Fresenius Medical Care experienced a challenging first quarter in 2026, with overall revenue decreasing by 6% year-over-year to EUR 4,612 million, although organic revenue saw a 3% constant currency growth. Operating income, excluding special items, grew by 10% at constant currency to EUR 467 million, showcasing improved profitability. However, reported operating income declined by 14% to EUR 286 million due to significant one-time costs associated with its FME25+ transformation program, including clinic closures.
Net income in Q1 2026 decreased by 22% to EUR 118 million, or 21% at constant currency, compared to the previous year. Nevertheless, net income excluding special items increased by 2% to EUR 251 million, representing a 9% constant currency increase. Basic earnings per share (EPS) saw a 17% decline to EUR 0.43, but on an adjusted basis (excluding special items), EPS rose by 8% to EUR 0.91, or 16% at constant currency, partly supported by a share buyback program.
One significant area of concern for investors was the weakness in U.S. dialysis volumes, with U.S. same market treatment growth at -0.4%. Despite this, Care Delivery in the U.S. saw revenue decrease by 4% but grow by 6% at constant currency, or 7% organically, positively impacted by TDAPA reimbursement regulations and favorable rate and payor mix effects. The company is actively rolling out its 5008X CAREsystem, now available in approximately 1,000 clinics. The FME25+ transformation program delivered EUR 50 million in sustainable savings, and the company plans to exit 64 of up to 100 selected U.S. clinics, expecting EUR 250 million in savings and EUR 350 million in related one-time costs for 2026. Fresenius Medical Care confirmed its full-year 2026 outlook, projecting broadly flat revenue growth and operating income to remain at a consistent level, with a potential mid-single-digit percentage growth or decline.
