Fresenius Shares Hit New Low Even as FMC Ramps Up Buyback to €600M

Shareholders threw their full weight behind Fresenius at the annual general meeting this week, approving the dividend and a series of governance changes with near?unanimous support. Yet the market paid little attention. By Friday, the stock had slid to a fresh 52?week low of €36.28, leaving it 24% below the start of the year. Adding to the narrative, the group’s dialysis offshoot Fresenius Medical Care announced a new €600 million buyback tranche – a signal of confidence that has so far failed to lift the parent’s share price.

The AGM delivered a clean sweep of approvals. The dividend of €1.05 per share was backed by 99.99% of votes, while the conversion from bearer to registered shares – designed to simplify shareholder communication and improve transparency in the share register – passed with a wide majority. Management and supervisory board received discharges of 99.41% and over 96% respectively, and the compensation report was endorsed by 92.61% of those voting. New capital authorisations and the existing share buyback programme were also ratified.

Operationally, the first quarter told a broadly positive story. Fresenius posted organic revenue growth of 5% to €5.744 billion, with group EBIT rising 6% in constant currencies to €678 million. The margin improved to 11.8%, and core earnings per share climbed 13% on a currency?adjusted basis to €0.82. Net debt leverage fell to 2.6 times, sitting at the lower end of the company’s target range. The full?year outlook confirmed organic sales growth of 4% to 7% and an EPS increase of 5% to 10% – a forecast that, while solid, fell short of market expectations and triggered the sell?off that began in February.

Should investors sell immediately? Or is it worth buying Fresenius?

The pressure on Fresenius is compounded by its exposure to Fresenius Medical Care. The parent retains a 32% stake in the dialysis giant, whose own share price weakness weighs on the group’s valuation. On Friday, FMC announced it had launched the first tranche of a new buyback programme with a total volume of around €1 billion. Under this initiative, up to €600 million of own shares will be repurchased by 15 December 2026. The move underscores FMC’s belief in its intrinsic value and, given Fresenius’s ownership, provides a modest indirect benefit to the parent.

Analysts see the current share price as deeply undervalued, with a consensus price target of €53.59 – implying roughly 47% upside. The bull case rests on Fresenius’s ability to execute its “#FutureFresenius” digitalisation strategy, including a cloud?native hospital information system being developed with SAP via Avelios Medical. Near?term support, however, appears limited. The market is waiting for proof that operational improvements can translate into sustained earnings momentum. With the stock trading at a trough, the next quarterly report will be closely watched to see whether Fresenius can finally break the negative trend.

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