Fielmann Group reports record FY2025 results, expands market shares and guides 5% to 7% sales growth in 2026

• FY2025 results mark the conclusion of Vision 2025 with highest sales and net profit in company’s history
• Q1/2026: +2.3% sales growth in constant currency despite extreme weather conditions
• FY2026 guidance: Sales of €2.55bn to €2.60bn and profitability margins broadly in line with 2025

The Fielmann Group today concluded its Vision 2025 growth strategy with FY2025 results in line with guidance and the preliminary figures published in February. In a challenging environment, the world’s third largest vision care provider grew consolidated sales 7.4% year-over-year to €2.435bn (FY2024: €2.267bn). Profitability improved in line with original margin targets and surpassed the nominal goals of Vision 2025: The Adjusted EBITDA margin rose to 23.8% at Group level (+2.1% pts. vs. last year) and to 24.8% (+2.0% pts. vs. last year) in Europe. Net profit increased by 33% to €205m – a record high.

“Since we launched our Vision 2025 growth strategy in 2019, we have successfully modernized, digitalized and internationalized our family business. During this time, our 24,000 people worldwide have embodied our customer centric philosophy. In uncertain times it is thanks to their dedication that our customers can rely on outstanding service and products at the best value. Our results speak for themselves: We maintained record-high customer satisfaction, exceeded our sales goal in previous years, and reached our profitability target of a 25% Adjusted EBITDA margin in Europe in 2025. I extend my heartfelt thanks to our customers for their loyalty and to our colleagues across the globe for their dedication and exceptional performance”, said CEO Marc Fielmann.

Since 2019 the Fielmann Group has grown its market share across all major markets. In the German-speaking GSA region, Fielmann further improved its strong position: In Germany, Fielmann grew unit market share +4% pts. to a record 57%. In Spain, Fielmann grew unit market share by +3% pts. to 13% in 2025 and is poised to seize market leadership next year. In the United States, Fielmann is market leader in the Upper Midwest with a clear ambition to reach market leadership in many states of the Greater Midwest.

Q1/2026 
In the first quarter of 2026, severe weather affected both Europe and the northern United States, causing temporary store closures and reduced foot traffic across city centers and shopping malls. Against this backdrop, the Fielmann Group increased reported sales by +1.3% to €613m (Q1/2025: €605m). At constant currency, total consolidated sales rose by +2.3%. In Germany, sales grew by +1.5% organically, in Austria by +0.8%. Spain improved its sales by +5.2%, Switzerland grew by +3.0% and the other markets by +9.0%. Our US platform delivered 2.2% sales growth, increasing to $81m for the quarter (Q1/2025: $79m).

Stringent cost control measures allowed us to achieve Adjusted EBITDA of €149m, slightly above the prior-year’s quarter (Q1/2025: €148m). In the US, the Adjusted EBITDA margin was 13.8% (Q1/2025: 14.2%) reflecting significantly expanded doctor capacity – a key driver for growth in 2026 and beyond. At Group level, Adjusted EBT was €81m, an increase of approximately 2% over Q1/2025 (€80m).

Outlook for Financial Year 2026
For FY2026, Fielmann Group is targeting a very high customer satisfaction level of approximately 90%. Sales are anticipated to increase between 5% and 7% (€2.55bn to €2.60bn), driven by accelerated expansion, the rollout of AI-enabled automated refraction technology to 300 stores in Europe and significantly expanded exam availability in the US. As the company invests in future organic growth, its Adjusted EBITDA margin is expected to reach approximately 23%, corresponding to an Adjusted EBITDA of approximately €590m to €610m. The Adjusted EBT margin is expected to be broadly in line with 2025 (12% to 13%).

The ongoing conflict in the Middle East is not expected to have a significant impact on the Group’s performance. However, should the conflict persist over a longer period, potential indirect effects, including changes in consumer sentiment in Europe and the United States, cannot be reliably assessed at this point in time.

Fielmann Group management remains confident in the company’s outlook as its Vision 2035 growth levers remain intact. These include Fielmann’s accelerated expansion across Europe and the United States, which will allow it to seize opportunities in these markets, the extension of its medical scope of services – in US practices and enabled via tele-ophthalmology in European optical stores – and through the rapid growth of Fielmann’s audiology business, with further acceleration expected in the years ahead.

Hamburg, Germany – April 30, 2026

Fielmann Group AG
The Management Board