Segment and corporate information

6 Months Ended

Jun. 30, 2026

13. Segment and corporate information

The operating segments are determined based upon how the Company manages its businesses and allocates resources with responsibilities by products and services and are aligned with the financial information that is presented on a quarterly basis to the chief operating decision maker. The Care Enablement segment is primarily engaged in the manufacture and distribution of healthcare products and equipment, including R&D, supply chain, and commercial operations, as well as supporting functions such as regulatory and quality management. The Care Delivery segment is primarily engaged in providing healthcare services for the treatment of CKD, ESRD, and in providing other extracorporeal therapies. Care Delivery also includes the pharmaceutical products business and the income or losses from equity method investees related to the sale of certain renal pharmaceuticals by Vifor Fresenius Medical Care Renal Pharma Ltd., which are used in the Company’s clinics to provide healthcare services to its patients. The Value-Based Care operating segment is primarily focused on value-based kidney care, including contracting and performance management, clinical care models supported by a national network of nephrologists, and tech-enabled platforms that leverage proprietary informatics and patient engagement tools. Value- and risk-based care arrangements with private payors or government programs may include shared savings or losses from reductions or increases in the overall medical spend of a population under management which are accounted for in accordance with IFRS 15, Revenue from Contracts with Customers. Premiums and medical costs included in full risk arrangements, however, are accounted for in accordance with IFRS 17, Insurance Contracts. Premium revenue and claim costs are presented separately as insurance revenue and insurance costs of revenue, respectively, on the consolidated statements of income and constitute the majority of revenue and costs of revenue for the segment.

Historically, Care Enablement also included certain pharmaceutical products business activities. For the three and six month periods ended June 30, 2026, these activities have been reclassified to the Care Delivery segment to reflect the global pharmaceutical business holistically within Care Delivery and changed responsibilities in how the business is organizationally managed at the chief operating decision maker level. For comparative purposes, the amounts for the three and six months ended June 30, 2025 attributable to these activities, consisting of revenue from healthcare products of €18,309 and €38,885, respectively, inter-segment revenue of €1,296 and €2,592, respectively, costs of revenue of €14,157 and €29,918, respectively, and operating income of €1,602 and €3,868, respectively, remain reported within Care Enablement and have not been reclassified. The consolidated statements of income for the Company are unaffected.

The Company’s Global Medical Office, which seeks to optimize medical treatments and clinical processes within the Company and supports both Care Delivery and Care Enablement, is centrally managed and its profit and loss are allocated to those specific segments. Similarly, costs related primarily to headquarters overhead charges, including accounting and finance as well as certain human resources, legal, compliance, procurement, real estate, and information technology (IT) costs, are allocated as these costs are attributable to the segments, and are used in the allocation of resources to Care Delivery and Care Enablement. These costs are allocated at budgeted amounts, with the difference between budgeted and actual figures recorded at the corporate level. Until March 31, 2026, the Value-Based Care segment maintained its own separate finance, accounting, human resources, legal, medical office, and other administrative functions and was therefore excluded from the allocation process. Beginning in April 2026, certain of such functions for the segment including accounting, legal, compliance, human resources, and procurement have been incorporated into the Company’s global functional areas and associated costs are allocated to the segment. Additionally, certain costs, which relate mainly to shareholder activities, management activities, global internal audit, and the remeasurement of certain investments and vPPAs are not allocated to a segment but are accounted for as corporate expenses. From January 1, 2026, the project costs for implementing the Company’s new enterprise resource planning software are reported as corporate expenses. These activities do not fulfill the definition of a segment according to IFRS 8, Operating Segments, and are reported separately as Corporate (Corporate). Interest income, interest expense, and tax expense are neither included within the measure of segment profit or loss reviewed by the chief operating decision maker nor otherwise regularly provided to the chief operating decision maker by segment and are therefore not included in the presented segment information.

Management evaluates each segment using measures that reflect all of the segment’s controllable revenues and expenses. With respect to the performance of business operations, management believes that the most appropriate measures are revenue and operating income. Services provided by the Care Delivery segment in the U.S. for patients managed under the Value-Based Care segment are provided at fair market value. The Company also transfers products from the Care Enablement segment to the Care Delivery segment at fair market value. The associated internal revenues and expenses and any remaining internally generated profit or loss for the products transferred and services provided are recorded within the operating segments initially, are eliminated upon consolidation and are included within “Inter-segment eliminations.” Capital expenditures for production are based on the expected demand of the segments and consolidated profitability considerations.

Information pertaining to the Company’s segment and Corporate activities for the three and six months ended June 30, 2026 and 2025 is set forth below:

Segment and corporate information

in € K


		Care		Value-		Care		Total		Inter-segment
		Delivery		Based Care		Enablement		Segment		eliminations		Corporate		Total
Three months ended June 30, 2026
Revenue from healthcare services⁽¹⁾		3,234,409		17,765		—		3,252,174		—		—		3,252,174
Revenue from healthcare products⁽¹⁾		105,639		—		959,446		1,065,085		—		—		1,065,085
Revenue from contracts with customers⁽¹⁾		3,340,048		17,765		959,446		4,317,259		—		—		4,317,259
Revenue from insurance contracts⁽¹⁾		—		518,372		—		518,372		—		—		518,372
Revenue from lease contracts⁽¹⁾		—		—		24,935		24,935		—		—		24,935
Revenue from external customers		3,340,048		536,137		984,381		4,860,566		—		—		4,860,566
Inter-segment revenue		138,266		—		386,679		524,945		(524,945)		—		—
Revenue		3,478,314		536,137		1,371,060		5,385,511		(524,945)		—		4,860,566
Costs of revenue		(2,594,852)		(495,322)		(946,513)		(4,036,687)		485,775		328		(3,550,584)
Research and development		—		—		(39,709)		(39,709)		—		79		(39,630)
Operating income (loss)		434,946		17,330		98,617		550,893		(39,170)		(45,868)		465,855
Interest														(82,856)
Income before income taxes														382,999
Depreciation and amortization		(230,694)		(197)		(120,453)		(351,344)		9,877		(15,692)		(357,159)
Impairment loss		(5,531)		—		(312)		(5,843)		—		(110)		(5,953)
Income (loss) from equity method investees		(41,256)		—		—		(41,256)		—		—		(41,256)
Additions of property, plant and equipment, intangible assets and right-of-use assets⁽¹⁾		251,534		103		112,136		363,773		(48,521)		34,994		350,246

Three months ended June 30, 2025
Revenue from healthcare services⁽¹⁾		3,207,936		17,416		—		3,225,352		—		—		3,225,352
Revenue from healthcare products⁽¹⁾⁽²⁾		54,871		—		1,003,476		1,058,347		—		—		1,058,347
Revenue from contracts with customers⁽¹⁾		3,262,807		17,416		1,003,476		4,283,699		—		—		4,283,699
Revenue from insurance contracts⁽¹⁾		—		488,279		—		488,279		—		—		488,279
Revenue from lease contracts⁽¹⁾		—		—		19,735		19,735		—		—		19,735
Revenue from external customers		3,262,807		505,695		1,023,211		4,791,713		—		—		4,791,713
Inter-segment revenue⁽²⁾		117,875		—		324,632		442,507		(442,507)		—		—
Revenue		3,380,682		505,695		1,347,843		5,234,220		(442,507)		—		4,791,713
Costs of revenue⁽²⁾		(2,603,301)		(486,685)		(923,025)		(4,013,011)		434,125		1,534		(3,577,352)
Research and development		—		—		(38,116)		(38,116)		—		—		(38,116)
Operating income (loss)⁽²⁾		346,402		(8,842)		89,023		426,583		(8,382)		7,082		425,283
Interest														(74,729)
Income before income taxes														350,554
Depreciation and amortization		(243,716)		(1,435)		(109,328)		(354,479)		9,406		(16,958)		(362,031)
Impairment loss		(10,003)		82		(3,283)		(13,204)		—		—		(13,204)
Income (loss) from equity method investees		45,175		—		—		45,175		—		—		45,175
Additions of property, plant and equipment, intangible assets and right-of-use assets⁽¹⁾		177,749		91		113,538		291,378		(10,942)		6,558		286,994

(1)	These line items are included to comply with requirements under IFRS 8 and IFRS 15 or are provided on a voluntary basis, but not included in the information regularly reviewed by the chief operating decision maker.

(2)	For amounts not reclassified related to the shift of the global pharmaceutical business from Care Enablement to Care Delivery, see discussion above.


Segment and corporate information (continued)
in € K
				Value-Based		Care		Total		Inter-segment
		Care Delivery		Care		Enablement		Segment		eliminations		Corporate		Total
Six months ended June 30, 2026
Revenue from healthcare services⁽¹⁾		6,335,565		61,116		—		6,396,681		—		—		6,396,681
Revenue from healthcare products⁽¹⁾		177,172		—		1,889,800		2,066,972		—		—		2,066,972
Revenue from contracts with customers⁽¹⁾		6,512,737		61,116		1,889,800		8,463,653		—		—		8,463,653
Revenue from insurance contracts⁽¹⁾		—		965,391		—		965,391		—		—		965,391
Revenue from lease contracts⁽¹⁾		—		—		43,669		43,669		—		—		43,669
Revenue from external customers		6,512,737		1,026,507		1,933,469		9,472,713		—		—		9,472,713
Inter-segment revenue		259,145		—		736,584		995,729		(995,729)		—		—
Revenue		6,771,882		1,026,507		2,670,053		10,468,442		(995,729)		—		9,472,713
Costs of revenue		(5,141,438)		(946,708)		(1,832,591)		(7,920,737)		935,108		2,390		(6,983,239)
Research and development		—		—		(77,939)		(77,939)		—		—		(77,939)
Operating income (loss)		706,134		6,292		185,886		898,312		(60,621)		(85,641)		752,050
Interest														(161,535)
Income before income taxes														590,515
Depreciation and amortization		(463,131)		(855)		(237,826)		(701,812)		19,927		(29,175)		(711,060)
Impairment loss		(75,400)		—		(4,263)		(79,663)		—		(35,330)		(114,993)
Income (loss) from equity method investees		66		—		—		66		—		—		66
Total assets⁽¹⁾		42,076,323		616,408		14,598,488		57,291,219		(38,114,002)		12,116,023		31,293,240
thereof investment in equity method investees⁽¹⁾		660,694		—		—		660,694		—		—		660,694
Additions of property, plant and equipment, intangible assets and right-of-use assets⁽¹⁾		454,200		141		230,377		684,718		(76,019)		59,365		668,064

Six months ended June 30, 2025
Revenue from healthcare services⁽¹⁾		6,458,118		43,547		—		6,501,665		—		—		6,501,665
Revenue from healthcare products⁽¹⁾⁽²⁾		132,433		—		2,005,105		2,137,538		—		—		2,137,538
Revenue from contracts with customers⁽¹⁾		6,590,551		43,547		2,005,105		8,639,203		—		—		8,639,203
Revenue from insurance contracts⁽¹⁾		—		991,639		—		991,639		—		—		991,639
Revenue from lease contracts⁽¹⁾		—		—		42,325		42,325		—		—		42,325
Revenue from external customers		6,590,551		1,035,186		2,047,430		9,673,167		—		—		9,673,167
Inter-segment revenue⁽²⁾		236,959		—		667,345		904,304		(904,304)		—		—
Revenue		6,827,510		1,035,186		2,714,775		10,577,471		(904,304)		—		9,673,167
Costs of revenue⁽²⁾		(5,342,930)		(979,314)		(1,845,280)		(8,167,524)		890,606		2,090		(7,274,828)
Research and development		—		—		(81,598)		(81,598)		—		—		(81,598)
Operating income (loss)⁽²⁾		666,399		(5,593)		183,324		844,130		(13,699)		(73,758)		756,673
Interest														(155,466)
Income before income taxes														601,207
Depreciation and amortization		(504,322)		(2,676)		(223,874)		(730,872)		20,242		(33,998)		(744,628)
Impairment loss		(17,079)		(2,192)		(5,699)		(24,970)		—		—		(24,970)
Income (loss) from equity method investees		93,008		—		—		93,008		—		—		93,008
Total assets⁽¹⁾		39,706,254		590,177		14,001,499		54,297,930		(34,403,317)		11,396,571		31,291,184
thereof investment in equity method investees⁽¹⁾		710,728		—		—		710,728		—		—		710,728
Additions of property, plant and equipment, intangible assets and right-of-use assets⁽¹⁾		387,485		198		225,823		613,506		(20,779)		11,975		604,702

(1)	These line items are included to comply with requirements under IFRS 8 and IFRS 15 or are provided on a voluntary basis, but not included in the information regularly reviewed by the chief operating decision maker.

(2)	For amounts not reclassified related to the shift of the global pharmaceutical business from Care Enablement to Care Delivery, see discussion above.