Fresenius SE & Co

Fresenius SE is a Bad Homburg healthcare group whose two main pillars are Kabi, a maker of intravenous drugs, nutrition and medical devices, and Helios, the largest private hospital operator in Germany and Spain. After years of running a sprawling and debt-heavy conglomerate, management has been simplifying the structure and deconsolidating its dialysis affiliate to sharpen the focus. The restructuring came at a cost to shareholders. Fresenius cut its dividend in 2023 to preserve cash and cut debt, breaking a long run of increases, and is only now rebuilding it from a lower base. The stock is currently more a story of operational recovery than of dependable income.