Fielmann (FIE) Q2 2025 earnings summary

Executive summary

• Group sales increased by 12.3% year-over-year, with 4.5% organic growth and the remainder from the U.S. Shopko Optical acquisition, now fully consolidated.

• Adjusted EBITDA margin improved to 24% from 21% last year, with Europe at 25% and the U.S. at 15%.

• Profitability and margin expansion continued across all major markets and product categories, despite challenging consumer sentiment, especially in the U.S.

• Integration of U.S. acquisitions is progressing, with a focus on business model transformation and operational efficiency.

• Vision 2030 and 2035 targets announced, aiming for global leadership in vision and hearing care.

Financial highlights

• Total consolidated sales reached €1,224m, up from €1,089m, a 12.3% increase year-over-year.

• Adjusted EBITDA was €290m (margin 23.7%), up from €230m (21.1%) in HY1 2024.

• Adjusted EBT was €158m (margin 12.9%), up from €122m (11.2%) in HY1 2024.

• Operating cash flow rose to €236m from €198m, with a high cash conversion rate (83%).

• Net debt to EBITDA (LTM) improved to 1.1, or 1.2 after dividend payment, down from 1.7.

Outlook and guidance

• Full-year 2025 guidance confirmed: nearly €2.5bn in sales, 24% group margin, €580m adjusted EBITDA.

• European margin expected around 25%, U.S. margin in the high mid-teens.

• Organic growth target for Vision 2030 is around 5%; current organic growth is at the lower end but satisfactory given market conditions.

• Management expects customer satisfaction to remain at ~90% and unit sales of ~9.5 million glasses for FY2025.

• Management remains confident in achieving consensus targets and sees no imminent risk to dividend payments.