Fielmann Group Ag · XETR:FIE
Fielmann — Investor Day (September 2025)
80 slides from Fielmann's investor day presentation, Sep 17, 2025
Slide 1: Fielmann Group AG Capital Markets Day
Fielmann Group AG Capital Markets Day September 17, 2025
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Fielmann Group AG ("Fielmann") and comprises the written materials/slides for a presentation concerning Fielmann. By attending this presentation and/or reviewing the slides you agree to be bound by the following conditions: The distribution of this d
Slide 3: Today's presenters warmly welcome you
Today‘s presenters warmly welcome you Steffen Bätjer Nils Scharwächter Dr. Fabian Walla Chief Financial Officer Director Investor Relations Group General Counsel 3 Fielmann Group AG - Capital Markets Day - September 2025
Slide 4: Agenda
Agenda 01 Recap: Successful execution of Vision 2025 02 Vision 2035 & Targets 2030 03 #1: Optometry in Europe 04 #2: Optometry in the US 05 #3: Audiology 06 #4: Medical Services 07 Summary & Q&A 4 Fielmann Group AG - Capital Markets Day - September 2025
Slide 5: Recap: Vision 2025 target review
Recap: Vision 2025 Target review since 2019 r MODERNIZATION DIGITALIZATION INTERNATIONALIZATION CUSTOMER SATISFACTION SALES GROWTH PROFITABILITY Today, Fielmann Today, Fielmann is the Sales growth Adj. EBITDA improved Today, Fielmann is a operates a leading third largest vision and 90% customer of €
Slide 6: We are achieving our Vision 2025 goals this year!
Recap: Vision 2025 Target review We are achieving our Vision 2025 goals this year! 6 Fielmann Group AG - Capital Markets Day - September 2025
Slide 7: Agenda
Agenda 01 Recap: Successful execution of Vision 2025 02 Vision 2035 & Targets 2030 03 #1: Optometry in Europe 04 #2: Optometry in the US 05 #3: Audiology 06 #4: Medical Services 07 Summary & Q&A 7 Fielmann Group AG - Capital Markets Day - September 2025
Slide 8: Vision 2035
VISION 2035 8 Fielmann Group AG - Capital Markets Day - September 2025
Slide 9: You Are The Customer.
Our Philosophy You Are The Customer.
Slide 10: We help everyone hear and see the beauty in the world
We help everyone hear and see the beauty in the world. Our Purpose 10 Fielmann Group AG - Capital Markets Day - September 2025
Slide 11: Core elements of our Vision 2035
Vision 2035 Core elements of our Vision 2035 As the most trusted partner for hearing and vision, we redefine comprehensive care globally. + Optometry in the US Optometry in Europe + Audiology in Europe + Medical services 11 Fielmann Group AG - Capital Markets Day - September 2025
Slide 12: Targets 2030
Targets 2030 Fielmann Group Vision 2035 As the most trusted partner for hearing and vision, we redefine comprehensive care globally. Targets 2030 Customer Adjusted EBITDA Sales satisfaction margin c. 90% c. €4bn c. 25% (€3.8 to €4.2bn) 12 Fielmann Group AG - Capital Markets Day - September 2025
Slide 13: Targets 2030: Margin development 2018 to 2030e
Targets 2030 Margin development of the Fielmann Group, 2018 to 2030e Adjusted EBITDA margin 2018-2030, in % Depending on growth momentum, margins on the course to 2030 might fluctuate. 27 26.2% 25.3% ~25% ~24% ~24% 24 23.6% 23.6% 21 21.7% 20.2% 19.3% 18 2018 2019 2020 2021 2022 2023 2024 2025 2026 2
Slide 14: Targets 2030
Targets 2030 Fielmann Group Vision 2035 As the most trusted partner for hearing and vision, we redefine comprehensive care globally. Targets 2030 Customer Adjusted EBITDA Sales satisfaction margin c. 90% c. €4bn c. 25% (€3.8 to €4.2bn) 14 Fielmann Group AG - Capital Markets Day - September 2025
Slide 15: Targets 2030: Main sales growth drivers
Targets 2030 Main sales growth drivers c. €4bn (€3.8 to €4.2bn) around €100m Medical services around €200m Audiology in Europe + c. €1.5bn CAGR: c. 10% around €700m Optometry in the US c. €2.5bn around €500m Optometry in Europe 2.5 2025P 2030 NB: All growth drivers might include anorganic growth opt
Slide 16: Agenda
Agenda 01 Recap: Successful execution of Vision 2025 02 Vision 2035 & Targets 2030 03 #1: Optometry in Europe 04 #2: Optometry in the US 05 #3: Audiology 06 #4: Medical Services 07 Summary & Q&A 16 Fielmann Group AG - Capital Markets Day - September 2025
Slide 17: Summary: Optometry in Europe
Summary: Optometry in Europe 2025e* 2030e Sales c. €2bn c. €2.5bn Sales CAGR c. 4-6% Adjusted EBITDA margin development M&A activities Not included c. €600m Capex (FY26-30) (store openings, maintenance & M&L) * Note: The 2025e baseline “Optometry in Europe” in the July 2025 strategy update focused o
Slide 18: Fielmann Group in Europe
Fielmann Group in Europe Attractive & diversified country portfolio* 5+% ~55% ~20% ~5% ~45% ~35% ~30% ~5% 10+% * Note: Fielmann Group also present in Latvia and Lithuania through a non-consolidated franchisee 18 Fielmann Group AG - Capital Markets Day - September 2025
Slide 19: Fielmann Group in Europe: Core Markets
Fielmann Group in Europe Core Markets ~55% ~45% ~35% 19 Fielmann Group AG - Capital Markets Day - September 2025
Slide 20: Three levers to further drive performance in Europe
Three levers to further drive performance in Eruope Levers initially applied in GSA In-Store Asset Order Value Optimization Optimization Optimization 20 Fielmann Group AG - Capital Markets Day - September 2025
Slide 21: Strategic lever: In-store optimization
Strategic lever: In-store optimization Three levers to further drive performance in Europe – Starting in GSA In-Store Asset Order Value Optimization Optimization Optimization 21 Fielmann Group AG - Capital Markets Day - September 2025
Slide 22: Strategic lever: In-store optimization
Strategic lever: In-store optimization Driving efficiency through digital tools Store Hub 3.0 (more variable PersEx structure) Optimize in-store assortment (showroom concept) In-Store Automated refraction (augmenting productivity) Optimization VisionGuide (consistently high consulting qualit
Slide 23: Automated Refraction
Automated Refraction Freeing up capacity and increasing accuracy AI-supported, recorded- voice driven eye test. One optician can supervise up to 2 customers Time saving per refraction (5 min, 12 min in parallel use) Less space needed, allowing to increase refraction capacity in stores Very h
Slide 24: Fielmann VisionGuide
Fielmann VisionGuide Ensuring highest and most consistent consultation quality Tablet-based consultation process, supporting our opticians Consistent and philosophy- aligned consultation Around 5 min faster consulting process at higher consistency Counters shortage of skilled labor, frees up
Slide 25: Digital price tag
Digital price tag Remote pricing & improved product presentation Digital price tag with NFC capabilities Supports inventory management, theft protection, in-store localization Enables rapid price adjustments 25 Fielmann Group AG - Capital Markets Day - September 2025
Slide 26: Strategic lever: Asset optimization
Strategic lever: Asset optimization Three levers to further drive performance in Europe – Starting in GSA In-Store Asset Order Value Optimization Optimization Optimization 26 Fielmann Group AG - Capital Markets Day - September 2025
Slide 27: Additional store concept enables further openings in mature markets
Additional store concept enables further openings in mature markets Compact concept with reduced construction costs for new stores Flexible opening hours Optimized personnel deployment Central manufacturing The new concept enables us to operate smaller stores profitably 27 Fielmann Group AG - Capita
Slide 28: Optimizing store construction costs
Optimizing store construction costs Construction costs per sqm sales area -20% Shop-fitting optimization have substantially lowered construction costs, supporting profitable organic expansion. 2019 2024 28 Fielmann Group AG - Capital Markets Day - September 2025
Slide 29: Strategic lever: Order value optimization
Strategic lever: Order value optimization Three levers to further drive performance in Europe – Starting in GSA In-Store Asset Order Value Optimization Optimization Optimization 29 Fielmann Group AG - Capital Markets Day - September 2025
Slide 30: Order value optimization based on tried and tested concepts
Order value optimization based on tried and tested concepts AOV mainly benefits from continuation of favorable sell-out structure Optimize Share of Progressives 30 Fielmann Group AG - Capital Markets Day - September 2025
Slide 31: Order value optimization based on tried and tested concepts
Order value optimization based on tried and tested concepts AOV mainly benefits from continuation of favorable sell-out structure Optimize Share Optimize Share of Progressives of Quality/ Premium 31 Fielmann Group AG - Capital Markets Day - September 2025
Slide 32: Order value optimization based on tried and tested concepts
Order value optimization based on tried and tested concepts AOV mainly benefits from continuation of favorable sell-out structure Optimize Share Optimize Share Continued of Progressives of Quality/ Price Premium Leadership 32 Fielmann Group AG - Capital Markets Day - September 2025
Slide 33: Fielmann Group in Europe
Fielmann Group in Europe Attractive & diversified country portfolio* 5+% ~5% ~30% ~5% 10+% * Note: Fielmann Group also present in Latvia and Lithuania through a non-consolidated franchisee 33 Fielmann Group AG - Capital Markets Day - September 2025
Slide 34: Growth markets
Growth markets Attractive and diversified country portfolio in Europe Fastest growing provider in XXXoptics & acoustics Integration of companies for XXX synergies XXX Driving operational excellence XXX Continuation of strong growth track – market leadership in the medium term 34 Fielmann
Slide 35: Growth markets
Growth markets Attractive and diversified country portfolio in Europe Fastest growing provider in #2 position in a strong XXXoptics & acoustics XXX growth market Integration of Continuation of our companies for XXX double-digit growth XXX synergies trajectory XXX XXX Driving operationa
Slide 36: Growth markets
Growth markets Attractive and diversified country portfolio in Europe Fastest growing provider in #2 position in a strong XXXoptics & acoustics XXX growth market Successful turnaround Integration of Continuation of our Continuous evaluation companies for double-digit growth XXX of local market
Slide 37: Growth markets
Growth markets Attractive and diversified country portfolio in Europe Fastest growing provider in #2 position in a strong XXXoptics & acoustics XXX growth market Successful turnaround Integration of Continuation of our Continuous evaluation companies for double-digit growth XXX of local market
Slide 38: Our global manufacturing and logistics network
Retail markets Our global manufacturing and logistics network Manufacturing We are vertically integrated and cover the whole value chain locations Zielona Góra Rathenow Poland Germany Chomutov Czech Republic Green Bay Detroit Bilbao USA USA Spain Danyang China United States Western/Central Europa Ce
Slide 39: Our new facility in Chomutov, CZ
Our new facility in Chomutov, CZ Globally streamlined production processes and optimized flow of goods Chomutov Shortens lead time Improves delivery reliability Reduces unit costs 39 Fielmann Group AG - Capital Markets Day - September 2025
Slide 40: Agenda
Agenda 01 Recap: Successful execution of Vision 2025 02 Vision 2035 & Targets 2030 03 #1: Optometry in Europe 04 #2: Optometry in the US 05 #3: Audiology 06 #4: Medical Services 07 Summary & Q&A 40 Fielmann Group AG - Capital Markets Day - September 2025
Slide 41: Summary: Optometry in the US
Summary: Optometry in the US 2025e 2030e Sales c. $0.3bn c. $1.0bn Sales CAGR mid-20s% Adjusted EBITDA margin development Tuck-in acquisitions M&A activities Single practices (improve doctor coverage) c. $540m Capex (FY26-30) (expansion, maintenance, BMT & acquisitions) 41 Fielmann Group AG - Ca
Slide 42: Reminder: Highly attractive market conditions
Reminder: Highly attractive market conditions Attractive market Largest optical market globally Low level of consolidation Unfulfilled customer needs Long waiting times Poor frame selection at zero co-pay Insurance pay-out difficult to assess 42 Fielmann Group AG - Capital Markets Day - Se
Slide 43: Reminder: Low level of consolidation
Reminder: Low level of consolidation Sales market shares top 10 opticians USA vs. Germany Lower consolidation reflects high medical share and complex insurance structures that act as barriers to entry. 43 Fielmann Group AG - Capital Markets Day - September 2025
Slide 44: Reminder: Our platform to grow in the US
Reminder: Our platform to grow in the US USA 44 Fielmann Group AG - Capital Markets Day - September 2025
Slide 45: Reminder: Our focus region is the Upper Midwest
Reminder: Our focus region is the Upper Midwest Midwest is our sweet spot #1 ~80m inhabitants (similar to GER) #2 Significantly higher AOV than in GER #3 Low market consolidation levels #4 Focus on insured customers 45 Fielmann Group AG - Capital Markets Day - September 2025
Slide 46: Reminder: Our current footprint covers the majority of our sweet spot
Reminder: Our current footprint covers the majority of our sweet spot 76 retail practices (stores) Market leader in Michigan 147 retail practices (stores) Market leader in Wisconsin & Nebraska 46 Fielmann Group AG - Capital Markets Day - September 2025
Slide 47: The prerequisites are in place: We have built our US platform
The prerequisites are in place: We have built our US platform 3 2 EXPAND THE REACH 1 TRANSFORM THE BUSINESS MODEL BUILD THE PLATFORM Become one team Establish an operating model Ensure profitable operations Realize cost synergies 47 Fielmann Group AG - Capital Markets Day - September 2025
Slide 48: On the foundation of our US platform, we will transform the US business
On the foundation of our US platform, we will transform the US business 3 2 EXPAND THE REACH 1 TRANSFORM THE BUSINESS MODEL BUILD THE PLATFORM Become one team Establish an operating model Ensure profitable operations Realize cost synergies 48 Fielmann Group AG - Capital Markets Day - Septemb
Slide 49: Business Model Transformation: Our goals
Business Model Transformation: Our goals 3 2 EXPAND THE REACH 1 TRANSFORM THE BUSINESS MODEL BUILD THE PLATFORM Provide the most customer- centric omnichannel Become one team experience Establish an operating model Optimize insurance offering to Ensure profitable operations own the entry/mediu
Slide 50: Reminder: Patient Journey in the US different to Europe
Reminder: Patient Journey in the US different to Europe Three key factors determine the success: Doctor coverage, consultation & value-offering Appointment Doctor’s exam & Purchase XXX XXX Prescription Appointment Eye exam necessary Based on needs to be for prescription of XXX prescription and
Slide 51: What the Patients are looking for
What the Patients are looking for Understanding the patients’ needs 1 Transparency over costs and reimbursement 71% 2 Best Value for money 62% 3 Lens and Frame options at different price points 57% 4 Exam Availability 54% 5 Consultation Quality 51% 51 Fielmann Group AG - Capital Markets Day - Septem
Slide 52: Four key issues to address to improve patients' satisfaction
Four key issues to address to improve patients’ satisfaction Appointment: Availability among biggest pain points Patients Poor appointment Only a few frames at zero Patients not getting their Complex insurance availability (optometrists) co-pay (< 40 models) best pair of glasses system Insufficient
Slide 53: Four key issues to address to improve patients' satisfaction
Four key issues to address to improve patients’ satisfaction Appointment: Availability among biggest pain points Patients Poor appointment Only a few frames at zero Patients not getting their Complex insurance availability (optometrists) co-pay (< 40 models) best pair of glasses system Insufficient
Slide 54: Four key issues to address to improve patients' satisfaction
Four key issues to address to improve patients’ satisfaction Appointment: Availability among biggest pain points Patients Poor appointment Only a few frames at zero Patients not getting their Complex insurance availability (optometrists) co-pay (< 40 models) best pair of glasses system Insufficient
Slide 55: Four key issues to address to improve patients' satisfaction
Four key issues to address to improve patients’ satisfaction Appointment: Availability among biggest pain points Patients Poor appointment Only a few frames at zero Patients not getting their Complex insurance availability (optometrists) co-pay (< 40 models) best pair of glasses system Insufficient
Slide 56: Four key issues to address to improve patients' satisfaction
Four key issues to address to improve patients’ satisfaction Appointment: Availability among biggest pain points Patients Poor appointment Only a few frames at zero Patients not getting their Complex insurance availability (optometrists) co-pay (< 40 models) best pair of glasses system Insufficient
Slide 57: Transforming our business model to unlock growth
Transforming our business model to unlock growth 3 2 EXPAND THE REACH 1 TRANSFORM THE BUSINESS MODEL BUILD THE PLATFORM Improve patient journey Improve doctor coverage Become one team Reduce waiting times Establish an operating model Have a value-offering Zero co-pay frame selection
Slide 58: Expanding our footprint: Three ways to grow
Expanding our footprint: Three ways to grow Organic + Organic M&A + Selective small(er) („de novo“) („fill in“) M&A Taking over / integrating Smaller businesses Store openings smaller (individual) (tuck-in acquisitions) practices 58 Fielmann Group AG - Capital Markets Day - September 2025
Slide 59: M&A in the US: Footprint of potential targets
M&A in the US: Footprint of potential targets Focus remains on the Upper Midwest Around 10 potential targets Target size: 5-60m EV c. $350m capex earmarked Regions in which M&A targets operate in 59 Fielmann Group AG - Capital Markets Day - September 2025
Slide 60: Agenda
Agenda 01 Recap: Successful execution of Vision 2025 02 Vision 2035 & Targets 2030 03 #1: Optometry in Europe 04 #2: Optometry in the US 05 #3: Audiology 06 #4: Medical Services 07 Summary & Q&A 60 Fielmann Group AG - Capital Markets Day - September 2025
Slide 61: Summary: Audiology
Summary: Audiology 2025e 2030e Sales c. €0.2bn c. €0.4bn Sales CAGR high-10s% Adjusted EBITDA margin development None included in the growth trajectory M&A activities Growth acceleration might be possible Capex (FY26-30) c. €75m 61 Fielmann Group AG - Capital Markets Day - September 2025
Slide 62: Significant market potential, interesting economics
Significant market potential Interesting economics Addressing audiology business with dedicated audiology organization Our goal: #1 integrated hearing care provider in DACH
Slide 63: Audiology in Europe: Strategic levers
Audiology in Europe Strategic levers in audiology Organization & Optimization of Marketing & Organic expansion leadership in-store processes lead generation Audiology Improving efficiency Increasing the Expanding the established as of in-store operations number of first number of hearing business un
Slide 64: Organization & leadership: We have established a new business unit
Organization & leadership: We have established a new business unit New Organizational Structure Audiology since January 2025 VP Sales Country Manager Director Introduction of management structure Audiology for audiology Area Manager Store managers audiology report Regional Manager Regional Manager d
Slide 65: Audiology at the Fielmann Group
Audiology at the Fielmann Group Unit sales and sales development audiology, Fielmann Group Unit Sales in k pieces Sales in m€ 155 142 138 128 129 +9% CAGR +14% CAGR 119 106 100 100 95 91 82 82 77 74 63 2018 2019 2020 2021 2022 2023 2024 2025F 2018 2019 2020 2021 2022 2023 2024 2025F 65 Fielmann Grou
Slide 66: Audiology in Europe – Targets 2030
Audiology in Europe – Targets 2030 Number of stores with hearing aid offering and sales, 2025P vs. 2030 Hearing aid studios Sales (store in store) in €m >700 Average sales c. 400 per store in 2024 453 applied New stores Operational 156 improvements 2025P 2030 2025P 2030 c. 11% CAGR c. 19% CAGR 66 Fi
Slide 67: Optimization of in-store processes: Optics as best practise
Optimization of in-store processes: Optics as best practise In a price transparent market and equal products, service quality distinguishes Increase number of initial Improved conversation XXX appointments XXX guidelines Freeing up capacity More targeted use of time (improved systems, XXX XX
Slide 68: Marketing & lead generation
Marketing & lead generation Introducing appropriate marketing support for the audiology business Driving awareness Synergies In customer base Destigmatization through product innovation drives demand 68 Fielmann Group AG - Capital Markets Day - September 2025
Slide 69: Audiology in Europe: Strategic levers
Audiology in Europe Strategic levers in audiology Organization & Optimization of Marketing & Organic expansion leadership in-store processes lead generation Audiology Improving efficiency Increasing the Expanding the established as an of in-store operations number of first number of hearing independ
Slide 70: Agenda
Agenda 01 Recap: Successful execution of Vision 2025 02 Vision 2035 & Targets 2030 03 #1: Optometry in Europe 04 #2: Optometry in the US 05 #3: Audiology 06 #4: Medical Services 07 Summary & Q&A 70 Fielmann Group AG - Capital Markets Day - September 2025
Slide 71: We have successfully rolled out an eye health offering
We have successfully rolled out an eye health offering Primary eyecare: Successful development in the Fielmann Group (as of HY1/2025) Store network Number of eye health check ups conducted total: 593 total: more than 200,000 c. 440k 88,015 64,453 26,678 11,261 3,857 HY1 2023 HY2 2023 HY1 2024 HY2 20
Slide 72: Medical services
Medical services Proven track record: Identifying customer needs and expand service offering Growth of our telemedical platform Direct sales contribution from 75% conducting services (Fielmann) Sales through 3rd-party eye care +€100m providers Additional sales through new services 25% (e.g. myop
Slide 73: Potential future service portfolio – Ample opportunities
Potential future service portfolio – Ample opportunities Sunglasses Hearing Contact aid Rx lenses Hearing test Myopia- Eye care management Sun Tele- Eye exam audiology CL Oculomics Rx for children & Diabetes management … Optician Optometry Audiology 73 Fielmann Group AG - Capital Markets Day - Septe
Slide 74: Myopia Management – An example of a promising market opportunity
Myopia Management – An example of a promising market opportunity Overview: Highly attractive market Myopia Management goes beyond correcting nearsightedness with glasses. We actively support our young customers to slow progression and reduce long-term risks. Growing market Customer retention Health
Slide 75: Agenda
Agenda 01 Recap: Successful execution of Vision 2025 02 Vision 2035 & Targets 2030 03 #1: Optometry in Europe 04 #2: Optometry in the US 05 #3: Audiology 06 #4: Medical Services 07 Summary & Q&A 75 Fielmann Group AG - Capital Markets Day - September 2025
Slide 76: Core elements of our Vision 2035
Vision 2035 Core elements of our Vision 2035 As the most trusted partner for hearing and vision, we redefine comprehensive care globally. + Optometry in the US Optometry in Europe + Audiology in Europe + Medical services 76 Fielmann Group AG - Capital Markets Day - September 2025
Slide 77: Targets 2030
Targets 2030 Fielmann Group Vision 2035 As the most trusted partner for hearing and vision, we redefine comprehensive care globally. Targets 2030 Customer Adjusted EBITDA Sales satisfaction margin c. 90% c. €4bn c. 25% (€3.8 to €4.2bn) 77 Fielmann Group AG - Capital Markets Day - September 2025
Slide 78: Targets 2030: Main sales growth drivers
Targets 2030 Main sales growth drivers c. €4bn (€3.8 to €4.2bn) around €100m Medical services around €200m Audiology in Europe + c. €1.5bn CAGR: c. 10% around €700m Optometry in the US c. €2.5bn around €500m Optometry in Europe 2.5 2025P 2030 NB: All growth drivers might include anorganic growth opt
Slide 79: Q&A
Q&A 79 Fielmann Group AG - Capital Markets Day - September 2025
Slide 80: Slide 80