Fielmann (FIE) Q4 2025 earnings summary

Executive summary

• Achieved record-breaking FY2025 with 7.4% reported sales growth to €2.435bn, highest net profit in company history, and net store growth of 22 locations.

• Successfully concluded Vision 2025, surpassing targets in sales, profitability, and customer satisfaction rates around 90%, despite macroeconomic headwinds.

• Q1 2026 saw continued expansion with 43 new stores, sales up 1.3% to €613m, and resilient profitability despite challenging weather and strikes.

• Expanded market share in all major markets, notably Germany, Spain, and the US.

Financial highlights

• FY2025 consolidated sales reached €2.44bn, up 7.4% year-over-year (7.8% at constant currency); adjusted EBITDA rose 18% to €581m, margin at 23.8% (+2.1 pts YoY), and net profit up 33% to €205m.

• FY2025 adjusted EBT grew 30.1% to €313m, margin up 2.2 pts to 12.8%.

• Q1 2026 revenue grew 1.3% to €613m (2.3% at constant currency); adjusted EBITDA was €149m, margin stable at 24.3%-25.7%.

• U.S. sales grew 46.7% in USD (41% in EUR) in FY2025, driven by Shopko Optical consolidation.

• Cash position improved by €125m, net debt/EBITDA reduced to 1.2x, equity ratio increased to 40.2%, and operating cash flow reached €496m with 89% cash conversion.

Outlook and guidance

• FY2026 guidance: sales growth of 5%-7% to €2.55bn–€2.60bn, adjusted EBITDA margin around 23%, adjusted EBT margin 12%-13%, and adjusted EBITDA forecasted at €590m–€610m.

• Customer satisfaction expected to remain around 90%.

• Growth phase may temporarily weigh on profitability, but margins are projected broadly in line with prior year.

• Expansion plans include AI-enabled refraction technology rollout and increased exam capacity in the US.

• Vision 2035 targets €4bn sales and 25% adjusted EBITDA margin within five years.