Fielmann (FIE) Q4 2025 earnings summary

Executive summary

• Achieved record-breaking FY2025 with 7.4% sales growth to €2.435bn, highest net profit (€205m), and strong expansion in store network, reaching 1,262 stores globally.

• U.S. market saw significant growth, driven by Shopko Optical acquisition and organic expansion, with 46.7% growth in USD terms.

• Vision 2025 strategic plan concluded above targets, transforming from a German-centric to a global omni-channel business, with high customer satisfaction (~90%) and digitalization.

• Entered 2026 with resilient profitability despite challenging macro conditions, weather disruptions, and strikes in key markets.

Financial highlights

• Group sales grew 7.4% in EUR (7.8% at constant currency) in 2025; organic growth 3.6%, M&A 3.8%.

• Adjusted EBITDA margin reached 23.8% (Europe: 24.8%), with adjusted EBITDA up 18% year-over-year to €581m.

• Net result hit a record €205m, up 33% year-over-year.

• Q1 2026 revenue grew 1.3% to €613m (2.3% at constant currency); adjusted EBITDA was €149m, margin stable at 24.3%.

• FY2025 adjusted EBT grew 30.1% to €313m, margin up 2.2 pts to 12.8%.

Outlook and guidance

• 2026 guidance: sales growth of 5%-7% (€2.55bn–€2.60bn), adjusted EBITDA margin around 23%, adjusted EBT margin 12%-13%.

• Adjusted EBITDA forecasted at €590m–€610m.

• Focus on expanding exam capacity (especially in the U.S.), productivity improvements, and accelerated store openings, including AI-enabled refraction technology rollout.

• Customer satisfaction target remains at 90%.

• Vision 2035 aims for €4bn sales and 25% adjusted EBITDA margin within five years.