Fielmann (FIE) Q3 2025 earnings summary

Executive summary

• Group sales for the first nine months of 2025 increased by 9% year-over-year to €1,842m, with 4% organic growth and 5% from the U.S. Shopko acquisition; Q3 organic growth was 4% at constant currency, with both U.S. and Europe contributing equally.

• Adjusted EBITDA rose 18% year-over-year to €434m, and adjusted EBT increased 20% to €238m.

• Profitability focus led to margin improvements, with adjusted EBITDA margin reaching 23.6% and adjusted EBT margin up 1.1 percentage points to 12.9%.

• U.S. platform returned to growth, achieving 4% year-over-year growth in Q3 in USD terms.

• Outlook for 2025 is confirmed, with margin expansion expected in Q4 driven by cost controls and sell-out structure.

Financial highlights

• Total consolidated sales reached €1,842m for the first nine months of 2025, up 9% year-over-year.

• Growth across all product categories: eyewear +7%, audiology +9%, sunglasses +5%, contact lenses in the U.S. +13% (3% organic).

• Spain, Switzerland, Austria, and Poland showed strong growth, with Poland at 14% and Spain at 8%.

• Adjusted EBITDA margin improved to 23.6% (up from 21.9%), and adjusted EBT margin to 12.9% (up from 11.8%).

• Net profit attributable to shareholders increased 24.3% to €155.6m; EPS at €1.85.

Outlook and guidance

• Full-year revenue expected to approach €2.5bn, at the lower end of guidance.

• Adjusted EBITDA margin forecasted at around 24% by year-end, with Adjusted EBITDA near €580m.

• Margin expansion anticipated in Q4 due to cost savings of approximately €30m and favorable sell-out structure.

• Organic growth in Q4 expected to be higher than Q3, with Black Weeks and improved weather supporting demand.

• Management expects unit sales to reach 9.5 million for FY2025.