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