Basically, Fresenius has not done anything wrong. Management delivered its increased guidance, it reported progress in the cost-cutting programme and it gave a promising outlook. However, investors might have hoped for something larger, e.g. the divestment of the FMC stake or the separation of Kabi, but management remained true to itself. Figures were a clear beat to our estimates (sales: +5.9%; profitability: +9.8%) as we had booked some higher costs for the cost-cutting programme.