Fielmann Group AG

XMUN:FIE

Guidance: Fielmann lowered its full-year outlook to 2%–5% sales growth and an adjusted EBITDA margin of 22%–23%, citing weaker consumer sentiment and geopolitical uncertainty. Management said this should be the final update for the year.

H1 performance: Revenue grew 2.3% at constant currency, while adjusted EBITDA increased by EUR 4 million and the margin remained close to 24%, despite softer demand in Germany.

Demand: July and August showed better growth trends, including in Germany, but management does not expect a rapid release of deferred demand because customers are extending the time between eyewear purchases.

Expansion: Fielmann plans to add another 33 stores in the second half, taking total net additions to about 70 for the year, supported by a strong cash position and attractive returns on new stores.

United States: U.S. growth was 3% in the first half and 5% in the second quarter at constant currency. The company is focusing first on refining the Fielmann store concept and training before accelerating expansion.

Strategy: The company maintained its 2030 targets, expects small tuck-in acquisitions potentially from next year, and continues to invest in AI-based refraction, staffing and logistics infrastructure.