Fielmann (FIE) Q2 2026 earnings summary

Executive summary

• Achieved 2.3% sales growth at constant currency in H1 2026, with robust international momentum offsetting subdued German market performance and stable profitability (adjusted EBITDA margin 23.7%, EBT margin 13.0%).

• Expansion strategy accelerated, with 37 new stores added in H1 and a pipeline of 33 more for H2, aiming for about 70 new stores in 2026.

• Group sales increased by 2.3% at constant currency, with 1.7% organic and 0.6% M&A contributions.

• Improved growth dynamic expected for H2 2026, driven by new stores, targeted hiring, and AI-based productivity gains.

Financial highlights

• Total consolidated sales reached €1,248m, up 2.3% at constant currency and 1.8% year-over-year.

• Adjusted EBITDA was €296m (+1.3% YoY), with a margin of 23.7%; adjusted EBT was €162m (+1.7% YoY), margin 13.0%.

• Net profit attributable to shareholders grew 3.8% to €111.5m; EPS reached €1.33.

• Cash position at €265m post-dividend, with equity ratio rising to 42.8%.

• Cash flow from operating activities was €188m, impacted by temporary working capital effects.

Outlook and guidance

• Full-year 2026 sales expected between €2.50bn and €2.55bn, representing 2–5% growth.

• Adjusted EBITDA guidance set at €560m to €580m, with margin between 22% and 23%; adjusted EBT margin around 12%.

• Management expects improved growth and profitability in H2, supported by expansion and productivity initiatives.

• Guidance subject to geopolitical and macroeconomic uncertainties; based on August 2026 exchange rates.