Fielmann (FIE) Q1 2025 earnings summary

Executive summary

• Achieved €2.3bn in total sales for FY2024, up 14.8% year-over-year, with 15% topline growth and 23% adjusted EBITDA growth.

• Q1 2025 sales rose 12.5% year-over-year to €603m, with growth across all major markets and product categories.

• International sales rose 33% year-over-year, now representing nearly 40% of group sales, with the US becoming the second-largest market.

• Customer satisfaction remains high at 90%, with over 29 million customers and 24,000 employees.

• Over 100,000 eye health check-ups performed in 2024, with the "Eye Health Check Up" service expanded to over 500 stores, serving 170,000+ customers.

Financial highlights

• FY2024 adjusted EBITDA reached €491m (+23.3% YoY), with a margin of 21.7% (+1.5 pts).

• Q1/2025 adjusted EBITDA was €146m (+28.2% YoY), with a margin of 24.2% (up 3.0 pts); adjusted EBT was €78m (+27.8% YoY), margin 12.9%.

• Net profit for FY2024 was €154m (+20.7% YoY); Q1/2025 net profit attributable to shareholders was €52.0m (+25.4% YoY).

• Dividend proposal increased to €1.15 per share (total payout €96.6m, yield 2.8%), payout ratio 63%.

• Cash flow from operating activities increased to €331m in FY2024 (prior year: €143m).

Outlook and guidance

• 2025 guidance: nearly €2.5bn in sales, adjusted EBITDA around €580m, and adjusted EBITDA margin near 24% Group-wide, ~25% in Europe.

• Anticipates unit sales of ~9.5m pairs of glasses for 2025.

• European margin expected at ~25%, US margin slightly dilutive; adjusted EBT margin to continue improving.

• Customer satisfaction expected to remain around 90%.

• Vision 2035 growth strategy, including 2030 targets, to be presented at July 2025 AGM.