Fresenius’ business model has shown to be quite resilient, but some businesses did better than others, which looks quite normal to us. However, Helios’ Spanish business seems to have a bit of a cold as its profitability has substantially deteriorated. This could be a communication issue, but we do not fully understand the reason. Reported figures were a notch better than expected, but consensus was beaten (+3% to 5%). Adjusted for potential pandemic-related effects, FY guidance wa ....