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Fielmann (FIE) investor relations material
Fielmann Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Group sales increased by 12.3% year-over-year, with 4.4–4.5% organic growth and 7.9–8% from the US Shopko acquisition, now fully consolidated as of July 2024.
Adjusted EBITDA margin rose to 23.7–24% from 21–21.1% last year, reflecting significant profitability improvements.
Adjusted EBT margin increased to 12.9% from 11–11.2%, despite new debt and acquisition-related write-offs.
Strong development and double-digit growth across all major markets and product categories, with the US now the second largest market.
Vision 2030 and 2035 targets announced, with full-year 2025 outlook confirmed despite challenging macroeconomic conditions.
Financial highlights
Total consolidated sales reached €1,224m, up from €1,089m, a 12.3% increase year-over-year.
Adjusted EBITDA was €290m (margin 23.7–24%), up from €230m (21–21.1%).
Adjusted EBT was €158m (margin 12.9%), up from €122m (11–11.2%).
Operating cash flow increased from €198m to €236m; cash conversion rate stable at 83%.
Net debt/EBITDA improved to 1.1 (1.2 after dividend), down from 1.7, with equity ratio over 40%.
Outlook and guidance
Full-year 2025 guidance confirmed: nearly €2.5bn in sales, 24% group margin, European margin ~25%, US margin in high mid-teens.
Organic growth target for 2025 is 5%, in line with Vision 2030 targets.
Adjusted EBITDA expected around €580m; adjusted EBT margin to continue improving.
Customer satisfaction expected at ~90%, with unit sales of ~9.5 million glasses.
Marketing spend to remain targeted, with full-year forecast at €84m.
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