Fresenius reported a difficult to read set of figures, implying that things are moving in the right direction. Having obtained shareholder approval for the deconsolidation of Fresenius Medical Care, the business will become a one-line item in future and the KPIs have been adjusted. Adjusted EBIT came in above the consensus expectations (+9.7%), but absolute EBIT took a hit from the transformation of Vamed, which will become somewhat expensive.