Fielmann Group Ag · XETR:FIE
Fielmann — H1 2024 Earnings Presentation
30 slides from Fielmann's earnings presentation, Aug 29, 2024
Slide 1: HY 1/2024 Results
HY 1/2024 Results 29 August 2024
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: Steffen Batjer, Chief Financial Officer
Steffen Batjer Chief Financial Officer ® Joined Fielmann in August 2023 " Previous global CFO experience in private equity and corporate services businesses, corporate banking and McKinsey " Over 15 years of transformation and M&A experience
Slide 4: Fielmann Group — Who We Are
Fielmann Group — Who We Are Key figures ©) 29m customers @ >24.000 employees € 2 billion total sales O >90% customer satisfaction rate Market leader in Central Europe and 3 US States
Slide 5: Business Segmentation — Sales Split (HY 1/2024)
Business Segmentation — Sales Split (HY 1/2024) by geographical region” Others North America 5% Spain. Austria | 5% Switzerland Germany *In HY2/2024: ~40% of sales expected from outside Germany due to US-acquisitions by product category Others Acoustics A Sunglasses : 6% Contact lenses Je Prescripti
Slide 6: We help hear and see the beauty in the world.
“We help hear and see the beauty in the world.” © fielmann group
Slide 7: Summary — HY1/2024 In A Nutshell
Summary — HY1/2024 In A Nutshell Despite the challenging market environment in Europe, Fielmann with strong development and continued expansion of market position in the first six months of 2024. Group sales grew 11% yoy (6% US-acquisition; 5% organic). Broad growth foundation: all core product cate
Slide 8: Continued Profitable Growth
Continued Profitable Growth n HY1/2024 6 absolute figures in€ m, margins in % of total sales incl. inventory changes, HY1, Fielmann Group Total Sales (incl. inventory changes) 980 855 HY1/2022 HY1/2023 HY1/2024 EBITDA and EBITDA Margin 208 237 21.2 171 20.1 HY1/2022 HY1/2023 HY1/2024 Operating Cashf
Slide 9: Fielmann Group's Topline Grew By 11% Vs. Prior Year...
Fielmann Group’s Topline Grew By 11% Vs. Prior Year... HY1/2024 HY1/2023 Total Sales (incl. inventory changes) € 1,091m € 980m fielmann ‘group
Slide 10: ... Of Which +5% Like-For-Like
_.. Of Which +5% Like-For-Like absolute figures in € m, growth in % compared to PY, Fielmann Group HY1/2023 HY1/2024 1.091 emo 590g 980 oe 978 HY1/23 Closed Stores IT HY1/23 HY1/24 US-Business Closed Stores IT | New Stores HY1/24 (reported) (LFL) (reported) (LFL) Reported figures HBB Adjusted figure
Slide 11: Growth Across All Core Product Categories
Growth Across All Core Product Categories YTD revenue compared to PY, HY1 and Q2, Fielmann Group 3% Prescription A . | eyewear coustics Contact lenses Sunglasses Q2vs.PY +13% +22% +1% (12%) fielmann ‘group
Slide 12: Growth Across All Countries
Growth Across All Countries YTD revenue compared to PY, HY1 and Q2, Fielmann Group 11% 10% 9% Q2vs.PY +12% +7% +7%* +11% +6% +12% +6% *as if at constant FX; in relation to sales incl. changes in inventory fiek 10 ar
Slide 13: Growth Translates Into Improved EBITDA And Margin
Growth Translates Into Improved EBITDA And Margin HY1/2024 HY1/2023 Total Sales (incl. inventory changes) € 1,091m € 980m EBITDA € 237m € 208m +14% EBITDA Margin 21.7% 21.2% +0.5pp 11 fielmann ‘group
Slide 14: Strong Profitability In Europe — EBITDA Margin At 23%
Strong Profitability In Europe — EBITDA Margin At 23% 12 HY1/2024 HY1/2023 Total Sales (incl. inventory changes) € 1,091m € 980m EBITDA € 237m EBITDA Margin 21.7% A € 208m +14% 21.2% +0.5pp 21.2% +1.8pp fielmann ‘group
Slide 15: Profitability Driver — Improved Sales Structure
1 Profitability Driver — Improved Sales Structure Higher progressive lense share . . jeoe eee eee Remain price leader H1/2024 H1/2023_ t__yoy 79.3% 78.3% { +1.0pp Higher share of quality lenses 13
Slide 16: Profitability Driver — Improved Efficiency
2 Profitability Driver — Improved Efficiency Increase efficiency in our stores Improve costs in headquarters H1/2024_ _H1/2023 43.1% 44.2% Reduction of IT and consulting costs 14
Slide 17: Also, EBT margin improved
Also, EBT margin improved HY1/2024 HY1/2023 Total Sales (incl. inventory changes) € 1,091m € 980m EBITDA € 237m € 208m +14% EBITDA Margin 21.7% 21.2% +0.5pp 23.0% 21.2% +1.8pp IFRS 16 (interest and depreciation) € (59m) € (56m) Other D&A € (47m) € (43m) +10% Other financial result € (4m) € (2m) EBT
Slide 18: Profitability Impacted By Certain One-off Effects
Profitability Impacted By Certain One-off Effects HY1/2024 EBITDA effects ® Sales proceeds FittingBox * Transaction and integration costs Shopko Optical EBT-only effects = None HY1/2023 EBITDA effects * Multi-year acoustics lumpsum revenue = Severance payments ® Prior-year correction of material cos
Slide 19: One-offs With Limited Impact
One-offs With Limited Impact — Growth snctanges HY1/2024 HY1/2023 Total Sales (incl. inventory changes) € 1,091m € 980m EBITDA (without consideration of the € 238m € 205m +16% previously mentioned one-off effects) * ° EBT (without consideration of the € 128m € 107m +19% previously mentioned one-off
Slide 20: US-Acquisition Influences Our Cashflow Statement
US-Acquisition Influences Our Cashflow Statement Cashflow statement, 1 January to 30 June, Fielmann Group HY 1 /2024 HY | /2023 Trade Working Capital € (1m) € 1lm Others (cash and non-cash) € 71m € 51m Operating Cashflow (OCF)* € 198m € 170m CAPEX € (33m) € (39m M&A € (1m) € (37m Others € 20m € 43m
Slide 21: 2023: First Step In World's Largest Optical Retail Market
2023: First Step In World's Largest Optical Retail Market 19 befting sWs i Fielmann VISION e=USA fielmann
Slide 22: 2024: Shopko Transaction In Line With Vision 2025
2024: Shopko Transaction In Line With Vision 2025 20 befting sWs i Fielmann VISION e=USA fielmann
Slide 23: Promising Market Conditions In The United States
Promising Market Conditions In The United States 21 Unmet customer needs: long exam waiting times, few attractive entry level offers for patients with vision insurance (MYC), high price intransparency High market potential due to absolute and relative size. US economy with ole crolcime rome) MNoiuil
Slide 24: Expansion Focus On Midwest
Expansion Focus On Midwest ™ Midwest is our sweet spot #1 ~80m inhabitants (same as GER) #2 Significantly higher AOV than in GER #3 Low market consolidation levels
Slide 25: SVS-Acquisition A Great Entry Into Target Market
SVS-Acquisition A Great Entry Into Target Market 23 VISION = 82 retail practices (stores) = Market leader in Michigan
Slide 26: Shopko-Acquisition Completes The Picture
Shopko-Acquisition Completes The Picture 24 9 sVs VISION = 82 retail practices (stores) = Market leader in Michigan C) Seno 9 Optical * 44 retail practices (stores) = Market leader in Wisconsin & Nebraska ‘group
Slide 27: Guidance 2024e Confirmed
Guidance 2024e Confirmed 25 Updated Guidance (status: July) Increase in sales forecast Group sales of around € 2.3 bn © TY Similar or slightly higher EBITDA margin than 2023 - despite transaction costs FY 2024
Slide 28: Q&A
Slide 29: Financial Calendar
Financial Calendar 30 August 2024 23 September 2024 24 September 2024 early November 2024 7 November 2024 13 November 2024 27 00000060 0 Analyst Conference in Frankfurt Berenberg & Goldman Sachs Conference in Munich Baader Investment Conference in Munich Selected Investor Meetings in New York Public
Slide 30: Thank you for your attention.
Thank you for your attention. § See you soon. 28