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In 2021, Fresenius initiated a Group-wide cost and efficiency program to ensure that the medium-term targets set before the pandemic are achieved and to sustainably increase profitability. These initiatives are expected to consist of operational excellence and cost-saving measures, targeted strengthening of future growth areas, and portfolio optimizations.

Given the good progress, especially driven by the accelerated implementation of initiatives, Fresenius significantly increases its savings target and now expects cost savings of at least €150 million p.a. after tax and minority interest in 2023. Initially, more than €100 million p.a. after tax and minority interest were projected. For the years thereafter, a further significant increase in sustainable cost savings is expected. The savings will be achieved by all four business segments and the corporate center.

Fresenius anticipates that achieving these sustainable efficiency improvements will require up-front expenses of more than €200 million in 2022 and further expenses of around €100 million in 2023, in each case after taxes and minority interest. No further significant expenses are expected thereafter. In line with previous practice, these expenses are classified as special items.