1 For a reconciliation of special items, please refer to the table on page 8. Three months ended September 30, Nine months ended September 30, Statement of earnings page 2 of 9 November 1, 2023

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Segment information unaudited 2023 2022 Change Change at cc 2023 2022 Change Change at cc Total Revenue in € million 4,936 5,096 -3.1% 6.6% 14,466 14,401 0.4% 4.9% Operating income in € million 324 472 -31.3% -27.8% 942 1,160 -18.8% -18.0% Operating income margin 6.6% 9.3% 6.5% 8.1% Operating income in € million excl. special items and PRF 1 431 377 14.2% 19.7% 1,186 1,052 12.8% 14.1% Operating income margin excl. special items and PRF 1 8.7% 7.4% 8.2% 7.3% Days sales outstanding (DSO) 2 69 68 Employees (headcount) 123,106 130,295 Care Delivery segment Revenue in € million 3,974 4,131 -3.8% 6.3% 11,602 11,600 0.0% 4.3% Operating income in € million 332 500 -33.5% -29.3% 1,001 1,230 -18.6% -17.6% Operating income margin 8.4% 12.1% 8.6% 10.6% Operating income in € million excl. special items and PRF 1 410 371 10.8% 16.6% 1,115 969 15.1% 16.7% Operating income margin excl. special items and PRF 1 10.3% 9.0% 9.6% 8.3% Days sales outstanding (DSO) 2 60 60 Care Enablement segment Revenue in € million 1,330 1,376 -3.3% 5.5% 3,965 3,961 0.1% 4.9% Operating income in € million (1) (26) -95.1% -88.8% (24) 33 n.a. n.a. Operating income margin -0.1% -1.9% -0.6% 0.8% Operating income in € million excl. special items and PRF 1 22 7 197.0% 217.3% 110 107 2.9% 3.2% Operating income margin excl. special items and PRF 1 1.7% 0.5% 2.8% 2.7% Days sales outstanding (DSO) 2 99 100 Inter-segment eliminations 3 Revenue in € million (368) (411) -10.3% -0.6% (1,101) (1,160) -5.0% -0.1% Operating income in € million 1 5 -74.1% -77.7% (12) (2) 630.0% 634.9% Corporate Operating income in € million (8) (7) 11.4% 48.3% (23) (101) -77.2% -75.4% Operating income in € million excl. special items and PRF 1 (2) (6) -46.6% -6.7% (27) (22) 23.2% 30.9% 2 2022 includes DSO as of December 31, 2022. 1 For a reconciliation of special items, please refer to the table on page 8. 3 The Company transfers products between segments at fair market value. The associated internal revenues and expenses and any remaining internally generated profit or loss for the product transfers are recorded within the operating segments initially, are eliminated upon consolidation and are included within “Inter-segment eliminations”. cc = constant currency. Changes in revenue, operating income and net income attributable to shareholders of FMC AG & Co. KGaA include the impact of changes in foreign currency exchange rates. We calculate and present these financial measures using both IFRS Accounting Standards and at constant exchange rates to show changes in these metrics and other items without giving effect to period-to-period currency fluctuations. Under IFRS Accounting Standards, amounts received in local (non-euro) currency are translated into euro at the average exchange rate for the period presented. Once we translate the local currency for the constant currency, we then calculate the change, as a percentage, of the current period using the prior period exchange rates versus the prior period. The single quarter results are calculated as the variance between the current year-to-date results less the preceding quarter’s year-to-date which makes the single quarter subject to further foreign exchange fluctuation. This resulting percentage is a non-IFRS measure referring to a change as a percentage at constant currency. These currency-adjusted financial measures are identifiable by the designated term "Constant Currency". Three months ended September 30, Nine months ended September 30, Segment information page 3 of 9 November 1, 2023

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Balance sheet in € million, except for net leverage ratio, unaudited September 30, December 31, 2023 2022 Assets Cash and cash equivalents 1,553 1,274 Trade accounts and other receivables from unrelated parties 3,662 3,574 Inventories 2,304 2,296 Other current assets 1,535 1,059 Goodwill and intangible assets 16,814 17,310 Right-of-use assets 3,947 4,187 Other non-current assets 5,820 6,054 Total assets 35,635 35,754 Liabilities and equity Accounts payable to unrelated parties 753 813 Other current liabilities 5,866 5,654 Non-current liabilities 13,581 13,838 Total equity 15,435 15,449 Total liabilities and equity 35,635 35,754 Equity/assets ratio 43% 43% Debt and lease liabilities Short-term debt from unrelated parties 547 665 Short-term debt from related parties 3 4 Current portion of long-term debt 707 694 Current portion of lease liabilities from unrelated parties 627 650 Current portion of lease liabilities from related parties 24 24 Long-term debt, less current portion 7,264 7,171 Lease liabilities from unrelated parties, less current portion 3,687 3,875 Lease liabilities from related parties, less current portion 116 130 Debt and lease liabilities included within liabilities directly associated with assets held for sale 31 — Total debt and lease liabilities 13,006 13,213 Minus: Cash and cash equivalents1 (1,574) (1,274) Total net debt and lease liabilities 11,432 11,939 Reconciliation of annualized adjusted EBITDA and net leverage ratio to the most directly comparable IFRS Accounting Standards financial measures Net income 670 895 Income tax expense 297 325 Interest income (86) (68) Interest expense 413 360 Depreciation and amortization 1,651 1,718 Adjustments2 434 320 Annualized adjusted EBITDA 3,379 3,550 Net leverage ratio 3.4 3.4 1 Includes cash and cash equivalents included within assets held for sale. 2 Acquisitions and divestitures made for the last twelve months with a purchase price above a €50 M threshold as defined in the Syndicated Credit Facility (2022: -€22 M), non-cash charges, primarily related to pension expense (2023: €50 M; 2022: €54 M), impairment loss (2023: €170 M; 2022: €120 M) and special items, including costs related to the FME25 Program (2023: €128 M; 2022: €155 M), Legal Form Conversion Costs (2023: €13 M), Legacy Portfolio Optimization (2023: €71 M), Net Gain Related to InterWell Health (2023: -€1 M; 2022: -€114 M), Humacyte Investment Remeasurement (2023: €7 M; 2022: €103 M), Hyperinflation in Turkiye (2023: -€1 M; 2022: €5 M) and the Impacts Related to the War in Ukraine (2023: -€3 M; 2022: €19 M). Balance sheet page 4 of 9 November 1, 2023

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Cash flow statement in € million, unaudited 2023 2022 2023 2022 Operating activities Net income 147 284 476 701 Depreciation, amortization and impairment loss 454 502 1,326 1,344 Change in trade accounts and other receivables from unrelated parties (85) (13) (165) (69) Change in inventories 55 (51) (56) (169) Change in other working capital and non-cash items 189 (64) 329 (239) Net cash provided by (used in) operating activities 760 658 1,910 1,568 In percent of revenue 15.4% 12.9% 13.2% 10.9% Investing activities Purchases of property, plant and equipment and capitalized development costs (137) (160) (434) (495) Proceeds from sale of property, plant and equipment 3 3 4 9 Capital expenditures, net (134) (157) (430) (486) Free cash flow 626 501 1,480 1,082 In percent of revenue 12.7% 9.8% 10.2% 7.5% Acquisitions and investments, net of cash acquired, and purchases of intangible assets (6) 21 (21) (40) Investments in debt securities (36) (6) (98) (92) Proceeds from divestitures 0 16 25 56 Proceeds from sale of debt securities 25 25 76 52 Free cash flow after investing activities 609 557 1,462 1,058 Three months ended September 30, Nine months ended September 30, Cash flow statement page 5 of 9 November 1, 2023

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in € million, unaudited 2023 2022 Change Change at cc Organic growth Same market treatment growth 1 Three months ended September 30, Total revenue 4,936 5,096 -3.1% 6.6% 7.3% Care Delivery segment 3,974 4,131 -3.8% 6.3% 7.2% 0.4% Thereof: U.S. 3,221 3,318 -2.9% 4.4% 5.0% -0.4% Thereof: International 753 813 -7.5% 13.8% 16.2% 1.6% Care Enablement segment 1,330 1,376 -3.3% 5.5% 5.5% Inter-segment eliminations (368) (411) -10.3% -0.6% Nine months ended September 30, Total revenue 14,466 14,401 0.4% 4.9% 5.5% Care Delivery segment 11,602 11,600 0.0% 4.3% 5.1% 0.3% Thereof: U.S. 9,344 9,314 0.3% 2.2% 2.8% -0.2% Thereof: International 2,258 2,286 -1.2% 13.2% 14.5% 1.0% Care Enablement segment 3,965 3,961 0.1% 4.9% 4.9% Inter-segment eliminations (1,101) (1,160) -5.0% -0.1% in € million, unaudited Care Delivery segment Care Enablement segment Inter-segment eliminations Total Care Delivery segment Care Enablement segment Inter-segment eliminations Total Three months ended September 30, Health care services revenue 3,927 — — 3,927 4,082 — — 4,082 Health care products revenue 47 962 — 1,009 49 965 — 1,014 Inter-segment revenue — 368 (368) — — 411 (411) — Revenue 3,974 1,330 (368) 4,936 4,131 1,376 (411) 5,096 Nine months ended September 30, Health care services revenue 11,469 — — 11,469 11,471 — — 11,471 Health care products revenue 133 2,864 — 2,997 129 2,801 — 2,930 Inter-segment revenue — 1,101 (1,101) — — 1,160 (1,160) — Revenue 11,602 3,965 (1,101) 14,466 11,600 3,961 (1,160) 14,401 Revenue development by segment 1 Same market treatment growth = organic growth less price effects 2023 Reconciliation of health care services and health care products revenue to new segments 2022 Revenue development page 6 of 9 November 1, 2023

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unaudited Clinics Growth in % yoy Net change in clinics 1 Patients Growth in % yoy Treatments Growth in % yoy Total 4,014 -3% (102) 341,793 -1% 38,807,179 -1% Thereof: U.S. 2,617 -3% (54) 205,887 0% 23,380,747 0% Thereof: International 1,397 -5% (48) 135,906 -2% 15,426,432 -1% yoy = year-on-year Key metrics Care Delivery segment Nine months ended September 30, 2023 1 Net change in clinics (acquired, de novo, combined, closed and sold) in comparison to December 31, 2022. Key metrics page 7 of 9 November 1, 2023

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in € million, except share data, unaudited Results 2023 FME25 Program Legal Form Conversion Costs Legacy Portfolio Optimiza-tion1 Humacyte Investment Remeasure-ment Sum of special items Results 2023 excl. special items Results 2022 FME25 Program Net Gain Related to InterWell Health2 Humacyte Investment Remeasure-ment Ukraine War3 Hyper-inflation in Turkiye Provider Relief Funding (PRF) Sum of special items and PRF Results 2022 excl. special items and PRF Change Change at cc Three months ended September 30, Total revenue 4,936 — 4,936 5,096 — 5,096 -3.1% 6.6% EBITDA 778 38 6 0 (1) 43 821 974 52 (113) 1 0 0 (93) (153) 821 0.1% 6.5% Total operating income 324 49 6 53 (1) 107 431 472 53 (56) 1 0 0 (93) (95) 377 14.2% 19.7% Care Delivery segment 332 25 — 53 — 78 410 500 20 (56) — 1 (1) (93) (129) 371 10.8% 16.6% Care Enablement segment (1) 23 — 0 — 23 22 (26) 33 — — (1) 1 — 33 7 197.0% 217.3% Inter-segment eliminations 1 — — — — — 1 5 — — — — — — — 5 -74.1% -77.7% Corporate (8) 1 6 — (1) 6 (2) (7) — — 1 — — — 1 (6) -46.6% -6.7% Interest expense, net 89 — 89 76 — 76 16.0% 19.4% Income tax expense 88 18 2 4 0 24 112 112 15 (18) 0 0 — (25) (28) 84 32.0% 38.0% Net income attributable to noncontrolling interests 63 — — (1) — (1) 62 54 — — — — — (5) (5) 49 30.7% 39.7% Net income4 84 31 4 50 (1) 84 168 230 38 (38) 1 0 0 (63) (62) 168 -0.2% 4.8% Basic earnings per share €0.29 €0.10 €0.01 €0.17 €0.00 €0.28 €0.57 €0.78 €0.13 €(0.13) €0.01 €0.00 €0.00 €(0.22) €(0.21) €0.57 -0.2% 4.8% Nine months ended September 30, Total revenue 14,466 — 14,466 14,401 — 14,401 0.4% 4.9% EBITDA 2,268 74 13 71 (16) 142 2,410 2,504 101 (113) 79 23 6 (270) (174) 2,330 3.4% 5.5% Total operating income 942 100 13 147 (16) 244 1,186 1,160 109 (56) 79 24 6 (270) (108) 1,052 12.8% 14.1% Care Delivery segment 1,001 50 — 64 — 114 1,115 1,230 55 (56) — 11 (1) (270) (261) 969 15.1% 16.7% Care Enablement segment (24) 51 — 83 — 134 110 33 54 — — 13 7 — 74 107 2.9% 3.2% Inter-segment eliminations (12) — — — — — (12) (2) — — — — — — — (2) 630.0% 634.9% Corporate (23) (1) 13 — (16) (4) (27) (101) — — 79 — — — 79 (22) 23.2% 30.9% Interest expense, net 252 — 252 217 — 217 16.0% 16.2% Income tax expense 214 29 4 29 (4) 58 272 242 31 (18) 21 3 — (72) (35) 207 31.5% 33.3% Net income attributable to noncontrolling interests 165 — — 0 — 0 165 166 — — — — — (19) (19) 147 12.5% 14.6% Net income4 311 71 9 118 (12) 186 497 535 78 (38) 58 21 6 (179) (54) 481 3.3% 4.7% Basic earnings per share €1.06 €0.24 €0.03 €0.40 €(0.04) €0.63 €1.69 €1.82 €0.27 €(0.13) €0.20 €0.07 €0.02 €(0.61) €(0.18) €1.64 3.2% 4.6% 4 Attributable to shareholders of FMC AG & Co. KGaA. 3 Bad debt expense in Russia and Ukraine and accruals for certain risks associated with allowances on inventories related to the Ukraine War. 2 Remeasurement gain of the investment, prior to the transaction, in InterWell Health LLC, the impairment of certain long-lived assets belonging to Acumen Physician Solutions, LLC which was transferred to InterWell Health as part of the transaction and certain transaction-related costs. 1 Costs mainly comprise the derecognition of capitalized development costs and the impairment of intangible assets (licenses and distribution rights) as well as termination costs (including certain contractual obligation expenses) related to a dialysis cycler development program which was discontinued in the first quarter of 2023 and other expenses related to divestitures agreed upon in the second and third quarters of 2023. Special items Reconciliation of non-IFRS financial measures to the most directly comparable IFRS Accounting Standards financial measures for comparability with the Company´s outlook Special items Results excl. special items and PRF Reconciliation results excl. special items page 8 of 9 November 1, 2023

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Outlook 2023 Spalte1 Results 2022 Outlook 2023 (at Constant Currency) Revenue1 €19,398 M Low to mid-single digit percentage growth Operating income1 €1,540 M Low-single digit percentage growth (Prev.: flat to low-single digit percentage decline) 1 Outlook 2023 is based on the assumptions outlined in the earnings release for the fourth quarter and full year of 2022 and excludes special items. Special items include the costs related to the FME25 program, the Legal Form Conversion Costs, the impacts from Legacy Portfolio Optimization, the Humacyte Investment Remeasurement and other effects that are unusual in nature and have not been foreseeable or not foreseeable in size or impact at the time of giving guidance. The growth rates are based on the results 2022 excluding the costs related to the FME25 program (€204 M for operating income), the Net Gain Related to InterWell Health (-€56 M for operating income), the Humacyte Investment Remeasurement (€103 M for operating income), the Hyperinflation in Turkiye (€5 M for operating income) and the Impacts Related to the War in Ukraine (€49 M for operating income). Additionally, the results 2022 were adjusted for the Provider Relief Funding (-€277 M for operating income). Outlook 2023 page 9 of 9 November 1, 2023