For fiscal year 2024, we expect a cash conversion rate of around 1.0.

In addition, undrawn credit lines under syndicated or bilateral credit facilities from banks provide us with sufficient financial headroom.

Financing activities in 2024 are largely geared to refinancing existing financial liabilities maturing in 2024 and 2025.

We expect interest rates in fiscal year 2024 to be on a similar level to 2023, resulting in interest expense of €420 million to €440 million, depending on financing activities.

Without further acquisitions and divestments, Fresenius expects the net debt/EBITDA¹ ratio at the end of 2024 to be within the self-imposed target corridor of 3.0x to 3.5x (December 31, 2023: 3.76x).

There are no significant changes in the financing strategy planned for 2024.