Notes to the consolidated statements of income (Tables)
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9 Months Ended |
Sep. 30, 2025 |
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| Notes to the consolidated statements of income |
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| Schedule of revenue |
Revenue in € K | | | | | | | | | | | Revenue from | | Revenue from | | | | | | | contracts with | | insurance | | Revenue from | | | | | customers | | contracts | | lease contracts | | Total | | | | For the three months ended September 30, 2025 | Healthcare services | | 3,219,669 | | — | | — | | 3,219,669 | Healthcare products | | 1,077,194 | | — | | 20,409 | | 1,097,603 | Insurance contracts | | — | | 567,578 | | — | | 567,578 | Total | | 4,296,863 | | 567,578 | | 20,409 | | 4,884,850 |
| | | | | | | | | | | For the three months ended September 30, 2024 | | | Revenue from | | Revenue from | | | | | | | contracts with | | insurance | | Revenue from | | | | | customers | | contracts | | lease contracts | | Total | Healthcare services | | 3,292,628 | | — | | — | | 3,292,628 | Healthcare products | | 1,021,882 | | — | | 15,706 | | 1,037,588 | Insurance contracts | | — | | 429,946 | | — | | 429,946 | Total | | 4,314,510 | | 429,946 | | 15,706 | | 4,760,162 |
| | | | | | | | | | | For the nine months ended September 30, 2025 | | | Revenue from | | Revenue from | | | | | | | contracts with | | insurance | | Revenue from | | | | | customers | | contracts | | lease contracts | | Total | Healthcare services | | 9,721,334 | | — | | — | | 9,721,334 | Healthcare products | | 3,214,731 | | — | | 62,735 | | 3,277,466 | Insurance contracts | | — | | 1,559,217 | | — | | 1,559,217 | Total | | 12,936,065 | | 1,559,217 | | 62,735 | | 14,558,017 |
| | | | | | | | | | | For the nine months ended September 30, 2024 | | | Revenue from | | Revenue from | | | | | | | contracts with | | insurance | | Revenue from | | | | | customers | | contracts | | lease contracts | | Total | Healthcare services | | 9,986,979 | | — | | — | | 9,986,979 | Healthcare products | | 3,000,649 | | — | | 57,497 | | 3,058,146 | Insurance contracts | | — | | 1,205,997 | | — | | 1,205,997 | Total | | 12,987,628 | | 1,205,997 | | 57,497 | | 14,251,122 |
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| Schedule of disaggregation of revenue by categories |
Disaggregation of revenue by categories in € K | | | | | | | | | | | For the three months ended | | For the nine months ended | | | September 30, | | September 30, | | | 2025 | | 2024 | | 2025 | | 2024 | Care Delivery | | 3,401,706 | | 3,470,861 | | 10,229,217 | | 10,432,522 | Thereof: U.S. | | 2,841,894 | | 2,880,791 | | 8,550,486 | | 8,542,073 | Thereof: International | | 559,812 | | 590,070 | | 1,678,731 | | 1,890,449 | Value-Based Care | | 575,517 | | 430,605 | | 1,610,703 | | 1,268,706 | Care Enablement | | 1,360,660 | | 1,359,407 | | 4,075,435 | | 4,019,836 | Inter-segment eliminations | | (453,033) | | (500,711) | | (1,357,338) | | (1,469,942) | Total | | 4,884,850 | | 4,760,162 | | 14,558,017 | | 14,251,122 |
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| Schedule of selling, general and administrative expenses |
Selling, general and administrative expense in € K | | | | | | | | | | | For the three months ended | | For the nine months ended | | | September 30, | | September 30, | | | 2025 | | 2024 | | 2025 | | 2024 | Distribution costs | | 186,122 | | 200,325 | | 560,867 | | 581,861 | General and administrative expense | | 519,318 | | 555,821 | | 1,687,238 | | 1,721,395 | Selling, general and administrative expense | | 705,440 | | 756,146 | | 2,248,105 | | 2,303,256 |
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| Schedule of amounts included in other operating income |
Other operating income in € K | | | | | | | | | | | For the three months ended | | For the nine months ended | | | September 30, | | September 30, | | | 2025 | | 2024 | | 2025 | | 2024 | Foreign exchange gains | | 36,200 | | 61,274 | | 301,410 | | 180,984 | Gains on right-of-use assets, from the sale of fixed assets, clinics and investments | | 1,097 | | 14,131 | | 7,668 | | 20,952 | Revaluation of certain investments (1) | | (178) | | 18,107 | | 7,328 | | 79,190 | Income attributable to a consent agreement on foregone profits from the sale of certain pharmaceuticals to non-associated companies | | — | | 62,369 | | — | | 62,369 | Income from strategic transactions and programs | | 2,405 | | 16,079 | | 10,342 | | 103,576 | Other | | 16,553 | | 19,106 | | 70,488 | | 85,423 | Other operating income | | 56,077 | | 191,066 | | 397,236 | | 532,494 |
| | | | | | | | | | | For the three months ended | | For the nine months ended | | | September 30, | | September 30, | | | 2025 | | 2024 | | 2025 | | 2024 | Foreign exchange losses | | 47,958 | | 74,248 | | 338,678 | | 209,471 | Losses on right-of-use assets, from the sale of fixed assets, clinics and investments | | 5,200 | | 5,881 | | 8,162 | | 8,951 | Revaluation of certain investments (1) | | 5,027 | | — | | 70,173 | | — | Expenses from strategic transactions and programs | | 53,225 | | 3,897 | | 94,084 | | 266,327 | Other | | 13,864 | | 35,483 | | 65,747 | | 66,512 | Other operating expense | | 125,274 | | 119,509 | | 576,844 | | 551,261 |
(1) | Primarily driven by the remeasurement of the Company’s investment in Humacyte, Inc. for the three and nine months ended September 30, 2025 and by both the remeasurement of the Company’s investment in Humacyte, Inc. and the remeasurement of receivables related to a royalty stream that the Company is entitled to base on sales made by Humacyte, Inc. in the U.S. for the three and nine months ended September 30, 2024. |
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| Schedule of amounts included in other operating expense |
Other operating expense in € K | | | | | | | | | | | For the three months ended | | For the nine months ended | | | September 30, | | September 30, | | | 2025 | | 2024 | | 2025 | | 2024 | Foreign exchange losses | | 47,958 | | 74,248 | | 338,678 | | 209,471 | Losses on right-of-use assets, from the sale of fixed assets, clinics and investments | | 5,200 | | 5,881 | | 8,162 | | 8,951 | Revaluation of certain investments (1) | | 5,027 | | — | | 70,173 | | — | Expenses from strategic transactions and programs | | 53,225 | | 3,897 | | 94,084 | | 266,327 | Other | | 13,864 | | 35,483 | | 65,747 | | 66,512 | Other operating expense | | 125,274 | | 119,509 | | 576,844 | | 551,261 |
(1) | Primarily driven by the remeasurement of the Company’s investment in Humacyte, Inc. for the three and nine months ended September 30, 2025 and by both the remeasurement of the Company’s investment in Humacyte, Inc. and the remeasurement of receivables related to a royalty stream that the Company is entitled to base on sales made by Humacyte, Inc. in the U.S. for the three and nine months ended September 30, 2024. |
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| Schedule of expenses from strategic transactions and programs |
Expenses from strategic transactions and programs in € K | | | | | | | | | | | For the three months ended | | For the nine months ended | | | September 30, | | September 30, | | | 2025 | | 2024 | | 2025 | | 2024 | Impairment of intangible and tangible assets(1) | | 211 | | 897 | | 12,679 | | 3,361 | Legacy Portfolio Optimization | | (150) | | — | | 11,997 | | — | FME25+ Program | | 361 | | 897 | | 682 | | 3,361 | Impairment resulting from the measurement of assets held for sale | | (75) | | (2,340) | | 8,789 | | 117,837 | Legacy Portfolio Optimization | | (75) | | (2,340) | | 8,789 | | 117,837 | Loss from the sale of business | | 43,444 | | 2,808 | | 43,444 | | 111,855 | Legacy Portfolio Optimization | | 43,444 | | 2,808 | | 43,444 | | 111,855 | Other(2) | | 9,645 | | 2,532 | | 29,172 | | 33,274 | Legacy Portfolio Optimization | | 9,429 | | 577 | | 27,494 | | 28,050 | Legal Form Conversion Costs | | 216 | | 1,955 | | 1,678 | | 5,224 | Expenses from strategic transactions and programs | | 53,225 | | 3,897 | | 94,084 | | 266,327 |
| (1) | For the three and nine months ended September 30, 2025, the amounts primarily relate to cost of revenues and selling, general and administrative expense. For the three and nine months ended September 30, 2024, the amounts relate primarily to cost of revenues and R&D expense. |
| (2) | For the three and nine months ended September 30, 2025 and 2024, the amounts primarily relate to selling, general and administrative expense. |
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| Schedule of reconciliation of basic and diluted earnings per share |
Reconciliation of basic and diluted earnings per share in € K, except share and per share data | | | | | | | | | | | For the three months ended | | For the nine months ended | | | September 30, | | September 30, | | | 2025 | | 2024 | | 2025 | | 2024 | Numerator: | | | | | | | | | Net income attributable to shareholders of FME AG | | 274,797 | | 213,027 | | 651,289 | | 471,014 | | | | | | | | | | Denominators: | | | | | | | | | Weighted average number of shares outstanding | | 292,101,583 | | 293,413,449 | | 292,971,355 | | 293,413,449 | Potentially dilutive shares (see note 10) | | — | | — | | — | | — | | | | | | | | | | Basic earnings per share | | 0.94 | | 0.73 | | 2.22 | | 1.61 | Diluted earnings per share | | 0.94 | | 0.73 | | 2.22 | | 1.61 |
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| Schedule of number of shares acquired in the context of the share buy-back programs |
Treasury Stock | | | | | | | | | | | | | | | Total number of | | | | | | | | | shares purchased | | Maximum value of | | | | | | | and retired | | shares that may yet | | | | | | | as part of publicly | | be purchased under | | | Total number of | | Average price per | | announced plans or | | the plans or | Period | | shares purchased | | share | | programs | | programs | | | | | in € | | | | in € THOUS | | | | | | | | | | August 2025 | | 2,084,733 | | 42.68 | | 2,084,733 | | 511,021 | September 2025 | | 1,479,790 | | 42.45 | | 1,479,790 | | 448,210 | Total repurchased treasury stock (1) | | 3,564,523 | | 42.58 | | 3,564,523 | | 448,210 |
(1) | The difference between the maximum value of shares that may yet be purchased under the Company’s share buy-back program and the liability for such shares as of September 30, 2025 results from the timing of payments made for share repurchases on a weekly basis. The difference is recorded in the Consolidated statements of equity within Additional paid-in capital. |
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