【摩根大通证券-2025研报】费森尤斯医疗：CMD前的公关情况....pdf

MarjanDaeipour-SpecialistSales-EuropeanHealthcareAC(4420)7134-132EuropeSpecialistSalesJPMORGAN

marjan.daeipour@

J.P.MorganSecuritiesplc17June2025

FreseniusMedicalCare:PRaheadofCMD...

MarjanDaeipour

+442071341329

marjan.daeipour@

PRoutaheadoftheCMD,whichkicksoffat10amUKtime.SBBof€1bnover2yrsisinlinewithJPMe/EUbuyside.

Costsavings:adding300montopofFME25sogoingfrom€750mto€1.05bnbytheendof2027.

Capextargetsis€800m-1bnpabetween‘25-30isastepupvslowerlevelsofcapexinrecentyears.

OnOperatingmargins,their“aspiration”ismidteensoperatingprofitmarginby2030(consforFY29at12.9%)-whilethisreads

positive,thereisexecutionriskaroundthisgiventheirvolumesassumptionsof4-5%globallybetween‘25-35withUSvolumegr

of2%+vszerooverthepast5yrs.

Comment/feedbackwelcome.

Regards,

Marjan

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