Business
Fielmann : Interim Statement as at March 30, 2025
Fielmann : Interim Statement as at March 30,
About this update from Fielmann Group Ag
A IN S T Key Tigures Q1/2025 Q1/2024 Q1/2023 Q1/2022 Q1/2021 Total consolidated sales in € m 603 536 484 422 388 Change % +12.5 +10.8 +14.7 +8.8 - Unit sales (glasses) in millions 2.3 2.2 2.1 2.0 1.9 Change % +4.9 +3.4 +7.7 +6.2 - EBITDA in € m 144 113 106 90 84 Change % +27.8 +6.7 +17.8 +6.5 - Adjusted EBITDA in € m 146 114 106 - - Change % +28.2 +7.4 - - - Adjusted EBITDA margin % 24.2 21.2 21.9 - - Change %-points +3.0 -0.7 - - - Pre-tax protit (EBT) in € m 76 60 58 50 42 Change % +26.9 +2.4 +17.5 +18.8 - Adjusted EBT in € m 78 61 59 - - Change % +27.8 +3.8 - - - Adjusted EBT margin % 12.9 11.3 12.1 - - Change %-points +1.6 -0.8 - - - Fielmann-Group: Interim statement as at March 31, 2025 Q1/2025 sales up +13% Year-over-Year (YoY) Adjusted EBITDA surges +28% YoY, margin at 24.2% for the Group and 25.6% in Europe, reaching Vision 2025 target FY2025 guidance: nearly €2.5bn in total consolidated sales, around 24% Adjusted EBITDA margin at Group level, around 25% in Europe Dear shareholders and friends of the company, In the Tirst quarter of 2025, the Fielmann Group continued its successful development and grew unit sales, total consolidated sales, and proTitability compared to the corresponding prior-year period. In an environment of increased economic uncertainty, our growth is based on a broad foundation: We increased sales in all major markets and across all product categories, in our vision care and audiology businesses. Furthermore, driven primarily by an improved sell-out structure, enhanced efTiciency and stringent cost control, we made signiTicant progress towards achieving our proTitability target for 2025. The rollout of our innovative primary eyecare service "Eye Health Check Up" is progressing well, being offered in more than 500 stores in Germany, Switzerland and Austria. This service has so far been used by more than 170,000 customers and will be rolled out further across selected other European markets. Together with the primary eyecare business through our optometrist network in the United States, the Fielmann Group already provides health services to approximately 900,000 people per year globally. Unit sales In the Tirst quarter of the current Tinancial year, the Fielmann Group's eyewear sales increased by +4.9% YoY to a total of 2.3m pairs of glasses. Hearing aids were up by +5.4% YoY to 33k (Q1/2024: 2.2m pairs of glasses; 31k hearing aids). Total consolidated sales In the Tirst quarter of 2025, total consolidated sales increased by +12.5% to €603m (Q1/2024: €536m). Germany, our largest market by sales, recorded solid organic growth of +4.3%. Our international markets continued their strong performance, increasing their sales in Q1/2025 by +28.0%. Switzerland and Austria improved +3.6% and +7.8%, and Spain and Poland grew signiTicantly at +9.3% and +17.6%, respectively. Our US business contributed €75m to total consolidated sales, and is now our second-largest market. For the Tirst three months of 2025, 39.8% of total sales were attributable to our international markets. In the corresponding prior-year period, this share stood at 34.9%. As at March 31, the Fielmann Group operated 1,241 stores (March 31, 2024: 1,078), of which 423 included hearing aid studios (March 31, 2024: 393). Adjusted earnings The Fielmann Group continued its proTitable growth trajectory and increased Adjusted EBITDA by +28.2% to €146m in Q1/2025 (Q1/2024: €114m), compared to the respective prior-year period. Our Adjusted EBITDA margin in Europe increased to 25.6% (previous year: 21.7%) thanks to an improved sell-out structure, increased productivity in our stores as well as operational leverage. Despite the uncertain consumer environment, our US business achieved an Adjusted EBITDA margin of 14.2%. The integration and synergy realization in our US operations progresses well. The Group's overall Adjusted EBITDA margin improved significantly to 24.2% (Q1/2024: 21.2%). Adjusted EBT amounted to €78m (Q1/2024: €61m), an increase of +27.8% compared to the respective prior-year period. Accordingly, our Adjusted EBT margin showed a YoY-increase of 1.6%pt. to 12.9% (Q1/2024: 11.3%). Adjustments The Fielmann Group introduced Adjusted EBITDA and Adjusted EBT as key performance indicators in 2024. Extraordinary effects are eliminated from EBITDA and EBT in order to report the Group's sustainable proTitability. The following tables provide reconciliations of the reported key Tigures. For the period from January 1 to March 31 2025 in € m 2024 in € m EBITDA 143.8 112.6 I. Acquisition-/Integration-related costs 1.8 0.7 II. Impairment charges - - III. Reorganization costs - 0.3 IV. Other non-recurring income/costs - - Adjusted EBITDA 145.7 113.6 Adjusted EBITDA margin 24.2% 21.2% Acquisition-/Integration-related costs: The adjustments in 2025 relate to integration, and restructuring expenses with respect to the acquisition of Shopko Optical. Impairment charges: There are no impairment losses in either period to adjust. Reorganization costs: In 2024, severance payments were recognized for the reorganization of the Tinance division. Other non-recurring income/costs: There are no other non-recurring items in either period to adjust. The Adjusted EBT represents earnings before taxes, adjusted for the abovementioned extraordinary effects eliminated in the context of the Adjusted EBITDA, plus further one-off effects that only affect EBT. For the period from January 1 to March 31 2025 in € m 2024 in € m EBT 75.8 59.7 Adjustments (EBITDA) 1.8 1.0 I. Acquisition-/Integration-related costs - - II. Impairment charges - - III. Reorganization costs - - IV. Other non-recurring income/costs - - Adjusted EBT 77.7 60.8 Adjusted EBT margin 12.9% 11.3% No further items have been identiTied as extraordinary effects on EBT in the current Tinancial year to date. Dividend The Management and Supervisory Board will recommend a dividend pay-out of €1.15 per share to the Annual General Meeting on July 10, 2025 (previous year: €1.00). Based on the year-end closing price, the dividend yield amounts to 2.8%. The total dividend pay-out is €96.6m (previous year: €84.0m) and corresponds to a pay-out ratio of 63% (previous year: 66%) of the proTits attributable to parent company shareholders. Peter Lothes (COO) joined the Management Board The Fielmann Group has appointed Peter Lothes as a Member of the Company's Management Board, effective March 1, 2025. Lothes joined Fielmann as Chief Operating OfTicer (COO) in 2023 and has led the Company's Manufacturing and Logistics functions worldwide already since then. As the COO of the Fielmann Group, Lothes is responsible for an international organization operating nine manufacturing facilities across three continents. He is supported by more than 1,400 colleagues working in Germany, China, Czechia, Poland, Spain and the US. Forecast, opportunities and risk report, and outlook The statements made in the 2024 Annual Financial Report regarding the opportunities and risks of the business model remain unchanged. Considering our successful start into the year, the Management Board has a positive outlook for the full year. As we execute our Vision 2025 growth strategy we expect customer satisfaction in 2025 to remain at a high level of around 90%. We anticipate unit sales growth to around 9.5m pairs of glasses and total consolidated sales of nearly €2.5bn. An improved sell-out structure, group-wide efTiciency programs and stringent cost control are expected to contribute to further proTitability improvements. The Fielmann Group estimates an Adjusted EBITDA margin of around 24% (excluding non-recurring effects), implying an Adjusted EBITDA in the range of around €580m. Despite the acquisition-related increases in Tinancial expenses and non-cash, scheduled depreciation, the Adjusted EBT margin (excluding non-recurring effects) is expected to continue improving at similar rate as in previous years. The Fielmann Group is currently developing its Vision 2035 growth strategy. This strategy includes strategic and Tinancial targets for 2030. It is going to be presented at this year's Annual General Meeting in Hamburg on July 10, 2025. Hamburg, May 8, 2025 Fielmann Group AG The Management Board Consolidated statement of profit or loss For the period from January 1 to March 31 2025 € 000s 20241 € 000s Change from previous period (%) 1. Consolidated sales 592,929 528,289 12.2 2. Changes in inventories of Tinished goods and work in progress 9,974 7,556 32.0 3. Total consolidated sales 602,903 535,845 12.5 4. Other operating income 3,250 2,698 20.5 5. Cost of materials -118,128 -109,434 7.9 6. Personnel expenses -250,377 -237,642 5.4 7. Other operating expenses -93,801 -78,902 18.9 8. Earnings before interest, taxes, depreciation and amortization (EBITDA) 143,847 112,565 27.8 EBITDA margin 23.9% 21.0% 9. Depreciation of right-of-use assets -31,134 -24,907 25.0 10. Other depreciation and amortization -26,335 -23,655 11.3 11. Interest expenses from lease liabilities -4,990 -4,172 19.6 12. Other Tinancial expenses -6,701 -2,167 209.2 13. Financial income 1,116 2,070 -46.1 14. Earnings before taxes (EBT) 75,803 59,734 26.9 EBT margin 12.6% 11.1% 15. Income tax -23,499 -17,625 33.3 16. ProTit 52,304 42,109 24.2 17. ProTit attributable to non-controlling interests -322 -640 -49.7 18. Protit attributable to the shareholders of the parent company 51,982 41,469 25.4 Earnings per share in € (undiluted/diluted) 0.62 0.49 Financial calendar Annual General Meeting July 10, 2025 Half-year report August 28, 2025 Analyst conference in Frankfurt September 17, 2025 Q3 report November 6, 2025 Bloomberg FIE Reuters FIEG.DE ISIN DE0005772206 1 Some previous year figures have been adjusted. For further information, see the section entitled "Adjustments to previous years's figures and changes to estimates" in our Annual Report 2024. Further information: Fielmann Group AG · Investor Relations, Patrick Möller Weidestrasse 118 a · 22083 Hamburg Phone: +49 40 27076-511 E-Mail: [email protected] · https://www.Tielmann-group.com First quarter 2025 7 Segment reporting for the period from January 1 to March 31 The figures of the corresponding prior-year period 2 are stated in parentheses. in €m Germany Switzerland Austria Spain North America Other Consolidation Consolidated Value Segment sales 386.4 (371.4) 59.2 (57.2) 26.1 (24.5) 47.7 (43.7) 75.2 (30.3) 34.3 (31.3) -36.0 (-30.1) 592.9 (528.3) Sales from other segments 29.8 (27.7) 0.4 (0.3) 0.0 (0.2) 5.8 (1.9) External sales 356.7 (343.7) 58.8 (56.9) 26.1 (24.3) 47.7 (43.7) 75.2 (30.3) 28.4 (29.4) 592.9 (528.3) Changes in inventories of Tinished goods and work in progress 8.9 (6.8) 0.5 (0.3) 0.5 (0.3) -0.1 (0.0) 0.2 (0.2) 10.0 (7.6) Total segment sales 395.3 (378.1) 59.7 (57.5) 26.6 (24.8) 47.7 (43.7) 75.1 (30.2) 34.5 (31.6) -36.0 (-30.1) 602.9 (535.8) Cost of materials 86.1 (84.9) 8.8 (8.9) 4.8 (4.7) 15.7 (14.8) 15.9 (8.4) 11.0 (9.2) -24.2 (-21.5) 118.1 (109.4) Personnel expenses 155.3 (165.5) 22.8 (22.5) 10.6 (10.5) 16.7 (15.1) 33.5 (13.9) 11.5 (10.3) 0.0 (-0.2) 250.4 (237.6) Other operating expenses 63.7 (57.8) 9.8 (10.1) 4.6 (3.8) 4.5 (3.9) 16.9 (4.8) 6.2 (7.1) -11.9 (-8.6) 93.8 (78.9) Earnings before interest, taxes, depreciation and amortization (EBITDA) 92.0 (70.7) 18.9 (17.7) 6.5 (5.8) 11.1 (10.0) 8.8 (3.3) 6.5 (5.1) 143.8 (112.6) EBITDA margin 23.3% (18.7%) 31.7% (30.8%) 24.4% (23.4%) 23.3% (22.9%) 11.7% (10.9%) 18.8% (16.1%) 23.9% (21.0%) Adjustments - (0.3) - - - - - - 1.8 (0.7) - - 1.8 (1.0) Adjusted EBITDA 92.0 (71.0) 18.9 (17.7) 6.5 (5.8) 11.1 (10.0) 10.7 (4.0) 6.5 (5.1) 145.7 (113.6) Adjusted EBITDA margin 23.3% (18.8%) 31.7% (30.8%) 24.4% (23.4%) 23.3% (22.9%) 14.2% (13.2%) 18.8% (16.1%) 24.2% (21.2%) Scheduled depreciation and amortization 27.6 (26.2) 4.4 (4.7) 2.1 (1.9) 6.7 (6.3) 10.5 (3.6) 6.1 (5.9) 57.4 (48.6) Financial expenses 8.7 (4.0) 0.6 (0.6) 0.3 (0.3) 1.2 (1.1) 0.7 (0.3) 1.1 (1.2) -0.9 (-1.1) 11.7 (6.4) Financial income 1.2 (1.4) 0.4 (1.6) - - - - 0.2 (0.0) 0.2 (0.2) -0.9 (-1.1) 1.1 (2.1) Earnings before taxes (EBT) (in the segments excl. income from participations) 56.9 (41.9) 14.3 (14.0) 4.1 (3.6) 3.3 (2.6) -2.3 (-0.6) -0.5 (-1.8) 75.8 (59.7) EBT margin 14.4% (11.1%) 24.0% (24.3%) 15.4% (14.5%) 6.9% (5.9%) -3.1% (-2.0%) -1.4% (-5.7%) 12.6% (11.1%) Adjustments - (0.3) - - - - - - 1.8 (0.7) - - 1.8 (1.0) Adjusted EBT 56.9 (42.2) 14.3 (14.0) 4.1 (3.6) 3.3 (2.6) -0.5 (0.1) -0.5 (-1.8) 77.7 (60.7) Adjusted EBT margin 14.4% (11.2%) 24.0% (24.3%) 15.4% (14.5%) 6.9% (5.9%) -0.6% (0.3%) -1.4% (-5.7%) 12.9% (11.3%) Income tax 20.4 (13.4) 2.4 (2.5) 0.8 (0.9) 0.7 (0.5) -0.9 (0.0) 0.1 (0.3) 23.5 (17.6) Protit 36.5 (28.5) 11.9 (11.5) 3.3 (2.7) 2.6 (2.1) -1.4 (-0.6) -0.6 (-2.1) 52.3 (42.1) 2 Some previous year figures have been adjusted. For further information, see the section entitled "Adjustments to previous years's figures and changes to estimates" in our Annual Report 2024. We help everyone hear and see the beauty in the world. Fielmann Group AG · Weidestrasse 118 a · 22083 Hamburg Phone: +49 40 27076-0 · E-Mail: [email protected] · https://www.Tielmann-group.com