Finance
Healthcare group Fresenius' 2026 outlook falls short of expectations
Published by Global Banking & Finance Review®
Posted on February 25, 2026
2 min readLast updated: February 25, 2026
Tags:healthcare
Quick Summary
Fresenius narrowly beat Q4 revenue forecasts at €5.88B, driven by Helios hospital performance. The group proposed a €1.05 dividend, up from €1.00, per a Vara consensus poll.
By Tristan Veyet
Feb 25 (Reuters) - German healthcare group Fresenius forecast slightly higher sales for 2026 on Wednesday, falling short of market expectations, as increased market volatility and operating uncertainty cloud results visibility.
The Hessian-based company expects sales to grow 4% to 7% organically, the midpoint of which is below analysts' 2026 expectations for 5.9% growth, according to a poll by Vara Research.
Fresenius sees its adjusted operating profit margin at around 11.5%, stable compared to last year but below market expectations that saw it rising to 12.0%.
Its shares fell 4% in early Frankfurt trading, ahead of the opening of the main market.
The consequences of the U.S. Supreme Court ruling, which last week struck down most of President Donald Trump's tariffs, are not reflected in the guidance, as Fresenius is still assessing its implications, it said.
For the fourth quarter of 2025, the company reported revenue before special items at 5.88 billion euros ($6.94 billion), just above analysts' average estimate of 5.8 billion euros.
Its adjusted operating profit, however, was 1.8 million euros below the Vara consensus at 713 million euros.
In a separate statement, Fresenius said its supervisory board had extended the contract of Chief Executive Officer Michael Sen ahead of schedule by a further five years, until 2031.
Since taking the helm in October 2022, Sen has been revamping Fresenius' organization to reduce costs and liabilities, which included ceding control of dialysis unit Fresenius Medical Care in 2023.
The restructuring initiative prioritised Fresenius Kabi, a producer of generic hospital medications, and Helios, which operates a network of hospitals across Germany and Spain.
Fresenius said it would propose a dividend of 1.05 euros per share, above last year's payout of 1 euro per share.
($1 = 0.8477 euros)
(Reporting by Tristan Veyet in Gdansk, Patricia Weiss in Frankfurt, editing by Milla Nissi-Prussak)
Key Takeaways
- •Fresenius reported adjusted Q4 revenue of €5.88B, topping estimates.
- •Analysts’ average forecast was €5.8B, per a Vara consensus poll.
- •Helios hospital operator unit drove the stronger-than-expected performance.
- •The company plans to propose a €1.05 dividend per share.
- •Last year’s dividend was €1.00 per share, indicating an increase.
Frequently Asked Questions about Healthcare group Fresenius' 2026 outlook falls short of expectations
1What is the main topic?
Fresenius slightly exceeded fourth-quarter revenue expectations, supported by stronger results at its Helios hospital unit, and announced an increased dividend proposal.
2How much revenue did Fresenius report in Q4?
The company posted adjusted fourth-quarter revenue of €5.88 billion, above analysts’ €5.8 billion expectation from a Vara consensus poll.
3What dividend did Fresenius propose?
Fresenius said it plans to propose a €1.05 dividend per share, higher than last year’s €1.00 per share.
