Fresenius Medical Care AG

The company is engaged in a strategic review and optimization of its business portfolio. For the year ended December 31, 2025, the company focused on exiting unsustainable markets and divesting non-core businesses, as well as ceasing certain research and development programs. This optimization included completed divestitures in Brazil, Malaysia, and Kazakhstan, along with select assets of its wholly owned Spectra Laboratories. Impairment losses were primarily related to right-of-use assets. On June 17, 2025, the company launched its FME Reignite strategy, which includes increased profitability aspirations for 2030 and a new capital allocation framework. This strategy also expanded the transformation of its operating structure into a simplified, more centralized approach, aiming for cost savings. This program, originally named FME25 Program, was extended by two years and renamed the FME25+ Program. The company continues to target sustainable savings, including operational efficiencies, under the FME25+ Program. The FME25 Program introduced two operating segments: Care Enablement and Care Delivery. Care Enablement consolidates the company's previously decentralized healthcare products business, encompassing research and development, manufacturing, supply chain, commercial operations, and supporting functions like regulatory and quality management, under a global MedTech umbrella. Care Delivery combines the company's global healthcare services businesses. Under FME Reignite, these two operating segments were further expanded to include Value-Based Care.