Fielmann (FIE) Q4 2024 earnings summary

Executive summary

• FY2024 consolidated sales reached €2.3 billion, up 15% year-over-year, driven by 7% organic growth and 8% from US acquisitions, including Shopko Optical and SVS Vision.

• Adjusted EBITDA grew 23% to €491 million, with Group margin up 1.5 percentage points to 21.7%.

• Market share increased across major geographies despite macroeconomic headwinds and low consumer sentiment.

Financial highlights

• Q4 2024 consolidated sales reached €574 million, up 22% year-over-year, with strong organic growth and US acquisitions.

• US sales reached €200 million, with 11% like-for-like growth and adjusted EBITDA margin at 9.9%.

• Sales in Germany rose 7%, Switzerland 5%, Austria 10%, and Spain 10% year-over-year.

• Hearing aids business grew 10% in Europe; prescription eyewear up 7%, sunglasses without prescription up 6%.

• FY2024 adjusted EBT increased by €44 million to €237 million (+23%), with margin at 10.5%.

Outlook and guidance

• US margin expansion expected to continue in 2025, benefiting from volume effects and full-year synergy realization.

• On track to achieve 25% adjusted EBITDA margin in Europe and 24% at Group level.

• Ongoing profitability improvements in Europe through staff efficiency and operational leverage.

• Optimistic about further market share gains in 2025, with detailed guidance to follow Supervisory Board review.