Fielmann (FIE) H1 2024 earnings summary

Executive summary

• Sales grew 11% year-over-year in HY1 2024, driven by successful US expansion and 5% organic growth.

• EBITDA increased 14% and EBT rose 17% year-over-year, with margin improvements.

• US market contributed significantly, with Fielmann USA adding €59 million to topline and 9% comparable growth.

• Vision 2025 strategy advanced with digitalisation and expansion in primary eyecare services.

• Shopko Optical acquisition closed 1 July 2024, further diversifying revenue base.

Financial highlights

• Group sales reached €1,081.8 million, up 11.4% from €970.9 million in HY1 2023.

• EBITDA rose to €236.8 million (+13.7%), with margin at 21.7% (up from 21.2%).

• EBT increased to €127.0 million (+17.5%), EBT margin improved to 11.6%.

• Net profit attributable to shareholders was €86.2 million (+23.3% year-over-year).

• Earnings per share rose to €1.03 from €0.83.

Outlook and guidance

• FY2024 sales expected at €2.3 billion (+15% year-over-year), including Shopko Optical.

• Group EBITDA margin to increase in 2024, targeting 24% in 2025 with US integration.

• European EBITDA margin expected at ~23% in 2024, aiming for 25% in 2025.

• EBT margin set to rise in both 2024 and 2025.