For fiscal year 2024, we expect selling, general, and administrative expenses (before special itemsBefore special itemsIn ​order ​to ​measure ​the ​operating ​performance ​extending ​over ​several ​periods, ​key ​performance ​measures ​are ​adjusted ​by ​special ​items, ​where ​applicable. ​Adjusted ​measures ​are ​labelled ​with ​“before ​special ​items”. ​A ​reconciliation ​table ​is ​available ​within ​the ​respective ​quarterly ​or ​annual ​report ​and ​presents ​the ​composition ​of ​special ​items.) as a percentage of consolidated net revenue to remain broadly stable compared to 2023 (2023: 11.8%).

Tax rate

For fiscal year 2024, we expect a tax rate between 25% and 26% (2023: 28.3%).

Cost and efficiency program

Structural productivity improvements are expected to offset market headwinds and to create financial flexibility for future growth investments in the coming years.

We have increased the original target of saving around €350 million (excluding Fresenius Medical Care) annually in structural costs at EBIT level from 2025. We now plan to save around €400 million (excluding Fresenius Medical Care) in sustainable costs at EBIT level from 2025.

The cost savings program includes programs in all business segments and in the Corporate Center, which are managed and controlled centrally by the Group. The most important elements are process optimization, the reduction of sales, administration and procurement costs as well as digitalization measures.

The Group-wide cost and efficiency program is making excellent progress. In the 2023 fiscal year, we increased the annual savings achieved since the start of the program to around €280 million (excluding Fresenius Medical Care). This significantly exceeded the original target of €200 million for 2023. One-time costs incurred as part of the program amounted to around €221 million (excluding Fresenius Medical Care) in the 2023 fiscal year.

For 2024, Fresenius expects to increase the annual cost savings under the cost and efficiency program to €330 to 350 million

To achieve the targeted cost savings, additional one-time costs of around €80 to 100 million are expected at EBIT level for the period 2024 to 2025. The one-off costs will continue to be classified as special items in line with previous practice.