Fresenius Medical Care rises 1.9% before market open after third-quarter results
Key Facts
Fresenius Medical Care shares rose 1.9% in premarket trading on November 3, 2026, after the company reported third-quarter results, according to Investing.com. Revenue came to 4.937 billion euros, up 1% year over year, while adjusted operating income fell 5% to 545 million euros. By contrast, reported net income attributable to shareholders fell 42% to 160 million euros. The company narrowed its 2026 outlook to the lower half of its previous range, citing the operating income trajectory in the first nine months and expected pressure in the fourth quarter. This reflects a divergence between revenue growth and stable adjusted earnings per share on one hand, and declines in reported profitability measures on the other.
Group revenue was 4.937 billion euros in the third quarter, compared with 4.885 billion euros in the same period of 2025; however, revenue fell 1% at constant exchange rates, according to the company’s statement. By segment, Care Delivery revenue rose 3% to 3.492 billion euros, and Care Enablement revenue increased 7% to 1.451 billion euros. By contrast, Value-Based Care revenue fell 7% to 537 million euros. In the first nine months of the year, group revenue fell 1% to 14.409 billion euros, but grew 2% at constant exchange rates and 3% organically. The differing segment growth rates show that quarterly growth was not evenly distributed across the company’s businesses.
Reported operating income fell 19% to 384 million euros, while operating income excluding special items declined 5% to 545 million euros. The company said the decline in adjusted operating income was linked to regulatory and inflationary pressures, while savings from the FME25+ program offset part of their impact. Net income excluding special items also fell 10% to 291 million euros, compared with a steeper decline in the reported figure. Basic earnings per share were 0.61 euros, down 35% year over year, while remaining at 1.11 euros excluding special items. The chief financial officer said, "Ongoing improvements in underlying performance were confronted with the expected adverse effects of TDAPA regulations and increased inflationary pressures."
The company said it recorded one-time exceptional costs of 108 million euros related to refining its strategy in China, attributing most of them to impairment losses, asset disposal costs and contract terminations. By contrast, operating cash flow rose 8% to 798 million euros, from 742 million euros in the third quarter of 2025, with the company attributing the improvement mainly to working capital developments. In the Care Delivery segment, adjusted operating income rose 4% to 513 million euros, and the segment margin increased to 14.7% from 14.5% a year earlier. These figures point to differing performance between accounting profitability, cash flows and some operating activities. The company also said 348 U.S. clinics, representing 16% of its dialysis machines in the United States, had converted to the 5008X CAREsystem, with 1.3 million treatments delivered through September 30, 2026.
New CEO Shervin Korangy, three weeks into the role, said, "The opportunities ahead are exciting," and identified accelerating innovation, expanding access to care, improving outcomes and achieving profitable long-term growth as areas of focus. In the results statement, Korangy linked the narrowed outlook to the operating income trajectory in the first nine months and expected pressure in the fourth quarter. The company expects revenue to remain broadly stable in 2026 compared with the previous year, while operating income growth is projected to range from flat to a mid-single-digit decline. The CEO said the company had narrowed its outlook to the lower half of its previous range. The third-quarter financial report is scheduled for publication on November 6, 2026, while the company will report fourth-quarter and full-year 2026 results on February 23, 2027.