Fresenius Medical Care AG & Co. KGaA (FMS) 6-K30 Jul 242024 Q2 Current report (foreign)Financial data

Company Profile

Document and Entity Information

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2024
Document and Entity Information
Document Type	6-K
Entity Registrant Name	FRESENIUS MEDICAL CARE AG
Entity Central Index Key	0001333141
Document Period End Date	Jun. 30, 2024
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2

Consolidated statements of inco

Consolidated statements of income - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
Consolidated statements of income - EUR (€) € in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue:
Health care services	€ 3,722,138	€ 3,828,628	€ 7,470,402	€ 7,541,359
Health care products	1,044,300	996,648	2,020,558	1,988,135
Revenue	4,766,438	4,825,276	9,490,960	9,529,494
Costs of revenue:
Health care services	2,991,602	3,036,784	6,019,058	6,058,823
Health care products	608,347	591,281	1,131,762	1,124,318
Costs of revenue	3,599,949	3,628,065	7,150,820	7,183,141
Operating (income) expenses:
Selling, general and administrative	771,466	775,235	1,547,110	1,557,389
Research and development	45,585	57,184	93,386	112,944
Income from equity method investees	(32,639)	(48,270)	(61,482)	(75,784)
Other operating income	(227,929)	(75,830)	(341,428)	(193,301)
Other operating expense	185,217	132,265	431,752	327,541
Operating income	424,789	356,627	670,802	617,564
Other (income) expense:
Interest income	(17,745)	(24,130)	(33,408)	(36,211)
Interest expense	103,076	104,673	206,926	199,326
Income before income taxes	339,458	276,084	497,284	454,449
Income tax expense	99,013	81,138	138,524	125,650
Net income	240,445	194,946	358,760	328,799
Net income attributable to noncontrolling interests	53,417	54,587	100,773	102,078
Net income attributable to shareholders of FME AG	€ 187,028	€ 140,359	€ 257,987	€ 226,721
Basic earnings per share	€ 0.64	€ 0.48	€ 0.88	€ 0.77
Diluted earnings per share	€ 0.64	€ 0.48	€ 0.88	€ 0.77

Consolidated statements of comp

Consolidated statements of comprehensive income - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Consolidated statements of comprehensive income
Net income	€ 240,445	€ 194,946	€ 358,760	€ 328,799
Components that will not be reclassified to profit or loss:
FVOCI equity investments		13,647	(4,273)	13,647
Actuarial gain (loss) on defined benefit pension plans	26,014	(15,430)	49,218	(15,792)
Income tax (expense) benefit related to components of other comprehensive income not reclassified	(7,769)	4,814	(14,350)	4,908
Total	18,245	3,031	30,595	2,763
Components that may be reclassified subsequently to profit or loss:
Gain (loss) related to foreign currency translation	174,101	(97,462)	366,429	(424,303)
FVOCI debt securities	(525)	(4,703)	(2,210)	3,286
Gain (loss) related to cash flow hedges	(3,372)	2,646	(7,212)	3,244
Cost of hedging	449	(430)	2,028	277
Income tax (expense) benefit related to components of other comprehensive income that may be reclassified	363	131	1,377	(1,644)
Total	171,016	(99,818)	360,412	(419,140)
Other comprehensive income (loss), net of tax	189,261	(96,787)	391,007	(416,377)
Total comprehensive income (loss)	429,706	98,159	749,767	(87,578)
Comprehensive income attributable to noncontrolling interests	64,364	55,324	137,070	76,777
Comprehensive income (loss) attributable to shareholders of FME AG	€ 365,342	€ 42,835	€ 612,697	€ (164,355)

Consolidated balance sheets

Consolidated balance sheets - EUR (€) € in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	€ 1,090,214	€ 1,403,492
Trade accounts and other receivables from unrelated parties	4,024,825	3,471,213
Accounts receivable from related parties	37,430	165,299
Inventories	2,227,448	2,179,175
Other current assets	726,528	730,460
Other current financial assets	318,303	244,172
Assets held for sale	265,184	507,600
Total current assets	8,689,932	8,701,411
Property, plant and equipment	3,649,617	3,782,780
Right-of-use assets	3,612,220	3,671,241
Intangible assets	1,354,525	1,362,327
Goodwill	14,807,304	14,650,008
Deferred taxes	278,064	283,953
Investment in equity method investees	647,964	642,928
Other non-current assets	131,490	223,576
Other non-current financial assets	725,088	611,584
Total non-current assets	25,206,272	25,228,397
Total assets	33,896,204	33,929,808
Liabilities
Accounts payable to unrelated parties	783,679	762,068
Accounts payable to related parties	127,085	123,081
Current provisions and other current liabilities	1,541,986	1,617,434
Other current financial liabilities	1,859,700	1,675,556
Short-term debt from unrelated parties	321,974	456,904
Current portion of long-term debt	480,828	487,699
Current portion of lease liabilities from unrelated parties	592,069	593,033
Current portion of lease liabilities from related parties	24,803	23,926
Income tax liabilities	139,390	191,265
Liabilities directly associated with assets held for sale	64,410	180,624
Total current liabilities	5,935,924	6,111,590
Long-term debt, less current portion	6,853,650	6,959,863
Lease liabilities from unrelated parties, less current portion	3,378,234	3,419,338
Lease liabilities from related parties, less current portion	100,528	109,649
Non-current provisions and other non-current liabilities	362,610	332,813
Other non-current financial liabilities	708,341	715,660
Pension liabilities	629,916	664,327
Income tax liabilities	45,324	39,747
Deferred taxes	694,322	750,286
Total non-current liabilities	12,772,925	12,991,683
Total liabilities	18,708,849	19,103,273
Shareholders' equity:
Ordinary shares, no par value, €1.00 nominal value, 362,370,124 shares authorized, 293,413,449 issued and outstanding as of June 30, 2024 (December 31, 2023: 293,413,449)	293,413	293,413
Additional paid-in capital	3,386,693	3,380,331
Retained earnings	10,871,955	10,921,686
Accumulated other comprehensive income (loss)	(620,459)	(975,169)
Total FME AG shareholders' equity	13,931,602	13,620,261
Noncontrolling interests	1,255,753	1,206,274
Total equity	15,187,355	14,826,535
Total liabilities and equity	€ 33,896,204	€ 33,929,808

Consolidated balance sheets (Pa

Consolidated balance sheets (Parenthetical) - € / shares	Jun. 30, 2024	Dec. 31, 2023
Consolidated balance sheets
Nominal value per share	€ 1	€ 1
Shares authorized	362,370,124	362,370,124
Shares issued	293,413,449	293,413,449
Shares outstanding	293,413,449	293,413,449

Consolidated statements of cash

Consolidated statements of cash flows € in Thousands	6 Months Ended
Consolidated statements of cash flows € in Thousands	Jun. 30, 2024 EUR (€)	Jun. 30, 2023 EUR (€)
Operating activities
Net income	€ 358,760	€ 328,799
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and impairment loss	899,462	872,005
Change in deferred taxes, net	(90,526)	(58,535)
(Gain) loss from the sale of fixed assets, right-of-use assets, investments and divestitures	(5,242)	(29,205)
Income from equity method investees	(61,482)	(75,784)
Interest expense, net	173,518	163,115
Changes in assets and liabilities, net of amounts from businesses acquired:
Trade accounts and other receivables from unrelated parties	(692,296)	(80,313)
Inventories	(56,154)	(110,681)
Other current and non-current assets	(78,971)	59,636
Accounts receivable from related parties	128,707	52,288
Accounts payable to related parties	2,026	(17,451)
Accounts payable to unrelated parties, provisions and other current and non-current liabilities	196,684	(10,509)
Income tax liabilities	192,766	217,774
Received dividends from investments in equity method investees	1,663	144,495
Paid interest	(196,973)	(186,462)
Received interest	32,849	35,639
Paid income taxes	(235,060)	(154,832)
Net cash provided by (used in) operating activities	569,731	1,149,979
Investing activities
Purchases of property, plant and equipment and capitalized development costs	(293,317)	(297,538)
Acquisitions, net of cash acquired, investments and purchases of intangible assets	(5,770)	(14,256)
Investments in debt securities	(491)	(62,472)
Proceeds from sale of property, plant and equipment	10,716	1,701
Proceeds from divestitures, net of cash disposed	500,985	25,319
Proceeds from sale of debt securities	42,064	50,624
Net cash provided by (used in) investing activities	254,187	(296,622)
Financing activities
Proceeds from short-term debt from unrelated parties	192,481	729,964
Repayments of short-term debt from unrelated parties	(330,356)	(488,646)
Proceeds from short-term debt from related parties		10,204
Repayments of short-term debt from related parties		(11,204)
Proceeds from long-term debt	24,860	9,514
Repayments of long-term debt	(231,028)	(24,397)
Repayments of lease liabilities from unrelated parties	(321,385)	(356,842)
Repayments of lease liabilities from related parties	(12,435)	(13,125)
Increase (decrease) of accounts receivable facility	(23,120)	(92,536)
Dividends paid	(349,162)	(328,623)
Distributions to noncontrolling interests	(87,719)	(156,001)
Contributions from noncontrolling interests	10,834	21,147
Net cash provided by (used in) financing activities	(1,127,030)	(700,545)
Effect of exchange rate changes on cash and cash equivalents	(12,234)	(65,301)
Cash and cash equivalents:
Net increase (decrease) in cash and cash equivalents	(315,346)	87,511
Cash and cash equivalents at beginning of period	1,427,225	1,273,787
Cash and cash equivalents at end of period	1,111,879	€ 1,361,298
Thereof: cash and cash equivalents within the disposal groups	€ 21,665

Consolidated statements of shar

Consolidated statements of shareholders' equity - EUR (€) € in Thousands	Total FME AG shareholders' equity	Ordinary shares	Additional paid in capital	Retained earnings	Foreign currency translation	Cash flow hedges	Pensions	Fair value changes	Noncontrolling interests	Total
Balance at beginning of period at Dec. 31, 2022	€ 13,989,453	€ 293,413	€ 3,372,799	€ 10,711,709	€ (207,210)	€ (627)	€ (155,526)	€ (25,105)	€ 1,459,726	€ 15,449,179
Balance at beginning of period (in shares) at Dec. 31, 2022		293,413,449
Proceeds from exercise of options and related tax effects	(1,190)		(1,190)							(1,190)
Dividends paid	(328,623)			(328,623)						(328,623)
Transactions with noncontrolling interests without loss of control	(481)		(481)						(10,996)	(11,477)
Noncontrolling interests due to changes in consolidation group									(12,272)	(12,272)
Contributions from/ to noncontrolling interests									(111,266)	(111,266)
Put option liabilities	33,413			33,413						33,413
Net income	226,721			226,721					102,078	328,799
Other comprehensive income (loss) related to:
Foreign currency translation	(399,002)				(401,751)	(314)	2,708	355	(25,301)	(424,303)
Cash flow hedges, net of related tax effects	2,619					2,619				2,619
Pensions, net of related tax effects	(10,677)						(10,677)			(10,677)
Fair value changes, net of related tax effects	15,984							15,984		15,984
Comprehensive income	(164,355)								76,777	(87,578)
Balance at end of period at Jun. 30, 2023	13,528,217	€ 293,413	3,371,128	10,643,220	(608,961)	1,678	(163,495)	(8,766)	1,401,969	14,930,186
Balance at end of period (in shares) at Jun. 30, 2023		293,413,449
Balance at beginning of period at Dec. 31, 2023	13,620,261	€ 293,413	3,380,331	10,921,686	(765,581)	(4,585)	(192,490)	(12,513)	1,206,274	€ 14,826,535
Balance at beginning of period (in shares) at Dec. 31, 2023		293,413,449								293,413,449
Dividends paid	(349,162)			(349,162)						€ (349,162)
Transactions with noncontrolling interests without loss of control	6,362		6,362						2,448	8,810
Noncontrolling interests due to changes in consolidation group									(10,431)	(10,431)
Contributions from/ to noncontrolling interests									(79,608)	(79,608)
Put option liabilities	41,444			41,444						41,444
Net income	257,987			257,987					100,773	358,760
Other comprehensive income (loss) related to:
Foreign currency translation	330,132				388,680	(140)	(4,382)	(54,026)	36,297	366,429
Cash flow hedges, net of related tax effects	(4,389)					(4,389)				(4,389)
Pensions, net of related tax effects	34,868						34,868			34,868
Fair value changes, net of related tax effects	(5,901)							(5,901)		(5,901)
Comprehensive income	612,697								137,070	749,767
Balance at end of period at Jun. 30, 2024	€ 13,931,602	€ 293,413	€ 3,386,693	€ 10,871,955	€ (376,901)	€ (9,114)	€ (162,004)	€ (72,440)	€ 1,255,753	€ 15,187,355
Balance at end of period (in shares) at Jun. 30, 2024		293,413,449								293,413,449

The Company and basis of presen

The Company and basis of presentation	6 Months Ended
The Company and basis of presentation	Jun. 30, 2024
The Company and basis of presentation
The Company and basis of presentation	1. The Company and basis of presentation The Company Fresenius Medical Care AG (FME AG or the Company) is a German stock corporation ( Aktiengesellschaft — AG In these unaudited notes, “FME AG,” the “Company” or the “Group” refers to Fresenius Medical Care AG or to Fresenius Medical Care AG and its subsidiaries on a consolidated basis, as the context requires. “Fresenius SE” and “Fresenius SE & Co. KGaA” refer to Fresenius SE & Co. KGaA. “Management Board” refers to the members of the management board of the Company and “Supervisory Board” refers to the supervisory board of the Company. The term “Care Enablement” refers to the Company’s Care Enablement operating segment and the term “Care Delivery” refers to the Care Delivery operating segment. For further discussion of the Company’s operating and reportable segments, see note 13. At an extraordinary general meeting (EGM) of the Company held on July 14, 2023, the shareholders of the Company approved a proposal to change the legal form of the Company from a partnership limited by shares ( Kommanditgesellschaft auf Aktien – KGaA Basis of presentation The consolidated financial statements and other financial information included in the Company’s quarterly reports furnished under cover of Form 6-K and its Annual Report on Form 20-F are prepared solely in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), the “IFRS® Accounting Standards”, using the euro as the Company’s reporting and functional currency. The interim financial report is prepared in accordance with International Accounting Standard (IAS) 34, Interim Financial Reporting, and contains condensed financial statements, in that it includes selected explanatory notes rather than all of the notes that would be required in a complete set of financial statements. However, the primary financial statements are presented in the format consistent with the consolidated financial statements as presented in the Company’s Annual Report on Form 20-F for the year ended December 31, 2023 (the 2023 Form 20-F) in accordance with IAS 1, Presentation of Financial Statements. The interim consolidated financial statements at June 30, 2024 and for the three and six months ended June 30, 2024 and 2023 contained in this report are unaudited and should be read in conjunction with the consolidated financial statements contained in the Company’s 2023 Form 20-F. The preparation of interim consolidated financial statements in conformity with IFRS Accounting Standards requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Such interim financial statements reflect all adjustments that, in the opinion of management, are necessary to provide a fair statement of the results of the periods presented. All such adjustments are of a normal recurring nature. On February 21, 2024, one of the Company’s third-party service providers was subject to a cyber-attack leading to the shutdown of its systems. As this third party provides the Company with a range of financial clearinghouse services, the cyber-attack on its systems led to certain impacts in the Company’s consolidated financial statements as the Company was unable to apply cash received to its accounts receivable balances and was delayed in submitting claims with certain payors during March 2024 and, primarily as a result of mitigation measures taken to enroll new service providers with payors, continued to be impacted by delays in payment processing during the second quarter of 2024. As of June 30, 2024, cash received, but not yet applied directly to customer accounts receivable in the amount of $209,700 (€195,890) was recorded as a contra-trade accounts and other receivables from unrelated parties balance. Additionally, trade accounts and other receivables from unrelated parties in the amount of approximately $707,300 (€660,719) remain impacted by the aforementioned delay in submitting claims as of June 30, 2024. As this cyber-attack was pervasive within the health care industry, the U.S. Centers for Medicare & Medicaid Services (CMS) made certain advance payments to providers and suppliers experiencing claims disruptions related to the incident. While the Company initially received $175,214 (€162,070) in advance payments, CMS began recouping the payments during the second quarter of 2024. The remaining amount of advanced payments yet to be recouped as of June 30, 2024 was $79,360 (€74,134) which are recorded as contract liabilities within the line item “Current provisions and other current liabilities.” Additionally, the third-party service provider agreed to provide interest-free advance payments to the Company during both the first and second quarters of 2024 in the aggregate amount, net of any repayments, of $126,197 (€117,886). The Company has agreed with the third party to repay these advance payments in the third quarter of 2024. Accordingly, this payment is recorded as “Other current financial liabilities” on the consolidated balance sheet as of June 30, 2024. As a result of the increases in trade accounts receivable and the liabilities noted above, the remaining decrease in cash and cash equivalents resulting from the incident as of June 30, 2024 was $502,028 (€468,966). As noted in the Company’s 2023 Form 20-F within note 2 of the notes to the consolidated financial statements, significant judgments and sources of estimation are applied, particularly in relation to revenue recognition, trade accounts and other receivables from unrelated parties and expected credit losses. The Company updated inputs used to estimate explicit and implicit price concessions during the six months ended June 30, 2024. Changes to inputs related to the Company’s increases in cash received, but not yet applied directly to customer accounts receivable as well as accounts receivable aged three months or less resulting from the third-party clearinghouse service outage are based on the best information available to the Company and did not result in a material change in the Company’s estimate of explicit and implicit price concessions. In the case of the third-party service provider noted above, the Company has engaged alternative options for clearinghouses in the short-term. The Company applies IAS 29, Financial Reporting in Hyperinflationary Economies (IAS 29), in its Lebanese and Turkish subsidiaries due to inflation in these countries. The table below details the date of initial application of IAS 29 and the specific inputs used to calculate the gain or loss on net monetary position on a country-specific basis for the six months ended June 30, 2024. The ongoing re-translation effects of hyperinflationary accounting and its impact on comparative amounts are recorded in other comprehensive income (loss) within the Company’s interim consolidated financial statements. The subsequent gains or losses on net monetary position are recorded in other operating income and other operating expense, respectively, within the Company’s consolidated statements of income and within other current and non-current assets within the Company’s consolidated statements of cash flows. Inputs for the calculation of (gains) losses on net monetary positions Lebanon Turkiye Date of IAS 29 initial application December 31, 2020 June 30, 2022 Consumer price index Central Administration of Statistics Turkish Statistical Institute Index at June 30, 2024 6,450.2 2,319.3 Calendar year increase 8 % 25 % (Gain) loss on net monetary position in € THOUS 4 5,694 The effective tax rate of 29.2% and 27.9% for the three and six months ended June 30, 2024, respectively (29.4% and 27.6% for the three and six months ended June 30, 2023), is recognized on the basis of the best estimate made for the weighted average annual income tax rate expected for the full year and applied to income before income taxes reported in the interim financial statements. Due to the size of the Company’s revenue, it is within the scope of the Organisation for Economic Co-operation and Development’s Inclusive Framework on Base Erosion Profit Shifting (BEPS) Global Anti-Base Erosion Model Rules (GloBE): Global Minimum Taxation (Pillar Two) legislation. The legislation was enacted in Germany on December 15, 2023, the jurisdiction in which the Company resides, and became effective on January 1, 2024. The Company applies the exception not to recognize or disclose deferred taxes in connection with Pillar Two income taxes. Income tax expenses related to Pillar Two income taxes are included within the income tax expense line item in the Company’s consolidated statements of profit or loss. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results of operations for the year ending December 31, 2024. Goodwill as of June 30, 2024 was €14,807,304 (December 31, 2023: €14,650,008), thereof €12,685,411 (December 31, 2023: €12,573,423) in Care Delivery and €2,121,893 (December 31, 2023: €2,076,585) in Care Enablement. In the first six months of 2024, the market capitalization of the Company decreased by 6% to €10,492,465 at June 30, 2024 (December 31, 2023: €11,137,975) and remains below total FME AG shareholders’ equity, which increased by 2% to €13,931,602 as of June 30, 2024 from €13,620,261 as of December 31, 2023. Due to the carrying amount of net assets exceeding the Company’s market capitalization, a continued higher level of interest rates and ongoing uncertainties in the macroeconomic environment, the Company reviewed the impacts on the impairment test, which was performed as of December 31, 2023. Additionally, in 2023, a study on glucagon-like peptide 1 (GLP-1) receptor agonists, regarding its effectiveness in treating CKD experienced by diabetic patients was terminated early as a result of the study having met certain prespecified clinical endpoints. The ability to delay CKD or ESRD progression and cardiovascular mortality improvements as a result of the use of these and other pharmaceuticals or treatment modalities could have an impact on our patient population in the future and was included as a consideration for our goodwill impairment test review. The Company expanded the analysis in the second quarter of 2024 in connection with the annual goodwill impairment test as of October 1, 2023 as performed during the fourth quarter of 2023 and as described in note 2 a) of the consolidated financial statements contained in the 2023 Form 20-F. The Company’s analysis included projections regarding the potential impact of GLP-1 receptor agonists and was expanded to consider the potential impact of sodium-glucose cotransporter 2 (SGLT2) inhibitors on the CKD and ESRD populations, specifically in relation to cash flow projections and goodwill sensitivity assessments. In the Company’s analysis of the population impact model (a computational tool to predict the size and age distribution of future patient populations with kidney disease for the coming decade, based on various public-health scenarios), the sensitivity bands of the various scenarios of GLP-1 receptor agonist and SGLT2 inhibitor utilization in the CKD population suggest a trend towards a slight increase in the total CKD population and a slight reduction in ESRD population that remains materially consistent with the patient population forecasts which do not include the utilization of these drugs. During the second quarter of 2024, the Company compared the carrying amounts of its group of CGUs, Care Delivery and Care Enablement, to the respective group of CGU’s value in use, using the free cash flows of the group of CGUs considered in the impairment test as of December 31, 2023, and updated its free cash flow projections using the results of the latest available assessments. Cash flow projections were updated to reflect the impacts of divestitures and the classification of certain entities as held for sale during the first six months of 2024 as disclosed in note 2 as well as the status of current initiatives, without considering any growth and improvement from initiatives related to the transformation of the Company’s operating structure and steps to achieve cost savings (FME25 Program) which have not yet commenced as of June 30, 2024. The following table shows the key assumptions of value-in-use calculations, which are presented based upon the goodwill impairment tests performed as of June 30, 2024 and December 31, 2023. Key assumptions in % Care Delivery Care Enablement June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Average revenue growth in ten year projection period mid-single-digit mid-single-digit mid-single-digit mid-single-digit Average operating income growth in ten year projection period high-single-digit high-single-digit low-double-digit low-double-digit Residual value growth 1.00 1.00 1.00 1.00 Pre-tax WACC 10.15 10.53 9.31 8.41 After-tax WACC 7.85 8.09 7.51 6.54 For a detailed description of the impairment test procedure, see notes 1 g) and 2 a) of the consolidated financial statements contained in the 2023 Form 20-F. As of June 30, 2024, the impairment test procedure was performed on our operating segments (Care Delivery and Care Enablement). The assessment did not result in any indication of impairment as of June 30, 2024. Management continues to monitor the situation. As of June 30, 2024, the recoverable amount of the Care Delivery group of CGUs exceeded the carrying amount by €6,622,405 (December 31, 2023: €4,740,257). For the Care Enablement group of CGUs, the recoverable amount exceeded the carrying amount by €3,435,019 (December 31, 2023: €3,285,391). The following table shows the reasonable amounts by which the key assumptions would need to change individually that the recoverable amount equals the carrying amount: Sensitivity analysis (1) Change in percentage points Care Delivery Care Enablement June 30, December 31, June 30, December 2024 2023 2024 31, 2023 Pre-tax WACC 2.70 2.10 2.32 2.27 After-tax WACC 2.04 1.60 1.72 1.66 Residual value growth (9.76) (7.26) (5.69) (5.57) Operating income margin of each projection year (3.09) (2.35) (3.15) (3.02) (1) The sensitivity analysis is based upon the goodwill impairment tests performed as of June 30, 2024 and December 31, 2023. On July 30, 2024, the Management Board authorized the issuance of the Company’s interim consolidated financial statements (unaudited). New accounting pronouncements Recently implemented accounting pronouncements The Company has prepared its interim consolidated financial statements at and for the six months ended June 30, 2024 in conformity with IFRS Accounting Standards that have to be applied for the interim periods starting on or after January 1, 2024. In the six months ended June 30, 2024, there were no recently implemented accounting pronouncements that materially affect the business. Recent accounting pronouncements not yet adopted The IASB issued the following new standard which is relevant for the Company: IFRS 18, Presentation and Disclosure in Financial Statements On April 9, 2024, the IASB issued IFRS 18, Presentation and Disclosure in Financial Statements (IFRS 18). IFRS 18 aims to improve how information is communicated in financial statements to give investors a more comparable basis to analyze companies’ performance. The standard introduces three sets of new requirements: new categories and subtotals in the consolidated statements of income, disclosure regarding management-defined performance measures and guidance related to the aggregation and disaggregation of certain information. The consolidated statements of income will be split into three newly defined categories (operating, investing and financing) and will include two newly defined subtotals (operating profit and profit before financing and income taxes). Management-defined performance measures are subtotals of income and expense used in public communication outside the financial statements and communicate management’s view of certain aspects of a company’s performance. Such measures are required to be described in a clear and understandable manner in a single note explaining how the measure is calculated, why it is useful, providing a reconciliation to the most directly comparable subtotal noted above, the income tax and the effect on non-controlling interest for each item disclosed in the reconciliation and how the income tax effect was determined. Lastly, companies must disaggregate items if such information is material and avoid using the label “other” in financial statements. Certain additional details for depreciation and amortization, impairment and other expense classifications may be required. IFRS 18 is effective for fiscal periods commencing on or after January 1, 2027. Earlier adoption is permitted. The standard is expected to impact the Company’s presentation of items within the consolidated financial statements and its notes disclosures once implemented, though the standard is not expected to change how the Company recognizes or measures items in its consolidated financial statements. In the Company’s view, no other pronouncements issued by the IASB are expected to have a material impact on the consolidated financial statements.

Disposal groups classified as h

Disposal groups classified as held for sale	6 Months Ended
Disposal groups classified as held for sale	Jun. 30, 2024
Disposal groups classified as held for sale
Disposal groups classified as held for sale	2. Disposal groups classified as held for sale As of June 30, 2024, the Company’s management committed to a plan to sell its renal dialysis clinic facilities and/or networks in Guatemala, Curacao, Peru, Brazil and Colombia in connection with its Legacy Portfolio Optimization program (as defined below). Each business is currently included in the Company’s Care Delivery segment. On July 2, 2024, the Company divested its businesses in Guatemala, Curacao and Peru. Transactions which remain open as of the date of this report are subject to regulatory approvals or certain other closing conditions, but are expected to be completed within a year from the date of classification as assets held for sale. Immediately before the classification of these disposals as held for sale, an impairment loss was recognized for the agreed-upon divestitures and is included in other operating expenses in the consolidated statements of income (see note 3 for further details). The carrying amounts of the assets in the disposal group for the proposed divestiture of facilities in Guatemala, Curacao, Peru, Brazil and Colombia are recognized at their fair value less costs to sell. The portion of the non-recurring fair value measurement attributable to the Company and its shareholders of €162,808 for these transactions is categorized as level 3 of the fair value hierarchy using the preliminary purchase price. As of June 30, 2024 and December 31, 2023, the following assets and liabilities were classified as held for sale: Assets and liabilities of disposal groups classified as held for sale in € THOUS June 30, 2024 December 31, 2023 Cash and cash equivalents 21,665 23,733 Trade accounts and other receivables from unrelated parties 73,211 27,535 Property, plant and equipment 25,470 42,710 Right-of-use assets 11,305 114,602 Goodwill (1) 108,626 274,543 Other 24,907 24,477 Assets held for sale 265,184 507,600 Accounts payable to unrelated parties 9,246 12,880 Lease liabilities 13,219 128,653 Provisions and other liabilities 41,945 39,091 Liability directly associated with assets held for sale 64,410 180,624 (1) As of June 30, 2024, the accumulated foreign currency translation losses recognized in other comprehensive income related to the disposal groups amounted to €68,024.

Notes to the consolidated state

Notes to the consolidated statements of income	6 Months Ended
Notes to the consolidated statements of income	Jun. 30, 2024
Notes to the consolidated statements of income
Notes to the consolidated statements of income	3 . Notes to the consolidated statements of income a) Revenue The Company has adjusted the prior year financial information below in order to include additional contracts identified during the course of the year ended December 31, 2023 which were subject to certain disclosures in accordance with IFRS 17. The Company has recognized the following revenue in the consolidated statements of income for the three and six months ended June 30, 2024 and 2023: Revenue in € THOUS Revenue from Revenue from contracts with insurance Revenue from customers contracts lease contracts Total For the three months ended June 30, 2024 Health care services 3,329,017 393,121 — 3,722,138 Health care products 1,024,683 — 19,617 1,044,300 Total 4,353,700 393,121 19,617 4,766,438 For the three months ended June 30, 2023 Revenue from Revenue from contracts with insurance Revenue from customers contracts lease contracts Total Health care services 3,504,864 323,764 — 3,828,628 Health care products 987,464 — 9,184 996,648 Total 4,492,328 323,764 9,184 4,825,276 For the six months ended June 30, 2024 Revenue from Revenue from contracts with insurance Revenue from customers contracts lease contracts Total Health care services 6,694,351 776,051 — 7,470,402 Health care products 1,978,767 — 41,791 2,020,558 Total 8,673,118 776,051 41,791 9,490,960 For the six months ended June 30, 2023 Revenue from Revenue from contracts with insurance Revenue from customers contracts lease contracts Total Health care services 6,970,732 570,627 — 7,541,359 Health care products 1,964,033 — 24,102 1,988,135 Total 8,934,765 570,627 24,102 9,529,494 The following table contains a disaggregation of revenue by categories for the three and six months ended June 30, 2024 and 2023: Disaggregation of revenue by categories in € THOUS For the three months ended For the six months ended June 30, June 30, 2024 2023 2024 2023 Care Delivery US 3,157,316 3,119,875 6,259,075 6,122,591 International 613,984 752,667 1,300,379 1,505,498 Total (1) 3,771,300 3,872,542 7,559,454 7,628,089 Care Enablement Total (including inter-segment revenues) (1) 1,363,370 1,324,740 2,660,428 2,635,269 Inter-segment eliminations (368,232) (372,006) (728,922) (733,864) Total Care Enablement revenue external customers 995,138 952,734 1,931,506 1,901,405 Total 4,766,438 4,825,276 9,490,960 9,529,494 (1) For further information on segment revenues, see note 13. b) Selling, general and administrative expense Selling, general and administrative expense recorded in the consolidated statements of income comprises both distribution costs as well as general and administrative expense. Distribution costs are generated in the selling, marketing and warehousing functions of the Company which are not attributable to production or research and development (R&D). General and administrative expense is generated in the administrative function of the Company’s business and is not attributable to selling, production or R&D. The following table discloses the distribution costs as well as general and administrative expense recorded by the Company for the three and six month period ended June 30, 2024 and 2023: Selling, general and administrative expense in € THOUS For the three months ended For the six months ended June 30, June 30, 2024 2023 2024 2023 Distribution costs 190,974 199,552 381,536 402,830 General and administrative expense 580,492 575,683 1,165,574 1,154,559 Selling, general and administrative expense 771,466 775,235 1,547,110 1,557,389 c) Research and development expenses Research and development expenses of €93,386 for the six months ended June 30, 2024 (for the six months ended June 30, 2023: €112,944) included research and non-capitalizable development costs. d) Other operating income and expense The following table contains reconciliations of the amounts included in other operating income and expense for the three and six months ended June 30, 2024 and 2023: Other operating income in € THOUS For the three months ended For the six months June 30, ended June 30, 2024 2023 2024 2023 Foreign exchange gains 58,034 53,842 119,710 125,981 Gains on right-of-use assets, from the sale of fixed assets, clinics and investments 3,676 11,949 6,821 25,574 Revaluation of certain investments 45,886 (4,318) 61,083 14,968 Income from strategic transactions and programs 84,391 — 87,497 — Other 35,942 14,357 66,317 26,778 Other operating income 227,929 75,830 341,428 193,301 Other operating expense in € THOUS For the three months ended For the six months June 30, ended June 30, 2024 2023 2024 2023 Foreign exchange losses 64,807 70,011 135,223 154,413 Losses on right-of-use assets, from the sale of fixed assets, clinics and investments 1,006 8,130 3,070 18,669 Expenses from strategic transactions and programs 107,475 32,015 262,430 115,454 Other 11,929 22,109 31,029 39,005 Other operating expense 185,217 132,265 431,752 327,541 Included within the “income from strategic transactions and programs” line item in other operating income are the gains from divestitures of certain businesses in connection with strategic programs such as Legacy Portfolio Optimization, defined below, and the FME25 Program. The amount presented for the three and six months ended June 30, 2024 primarily relates to the divestiture of Cura Day Hospitals Group in Australia as part of Legacy Portfolio Optimization. Included within the “expenses from strategic transactions and programs” line item in other operating expense are the proposed divestitures (including associated impairment losses) of certain businesses in connection with strategic programs such as Legacy Portfolio Optimization, defined below, and the FME25 Program. For further information on the proposed divestitures and associated impairment losses, see note 2. Consistent with the Company’s policy to present impairment losses within other operating expense, such costs related to cost of revenues, selling, general and administrative expense or research and development expenses are included within other operating expense. “Expenses from strategic transactions and programs” primarily consist of: ● strategic divestiture program expenses identified during the review of the Company’s business portfolio, mainly due to exiting unsustainable markets and divesting non-core businesses, as well as the cessation of certain research and development programs to enable more focused capital allocation towards areas in the Company’s core business that are expected to have higher profitable growth, which included the proposed divestitures identified in note 2, above, the cessation of a dialysis cycler development program and the divestiture of the Company’s service businesses in Chile, Ecuador, Sub-Saharan Africa, Turkiye and the Cura Day Hospitals Group in Australia (Legacy Portfolio Optimization) including related reclassification adjustments of foreign currency translation amounts previously classified within other comprehensive income in the amount of €11,936 and €96,976 for the three and six months ended June 30, 2024 (for the three and six months ended June 30, 2023, there were no reclassification adjustments); ● certain impairment losses in connection with the FME25 Program; and ● certain costs associated with the Conversion, primarily related to the requisite relabeling of its products, transaction costs (such as costs for external advisors and conducting an extraordinary general meeting) and costs related to the establishment of dedicated administrative functions required to manage certain services which have historically been administered at the Fresenius SE group level and paid by the Company through corporate charges (Legal Form Conversion Costs). Expenses from strategic transactions and programs comprised the following for the three and six months ended June 30, 2024 and 2023: Expenses from strategic transactions and programs in € THOUS For the three months ended For the six months June 30, ended June 30, 2024 2023 2024 2023 Derecognition of capitalized development costs and termination costs (1) — (826) — 58,287 Legacy Portfolio Optimization — (826) — 58,287 Impairment of intangible and tangible assets (2) 1,417 13,122 2,464 37,448 Legacy Portfolio Optimization — 10,724 — 35,050 FME25 Program 1,417 2,398 2,464 2,398 Impairment resulting from the measurement of assets held for sale (3,375) 11,892 120,177 11,892 Legacy Portfolio Optimization (3,375) 11,892 120,177 11,892 Loss from the sale of business 84,059 — 109,047 — Legacy Portfolio Optimization 84,059 — 109,047 — Other (3) 25,374 7,827 30,742 7,827 Legacy Portfolio Optimization 23,321 1,124 27,473 1,124 Legal Form Conversion Costs 2,053 6,703 3,269 6,703 Expenses from strategic transactions and programs 107,475 32,015 262,430 115,454 (1) Primarily R&D expense. (2) For the three and six months ended June 30, 2024, the amounts relate primarily to cost of revenues and R&D expense, respectively. For the three and six months ended June 30, 2023, the amounts relate primarily to cost of revenues and selling, general and administrative expense, respectively (3) Primarily selling, general and administrative expense. For more information on the disposal groups classified as held for sale, see note 2. e) Earnings per share The following table contains reconciliations of the numerators and denominators of the basic and diluted earnings per share computations for the three and six months ended June 30, 2024 and 2023: Reconciliation of basic and diluted earnings per share in € THOUS, except share and per share data For the three months ended For the six months ended June 30, June 30, 2024 2023 2024 2023 Numerator: Net income attributable to shareholders of FME AG 187,028 140,359 257,987 226,721 Denominators: Weighted average number of shares outstanding 293,413,449 293,413,449 293,413,449 293,413,449 Potentially dilutive shares — — — — Basic earnings per share 0.64 0.48 0.88 0.77 Diluted earnings per share 0.64 0.48 0.88 0.77

Related party transactions

Related party transactions	6 Months Ended
Related party transactions	Jun. 30, 2024
Related party transactions
Related party transactions	4. Related party transactions Fresenius SE is the Company’s largest shareholder and owns 32.2% of the Company’s outstanding shares at June 30, 2024. Under the Company’s Articles of Association, Fresenius SE has the right to appoint two of the six shareholder representatives to the Company’s Supervisory Board. The Else Kröner-Fresenius-Stiftung is the sole shareholder of Fresenius Management SE, the general partner of Fresenius SE, and has sole power to elect the supervisory board of Fresenius Management SE. The Company has entered into certain arrangements for services and products with Fresenius SE or its subsidiaries and with certain of the Company’s equity method investees as described in item a) below. The arrangements for leases with Fresenius SE or its subsidiaries are described in item b) below. The Company’s terms related to the receivables or payables for these services, leases and products are generally consistent with the normal terms of the Company’s ordinary course of business transactions with unrelated parties and the Company believes that these arrangements reflect fair market terms. The Company utilizes various methods to verify the commercial reasonableness of its related party arrangements. Financing arrangements with certain equity-method investees as described in item c) below have agreed-upon terms which are determined at the time such financing transactions occur and reflect market rates at the time of the transaction. The relationship between the Company and its key management personnel who are considered to be related parties is described in item d) below. a) Service agreements and products Prior to the Conversion, the Company was party to service agreements with Fresenius SE and certain of its affiliates (collectively, Fresenius SE Companies) to receive services, including, but not limited to: administrative services, management information services, employee benefit administration, insurance, information technology services, tax services and treasury management services. These related party agreements generally had a duration of 1 In connection with and subsequent to the Conversion, the Company entered into transition service agreements with Fresenius SE Companies to receive services, including, but not limited to: administrative and facility management services, employee benefit administration, insurance brokerage, information technology, intellectual property and certain treasury services. These related party agreements have generally been entered into for transitional periods of several months up to 2 years (in some cases with extension options). Additionally, the Company also entered into various service agreements with Fresenius SE Companies to provide services, including, but not limited to, fixed asset accounting services and IT and communications-related services for up to a year The Company provides administrative services to one of its equity method investees. The Company also sells products to Fresenius SE Companies and purchases products from Fresenius SE Companies and equity method investees. In connection with, and subsequent to, the Conversion, the Company entered into a limited amount of shared procurement contracts with Fresenius SE Companies for the purchase of products from third parties. In December 2010, the Company and Galenica Ltd. (now known as CSL Vifor) formed the renal pharmaceutical company Vifor Fresenius Medical Care Renal Pharma Ltd., an equity method investee of which the Company owns 45%. The Company has entered into exclusive supply agreements to purchase certain pharmaceuticals from, as well as into certain exclusive distribution agreements with, Vifor Fresenius Medical Care Renal Pharma Ltd. Below is a summary, including the Company’s receivables from and payables to the indicated parties, resulting from the above-described transactions with related parties. Service agreements and products with related parties in € THOUS For the six months ended For the six months ended June 30, 2024 June 30, 2023 June 30, 2024 December 31, 2023 Sales of Purchases of Sales of Purchases of goods and goods and goods and goods and Accounts Accounts Accounts Accounts services services services services receivable payable receivable payable Service agreements (1) Fresenius SE 10 10,970 73 20,196 21 109 10 1,778 Fresenius SE affiliates 264 43,498 5,972 34,602 137 7,950 589 14,299 Equity method investees (2) 2,909 — 3,121 — 21,423 — 51,442 — Total 3,183 54,468 9,166 54,798 21,581 8,059 52,041 16,077 Products Fresenius SE affiliates (2) 34,124 11,488 35,641 12,552 15,849 6,350 23,535 9,585 Equity method investees — 204,921 — 245,697 — 85,973 — 67,403 Total 34,124 216,409 35,641 258,249 15,849 92,323 23,535 76,988 (1) In addition to the above shown accounts payable, accrued expenses for service agreements with related parties amounted to € 16,274 and € 5,172 at June 30, 2024 and December 31, 2023, respectively. (2) Sales of services related to equity method investees for the six months ended June 30, 2023 in the amount of €4,334 as well as purchases of goods related to Fresenius SE affiliates for the six months ended June 30, 2023 in the amount of ( €8,862 ) were adjusted to correct for an error in presentation. The adjustment does not have an impact on the Company’s consolidated statements of income for the periods presented. b) Lease agreements In addition to the above-mentioned product and service agreements, the Company is a party to real estate lease agreements with Fresenius SE Companies, which mainly include leases for the Company’s corporate headquarters in Bad Homburg, Germany, and production sites in Schweinfurt and St. Wendel, Germany. The leases have maturities up to the end of 2032. Below is a summary resulting from the above described lease agreements with related parties. Lease agreements with related parties in € THOUS For the six months ended June 30, 2024 For the six months ended June 30, 2023 June 30, 2024 December 31, 2023 Interest Lease Interest Lease Right-of-use Lease Right-of-use Lease Depreciation expense expense (1) Depreciation expense expense (1) asset liability asset liability Fresenius SE 3,297 944 51 4,457 704 200 26,697 29,167 29,214 29,017 Fresenius SE affiliates 9,207 213 — 8,906 654 — 96,194 96,164 102,029 104,558 Total 12,504 1,157 51 13,363 1,358 200 122,891 125,331 131,243 133,575 (1) Short-term leases and expenses relating to variable lease payments as well as low value leases are exempted from balance sheet recognition. c) Financing As of June 30, 2024 and December 31, 2023, the Company had outstanding accounts payable related to a cash pooling program with certain equity-method investees in the amount of €26,703 and €26,875, respectively. The interest rates for these cash management arrangements were set on a daily basis and were based on the then-prevailing overnight reference rate, with a floor of zero, for the respective currencies. d) Key management personnel Due to the Company’s previous legal form of a German partnership limited by shares until the effectiveness of the Conversion, Fresenius Medical Care Management AG (Management AG), the Company’s former general partner (General Partner), held a key management position within the Company. In addition, as key management personnel, members of the management board and supervisory board of Management AG, as well as their close relatives, were considered related parties. Upon effectiveness of the Conversion, the General Partner exited the Company and is no longer entitled to reimbursement of the remuneration of its board members (other than outstanding amounts, if any, for service prior to the effective date of the Conversion as set forth below). The members of the Supervisory Board and the newly established Management Board, as key management personnel, as well as their close relatives, are considered related parties of the Company. Also upon effectiveness of the Conversion, the existing service agreements between the General Partner and the members of the management board of Management AG were transferred to FME AG. The Company has also entered into service agreements with new members of the Management Board who joined the Company subsequent to the Conversion. The long-term incentive plans of Management AG applying to the former members of the management board of Management AG established before the Conversion were adopted by the Supervisory Board as compensation plans of the Company. For further information regarding the Conversion, see note 1. Prior to the Conversion, the Company’s Articles of Association provided that the General Partner shall be reimbursed for any and all expenses in connection with the management of the Company’s business, including remuneration of the members of the General Partner’s supervisory board and the members of the management board of Management AG. The aggregate amount reimbursed to the General Partner was €16,046 for its management services during the six months ended June 30, 2023. As of June 30, 2024, the Company did not have accounts receivable payable

Insurance contracts

Insurance contracts	6 Months Ended
Insurance contracts	Jun. 30, 2024
Insurance contracts
Insurance contracts	5. Insurance contracts The following tables provide reconciliations of the Company’s portfolios of insurance and reinsurance contracts, showing the change in insurance and reinsurance contract receivables (liabilities) as of June 30, 2024 and December 31, 2023. As of June 30, 2024, these receivables (liabilities) are recognized in the consolidated balance sheet within trade accounts and other receivables from unrelated parties (accounts payable to unrelated parties) which were previously presented on a net basis within trade accounts and other receivables from unrelated parties as of December 31, 2023. Reinsurance contract receivables and liabilities in € THOUS 2024 2023 Present Risk Present Risk value of adjustment value of adjustment future cash for non- future for non- flows financial risk Total cash flows financial risk Total Reinsurance contract receivables (liabilities) at the beginning of the period 53,137 (931) 52,206 23,925 (1,801) 22,124 Incurred claims and other directly attributable expenses (202,285) 235 (202,050) (166,161) 825 (165,336) Changes that relate to past service – changes in the fulfillment cash-flows relating to LIC (1) (40,855) — (40,855) 1,544 — 1,544 Claims and other directly attributable expenses paid (167,589) — (167,589) (387,949) — (387,949) Premium revenue 387,333 — 387,333 583,269 — 583,269 Foreign currency translation and other changes 1,477 (28) 1,449 (1,491) 45 (1,446) Reinsurance contract receivables (liabilities) at the end of the period 31,218 (724) 30,494 53,137 (931) 52,206 (1) Changes that relate to past service include premium revenue for past performance years of € 3,662 and € 9,038 as of June 30, 2024 and December 31, 2023, respectively. Insurance contract receivables and liabilities in € THOUS 2024 2023 Present Risk Present Risk value of adjustment value of adjustment future cash for non- future for non- flows financial risk Total cash flows financial risk Total Insurance contract receivables (liabilities) at the beginning of the period 27,389 (553) 26,836 20,669 (254) 20,415 Incurred claims and other directly attributable expenses (200,126) (40) (200,166) (208,884) (314) (209,198) Changes that relate to past service – changes in the fulfillment cash-flows relating to LIC (1) (872) — (872) (2,666) — (2,666) Claims and other directly attributable expenses paid (174,136) — (174,136) (423,377) — (423,377) Premium revenue 389,869 — 389,869 642,529 — 642,529 Foreign currency translation and other changes 1,032 (19) 1,013 (882) 15 (867) Insurance contract receivables (liabilities) at the end of the period 43,156 (612) 42,544 27,389 (553) 26,836 (1) Changes that relate to past service include a reduction in premium revenue for past performance years of € 4,812 and € 7,696 as of June 30, 2024 and December 31, 2023, respectively.

Inventories

Inventories	6 Months Ended
Inventories	Jun. 30, 2024
Inventories
Inventories	6 . Inventories At June 30, 2024 and December 31, 2023, inventories consisted of the following: Inventories in € THOUS June 30, December 31, 2024 2023 Finished goods 1,257,011 1,232,702 Health care supplies 463,769 451,316 Raw materials and purchased components 351,341 361,804 Work in process 155,327 133,353 Inventories 2,227,448 2,179,175

Short-term debt

Short-term debt	6 Months Ended
Short-term debt	Jun. 30, 2024
Short-term debt
Short-term debt	7 . Short-term debt At June 30, 2024 and December 31, 2023, short-term debt consisted of the following: Short-term debt in € THOUS June 30, December 31, 2024 2023 Commercial paper program 192,022 399,078 Borrowings under lines of credit 129,782 57,754 Other 170 72 Short-term debt 321,974 456,904 The Company and certain consolidated entities operate a multi-currency notional cash pooling management system. In this cash pooling management system, amounts in euro and other currencies are offset without being transferred to a specific cash pool account. The system is used for an efficient utilization of funds within the Company. The Company met the conditions to offset balances within this cash pool for reporting purposes. At June 30, 2024 and December 31, 2023, cash and borrowings under lines of credit in the amount of €237,339 and €126,836, respectively, were offset under this cash pooling management system. Before this offset, cash and cash equivalents as of June 30, 2024 was €1,327,553 (December 31, 2023: €1,530,328) and short-term debt from unrelated parties was €559,313 (December 31, 2023: €583,740). Commercial paper program The Company maintains a commercial paper program under which short-term notes of up to €1,500,000 can be issued. At June 30, 2024, the outstanding commercial paper amounted to €192,500 (December 31, 2023: €400,000).

Long-term debt

Long-term debt	6 Months Ended
Long-term debt	Jun. 30, 2024
Long-term debt
Long-term debt	8 . Long-term debt As of June 30, 2024 and December 31, 2023, long-term debt consisted of the following: Long-term debt in € THOUS June 30, December 31, 2024 2023 Schuldschein loans 228,702 228,759 Bonds 6,794,946 6,676,465 Accounts Receivable Facility — 22,857 Other 310,830 519,481 Long-term debt 7,334,478 7,447,562 Less current portion (480,828) (487,699) Long-term debt, less current portion 6,853,650 6,959,863 Accounts Receivable Facility The Company maintained an accounts receivable securitization program (Accounts Receivable Facility) with a maximum capacity of $900,000 (€768,049 at the date of execution) and an ending term date of August 11, 2024. On May 31, 2024, the Company voluntarily terminated the Accounts Receivable Facility. The following table shows the available and outstanding amounts under the Accounts Receivable Facility at June 30, 2024 and December 31, 2023: Accounts Receivable Facility - maximum amount available and balance outstanding in THOUS Maximum amount available (1) Balance outstanding (2) June 30, 2024 June 30, 2024 Accounts Receivable Facility $ — € — $ — € — Maximum amount available (1) Balance outstanding (2) December 31, 2023 December 31, 2023 Accounts Receivable Facility $ 900,000 € 814,482 $ 25,000 € 22,624 (1) Subject to availability of sufficient accounts receivable meeting funding criteria. (2) Amounts shown are excluding debt issuance costs. The Company also had letters of credit outstanding under the Accounts Receivable Facility in the amount of $28,332 (€25,640) at December 31, 2023. These letters of credit are not included above as part of the balance outstanding at December 31, 2023. However, the letters reduced available borrowings under the Accounts Receivable Facility. Syndicated Credit Facility The Company entered into a €2,000,000 sustainability-linked syndicated revolving credit facility (Syndicated Credit Facility) in July 2021, which serves as a back-up line for general corporate purposes and was undrawn as of June 30, 2024. On June 2, 2023, the Syndicated Credit Facility was extended an additional year until July 1, 2028, with a maximum available borrowing amount of €1,918,367 in the last year.

Capital management

Capital management	6 Months Ended
Capital management	Jun. 30, 2024
Capital management
Capital management	9. Capital management As of June 30, 2024 and December 31, 2023 total equity in percent of total assets was 44.8% and 43.7%, respectively, and debt and lease liabilities (including amounts directly associated with assets held for sale) in percent of total assets was 34.7% and 35.9%, respectively. The Company’s financing structure and business model are reflected in its credit ratings. The Company is rated investment grade by Standard & Poor’s, Moody’s and Fitch. On May 17 2024, Moody’s affirmed the Baa3 corporate credit rating and changed the outlook from negative to stable. On May 23, 2024, Standard and Poor’s affirmed the BBB- corporate credit rating and changed the outlook from negative to stable. The Company’s current corporate credit ratings and outlooks from the credit rating agencies are provided in the table below: Rating (1) Standard & Poor´s Moody´s Fitch Corporate credit rating BBB- Baa3 BBB- Outlook stable stable negative (1) A rating is not a recommendation to buy, sell or hold securities of the Company, and may be subject to suspension, change or withdrawal at any time by the assigning rating agency.

Share-based plans

Share-based plans	6 Months Ended
Share-based plans	Jun. 30, 2024
Share-based plans
Share-based plans	10. Share-based plans With effect from January 1, 2024, the Fresenius Medical Care Management Board Long-Term Incentive Plan 2024+ (MB LTIP 2024+) was introduced as a new long-term incentive compensation plan for members of the Management Board. The MB LTIP 2024+ succeeds the Fresenius Medical Care Long Term Incentive Plan 2020 (MB LTIP 2020), under which allocations are no longer made since January 1, 2024. This multi-year compensation plan ensures continuous incentivization based on the long-term sustainable success of the Company. The MB LTIP 2024+ is a variable compensation plan with a long-term incentive effect. Participants of the MB LTIP 2024+ can be allocated so-called performance shares. Performance shares are compensation instruments which may entitle plan participants to receive a cash payment or settlement in Fresenius Medical Care AG shares based on the achievement of pre-defined performance targets (further defined below) as well as the Company’s share price development throughout the respective vesting period (Performance Shares). The Supervisory Board may determine whether a specific allocation is settled in cash or in Fresenius Medical Care AG shares prior to each allocation. For MB LTIP 2024+ participants, the respective allocation value is determined by the Supervisory Board. The allocation value is determined in the currency in which the respective participant receives his or her base salary at the time of the allocation. Allocation values not denominated in euros are converted by using a fixed foreign exchange rate. In order to determine the number of Performance Shares that each plan participant receives, the allocation value is divided by the value per Performance Share at the time of the allocation, which in turn is determined based on the Company’s average share price over a period of thirty calendar days prior to the respective allocation date and assuming a 100% target achievement for the performance target total shareholder return (TSR) compared to competitors (Relative TSR) which is described below. The number of allocated Performance Shares may change over the performance period of three years , depending on the degree of achievement of three performance targets. For allocations in fiscal year 2024, the performance targets are as follows: (i) return on invested capital (ROIC), (ii) Relative TSR and (iii) sustainability measured by the reduction of emissions in CO 2 2 2 The profitability target ROIC has a weight of 40% within the calculation of the degree of the overall target achievement and is based on the Company’s consolidated, reported and audited financial statements determined in accordance with IFRS and in line with the respective plan conditions. For 2024 allocations, the ROIC target achievement level is determined based on the average of the three annual ROIC figures during the performance period. The performance target Relative TSR is measured on the basis of the TSR compared to European and U.S. peer groups. The target achievement for this performance target is determined using the percentile ranking method. For this purpose, the TSR values of the peer companies within the respective comparison groups over the performance period are ranked and the relative positioning of the Company within the respective comparison group is determined on the basis of the percentile achieved. The performance target Relative TSR is weighted with 40% within the calculation of the degree of overall target achievement. The achievement of the sustainability performance target CO 2 e Reduction is based on the Non-financial Group Reports (or any successor corporate sustainability reports), such reports being reviewed by an independent auditor, and is measured by the reduction of emissions in CO 2 equivalents in comparison to the base year 2020. This reduction is expressed in percent. The sustainability performance target has a weight of 20% within the calculation of the degree of overall target achievement. The applicable target achievement of the sustainability target is calculated based on the average annual achievement in CO 2 e Reductions. For this purpose, each annual target achievement is weighted equally ( 1 /3 each). The number of Performance Shares allocated at the beginning of the performance period to the plan participants is multiplied with the degree of overall target achievement to determine the final number of Performance Shares. Under the MB LTIP 2024+, the final number of Performance Shares generally vests four years after the allocation date. Several payout conditions, such as the continuation of the service relationship (with exceptions for e.g. occupational disability or retirement), apply. The number of vested Performance Shares is multiplied with the average share price of the Company during a period of 30 days prior to the end of the vesting period. The resulting amount is capped at 400% of a participant’s allocation value and will be paid out as cash compensation or settled in shares of the Company. The first allocation under the MB LTIP 2024+ was made during the second quarter of 2024 and retroactively as of March 1, 2024 and an additional allocation was made on June 1, 2024, when a new member joined the Management Board. For both allocations, the performance period commenced on January 1, 2024 and ends December 31, 2026. Under the MB LTIP 2024+, 266,497 Performance Shares with a total fair value according to IFRS 2, Share-based Payment, (IFRS 2) of €5,100 were allocated to the members of the Management Board. This amount will be amortized over the vesting period, and will be revalued if the fair value changes. The weighted average fair value per Performance Share at the allocation date was €19.14 reflecting according to IFRS 2 all market conditions such as the current target achievement for the Relative TSR target at the respective allocation date. For both allocations, the Company according to the plan conditions currently has a present obligation to settle in cash, which is why it accounts for these allocations as a cash-settled share-based payment transaction.

Commitments and contingencies

Commitments and contingencies	6 Months Ended
Commitments and contingencies	Jun. 30, 2024
Commitments and contingencies
Commitments and contingencies	11. Commitments and contingencies Legal and regulatory matters The Company is routinely involved in claims, lawsuits, regulatory and tax audits, investigations and other legal matters arising, for the most part, in the ordinary course of its business of providing health care services and products. Legal matters that the Company currently deems to be material or noteworthy are described below. The Company records its litigation reserves for certain legal proceedings and regulatory matters to the extent that the Company determines an unfavorable outcome is probable and the amount of loss can be reasonably estimated. For the other matters described below, the Company believes that the loss is not probable and/or the loss or range of possible losses cannot be reasonably estimated at this time. The outcome of litigation and other legal matters is always difficult to predict accurately and outcomes that are not consistent with the Company’s view of the merits can occur. The Company believes that it has valid defenses to the legal matters pending against it and is defending itself vigorously. Nevertheless, it is possible that the resolution of one or more of the legal matters currently pending or threatened could have a material adverse effect on its business, results of operations and financial condition. Beginning in 2012, the Company received certain communications alleging conduct in countries outside the United States that might violate the U.S. Foreign Corrupt Practices Act (FCPA) or other anti-bribery laws. The Company conducted investigations with the assistance of outside counsel and, in a continuing dialogue, advised the Securities and Exchange Commission (SEC) and the United States Department of Justice (DOJ) about these investigations. The DOJ and the SEC also conducted their own investigations, in which the Company cooperated. In the course of this dialogue, the Company identified and reported to the DOJ and the SEC, and took remedial actions with respect to, conduct that resulted in the DOJ and the SEC seeking monetary penalties including disgorgement of profits and other remedies. This conduct revolved principally around the Company’s products business in countries outside the United States. The Company’s remedial actions included separation of those employees responsible for the above-mentioned conduct. On March 29, 2019, the Company entered into a non-prosecution agreement (NPA) with the DOJ and a separate agreement with the SEC (SEC Order) intended to resolve fully and finally the U.S. government allegations against the Company arising from the investigations that included provisions for penalties and disgorgement, self-reporting obligations and retention of an independent compliance monitor whose certification of the Company’s implementation of an effective anti-corruption compliance program was finalized in January 2023.The DOJ and SEC accepted the Monitor’s certification and the NPA and SEC Order expired on March 1, 2023 and March 29, 2023, respectively. In 2015, the Company self-reported certain legacy conduct with a potential nexus to Germany to the German prosecutor in the state of Hessen and continues to cooperate with government authorities in Germany in their review of the conduct that prompted the Company’s and United States government investigations. In September 2023, the Hessen prosecutor opened independent disgorgement proceedings against a German subsidiary of the Company relating to the aforementioned conduct in West Africa. Since 2012, the Company has made significant investments in its compliance and financial controls and in its compliance, legal and financial organizations and is continuing to further implement its compliance program in connection with the resolution with the DOJ and SEC. The Company continues to react to post-FCPA review matters on various levels. The Company also continues to be fully committed to compliance with the FCPA and other applicable anti-bribery laws. In August 2014, FMCH received a subpoena from the United States Attorney’s Office (USAO) for the District of Maryland inquiring into FMCH’s contractual arrangements with hospitals and physicians relating to the management of in-patient acute dialysis services. Thereafter, the USAO conducted an investigation, in which FMCH cooperated, and declined to intervene in the matter. After the United States District Court for Maryland unsealed the 2014 relator’s qui tam complaint that gave rise to the investigation, the relator served the complaint and proceeded on his own by filing an amended complaint, which FMCH moved to dismiss on multiple grounds. On October 5, 2021, on FMCH’s motion, the District Court for Maryland transferred the case to the United States District Court for Massachusetts. Flanagan v. Fresenius Medical Care Holdings, Inc., On October 19, 2023, a subsidiary of the Company was served with a complaint alleging that an employee was terminated in retaliation for raising concerns similar to those raised in the Flanagan litigation. Rowe v. Fresenius Medical Care Holdings, Inc., et al, In 2014, two New York physicians filed under seal a qui tam complaint in the United States District Court for the Eastern District of New York (Brooklyn), alleging violations of the False Claims Act relating to FMCH’s vascular access line of business. As previously disclosed, on October 6, 2015, the United States Attorney for the Eastern District of New York (Brooklyn) issued subpoenas to FMCH indicating its investigation is now seen to be related to the two relators’ complaint. FMCH cooperated in the Brooklyn investigation, which was understood to be separate and distinct from settlements entered in 2015 in Connecticut, Florida and Rhode Island of allegations against American Access Care LLC (AAC) following FMCH’s 2011 acquisition of AAC. On July 12, 2022, after the Court denied the USAO’s motions to renew the sealing of the relators’ complaint, the USAO filed a complaint-in-intervention. United States ex rel. Pepe and Sherman v. Fresenius Vascular Care, Inc. et al, On November 18, 2016, FMCH received a subpoena under the False Claims Act from the United States Attorney for the Eastern District of New York (Brooklyn) seeking documents and information relating to the operations of Shiel Medical Laboratory, Inc. (Shiel), which FMCH acquired in October 2013. FMCH advised the USAO that, under the asset sale provisions of its 2013 Shiel acquisition, it was not responsible for Shiel’s conduct prior to the date of the acquisition. On December 12, 2017, FMCH sold to Quest Diagnostics certain Shiel operations. Nonetheless, FMCH cooperated in the Brooklyn USAO’s investigation. On June 14, 2022, the Brooklyn USAO declined to intervene on two relator complaints that underlay the investigation. The relators proceeded with litigation at their own expense against both Shiel and FMCH entities, alleging that the defendants wrongly caused government payers to pay for laboratory tests that were falsely or improperly invoiced and retaliated against relators for objecting to the alleged misconduct. Relator v. Shiel Medical Laboratory, 1:16-cv-01090 (E.D.N.Y. 2016); Relator v. Shiel Holdings, 1:17-cv-02732 (E.D.N.Y. 2017) Relator v. Shiel Holdings, In February 2022, the Company received a formal request for information from the Hessen Data Protection Authority ( Hessischer Beauftragter für Datenschutz und Informationsfreiheit On January 3, 2023, FMCH received a subpoena from the Attorney General for the District of Columbia related to the activities of the American Kidney Foundation (AKF) and grounded in anti-trust concerns, including market allocation within the District of Columbia. FMCH’s relationship with AKF was the subject of a previously reported and resolved investigation by agencies of the United States and litigation against United Healthcare. FMCH is cooperating in the District of Columbia investigation. On February 20, 2023, the Company received a statement of claim via the London Court of International Arbitration from its former distributor in Iraq. The Company terminated the distribution agreement in 2018. The former distributor seeks, inter alia, compensation for alleged wrongful termination and “quality issues,” as well as damages for lost profits. Some of the claims are not yet quantified by the former distributor as further information from the Company is requested. The Company has denied the allegations and filed a counterclaim for malperformance under the distribution agreement. The parties have exchanged several rounds of briefs and an oral hearing for the case will take place at the end of 2024. A decision of the arbitral tribunal is expected in 2025. Four plaintiffs have filed two actions for contestation and annulment ( Anfechtungs- und Nichtigkeitsklage Freigabebeschlüssen one one third On April 5, 2024, Fresenius Medical Care Holdings, Inc. received two civil investigative demands (CIDs) from the U.S. Federal Trade Commission (FTC) indicating it was investigating whether FMCH, among others in the industry, has engaged in unfair or exclusionary conduct in violation of Section 5 of the FTC Act in the acquisition of Medical Director services or provision of dialysis services. The CIDs indicate they cover the period from January 1, 2016 to the present and generally request information related to FMCH’s dialysis services, including information related to restrictive covenants such as non-competes with physicians. The Company is cooperating with the investigation. From time to time, the Company is a party to or may be threatened with other litigation or arbitration, claims or assessments arising in the ordinary course of its business. Management regularly analyzes current information including, as applicable, the Company’s defenses and insurance coverage and, as necessary, provides accruals for probable liabilities for the eventual disposition of these matters. The Company, like other health care providers, insurance plans and suppliers, conducts its operations under intense government regulation and scrutiny. The Company must comply with regulations which relate to or govern the safety and efficacy of medical products and supplies, the marketing and distribution of such products, the operation of manufacturing facilities, laboratories, dialysis clinics and other health care facilities, and environmental and occupational health and safety. With respect to its development, manufacture, marketing and distribution of medical products, if such compliance is not maintained, the Company could be subject to significant adverse regulatory actions by the FDA and comparable regulatory authorities outside the U.S. These regulatory actions could include warning letters or other enforcement notices from the FDA, and/or comparable foreign regulatory authority which may require the Company to expend significant time and resources in order to implement appropriate corrective actions. If the Company does not address matters raised in warning letters or other enforcement notices to the satisfaction of the FDA and/or comparable regulatory authorities outside the U.S., these regulatory authorities could take additional actions, including product recalls, injunctions against the distribution of products or operation of manufacturing plants, civil penalties, seizures of the Company’s products and/or criminal prosecution. FMCH completed remediation efforts with respect to a pending FDA warning letter issued in 2011 and is awaiting confirmation as to whether the letter is now closed. FMCH has responded to a second warning letter issued in December 2023 and has updated the FDA about continuing remediation efforts under that letter. The Company must also comply with the laws of the United States, including the federal Anti-Kickback Statute, the federal False Claims Act, the federal Stark Law, the federal Civil Monetary Penalties Law and the federal Foreign Corrupt Practices Act as well as other federal and state fraud and abuse laws. In Germany, where corporations are not subject to criminal law, management boards of companies must ensure business activities comply with the anti-corruption provisions of the criminal code, sections 331 et seq. ( Strafgesetzbuch The Company operates many facilities and handles the personal data of its patients and beneficiaries throughout the United States and other parts of the world and engages with other business associates to help it carry out its health care activities. While the Company is committed to training its employees and business associates on applicable laws and procedures, investigating concerns and incidents in a timely manner and taking remedial and corrective action (including disciplinary action) as necessary, in such a widespread, global system it may be difficult to maintain the desired level of oversight and control over the thousands of individuals employed by the Company, its many affiliated companies and its service providers or business associates. The Company recognizes that the laws, regulations and interpretative guidance on data privacy are evolving along with potential litigation and enforcement risks, and it continues to review its processes to adapt to those changes. On occasion, the Company or its business associates may experience a breach under the Health Insurance Portability and Accountability Act Privacy Rule and Security Rules, the EU’s General Data Protection Regulation or other similar laws (Data Protection Laws), which may involve certain impermissible use, access, or disclosure of unsecured personal data pertaining to patients, employees, beneficiaries or others. On those occasions, the Company is committed to compliance with applicable notification and/or reporting requirements and to take appropriate remedial and corrective action. Included within the Company’s notification requirements are new SEC rules that, commencing in December 2023, require the Company to report the occurrence of material cybersecurity incidents in a report on Form 6-K. Any such report could trigger litigation arising out of the incident. On September 29, 2023, Cardiovascular Consultants, Ltd. (CCL), a former subsidiary of the Company located in the U.S., became aware that some of its computer systems in the U.S. were affected by a security incident. The Company publicly disclosed information regarding this security breach in a Form 6-K furnished to the SEC, noting that the Company does not expect the incident to have a material impact on its financial condition or results of operations. Subsequently, Fresenius Vascular Care, Inc. d/b/a Azura Vascular Care (Azura), a wholly owned subsidiary of the Company located in the U.S., became aware that some of its files had been affected by the same security incident. There are three putative class action lawsuits pending in connection with this incident: one in Arizona state court against CCL and two in Pennsylvania federal court against Azura. Initially, there were four federal purported class action lawsuits filed against CCL in Arizona, but all four cases were voluntarily dismissed and consolidated with the pending state court case. The complaints allege that CCL and Azura breached various duties relating to the safeguarding of confidential patient information and seek injunctive relief requiring that CCL and Azura implement various data protection processes and unspecified monetary damages. None of the actions has received class certification. Under the agreement for the sale of CCL, the Company retains responsibility for defending against these cases. In addition, the Company continues to cooperate with requests for information from the U.S. Department of Health & Human Services’ Office for Civil Rights and state regulatory agencies related to this matter. The Company relies upon its management structure, regulatory and legal resources, and the effective operation of its compliance program to direct, manage and monitor the activities of its employees. On occasion, the Company may identify instances where employees or other agents deliberately, recklessly or inadvertently contravene the Company’s policies or violate applicable law and, in such instances, the Company will take appropriate corrective and/or disciplinary action. The actions of such persons may subject the Company and its subsidiaries to liability under the Anti-Kickback Statute, the Stark Law, the False Claims Act, Data Protection Laws, the Health Information Technology for Economic and Clinical Health Act and the FCPA, among other laws and comparable state laws or laws of other countries. Physicians, hospitals and other participants in the health care industry are also subject to a large number of lawsuits alleging professional negligence, malpractice, product liability, worker’s compensation or related claims, many of which involve large claims and significant defense costs. The Company has been and is currently subject to these suits due to the nature of its business and expects that those types of lawsuits may continue. Although the Company maintains insurance at a level which it believes to be prudent, it cannot assure that the coverage limits will be adequate or that insurance will cover all asserted claims. A successful claim against the Company or any of its subsidiaries in excess of insurance coverage could have a material adverse effect upon it and the results of its operations. Any claims, regardless of their merit or eventual outcome, could have a material adverse effect on the Company’s reputation and business. The Company has also had claims asserted against it and has had lawsuits filed against it relating to alleged patent infringements or businesses that it has acquired or divested. These claims and suits relate both to operation of the businesses and to acquisition and divestiture transactions. The Company has, when appropriate, asserted its own claims, and claims for indemnification. A successful claim against the Company or any of its subsidiaries could have a material adverse effect upon its business, financial condition, and the results of its operations. Any claims, regardless of their merit or eventual outcome, could have a material adverse effect on the Company’s reputation and business. The Company is subject to ongoing and future tax audits in the U.S., Germany and other jurisdictions in the ordinary course of business. Tax authorities routinely pursue adjustments to the Company’s tax returns and disallowances of claimed tax deductions. When appropriate, the Company defends these adjustments and disallowances and asserts its own claims. A successful tax related claim against the Company or any of its subsidiaries could have a material adverse effect upon its business, financial condition and results of operations. The German tax authorities re-qualified dividends received in connection with intercompany mandatorily redeemable preferred shares into fully taxable interest payments for the years 2006 until 2013, which could lead to additional tax payments in the mid-double-digit million range. Additionally, German tax authorities objected to the Company’s tax returns and took the position that income of one of the Company’s finance entities for 2017 and future periods should be subject to German Controlled Foreign Corporation taxation resulting in potential additional income tax payments in the very low end of triple-digit millions. In both cases, the Company will take any appropriate legal action to defend its position. The Company is subject to residual value guarantees in certain lease contracts, primarily real estate contracts, for which it is the lessee in the amount of $980,121 (€915,570). As of June 30, 2024, the estimated fair market value of the underlying leased assets exceeded the related residual value guarantees and, therefore, the Company did not have any risk exposure relating to these guarantees. Other than those individual contingent liabilities mentioned above, the current estimated amount of the Company’s other known individual contingent liabilities is immaterial.

Financial instruments

Financial instruments	6 Months Ended
Financial instruments	Jun. 30, 2024
Financial instruments
Financial instruments	12. Financial instruments The following tables show the carrying amounts and fair values of the Company’s financial instruments at June 30, 2024 and December 31, 2023: Carrying amount and fair value of financial instruments in € THOUS June 30, 2024 Carrying amount Fair value Amortized Not cost FVPL FVOCI classified Total Level 1 Level 2 Level 3 Cash and cash equivalents 980,404 109,810 — — 1,090,214 109,810 — — Trade accounts and other receivables from unrelated parties (1) 3,852,546 — — 82,705 3,935,251 — — — Accounts receivable from related parties 37,430 — — — 37,430 — — — Derivatives - cash flow hedging instruments — — — 2,720 2,720 — 2,720 — Derivatives - not designated as hedging instruments — 13,873 — — 13,873 — 13,873 — Derivatives embedded in Virtual Power Purchase Agreements (vPPAs) — 5,896 — — 5,896 — — 5,896 Equity investments — 124,326 67,776 — 192,102 83,152 68,956 39,994 Debt securities — 87,067 308,445 — 395,512 395,512 — — Other financial assets (2) 171,622 156,960 — 104,706 433,288 — — 156,960 Other current and non-current assets 171,622 388,122 376,221 107,426 1,043,391 — — — Financial assets 5,042,002 497,932 376,221 190,131 6,106,286 — — — Accounts payable to unrelated parties (1) 767,143 — — — 767,143 — — — Accounts payable to related parties 127,085 — — — 127,085 — — — Short-term debt 321,974 — — — 321,974 — — — Long-term debt 7,334,478 — — — 7,334,478 6,134,645 536,365 — Lease liabilities — — — 4,095,634 4,095,634 — — — Derivatives - cash flow hedging instruments — — — 8,435 8,435 — 8,435 — Derivatives - not designated as hedging instruments — 25,442 — — 25,442 — 25,442 — Derivatives embedded in vPPAs — — — — — — — — Variable payments outstanding for acquisitions — 14,113 — — 14,113 — — 14,113 Put option liabilities — — — 1,374,369 1,374,369 — — 1,374,369 Other financial liabilities (3) 1,145,682 — — — 1,145,682 — — — Other current and non-current liabilities 1,145,682 39,555 — 1,382,804 2,568,041 — — — Financial liabilities 9,696,362 39,555 — 5,478,438 15,214,355 — — — Carrying amount and fair value of financial instruments in € THOUS December 31, 2023 Carrying amount Fair value Amortized Not cost FVPL FVOCI classified Total Level 1 Level 2 Level 3 Cash and cash equivalents 1,205,030 198,462 — — 1,403,492 198,462 — — Trade accounts and other receivables from unrelated parties 3,389,314 — — 81,899 3,471,213 — — — Accounts receivable from related parties 165,299 — — — 165,299 — — — Derivatives - cash flow hedging instruments — — — 1,990 1,990 — 1,990 — Derivatives - not designated as hedging instruments — 20,295 — — 20,295 — 20,295 — Equity investments — 82,072 71,110 — 153,182 48,888 72,292 32,002 Debt securities — 80,145 341,074 — 421,219 421,219 — — Other financial assets (2) 146,748 — — 112,322 259,070 — — — Other current and non-current assets 146,748 182,512 412,184 114,312 855,756 — — — Financial assets 4,906,391 380,974 412,184 196,211 5,895,760 — — — Accounts payable to unrelated parties 762,068 — — — 762,068 — — — Accounts payable to related parties 123,081 — — — 123,081 — — — Short-term debt 456,904 — — — 456,904 — — — Long-term debt 7,447,562 — — — 7,447,562 5,972,767 767,328 — Lease liabilities — — — 4,145,946 4,145,946 — — — Derivatives - cash flow hedging instruments — — — 4,315 4,315 — 4,315 — Derivatives - not designated as hedging instruments — 4,890 — — 4,890 — 4,890 — Variable payments outstanding for acquisitions — 35,751 — — 35,751 — — 35,751 Put option liabilities — — — 1,372,008 1,372,008 — — 1,372,008 Other financial liabilities (3) 974,252 — — — 974,252 — — — Other current and non-current liabilities 974,252 40,641 — 1,376,323 2,391,216 — — — Financial liabilities 9,763,867 40,641 — 5,522,269 15,326,777 — — — (1) In 2024, trade accounts and other receivables from unrelated parties as well as accounts payable to unrelated parties no longer include insurance and reinsurance contract receivables (liabilities) recorded in accordance with IFRS 17, Insurance Contracts, which are presented in note 5 as such receivables and liabilities are not within the scope of IFRS 7, Financial Instruments: Disclosures. (2) As of June 30, 2024 other financial assets primarily include receivables for royalty payments from one of the Company’s equity investments, lease receivables, receivables from sale of investments, deposits, guarantees, securities, notes receivable as well as vendor and supplier rebates. As of December 31, 2023 other financial assets primarily include lease receivables, deposits, guarantees, securities, receivables from sale of investments, vendor and supplier rebates as well as notes receivable. (3) As of June 30, 2024 and December 31, 2023, other financial liabilities primarily include receivable credit balances and goods and services received. Derivative and non-derivative financial instruments are categorized in the following three-tier fair value hierarchy that reflects the significance of the inputs in making the measurements. Level 1 inputs are quoted prices for similar instruments in active markets. Level 2 is defined as using valuation models (i.e. mark-to-model) with input factors that are inputs other than quoted prices in active markets that are directly or indirectly observable. Level 3 is defined as using valuation models (i.e. mark-to-model) with input factors that are unobservable inputs for which little or no market data exists, therefore requiring the Company to develop its own assumptions. Fair value information is not provided for financial instruments, if the carrying amount is a reasonable estimate of fair value due to the relatively short period of maturity of these instruments. This includes cash and cash equivalents measured at amortized costs, trade accounts and other receivables from unrelated parties, accounts receivable from related parties, other financial assets as well as accounts payable to unrelated parties, accounts payable to related parties, short-term debt and other financial liabilities. Transfers between levels of the fair value hierarchy have not occurred as of June 30, 2024 or December 31, 2023. The Company accounts for transfers at the end of the reporting period. Derivative financial instruments In order to manage the risk of currency exchange rate and interest rate fluctuations, the Company enters into various hedging transactions by means of derivative instruments with highly rated financial institutions (generally investment grade) as authorized by the Company’s management. The Company primarily enters into foreign exchange forward contracts. In certain instances, the Company enters into derivative contracts that do not qualify for hedge accounting but are utilized for economic purposes (economic hedges). The Company does not use financial instruments for trading purposes. In April 2024, the Company signed several vPPAs with wind and solar energy project developers in Germany and in the U.S. with terms of up to 15 years. The German vPPA contracts have been signed with two developers for a total expected annual electricity production of 124 gigawatt hours (GWh) which is equivalent to around 75% of the electricity consumption used by the Company in the European Union during 2023. The U.S. vPPA contract has been concluded with one developer and the forecasted annual electricity production amounts to 458 GWh which corresponds to around 60% of the electricity consumption used by the Company in the U.S. during 2023. The wind and solar parks are scheduled to become operational in 2024 and 2025. The Company does not have control or any other rights in relation to the usage of the energy-producing facilities. All contracts are designed as non-deliverable for the electricity produced and provide for the delivery of energy attribute certificates, commonly known in the U.S. and Germany as renewable energy certificates and guarantees of origin, respectively. All contracts are analyzed as physical host contracts to purchase the certificates and separable embedded electricity swaps to pay a fixed price for the electricity produced and to receive a variable spot energy price in the respective regions. The host contracts fulfill the “own-use” criteria in accordance with IFRS 9, Financial Instruments (IFRS 9). The derivatives embedded in the vPPAs are recognized separately at fair value through profit or loss. Embedded derivatives with positive fair values are recorded in other non-current financial assets within the consolidated balance sheets. Embedded derivatives with negative fair value are recorded in other non-current financial liabilities within the consolidated balance sheets. The fair value allocated to level 3 is derived from the present value of the expected cash flows from the derivatives. The main valuation parameters include significant unobservable inputs such as electricity future price curves and expected electricity production volumes. A change in the key valuation parameters as of June 30, 2024, would have affected the fair value of the derivatives embedded in vPPAs as follows: Sensitivities of derivatives embedded in vPPAs to changes in unobservable inputs in € THOUS Change in expected electricity prices Change in expected production volumes 10% increase 10% decrease 10% increase 10% decrease 28,398 (28,669) 590 (590) Changes in the fair value of the derivatives embedded in the vPPAs are recognized in other operating income or other operating expense in the consolidated statements of income. Due to the volatile nature of such instruments which may be considered to be speculative, it is difficult to accurately predict what impact the volatility of unobservable inputs, such as changes in expected energy prices or production volumes, may have on the valuation of such instruments in the future. The estimated fair values of these derivative instruments may fluctuate significantly from quarter to quarter and the price at which these derivatives may ultimately be settled could vary significantly from the Company’s current estimates, depending upon market conditions. The following table provides a reconciliation of derivatives embedded in the vPPAs at June 30, 2024: Reconciliation of derivatives embedded in vPPAs in € THOUS 2024 Derivatives embedded in the vPPAs - Assets Beginning balance at January 1, — Settlements — Gain (loss) recognized in profit or loss (1) 5,871 Foreign currency translation and other changes 25 Ending balance at June 30, 5,896 (1) Non-derivative financial instruments The significant methods and assumptions used for the classification and measurement of non-derivative financial instruments are as follows: The Company assessed its business models and the cash flow characteristics of its financial assets. The vast majority of the non-derivative financial assets are held in order to collect contractual cash flows. The contractual terms of the financial assets allow the conclusion that the cash flows represent payment of principal and interest only. Trade accounts and other receivables from unrelated parties (including receivables related to the former Accounts Receivable Facility, see note 8), Accounts receivable from related parties and Other financial assets are consequently measured at amortized cost. Cash and cash equivalents are comprised of cash funds and other short-term investments. Cash funds are measured at amortized cost. Short-term investments are highly liquid and readily convertible to known amounts of cash. Short-term investments are measured at fair value through profit or loss (FVPL). The risk of changes in fair value is insignificant. Equity investments are not held for trading. At initial recognition the Company elected, on an instrument-by-instrument basis, to represent subsequent changes in the fair value of individual strategic investments in other comprehensive income. If equity instruments are quoted in an active market, the fair value is based on price quotations at the period-end-date. As necessary, the Company engages external valuation firms to assist in determining the fair value of Level 3 equity investments. The external valuation uses a discounted cash flow model, which includes significant unobservable inputs such as investment specific forecasted financial statements and weighted average cost of capital, that reflects current market assessments as well as a terminal growth rate. The majority of the debt securities are held within a business model whose objective is achieving both contractual cash flows and selling securities. The standard coupon bonds give rise on specified dates to cash flows that are solely payments of principal and interest on the outstanding principal amount. Subsequently, these financial assets have been classified as fair value through other comprehensive income (FVOCI). The smaller part of debt securities does not give rise to cash flows that are solely payments of principal and interest. Consequently, these securities are measured at FVPL. In general, most of the debt securities are quoted in an active market. Long-term debt is initially recognized at its fair value and subsequently measured at amortized cost. The fair values of major long-term debt are calculated on the basis of market information. Liabilities for which market quotes are available are measured using these quotes. The fair values of the other long-term debt are calculated at the present value of the respective future cash flows. To determine these present values, the prevailing interest rates and credit spreads for the Company as of the balance sheet date are used. Variable payments outstanding for acquisitions are recognized at their fair value. The estimation of individual fair values is based on the key inputs of the arrangement that determine the future contingent payment as well as the Company’s expectation of these factors. The Company assesses the likelihood and timing of achieving the relevant objectives. The underlying assumptions are reviewed regularly. Put option liabilities are recognized at the present value of the exercise price of the option. The exercise price of the option is generally based on fair value and, in certain limited instances, might contain a fixed floor price. The methodology the Company uses to estimate the fair values assumes the greater of net book value or a multiple of earnings, based on historical earnings, development stage of the underlying business and other factors. From time to time the Company engages an external valuation firm to assist in the valuation of certain put options. The external valuation assists the Company in estimating the fair values using a combination of discounted cash flows and a multiple of earnings and/or revenue. Under those limited circumstances in which the put option might contain a fixed floor price, the external valuation firm may assist the Company with the valuation by performing a Monte Carlo Simulation analysis to simulate the exercise price. The put option liabilities are discounted at a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the liability. The estimated fair values of these put options can also fluctuate, and the discounted cash flows as well as the implicit multiple of earnings and/or revenue at which these obligations may ultimately be settled could vary significantly from the Company’s current estimates depending upon market conditions. For the purpose of analyzing the impact of changes in unobservable inputs on the fair value measurement of put option liabilities, the Company assumes an increase on earnings (or enterprise value, where applicable) of 10% compared to the actual estimation as of the balance sheet date. The corresponding increase in fair value of €97,171 is then compared to the total liabilities and the shareholder’s equity of the Company. This analysis shows that an increase of 10% in the relevant earnings (or enterprise value, where applicable) would have an effect of less than 1% on the total liabilities and less than 1% on the shareholder’s equity of the Company. The following table provides a reconciliation of Level 3 financial instruments, excluding vPPAs as disclosed above, at June 30, 2024 and December 31, 2023: Reconciliation from beginning to ending balance of level 3 financial instruments in € THOUS 2024 2023 Variable Other Variable payments financial payments outstanding assets outstanding Equity for Put option measured at Equity for Put option investments acquisitions liabilities FVPL (1) investments acquisitions liabilities Beginning balance at January 1, 32,002 35,751 1,372,008 — 42,793 37,846 1,468,517 Increase 1,095 45 1,295 41,229 4,833 5,232 31,050 Decrease — (20,056) (3,888) — — (3,603) (42,490) Reclassifications — — — 90,457 (2) — — — Gain / loss recognized in profit or loss (3) 5,796 (1,906) — 22,093 (14,340) (3,366) — Gain / loss recognized in equity — — (38,851) — — — (28,034) Foreign currency translation and other changes 1,101 279 43,805 3,181 (1,284) (358) (57,035) Ending balance at June 30, and December 31, 39,994 14,113 1,374,369 156,960 32,002 35,751 1,372,008 (1) Other financial assets measured at FVPL consist of receivables from licensing agreements and receivables from sale of investments. (2) Receivables for royalty payments from one of the Company’s equity investments were previously recorded as a non-financial asset and were revised as of March 31, 2024. (3) Includes realized and unrealized gains / losses.

Segment and corporate informati

Segment and corporate information	6 Months Ended
Segment and corporate information	Jun. 30, 2024
Segment and corporate information
Segment and corporate information	13. Segment and corporate information The Company’s operating segments are determined based upon how the Company manages its businesses and allocates resources with responsibilities by products and services and is aligned to the financial information that is presented on a quarterly basis to the chief operating decision maker. The Care Enablement segment is primarily engaged in the distribution of products and equipment, including R&D, manufacturing, supply chain and commercial operations, as well as supporting functions, such as regulatory and quality management. The Care Delivery segment is primarily engaged in providing health care services for the treatment of chronic kidney disease, ESRD and other extracorporeal therapies, including value and risk-based care programs. Care Delivery also includes the pharmaceutical products business and the income from equity method investees related to the sale of certain renal pharmaceuticals from Vifor Fresenius Medical Care Renal Pharma Ltd., which are used in the Company’s clinics to provide health care services to its patients. The Company’s Global Medical Office, which seeks to optimize medical treatments and clinical processes within the Company and supports both Care Delivery and Care Enablement, is centrally managed and its profit and loss are allocated to the segments. Similarly, the Company allocates costs related primarily to headquarters’ overhead charges, including accounting and finance as well as certain human resources, legal and IT costs, as the Company believes that these costs are attributable to the segments and used in the allocation of resources to Care Delivery and Care Enablement. These costs are allocated at budgeted amounts, with the difference between budgeted and actual figures recorded at the corporate level. However, certain costs, which relate mainly to shareholder activities, management activities, global internal audit and the remeasurement of certain investments are not allocated to a segment but are accounted for as corporate expenses. These activities do not fulfill the definition of a segment according to IFRS 8, Operating Segments and are reported separately as Corporate (Corporate). Financing is a corporate function which is not controlled by the operating segments. Therefore, the Company does not include interest expense relating to financing as a segment measurement. In addition, the Company does not include income taxes as it believes taxes are outside the segments’ control. Management evaluates each segment using measures that reflect all of the segment’s controllable revenues and expenses. With respect to the performance of business operations, management believes that the most appropriate measures are revenue and operating income. The Company transfers products between segments at fair market value. The associated internal revenues and expenses and any remaining internally generated profit or loss for the product transfers are recorded within the operating segments initially, are eliminated upon consolidation and are included within “Inter-segment eliminations.” Capital expenditures for production are based on the expected demand of the segments and consolidated profitability considerations. Information pertaining to the Company’s segment and Corporate activities for the three and six months ended June 30, 2024 and 2023 is set forth below: Segment and corporate information in € THOUS Care Total Inter-segment Care Delivery Enablement Segment eliminations Corporate Total Three months ended June 30, 2024 Revenue from health care services (1) 3,329,017 — 3,329,017 — — 3,329,017 Revenue from health care products (1) 49,162 975,521 1,024,683 — — 1,024,683 Revenue from contracts with customers (1) 3,378,179 975,521 4,353,700 — — 4,353,700 Revenue from insurance contracts (1) 393,121 — 393,121 — — 393,121 Revenue from lease contracts (1) — 19,617 19,617 — — 19,617 Revenue from external customers 3,771,300 995,138 4,766,438 — — 4,766,438 Inter-segment revenue — 368,232 368,232 (368,232) — — Revenue 3,771,300 1,363,370 5,134,670 (368,232) — 4,766,438 Operating income (loss) 332,200 67,734 399,934 (5,313) 30,168 424,789 Interest (85,331) Income before income taxes 339,458 Depreciation and amortization (262,600) (114,356) (376,956) 11,167 (17,973) (383,762) Impairment loss 11,412 (14,669) (3,257) — — (3,257) Income (loss) from equity method investees 32,639 — 32,639 — — 32,639 Additions of property, plant and equipment, intangible assets and right-of-use assets (1) 217,385 94,791 312,176 (17,271) 5,707 300,612 Three months ended June 30, 2023 Revenue from health care services (1) 3,504,864 — 3,504,864 — — 3,504,864 Revenue from health care products (1) 43,914 943,550 987,464 — — 987,464 Revenue from contracts with customers (1) 3,548,778 943,550 4,492,328 — — 4,492,328 Revenue from insurance contracts (1) 323,764 — 323,764 — — 323,764 Revenue from lease contracts (1) — 9,184 9,184 — — 9,184 Revenue from external customers 3,872,542 952,734 4,825,276 — — 4,825,276 Inter-segment revenue — 372,006 372,006 (372,006) — — Revenue 3,872,542 1,324,740 5,197,282 (372,006) — 4,825,276 Operating income (loss) 384,254 1,536 385,790 (3,880) (25,283) 356,627 Interest (80,543) Income before income taxes 276,084 Depreciation and amortization (283,026) (115,438) (398,464) 9,866 (17,466) (406,064) Impairment loss (20,189) (7,938) (28,127) — — (28,127) Income (loss) from equity method investees 45,550 2,720 48,270 — — 48,270 Additions of property, plant and equipment, intangible assets and right- of-use assets (1) 197,342 107,594 304,936 — 10,781 315,717 (1) These line items are included to comply with requirements under IFRS 8 and IFRS 15 or are provided on a voluntary basis, but not included in the information regularly reviewed by the chief operating decision maker. Additionally, the Company has adjusted the prior period financial information in order to include additional contracts identified during the course of the year ended December 31, 2023 which were subject to certain disclosures in accordance with IFRS 17. Segment and corporate information (continued) in € THOUS Care Inter-segment Care Delivery Enablement Total Segment eliminations Corporate Total Six months ended June 30, 2024 Revenue from health care services (1) 6,694,351 — 6,694,351 — — 6,694,351 Revenue from health care products (1) 89,052 1,889,715 1,978,767 — — 1,978,767 Revenue from contracts with customers (1) 6,783,403 1,889,715 8,673,118 — — 8,673,118 Revenue from insurance contracts (1) 776,051 — 776,051 — — 776,051 Revenue from lease contracts (1) — 41,791 41,791 — — 41,791 Revenue from external customers 7,559,454 1,931,506 9,490,960 — — 9,490,960 Inter-segment revenue — 728,922 728,922 (728,922) — — Revenue 7,559,454 2,660,428 10,219,882 (728,922) — 9,490,960 Operating income (loss) 520,749 137,949 658,698 (4,475) 16,579 670,802 Interest (173,518) Income before income taxes 497,284 Depreciation and amortization (527,254) (229,721) (756,975) 21,499 (36,021) (771,497) Impairment loss (112,249) (15,716) (127,965) — — (127,965) Income (loss) from equity method investees 61,482 — 61,482 — — 61,482 Total assets (1) 46,098,375 15,522,741 61,621,116 (40,179,311) 12,454,399 33,896,204 thereof investment in equity method investees (1) 647,964 — 647,964 — — 647,964 Additions of property, plant and equipment, intangible assets and right-of-use assets (1) 406,335 180,637 586,972 (27,449) 26,127 585,650 Six months ended June 30, 2023 Revenue from health care services (1) 6,970,732 — 6,970,732 — — 6,970,732 Revenue from health care products (1) 86,730 1,877,303 1,964,033 — — 1,964,033 Revenue from contracts with customers (1) 7,057,462 1,877,303 8,934,765 — — 8,934,765 Revenue from insurance contracts (1) 570,627 — 570,627 — — 570,627 Revenue from lease contracts (1) — 24,102 24,102 — — 24,102 Revenue from external customers 7,628,089 1,901,405 9,529,494 — — 9,529,494 Inter-segment revenue — 733,864 733,864 (733,864) — — Revenue 7,628,089 2,635,269 10,263,358 (733,864) — 9,529,494 Operating income (loss) 668,739 (22,939) 645,800 (13,132) (15,104) 617,564 Interest (163,115) Income before income taxes 454,449 Depreciation and amortization (571,255) (230,473) (801,728) 19,582 (35,523) (817,669) Impairment loss (22,105) (32,231) (54,336) — — (54,336) Income (loss) from equity method investees 71,651 4,133 75,784 — — 75,784 Total assets (1) 40,909,915 14,883,693 55,793,608 (30,077,381) 9,243,911 34,960,138 thereof investment in equity method investees (1) 360,550 335,838 696,388 — — 696,388 Additions of property, plant and equipment, intangible assets and right-of-use assets (1) 385,828 216,883 602,711 — 23,593 626,304 (1) These line items are included to comply with requirements under IFRS 8 and IFRS 15 or are provided on a voluntary basis, but not included in the information regularly reviewed by the chief operating decision maker. Additionally, the Company has adjusted the prior period financial information in order to include additional contracts identified during the course of the year ended December 31, 2023 which were subject to certain disclosures in accordance with IFRS 17.

Events occurring after the bala

Events occurring after the balance sheet date	6 Months Ended
Events occurring after the balance sheet date	Jun. 30, 2024
Events occurring after the balance sheet date
Events occurring after the balance sheet date	14. Events occurring after the balance sheet date In July 2024, the Management Board resolved on the introduction of the Fresenius Medical Care Long-Term Incentive Plan 2024+ (LTIP 2024+) as a successor plan to the Fresenius Medical Care Long-Term Incentive Plan 2022+ (LTIP 2022+). The overall plan design is largely similar to the LTIP 2022+ as, for example, participants can be allocated cash-settled Performance Shares that generally vest after three years . For allocations in 2024, the targets for the LTIP 2024+ are aligned with the targets for the MB LTIP 2024+ (ROIC, Relative TSR, CO2e Reduction). See note 10 for a description of these targets. The first allocation under the LTIP 2024+ was made on July 29, 2024 and the allocated amount does not materially differ from what was allocated in previous years under the LTIP 2022+. The fair value of the allocated Performance Shares according to IFRS 2 depends on several market conditions such as the share price of the Company on the allocation date or the current target achievement level of Relative TSR and cannot be reliably estimated at this time. No other significant events have taken place subsequent to the balance sheet date June 30, 2024 that have a material impact on the key figures and earnings presented. Currently, there are no significant changes in the Company’s structure, management, legal form or personnel.

The Company and basis of pres_2

The Company and basis of presentation (Policies)	6 Months Ended
The Company and basis of presentation (Policies)	Jun. 30, 2024
The Company and basis of presentation
Accounting policies and methods of computation followed in interim financial statements	The consolidated financial statements and other financial information included in the Company’s quarterly reports furnished under cover of Form 6-K and its Annual Report on Form 20-F are prepared solely in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), the “IFRS® Accounting Standards”, using the euro as the Company’s reporting and functional currency. The interim financial report is prepared in accordance with International Accounting Standard (IAS) 34, Interim Financial Reporting, and contains condensed financial statements, in that it includes selected explanatory notes rather than all of the notes that would be required in a complete set of financial statements. However, the primary financial statements are presented in the format consistent with the consolidated financial statements as presented in the Company’s Annual Report on Form 20-F for the year ended December 31, 2023 (the 2023 Form 20-F) in accordance with IAS 1, Presentation of Financial Statements.
Recent pronouncements	New accounting pronouncements Recently implemented accounting pronouncements The Company has prepared its interim consolidated financial statements at and for the six months ended June 30, 2024 in conformity with IFRS Accounting Standards that have to be applied for the interim periods starting on or after January 1, 2024. In the six months ended June 30, 2024, there were no recently implemented accounting pronouncements that materially affect the business. Recent accounting pronouncements not yet adopted The IASB issued the following new standard which is relevant for the Company: IFRS 18, Presentation and Disclosure in Financial Statements On April 9, 2024, the IASB issued IFRS 18, Presentation and Disclosure in Financial Statements (IFRS 18). IFRS 18 aims to improve how information is communicated in financial statements to give investors a more comparable basis to analyze companies’ performance. The standard introduces three sets of new requirements: new categories and subtotals in the consolidated statements of income, disclosure regarding management-defined performance measures and guidance related to the aggregation and disaggregation of certain information. The consolidated statements of income will be split into three newly defined categories (operating, investing and financing) and will include two newly defined subtotals (operating profit and profit before financing and income taxes). Management-defined performance measures are subtotals of income and expense used in public communication outside the financial statements and communicate management’s view of certain aspects of a company’s performance. Such measures are required to be described in a clear and understandable manner in a single note explaining how the measure is calculated, why it is useful, providing a reconciliation to the most directly comparable subtotal noted above, the income tax and the effect on non-controlling interest for each item disclosed in the reconciliation and how the income tax effect was determined. Lastly, companies must disaggregate items if such information is material and avoid using the label “other” in financial statements. Certain additional details for depreciation and amortization, impairment and other expense classifications may be required. IFRS 18 is effective for fiscal periods commencing on or after January 1, 2027. Earlier adoption is permitted. The standard is expected to impact the Company’s presentation of items within the consolidated financial statements and its notes disclosures once implemented, though the standard is not expected to change how the Company recognizes or measures items in its consolidated financial statements. In the Company’s view, no other pronouncements issued by the IASB are expected to have a material impact on the consolidated financial statements.

The Company and basis of pres_3

The Company and basis of presentation (Tables)	6 Months Ended
The Company and basis of presentation (Tables)	Jun. 30, 2024
The Company and basis of presentation
Schedule of inputs for the calculation of (gains) losses on net monetary positions	Inputs for the calculation of (gains) losses on net monetary positions Lebanon Turkiye Date of IAS 29 initial application December 31, 2020 June 30, 2022 Consumer price index Central Administration of Statistics Turkish Statistical Institute Index at June 30, 2024 6,450.2 2,319.3 Calendar year increase 8 % 25 % (Gain) loss on net monetary position in € THOUS 4 5,694
Schedule of key assumptions of value-in-use calculations upon goodwill impairment tests	Key assumptions in % Care Delivery Care Enablement June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Average revenue growth in ten year projection period mid-single-digit mid-single-digit mid-single-digit mid-single-digit Average operating income growth in ten year projection period high-single-digit high-single-digit low-double-digit low-double-digit Residual value growth 1.00 1.00 1.00 1.00 Pre-tax WACC 10.15 10.53 9.31 8.41 After-tax WACC 7.85 8.09 7.51 6.54
Schedule that shows the amounts by which the key assumptions would need to change individually that the recoverable amount equals the carrying amount	Sensitivity analysis (1) Change in percentage points Care Delivery Care Enablement June 30, December 31, June 30, December 2024 2023 2024 31, 2023 Pre-tax WACC 2.70 2.10 2.32 2.27 After-tax WACC 2.04 1.60 1.72 1.66 Residual value growth (9.76) (7.26) (5.69) (5.57) Operating income margin of each projection year (3.09) (2.35) (3.15) (3.02) (1) The sensitivity analysis is based upon the goodwill impairment tests performed as of June 30, 2024 and December 31, 2023.

Disposal groups classified as_2

Disposal groups classified as held for sale (Tables)	6 Months Ended
Disposal groups classified as held for sale (Tables)	Jun. 30, 2024
Disposal groups classified as held for sale
Schedule of assets and liabilities of disposal groups classified as held for sale	Assets and liabilities of disposal groups classified as held for sale in € THOUS June 30, 2024 December 31, 2023 Cash and cash equivalents 21,665 23,733 Trade accounts and other receivables from unrelated parties 73,211 27,535 Property, plant and equipment 25,470 42,710 Right-of-use assets 11,305 114,602 Goodwill (1) 108,626 274,543 Other 24,907 24,477 Assets held for sale 265,184 507,600 Accounts payable to unrelated parties 9,246 12,880 Lease liabilities 13,219 128,653 Provisions and other liabilities 41,945 39,091 Liability directly associated with assets held for sale 64,410 180,624 (1)

Notes to the consolidated sta_2

Notes to the consolidated statements of income (Tables)	6 Months Ended
Notes to the consolidated statements of income (Tables)	Jun. 30, 2024
Notes to the consolidated statements of income
Schedule of revenue	Revenue in € THOUS Revenue from Revenue from contracts with insurance Revenue from customers contracts lease contracts Total For the three months ended June 30, 2024 Health care services 3,329,017 393,121 — 3,722,138 Health care products 1,024,683 — 19,617 1,044,300 Total 4,353,700 393,121 19,617 4,766,438 For the three months ended June 30, 2023 Revenue from Revenue from contracts with insurance Revenue from customers contracts lease contracts Total Health care services 3,504,864 323,764 — 3,828,628 Health care products 987,464 — 9,184 996,648 Total 4,492,328 323,764 9,184 4,825,276 For the six months ended June 30, 2024 Revenue from Revenue from contracts with insurance Revenue from customers contracts lease contracts Total Health care services 6,694,351 776,051 — 7,470,402 Health care products 1,978,767 — 41,791 2,020,558 Total 8,673,118 776,051 41,791 9,490,960 For the six months ended June 30, 2023 Revenue from Revenue from contracts with insurance Revenue from customers contracts lease contracts Total Health care services 6,970,732 570,627 — 7,541,359 Health care products 1,964,033 — 24,102 1,988,135 Total 8,934,765 570,627 24,102 9,529,494
Schedule of disaggregation of revenue by categories	Disaggregation of revenue by categories in € THOUS For the three months ended For the six months ended June 30, June 30, 2024 2023 2024 2023 Care Delivery US 3,157,316 3,119,875 6,259,075 6,122,591 International 613,984 752,667 1,300,379 1,505,498 Total (1) 3,771,300 3,872,542 7,559,454 7,628,089 Care Enablement Total (including inter-segment revenues) (1) 1,363,370 1,324,740 2,660,428 2,635,269 Inter-segment eliminations (368,232) (372,006) (728,922) (733,864) Total Care Enablement revenue external customers 995,138 952,734 1,931,506 1,901,405 Total 4,766,438 4,825,276 9,490,960 9,529,494 (1) For further information on segment revenues, see note 13.
Schedule of selling, general and administrative expenses	Selling, general and administrative expense in € THOUS For the three months ended For the six months ended June 30, June 30, 2024 2023 2024 2023 Distribution costs 190,974 199,552 381,536 402,830 General and administrative expense 580,492 575,683 1,165,574 1,154,559 Selling, general and administrative expense 771,466 775,235 1,547,110 1,557,389
Schedule of amounts included in other operating income	Other operating income in € THOUS For the three months ended For the six months June 30, ended June 30, 2024 2023 2024 2023 Foreign exchange gains 58,034 53,842 119,710 125,981 Gains on right-of-use assets, from the sale of fixed assets, clinics and investments 3,676 11,949 6,821 25,574 Revaluation of certain investments 45,886 (4,318) 61,083 14,968 Income from strategic transactions and programs 84,391 — 87,497 — Other 35,942 14,357 66,317 26,778 Other operating income 227,929 75,830 341,428 193,301
Schedule of amounts included in other operating expense	Other operating expense in € THOUS For the three months ended For the six months June 30, ended June 30, 2024 2023 2024 2023 Foreign exchange losses 64,807 70,011 135,223 154,413 Losses on right-of-use assets, from the sale of fixed assets, clinics and investments 1,006 8,130 3,070 18,669 Expenses from strategic transactions and programs 107,475 32,015 262,430 115,454 Other 11,929 22,109 31,029 39,005 Other operating expense 185,217 132,265 431,752 327,541
Schedule of expenses from strategic transactions and programs	Expenses from strategic transactions and programs in € THOUS For the three months ended For the six months June 30, ended June 30, 2024 2023 2024 2023 Derecognition of capitalized development costs and termination costs (1) — (826) — 58,287 Legacy Portfolio Optimization — (826) — 58,287 Impairment of intangible and tangible assets (2) 1,417 13,122 2,464 37,448 Legacy Portfolio Optimization — 10,724 — 35,050 FME25 Program 1,417 2,398 2,464 2,398 Impairment resulting from the measurement of assets held for sale (3,375) 11,892 120,177 11,892 Legacy Portfolio Optimization (3,375) 11,892 120,177 11,892 Loss from the sale of business 84,059 — 109,047 — Legacy Portfolio Optimization 84,059 — 109,047 — Other (3) 25,374 7,827 30,742 7,827 Legacy Portfolio Optimization 23,321 1,124 27,473 1,124 Legal Form Conversion Costs 2,053 6,703 3,269 6,703 Expenses from strategic transactions and programs 107,475 32,015 262,430 115,454 (1) Primarily R&D expense. (2) For the three and six months ended June 30, 2024, the amounts relate primarily to cost of revenues and R&D expense, respectively. For the three and six months ended June 30, 2023, the amounts relate primarily to cost of revenues and selling, general and administrative expense, respectively (3) Primarily selling, general and administrative expense.
Schedule of reconciliation of basic and diluted earnings per share	Reconciliation of basic and diluted earnings per share in € THOUS, except share and per share data For the three months ended For the six months ended June 30, June 30, 2024 2023 2024 2023 Numerator: Net income attributable to shareholders of FME AG 187,028 140,359 257,987 226,721 Denominators: Weighted average number of shares outstanding 293,413,449 293,413,449 293,413,449 293,413,449 Potentially dilutive shares — — — — Basic earnings per share 0.64 0.48 0.88 0.77 Diluted earnings per share 0.64 0.48 0.88 0.77

Related party transactions (Tab

Related party transactions (Tables)	6 Months Ended
Related party transactions (Tables)	Jun. 30, 2024
Related party transactions
Schedule of service agreements and products with related parties	Service agreements and products with related parties in € THOUS For the six months ended For the six months ended June 30, 2024 June 30, 2023 June 30, 2024 December 31, 2023 Sales of Purchases of Sales of Purchases of goods and goods and goods and goods and Accounts Accounts Accounts Accounts services services services services receivable payable receivable payable Service agreements (1) Fresenius SE 10 10,970 73 20,196 21 109 10 1,778 Fresenius SE affiliates 264 43,498 5,972 34,602 137 7,950 589 14,299 Equity method investees (2) 2,909 — 3,121 — 21,423 — 51,442 — Total 3,183 54,468 9,166 54,798 21,581 8,059 52,041 16,077 Products Fresenius SE affiliates (2) 34,124 11,488 35,641 12,552 15,849 6,350 23,535 9,585 Equity method investees — 204,921 — 245,697 — 85,973 — 67,403 Total 34,124 216,409 35,641 258,249 15,849 92,323 23,535 76,988 (1) In addition to the above shown accounts payable, accrued expenses for service agreements with related parties amounted to € 16,274 and € 5,172 at June 30, 2024 and December 31, 2023, respectively. (2) Sales of services related to equity method investees for the six months ended June 30, 2023 in the amount of €4,334 as well as purchases of goods related to Fresenius SE affiliates for the six months ended June 30, 2023 in the amount of ( €8,862 ) were adjusted to correct for an error in presentation. The adjustment does not have an impact on the Company’s consolidated statements of income for the periods presented.
Schedule of lease agreements with related parties	Lease agreements with related parties in € THOUS For the six months ended June 30, 2024 For the six months ended June 30, 2023 June 30, 2024 December 31, 2023 Interest Lease Interest Lease Right-of-use Lease Right-of-use Lease Depreciation expense expense (1) Depreciation expense expense (1) asset liability asset liability Fresenius SE 3,297 944 51 4,457 704 200 26,697 29,167 29,214 29,017 Fresenius SE affiliates 9,207 213 — 8,906 654 — 96,194 96,164 102,029 104,558 Total 12,504 1,157 51 13,363 1,358 200 122,891 125,331 131,243 133,575 (1) Short-term leases and expenses relating to variable lease payments as well as low value leases are exempted from balance sheet recognition.

Insurance contracts (Tables)

Insurance contracts (Tables)	6 Months Ended
Insurance contracts (Tables)	Jun. 30, 2024
Insurance contracts
Schedule of reconciliation of insurance and reinsurance contracts receivables and liabilities	Reinsurance contract receivables and liabilities in € THOUS 2024 2023 Present Risk Present Risk value of adjustment value of adjustment future cash for non- future for non- flows financial risk Total cash flows financial risk Total Reinsurance contract receivables (liabilities) at the beginning of the period 53,137 (931) 52,206 23,925 (1,801) 22,124 Incurred claims and other directly attributable expenses (202,285) 235 (202,050) (166,161) 825 (165,336) Changes that relate to past service – changes in the fulfillment cash-flows relating to LIC (1) (40,855) — (40,855) 1,544 — 1,544 Claims and other directly attributable expenses paid (167,589) — (167,589) (387,949) — (387,949) Premium revenue 387,333 — 387,333 583,269 — 583,269 Foreign currency translation and other changes 1,477 (28) 1,449 (1,491) 45 (1,446) Reinsurance contract receivables (liabilities) at the end of the period 31,218 (724) 30,494 53,137 (931) 52,206 (1) Changes that relate to past service include premium revenue for past performance years of € 3,662 and € 9,038 as of June 30, 2024 and December 31, 2023, respectively. Insurance contract receivables and liabilities in € THOUS 2024 2023 Present Risk Present Risk value of adjustment value of adjustment future cash for non- future for non- flows financial risk Total cash flows financial risk Total Insurance contract receivables (liabilities) at the beginning of the period 27,389 (553) 26,836 20,669 (254) 20,415 Incurred claims and other directly attributable expenses (200,126) (40) (200,166) (208,884) (314) (209,198) Changes that relate to past service – changes in the fulfillment cash-flows relating to LIC (1) (872) — (872) (2,666) — (2,666) Claims and other directly attributable expenses paid (174,136) — (174,136) (423,377) — (423,377) Premium revenue 389,869 — 389,869 642,529 — 642,529 Foreign currency translation and other changes 1,032 (19) 1,013 (882) 15 (867) Insurance contract receivables (liabilities) at the end of the period 43,156 (612) 42,544 27,389 (553) 26,836 (1) Changes that relate to past service include a reduction in premium revenue for past performance years of € 4,812 and € 7,696 as of June 30, 2024 and December 31, 2023, respectively.

Inventories (Tables)

Inventories (Tables)	6 Months Ended
Inventories (Tables)	Jun. 30, 2024
Inventories
Schedule of inventories	Inventories in € THOUS June 30, December 31, 2024 2023 Finished goods 1,257,011 1,232,702 Health care supplies 463,769 451,316 Raw materials and purchased components 351,341 361,804 Work in process 155,327 133,353 Inventories 2,227,448 2,179,175

Short-term debt (Tables)

Short-term debt (Tables)	6 Months Ended
Short-term debt (Tables)	Jun. 30, 2024
Short-term debt
Schedule of short-term debt	Short-term debt in € THOUS June 30, December 31, 2024 2023 Commercial paper program 192,022 399,078 Borrowings under lines of credit 129,782 57,754 Other 170 72 Short-term debt 321,974 456,904

Long-term debt (Tables)

Long-term debt (Tables)	6 Months Ended
Long-term debt (Tables)	Jun. 30, 2024
Long-term debt
Schedule of long-term debt	Long-term debt in € THOUS June 30, December 31, 2024 2023 Schuldschein loans 228,702 228,759 Bonds 6,794,946 6,676,465 Accounts Receivable Facility — 22,857 Other 310,830 519,481 Long-term debt 7,334,478 7,447,562 Less current portion (480,828) (487,699) Long-term debt, less current portion 6,853,650 6,959,863
Schedule of accounts receivable facility	Accounts Receivable Facility - maximum amount available and balance outstanding in THOUS Maximum amount available (1) Balance outstanding (2) June 30, 2024 June 30, 2024 Accounts Receivable Facility $ — € — $ — € — Maximum amount available (1) Balance outstanding (2) December 31, 2023 December 31, 2023 Accounts Receivable Facility $ 900,000 € 814,482 $ 25,000 € 22,624 (1) Subject to availability of sufficient accounts receivable meeting funding criteria. (2) Amounts shown are excluding debt issuance costs.

Capital management (Tables)

Capital management (Tables)	6 Months Ended
Capital management (Tables)	Jun. 30, 2024
Capital management
Schedule of Company's rating	Rating (1) Standard & Poor´s Moody´s Fitch Corporate credit rating BBB- Baa3 BBB- Outlook stable stable negative (1) A rating is not a recommendation to buy, sell or hold securities of the Company, and may be subject to suspension, change or withdrawal at any time by the assigning rating agency.

Financial instruments (Tables)

Financial instruments (Tables)	6 Months Ended
Financial instruments (Tables)	Jun. 30, 2024
Financial instruments
Schedule of carrying amount and fair value of financial instruments	Carrying amount and fair value of financial instruments in € THOUS June 30, 2024 Carrying amount Fair value Amortized Not cost FVPL FVOCI classified Total Level 1 Level 2 Level 3 Cash and cash equivalents 980,404 109,810 — — 1,090,214 109,810 — — Trade accounts and other receivables from unrelated parties (1) 3,852,546 — — 82,705 3,935,251 — — — Accounts receivable from related parties 37,430 — — — 37,430 — — — Derivatives - cash flow hedging instruments — — — 2,720 2,720 — 2,720 — Derivatives - not designated as hedging instruments — 13,873 — — 13,873 — 13,873 — Derivatives embedded in Virtual Power Purchase Agreements (vPPAs) — 5,896 — — 5,896 — — 5,896 Equity investments — 124,326 67,776 — 192,102 83,152 68,956 39,994 Debt securities — 87,067 308,445 — 395,512 395,512 — — Other financial assets (2) 171,622 156,960 — 104,706 433,288 — — 156,960 Other current and non-current assets 171,622 388,122 376,221 107,426 1,043,391 — — — Financial assets 5,042,002 497,932 376,221 190,131 6,106,286 — — — Accounts payable to unrelated parties (1) 767,143 — — — 767,143 — — — Accounts payable to related parties 127,085 — — — 127,085 — — — Short-term debt 321,974 — — — 321,974 — — — Long-term debt 7,334,478 — — — 7,334,478 6,134,645 536,365 — Lease liabilities — — — 4,095,634 4,095,634 — — — Derivatives - cash flow hedging instruments — — — 8,435 8,435 — 8,435 — Derivatives - not designated as hedging instruments — 25,442 — — 25,442 — 25,442 — Derivatives embedded in vPPAs — — — — — — — — Variable payments outstanding for acquisitions — 14,113 — — 14,113 — — 14,113 Put option liabilities — — — 1,374,369 1,374,369 — — 1,374,369 Other financial liabilities (3) 1,145,682 — — — 1,145,682 — — — Other current and non-current liabilities 1,145,682 39,555 — 1,382,804 2,568,041 — — — Financial liabilities 9,696,362 39,555 — 5,478,438 15,214,355 — — — Carrying amount and fair value of financial instruments in € THOUS December 31, 2023 Carrying amount Fair value Amortized Not cost FVPL FVOCI classified Total Level 1 Level 2 Level 3 Cash and cash equivalents 1,205,030 198,462 — — 1,403,492 198,462 — — Trade accounts and other receivables from unrelated parties 3,389,314 — — 81,899 3,471,213 — — — Accounts receivable from related parties 165,299 — — — 165,299 — — — Derivatives - cash flow hedging instruments — — — 1,990 1,990 — 1,990 — Derivatives - not designated as hedging instruments — 20,295 — — 20,295 — 20,295 — Equity investments — 82,072 71,110 — 153,182 48,888 72,292 32,002 Debt securities — 80,145 341,074 — 421,219 421,219 — — Other financial assets (2) 146,748 — — 112,322 259,070 — — — Other current and non-current assets 146,748 182,512 412,184 114,312 855,756 — — — Financial assets 4,906,391 380,974 412,184 196,211 5,895,760 — — — Accounts payable to unrelated parties 762,068 — — — 762,068 — — — Accounts payable to related parties 123,081 — — — 123,081 — — — Short-term debt 456,904 — — — 456,904 — — — Long-term debt 7,447,562 — — — 7,447,562 5,972,767 767,328 — Lease liabilities — — — 4,145,946 4,145,946 — — — Derivatives - cash flow hedging instruments — — — 4,315 4,315 — 4,315 — Derivatives - not designated as hedging instruments — 4,890 — — 4,890 — 4,890 — Variable payments outstanding for acquisitions — 35,751 — — 35,751 — — 35,751 Put option liabilities — — — 1,372,008 1,372,008 — — 1,372,008 Other financial liabilities (3) 974,252 — — — 974,252 — — — Other current and non-current liabilities 974,252 40,641 — 1,376,323 2,391,216 — — — Financial liabilities 9,763,867 40,641 — 5,522,269 15,326,777 — — — (1) In 2024, trade accounts and other receivables from unrelated parties as well as accounts payable to unrelated parties no longer include insurance and reinsurance contract receivables (liabilities) recorded in accordance with IFRS 17, Insurance Contracts, which are presented in note 5 as such receivables and liabilities are not within the scope of IFRS 7, Financial Instruments: Disclosures. (2) As of June 30, 2024 other financial assets primarily include receivables for royalty payments from one of the Company’s equity investments, lease receivables, receivables from sale of investments, deposits, guarantees, securities, notes receivable as well as vendor and supplier rebates. As of December 31, 2023 other financial assets primarily include lease receivables, deposits, guarantees, securities, receivables from sale of investments, vendor and supplier rebates as well as notes receivable. (3) As of June 30, 2024 and December 31, 2023, other financial liabilities primarily include receivable credit balances and goods and services received.
Schedule of sensitivities of derivatives embedded in vPPAs to changes in unobservable inputs	Sensitivities of derivatives embedded in vPPAs to changes in unobservable inputs in € THOUS Change in expected electricity prices Change in expected production volumes 10% increase 10% decrease 10% increase 10% decrease 28,398 (28,669) 590 (590)
Schedule of reconciliation of level 3 financial instruments	Reconciliation of derivatives embedded in vPPAs in € THOUS 2024 Derivatives embedded in the vPPAs - Assets Beginning balance at January 1, — Settlements — Gain (loss) recognized in profit or loss (1) 5,871 Foreign currency translation and other changes 25 Ending balance at June 30, 5,896 (1) Reconciliation from beginning to ending balance of level 3 financial instruments in € THOUS 2024 2023 Variable Other Variable payments financial payments outstanding assets outstanding Equity for Put option measured at Equity for Put option investments acquisitions liabilities FVPL (1) investments acquisitions liabilities Beginning balance at January 1, 32,002 35,751 1,372,008 — 42,793 37,846 1,468,517 Increase 1,095 45 1,295 41,229 4,833 5,232 31,050 Decrease — (20,056) (3,888) — — (3,603) (42,490) Reclassifications — — — 90,457 (2) — — — Gain / loss recognized in profit or loss (3) 5,796 (1,906) — 22,093 (14,340) (3,366) — Gain / loss recognized in equity — — (38,851) — — — (28,034) Foreign currency translation and other changes 1,101 279 43,805 3,181 (1,284) (358) (57,035) Ending balance at June 30, and December 31, 39,994 14,113 1,374,369 156,960 32,002 35,751 1,372,008 (1) Other financial assets measured at FVPL consist of receivables from licensing agreements and receivables from sale of investments. (2) Receivables for royalty payments from one of the Company’s equity investments were previously recorded as a non-financial asset and were revised as of March 31, 2024. (3) Includes realized and unrealized gains / losses.

Segment and corporate informa_2

Segment and corporate information (Tables)	6 Months Ended
Segment and corporate information (Tables)	Jun. 30, 2024
Segment and corporate information
Schedule of segment and corporate information	Segment and corporate information in € THOUS Care Total Inter-segment Care Delivery Enablement Segment eliminations Corporate Total Three months ended June 30, 2024 Revenue from health care services (1) 3,329,017 — 3,329,017 — — 3,329,017 Revenue from health care products (1) 49,162 975,521 1,024,683 — — 1,024,683 Revenue from contracts with customers (1) 3,378,179 975,521 4,353,700 — — 4,353,700 Revenue from insurance contracts (1) 393,121 — 393,121 — — 393,121 Revenue from lease contracts (1) — 19,617 19,617 — — 19,617 Revenue from external customers 3,771,300 995,138 4,766,438 — — 4,766,438 Inter-segment revenue — 368,232 368,232 (368,232) — — Revenue 3,771,300 1,363,370 5,134,670 (368,232) — 4,766,438 Operating income (loss) 332,200 67,734 399,934 (5,313) 30,168 424,789 Interest (85,331) Income before income taxes 339,458 Depreciation and amortization (262,600) (114,356) (376,956) 11,167 (17,973) (383,762) Impairment loss 11,412 (14,669) (3,257) — — (3,257) Income (loss) from equity method investees 32,639 — 32,639 — — 32,639 Additions of property, plant and equipment, intangible assets and right-of-use assets (1) 217,385 94,791 312,176 (17,271) 5,707 300,612 Three months ended June 30, 2023 Revenue from health care services (1) 3,504,864 — 3,504,864 — — 3,504,864 Revenue from health care products (1) 43,914 943,550 987,464 — — 987,464 Revenue from contracts with customers (1) 3,548,778 943,550 4,492,328 — — 4,492,328 Revenue from insurance contracts (1) 323,764 — 323,764 — — 323,764 Revenue from lease contracts (1) — 9,184 9,184 — — 9,184 Revenue from external customers 3,872,542 952,734 4,825,276 — — 4,825,276 Inter-segment revenue — 372,006 372,006 (372,006) — — Revenue 3,872,542 1,324,740 5,197,282 (372,006) — 4,825,276 Operating income (loss) 384,254 1,536 385,790 (3,880) (25,283) 356,627 Interest (80,543) Income before income taxes 276,084 Depreciation and amortization (283,026) (115,438) (398,464) 9,866 (17,466) (406,064) Impairment loss (20,189) (7,938) (28,127) — — (28,127) Income (loss) from equity method investees 45,550 2,720 48,270 — — 48,270 Additions of property, plant and equipment, intangible assets and right- of-use assets (1) 197,342 107,594 304,936 — 10,781 315,717 (1) These line items are included to comply with requirements under IFRS 8 and IFRS 15 or are provided on a voluntary basis, but not included in the information regularly reviewed by the chief operating decision maker. Additionally, the Company has adjusted the prior period financial information in order to include additional contracts identified during the course of the year ended December 31, 2023 which were subject to certain disclosures in accordance with IFRS 17. Segment and corporate information (continued) in € THOUS Care Inter-segment Care Delivery Enablement Total Segment eliminations Corporate Total Six months ended June 30, 2024 Revenue from health care services (1) 6,694,351 — 6,694,351 — — 6,694,351 Revenue from health care products (1) 89,052 1,889,715 1,978,767 — — 1,978,767 Revenue from contracts with customers (1) 6,783,403 1,889,715 8,673,118 — — 8,673,118 Revenue from insurance contracts (1) 776,051 — 776,051 — — 776,051 Revenue from lease contracts (1) — 41,791 41,791 — — 41,791 Revenue from external customers 7,559,454 1,931,506 9,490,960 — — 9,490,960 Inter-segment revenue — 728,922 728,922 (728,922) — — Revenue 7,559,454 2,660,428 10,219,882 (728,922) — 9,490,960 Operating income (loss) 520,749 137,949 658,698 (4,475) 16,579 670,802 Interest (173,518) Income before income taxes 497,284 Depreciation and amortization (527,254) (229,721) (756,975) 21,499 (36,021) (771,497) Impairment loss (112,249) (15,716) (127,965) — — (127,965) Income (loss) from equity method investees 61,482 — 61,482 — — 61,482 Total assets (1) 46,098,375 15,522,741 61,621,116 (40,179,311) 12,454,399 33,896,204 thereof investment in equity method investees (1) 647,964 — 647,964 — — 647,964 Additions of property, plant and equipment, intangible assets and right-of-use assets (1) 406,335 180,637 586,972 (27,449) 26,127 585,650 Six months ended June 30, 2023 Revenue from health care services (1) 6,970,732 — 6,970,732 — — 6,970,732 Revenue from health care products (1) 86,730 1,877,303 1,964,033 — — 1,964,033 Revenue from contracts with customers (1) 7,057,462 1,877,303 8,934,765 — — 8,934,765 Revenue from insurance contracts (1) 570,627 — 570,627 — — 570,627 Revenue from lease contracts (1) — 24,102 24,102 — — 24,102 Revenue from external customers 7,628,089 1,901,405 9,529,494 — — 9,529,494 Inter-segment revenue — 733,864 733,864 (733,864) — — Revenue 7,628,089 2,635,269 10,263,358 (733,864) — 9,529,494 Operating income (loss) 668,739 (22,939) 645,800 (13,132) (15,104) 617,564 Interest (163,115) Income before income taxes 454,449 Depreciation and amortization (571,255) (230,473) (801,728) 19,582 (35,523) (817,669) Impairment loss (22,105) (32,231) (54,336) — — (54,336) Income (loss) from equity method investees 71,651 4,133 75,784 — — 75,784 Total assets (1) 40,909,915 14,883,693 55,793,608 (30,077,381) 9,243,911 34,960,138 thereof investment in equity method investees (1) 360,550 335,838 696,388 — — 696,388 Additions of property, plant and equipment, intangible assets and right-of-use assets (1) 385,828 216,883 602,711 — 23,593 626,304 (1) These line items are included to comply with requirements under IFRS 8 and IFRS 15 or are provided on a voluntary basis, but not included in the information regularly reviewed by the chief operating decision maker. Additionally, the Company has adjusted the prior period financial information in order to include additional contracts identified during the course of the year ended December 31, 2023 which were subject to certain disclosures in accordance with IFRS 17.

The Company and basis of pres_4

The Company and basis of presentation (Details) € in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024 EUR (€)	Mar. 31, 2024 EUR (€)	Mar. 31, 2024 USD ($)	Jun. 30, 2023	Jun. 30, 2024 EUR (€)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 EUR (€)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 EUR (€)
The Company, basis of presentation and significant accounting policies
Other current financial liabilities	€ 1,859,700				€ 1,859,700				€ 1,675,556
Increase (decrease) in cash and cash equivalents					€ (315,346)		€ 87,511
Effective tax rate (as a percent)	29.20%			29.40%	27.90%	27.90%	27.60%
Cyber-attack on Company's third-party service provider
The Company, basis of presentation and significant accounting policies
Cash received, but not yet applied directly to customer accounts receivable, recorded as a contra-trade accounts and other receivables from unrelated parties balance	€ 195,890				€ 195,890			$ 209,700
Trade accounts and other receivables from unrelated parties impacted by delay in submitting claims	660,719				660,719			707,300
Increase (decrease) in cash and cash equivalents					(468,966)	$ (502,028)
Cyber-attack on Company's third-party service provider \| U.S. Centers for Medicare & Medicaid Services (CMS)
The Company, basis of presentation and significant accounting policies
Advance payments received		€ 162,070	$ 175,214
Contract liabilities	74,134				74,134			79,360
Cyber-attack on Company's third-party service provider \| Third-party service provider subject to cyber-attack
The Company, basis of presentation and significant accounting policies
Other current financial liabilities	€ 117,886				€ 117,886			$ 126,197
Lebanon
The Company, basis of presentation and significant accounting policies
Index at June 30, 2024	6,450.2				6,450.2			6,450.2
Calendar year increase					8%	8%
(Gain) loss on net monetary position in EUR					€ 4
Turkiye
The Company, basis of presentation and significant accounting policies
Index at June 30, 2024	2,319.3				2,319.3			2,319.3
Calendar year increase					25%	25%
(Gain) loss on net monetary position in EUR					€ 5,694

The Company and basis of pres_5

The Company and basis of presentation - Additional information (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Recoverability of Goodwill and Intangible Assets
Goodwill	€ 14,807,304	€ 14,650,008
Increase (decrease) in market capitalization	(6.00%)
Market capitalization	€ 10,492,465	11,137,975
Increase (decrease) in FMC AG & Co. KGaA shareholders' equity	2%
Total FMC AG & Co. KGaA shareholders' equity	€ 13,931,602	13,620,261
Care Delivery
Recoverability of Goodwill and Intangible Assets
Goodwill	€ 12,685,411	€ 12,573,423
Residual value growth	1%	1%
Pre-tax WACC	10.15%	10.53%
After-tax WACC	7.85%	8.09%
Excess of recoverable amount over carrying amount	€ 6,622,405	€ 4,740,257
Care Delivery \| Pre-tax WACC
Recoverability of Goodwill and Intangible Assets
Amount by which value assigned to key assumption must change in order for unit's recoverable amount to be equal to carrying amount	0.0270	0.0210
Care Delivery \| After-tax WACC
Recoverability of Goodwill and Intangible Assets
Amount by which value assigned to key assumption must change in order for unit's recoverable amount to be equal to carrying amount	0.0204	0.0160
Care Delivery \| Residual value growth
Recoverability of Goodwill and Intangible Assets
Amount by which value assigned to key assumption must change in order for unit's recoverable amount to be equal to carrying amount	(0.0976)	(0.0726)
Care Delivery \| Operating income margin
Recoverability of Goodwill and Intangible Assets
Amount by which value assigned to key assumption must change in order for unit's recoverable amount to be equal to carrying amount	(0.0309)	(0.0235)
Care Enablement
Recoverability of Goodwill and Intangible Assets
Goodwill	€ 2,121,893	€ 2,076,585
Residual value growth	1%	1%
Pre-tax WACC	9.31%	8.41%
After-tax WACC	7.51%	6.54%
Excess of recoverable amount over carrying amount	€ 3,435,019	€ 3,285,391
Care Enablement \| Pre-tax WACC
Recoverability of Goodwill and Intangible Assets
Amount by which value assigned to key assumption must change in order for unit's recoverable amount to be equal to carrying amount	0.0232	0.0227
Care Enablement \| After-tax WACC
Recoverability of Goodwill and Intangible Assets
Amount by which value assigned to key assumption must change in order for unit's recoverable amount to be equal to carrying amount	0.0172	0.0166
Care Enablement \| Residual value growth
Recoverability of Goodwill and Intangible Assets
Amount by which value assigned to key assumption must change in order for unit's recoverable amount to be equal to carrying amount	(0.0569)	(0.0557)
Care Enablement \| Operating income margin
Recoverability of Goodwill and Intangible Assets
Amount by which value assigned to key assumption must change in order for unit's recoverable amount to be equal to carrying amount	(0.0315)	(0.0302)

Disposal groups classified as_3

Disposal groups classified as held for sale (Details) - EUR (€) € in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Disposal groups classified as held for sale
Assets	€ 33,896,204	€ 33,929,808	€ 34,960,138
Disposal groups classified as held for sale
Disposal groups classified as held for sale
Assets	265,184	€ 507,600
Disposal group classified as held for sale in Guatemala, Curacao, Peru, Brazil and Colombia \| Care Delivery \| Non-recurring fair value measurement
Disposal groups classified as held for sale
Assets	€ 162,808

Disposal groups classified as_4

Disposal groups classified as held for sale - Assets and liabilities of disposal groups classified as held for sale (Details) - EUR (€) € in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Disposal groups classified as held for sale
Cash and cash equivalents	€ 1,090,214	€ 1,403,492
Trade accounts and other receivables from unrelated parties	4,024,825	3,471,213
Property, plant and equipment	3,649,617	3,782,780
Right-of-use assets	3,612,220	3,671,241
Goodwill	14,807,304	14,650,008
Total assets	33,896,204	33,929,808	€ 34,960,138
Accounts payable to unrelated parties	783,679	762,068
Total liabilities	18,708,849	19,103,273
Disposal groups classified as held for sale
Disposal groups classified as held for sale
Cash and cash equivalents	21,665	23,733
Trade accounts and other receivables from unrelated parties	73,211	27,535
Property, plant and equipment	25,470	42,710
Right-of-use assets	11,305	114,602
Goodwill	108,626	274,543
Other	24,907	24,477
Total assets	265,184	507,600
Accounts payable to unrelated parties	9,246	12,880
Lease liabilities	13,219	128,653
Provisions and other liabilities	41,945	39,091
Total liabilities	64,410	€ 180,624
Accumulated foreign currency translation gains (losses) recognized in other comprehensive income	€ 68,024

Notes to the consolidated sta_3

Notes to the consolidated statements of income - Revenue (Details) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue
Revenue from contracts with customers	€ 4,353,700	€ 4,492,328	€ 8,673,118	€ 8,934,765
Revenue from insurance contracts	393,121	323,764	776,051	570,627
Revenue from lease contracts	19,617	9,184	41,791	24,102
Revenue	4,766,438	4,825,276	9,490,960	9,529,494
Health care services
Revenue
Revenue from contracts with customers	3,329,017	3,504,864	6,694,351	6,970,732
Revenue from insurance contracts	393,121	323,764	776,051	570,627
Revenue	3,722,138	3,828,628	7,470,402	7,541,359
Health care products
Revenue
Revenue from contracts with customers	1,024,683	987,464	1,978,767	1,964,033
Revenue from lease contracts	19,617	9,184	41,791	24,102
Revenue	€ 1,044,300	€ 996,648	€ 2,020,558	€ 1,988,135

Notes to the consolidated sta_4

Notes to the consolidated statements of income - Disaggregation of revenue by categories (Details) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue
Revenue	€ 4,766,438	€ 4,825,276	€ 9,490,960	€ 9,529,494
Inter-segment eliminations
Revenue
Revenue	(368,232)	(372,006)	(728,922)	(733,864)
Care Delivery
Revenue
Revenue	3,771,300	3,872,542	7,559,454	7,628,089
Care Delivery \| Segments
Revenue
Revenue	3,771,300	3,872,542	7,559,454	7,628,089
Care Delivery \| United States
Revenue
Revenue	3,157,316	3,119,875	6,259,075	6,122,591
Care Delivery \| International
Revenue
Revenue	613,984	752,667	1,300,379	1,505,498
Care Enablement
Revenue
Revenue	995,138	952,734	1,931,506	1,901,405
Care Enablement \| Segments
Revenue
Revenue	1,363,370	1,324,740	2,660,428	2,635,269
Care Enablement \| Inter-segment eliminations
Revenue
Revenue	€ (368,232)	€ (372,006)	€ (728,922)	€ (733,864)

Notes to the consolidated sta_5

Notes to the consolidated statements of income - Selling, general and administrative expense (Details) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Notes to the consolidated statements of income
Distribution costs	€ 190,974	€ 199,552	€ 381,536	€ 402,830
General and administrative expense	580,492	575,683	1,165,574	1,154,559
Selling, general and administrative expense	€ 771,466	€ 775,235	€ 1,547,110	€ 1,557,389

Notes to the consolidated sta_6

Notes to the consolidated statements of income - Research and development expenses (Details) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Notes to the consolidated statements of income
Research and development expense	€ 45,585	€ 57,184	€ 93,386	€ 112,944

Notes to the consolidated sta_7

Notes to the consolidated statements of income - Other operating income and expense (Details) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Notes to the consolidated statements of income
Foreign exchange gains	€ 58,034	€ 53,842	€ 119,710	€ 125,981
Gains on or from right-of-use assets, the sale of fixed assets, the sale of clinics and investments	3,676	11,949	6,821	25,574
Revaluation of certain investments	45,886	(4,318)	61,083	14,968
Income from strategic transactions and programs	84,391		87,497
Other	35,942	14,357	66,317	26,778
Other operating income	227,929	75,830	341,428	193,301
Foreign exchange losses	64,807	70,011	135,223	154,413
Losses on right-of-use assets, from the sale of fixed assets, clinics and investments	1,006	8,130	3,070	18,669
Expenses from strategic transactions and programs	107,475	32,015	262,430	115,454
Other	11,929	22,109	31,029	39,005
Other operating expense	185,217	132,265	431,752	327,541
Reclassification adjustments of foreign currency translation amounts previously classified within other comprehensive income, included in expenses from strategic transactions and programs	€ 11,936	€ 0	€ 96,976	€ 0

Notes to the consolidated sta_8

Notes to the consolidated statements of income - Expenses from strategic transactions and programs (Details) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Strategic transactions and programs
Derecognition of capitalized development costs and termination costs		€ (826)		€ 58,287
Impairment of intangible and tangible assets	€ 1,417	13,122	€ 2,464	37,448
Impairment resulting from the measurement of assets held for sale	(3,375)	11,892	120,177	11,892
Loss from the sale of business	84,059		109,047
Other	25,374	7,827	30,742	7,827
Expenses from strategic transactions and programs	107,475	32,015	262,430	115,454
Legacy Portfolio Optimization
Strategic transactions and programs
Derecognition of capitalized development costs and termination costs		(826)		58,287
Impairment of intangible and tangible assets		10,724		35,050
Impairment resulting from the measurement of assets held for sale	(3,375)	11,892	120,177	11,892
Loss from the sale of business	84,059		109,047
Other	23,321	1,124	27,473	1,124
FME25 Program
Strategic transactions and programs
Impairment of intangible and tangible assets	1,417	2,398	2,464	2,398
Legal Form Conversion Costs
Strategic transactions and programs
Other	€ 2,053	€ 6,703	€ 3,269	€ 6,703

Notes to the consolidated sta_9

Notes to the consolidated statements of income - Reconciliation of basic and diluted earnings per share (Details) - EUR (€) € / shares in Units, € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net income attributable to shareholders of FME AG	€ 187,028	€ 140,359	€ 257,987	€ 226,721
Denominators:
Weighted average number of shares outstanding	293,413,449	293,413,449	293,413,449	293,413,449
Basic earnings per share	€ 0.64	€ 0.48	€ 0.88	€ 0.77
Diluted earnings per share	€ 0.64	€ 0.48	€ 0.88	€ 0.77

Related party transactions - Se

Related party transactions - Service agreements and products - General (Details) - item		1 Months Ended	11 Months Ended
	Dec. 31, 2010	Dec. 31, 2023	Nov. 30, 2023	Jun. 30, 2024
Related party transactions
Number of members of supervisory board, elected by shareholders				6
Vifor Fresenius Medical Care Renal Pharma Ltd.
Related party transactions
Ownership in associate (as a percent)	45%
Fresenius SE
Related party transactions
Proportion of ownership interest in reporting entity (as a percent)				32.20%
Number of members of supervisory board, elected by shareholders				2
Fresenius SE Companies \| Minimum
Related party transactions
Term of related party agreement to receive services			1 year
Fresenius SE Companies \| Maximum
Related party transactions
Term of related party agreement to receive services		2 years	5 years
Term of related party agreement to provide services		1 year

Related party transactions - _2

Related party transactions - Service agreements and products with related parties (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Service Agreements
Related Party Transactions
Sales of goods and services	€ 3,183	€ 9,166
Purchases of goods and services	54,468	54,798
Balances
Accounts receivable	21,581		€ 52,041
Accounts payable	8,059		16,077
Accrued expenses	16,274		5,172
Products
Related Party Transactions
Sales of goods and services	34,124	35,641
Purchases of goods and services	216,409	258,249
Balances
Accounts receivable	15,849		23,535
Accounts payable	92,323		76,988
Fresenius SE \| Service Agreements
Related Party Transactions
Sales of goods and services	10	73
Purchases of goods and services	10,970	20,196
Balances
Accounts receivable	21		10
Accounts payable	109		1,778
Fresenius SE affiliates \| Service Agreements
Related Party Transactions
Sales of goods and services	264	5,972
Purchases of goods and services	43,498	34,602
Balances
Accounts receivable	137		589
Accounts payable	7,950		14,299
Fresenius SE affiliates \| Products
Related Party Transactions
Sales of goods and services	34,124	35,641
Purchases of goods and services	11,488	12,552
Balances
Accounts receivable	15,849		23,535
Accounts payable	6,350		9,585
Fresenius SE affiliates \| Products \| Increase (decrease) due to correction of error
Related Party Transactions
Purchases of goods and services		(8,862)
Equity method investees \| Service Agreements
Related Party Transactions
Sales of goods and services	2,909	3,121
Balances
Accounts receivable	21,423		51,442
Equity method investees \| Service Agreements \| Increase (decrease) due to correction of error
Related Party Transactions
Sales of goods and services		4,334
Equity method investees \| Products
Related Party Transactions
Purchases of goods and services	204,921	€ 245,697
Balances
Accounts payable	€ 85,973		€ 67,403

Related party transactions - Le

Related party transactions - Lease Agreements - Summary (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Leases balances
Right-of-use asset	€ 3,612,220		€ 3,671,241
Lease Agreements
Lease Transactions
Depreciation	12,504	€ 13,363
Interest expense	1,157	1,358
Lease expense	51	200
Leases balances
Right-of-use asset	122,891		131,243
Lease liability	125,331		133,575
Fresenius SE \| Lease Agreements
Lease Transactions
Depreciation	3,297	4,457
Interest expense	944	704
Lease expense	51	200
Leases balances
Right-of-use asset	26,697		29,214
Lease liability	29,167		29,017
Fresenius SE affiliates \| Lease Agreements
Lease Transactions
Depreciation	9,207	8,906
Interest expense	213	€ 654
Leases balances
Right-of-use asset	96,194		102,029
Lease liability	€ 96,164		€ 104,558

Related party transactions - Fi

Related party transactions - Financing (Details) - EUR (€) € in Thousands	Jun. 30, 2024	Dec. 31, 2023
Equity method investees \| Cash pooling program
Balances
Accounts payable	€ 26,703	€ 26,875

Related party transactions - Ke

Related party transactions - Key management personnel (Details) - General Partner - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2024	Dec. 31, 2023
Related Party Transactions
Amount paid for services received from related party	€ 16,046
Balances
Accounts receivable		€ 0	€ 89,723
Accounts payable		€ 0	€ 3,141

Insurance contracts (Details)

Insurance contracts (Details) - EUR (€) € in Thousands	6 Months Ended	12 Months Ended
Insurance contracts (Details) - EUR (€) € in Thousands	Jun. 30, 2024	Dec. 31, 2023
Reinsurance contracts
Insurance and reinsurance contracts
Insurance contract receivables (liabilities) at beginning of period	€ 52,206	€ 22,124
Incurred claims and other directly attributable expenses	(202,050)	(165,336)
Changes that relate to past service - changes in the fulfillment cash-flows relating to LIC	(40,855)	1,544
Claims and other directly attributable expenses paid	(167,589)	(387,949)
Premium revenue	387,333	583,269
Foreign currency translation and other changes	1,449	(1,446)
Insurance contract receivables (liabilities) at end of period	30,494	52,206
Premium revenue for past performance years	3,662	9,038
Reinsurance contracts \| Present value of future cash flows
Insurance and reinsurance contracts
Insurance contract receivables (liabilities) at beginning of period	53,137	23,925
Incurred claims and other directly attributable expenses	(202,285)	(166,161)
Changes that relate to past service - changes in the fulfillment cash-flows relating to LIC	(40,855)	1,544
Claims and other directly attributable expenses paid	(167,589)	(387,949)
Premium revenue	387,333	583,269
Foreign currency translation and other changes	1,477	(1,491)
Insurance contract receivables (liabilities) at end of period	31,218	53,137
Reinsurance contracts \| Risk adjustment for non-financial risk
Insurance and reinsurance contracts
Insurance contract receivables (liabilities) at beginning of period	(931)	(1,801)
Incurred claims and other directly attributable expenses	235	825
Foreign currency translation and other changes	(28)	45
Insurance contract receivables (liabilities) at end of period	(724)	(931)
Insurance contracts
Insurance and reinsurance contracts
Insurance contract receivables (liabilities) at beginning of period	26,836	20,415
Incurred claims and other directly attributable expenses	(200,166)	(209,198)
Changes that relate to past service - changes in the fulfillment cash-flows relating to LIC	(872)	(2,666)
Claims and other directly attributable expenses paid	(174,136)	(423,377)
Premium revenue	389,869	642,529
Foreign currency translation and other changes	1,013	(867)
Insurance contract receivables (liabilities) at end of period	42,544	26,836
Premium revenue for past performance years	(4,812)	(7,696)
Insurance contracts \| Present value of future cash flows
Insurance and reinsurance contracts
Insurance contract receivables (liabilities) at beginning of period	27,389	20,669
Incurred claims and other directly attributable expenses	(200,126)	(208,884)
Changes that relate to past service - changes in the fulfillment cash-flows relating to LIC	(872)	(2,666)
Claims and other directly attributable expenses paid	(174,136)	(423,377)
Premium revenue	389,869	642,529
Foreign currency translation and other changes	1,032	(882)
Insurance contract receivables (liabilities) at end of period	43,156	27,389
Insurance contracts \| Risk adjustment for non-financial risk
Insurance and reinsurance contracts
Insurance contract receivables (liabilities) at beginning of period	(553)	(254)
Incurred claims and other directly attributable expenses	(40)	(314)
Foreign currency translation and other changes	(19)	15
Insurance contract receivables (liabilities) at end of period	€ (612)	€ (553)

Inventories (Details)

Inventories (Details) - EUR (€) € in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventories
Finished goods	€ 1,257,011	€ 1,232,702
Health care supplies	463,769	451,316
Raw materials and purchased components	351,341	361,804
Work in process	155,327	133,353
Inventories	€ 2,227,448	€ 2,179,175

Short-term debt (Details)

Short-term debt (Details) - EUR (€) € in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt
Short-term debt from unrelated parties	€ 321,974	€ 456,904
Cash and cash equivalents before offset	1,327,553	1,530,328
Short-term debt from unrelated parties before offset	559,313	583,740
Commercial paper program
Debt
Short-term debt from unrelated parties	192,022	399,078
Outstanding amount	192,500	400,000
Commercial paper program \| Maximum
Debt
Commercial paper borrowing limit	1,500,000
Borrowings under lines of credit
Debt
Short-term debt from unrelated parties	129,782	57,754
Borrowings offset under cash management system	237,339	126,836
Other
Debt
Short-term debt from unrelated parties	€ 170	€ 72

Long-term debt (Details)

Long-term debt (Details) - EUR (€) € in Thousands	Jun. 30, 2024	Dec. 31, 2023
Long-term debt
Long-term debt	€ 7,334,478	€ 7,447,562
Less current portion	(480,828)	(487,699)
Long-term debt, less current portion	6,853,650	6,959,863
Schuldschein loans
Long-term debt
Long-term debt	228,702	228,759
Bonds
Long-term debt
Long-term debt	6,794,946	6,676,465
Accounts Receivable Facility
Long-term debt
Long-term debt		22,857
Other long-term debt
Long-term debt
Long-term debt	€ 310,830	€ 519,481

Long-term debt - Accounts Recei

Long-term debt - Accounts Receivable Facility (Details) - Accounts Receivable Facility € in Thousands, $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)	Aug. 11, 2021 USD ($)	Aug. 11, 2021 EUR (€)
Long-term debt
Maximum amount available	$ 900,000	€ 814,482	$ 900,000	€ 768,049
Balance outstanding	25,000	22,624
Letters of credit outstanding	$ 28,332	€ 25,640

Long-term debt - Syndicated Cre

Long-term debt - Syndicated Credit Facility and Others (Details) - EUR (€) € in Thousands	Jul. 01, 2027	Jun. 30, 2024
Syndicated Credit Facility
Long-term debt
Maximum amount available	€ 1,918,367	€ 2,000,000

Capital management (Details)

Capital management (Details)	Jun. 30, 2024	Dec. 31, 2023
Capital management
Total equity in % of total assets (equity ratio)	44.80%	43.70%
Debt and lease liabilities (including amounts directly associated with assets held for sale) in % of total assets	34.70%	35.90%

Share-based plans (Details)

Share-based plans (Details)		3 Months Ended	120 Months Ended
Share-based plans (Details)	Jan. 01, 2024 item	Jun. 30, 2024 EUR (€) shares	Dec. 31, 2030
Share-based plans
Target percentage of reduction in Scope-1 and Scope-2 emissions			50%
MB LTIP 2024+
Share-based plans
Period considered for calculation of average share price	30 days
Assumed target achievement for performance target total shareholder return compared to competitors	100%
Performance period (in years)	3 years
Number of performance targets \| item	3
Weight of profitability target ROIC	40%
Weight of performance target relative TSR	40%
Weight of sustainability performance target	20%
Weight of annual target achievement for Co2e reduction	33.33%
Vesting period	4 years
Grant value cap (as a percent)	400%
Number of shares allocated \| shares		266,497
Total fair value of shares granted		€ 5,100,000
Weighted average fair value		€ 19.14

Commitments and contingencies (

Commitments and contingencies (Details) € in Thousands, $ in Thousands		6 Months Ended
	Apr. 05, 2024 item	Jun. 30, 2024 USD ($) item	Jun. 30, 2024 EUR (€)
Commitments and contingencies
Residual value guarantees in lease contracts		$ 980,121	€ 915,570
Conversion of Company into legal form of stock corporation
Commitments and contingencies
Number of plaintiffs who filed against resolution approving conversion of Company into legal form of stock corporation		4
Number of actions for contestation and annulment filed against resolution approving conversion of Company into legal form of stock corporation		2
Conversion of Company into legal form of stock corporation \| Minimum
Commitments and contingencies
Period of proceedings regarding action for contestation and annulment against resolution, first instance		1 year
Period of proceedings regarding action for contestation and annulment against resolution, second instance		1 year
Period of proceedings regarding action for contestation and annulment against resolution, third instance		1 year
Unfair or exclusionary conduct in violation of Section 5 of the FTC act
Commitments and contingencies
Number of civil investigative demands (CIDs) from U.S. Federal Trade Commission	2
Information security breach at Cardiovascular Consultants, Ltd
Commitments and contingencies
Number of putative class action lawsuits		3
Number of federal purported class action lawsuits voluntarily dismissed and consolidated with pending state court case		4
Number of actions that received class certification		0
Arizona state court
Commitments and contingencies
Number of putative class action lawsuits		1
Pennsylvania federal court
Commitments and contingencies
Number of putative class action lawsuits		2

Financial instruments - Carryin

Financial instruments - Carrying amount and fair value (Details) - EUR (€) € in Thousands	Jun. 30, 2024	Dec. 31, 2023
Financial instruments
Carrying amount of financial assets	€ 6,106,286	€ 5,895,760
Carrying amount of financial liabilities	15,214,355	15,326,777
Amortized cost - Liabilities
Financial instruments
Carrying amount of financial liabilities	9,696,362	9,763,867
FVPL - Liabilities
Financial instruments
Carrying amount of financial liabilities	39,555	40,641
Not classified
Financial instruments
Carrying amount of financial liabilities	5,478,438	5,522,269
Accounts payable to unrelated parties
Financial instruments
Carrying amount of financial liabilities	767,143	762,068
Accounts payable to unrelated parties \| Amortized cost - Liabilities
Financial instruments
Carrying amount of financial liabilities	767,143	762,068
Accounts payable to related parties
Financial instruments
Carrying amount of financial liabilities	127,085	123,081
Accounts payable to related parties \| Amortized cost - Liabilities
Financial instruments
Carrying amount of financial liabilities	127,085	123,081
Short-term debt
Financial instruments
Carrying amount of financial liabilities	321,974	456,904
Short-term debt \| Amortized cost - Liabilities
Financial instruments
Carrying amount of financial liabilities	321,974	456,904
Long-term debt
Financial instruments
Carrying amount of financial liabilities	7,334,478	7,447,562
Long-term debt \| Level 1
Financial instruments
Fair value of financial liabilities	6,134,645	5,972,767
Long-term debt \| Level 2
Financial instruments
Fair value of financial liabilities	536,365	767,328
Long-term debt \| Amortized cost - Liabilities
Financial instruments
Carrying amount of financial liabilities	7,334,478	7,447,562
Lease liabilities
Financial instruments
Carrying amount of financial liabilities	4,095,634	4,145,946
Lease liabilities \| Not classified
Financial instruments
Carrying amount of financial liabilities	4,095,634	4,145,946
Other current and non-current liabilities
Financial instruments
Carrying amount of financial liabilities	2,568,041	2,391,216
Other current and non-current liabilities \| Amortized cost - Liabilities
Financial instruments
Carrying amount of financial liabilities	1,145,682	974,252
Other current and non-current liabilities \| FVPL - Liabilities
Financial instruments
Carrying amount of financial liabilities	39,555	40,641
Other current and non-current liabilities \| Not classified
Financial instruments
Carrying amount of financial liabilities	1,382,804	1,376,323
Derivatives - cash flow hedging instruments
Financial instruments
Carrying amount of financial liabilities	8,435	4,315
Derivatives - cash flow hedging instruments \| Level 2
Financial instruments
Fair value of financial liabilities	8,435	4,315
Derivatives - cash flow hedging instruments \| Not classified
Financial instruments
Carrying amount of financial liabilities	8,435	4,315
Derivatives - not designated as hedging instruments
Financial instruments
Carrying amount of financial liabilities	25,442	4,890
Derivatives - not designated as hedging instruments \| Level 2
Financial instruments
Fair value of financial liabilities	25,442	4,890
Derivatives - not designated as hedging instruments \| FVPL - Liabilities
Financial instruments
Carrying amount of financial liabilities	25,442	4,890
Variable payments outstanding for acquisition
Financial instruments
Carrying amount of financial liabilities	14,113	35,751
Variable payments outstanding for acquisition \| Level 3
Financial instruments
Fair value of financial liabilities	14,113	35,751
Variable payments outstanding for acquisition \| FVPL - Liabilities
Financial instruments
Carrying amount of financial liabilities	14,113	35,751
Put option liabilities
Financial instruments
Carrying amount of financial liabilities	1,374,369	1,372,008
Put option liabilities \| Level 3
Financial instruments
Fair value of financial liabilities	1,374,369	1,372,008
Put option liabilities \| Not classified
Financial instruments
Carrying amount of financial liabilities	1,374,369	1,372,008
Other financial liabilities
Financial instruments
Carrying amount of financial liabilities	1,145,682	974,252
Other financial liabilities \| Amortized cost - Liabilities
Financial instruments
Carrying amount of financial liabilities	1,145,682	974,252
Amortized cost - Assets
Financial instruments
Carrying amount of financial assets	5,042,002	4,906,391
FVPL - Assets
Financial instruments
Carrying amount of financial assets	497,932	380,974
FVOCI - Assets
Financial instruments
Carrying amount of financial assets	376,221	412,184
Not classified
Financial instruments
Carrying amount of financial assets	190,131	196,211
Cash and cash equivalents
Financial instruments
Carrying amount of financial assets	1,090,214	1,403,492
Cash and cash equivalents \| Level 1
Financial instruments
Fair value of financial assets	109,810	198,462
Cash and cash equivalents \| Amortized cost - Assets
Financial instruments
Carrying amount of financial assets	980,404	1,205,030
Cash and cash equivalents \| FVPL - Assets
Financial instruments
Carrying amount of financial assets	109,810	198,462
Trade accounts and other receivables from unrelated parties
Financial instruments
Carrying amount of financial assets	3,935,251	3,471,213
Trade accounts and other receivables from unrelated parties \| Amortized cost - Assets
Financial instruments
Carrying amount of financial assets	3,852,546	3,389,314
Trade accounts and other receivables from unrelated parties \| Not classified
Financial instruments
Carrying amount of financial assets	82,705	81,899
Accounts receivable from related parties
Financial instruments
Carrying amount of financial assets	37,430	165,299
Accounts receivable from related parties \| Amortized cost - Assets
Financial instruments
Carrying amount of financial assets	37,430	165,299
Other current and non-current assets
Financial instruments
Carrying amount of financial assets	1,043,391	855,756
Other current and non-current assets \| Amortized cost - Assets
Financial instruments
Carrying amount of financial assets	171,622	146,748
Other current and non-current assets \| FVPL - Assets
Financial instruments
Carrying amount of financial assets	388,122	182,512
Other current and non-current assets \| FVOCI - Assets
Financial instruments
Carrying amount of financial assets	376,221	412,184
Other current and non-current assets \| Not classified
Financial instruments
Carrying amount of financial assets	107,426	114,312
Derivatives - cash flow hedging instruments
Financial instruments
Carrying amount of financial assets	2,720	1,990
Derivatives - cash flow hedging instruments \| Level 2
Financial instruments
Fair value of financial assets	2,720	1,990
Derivatives - cash flow hedging instruments \| Not classified
Financial instruments
Carrying amount of financial assets	2,720	1,990
Derivatives - not designated as hedging instruments
Financial instruments
Carrying amount of financial assets	13,873	20,295
Derivatives - not designated as hedging instruments \| Level 2
Financial instruments
Fair value of financial assets	13,873	20,295
Derivatives - not designated as hedging instruments \| FVPL - Assets
Financial instruments
Carrying amount of financial assets	13,873	20,295
Derivatives embedded in Virtual Power Purchase Agreements (vPPAs)
Financial instruments
Carrying amount of financial assets	5,896
Derivatives embedded in Virtual Power Purchase Agreements (vPPAs) \| Level 3
Financial instruments
Fair value of financial assets	5,896
Derivatives embedded in Virtual Power Purchase Agreements (vPPAs) \| FVPL - Assets
Financial instruments
Carrying amount of financial assets	5,896
Equity investments.
Financial instruments
Carrying amount of financial assets	192,102	153,182
Equity investments. \| Level 1
Financial instruments
Fair value of financial assets	83,152	48,888
Equity investments. \| Level 2
Financial instruments
Fair value of financial assets	68,956	72,292
Equity investments. \| Level 3
Financial instruments
Fair value of financial assets	39,994	32,002
Equity investments. \| FVPL - Assets
Financial instruments
Carrying amount of financial assets	124,326	82,072
Equity investments. \| FVOCI - Assets
Financial instruments
Carrying amount of financial assets	67,776	71,110
Debt securities
Financial instruments
Carrying amount of financial assets	395,512	421,219
Debt securities \| Level 1
Financial instruments
Fair value of financial assets	395,512	421,219
Debt securities \| FVPL - Assets
Financial instruments
Carrying amount of financial assets	87,067	80,145
Debt securities \| FVOCI - Assets
Financial instruments
Carrying amount of financial assets	308,445	341,074
Other financial assets
Financial instruments
Carrying amount of financial assets	433,288	259,070
Other financial assets \| Level 3
Financial instruments
Fair value of financial assets	156,960
Other financial assets \| Amortized cost - Assets
Financial instruments
Carrying amount of financial assets	171,622	146,748
Other financial assets \| FVPL - Assets
Financial instruments
Carrying amount of financial assets	156,960
Other financial assets \| Not classified
Financial instruments
Carrying amount of financial assets	€ 104,706	€ 112,322

Financial instruments - Derivat

Financial instruments - Derivative and non-derivative financial instruments (Details) € in Thousands	1 Months Ended	6 Months Ended	12 Months Ended
	Apr. 30, 2024 GWh / yr item	Jun. 30, 2024 EUR (€)	Dec. 31, 2023 EUR (€)
Reconciliation of changes in fair value measurement
Assets at beginning of period		€ 33,929,808
Assets at end of period		33,896,204	€ 33,929,808
Liabilities at beginning of period		19,103,273
Liabilities at end of period		18,708,849	19,103,273
Maximum
Reconciliation of changes in fair value measurement
Term of virtual power purchase agreement	15 years
Germany
Reconciliation of changes in fair value measurement
Number of wind and solar energy project developers who signed contracts with company \| item	2
Expected annual electricity production under VPPAs \| GWh / yr	124
United States
Reconciliation of changes in fair value measurement
Number of wind and solar energy project developers who signed contracts with company \| item	1
Expected annual electricity production under VPPAs \| GWh / yr	458
Percentage of Company's current electricity consumption covered by vPPAs	60%
European Union
Reconciliation of changes in fair value measurement
Percentage of Company's current electricity consumption covered by vPPAs	75%
Equity investments \| Fair Value \| Level 3
Reconciliation of changes in fair value measurement
Assets at beginning of period		32,002	42,793
Increase		1,095	4,833
Gain / loss recognised in profit or loss		5,796	(14,340)
Foreign currency translation and other changes		1,101	(1,284)
Assets at end of period		39,994	32,002
Other financial assets measured at FVPL \| Fair Value \| Level 3
Reconciliation of changes in fair value measurement
Increase		41,229
Reclassifications		90,457
Gain / loss recognised in profit or loss		22,093
Foreign currency translation and other changes		3,181
Assets at end of period		156,960
Derivatives embedded in vPPAs \| Fair Value \| Level 3
Reconciliation of changes in fair value measurement
Gain / loss recognised in profit or loss		5,871
Foreign currency translation and other changes		25
Assets at end of period		€ 5,896
Derivatives embedded in vPPAs \| Fair Value \| Level 3 \| Electricity future price curves
Reconciliation of changes in fair value measurement
Increase in input, assets		10%
Decrease in input, assets		10%
Increase (decrease) in fair value due to increase in input, assets		€ 28,398
Increase (decrease) in fair value due to decrease in input, assets		€ (28,669)
Derivatives embedded in vPPAs \| Fair Value \| Level 3 \| Expected electricity production volumes
Reconciliation of changes in fair value measurement
Increase in input, assets		10%
Decrease in input, assets		10%
Increase (decrease) in fair value due to increase in input, assets		€ 590
Increase (decrease) in fair value due to decrease in input, assets		(590)
Variable payments outstanding for acquisition \| Fair Value \| Level 3
Reconciliation of changes in fair value measurement
Liabilities at beginning of period		35,751	37,846
Increase		45	5,232
Decrease		(20,056)	(3,603)
Gain / loss recognized in profit or loss		(1,906)	(3,366)
Foreign currency translation and other changes		279	(358)
Liabilities at end of period		14,113	35,751
Put option liabilities \| Fair Value \| Level 3
Reconciliation of changes in fair value measurement
Liabilities at beginning of period		1,372,008	1,468,517
Increase		1,295	31,050
Decrease		(3,888)	(42,490)
Gain / loss recognized in equity		(38,851)	(28,034)
Foreign currency translation and other changes		43,805	(57,035)
Liabilities at end of period		€ 1,374,369	€ 1,372,008
Put option liabilities \| Fair Value \| Level 3 \| Assumed earnings or enterprise value
Reconciliation of changes in fair value measurement
Increase in input, liabilities		10%
Increase (decrease) in fair value due to increase in input, liabilities		€ 97,171
Put option liabilities \| Fair Value \| Level 3 \| Assumed earnings or enterprise value \| Maximum
Reconciliation of changes in fair value measurement
Increase in fair value due to increase in input, as percentage of total liabilities		1%
Increase in fair value due to increase in input, as percentage of equity		1%

Segment and corporate informa_3

Segment and corporate information (Details) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Segment and corporate information
Revenue from contracts with customers	€ 4,353,700	€ 4,492,328	€ 8,673,118	€ 8,934,765
Revenue from insurance contracts	393,121	323,764	776,051	570,627
Revenue from lease contracts	19,617	9,184	41,791	24,102
Revenue	4,766,438	4,825,276	9,490,960	9,529,494
Operating income (loss)	424,789	356,627	670,802	617,564
Interest	(85,331)	(80,543)	(173,518)	(163,115)
Income before income taxes	339,458	276,084	497,284	454,449
Depreciation and amortization	(383,762)	(406,064)	(771,497)	(817,669)
Impairment loss	(3,257)	(28,127)	(127,965)	(54,336)
Income (loss) from equity method investees	32,639	48,270	61,482	75,784
Total assets	33,896,204	34,960,138	33,896,204	34,960,138	€ 33,929,808
thereof investment in equity method investees	647,964	696,388	647,964	696,388	€ 642,928
Additions of property, plant and equipment, intangible assets and right-of-use assets	300,612	315,717	585,650	626,304
Health care services
Segment and corporate information
Revenue from contracts with customers	3,329,017	3,504,864	6,694,351	6,970,732
Revenue from insurance contracts	393,121	323,764	776,051	570,627
Revenue	3,722,138	3,828,628	7,470,402	7,541,359
Health care products
Segment and corporate information
Revenue from contracts with customers	1,024,683	987,464	1,978,767	1,964,033
Revenue from lease contracts	19,617	9,184	41,791	24,102
Revenue	1,044,300	996,648	2,020,558	1,988,135
Total Segment
Segment and corporate information
Revenue from contracts with customers	4,353,700	4,492,328	8,673,118	8,934,765
Revenue from insurance contracts	393,121	323,764	776,051	570,627
Revenue from lease contracts	19,617	9,184	41,791	24,102
Revenue	4,766,438	4,825,276	9,490,960	9,529,494
Total Segment \| Health care services
Segment and corporate information
Revenue from contracts with customers	3,329,017	3,504,864	6,694,351	6,970,732
Total Segment \| Health care products
Segment and corporate information
Revenue from contracts with customers	1,024,683	987,464	1,978,767	1,964,033
Care Delivery
Segment and corporate information
Revenue from contracts with customers	3,378,179	3,548,778	6,783,403	7,057,462
Revenue from insurance contracts	393,121	323,764	776,051	570,627
Revenue	3,771,300	3,872,542	7,559,454	7,628,089
Care Delivery \| Health care services
Segment and corporate information
Revenue from contracts with customers	3,329,017	3,504,864	6,694,351	6,970,732
Care Delivery \| Health care products
Segment and corporate information
Revenue from contracts with customers	49,162	43,914	89,052	86,730
Care Enablement
Segment and corporate information
Revenue from contracts with customers	975,521	943,550	1,889,715	1,877,303
Revenue from lease contracts	19,617	9,184	41,791	24,102
Revenue	995,138	952,734	1,931,506	1,901,405
Care Enablement \| Health care products
Segment and corporate information
Revenue from contracts with customers	975,521	943,550	1,889,715	1,877,303
Operating Segments \| Total Segment
Segment and corporate information
Revenue	5,134,670	5,197,282	10,219,882	10,263,358
Operating income (loss)	399,934	385,790	658,698	645,800
Depreciation and amortization	(376,956)	(398,464)	(756,975)	(801,728)
Impairment loss	(3,257)	(28,127)	(127,965)	(54,336)
Income (loss) from equity method investees	32,639	48,270	61,482	75,784
Total assets	61,621,116	55,793,608	61,621,116	55,793,608
thereof investment in equity method investees	647,964	696,388	647,964	696,388
Additions of property, plant and equipment, intangible assets and right-of-use assets	312,176	304,936	586,972	602,711
Operating Segments \| Care Delivery
Segment and corporate information
Revenue	3,771,300	3,872,542	7,559,454	7,628,089
Operating income (loss)	332,200	384,254	520,749	668,739
Depreciation and amortization	(262,600)	(283,026)	(527,254)	(571,255)
Impairment loss	11,412	(20,189)	(112,249)	(22,105)
Income (loss) from equity method investees	32,639	45,550	61,482	71,651
Total assets	46,098,375	40,909,915	46,098,375	40,909,915
thereof investment in equity method investees	647,964	360,550	647,964	360,550
Additions of property, plant and equipment, intangible assets and right-of-use assets	217,385	197,342	406,335	385,828
Operating Segments \| Care Enablement
Segment and corporate information
Revenue	1,363,370	1,324,740	2,660,428	2,635,269
Operating income (loss)	67,734	1,536	137,949	(22,939)
Depreciation and amortization	(114,356)	(115,438)	(229,721)	(230,473)
Impairment loss	(14,669)	(7,938)	(15,716)	(32,231)
Income (loss) from equity method investees		2,720		4,133
Total assets	15,522,741	14,883,693	15,522,741	14,883,693
thereof investment in equity method investees		335,838		335,838
Additions of property, plant and equipment, intangible assets and right-of-use assets	94,791	107,594	180,637	216,883
Operating Segments \| Corporate
Segment and corporate information
Operating income (loss)	30,168	(25,283)	16,579	(15,104)
Depreciation and amortization	(17,973)	(17,466)	(36,021)	(35,523)
Total assets	12,454,399	9,243,911	12,454,399	9,243,911
Additions of property, plant and equipment, intangible assets and right-of-use assets	5,707	10,781	26,127	23,593
Inter-segment
Segment and corporate information
Revenue	(368,232)	(372,006)	(728,922)	(733,864)
Operating income (loss)	(5,313)	(3,880)	(4,475)	(13,132)
Depreciation and amortization	11,167	9,866	21,499	19,582
Total assets	(40,179,311)	(30,077,381)	(40,179,311)	(30,077,381)
Additions of property, plant and equipment, intangible assets and right-of-use assets	(17,271)		(27,449)
Inter-segment \| Total Segment
Segment and corporate information
Revenue	(368,232)	(372,006)	(728,922)	(733,864)
Inter-segment \| Care Enablement
Segment and corporate information
Revenue	€ (368,232)	€ (372,006)	€ (728,922)	€ (733,864)

Events occurring after the ba_2

Events occurring after the balance sheet date (Details)	1 Months Ended
Events occurring after the balance sheet date (Details)	Jul. 31, 2024
Introduction of Long-Term Incentive Plan \| LTIP 2024+
Events after balance sheet date
Vesting period	3 years