Fielmann Group AG

First-half 2026 sales grew 1.8% reported and 2.3% at constant currency, with 1.7% organic growth and a small Luxembourg acquisition contributing 0.6%. Management said adjusted EBITDA was EUR 4 million higher year over year and that the EBITDA margin was “very stable” at prior-year levels, almost 24%, while the adjusted EBT margin was also stable. Total cash was EUR 265 million, after dividend the company still had about EUR 150 million in the bank, and leverage was 1.1 including leases and 0.1 excluding lease liabilities. Full-year guidance was confirmed after last week’s update: revenue growth of 2% to 5%, sales of EUR 2.5 billion to EUR 2.55 billion, adjusted EBITDA of EUR 560 million to EUR 580 million, adjusted EBITDA margin around 23%, and adjusted EBT margin around 12%. Management also said customer satisfaction remains around 90%.

No CEO spoke on the call; CFO Steffen Baetjer handled the presentation. His strategic message was that the demand slowdown is temporary, not structural, and that Fielmann is using its strong balance sheet to accelerate expansion rather than sit on cash. He emphasized that the company wants to keep growing carefully, with more stores, more opticians/doctors, and more productivity from AI-based refraction.

Baetjer highlighted a healthy balance sheet with EUR 265 million in cash, EUR 150 million still on hand after the dividend, and low leverage of 1.1 including leases. He said operating cash flow was slightly lower due to temporary working-capital effects, with cash conversion of EUR 188 million, while investing cash flow rose because of accelerated store openings and a EUR 23 million Luxembourg acquisition. He also pointed to capital deployment ahead, including Chomutov at about EUR 75 million plus about EUR 20 million for the OVB IT backbone, and said roughly EUR 40 million of the Chomutov shuttle investment has already been spent.

Analysts pressed on whether the July/August improvement was visible in Germany, and management said yes, Germany looked “a little better” than in Q1 and Q2, though sentiment there remains difficult. On the U.S., questions focused on the Fielmann-branded store rollout, marketing spend, and compliance; management said the focus is currently on translating the brand promise into store design and customer interactions, and said the company is not losing sleep over compliance because of its legal team and U.S. operating experience. Analysts also asked what was driving the guidance cut and whether lower Rx sales reflected deferred demand; management said the bigger issue is people wearing glasses longer and being cautious on larger-ticket purchases, while margin pressure is being influenced by marketing phasing and expansion-related spending.