CREDIT PRESENTATION Fresenius Medical Care - August 2021
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Fresenius Medical Care
CREDIT
PRESENTATION
August 2021
© Copyright
Safe harbor statement: This presentation includes certain forward-looking statements within the
meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities
Act of 1934, as amended. In this presentation, the words “outlook”, “expects”, “anticipates”, “intends”,
“plans”, “believes”, “seeks”, “estimates” and similar expressions are generally intended to identify forward-
looking statements. Forward-looking statements are inherently subject to risks and uncertainties, many of
which cannot be predicted with accuracy or might not even be anticipated. The Company has based these
forward-looking statements on current estimates and assumptions which we believe are reasonable and which
are made to the best of our knowledge. Actual results could differ materially from those included in the
forward-looking statements due to various risk factors and uncertainties, including changes in business,
economic or competitive conditions, changes in reimbursement, regulatory compliance issues, regulatory
reforms, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, cyber
security issues and the availability of financing. Given these uncertainties, readers should not put undue
reliance on any forward-looking statements. These and other risks and uncertainties are discussed in detail in
Fresenius Medical Care AG & Co. KGaA’s (FMC AG & Co. KGaA) Annual Report on Form 20-F for the year ended
December 31, 2020, under the heading “Forward-Looking Statements” and under the headings in that report
referred to therein, and in FMC AG & Co. KGaA’s other reports filed with the Securities and Exchange
Commission (SEC) and the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse).
Forward-looking statements represent estimates and assumptions only as of the date that they were made.
The information contained in this presentation is subject to change without notice and the Company does not
undertake any duty to update the forward-looking statements, and the estimates and assumptions associated
with them, except to the extent required by applicable law and regulations. This presentation contains
estimates and other statistical data made by independent parties and by us relating to market share and other
data about our industry. This data involves a number of assumptions and limitations and you are cautioned not
to give undue weight to such estimates.
If not otherwise stated, the term “net income after minorities” refers to the net income attributable to the
shareholders of Fresenius Medical Care AG Co. KGaA. The term “EMEA” refers to the region Europe, Middle
East and Africa. Amounts are in Euro unless otherwise stated.
In addition to financial measures based on IFRS, FMC AG & Co. KGaA provides supplemental non-IFRS financial
information. Management uses non-IFRS measures in addition to IFRS measures to understand and compare
operating results across periods and for forecasting and other purposes. Management believes these non-IFRS
measures reflect results in a manner that enables more meaningful analysis of trends and facilitates
comparison of results across periods and to those of peer companies. The use of these non-IFRS measures has
limitations and they should not be considered as substitutes for measures of financial performance and
financial position as prepared in accordance with IFRS.
This presentation does not contain or constitute an offer to sell, or the solicitation of an offer to buy or to
subscribe for, securities of any person.
© Copyright
1 MARKET OVERVIEW & STRATEGY
AGENDA 2 BUSINESS UPDATE & FINANCIALS
3 CREDIT HIGHLIGHTS
WE ARE THE LEADING VERTICALLY INTEGRATED GLOBAL PLAYER
PRODUCTS SERVING MORE
LARGEST DIALYSIS
THAN HALF OF THE WORLD’S
NETWORK WORLDWIDE
DIALYSIS PATIENTS
14,114
3,745
757 396
1996 2020 1996 2020
Health Care Products revenue (€ million) Health Care Services revenue (€ million)
>150 m >50,000 1 out of 2 Products
>4,000 Every 0.6 ~350,000 >50 m Dialysis treat-
available ments provided
dialyzers dialysis HD patients dialysis seconds we pro- dialysis patients dialysis
machines worldwide in150 centers vide a dialysis treatments in around 50
treated with an countries treatment p. a. countries
FME machine worldwide
© │ Credit Relations Presentation August 2021 Page 4
FY 2020 | €17.9BN REVENUE
NORTH AMERICA EMEA
Operating Operating
Revenue Patients Clinics Revenue Patients Clinics
Income Income
70% 15%
€12.5bn €2,120m ~210,300 ~2,640 of total €2.8bn €412m ~66,000 ~800 of total
revenue revenue
+4%cc +20%cc 0% +2% +5%cc (6)%cc 0% +3%
LATIN AMERICA ASIA-PACIFIC
Operating Operating
Revenue Patients Clinics
Income 4% Revenue
Income
Patients Clinics 11%
of total of total
€0.7bn €(157)m ~37,200 ~250 revenue €1.9bn €344m ~33,100 ~400 revenue
+21%cc n.a. +7% +6% +3%cc +5%cc 0% 0%
cc = at constant currency
Segment revenue and operating income FY 2020, number of patients and clinics as of YE 2020, yoy change Service Product
revenue revenue
© │ Credit Relations Presentation August 2021 Page 5
OUR RECIPE FOR SUCCESS
EMPOWER PEOPLE. ADVANCE CARE. INSPIRE WITH OUR PURPOSE AND VALUES.
LEADERSHIP
Our Management
Board and top leadership
provides the foundation
DATA
MEDICAL
SCIENTISTS
Medical KPIs of more than EXPERTS
50 million treatments 5 1 Our 300+ medical experts
monitored and analyzed use data insights and latest
scientific findings
HEALTH CARE
PROFESSIONALS RESEARCH &
55,000 health care 4 2 DEVELOPMENT
professionals2 serving 1,200 highly qualified team
350,000 patients members, 10,000+ patents
in 50 countries
3
PRODUCTION
16,000 employees1 at 45 production
sites in more than 20 countries
1 Full-time equivalents as at Dec. 31, 2020 | 2 Include nurses, patient care technicians and physician services
© │ Credit Relations Presentation August 2021 Page 6
WE BELIEVE THAT HEALTH CARE IN THE FUTURE
WILL DIFFER FROM TODAY
Global ageing Health care
Life expectancy as well as staff shortages
population over 65 significantly Global health workforce shortage to
higher1,2 increase further in coming decades
Chronic diseases Cost pressure in
More chronic patients, longer health care systems
treatment spans3; rising Health care systems in need
costs of chronic diseases4 of sustainable solutions
System limitations
Fragmented care
System designed for acute,
One patient – several conditions –
lack of concepts for multimorbid,
numerous physicians
chronic patients
… disrupts the way we deliver health care
COVID-19 AND … will affect health care provision
DIGITALIZATION today. Big data analytics and artificial worldwide in many ways.
intelligence provide new insights. THE “NEW NORMAL”
1 Life expectancy has steadily increased for more than 150 years with no sign of deceleration. | 2 Between 2000 and 2030, the population over 65 years will more than double from 0.4 bn to 1.0 bn worldwide
(United Nations, Department of Economic and Social Affairs, Population Division (2019). World Population Prospects 2019, Volume II: Demographic Profiles (ST/ESA/SER.A/427)). | 3 The increasing number of
elderly citizens will lead to a rise in age-related chronic conditions. As people grow older, they will need to be treated longer for chronic conditions. In developed countries >50% of all people at retirement age
suffer from two or more chronic conditions simultaneously. | 4 Chronic diseases worldwide cause ~USD 8,000 billion in cost of illness every year.
© │ Credit Relations Presentation August 2021 Page 7
KEY DRIVERS FOR OUR CORE DIALYSIS BUSINESS
ADDRESSING GLOBAL HEALTH CARE CHALLENGES
AGEING GLOBAL DIALYSIS
POPULATION HYPERTENSION DIABETES PATIENTS
Global population People living People living People on main-
aged 65+1 with hypertension2 with diabetes3 tenance dialysis4
1.0 578 >6
2030
2030
2030
billion million million
+150% +280% +460%
One out of four
2000
2000
2000
0.4 people worldwide 151 1.07
billion has hypertension! million million
1 United Nations, Department of Economic and Social Affairs, Population Division (2019). World Population Prospects 2019, Volume II: Demographic Profiles (ST/ESA/SER.A/427)
2 WHO Global Health Observatory (people >18 years of age) | 3 IDF Diabetes Atlas 2019 (9th edition) | 4 FME Long Range Patient Projection
© │ Credit Relations Presentation August 2021 Page 8
2025 | MID-TERM STRATEGY
LEVERAGING OUR CORE COMPETENCIES
VALUE-BASED CARE CKD AND TRANSPLANTATION
Create medical value while keeping care Treat patients holistically across
affordable the Renal Care Continuum
NEW RENAL CARE MODELS RENAL CARE INNOVATIONS
Transforming renal care Disrupt the way we
with new digital tools do dialysis today
COMPLEMENTARY ASSETS CRITICAL CARE SOLUTIONS
Building out our network and leveraging Leverage expertise to address multiple
core competencies by partnerships, health challenges
investments and acquisitions
© │ Credit Relations Presentation August 2021 Page 9
SUSTAINABILITY PRIORITIES
COMMITTED TO LONG-TERM SUSTAINABLE DEVELOPMENT
INTEGRATION DRIVERS
Global effort
Global sustainability program drives strategic efforts to
integrate sustainability into our business over three years
from 2020-2022: focus on material areas Patients,
Employees, Anti-bribery and –corruption, Human/labor
rights, Data privacy and security, Environment, Sustainable
supply, Occupational health and safety
Targets
Management Compensation System 2020+ linked
to sustainability targets
Strategic approach
Long-term focus on activities that support our mission
to provide theXXXXX
best possible care and deliver sustainable
solutions for ever more patients in diverse health care
systems
© │ Credit Relations Presentation August 2021 Page 102020 SUSTAINABILITY PROGRESS
ON TRACK TO ACHIEVE CONTINUOUS IMPROVEMENTS
Commitment Performance Transparency
Global standards defined New global KPI defined >100 KPI included in
for patient care, human for patient feedback, Non-financial Report
& labor rights and product quality, Reporting along
supplier management sustainable supply, international standards
compliance SASB, TCFD, GRI
Common responsibilities Measurable progress Increased disclosure
SUSTAINABILITY HIGHLIGHTS
> 440 8% >170 37,000 Included in Dow
product improvements increased employee Green & Lean third parties assessed Jones Sustainability
implemented engagement rate initiatives to reduce for compliance risks Index for 11th time
environmental impact
© │ Credit Relations Presentation August 2021 Page 11THE WAY FORWARD
CAPTURING SUSTAINABLE, PROFITABLE GROWTH POTENTIAL
GEO REVENUE CAGR CONTRIBUTION CONTRIBUTION
VIEW 2020 – 2025 in % of Revenue 2025 in % of Operating Income 2025
MID-SINGLE TO
NASTRONG HISTORIC PERFORMANCE TO CONTINUE
MID-TERM TARGETS
2014 – 2019 2020 – 2025
REVENUE GROWTH MID
6%
CAGR, constant currency SINGLE DIGIT
NET INCOME GROWTH HIGH
8%
CAGR, constant currency SINGLE DIGIT
TAILWINDS HEADWINDS
▪ Contributions from partnerships, ▪ Regulatory changes
investments and acquisitions ▪ Reimbursement rate cuts
▪ Faster execution on strategy ▪ Labor costs increases
▪ Regulation changes supporting value-based care ▪ Impact from pandemics
Before special items
© │ Credit Relations Presentation August 2021 Page 13MID-TERM TARGETS 2020-2025
Assumptions:
It is assumed that FME25 compensates
REVENUE NET INCOME for the anticipated COVID-19 related
(CAGR, constant (CAGR, constant effects
currency growth in %) currency growth in %)
Excluding special items:
Mid-single digit High-single digit Special items include costs related to
FME25 and effects that are unusual in
nature and have not been foreseeable or
not foreseeable in size or impact at the
time of giving guidance.
© │ Credit Relations Presentation August 2021 Page 141 MARKET OVERVIEW & STRATEGY
AGENDA 2 BUSINESS UPDATE & FINANCIALS
3 CREDIT HIGHLIGHTSQ2 2021 | DEVELOPMENT AS EXPECTED
> COVID-19 pandemic continued to impact organic growth
> Accumulation of patient excess mortality continued in Q2
but significantly reduced
> In addition, phasing and strong prior-year base impacted
earnings
> Negative exchange rate effects
> Financial targets 2021 confirmed
> ESRD PPS proposed rule for 2022 as expected
© │ Credit Relations Presentation August 2021 Page 16H1 2021 | HIGH TREATMENT QUALITY REMAINS KEY
+2% Clinics (1%) Patients
4,125 345,646
Quality remains
(1%) Treatments
on a consistently
26,212,741 high level
As of June 30, 2021
© │ Credit Relations Presentation August 2021 Page 17Q2 2021 | DELIVERING HIGH QUALITY PATIENT CARE
NORTH AMERICA EMEA LATIN AMERICA ASIA-PACIFIC
% of patients Q2 2021 Q2 2020 Q2 2021 Q2 2020 Q2 2021 Q2 2020 Q2 2021 Q2 2020
Kt/V ≥ 1.2 97 97 93 93 94 90 94 94
Hemoglobin = 10–12 g/dl 72 73 82 82 49 46 51 52
Calcium = 8.4–10.2 mg/dl 81 81 77 77 74 75 71 72
Albumin ≥ 3.5 g/dl 80 80 89 89 91 90 88 89
Phosphate ≤ 5.5 mg/dl 56 57 78 77 77 77 65 65
Patients without catheter
79 80 77 77 78 79 81 81
(after 90 days)
in days
Days in hospital per patient year 9.8 9.8 7.9 7.3 4.1 3.9 4.0 2.6
Definitions of quality parameters cf. 2020 Annual Report, Section “Non-Financial Group Report”
© │ Credit Relations Presentation August 2021 Page 18CONFIRMED COVID-19 CASES SINCE JANUARY 2020
GENERAL POPULATION CASES GLOBALLY FME PATIENT CASES GLOBALLY
Vaccination of approx.
71 percent of patients at
900,000 3,000 least with first dose.
800,000
2,500
700,000
600,000 2,000
500,000
1,500
400,000
300,000 1,000
200,000
500
100,000
0- 0
Rolling 7-day average of daily new confirmed COVID-19 cases. Left chart: global data of John Hopkins University CSSE COVID-19
Data (July 12, 2021), right chart: FME data based on internal sources
August
© │ Credit Relations Presentation Page 19
2021SEQUENTIAL DECLINE OF EXCESS MORTALITY GLOBALLY
QUARTERLY EXCESS MORTALITY VS. 2019 BASE
3,705 LTM ▪ Significant
reduction in
2,934 3,100 COVID-19-related
2,739 excess deaths
▪ LTM excess
mortality amounts
1,489 to 11,228
1,001 ▪ Total number of
excess deaths vs.
2019 base since Q1
2020 amounts to
14,968
Q1 Q2 Q3 Q4 Q1 Q2
2020 2021
© │ Credit Relations Presentation August 2021 Page 20Q2 2021 | EARNINGS DECLINED AS ANTICIPATED
Q2 2021 Q2 2020 Growth Growth
€ million € million in % in %cc
Revenue 4,320 4,557 (5) 2 ▪ COVID-19
adversely impacted
revenue and
earnings
Operating income 424 656 (35) (30) development
▪ Continued
Operating income headwinds from FX
430 656 (34) (29)
excl. special items1
▪ Earnings growth
impacted by high
prior year base due
Net income 219 351 (38) (33) to government
relief funding
Net income
223 351 (37) (31)
excl. special items1
cc = at constant currency
1 Special items relate to costs associated with FME25
© │ Credit Relations Presentation August 2021 Page 21Q2 2021 | ORGANIC GROWTH DESPITE COVID-19
NORTH AMERICA € million
Revenue 2,953 (9%)
NORTH AMERICA
Organic growth (1%) EMEA
69%
16%
EMEA
4,320
€ million
€m ASIA-PACIFIC
Revenue 693 1% 11%
+1%
Organic growth 2% (Organic)
ASIA-PACIFIC € million LATIN AMERICA
4%
Revenue 486 8%
Organic growth 10%
▪ Unfavorable FX effects across all regions
▪ North America impacted by Calcimimetics
LATIN AMERICA € million
▪ Positive organic growth in EMEA, Asia-Pacific
Revenue 171 1% and Latin America despite continued effects
Organic growth 15% from COVID-19
© │ Credit Relations Presentation August 2021 Page 22Q2 2021 SERVICES | PRESSURES FROM FX AND COVID-19
Same market
Organic
Q2 2021 Q2 2020 Growth Growth treatment
growth
€ million € million in % in %cc
in %
growth Drivers
Revenue in %
Health Care Services 3,400 3,614 (6) 2 1 (1)
North America 2,695 2,951 (9) 0 (1) (2)
+ Organic growth
impacted by
EMEA 341 341 0 2 0 (4)
- COVID-19
Asia-Pacific 227 196 16 22 19 6
- Calcimimetics
Latin America 123 119 3 22 21 3
+ Sequentially
improving same
store growth in
EMEA the U.S.
10%
3,400 − FX Translation
NORTH AMERICA €m ASIA-PACIFIC
79% +1% 7%
(Organic)
LATIN AMERICA
4% cc = at constant currency
© │ Credit Relations Presentation August 2021 Page 23Q2 2021 PRODUCTS | ROBUST BUSINESS PERFORMANCE
Organic
Q2 2021 Q2 2020 Growth Growth
€ million € million in % in %cc
growth
Revenue in % Drivers
Health Care Products 920 943 (3) 2 1
North America 258 289 (11) (2) (2) + In-center
EMEA 352 346 1 3 3 disposables in
EMEA and Asia-
Asia-Pacific 259 254 2 3 3
Pacific
Latin America 48 51 (5) 5 1
+ Machines for
chronic treatment
+ Renal
EMEA NORTH AMERICA pharmaceuticals
38% 29%
920 − FX translation
€m
+1%
− Products for acute
LATIN AMERICA (Organic) ASIA-PACIFIC care
5% 28%
cc = at constant currency
© │ Credit Relations Presentation August 2021 Page 24Q2 2021 | COVID-19 ADVERSELY AFFECTING MARGINS
Operating income in €m and margins in %
1.5% Q2 operating income drivers
17.3%
10.6% 3
84 134
13.5% 9.8% ‒ Adverse impact from COVID-19, including
73
a higher prior-year base
‒ Expected phasing and higher SG&A
expense
398 424
‒ Exchange rate effects
‒ Increased costs due to macroeconomic
inflationary effects (labor and supplies)
North EMEA Asia- Latin Corporate Group + Improved Medicare Advantage payor mix
America Pacific America Cost in the U.S.
© │ Credit Relations Presentation August 2021 Page 25H1 2021 | OPERATING MARGIN DEVELOPMENT
13.4% (2.3pp)
H1 operating income margin drivers
‒ Adverse impact from COVID-19
‒ Increased costs due to macroeconomic
(1.2pp) inflationary effects (labor and supplies)
+1.0pp ‒ Positive prior-year effect from divestiture of
10.5%
vascular and cardiovascular clinics
(0.4pp) + Improved Medicare Advantage payor mix
in the U.S.
H1 2020 COVID-19 Higher costs Sale of Medicare H1 2021
operating for labor clinics Advantage operating
income and supplies income
margin margin
pp = percentage points
© │ Credit Relations Presentation August 2021 Page 262021 TARGETS CONFIRMED
Assumptions:
• Excess mortality to continue to
REVENUE NET INCOME
accumulate in the first half of 2021,
(constant currency (constant currency returning to normalized mortality pattern
growth in %) decline in %) in the second half of 2021
• COVID-19-related additional costs in the
+ - Dialysis Services business to remain on
high level
• Besides the extended suspension of the
Low to mid- High-teens to Medicare sequestration through March
single digits mid-twenties 2021 no further major public relief
funding assumed
Excluding special items:
Special items include costs related to FME25
and effects that are unusual in nature and
2020: EUR 17,859m 2020: EUR 1,359m have not been foreseeable or not
foreseeable in size or impact at the time of
giving guidance.
© │ Credit Relations Presentation August 2021 Page 271 MARKET OVERVIEW & STRATEGY
AGENDA 2 BUSINESS UPDATE & FINANCIALS
3 CREDIT HIGHLIGHTSCREDIT HIGHLIGHTS
Consistent cash Broad mix of financing
generation Instruments
Sustainable revenue and Well-balanced maturity
EBITDA growth profile
IG rating supporting
Proven track record of
strong access to capital
deleveraging
markets
© │ Credit Relations Presentation August 2021 Page 29CONSISTENT CASH GENERATION
OPERATING CASH FLOW in % of revenue CAPEX (net) in % of revenue
6.1 6.4 5.8
23.72 5.5 5.5
4.7 4.5
11.4 11.7 12.3 12.5 14.7 13.2 6.11
12.01
2015 2016 2017 2018 2019 2020 H1/21 2015 2016 2017 2018 2019 2020 H1/21
H1 2021 H1 2020
FREE CASH FLOW3 in % of revenue € million € million
Operating cash flow 1,129 2,903
17.92 in % of revenue 13.2% 32.1%
6.0 6.1 7.6 6.4 8.3 8.8 Capital expenditures, net (380) (496)
5.91 Free cash flow3 749 2,407
2015 2016 2017 2018 2019 2020 H1/21 Free cash flow in % of
8.8% 26.6%
revenue3
1 Adjusted for FCPA related charges, the implementation of IFRS 16, the gain (loss) related to divestitures of Care Coordination activities
and the cost optimization costs. All effects from the acquisition of NxStage are excluded as well
2 The increase in cash and cash equivalents as of December 31, 2020 was primarily related to federal relief funding and advanced
payments under the CARES Act and other COVID-19 relief
3 Non-IFRS number. See 2020 Form 20-F for reconciliation to most comparable IFRS number
© │ Credit Relations Presentation August 2021 Page 30DELEVERAGING TRACK RECORD
Net leverage ratio
Mid-term
4.0 Acquisition of commitment: Acquisition of Acquisition of
3.0 – 3.5x Standard &
incl. IFRS 16 Poor’s
Net debt/ BBB
3.5 EBITDA
target corridor Outlook stable
3.2x 3.2x1
3.1x 3.1x3 3.1x3
3.0x 2.9x3 Moody’s
3.0 2.9x 3.1x
2.7x 2.7x 2.7x
2.6x 2.9x Baa3
2.5x 2.7x2 Outlook stable
2.5
2.3x 2.3x
2.5x 2.5x 2.5x
Fitch
2.2x 2.2x
2.0 2.1x
BBB-
1.8x Outlook stable
1.8x
1.5
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Q1 Q2
2021 2021
1 As of 2019 including IFRS 16
2 Net debt decrease in FY 2020 mainly driven by the increase in cash and cash equivalents which was primarily related to federal
relief funding and advanced payments under the U.S. CARES Act and other COVID-19 relief
3 Excl. U.S. federal relief funding and advanced payments under the CARES Act
© │ Credit Relations Presentation August 2021 Page 31DIVERSIFIED FINANCING MIX
FINANCING INSTRUMENTS CURRENCY MIX
▪ Optimization of funding
costs and
financial flexibility
▪ Diversification of
BONDS OTHER USD
53% 55%
investor base
4%
OTHER
6%
~€13.1 ~€13.1
billion ▪ Strong liquidity
billion
COMMERCIAL provided by sufficient
PAPER financial cushion
6%
LEASE EUR ▪ €2bn Sustainability-
LIABILITIES 41% linked Revolving Credit
35% Facility signed on July 1
Financing and currency mix as of June 30, 2021
© │ Credit Relations Presentation August 2021 Page 32WELL BALANCED MATURITY PROFILE1
€ million
Average Maturity:
2,000 5.1 years
1,500
1,000
1,815
1,388
500 921
750
589 650
500
337
0
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Bonds
1 As of June 30, 2021, and based on utilization of major financing instruments, excl. Commercial Paper
© │ Credit Relations Presentation August 2021 Page 33STRONG ACCESS TO CAPITAL MARKETS
Major Financing Instruments
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Bonds €250m €800m €250m $900m €500m $500m €1.25bn $1.5bn1
$1.05bn $1.5bn €1.75bn $1.0bn
Syndicated $3.9bn $4.4bn $3.9bn €2.0bn2
Loans
Convertible €400m
Bonds
A/R Facility $700m $800m $800m $900m
1 May 2021: $850m 2021-2026 and $650m 2021-2031 bonds issued by Fresenius Medical Care US Finance III, Inc.
2 July 1, 2021: €2.0bn multicurrency Sustainability-linked Syndicated Revolving Credit Facility
© │ Credit Relations Presentation August 2021 Page 34Appendix
Q2 2021 | PROFIT AND LOSS
Q2 2021 Q2 2020 Growth Growth
€ million € million in % in %cc
Revenue 4,320 4,557 (5) 2
Operating income 424 656 (35) (30)
Operating income margin in % 9.8 14.4
Operating income excl. special items 430 656 (34) (29)
Operating income margin in % excl. special items 10.0 14.4
Net interest expense 69 92 (25) (19)
Income before taxes 355 564 (37) (32)
Income tax expense 75 137 (45) (40)
Tax rate in % 21.2 24.3
Non-controlling interest 61 76 (20) (12)
Net income 219 351 (38) (33)
Net income excl. special items 223 351 (37) (31)
cc = at constant currency
© │ Credit Relations Presentation August 2021 Page 36H1 2021 | PROFIT AND LOSS
H1 2021 H1 2020 Growth Growth
€ million € million in % in %cc
Revenue 8,530 9,045 (6) 2
Operating income 898 1,211 (26) (20)
Operating income margin in % 10.5 13.4
Operating income excl. special items 907 1,211 (25) (19)
Operating income margin in % excl. special items 10.6 13.4
Net interest expense 145 196 (26) (20)
Income before taxes 753 1,015 (26) (20)
Income tax expense 169 237 (29) (23)
Tax rate in % 22.5 23.4
Non-controlling interest 116 144 (19) (11)
Net income 468 634 (26) (21)
Net income excl. special items 474 634 (25) (20)
cc = at constant currency
© │ Credit Relations Presentation August 2021 Page 37H1 2021 SERVICES
Same market
Organic
H1 2021 H1 2020 Growth Growth treatment
growth
€ million € million in % in %cc
in %
growth
Revenue in %
Health Care Services 6,726 7,209 (7) 2 1 (1)
North America 5,338 5,859 (9) 0 (1) (3)
EMEA 674 682 (1) 1 0 (3)
Asia-Pacific 455 414 10 15 15 7
Latin America 238 240 (1) 20 18 3
EMEA
6,726 10%
NORTH AMERICA €m ASIA-PACIFIC
79% +1% 7%
(Organic)
LATIN AMERICA
4% cc = at constant currency
© │ Credit Relations Presentation August 2021 Page 38H1 2021 PRODUCTS
Organic
H1 2021 H1 2020 Growth Growth
€ million € million in % in %cc
growth
Revenue in %
Health Care Products 1,804 1,836 (2) 3 3
North America 514 567 (9) (1) (1)
EMEA 688 684 1 2 3
Asia-Pacific 502 479 5 7 7
Latin America 92 98 (6) 9 7
EMEA NORTH AMERICA
38% 29%
1,804
€m
+3%
LATIN AMERICA (Organic) ASIA-PACIFIC
5% 28%
cc = at constant currency
© │ Credit Relations Presentation August 2021 Page 39DEBT
RECONCILIATION OF NON-IFRS FINANCIAL MEASURES TO THE MOST DIRECTLY COMPARABLE IFRS FINANCIAL MEASURES
Q2 2021 FY 2020 FY 2019
€ million € million € million
Debt
Short term debt from unrelated parties 1,322 63 1,150
+ Short term debt from related parties 63 17 22
+ Current portion of long-term debt 635 1,008 1,447
+ Current portion of long-term lease liabilities from unrelelated
606 588 622
parties
+ Current portion of long-term lease liabilities from related
21 21 17
parties
+ Long-term debt, less current portion 6,499 6,800 6,458
+ Long-term lease liabilities from unrelated parties, less current
3,861 3,764 3,960
portion
+ Long-term lease liabilities from related parties, less current
109 119 106
portion
Total debt and lease liabilities 13,116 12,380 13,782
− Cash and cash equivalents (1,408) (1,082) (1,008)
Total net debt and lease liabilities 11,708 11,298 12,774
© │ Credit Relations Presentation August 2021 Page 40EBITDA
RECONCILIATION OF ANNUALIZED ADJUSTED EBITDA AND NET LEVERAGE RATIO TO THE MOST DIRECTLY COMPARABLE
IFRS FINANCIAL MEASURES
Q2 2021 LTM FY 2020 FY 2019
€ million € million € million
Net income 1,243 1,435 1,439
+ Income tax expense 432 501 402
− Interest income (51) (42) (62)
+ Interest expense 368 410 491
+ Depreciation and amortization 1,556 1,587 1,553
+ Adjustments 256 249 110
Adjusted EBITDA (annualized) 3,804 4,140 3,933
Net leverage ratio (Net debt/EBITDA) 3.1 2.7 3.2
Adjustments: Acquisitions and divestitures made for the last twelve months with a purchase price above a €50 M threshold as defined in
the Amended 2012 Credit Agreement (2021: €4 M), non-cash charges, primarily related to pension expense (2021: €50 M; 2020: €50 M)
and impairment loss (2021: €202 M; 2020: €199 M).
© │ Credit Relations Presentation August 2021 Page 412020 BASE FOR TARGETS 2021, RECONCILIATION ADJUSTMENTS
FY 2020 Q1 2020 Q2 2020 Q3 2020 Q4 2020
€ million € million € million € million € million
Revenue 17,859 4,488 4,557 4,414 4,400
Net income excl. special items 1,359 283 351 354 372
RECONCILIATION OF NON-IFRS FINANCIAL MEASURES TO THE MOST DIRECTLY COMPARABLE IFRS FINANCIAL
MEASURES
Q2 2021 Q2 2020
€ million € million
Revenue 4,320 4,557
Net income 219
Special item: costs relating to FME25 4
Net income excl. special items 223 351
© │ Credit Relations Presentation August 2021 Page 42RETURN ON INVESTED CAPITAL (ROIC)
▪ Long-term value
12.4% rep. creation based on
accretive
acquisitions and
organic growth
▪ 2018 positive impact
from Sound
8.6% divestiture
7.8% 8.0% adj. 8.0% adj.
▪ 2019 negative
7.1% 6.6% excl. special item impact from
6.1% rep. 5.9% excl. special item
NxStage acquisition
5.8% rep. ▪ 2020 and 2021
5.4% rep. negative impact
2015 2016 2017 2018 2019 2020 Q2 2021 from Latin America
impairment
• For the years 2015-17 ROIC as reported within the Form-20-F.
• ROIC adjusted in 2018 for the divestiture of Care Coordination activities, FCPA related charge, U.S. Ballot Initiatives, U.S. tax reform /
including these effects, ROIC for FY 2018 was 12.4%
• ROIC adjusted in 2019 for the effects of IFRS 16, NxStage, FCPA, Cost optimization costs, divestiture of Care Coordination activities /
including these effects, ROIC for FY 2019 was 6.8% (excl. IFRS 16)
• ROIC in 2020 and 2021 excl. the impact of the Latin America impairment (special item)
• ROIC for 2020 and 2021 was 7.5% and 6.6% excl. IFRS 16 and excl. Latin America impairment
© │ Credit Relations Presentation August 2021 Page 43EXCHANGE RATES, U.S. DIALYSIS DAYS PER QUARTER, DEFINITIONS
EXCHANGE RATES U.S. DIALYSIS DAYS PER QUARTER
Euro vs. Q2 2021 Q2 2020 FY 2020 Q1 Q2 Q3 Q4 Full year
€:$ Period end 1.188 1.120 1.227 2021 77 78 79 79 313
Average 1.205 1.102 1.142 2020 77 78 79 79 313
2019 76 78 79 80 313
€:CNY Period end 7.674 7.922 8.023 2018 77 78 78 80 313
2017 77 78 79 79 313
Average 7.796 7.751 7.875
2016 78 78 79 79 314
2015 76 78 79 79 312
€:RUB Period end 86.773 79.630 91.467
Average 89.550 76.669 82.725
DEFINITIONS
€:ARS Period end 113.570 79.073 102.900
Average 110.163 71.164 81.042
cc Constant currency
HD Hemodialysis
€:BRL Period end 5.905 6.111 6.374 PD Peritoneal dialysis
Average 6.490 5.410 5.894 Net income Net income attributable to shareholders of FME
© │ Credit Relations Presentation August 2021 Page 44Q2 2021 | PATIENTS, TREATMENTS, CLINICS
Patients Treatments Clinics Patients Treatments Clinics
as of June 30, as of June 30, as of June 30, as of June 30, as of June 30, as of June 30,
2021 2021 2021 2020 2020 2020
North America 210,621 16,006,110 2,662 212,149 16,303,730 2,614
Growth in % (1) (2) 2 2 4 1
EMEA 65,401 4,903,686 815 67,220 5,056,261 797
Growth in % (3) (3) 2 2 2 2
Asia-Pacific 33,491 2,357,958 404 31,893 2,286,601 380
Growth in % 5 3 6 0 2 (5)
Latin America 36,133 2,944,987 244 36,421 2,881,731 245
Growth in % (1) 2 0 8 11 6
Total 345,646 26,212,741 4,125 347,683 26,528,323 4,036
Growth in % (1) (1) 2 2 4 1
© │ Credit Relations Presentation August 2021 Page 452021 | SIMPLIFICATION OF REPORTING GOING FORWARD
FY 2020 FY 2019 Growth FY 2020 FY 2019 Growth
€ million € million in % € million € million in %
Revenue Revenue
Health Care Services 14,114 13,872 2 Health Care Services 14,114 13,872 2
North America 11,364 11,157 2 North America 11,364 11,157 2
of which Care Coordination 1,307 1,184 10
Asia-Pacific 876 862 2
Asia-Pacific 876 862 2
of which Care Coordination 249 241 3
FY 2020 FY 2019 Growth FY 2020 FY 2019 Growth
€ million € million in % € million € million in %
Revenue Revenue
Health Care Products 3,745 3,605 4 Health Care Products 3,745 3,605 4
Dialysis Products 3,644 3,529 3
Non-Dialysis Products 101 76 34
© │ Credit Relations Presentation August 2021 Page 46FINANCIAL CALENDAR 2021
REPORTING DATES
August 13 Financial report of the group (half-year/Q2)
November 2 Q3 2021 Earnings Release and Conference Call
November 12 Quarterly financial report within the 2nd half-year (Q3)
CONFERENCES & MEET THE MANAGMENT
August 31 Commerzbank - Corporate Conference 2021
September 9 Goldman Sachs -18th Annual European Medtech & Healthcare Services Conference
September 14 Morgan Stanley - 19th Annual Global Healthcare Conference
September 14 Morningstar - Management Behind the Moat Virtual Conference 2021
September 16 BofA - Global Healthcare Conference 2021
September 20 Expert Call Innovating Dialysis with Dr. Olaf Schermeier
September 21 Berenberg + Goldman Sachs - 10th German Corporate Conference
September 23 Bernstein’s 18th Pan European Annual Strategic Decisions Conference
Please note that dates and/or participation might be subject to change
© │ Credit Relations Presentation August 2021 Page 47CONTACTS
DR. DOMINIK HEGER ROBERT ADOLPH
FME INVESTOR
Head of Investor Relations, Strategic Vice President
RELATIONS Development & Communications | EVP Investor Relations
Else-Kröner-Str. 1
61352 Bad Homburg v.d.H. +49(0) 6172-609-2601 +49(0) 6172-609-2477
Germany dominik.heger@fmc-ag.com robert.adolph@fmc-ag.com
TICKER:
FME or FMS (NYSE) PHILIPP GEBHARDT ALICIA CAHILL
WKN: Director Senior Manager
578 580 Investor Relations Investor Relations
ISIN: +49(0) 6172-609-95011 +1 860-609-2394
DE00057858002 philipp.gebhardt@fmc-ag.com alicia.cahill@fmc-ag.com
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