Fresenius Medical Care Surpasses Market Expectations with 23 Percent Operating Growth

Fresenius Medical Care reported a 23 percent operating growth in its second quarter results for 2026, exceeding market expectations. The company's Q2 revenue rose to EUR 4.861 billion, up 4 percent at constant currency and slightly above consensus.

Adjusted operating income grew faster than revenue, indicating operating leverage, although the figures exclude special items and currency effects. Fresenius Medical Care reaffirmed its financial outlook for 2026, setting a benchmark for the November update, which will be the next test of whether operating improvement is broadening beyond the latest quarter.

Analysts have trimmed their expectations, with Goldman Sachs cutting its price target from EUR 39 to EUR 38 and maintaining a Neutral rating. However, the broader analyst picture remains balanced, with a Neutral consensus from 17 analysts and an average 12-month target of EUR 41.685, which is 5.40 percent above the Xetra closing price.

The company is also reshaping its China business by ending production and sales of the 4008A hemodialysis system and its peritoneal dialysis business there, with a one-time cost estimate of EUR 110 million for the third quarter.