...October 19, 2026 This report does not constitute a rating action. Since the April 2026 outlook revision to positive, Fresenius SE has demonstrated continued operational momentum. First-half 2026 sales grew by 4% (5% in constant currency), driven by strength across both Fresenius Kabi and Fresenius Helios. S&P Global Ratings notes in particular a 12% organic growth in Fresenius Kabi's growth vectors in the second quarter of 2026. Our adjusted EBITDA margin reached 16.2% in the first half of 2026, up 70 basis points from Dec. 31, 2025, in line with our expectations. This margin expansion reflects organic revenue growth and ongoing cost-base optimizations. Furthermore, the group revised up its guidance for full-year 2026, now targeting 10%-15% core earnings per share growth (up from the previous 5%-10% target). The group maintained its indication of an 11.5% group EBIT margin for 2026. We believe a strengthening business profile supports the progressive improvement in credit metrics and the...
