Fielmann Group AgXETR: FIE

Interim Statement as at March 30, 2025

· MarketScreener


AINST



‌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%

  1. Acquisition-/Integration-related costs:

    The adjustments in 2025 relate to integration, and restructuring expenses with

    respect to the acquisition of Shopko Optical.

  2. Impairment charges:

    There are no impairment losses in either period to adjust.

  3. Reorganization costs:

    In 2024, severance payments were recognized for the reorganization of the

    Tinance division.

  4. 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

‌1Some 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: investorrelations@Tielmann.com · 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 period2are 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)

2Some 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: investorrelations@Tielmann.com · https://www.Tielmann-group.com