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Presentation to Credit Investors

August 2018

Frankfurt stock exchange: FRE │ US ADR program: FSNUY │ www.fresenius.com/investors

Safe Harbor Statement

This presentation contains forward-looking statements that are subject to various risks and uncertainties. Future results could differ materially from those described in these forward-looking statements due to certain factors, e.g. changes in business, economic and competitive conditions, regulatory reforms, results of clinical trials, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. Fresenius does not undertake any responsibility to update the forward-looking statements contained in this presentation.

2 General Credit Presentation, August 2018, © Fresenius SE & Co. KGaA Investor Relations

A Global Leader in Health Care Products and Services

~ €33.9 bn in Sales €3.0 bn net income1 (as of Dec. 31, 2017)

Global presence in 100+ countries

Long-term opportunities in growing, non-cyclical markets

Strong financial performance and cash flow generation

1 Net income incl. attributable to non-controlling interest

Leading market positions

Diversified revenue base with four strong business segments

General Credit Presentation, August 2018, © Fresenius SE & Co. KGaA Investor Relations 3

Strong and Balanced Health Care Portfolio

General Credit Presentation, August 2018, © Fresenius SE & Co. KGaA Investor Relations

Ownership: ~31% Ownership: 100% Ownership: 100% Ownership: 77%

Dialysis Products Health Care Services

Hospital Supplies Hospital Operation Projects and Services for Hospitals

• Dialysis services • Hemodialysis products • Peritoneal dialysis products • Care coordination

Sales 2017: €17.8 bn

• IV drugs • Biosimilars • Clinical nutrition • Infusion therapy • Medical devices/

Transfusion technology Sales 2017: €6.4 bn

• Acute care • Outpatient services

Sales 2017: €8.7 bn

• Post-acute care • Project development &

Planning • Turnkey construction • Maintenance & Technical

and total operational management

Sales 2017: €1.2 bn

4

16.5

19.5 20.5

23.5

28.029.5

33.9

2011 2012 2013 2014 2015 2016 2017

Fresenius Group: Global Sales Base in Growing, Non-Cyclical Markets


€33.9 bn

2017 Sales by Region Sales in € bn

North America 45%

Europe 41%

Asia-Pacific 9%

Latin America 4%

Africa 1% 13%

CAGR

15%

4%5%

13%

0%

6%5%

6%

'10 '11 '12 '13 '14 '15 '16 '17

Fresenius Group: Strong Track Record of Organic Sales Growth in All Business Segments


6%

2%

5% 5% 5%6%

7% 7%

'10 '11 '12 '13 '14 '15 '16 '17

12%

9% 9%

5% 4%

8%

5%7%

'10 '11 '12 '13 '14 '15 '16 '17

1 Due to project delays in Russia and Ukraine

7%

4%6%

4% 4%6% 6% 6%

'10 '11 '12 '13 '14 '15 '16 '17

5%4%

5%

3%4%

3%4% 4%

'10 '11 '12 '13 '14 '15 '16 '17

Fresenius Group Business Segments

5% CAGR

1

3.3

3.9 3.94.1

5.15.5

6.3

2011 2012 2013 2014 2015 2016 2017

Fresenius Group: Strong Track Record of EBITDA Generation


52%

24%

1% 23%

2017 EBITDA by Business Segment EBITDA1 in € bn

€6.3 bn

11% CAGR

1 Before special items

Fresenius SE: Earnings-Linked Dividend Policy


0.02

0.22 0.23 0.25

0.29 0.32

0.37

0.42 0.44

0.55

'93 07 08 09 10 11 12 13 14 15 16 17

25% 25% 24% 21% 20%

21% 21% 22% 21% 22% 23%

€ per share

• Dividend growth aligned to EPS

1 growth

• Pay-out Ratio: 20% to 25%

Dividend distribution (€m)

Pay-out Ratio

0.62

2017 Pay-out Ratio: 23% Dividend Policy

114 122 140 155 196 225 238 343 103 300 416

0.75


Global Health Care Trends – Strong Growth Fundamentals


60+ World population age 60+ will reach >2 bn by 20501

Increasing health expenditure per capita (2014 vs. 1999 - USA US$9,403 (+108%), China: US$420 (+977%), India: US$75 (+317%)2

1/3 By 2022, one third of all global health expenditure will occur in Emerging Economies3

52m Deaths due to Chronic Diseases are projected to increase from 38 million in 2012 to 52 million by 20304

1 WHO: 10 facts on aging and the life course 2 World Bank: Health expenditure per capita 3 World Economic Forum: Health Systems Leapfrogging in Emerging Economies – Project Paper (2014) 4 WHO: Global status report on non communicable diseases

Fresenius Medical Care: Global Dialysis Market Leader

• The world’s leading provider of dialysis products and services treating more than 325,000 patients1 in ~3,800 clinics1

• Provide highest standard of product quality and patient care

• Expansion in Care Coordination and global dialysis service opportunities; enter new geographies

Global Dialysis Market 2017: • ~€70 bn • ~6% patient growth p.a. Growth Drivers: • Aging population, increasing incidence of diabetes

and high blood pressure, treatment quality improvements

International 28%

Sales 2017: €17.8 bn North America

72%

Dialysis products

Dialysis services

Complete therapy offerings

1 As of June 30, 2018

Market Dynamics


1,693

2,129 2,409

2,562

'14 '15 '16 '17

12,145

15,455 16,570

17,784

'14 '15 '16 '17

Fresenius Medical Care: Strong Track Record of Growth


EBIT1 in € million Sales in € million

CAGR 14%

CAGR 15%


Fresenius Kabi: A Leading Global Hospital Supplier

• Comprehensive product portfolio for critically and chronically ill patients

• Strong Emerging Markets presence

• Leading market positions in four product segments

• Focus on organic growth through geographic product rollouts and new product launches

• Development of biosimilars with a focus on oncology and autoimmune diseases

Global Addressable Market 2017: • ~€81 bn Growth Drivers: • Patent expirations, rising demand for health care

services, higher health care spending in Emerging Markets

Market Dynamics

Emerging Markets 29%

Sales 2017: €6.4 bn Europe 35%

North America 36%

Generic IV Drugs

Clinical Nutrition

Infusion Therapy

Medical Devices / Transfusion Technology


876

1,197 1,171 1,177

'14 '15 '16 '17

5,146 5,950 6,007 6,358

'14 '15 '16 '17

Fresenius Kabi: Impressive Growth


Sales in € million EBIT1 in € million

CAGR 7%

CAGR 10%


• ~6%1 share in German acute care hospital market

• Organic growth based on growing number of admissions and reimbursement rate increases

• Ranks as quality leader in the German hospital sector: defined quality targets, publication of medical treatment results, peer review processes

• Key medical indicators, e.g. mortality rate for heart failure, pneumonia below German average

87 acute care hospitals ~29,400 beds ~1.2 million inpatient admissions p.a. ~4.0 million outpatient admissions p.a.

1 Based on sales 2 German Federal Statistical Office 2017; total costs, gross of the German hospitals

less academic research and teaching As of July 2018

Fresenius Helios: Europe’s Largest Private Hospital Operator Helios Germany

German Acute Care Hospital Market: • ~€98 bn2 Growth Drivers: • Aging population leading to increasing

hospital admissions

Largest network & nationwide presence

Acute Care

Market Dynamics


Outpatient

14

• ~€2.6bn1 sales in 2017

• ~11% share in Spanish private hospital market

• Market leader in size and quality with excellent growth prospects

• Broad revenue base with privately insured patients, PPPs, self-pay and Occupational Risk Prevention (ORP)

• Strong management team with proven track record

• Cross-selling opportunities

Fresenius Helios: Europe’s Largest Private Hospital Operator Helios Spain

Spanish Private Hospital Market: • ~€14 bn2 Growth Drivers: • Aging population, increasing number of privately

insured patients, greenfield projects, market consolidation

Quirónsalud hospitals in every major metropolitan region of Spain

Acute Care

Occupational Risk Prevention

Outpatient

1 Eleven months contribution of Helios Spain 2 Market data based on company research. Market definition does neither include Public Private Partnerships (PPP) nor Occupational Risk Prevention centers (ORP).

Market Dynamics


As of July 2018

45 hospitals ~6,700 beds ~11.2 m outpatient admissions p.a. ~350,000 inpatient admissions p.a.

15

553 642 683

1,052

'14 '15 '16 '17

5,244 5,578 5,843

8,668

'14 '15 '16 '17

6,074

Fresenius Helios: Excellent Sales And EBIT Development


Sales in € million EBIT2 in € million

CAGR1

5% CAGR1

9% V

2017: 11 months contribution of Helios Spain (Quirónsalud) 1 Excluding Quirónsalud 2 Before special items

725

2,594

2017: Helios Germany Helios Spain

327

• Manages hospital construction/expansion projects (49% of sales) and provides services (51% of sales) for health care facilities worldwide

• Offers project development, planning, turnkey construction, maintenance as well as technical management, and total operational management

• Strong track record: More than 800 projects in over 80 countries completed

• Leading European post-acute care provider with 63 inpatient health care facilities in five European countries

Fresenius Vamed: Leading Global Hospital Projects and Services Specialist

Market Dynamics

Growth Drivers: • Emerging Market demand for building and

developing hospital infrastructure • Outsourcing of non-medical services from public to

private operators

Emerging Markets 28%

Sales 2017: €1.2 bn Europe 72%

Projects

Services


Post-acute care

17

1,042 1,118 1,160

1,228

'14 '15 '16 '17

59 64

69 76

'14 '15 '16 '17

Fresenius Vamed: Steady Sales And EBIT Growth


EBIT in € million Sales in € million

CAGR 6%

CAGR 9%

Fresenius Group: Key Figures


€m 20172 2016 Growth

Sales 33,886 29,471 +15%1

EBITDA 6,267 5,517 +14% Margin 18.5% 18.7% EBIT 4,830 4,302 +12% Margin 14.3% 14.6% Interest, net -636 -582 -9%

EBT 4,194 3,720 +13%

Taxes -1,184 -1,044 -13%

Net Income3 3,010 2,676 +12%

Employees4 273,249 232,873

1 6% organic growth, 10% acquisitions, 0% divestitures, -1% currency effects 2 Before special items 3 Net income incl. attributable to non-controlling interest 4 As of December, 31

Cash Flow Development by Business Segment


1 Before acquisitions and dividends 2 Incl. FMC dividend

3 Understated: 4.2% excluding €40 million of capex commitments from acquisitions 4 €-3,633 million after acquisitions, €-4,557 million after acquisitions and dividends

Operating CF Capex (net) Free Cash Flow1

€m 2017 Margin 2017 Margin 2017 Margin

1,010 15.9% -420 -6.6% 590 9.3%

733 8.5% -411 -4.8% 322 3.7%3

42 3.4% -7 -0.5% 35 2.9%

Corporate/Other -40 n.a -26 n.a. -66 n.a

1,745 11.4%2 -864 -5.4% 881 6.0%2

2,192 12.3% -841 -4.7% 1,351 7.6%

3,937 11.6% -1,705 -5.0% 2,2324 6.6%

Excl. FMC

Group

Margin = in % of sales

2.7 6.3

7.4

5.6

7.6 6.2

5.2 6.7 6.7

6.6

2

4

6

8

10

2009 2010 2011 2012 2013 2014 2015 2016 2017 H1/18

6.2 4.8 4.8 4.8 5.2

5.3 5.8 5.5 5.5

5.4

3

4

5

6

7

2009 2010 2011 2012 2013 2014 2015 2016 2017 H1/18

8.7

11.0

12.0

10.3

12.6 11.4

10.9 12.0 12.2

11.6

8

9

10

11

12

13

14

2009 2010 2011 2012 2013 2014 2015 2016 2017 H1/18

Fresenius Group Consistent Cash Generation

% %

%

Capex gross, in % of sales

FCF margin (before acquisitions & dividends) CFFO margin


3.2x

3.0x

2.7x

2.2x 2.3x

3.5x

3.0x

2.6x

3.6x

3.0x

2.6x

2.8x

2.5x 2.5x

3.4x

2.7x

2.4x

2.8x

3.0x3

2.0

3.0

4.0

2001 2002 2003 2004 2005 Q1/06 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 H1/18

Fresenius Group: Proven Track Record of Deleveraging

Net Debt/EBITDA

22

Before special items; pro forma closed acquisitions/divestitures At LTM average FX rates for both EBITDA and net debt 1 Pro forma excluding advances made for the acquisition of hospitals from Rhoen-Klinikum AG, before special items 2 Calculated at expected annual average exchange rates, for both net debt and EBITDA; excluding expenses related to (i) the Akorn transaction, (ii) NxStage acquisition; excluding gains from divestitures of Care Coordination activities; excluding further potential acquisitions; at current IFRS rules 3 Excluding proceeds from divestitures of Care Coordination activities


1

Target 20182 Further

deleveraging expected

Hospitals from

2.8x

4

Fresenius Group: Capitalization – June 30, 2018


1 Based on market capitalization for FSE and FMC as of June 30, 2018 2 Before acquisition-related expenses, Pro Forma acquisitions (acquisitions of Fresenius Medical Care and Fresenius Kabi ) 3 EUR/USD exchange rate as of June 30, 2018, except for market capitalization which uses the exchange rate as of June 30, 2018

Instrument per Book Value in € million in $ million3 % of total cap

EBITDA LTM x

Syndicated Credit Agreement: Revolver (€, US-$) 0 0 0.0% Syndicated Credit Agreement: Term Loan A (€, US-$) 2,180 2,541 3.0% Bonds (€, US-$) 5,283 6,159 7.2% Convertible Bonds 940 1,096 1.3% Schuldschein Loans 1,714 1,998 2.3% Commercial Paper 825 962 1.1% Other debt 798 930 1.1% Total Debt (FSE excl. FMC), gross 11,740 13,686 16.0% Cash (excl. FMC) 615 717 0.8% Total debt (FSE excl. FMC), net 11,125 12,970 15.2% Total FMC debt, net 5,607 6,537 7.6% Consolidation Adjustments (10) (12) Total consolidated debt, net 16,722 19,495 22.8% 2.8x Market capitalization1 56,697 66,098 77.2% 9.6x

Total capitalization 73,419 85,592 100.0% 12.4x FSE Group EBITDA2 5,930

Fresenius Group: Broad Mix of Financing Instruments


Equity-neutral convertible bonds 7%

Schuldschein Loans 9%

Syndicated loans 22% Bonds 48%

Other financial liabilities 5%

Total B/S Debt1:

~€18.989 m

1 As of June 30, 2018

• Optimize funding costs and ensure financial flexibility

• Diversify investor base

• Strong liquidity provided by sufficient financial cushion (~€3.7 billion as of June 30, 2018)

Well Positioned to Meet Financing Needs Commercial Paper 9%

Average interest rate/cost of debt 2.6% p.a.

25

Fresenius Group: Debt Maturity Profile – June 30, 2018 pro forma EUR1,2

1,154 1,127 1,360 988 1,681 343 500 0 0 0 0

946 1,496

913

1,902

2,007

307

2,071 0

0 907 0 0 0 0 500 0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032

Fresenius Medical Care Fresenius excl. Fresenius Medical Care

Maturity 3.3 years on

average

1 – Based on utilization of major financing instruments 2 – Incl. new issuance €500 Mio. 2018-2025 Bond

€m


Fresenius Group excl. Fresenius Medical Care: Debt Maturity Profile – June 30, 20181

26

800

500 707 700

257

1,150

700 500

76

151

151

901 914

91

262

293 393

50

421

207

500

500

780

45

0

500

1,000

1,500

2,000

2,500

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032

Bonds Syndicated Loan Schuldschein Loans Equity-neutral convertible bonds Commercial Papers

Maturity 3.8 years on

average

1 – Based on utilization of major financing instruments

€m


22% 23% 23% 23%

38% 34% 32% 36%

40% 43% 45% 41%

Dec 31, 14 Dec 31, 15 Dec 31, 16 Dec 31, 17

Equity and noncontrolling interest Debt Other liabilities

Fresenius Group: Solid Balance Sheet Structure

Healthy Equity and Liability Split

• Strong equity ratio of >40% on average

• Equity ratio kept in narrow range despite rapid growth of Fresenius Group


40.0 43.2 46.7 53.1

B/S total (€bn)

Fresenius Group: Strong Access to Capital Markets


Major Financing Instruments

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Bonds €425 m $500 m

€250 m €800 m $1.05 bn

€750 m $1.5 bn

€500 m €1.2 bn $1.2 bn

$300 m €2.6 bn €500 m²

Syndicated Loans

$3.05 bn $3.5 bn $898 m $3.85 bn $1.8 bn €2.45 bn

$4.1 bn €700 m

$1.15 bn €2.05 bn

€5.30 bn $3.55 bn

Schuldschein Loans

€400 m €200 m €400 m €125 m €500 m €112 m $400 m €1.0 bn

Exchangeable Bonds

€554 m

Convertible Bonds

€900 m €500 m

Equity €289 m €1.0 bn €400 m1

1 Private Placement in connection with the acquisition of Quirónsalud 2 Incl. July 11, 2018 new €500 Mio. 2018-2025 Bond issued by Fresenius Medical Care

Fresenius SE: Rating History & Rationale


“FSE's main divisions have developed very favorably through a mix of organic and inorganic growth over the past decade, and they have reached critical size.” S&P Jan 16, 2015, Upgrade to investment grade

“Today's upgrade reflects the company's significant scale, stability of profit and cash flow generation through economic cycles on the back of activities in defensive industries, as well as geographic and business diversification within the broader health care industry.” Moody’s Nov 16, 2015, Upgrade to investment grade

“The upgrade reflects Fresenius' improving business risk profile, driven by its increasing scale and diversification in its selective health care operations, which is translating into strong profitability and cash generation. In addition, Fitch views the underlying operations as mature and defensive with low cyclicality and volatility of earnings.” Fitch July 29, 2016, Upgrade to investment grade

Rating History Rating Agencies’ Key Statements

Following Fresenius’ announcement to acquire Akorn, Inc. and Merck KGaA’s biosimilars business in April 2017, Standard & Poor’s (BBB-, stable), Moody’s (Baa3, stable) and Fitch (BBB-, stable) confirmed the corporate credit ratings of Fresenius to be unaffected. In December 2017, S&P revised the outlook to positive. The BBB- corporate credit rating was affirmed.

S&P Moody‘s Fitch

Corporate Credit Rating BBB- Baa3 BBB-

Outlook positive stable stable

Current Credit Ratings

€m (except otherwise stated)

FY/17 Base

H1/18

Actual FY/18e1 FY/181

New

Sales growth (org) 6,358 7% 4% - 7%

EBIT growth (cc) 1,1772 -1%6 -6% to -3%2 -2% to 1%2

EBIT growth (cc) excl. biosimilars

1,2373

10%6

~2% - 5%3

~6% - 9%3

Sales growth (org) 8,6684 4% 3% - 6%5

EBIT growth 1,0524 6% 5% - 8%7

Sales growth (org) 1,228 5% 5% - 10%

EBIT growth 76 6% 32% - 37%8

1 Excluding effects of the Akorn and NxStage transactions and gains from divestitures of Care Coordination activities 2 Before special items; including expenditures for further development of biosimilars business (€60 m in FY/17 and expected expenditures of ~€160 m in FY/18) 3 Before special items; excluding expenditures for further development of biosimilars business (€60 m in FY/17 and expected expenditures of ~€160 m in FY/18) 4 Helios Spain consolidated for 11 months 5 Organic growth reflects 11 months contribution of Helios Spain in 2018 6 Before special items 7 Before transfer of the German inpatient post-acute care business from Helios to Vamed: 7% - 10% 8 Before transfer of the German inpatient post-acute care business from Helios to Vamed: 5% - 10% For a detailed overview of special items please see the reconciliation tables on slides 42-43.

Fresenius Group: 2018 Financial Outlook by Business Segment


€m (except otherwise stated)

FY/17

Base H1/18

Actual FY/18e1 FY/181

Sales growth (cc) 32,8422 6%8 5% - 8%

Net income3 growth (cc)

1,8044 7% 6% - 9%5

Net income3 growth (cc) excl. Biosimilars

1,8476 12% ~10% - 13%7

Fresenius Group: 2018 Financial Guidance


1 Excluding effects of the Akorn and NxStage transactions and gains from divestitures of Care Coordination activities 2 2017 base adjusted for IFRS 15 adoption (deduction of €486 million at Fresenius Medical Care) and divestitures of Care Coordination activities (deduction of €558 million at Fresenius Medical Care) 3 Net income attributable to shareholders of Fresenius SE & Co. KGaA 4 Before special items, i.e. expenses related to the Akorn and NxStage transactions, gains from divestitures of Care Coordination activities

(deduction of €12 million at Fresenius Medical Care), book gain from the U.S. tax reform and FCPA provision 5 Before special items (i.e. expenses related to the Akorn and NxStage transactions and gains from divestitures of Care Coordination activities; including expenditures for further

development of biosimilars business (€43 m after tax in FY/17 and expected expenditures of ~€120 m after tax in FY/18) 6 Adjusted net income: Before special items (i.e. expenses related to the Akorn and NxStage transactions and gains from divestiture of Care Coordination activities

(deduction of €12 million at Fresenius Medical Care), book gain from the U.S. tax reform and FCPA provision), before expenditures for further development of biosimilars business 7 Before special items (i.e. expenses related to the Akorn and NxStage transactions and gains from divestitures of Care Coordination activities; excluding expenditures for further

development of biosimilars business (€43 m after tax in FY/17 and expected expenditures of ~€120 m after tax in FY/18) 8 Growth rate adjusted for IFRS 15 adoption (H1/17 base: €16,624 million) For a detailed overview of special items please see the reconciliation tables on slides 42-43.

31

Basis for guidance


€m 2017 Targets 2018

Sales reported 33,886

adjustments from IFRS 15 -486

divestitures of Care Coordination activities at FMC -558

Basis sales guidance 32,842 5-8%

Net income reported 1,814

Acquistion-related expenses 43

Book gain from U.S. tax reform -103

FCPA provision 62

divestitures of Care Coordination activities at FMC -12

Basis net income before special items guidance 1,804 6-9%

Adjustments for guidance comparison: Expenditures for further development of biosimilars business

43

Basis net income guidance excluding biosimilars 1,847 ~10-13%

32

Fresenius Group: 2020 Mid-Term Growth Targets Confirmed


Sales CAGR Net Income CAGR

At constant exchange rates and IFRS rules as of Feb 2017 Net income attributable to shareholders of Fresenius SE & Co. KGaA

FY/2017

10.3%

7.1%

FY/2020

8.7%

FY/2017

12.6%

8.3%

FY/2020

10.5%

incl. small & mid-size acquisitions

incl. small & mid-size acquisitions

33

Fresenius Group: Credit Highlights


Consistent Cash Generation

Proven Track Record of Deleveraging Following Acquisitions

Broad Mix of Financing Instruments

Well-Balanced Maturity Profile

Solid Balance Sheet Structure

Strong Access to Capital Markets

Attachments


Fresenius Group: Key Figures


1 2015 and 2017 before special items; 2016 and 2017 pro forma acquisitions 2 2015 and 2017 before special items 3 2016 pro forma Quirónsalud acquisition: 3.15 4 2016 pro forma Quirónsalud acquisition: 3.09

2017 2016 2015

Debt (€m) thereof US$ denominated

19,042 31%

14,780 52%

14,769 52%

Net debt (€m) 17,406 13,201 13,725

Net debt/EBITDA1,3

Net debt at year-end exchange rate; EBITDA at LTM average FX rates

2.79

2.39 2.68

Net debt/EBITDA1,4 at LTM average FX rates for both net debt and EBITDA

2.84 2.33 2.65

Operating Cash flow/Sales 11.6% 12.2% 12.0%

EBITDA/Interest2 9.9 9.5 8.4


Fresenius Group: Debt and Cash Flow Structure – June 30, 2018

1 Incl. Fresenius financing subsidiaries 2 Controlling stake 3 Incl. subsidiaries 4 Based on market capitalization for FMC as of June 30, 2018 5 Via German holding entities (Fresenius Kabi AG and Fresenius ProServe GmbH)

Fresenius Medical Care

Financing

Fresenius SE Financing

Group Net Debt: ~€16.7 bn

Dividends,

Rents, Service Agreements

~31%2 100% 77%

100%

- €145 m Net Debt3 €152 m Net Debt3 - €152 m Net Debt3 €5,607 m Net Debt3

Profit transfer Agreements5

• Separate financing of Fresenius SE and Fresenius Medical Care

• No joint financing facilities or mutual guarantees

• Fresenius Kabi, Fresenius Helios and Fresenius Vamed financed primarily through Fresenius SE to avoid structural subordination

FSE Net Debt: ~€11.1 bn

incl. Net Debt of Kabi/Helios/Vamed

Stock Market Value ~€8.2 bn4 FSE Net Debt1:

~€11.3 bn

Fresenius Group: Cash Flow


€m 2017 Margin 2016 Margin Δ YoY

Operating Cash Flow 3,937 11.6% 3,585 12.2% 10%

Capex (net) -1,705 -5.0% -1,616 -5.5% -6%

Free Cash Flow (before acquisitions and dividends)

2,232 6.6% 1,969 6.7% 13%

Acquisitions (net) -5,865 -485 --

Dividends -924 -738 -25%

Free Cash Flow (after acquisitions and dividends)

-4,557 -13.4% 746 2.5% --

Fresenius Group: Financial Results by Business Segment


2015 and 2017 before special items

2017 2016 2015 Growth 2017/2016

Sales €17,784 m €16,570 m €15,455 m 7%

EBIT €2,562 m €2,409 m €2,129 m 6%

Sales €6,358m €6,007 m €5,950 m 6%

EBIT €1,177 m €1,171 m €1,197 m 1%

Sales €8,668 m €5,843 m €5,578 m 48%

EBIT €1,052 m €683 m €642 m 54%

Sales €1,228 m €1,160 m €1,118 m 6%

EBIT €76 m €69 m €64 m 10%

Sales €33,886 m €29,471 m €27,995 m 15%

EBIT €4,830 m €4,302 m €4,001 m 12% Group

Fresenius Group: Margins by Business Segment


2015 and 2017 before special items

2017 2016 2015

EBITDA margin 18.5% 18.8% 18.0%

EBIT margin 14.4% 14.5% 13.8%

EBITDA margin 23.3% 24.4% 24.6%

EBIT margin 18.5% 19.5% 20.1%

EBITDA margin 16.5% 15.0% 14.9%

EBIT margin 12.1% 11.7% 11.5%

EBITDA margin 7.1% 6.9% 6.7%

EBIT margin 6.2% 5.9% 5.7%

EBITDA margin 18.5% 18.7% 18.3%

EBIT margin 14.3% 14.6% 14.3% Group

Fresenius SE & Co. KGaA: Overview Bonds


Issuer Volume (in millions)

Coupon type

Coupon (in %)

Maturity/ Term

ISIN (RegS)

WKN

Fresenius SE & Co. KGaA €500 Fix 4.25 2012/2019 XS0759200321 A1G2YM

Fresenius SE & Co. KGaA €300 Fix 2.375 2014/2019 XS1013954646 A1ZB7G

Fresenius SE & Co. KGaA €500 Fix 2.875 2013/2020 XS0873432511 A1HEWZ

Fresenius SE & Co. KGaA €450 Fix 3.00 2014/2021 XS1013955379 A1ZB7H

Fresenius SE & Co. KGaA €450 Fix 4.00 2014/2024 XS1026109204 A1ZC60

Fresenius Finance Ireland plc. €700 Fix 0.875 2017/2022 XS1554373164 A19B3F

Fresenius Finance Ireland plc. €700 Fix 1.50 2017/2024 XS1554373248 A19B3G

Fresenius Finance Ireland plc. €700 Fix 2.125 2017/2027 XS1554373677 A19B3H

Fresenius Finance Ireland plc. €500 Fix 3.00 2017/2032 XS1554373834 A19B3J

Fresenius US Finance II, Inc. US$300 Fix 4.25 2014/2021 USU31436AG04 A1ZDVJ

Fresenius US Finance II, Inc. US$300 Fix 4.50 2015/2023 USU31436AH86 A1Z64A

Reconciliation FY/17


Consolidated results for 2017 include special items related to the acquisition of the biosimilars business of Merck KGaA, the announced acquisition of the shares in Akorn, Inc. (acquisition related expenses). These are mainly transaction costs in the form of legal and consulting fees as well as costs of the financing commitment for the Akorn transaction. Moreover special items arose from a book gain from the revaluation of deferred tax liabilities due to U.S. tax reform as well as from the FCPA provision. In order to compare the results with the scope of original guidance, key figures are additionally adjusted for expenditures for further development of the biosimilars business. The following presentation shows the corresponding reconciliation to the IFRS values. There were neither adjustments nor special items in 2016.

€m

Basis for guidance comparison:

Before special items and before

biosimilars business

Expenditures for further

development of biosimilars

business Before

special items

Special items

(acquisition-related

expenses)

Special items (book

gain U.S. tax reform)

Special items (FCPA

provision)

After special

items (IFRS

reported)

Sales 33,886 33,886 33,886

EBIT Net interest

4,890 -634

-60 -2

4,830 -636

-41 -15

-200

4,589 -651

Net income before taxes Income taxes

4,256 -1,203

-62 19

4,194 -1,184

-56 13

266

-200

3,938 -905

Net income Noncontrolling interest

3,053 -1,194

-43

3,010 -1,194

-43

266 -163

-200 138

3,033 -1,219

Net income attributable to shareholders of Fresenius SE & Co. KGaA

1,859

-43

1,816

-43

103

-62

1,814

The acquisition-related expenses are reported in the Group Corporate/Other segment.

42

Reconciliation H1/18


Consolidated results for H1/2018 include special items related to the Akorn transaction. These are mainly transaction costs in the form of legal and consulting fees as well as costs of the financing commitment for the Akorn transaction. Moreover special items arose from gains/losses of divestitures of Care Coordination activities at Fresenius Medical Care. The following presentation shows the corresponding reconciliation to the IFRS values.

€m

H1/2018 Before special items

and before expenses for

biosimilars business

Expenses for the further

development of the biosimilars

business Before

special items

Special items (transaction-

related effects Akorn)

Special items (gain from

divestitures of Care

Coordination activities)

After special

items (IFRS

reported)

Sales 16,503 16,503 16,503

EBIT Net interest

2,271 -293

-72 -4

2,199 -297

-40 -7

820

2,979 -304

Net income before taxes Income taxes

1,978 -447

-76 23

1,902 -424

-47 10

820 -147

2,675 -561

Net income Noncontrolling interest

1,531 -556

-53

1,478 -556

-37

673 -466

2,114 -1,022

Net income attributable to shareholders of Fresenius SE & Co. KGaA

975 -53

922

-37

207

1,092

The special items are reported in the Group Corporate/Other segment.

43

Financial Calendar / Contact

Financial Calendar 2018

30 October 2018 Results Q3/2018

17 May 2019 Annual General Meeting

Please note that these dates could be subject to change.

Contact Investor Relations Fresenius SE & Co. KGaA phone: +49 6172 608-2485 e-mail: [email protected] For further information and current news: www.fresenius.com Follow us on Twitter www.twitter.com/fresenius_ir and LinkedIn: www.linkedin.com/company/fresenius-investor-relations


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