Fielmann (FIE) Q4 2025 earnings summary

Executive summary

• Achieved record-breaking FY2025 with 7.4% sales growth to €2.435bn, record net profit of €205m, and strong expansion in store network, notably in Spain and the US.

• Successfully concluded Vision 2025, surpassing targets in sales, profitability, and customer satisfaction, maintaining rates around 90%.

• Q1 2026 saw continued expansion with 43 new stores and sales up 1.3% to €613m, despite challenging weather, strikes, and macroeconomic headwinds.

• Expanded market share in all major markets, including Germany, Spain, and the US.

Financial highlights

• FY2025 consolidated sales grew 7.4% year-over-year to €2.44bn, with adjusted EBITDA up 18% to €581m and margin rising to 23.8% (+2.1 pts YoY); Europe reached 24.8%.

• Net profit increased by 33% to €205m, a record high.

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

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

• Cash position improved by €125m, net debt/EBITDA reduced to 1.2x, and equity ratio increased to 40.2%.

Outlook and guidance

• FY2026 guidance: sales growth of 5–7% to €2.55bn–€2.60bn, adjusted EBITDA margin around 23%, adjusted EBT margin 12–13%.

• Adjusted EBITDA forecasted at €590m–€610m; customer satisfaction expected to remain around 90%.

• Growth levers include expanding exam capacity (especially in the US), AI-enabled technology rollout, productivity improvements, and accelerated store openings.

• Growth phase may temporarily weigh on profitability, but margins are expected to remain broadly in line with prior year.