Fielmann (FIE) Investor Presentation summary

Market overview and growth drivers

• Serves a global vision care and acoustics market exceeding $80 billion, with optical and hearing aids markets expected to outpace GDP growth (2.9% and 4.2% CAGR, respectively, 2023–28E).

• Key growth drivers include increasing myopia, aging populations, rising screen and earphone usage, and de-stigmatization of hearing aids.

• Vision care is a non-discretionary healthcare solution with stable replacement cycles and insurance support.

Business model and product mix

• Operates over 1,200 stores with approximately 24,000 employees, serving 29 million customers globally.

• Vision care accounts for over 80% of revenue, with prescription eyewear as the core product; acoustics, contact lenses, and sunglasses make up the remainder.

• Maintains industry-leading customer satisfaction and retention rates (90%+), with reliable cash flows and shorter repurchase cycles than market averages.

Geographic footprint and expansion

• Market leader in Germany, Austria, Switzerland, and Slovenia; expanding rapidly in Spain, Eastern Europe, and the US Upper Midwest.

• US operations include 226 stores and $275 million in annualized revenue, with recent acquisitions of SVS Vision and Shopko Optical forming a regional leadership position.

• Over 40% of group revenues expected from outside Germany in H2 2024.