v3.26.1
Notes to the consolidated statements of income (Tables)
6 Months Ended
Jun. 30, 2026
Notes to the consolidated statements of income  
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 June 30, 2026

Healthcare services

3,252,174

  ​ ​ ​

  ​ ​ ​

3,252,174

Healthcare products

 

1,065,085

24,935

1,090,020

Insurance contracts

518,372

518,372

Total

 

4,317,259

518,372

24,935

4,860,566

  ​ ​ ​

For the three months ended June 30, 2025

Revenue from

Revenue from

  ​ ​ ​

contracts with

  ​ ​ ​

insurance

  ​ ​ ​

Revenue from

  ​ ​ ​

  ​ ​ ​

customers

  ​ ​ ​

contracts

  ​ ​ ​

lease contracts

  ​ ​ ​

Total

Healthcare services

3,225,352

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

3,225,352

Healthcare products

 

1,058,347

19,735

1,078,082

Insurance contracts

488,279

488,279

Total

 

4,283,699

488,279

19,735

4,791,713

  ​ ​ ​

For the six months ended June 30, 2026

Revenue from

Revenue from

  ​ ​ ​

contracts with

  ​ ​ ​

insurance

  ​ ​ ​

Revenue from

  ​ ​ ​

  ​ ​ ​

customers

  ​ ​ ​

contracts

  ​ ​ ​

lease contracts

  ​ ​ ​

Total

Healthcare services

6,396,681

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

6,396,681

Healthcare products

 

2,066,972

43,669

2,110,641

Insurance contracts

965,391

965,391

Total

 

8,463,653

965,391

43,669

9,472,713

  ​ ​ ​

For the six months ended June 30, 2025

Revenue from

Revenue from

  ​ ​ ​

contracts with

  ​ ​ ​

insurance

  ​ ​ ​

Revenue from

  ​ ​ ​

  ​ ​ ​

customers

  ​ ​ ​

contracts

  ​ ​ ​

lease contracts

  ​ ​ ​

Total

Healthcare services

6,501,665

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

6,501,665

Healthcare products

 

2,137,538

42,325

2,179,863

Insurance contracts

991,639

991,639

Total

 

8,639,203

991,639

42,325

9,673,167

Schedule of disaggregation of revenue by categories

Disaggregation of revenue by categories

in € K

  ​ ​ ​

For the three months ended

  ​ ​ ​

For the six months ended

June 30,

June 30,

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

Care Delivery

  ​ ​ ​

3,478,314

3,380,682

6,771,882

6,827,510

Thereof: U.S.

2,896,823

2,817,322

5,662,243

5,708,592

Thereof: International

581,491

563,360

1,109,639

1,118,918

Value-Based Care

536,137

505,695

1,026,507

1,035,186

Care Enablement

1,371,060

1,347,843

2,670,053

2,714,775

Inter-segment eliminations

(524,945)

(442,507)

(995,729)

(904,304)

Total

4,860,566

4,791,713

9,472,713

9,673,167

Schedule of selling, general and administrative expenses

Selling, general and administrative expense

in € K

  ​ ​ 

For the three months ended 

  ​ ​ 

For the six months ended 

June 30,

June 30,

2026

  ​ ​ 

2025

2026

  ​ ​ 

2025

Distribution costs (1)

151,132

152,888

298,667

309,373

General and administrative expense (1)

584,880

639,091

1,186,283

1,233,292

Selling, general and administrative expense

736,012

791,979

1,484,950

1,542,665

(1)

The Company reclassified €31,364 and €65,372 from “Distribution costs” to “General and administrative expense” for the three and six months ended June 30, 2025 as a result of a change in accounting policy made to improve the presentation of core administrative functions that support the Company’s operational infrastructure, particularly in relation to patient service-related costs within the revenue cycle management process, including insurance verification, pre-authorizations, coding, claims submission, cash posting, and denial management.

Schedule of amounts included in other operating income

Other operating income

in € K

  ​ ​ ​

For the three months ended

  ​ ​ ​

For the six months ended

June 30,

June 30,

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

Foreign exchange gains

169,696

293,395

294,442

408,311

Gains on right-of-use assets, from the sale of fixed assets, clinics and investments

(1,682)

4,109

13,693

6,571

Revaluation of certain investments (1)

3,258

7,506

3,258

7,506

Income from strategic transactions and programs

14,264

7,483

14,264

7,937

Changes in fair value of the derivatives embedded in Virtual Power Purchase Agreements (vPPAs)

100

18,810

4,111

28,597

Other

21,970

11,642

36,223

25,338

Other operating income

207,606

342,945

365,991

484,260

Schedule of amounts included in other operating expense

Other operating expense

in € K

  ​ ​ ​

For the three months ended

  ​ ​ ​

For the six months ended

  ​ ​ ​

June 30,

June 30,

  ​ ​ ​

2026

  ​ ​ ​

2025

2026

  ​ ​ ​

2025

Foreign exchange losses

169,993

311,644

298,501

433,821

Losses on right-of-use assets, from the sale of fixed assets, clinics and investments

1,436

1,626

2,383

2,962

Revaluation of certain investments (1)

 

20

(2,460)

6,380

65,146

Expenses from strategic transactions and programs

30,604

15,976

165,592

40,859

Changes in fair value of the derivatives embedded in vPPAs

13,739

4,187

20,423

10,646

Other

19,043

16,130

47,313

41,237

Other operating expense

234,835

347,103

540,592

594,671

(1)

Primarily driven by the remeasurement of the Company’s investment in Humacyte, Inc. for the three and six months ended June 30, 2026 and 2025.

Schedule of expenses from strategic transactions and programs

Expenses from strategic transactions and programs

in € K

  ​ ​ ​

For the three months ended

  ​ ​ ​

For the six months ended

June 30,

June 30,

2026

  ​ ​ ​

2025

2026

  ​ ​ ​

2025

Impairment of intangible and tangible assets(1)

 

18,559

10,861

123,695

12,468

Legacy Portfolio Optimization

227

10,540

227

12,147

FME25+ Program

 

18,332

321

123,468

321

Impairment resulting from the measurement of assets held for sale

 

2,846

8,864

Legacy Portfolio Optimization

2,846

8,864

Loss from the sale of business

650

Legacy Portfolio Optimization

650

Other(2)

12,045

2,269

41,247

19,527

FME25+ Program

3,369

21,781

Legacy Portfolio Optimization

8,676

1,116

19,466

18,065

Legal Form Conversion Costs

1,153

1,462

Expenses from strategic transactions and programs

 

30,604

15,976

165,592

40,859

(1)For the three and six months ended June 30, 2026 and 2025, the amounts primarily relate to costs of revenue and, to a lesser extent, to selling, general and administrative expense.
(2)For the three months ended June 30, 2026, the amounts relate primarily to selling, general and administrative expense and, to a lesser extent, to costs of revenue. For the six months ended June 30, 2026, the amounts primarily relate to costs of revenue and, to a lesser extent, to selling, general and administrative expense. For the three and six months ended June 30, 2025, the amounts primarily relate to selling, general and administrative expense.
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 six months ended

  ​ ​ ​

June 30,

June 30, 

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

Numerator:

 

 

  ​

 

  ​

Net income attributable to shareholders of FME AG

218,377

225,270

 

335,906

 

376,492

Denominators:

 

 

Weighted average number of shares outstanding

268,438,292

293,413,449

271,823,512

293,413,449

Potentially dilutive shares (see note 10)

Basic earnings per share

 

0.81

0.77

1.24

1.28

Diluted earnings per share

 

0.81

0.77

1.24

1.28

Schedule of number of shares acquired in the context of the share buyback 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 € K

August 2025

 

2,084,733

 

42.68

 

2,084,733

 

511,021

September 2025

1,479,790

42.45

1,479,790

448,210

October 2025

788,260

46.38

788,260

411,651

November 2025

4,164,232

41.10

4,164,232

240,485

December 2025

5,607,549

40.26

5,607,549

January 2026

2,898,373

37.29

2,898,373

305,474

February 2026

2,596,794

39.67

2,596,794

202,449

March 2026

3,705,233

38.72

3,705,233

58,973

April 2026

1,523,855

38.67

1,523,855

May 2026

155,000

37.15

155,000

594,242

June 2026

2,299,945

39.49

2,299,945

503,409

Total repurchased shares (1)

 

27,303,764

 

40.12

 

27,303,764

 

503,409

Cancellation of repurchased shares

 

24,848,819

 

40.19

 

24,848,819

 

Treasury Stock held on June 30, 2026

 

2,454,945

 

39.35

 

2,454,945

 

(1)The difference between the maximum value of shares that may yet be purchased under the Company’s share buyback program and the liability for such shares of €19,281 as of June 30, 2026 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.