费森尤斯医疗 2025年度报告

FORM11-K ANNUAL REPORT PURSUANT TOSECTION15(d)OF THESECURITIES EXCHANGE ACT OF 1934 (Mark One) ☒ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December31, 2025 OR TRANSITION REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period fromtoCommission file number001-32749 A.Full title of the plan and the address of the plan, if different from that of the issuer named below: Fresenius Medical Care North America 401(k)Savings Plan920 Winter StreetWaltham, MA 02451-1457 B.Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: Fresenius Medical Care AGElse-Kröner Straße 161352 Bad Homburg, v.d. H. Germany FRESENIUS MEDICAL CARE NORTH AMERICA 401(K) SAVINGS PLAN FINANCIAL STATEMENTS December 31, 2025 and 2024 andFor the Year Ended December 31, 2025 FRESENIUS MEDICAL CARE NORTH AMERICA 401(k) SAVINGS PLAN FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULESAND REPORT OFINDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Fresenius Medical Care North America 401(k) Savings Plan (the “Plan”) is subject to the Employee Retirement Income SecurityAct of 1974 (“ERISA”).Therefore, in lieu of the requirements of Items 1-3 of Form 11-K, the following financial statements andschedules have been prepared in accordance with the financial reporting requirements of ERISA. The following financial statements and schedules are filed as a part of this Annual Report on Form 11-K: INDEX REPORT OF INDEPENDENT REGISTEREDPUBLIC ACCOUNTING FIRM1FINANCIAL STATEMENTS:Statements of Net Assets Available for Benefitsas of December 31, 2025 and 20243Statement of Changes in Net Assets Available for Benefitsfor the year ended December 31, 20254Notes to Financial Statements5-14SUPPLEMENTAL SCHEDULES*:Schedule of Assets (Held atEnd of Year) as of December 31, 202515Schedule of Delinquent Participant Contributionsfor the year ended December 31, 202516SIGNATURES:Signatures17CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMExhibit Index18Exhibit 23.1 - Consent of WithumSmith+Brown, PC19 *- Other schedules required by Section 2520.103-10 of the Department of Labor Rules and Regulations for Reportingand Disclosure under ERISA have been omitted because they are not applicable. REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To Participants and the Administrative Committee ofFresenius Medical Care North America 401(k) Savings Plan: Opinion on the Financial Statements We have audited the accompanying statements of net assets available for benefits of the Fresenius Medical Care NorthAmerica 401(k) Savings Plan (the “Plan”) as of December 31, 2025 and 2024, the related statement of changes in netassets available for benefits for the year ended December 31, 2025, and the related notes and schedules (collectivelyreferred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects,the net assets available for benefits of the Plan as of December 31, 2025 and 2024, and the changes in net assetsavailable for benefits for the year ended December 31, 2025, in conformity with accounting principles generallyaccepted in the United States of America. Basis for Opinion These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinionon these financial statements based on our audits. We are a public accounting firm registered with the Public CompanyAccounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Plan inaccordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities andExchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan andperform the audits to obtain reasonable assurance about whether the financial statements are free of materialmisstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, anaudit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding ofinternal control over financial reporting, but not for the purposes of expressing an opinion on the effectiveness of thePlan’s internal control over financial reporting. Accordingly, we express no such opinion. Our audits included performing procedures to assess the risks of material misstatement of the financial statements,whether due to error or fraud, and performing procedures that respond to those risks. Such procedures includedexamining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits alsoincluded evaluating the accounting principles used and significant estimates made by management, as well asevaluating the overall presentation of the financial statements. We believe that o