Slides
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Results: HY1/2026 Earnings Call August 27, 2026
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2 Earnings Call HY1/2026 Disclaimer This presentation has been prepared by Fielmann Group AG ("Fielmann") and comprises the written materials/slides for a presentation concerning Fielmann. By attending this presentation and/or reviewing the slides you agree to be bound by the following conditions: The distribution of this document in certain jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. This presentation is for information purposes only and the information contained herein (unless otherwise indicated) has been provided by Fielmann. It does not constitute an offer to sell or the solicitation, inducement or an offer to buy shares in Fielmann or any other securities. Further, it does not constitute a recommendation by Fielmann or any other party to sell or buy shares in Fielmann or any other securities and should not be treated as giving investment, legal, accounting, regulatory, taxation or other advice. This presentation has been prepared without reference to any particular investment objectives, financial situation, taxation position and particular needs. The information contained in this presentation has not been independently verified, and no representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information contained herein and no reliance should be placed on it. To the extent permitted by applicable law, none of Fielmann or any of its affiliates, advisers, connected persons or any other person accept any liability for any loss howsoever arising (in negligence or otherwise), directly or indirectly, from this presentation or its contents or otherwise arising in connection with this presentation. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contain herein. This presentation contains forward-looking statements that are subject to risks and uncertainties. Statements contained herein that are not statements of historical fact may be deemed to be forward-looking information. When we use words such as "plan", "believe", "expect", "anticipate", "intend", "estimate", "may“, “should” or similar expressions, we are making forward-looking statements. You should not rely on forward-looking statements because they are subject to a number of assumptions concerning future events and are subject to a number of uncertainties and other factors, many of which are outside of our control, that could cause actual results to differ materially from those indicated. Any assumptions, views or opinions (including statements, projections, forecasts or other forward-looking statements) contained in this presentation represent the assumptions, views or opinions of Fielmann as of the date indicated and are subject to change without notice. Fielmann neither intends, nor assumes any obligation, unless required by law, to update or revise these assumptions, views or opinions in light of developments which differ from those anticipated. All information not separately sourced is from internal company data and estimates. Any data relating to past performance contained herein is no indication as to future performance. The information in this presentation is not intended to predict actual results, and no assurances are given with respect thereto. Throughout this presentation a range of financial and non-financial measures are used to assess our performance, including a number of the financial measures that are not defined under IFRS, which are termed "Alternative Performance Measures" (APMs). Management uses these measures to monitor Fielmann's financial and non-financial performance alongside IFRS measures because they help illustrate the underlying financial performance and position of the group. These APMs should be considered in addition to, and not as a substitute for, or as superior to, measures of financial performance, financial position or cash flows reported in accordance with IFRS. APMs are not uniformly defined by all companies, including those in the group’s industry. Accordingly, it may not be comparable with similarly titled measures and disclosures by other companies.
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HY1/2026 3 Fußzeile auf allen Seiten gleich > Einfügen > Kopf- und Fußzeile
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4 Summary – HY1/2026 in a nutshell Margin resilience, continued growth and international momentum improving Despite challenging consumer sentiment, Fielmann delivered continued growth across all major markets. International markets remain the key growth driver. Group sales increased by 2.3% at constant currency (1.7% organic; 0.6% M&A). International growth accelerated in Q2. Group’s Adjusted EBITDA margin stable at 23.7% (PY: 23.8%), reflecting continued cost discipline and push for efficiency. Europe: 25.1% (+0.1pp) & US: 12.5% (-2.4pp). Adjusted EBT margin stable at 13.0% (PY: 13.0%). Improved growth dynamic expected for HY2/2026: Contribution of new stores, targeted hirings and productivity gains from the rollout of AI-based refraction. Earnings Call HY1/2026
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5 Resilient profitability with improving growth momentum Absolute figures in €m, margins in % of total consolidated sales, HY1, Fielmann Group Earnings Call HY1/2026 HY1/24 HY1/25 HY1/26 1.089 1.226 1.248 +1,8% Organic +1.7% 20 22 24 26 28 30 180 200 220 240 260 280 300 320 340 21.1% HY1/24 23.8% HY1/25 23.7% HY1/26 230 292 296 Total consolidated sales 10 11 12 13 14 15 16 17 18 19 20 60 80 100 120 140 160 180 200 11.2% HY1/24 13.0% HY1/25 13.0% HY1/26 122 160 162 Adjusted EBT and margin Adjusted EBITDA and margin +2.3% at constant currency
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6 Fielmann Group´s topline increased by +2.3% at constant currencies Continuation of solid growth in challenging times Earnings Call HY1/2026 HY1/2026 YoYHY1/2025 Total Consolidated Sales €1,248m €1,226m +1.8% +2.3%
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Broad-based growth across all product categories – Adjusted market approach for contact lenses 7 ▪ Growth in our core business Prescription eyewear solid foundation for Group’s growth ▪ Strong growth beyond eyewear Audiology and adjacent healthcare services grew above Group average, supporting further diversification ▪ Adjusted market approach for contact lenses higher-margin private-label products prioritized over volume growth Earnings Call HY1/2026 2% 8% 7% -4% 6% HY1/2026 sales compared to PY, Fielmann Group Prescription eyewear Audiology Adjacent healthcare services Contact lenses Sunglasses (excl. RX)
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Growth across all our major markets 8 Earnings Call HY1/2026 2% 1% 3% 7% 3% 1% 11% others HY1/2026 external sales compared to PY, Fielmann Group +2% +0% +5% +9% +2% +1% +13% ▪ Growth in all segments despite mixed market environment ▪ Improving growth momentum in the US, supported by the ongoing business model transformation ▪ Spain remains growth engine: +7% in HY1, accelerating to 9% in Q2 ▪ 40% of sales generated outside Germany at constant currency Q2
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Cost improvements and cost discipline support strong margins Profitability stable at high prior-year level 1) net: openings - closures 2026 2025 Δ # of stores 1.299 1.251 +48 stores1 Total Consolidated Sales €1,248m €1,226m +1.8% Adj. EBITDA €296m €292m +1.3% Adj. EBITDA margin 23.7% 23.8% -0.1%pt. Adj. EBT €162m €160m +1.7% Adj. EBT margin 13.0% 13.0% 0.0%pt. 25.1% 12.5% 25.0% 14.9% +1.4% +2.3% 9 Earnings Call HY1/2026
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42.8% (FY25: 40.2%) ▪ Strong, resilient and improved capital structure ▪ Provides a solid foundation to support growth strategy 1.1x (FY25: 1.2x) ▪ Includes lease liabilities ▪ 0.1x excluding lease liabilities ▪ Financial debt: €284m HY1/2026: Balance sheet highlights €265m ▪ Strong liquidity position ▪ Provides financial flexibility ▪ Post-dividend: c. €150m 10 Capital structure supports growth strategy and provides a strong foundation for future growth Cash position Equity ratioNet Debt / reported EBITDA (LTM) Balance sheet remains of high quality and provides financial flexibility. Earnings Call HY1/2026
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-€68m (PY: -€37m) ▪ Accelerated store expansion support future organic growth (37 new stores in HY1/26 vs. 22 in FY25) ▪ Acquisition-related payments of €23m (PY: €2m) HY1/2026: Cashflow statement €188m (PY: €236m) ▪ Underlying earnings remain strong ▪ Cash conversion impacted by temporary working capital effects (€22m receivables, €16m inventories & €12m FX) 11 Strong cash generation provides flexibility for future growth Cash flow from operating activities Cash flow from financing activities Cash flow from investing activities Strong financial capacity able to support future growth. -€77m (PY: -€101m) ▪ Biggest item leases (€50m) ▪ No new financial debt (PY: refinancing into long-term debt) ▪ Additional investments in subsidiaries (-€11m) Earnings Call HY1/2026
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Outlook 2026: Capital Market Guidance Expected Development of Our Key Steering Parameters 12 Total Consolidated Sales Adjusted EBITDA Adjusted EBT margin 2026e €2.50bn to €2.55bn €560m to €580m around 12% Acceleration of sales growth (+2 to +5% yoy growth) Customer Satisfaction Around 90% Our key success factor, customer satisfaction, remains at a very high level Comments Adjusted EBITDA margin Between 22% and 23% Earnings primarily impacted by lowered sales guidance. Earnings Call HY1/2026 Updated
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Outlook 2026: Growth drivers Acceleration in HY2/2026 expected ACCELERATE EXPANSION INCREASE PRODUCTIVITY EXPAND EXAM AVAILABILITY 13 Earnings Call HY1/2026
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Outlook 2026: Growth drivers Acceleration in HY2/2026 expected ACCELERATE EXPANSION INCREASE PRODUCTIVITY EXPAND EXAM AVAILABILITY 14 Earnings Call HY1/2026
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Stores: Number of net new openings per calendar year 10 22 37 33 2024 2025 2026 70Actual Plan HY2/26e HY1/26 Number of new store openings increases significantly Outlook 2026: Accelerate expansion
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Outlook 2026: Growth drivers Acceleration in HY2/2026 expected ACCELERATE EXPANSION INCREASE PRODUCTIVITY EXPAND EXAM AVAILABILITY 16 Earnings Call HY1/2026
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Q&A