Fresenius SE & Co. KGaA

Shareholders of Fresenius SE & Co. KGaA

Fresenius SE & Co. KGaA is a publicly listed partnership limited by shares; most of its ordinary shares are held in free float and are not individually disclosed. Under the German Securities Trading Act (Wertpapierhandelsgesetz, WpHG), only holdings that cross defined voting-rights thresholds (starting at 3%) must be publicly notified. According to Fresenius’s own shareholder-structure disclosure (as of 30 June 2026) and its financial reporting for the 2025 financial year (holding as of 31 December 2025), the Else Kröner-Fresenius-Stiftung, a German charitable foundation, held approximately 27% of the company’s ordinary shares (152,679,509 shares, equivalent to 27.1%, as of 31 December 2025). Fresenius states that, based on WpHG notifications received, no investor other than the Else Kröner-Fresenius-Stiftung held voting rights above 5% as of the most recent disclosure reviewed. Free float is reported at around 73% of share capital.

Zavia’s own stored shareholder data for this record lists four institutional fund holders (EuroPacific Growth Fund, two Fidelity-managed funds, and an iShares ETF) with individual percentages of roughly 6%–28%, dated 4 September 2026. These percentages sum to well over 100% and conflict with Fresenius’s own WpHG-based disclosure, which identifies no holder other than the Stiftung above 5%. This indicates the stored figures reflect each fund’s share of a sampled reporting population rather than an actual percentage of Fresenius’s total share capital, and they are not used here as a source of major-shareholder information.

Ultimate beneficial ownership

The Else Kröner-Fresenius-Stiftung is the sole shareholder of general partner Fresenius Management SE and is Fresenius SE & Co. KGaA’s largest disclosed shareholder, with a direct holding of approximately 27% of ordinary shares as of the dates above. The Stiftung is a charitable foundation under German law, not a natural person, and is disclosed here as an institutional/foundation controller rather than as an individual ultimate beneficial owner. The sources reviewed do not identify any natural person exercising ultimate beneficial ownership or control over Fresenius SE & Co. KGaA through the Stiftung; the foundation is administered by its own governing board rather than by individual owners.

Data availability

Shareholder information for Fresenius SE & Co. KGaA is major-shareholders-only: German disclosure rules require public notification only above the 3% voting-rights threshold, so the full underlying shareholder base is not published. The Else Kröner-Fresenius-Stiftung’s holding is well documented; other shareholders below the notification threshold are not individually identifiable from the sources reviewed.

Sources

• Else Kröner-Fresenius-Stiftung, The Fresenius Company – https://ekfs.de/en/about-us/our-work/the-fresenius-company (retrieved 2026-09-25)
• Fresenius SE & Co. KGaA, Shareholder Structure – https://www.fresenius.com/shareholder-structure (as of 30 June 2026; retrieved 2026-09-25)
• Fresenius, Fresenius share (Annual Report) – https://report.fresenius.com/2024/annual-report/to-our-shareholders/fresenius-share.html (retrieved 2026-09-25)

Directors and officers of Fresenius SE & Co. KGaA

Fresenius SE & Co. KGaA has no management board of its own: management functions are performed by the Management Board of its general partner (Komplementär), Fresenius Management SE, a European Company wholly owned by Fresenius. A separate Supervisory Board oversees the general partner’s management on behalf of the limited shareholders. Zavia’s underlying Handelsregister-derived officer records list 61 entries against this registration (HRB 11852), of which 20 are marked active and 41 marked resigned as of the last synchronisation on 8 September 2026. These records mix Management Board appointments with authorised-signatory (Prokura) appointments and historical entries dating back to the company’s 2011 conversion, and are not used here as the basis for describing current board composition.

Based on Fresenius’s own governance pages, the Management Board of Fresenius Management SE, as published in September 2026, comprises: Michael Sen (Chairman/CEO, appointed 1 October 2022), Sara Hennicken (Chief Financial Officer, appointed 1 September 2022), Pierluigi Antonelli (CEO Fresenius Kabi, appointed March 2023), Michael Moser (responsible for Legal, Compliance, Risk Management, Sustainability, HR, Corporate Audit and the Vamed transformation, appointed July 2023), and Christian Pawlu (incoming CEO Fresenius Helios, effective 1 July 2026). The internal Handelsregister-derived dataset marks Sen, Hennicken, Antonelli and Moser as “resigned,” which conflicts with their current, officially confirmed Management Board seats. This appears to be a data-quality issue in that dataset, possibly reflecting the end of a separate Prokura or registration entry rather than an actual board departure; Fresenius’s own governance disclosures were used here for current board composition.

The Supervisory Board is chaired by Wolfgang Kirsch (chairman since 2021, current term 2025–2029), with Michael Diekmann and Grit Genster as Deputy Chairs. Under German co-determination rules the board has 12 members (six shareholder representatives elected by the Annual General Meeting and six employee representatives); members identified in the company disclosures reviewed also include Carsten Georg, Prof. Dr. Ralf Kiesslich, Tania Lara Campaña, Prof. Dr. Iris Löw-Friedrich and Dr. Christoph Zindel. This is not necessarily an exhaustive list of all twelve current members.

Recent officer changes

• Christian Pawlu appointed to the Management Board of Fresenius Management SE as CEO Fresenius Helios, effective 1 July 2026 (source: Fresenius press release).
• Michael Sen’s contract as CEO/Chairman of the Management Board was extended by five years ahead of schedule, per Fresenius Supervisory Board announcement (source: Fresenius press release).
• New and renewed shareholder-representative Supervisory Board terms (2025–2029), including Carsten Georg and Prof. Dr. Ralf Kiesslich, took effect following the Annual General Meeting on 23 May 2025.

Data availability

Germany’s Handelsregister publishes current and historical management/Prokura-type appointments but does not disclose officers’ nationality. Nationality is not disclosed in any source reviewed for the individuals named above and is treated as “Not disclosed” throughout. Country of residence and correspondence address are separate data points and have not been used to infer nationality.

Sources

• Fresenius SE & Co. KGaA, Management Board – https://www.fresenius.com/management-board (retrieved 2026-09-25)
• Fresenius SE & Co. KGaA, Supervisory Board – https://www.fresenius.com/supervisory-board (retrieved 2026-09-25)
• Fresenius, Supervisory Board extends CEO Michael Sen’s contract; Christian Pawlu to join Management Board – https://www.fresenius.com/node/7312 (retrieved 2026-09-25)
• Fresenius, 2025 Annual General Meeting: Shareholders approve all agenda items – https://www.fresenius.com/node/7091 (retrieved 2026-09-25)

Group structure of Fresenius SE & Co. KGaA

Fresenius SE & Co. KGaA is the ultimate parent holding company of the Fresenius group, an internationally active healthcare group. Its wholly owned direct subsidiaries include Fresenius Kabi AG (pharmaceuticals, clinical nutrition and biosimilars) and, through the intermediate holding company Fresenius ProServe GmbH, HELIOS Kliniken GmbH (the Fresenius Helios hospital division). Each of these divisions in turn controls large networks of manufacturing, sales and, for Helios, hospital-operating subsidiaries across many countries.

Fresenius SE & Co. KGaA also holds a controlling but non-wholly-owned stake in the separately listed Fresenius Medical Care AG (dialysis products and services), a company with its own stock-exchange listing and its own extensive, separately governed global subsidiary network. Fresenius reduced this holding during 2025 and 2026 through several share placements and, as of its most recent disclosure (21 August 2026), held approximately 25.6% of Fresenius Medical Care AG’s outstanding voting shares, having stated its intention to retain no less than 25% plus one share going forward. Fresenius Medical Care AG’s own subsidiary network is not part of Fresenius SE & Co. KGaA’s own corporate structure and is governed separately.

Zavia’s underlying corporate-linkage data for this record (dated 4 September 2026) lists 493 entities in total, with 49 immediate subsidiaries of Fresenius SE & Co. KGaA. This dataset has a scope limitation regarding Fresenius Medical Care: it does not include Fresenius Medical Care AG itself as a node, and instead lists only four small Latin American operating companies of Fresenius Medical Care (in Peru, Ecuador, Mexico and Panama) directly as children of Fresenius SE & Co. KGaA, without showing the intermediate Fresenius Medical Care AG holding relationship or Fresenius Medical Care’s much larger global dialysis-clinic network. This is an incomplete and structurally inconsistent representation of the Fresenius Medical Care branch of the group and should not be read as a complete picture of that relationship; the description above instead relies on Fresenius’s own investor disclosures for the Fresenius Medical Care stake.

By contrast, the Fresenius Kabi and Fresenius Helios branches in the same dataset are represented as large, multi-level subsidiary networks (94 entities under Fresenius Kabi AG across markets such as Sweden, Poland, France, the United States, India and Japan; 222 entities under HELIOS Kliniken GmbH, primarily German and Spanish hospital and clinic entities), consistent with these divisions being wholly owned rather than separately listed.

Verified corporate relationships

Recent structural changes

• Fresenius SE & Co. KGaA reduced its stake in Fresenius Medical Care AG to 25% plus one share via an accelerated bookbuilding and exchangeable-bond placement in March 2025.
• Fresenius SE & Co. KGaA sold a further tranche of Fresenius Medical Care AG shares (approximately 2.9%, around 7.8 million shares) in August 2026, reducing its holding to approximately 25.6%.
• Fresenius has been transforming and reducing the scope of its Vamed international healthcare-projects business, with a Management Board member specifically responsible for this transformation since 2023.

Data availability

Information on Fresenius SE & Co. KGaA’s wholly owned divisions (Fresenius Kabi, Fresenius Helios) is broad in the underlying dataset but has not been verified entity-by-entity here. Information on the Fresenius Medical Care relationship is drawn from Fresenius’s own investor disclosures because the underlying corporate-linkage dataset both omits the Fresenius Medical Care AG parent node and is otherwise incomplete and inconsistent for that branch. Overall availability for this record is assessed as partial.

Sources

• Fresenius, announcement of intention to reduce stake in Fresenius Medical Care AG to 25% plus one share – https://www.fresenius.com/press-release-sale-fmc-shares (retrieved 2026-09-25)
• Fresenius Medical Care, Shareholder structure – https://freseniusmedicalcare.com/en/investors/shares/shareholder-structure/ (retrieved 2026-09-25)
• StockTitan, Fresenius Medical Care holder sells 7.8M shares (Schedule 13D/A) – https://www.stocktitan.net/sec-filings/FMS/schedule-13d-a-fresenius-medical-care-ag-amended-major-shareholder-re-fe36aec55870.html (retrieved 2026-09-25)