Category: 3. Business

Dubai Electricity and Water Authority (DEWA) has invited qualified companies and consortiums to submit proposals for the seventh phase of the Mohammed bin Rashid Al Maktoum Solar Park. This phase will add 2,000 megawatts (MW) from photovoltaic solar panels and include a 1,400MW battery storage system with a six-hour capacity, providing a total storage capacity of 8,400 megawatt-hours. This makes it one of the world’s largest solar-plus-storage projects.

The project, which will be implemented under the independent power producer model, supports the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy 2050 that aim to provide 100% of the emirate’s total power capacity from clean sources by mid-century.

HE Saeed Mohammed Al Tayer, MD & CEO of DEWA, emphasised that this pioneering project aligns with the vision of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to make Dubai a global hub for clean energy and the green economy.

“We work in accordance with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum to establish Dubai as a global model for sustainability and innovation in clean energy. The seventh phase of the Mohammed bin Rashid Al Maktoum Solar Park is a key strategic step in our ongoing efforts to diversify Dubai’s energy mix and increase the share of renewable and clean energy. It consolidates Dubai’s leadership in adopting the latest sustainable energy production and storage technologies and supports the net zero by 2050 target,” said Al Tayer.

“We have raised the renewable energy target in Dubai’s energy mix to 36% by 2030, compared to the originally planned 25%. With the completion of the seventh phase, the solar park’s total production capacity will reach 8,060MW by 2030, reducing CO₂ emissions by more than 8.5 million tonnes annually,” added Al Tayer.

The solar park’s current production capacity is 3,860MW, with an additional 800MW under construction. To date, DEWA has received 49 expressions of interest (EOIs) requesting the Request for Qualification document for the seventh phase. The EOI document was released on 16 May 2025 and the Request for Proposal document was issued to qualified bidders on 20 October 2025.

BBVA accelerates shareholder distributions

As announced at the second quarter 2025 earnings presentation, BBVA will have around €13 billion available for short-term distributions to shareholders. In this regard, on October 31, the bank launched the €993 million share buyback program that had been pending execution, as part of its ordinary shareholder distribution for 2024.

Furthermore, BBVA’s Board of Directors recently agreed to launch another substantial share buyback¹ once the European Central Bank (ECB) grants approval.

BBVA’s shareholder distribution policy entails an annual payout of 40 percent to 50 percent of net attributable profits. This means that 40 percent to 50 percent of the profit generated by the Group each year is allocated to shareholder distributions, through a combination of cash dividends and share buybacks. This policy is implemented through two payments: an interim dividend during the current year and a final dividend once the fiscal year has ended. BBVA has also committed to distribute excess capital over 12 percent.¹

¹ Pending approval from the governing bodies and subject to mandatory regulatory approvals.

November 4, 2025—Paris—Valeo, a global leader in thermal systems, and 2CRSi, a leading manufacturer of high-performance servers and storage solutions, announce a strategic partnership agreement to develop next-generation liquid cooling solutions tailored to edge computing environments. 

The collaboration will focus on creating scalable thermal management architectures that combine Valeo’s expertise in high-efficiency heat exchange, system integration, and operation across wide temperature ranges — acquired through decades of automotive innovation — with 2CRSi’s advanced know-how in server design and manufacturing. Together, the two companies aim to design compact, autonomous cooling systems capable of maintaining optimal performance in decentralized environments, such as outdoor edge data centers deployed near 5G antennas, where space, energy, and environmental conditions are critical challenges.

Through their combined strengths, Valeo and 2CRSi illustrate how advanced liquid cooling can enable sustainable, energy-efficient, and reliable data centers. “As demand for AI-driven and edge computing infrastructures grows, efficient and sustainable cooling has become a key enabler of performance and reliability”, said Christophe Delhovren, CTO at Valeo Power Division. “This collaboration is set to drive innovation in the rapidly growing edge data center market. With 2CRSi, we found a highly competent partner supporting us in the ambition to offer our customers advanced liquid cooling solutions for efficient and sustainable data management, wherever deployed.”

“Joining forces with Valeo, we’re bringing automotive-grade thermal reliability to the edge”, said Alain Wilmouth, CEO at 2CRSi. “Their mastery of high-efficiency heat exchange perfectly complements our high-density server design and liquid-cooling know-how to unlock compact, energy-frugal systems that keep performing even outside the white room”

A Strategic Alliance to Address the Fast-Growing Edge Computing Market

By leveraging their complementary strengths, Valeo and 2CRSi aim to accelerate the development of compact, energy-efficient cooling systems that can operate reliably in constrained or harsh outdoor environments. Valeo’s industrial expertise in thermal system design, integration, and control software perfectly complements 2CRSi’s excellence in high-performance server engineering, enabling the joint definition and manufacturing of the next generation of immersive liquid cooling solutions.

First Joint Innovation Showcased at Data Centre World Paris

The two companies introduce their first standalone dielectric-fluid-immersed cooling solution, specifically engineered to meet the demanding thermal and environmental requirements of edge infrastructures during Data Centre World Paris on Valeo’s booth (B22) on November 5-6, 2025, at Paris Expo Porte de Versailles. Designed for compact, outdoor environments, this system offers high energy efficiency, strong temperature and weather resistance, and reliable operation without the need for extensive supporting infrastructure.

About Valeo
Valeo is a technology company and partner to all automakers and new mobility players worldwide. Valeo innovates to make mobility safer, smarter and more sustainable. Valeo enjoys technological and industrial leadership in electrification, driving assistance systems, reinvention of the interior experience and lighting everywhere. These four areas, vital to the transformation of mobility, are the Group’s growth drivers.
Valeo in figures: 21.5 billion euros in sales in 2024 | 106,100 employees, 28 countries, 155 plants, 64 research and development centers and 19 distribution platforms on February 28, 2025. Valeo is listed on the Paris Stock Exchange.
Learn more at www.valeo.com

Media Contacts
Dora Khosrof | +33 7 61 52 82 75
Caroline De Gezelle | + 33 7 62 44 17 85
press-contact.mailbox@valeo.com

Investor Relations
+33 1 40 55 37 93
valeo.corporateaccess.mailbox@valeo.com

The call forms part of TMO’s broader Synergy Grants programme, which supports cross-sector collaboration and innovation in digital heritage across Europe. Within this framework, the 3DBigDataSpace Outreach Synergy Call specifically focuses on transforming 3D heritage data into public-facing outreach experiences that connect digital preservation with contemporary audiences.

Connecting research and public engagement

Across Europe, cultural-heritage institutions and research projects are producing an ever-growing volume of 3D content, from high-resolution scans and reconstructions to interactive spatial datasets. Yet these digital assets often remain inaccessible to the wider public.

The 3DBigDataSpace project addresses this challenge by developing a shared European infrastructure for 3D heritage data, integrating repositories, metadata standards, and interoperable tools for exploration and reuse. The Outreach Synergy Call builds on this foundation, inviting proposals that use 3DBigDataSpace tools to create accessible, interactive experiences that engage audiences through web, AR/VR, or educational formats.

Supporting innovation and impact

Through this call, two projects will be selected to receive €10,000 in financial support. Each will gain access to the 3DBigDataSpace toolset, including the PCSS Viewer, 4D Viewer, and Rooom XR, and receive technical mentoring from TMO experts.

The call opened on 23 October 2025, with applications due by 15 December 2025. Results will be announced in January 2026, and funded projects will run from March to June 2026.

Eligible applicants include organisations based in EU and Horizon-associated countries, such as museums, archives, research institutions, and creative or technology partners active in 3D documentation, visualisation, or cultural outreach. Each project should result in a publicly accessible experience reaching at least 100 users during its implementation period.

Evaluation and collaboration framework

The Synergy Grants programme, overseen by the Time Machine Organisation, is designed to encourage cooperation between projects, consortia, and institutions that advance Europe’s digital heritage ecosystem. Within this structure, the 3DBigDataSpace Outreach Synergy Call provides targeted support for public engagement with 3D data.

Applications will be evaluated based on their feasibility, outreach strategy, and innovative use of 3DBigDataSpace technologies. Reviewers will prioritise proposals that demonstrate clear plans for audience engagement, sustainable impact, and reusability of results.

By fostering collaboration between Europe’s leading digital heritage infrastructures, including Europeana and TMO, this call contributes to the broader goal of building a European data space for cultural heritage, where 3D content can be discovered, reused, and shared across domains.

Building a connected 3D heritage future

The 3DBigDataSpace Outreach Synergy Call offers researchers, heritage professionals, and creative technologists an opportunity to experiment with new forms of digital storytelling and audience engagement. It encourages projects that move beyond data generation to explore how 3D heritage can inform education, tourism, and community participation.

By supporting technically robust and publicly visible initiatives, TMO’s Synergy Grants programme, together with its 3DBigDataSpace and 3D-4CH Online Competence Centre partners, aims to strengthen the visibility and interoperability of Europe’s 3D cultural heritage landscape.

For full eligibility criteria, technical documentation and to apply, please visit the official call page: 3DBigDataSpace: Outreach Synergy Call

Save the Date: Join the Online Q&A Outreach Synergy Call Session!

TMO invites you to an online Q&A session to learn more about the upcoming call, explore the available applications, and get your questions answered directly by our team.

Mark your calendar for 17 November from 13.00-14.00 CET and register here. 

• Spain and Brazil consolidated their growth in the third quarter with strong commercial activity and Germany improved its profitability supported by the solid commercial momentum of its core business.
• EBITDA reached €3,071 million in the third quarter, with an organic increase of 1.2%.

Madrid, 4^th November 2025. Telefónica today presented its results for the third quarter of 2025 and the first nine months of the year, which stand out for the organic increase in the company’s revenues and EBITDA and for a solid growth in Spain and Brazil.

The company’s main markets have advanced in their operations during the third quarter of the year. Telefónica España has once again presented solid commercial and financial results supported by the quality of the service, which has driven customer growth resulting in a fixed broadband accesses net gain in the quarter (+2.4%), the highest over the last nine years. This has also driven a quarterly growth in revenues (+1.6%), profitability (EBITDA, +1.1%) and operating cash flow (+3.9%). Telefónica Brasil has reinforced its market leadership with strong growth in revenues (+6.5%), EBITDA (+8.8%) and EBITDAaL-CapEx (+13.6%) in local currency. And Telefónica Germany has continued with the good commercial momentum of recent quarters and has managed to increase the EBITDAaL-CapEx margin (+0.2 p.p.) thanks to the efficiencies generated during this period.

In HispAm, the Group has continued with its divestment process. In October, the sales of Telefónica Uruguay and Telefónica Ecuador were closed, joining those of Telefónica Argentina and Telefónica del Perú. The sale of Telefónica Colombia is still pending.

Growth and profitability

Telefónica reported revenues of €8,958 million in the third quarter and of €26,970 million up to September, with organic growth of 0.4% and 1.1%, respectively. In reported terms, and due to the impact of exchange rates, revenue fell by 1.6% in the quarter and by 2.8% through September.

EBITDA increased organically by 1.2% in the quarter, to €3,071 million, and by 0.9% in the first nine months of the year, to €8,938 million. On a reported basis, EBITDA fell by 1.5% between July and September and by 3.6% up to September. 

Telefónica’s net income reached €276 million in Q3, of which €271 million came from continuing operations -those that are still part of the Group- and €5 million came from discontinued operations (Argentina, Peru, Uruguay and Ecuador). In the first nine months to date, Telefónica lost €1,080 million, with a net income of €828 million from continuing operations and with losses of €1,908 million from discontinued operations.

Telefónica has allocated €1,167 million to CapEx in Q3 (-7%) and €3,170 million in the cumulative figure up to September, bringing the CapEx-to-sales ratio for the first nine months to 11.8%. EBITDAaL-CapEx increased by 3.4% in the quarter to €1,252 million.

Free cash flow from continuing operations reached €123 million in the third quarter and €414 million through September.

Net financial debt stood at €28,233 million as of September 30.

350.2 million accesses

Telefónica closed September with 350.2 million accesses, of which 16.4 million are fibre connections, 8% more than a year ago. The company, which maintains its differential profile in telecommunications networks, leads infrastructure deployments, both in FTTH, with 82.6 million premises passed (+9%), and in 5G, thanks to a coverage of 78% in its main markets (+8 p.p.).a.

FME Reignite strategy advances 

Fresenius Medical Care, the world’s leading provider of products and services for individuals with renal disease, continued to advance the FME Reignite strategy. During the third quarter of 2025, the FME25+ transformation program continued its positive momentum, delivering EUR 47 million additional sustainable savings while related one-time costs, treated as special items, amounted to EUR 41 million. In the first nine months, the Company already delivered EUR 174 million of its full year FME25+ target of around EUR 180 million additional annual savings. FME25+ savings are expected to total EUR 1,050 million by year end 2027, while program cost of EUR 1,000 million to 1,050 million are anticipated in the same time frame.

During the third quarter, as part of the portfolio optimization plan, closed divestments included clinic operations in Brazil and Malaysia. Special items associated with portfolio optimization amounted to negative EUR 50 million in the third quarter.

All transactions realized as part of Fresenius Medical Care’s portfolio optimization plan in 2024 and 2025 are estimated to negatively impact full year 2025 Group revenue growth by around one percent. Related costs will be treated as special items in operating income.

As part of the new capital allocation framework, Fresenius Medical Care announced an initial share buyback of EUR 1.0 billion as a commitment to return excess capital to shareholders. The program commenced in August with a first tranche of up to EUR 600 million. As of September 30, 2025, 3.6 million shares have been repurchased for a total investment amount of EUR 151 million.

Strong organic revenue growth¹ across all segments 

In the third quarter 2025, Group revenue increased by 3% (+8% at constant currency, +10% organic¹) to EUR 4,885 million. Divestitures realized as part of the portfolio optimization plan affected the revenue development by -60 basis points.

Care Delivery revenue decreased by 2% (+4% at constant currency, +6% organic¹) to EUR 3,402 million. Divestitures realized as part of the portfolio optimization plan affected the revenue development by -120 basis points.

In Care Delivery U.S., revenue decreased by 1% (+5% at constant currency, +6% organic¹) to EUR 2,842 million. Reimbursement rate increases, a favorable payor mix development, the positive impact from phosphate binders and reduced implicit price concessions had a positive impact while exchange rates developed unfavorably. U.S. same market treatment growth slightly advanced to 0.1% year-on-year.

In Care Delivery International, revenue decreased by 5% (-4% at constant currency, +4% organic¹) to EUR 560 million. The effects of closed or sold operations, mainly related to portfolio optimization and unfavorable exchange rates, were partially offset by organic growth¹. Same market treatment growth amounted to 1.2%.

Value-Based Care revenue grew by 34% (+42% at constant currency, +42% organic¹) to EUR 576 million, driven by a significantly higher number of member months mainly due to contract expansion, while exchange rates developed unfavorably. 

Care Enablement revenue remained stable compared to prior year (+5% at constant currency, +5% organic¹) at EUR 1,361 million. Volume growth and continued positive pricing momentum were offset by unfavorable exchange rate effects.

Within Inter-segment eliminations⁴, revenue for services provided and products transferred between the operating segments at fair market value came in at negative EUR 454 million. 

In the first nine months, Group revenue increased by 2% (+5% at constant currency, +7% organic¹) to EUR 14,558 million. Divestitures realized as part of the portfolio optimization plan impacted the revenue development by  150 basis points. Care Delivery revenue decreased by 2% (0% at constant currency, +4% organic¹) to EUR 10,229 million, with Care Delivery U.S. flat year-on-year (+3% at constant currency, +4% organic¹) at EUR 8,550 million and Care Delivery International decreasing by 11% (-11% at constant currency, +5% organic¹) to EUR 1,679 million. Divestitures realized as part of the portfolio optimization plan affected the revenue development of Care Delivery by -240 basis points and the revenue development of Care Delivery International by -1,350 basis points. U.S. same market treatment growth came in at 0.1% while international same market treatment growth amounted to 2.0%. Value-Based Care revenue increased by 27% (+31% at constant currency, +31% organic¹) to EUR 1,611 million. Care Enablement revenue increased by 1% (+4% at constant currency, +4% organic¹) to EUR 4,075 million. Inter-segment eliminations decreased to a deduction of EUR 1,357 million.

Accelerated earnings growth and double-digit operating income margin 

In the third quarter 2025, Group operating income increased by 3% (+8% at constant currency) to EUR 477 million, resulting in a margin of 9.8% (Q3 2024: 9.7%). Operating income excluding special items significantly increased by 22% (+28% at constant currency) to EUR 574 million, resulting in a margin² of 11.7% (Q3 2024: 9.9%). Divestitures realized during the third quarter were neutral on operating income margin development.

Operating income in Care Delivery decreased by 8% (-1% at constant currency) to EUR 419 million, resulting in a margin of 12.3% (Q3 2024: 13.1%). Operating income excluding special items grew by 7% (+14% at constant currency) at EUR 493 million, resulting in a margin² of 14.5% (Q3 2024: 13.2%). Compared to previous year, operating income development was driven by the positive impact from phosphate binders, positive rate and payor mix effects and savings from the FME25+ program. The development was negatively impacted by the absence of income attributable to a consent agreement on certain pharmaceuticals compared to the prior year, higher personnel expenses due to planned merit increases as well as other inflationary cost increases. 

Operating income in Value-Based Care amounted to a loss of EUR 22 million, compared to a loss of EUR 37 million in the prior year, resulting in a margin of -3.8% (Q3 2024: -8.5%) and reflecting the quarterly earnings volatility, which is inherent to the business model. Operating income excluding special items amounted to a loss of EUR 21 million, compared to a loss of EUR 37 million in the prior year, resulting in a margin² of -3.7% (Q3 2024: -8.5%). The improvement compared to the previous year’s quarter was driven by a favorable savings rate, partially offset by delayed CKCC reporting from CMS.

Operating income in Care Enablement increased by 43% (+44% at constant currency) to EUR 87 million, resulting in a margin of 6.4% (Q3 2024: 4.5%). Operating income excluding special items increased by 36% (+38% at constant currency) to EUR 103 million, resulting in a margin² of 7.6% (Q3 2024: 5.6%). The improvement compared to the previous year’s quarter was mainly driven by higher volumes as well as positive pricing developments and savings from the FME25+ program. These positive effects were partially offset by higher-than-expected currency transaction effects as well as inflationary cost increases, which developed in line with expectations.

Operating income for Corporate amounted to a loss of EUR 4 million (Q3 2024: loss of EUR 13 million). Humacyte remeasurements, treated as special items in the Corporate line, amounted to EUR -5 million and virtual power purchase agreements amounted EUR -2 million. Operating income excluding special items amounted to EUR 3 million (Q3 2024: loss of EUR 23 million). 

In the first nine months, Group operating income increased by 9% (+11% at constant currency) to EUR 1,233 million, resulting in a margin of 8.5% (9M 2024: 8.0%). Operating income excluding special items increased by 15% (+18% at constant currency) to EUR 1,507 million, resulting in a margin² of 10.3% (9M 2024: 9.2%). Divestitures realized during the first nine months of the year were neutral on operating income margin development. In Care Delivery, operating income increased by 13% (+17% at constant currency) to EUR 1,086 million, resulting in a margin of 10.6% (9M 2024: 9.2%). Operating income excluding special items increased by 5% (+9% at constant currency) to EUR 1,226 million, resulting in a margin² of 12.0% (9M 2024: 11.2%). In Value-Based Care operating income amounted to a loss of EUR 28 million compared to a loss of EUR 21 million in the prior year, resulting in a margin of -1.7% (9M 2024: -1.7%). Operating income excluding special items amounted to a loss of EUR 26 million compared to a loss of EUR 21 million in the prior year, resulting in a margin² of -1.6% (9M 2024: -1.7%). In Care Enablement, operating income increased by 38% (+38% at constant currency) to EUR 270 million, resulting in a margin of 6.6% (9M 2024: 4.9%). Operating income excluding special items increased by 53% (+54% at constant currency) to EUR 334 million, resulting in a margin² of 8.2% (9M 2024: 5.4%). Operating income for Corporate amounted to a loss of EUR 78 million (9M 2024: EUR 9 million). Operating income excluding special items amounted to a loss of EUR 9 million (9M 2024: loss of EUR 37 million).

Net income³ significantly increased by 29% (+34% at constant currency) to EUR 275 million in the third quarter 2025. Net income excluding special items increased by 36% (+41% at constant currency) to EUR 322 million. 

In the first nine months, net income³ increased by 38% (+41% at constant currency) to EUR 651 million. Net income excluding special items increased by 31% (+34% at constant currency) to EUR 836 million.

Basic earnings per share (EPS) increased by 30% (+35% at constant currency) to EUR 0.94 in the third quarter 2025, based on 292,101,583 shares. Basic EPS excluding special items increased by 37% (+42% at constant currency) to EUR 1.10. 

In the first nine months, basic EPS increased by 38% (+41% at constant currency) to EUR 2.22, based on 292,971,355 shares. Basic EPS excluding special items increased by 31% (+34% at constant currency) to EUR 2.85.

Cash flow development and net leverage ratio 

In the third quarter 2025, operating cash flow decreased by 25% to EUR 742 million (Q3 2024: EUR 985 million), resulting in a margin of 15.2% (Q3 2024: 20.7%). Operating cash flow declined compared to prior year, which was inflated by around EUR 400 million catch-up following the cyber incident at Change Healthcare, while favorable working capital development contributed positively. In the first nine months, operating cashflow improved by 8% to EUR 1,679 million (9M 2024: EUR 1,554 million), resulting in a margin of 11.5% (9M 2024: 10.9%). 

Free cash flow⁵ significantly decreased by 33% to EUR 550 million in the third quarter 2025 (Q3 2024: EUR 815 million), resulting in a margin of 11.3% (Q3 2024: 17.1%). In the first nine months, Fresenius Medical Care increased free cash flow by 9% to EUR 1,199 million (9M 2024: EUR 1,102 million), resulting in a margin of 8.2% (9M 2024: 7.7%). 

The ownership increase in our Value-Based Care entity Interwell Health by an investment of EUR 312 million was reflected in cash flow from financing activities. 

Total net debt and lease liabilities were further reduced to EUR 9,218 million (Q3 2024: EUR 9,831 million). The net leverage ratio (net debt/EBITDA) further improved to 2.6x in Q3 2025 (Q2 2025: 2.7x). 

Patients, clinics and employees

As of September 30, 2025, Fresenius Medical Care treated 293,620 patients in 3,628 dialysis clinics worldwide and had 109,916 employees (headcount) globally, compared to 112,445 employees as of June 30, 2025.

Outlook 2025 confirmed

Fresenius Medical Care confirms its outlook for fiscal 2025 and expects revenue growth to be positive to a low-single digit percent rate compared to prior year. The Company expects operating income excluding special items to grow by a high-teens to high-twenties percent rate compared to prior year.

The expected growth rates for 2025 are at constant currency, excluding special items in operating income. The 2024 basis for the revenue outlook is EUR 19,336 million and for the operating income outlook is EUR 1,797 million.

Investor conference call

Fresenius Medical Care will host a conference call for analysts and investors to discuss the results of the third quarter 2025 today, November 4, 2025, at 2:00 p.m. CET / 8:00 a.m. ET. Details are available here. A replay and a transcript will be available shortly after the call.

Please refer to our statement of earnings included at the end of this press release and to the attachments as separate PDF files for a complete overview of the results of the third quarter 2025. Our form 6-K disclosure provides more details.

 

¹At constant currency, adjusted for certain reconciling items including revenue from acquisitions, closed or sold operations and differences in dialysis days

²Adjusted for special items; growth rate at constant currency (if not stated otherwise); for further details please see the reconciliation attached to the press release 

³Net income attributable to shareholders of Fresenius Medical Care AG 

⁴The Company transfers products from the Care Enablement segment to the Care Delivery segment at fair market value. Services provided by the Care Delivery segment for patients managed under the Value-Based Care segment are also provided at fair market value. The associated internal revenues and expenses and all other consolidation of transactions are included within “Inter-segment eliminations”.

⁵Net cash provided by / used in operating activities, after capital expenditures, before acquisitions, investments, and dividends

 

About Fresenius Medical Care:
Fresenius Medical Care is the world’s leading provider of products and services for individuals with renal diseases of which around 4.2 million patients worldwide regularly undergo dialysis treatment. Through its network of 3,628 dialysis clinics, Fresenius Medical Care provides dialysis treatments for approx. 294,000 patients around the globe. Fresenius Medical Care is also the leading provider of dialysis products such as dialysis machines or dialyzers. Fresenius Medical Care is listed on the Frankfurt Stock Exchange (FME) and on the New York Stock Exchange (FMS).

Disclaimer:
This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results could differ materially from those described in these forward-looking statements due to various factors, including, but not limited to, changes in business, economic and competitive conditions, legal changes, regulatory approvals, results of clinical studies, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. These and other risks and uncertainties are detailed in Fresenius Medical Care’s reports filed with the U.S. Securities and Exchange Commission. Fresenius Medical Care does not undertake any responsibility to update the forward-looking statements in this release.