Interim report
Page 1
6 HALF-YEAR FINANCIAL REPORT AS AT JUNE 30, 2026
Page 2
2 Half-Y ear Financial Report 2026 Key figures HY1/2026 HY1/20251 HY 1/2024 HY 1/2023 HY1/2022 Total consolidated sales in € m 1.248 1.226 1.089 980 863 Change % +1.8 +12.5 +11.1 +13.5 - EBITDA in € m 292 286 230 208 171 Change % +2.0 +24.3 +10.5 +21.5 - Adjusted EBITDA in € m 296 292 230 204 - Change % +1.3 +26.9 +12.8 - - Adjusted EBITDA margin % 23.7 23.8 21.1 20.8 - Change %-points -0.1 +2.7 +0.3 - - EBT in € m 158 154 122 108 89 Change % +2.9 +25.9 +13.1 +21.4 - Adjusted EBT in € m 162 160 122 104 - Change % +1.7 +30.7 +17 .5 - - Adjusted EBT margin % 13.0 13.0 11.2 10.6 - Change %-points +0.0 +1.8 +0.6 - - 1 Certain prior -year figures have been restated retroactively as a result of a change in accounting policies. Further details are provided in the notes in our Annual Report 2025.
Page 3
Half-Year Financial Report 2026 3 Fielmann-Group: Half-Y ear Financial Report as at June 30, 2026 • Robust growth in a challenging market environment: Delivered 2.3% growth at constant currency, demonstrating the resilience of the business • International growth accelerated in Q2: Stronger momentum across European markets outside Germany and improving trends in the US underscore the benefits of diversification • Profitability remains at a high level : Adjusted EBITDA margin of 24% and Adjusted EBT margin of 13%, supported by continued cost discipline and efficiency initiatives • Positioned for stronger second -half growth: Accelerated s tore openings, productivity initiatives and targeted hiring are expected to drive higher growth in HY2/2026 Dear shareholders and friends of the company, In the first half of 2026, the Fielmann Group once again demonstrated the resilience of its business model in a challenging market environment. While growth in Germany remained temporarily subdued, the Group benefited from its diversified country portfolio as strong momentum across international markets supported the overall growth of the Group. The US business made further progress during the first half of 2026. Growth in local currency accelerated, supported by continued investments in the platform, operational improvements and expanding doctor capacity. In addition, foreign exchange headwinds eased in Q2 compared to Q1. Macroeconomic conditions varied across the Group’s markets. While subdued consumer sentiment continued to weigh on Germany, economic conditions in several international markets remained more supportive. Against this backdrop, the Group maintained a robust profitability profile, reflecting its disciplined cost management while investing in its long-term growth ambitions. Looking ahead, the Fielmann Group is well positioned for stronger growth in the second half of the year. New store openings, productivity initiatives and targeted hiring are expected to expand the Group’s capacity to serve more customers and support the continued execution of Vision 2035.
Page 4
4 Half-Y ear Financial Report 2026 Interim group management report Economic report Market environment Economic conditions across the Fielmann Group’s markets remained heterogeneous during the first half of 2026. In Germany, the Group’s largest market, economic activity remained weak, with the International Monetary Fund (IMF) forecasting real gross domestic product ( GDP) growth of 0.7% for 2026 , pointing to only a gradual recovery. Economic conditions were more supportive in several of the Group’s European growth markets. Spain and Poland continued to outperform most European economies, supported by strong domestic demand and favorable labor market conditions. The IMF projects real GDP growth of 2.1% and 3.3%, respectively. In the United States, economic activity remained robust, underpinned by a solid labor market and sustained consumer spending despite elevated policy uncertainty. The IMF projects GDP growth of 2.3% for 2026, well above the expected growth rates of most European countries. Overall, the Group benefited from its diversified geographic footprint and the favorable macroeconomic conditions in its key international markets. Financial performance Total consolidated sales The Fielmann Group increased total consolidated sales in the first half of 2026 by +1.8% to €1.25bn (HY1/2025: €1.23bn). At constant currency, sales grew by +2.3%. Germany and Austria recorded growth rates of +0.8% and +1.2%, respectively. Switzerland delivered solid growth at constant currency of +2.5%, while Spain continued its strong growth trajectory, accelerating to almost 10% in Q2/2026 and reaching 7 .4% for the first half year. Other markets grew at constant currency by +11.1%, supported by the initial consolidation of a Luxembourg acquisition, which contributed €8m in sales. In the US, the focus remains on executing the Business Model Transformation to support future growth acceleration . The US business delivered sales growth at constant currency of 3.3% to US-$161m in HY1/2026 (HY1/2025: US-$156m), with improved momentum in the second quarter (+4.5%).
Page 5
Half-Year Financial Report 2026 5 Overall, international growth momentum strengthened during the first half, accelerating to +6% in Q2/2026 year-over-year (Q1/2026: +4%). As at June 30, the Fielmann Group operated 1,299 stores (June 30, 2025: 1,251), of which 475 included hearing aid studios (June 30, 2025: 432). The expansion of the Group’s store network continued during the first half of 2026, with 37 new locations added, primarily across international markets including Luxembourg, Poland, Spain and the United States. In the second half of the year, the Group plans to open another 33 stores, summing up to 70 new locations in total in 2026 and tripling the pace of expansion compared to 2025 (22 net new stores and practices). Adjusted earnings At Group level, the Adjusted EBITDA margin continued to show resilience and stood at 23.7% in HY1/2026 (HY1/2025: 23.8%), as an improved cost base and continued cost discipline offset the impacts from temporary demand volatility. Gross margin improved to 80.1% (HY1/2025: 79.5%), further supporting profitability. Adjusted EBITDA margin in Europe reached a strong 25.1% (HY1/2025: 25.0%), underlining the strength of the Group’s market positions across Europe. In the US, the Adjusted EBITDA margin of 12.5% (HY1/2025: 14.9%) reflects targeted investments in the implementation of the Fielmann Brand Promises as part of the Business Model Transformation . The Group remains focused on executing the ongoing Business Model T ransformation to support future growth and profitability. Adjusted EBT amounted to € 162m ( HY1/2025: €160m), an increase of + 1.7% compared to the respective prior -year period. The Adjusted EBT margin was stable at 13.0% (HY1/2025: 13.0%).
Page 6
6 Half-Y ear Financial Report 2026 Adjustments The following tables provide reconciliations of the reported key figures. For the period from January 1 to June 30 2026 in € m 2025 in € m EBITDA 291.8 286.1 Acquisition-/Integration-related expenses 1.5 3.4 Reorganization expenses 0.9 2.4 Other non-recurring income/expenses 1.5 - Adjusted EBITDA 295.7 291.9 Adjusted EBITDA margin 23.7% 23.8% Acquisition-/Integration-related expenses In both periods, adjustments in this category mainly relate to integration activities in the US. In 2026, additional expenses were recognized for the integration in Spain. Reorganization expenses In both periods, severance payments were recognized for the reorganization of the finance division. Other non-recurring income/expenses Adjustments in 2026 also include one -off expenses associated with the implementation of the Business Model Transformation in the US. The Adjusted EBT represents earnings before taxes, adjusted for the abovementioned extraordinary effects eliminated in the context of the Adjusted EBITDA, plus further one-off effects that only affect EBT . For the period from January 1 to June 30 2026 in € m 2025 in € m EBT 158.4 153.9 Adjustments (EBITDA) 3.9 5.8 Acquisition-/Integration-related expenses - - Impairment charges - - Reorganization expenses - - Other non-recurring income/expenses - - Adjusted EBT 162.3 159.7 Adjusted EBT margin 13.0% 13.0% No further items have been identified as extraordinary effects on EBT in the current financial year to date.
Page 7
Half-Year Financial Report 2026 7 Financial position of the Group The Group further strengthened its balance sheet in the first half of 2026. Total assets increased by 4.4% to €2.60bn, equity rose by 11.2% to €1.11bn, reflecting the Group’s strong financial performance . The equity ratio improved to 42.8% (December 31, 2025: 40.2%) and net debt decreased to €625 m, reducing the net debt to last twelve months (LTM) reported EBITDA ratio to 1.1x (December 31, 2025: 1.2x). in €m As at June 30, 2026 As at Decem- ber 31, 2025 Change Non-current assets 1,837 1,809 1.5% Current assets 759 676 12.2% Total assets 2,595 2,485 4.4% Equity 1,110 998 11.2% Non-current liabilities 923 920 0.4% Current liabilities 562 567 -0.9% Total equity and liabilities 2,595 2,485 4.4% Cash flow analysis of the Group Operating cash flow was impacted by a temporary increase in working capital, reflecting higher trade receivables (+€22m) and inventor ies (+€16m). Foreign exchange translation effects further increased working capital (+€12m) . Investments in tangible and intangible assets amounted to €45m in the first half of 2026 (HY1/2025: €37m), reflecting the continued expansion of the Group’s store network (37 new stores in HY1/2026 vs. 22 in FY2025) . In addition, the acquisition of an optical retail business in Luxembourg, completed at the beginning of the financial year, resulted in a cash outflow of €23 m (HY1/2025: €2m). Accordingly, the lower free cash flow primarily reflects temporary working capital effects and continued investments in the Group’s long-term growth. period from January 1 to June 30 2026 €m 20252 €m Change Cash flow from operating activities 188 236 -20.1% Cash flow from investing activities -68 -37 84.1% Free cash flow 121 199 -39.4% Cash flow from financing activities -77 -101 -23.8% Net change in cash 43 98 -55.6% Cash and cash equivalent at the end of the reporting period 265 193 37 .1% 2 Certain prior -year figures have been restated retroactively as a result of a change in accounting policies. Further details are provided in the notes in our Annual Report 2025.
Page 8
8 Half-Y ear Financial Report 2026 Risk and opportunities report and outlook The statements made in the 2025 Annual Financial Report regarding the opportunities and risks of the business model remain unchanged. Outlook Following the guidance update published in August 2026, the Management Board confirms its revised outlook for the 2026 financial year. Customer satisfaction is expected to remain at a high level of around 90%. The Fielmann Group expects total consolidated sales of €2.50bn to €2.55bn for the 2026 financial year, corresponding to year-on-year growth of 2% to 5%. The Adjusted EBITDA margin is expected at 22% to 23%, corresponding to an Adjusted EBITDA of €560m to €580m. The Adjusted EBT margin is expected to be around 12%, with Adjusted EBT developing in line with the revised margin outlook. Note that t he outlook remains subject to geopolitical and macroeconomic uncertainties and that all expectations are based on the exchange rates as of August 2026. Hamburg, August 27, 2026 Fielmann Group AG The Management Board
Page 9
Half-Year Financial Report 2026 9 Consolidated balance sheet Assets Position as of June 30, 2026 in € 000s Position as of Dec. 31, 2025 in € 000s A. Non-current assets I. Intangible assets 255,538 251,866 II. Goodwill 456,122 424,563 III. Tangible assets 465,308 460,047 IV. Investment property 19,453 19,735 V. Right-of-use assets 569,433 582,888 VI. Shares in associates 4,745 4,608 VII. Other financial investments 911 959 VIII. Deferred tax assets 57,148 56,633 IX. Other financial assets 7,125 6,596 X. Other non-financial assets 782 885 1,836,565 1,808,780 B. Current assets I. Inventories 238,050 222,213 II. Trade receivables and contract assets 121,448 98,988 III. Other financial assets 86,510 85,875 IV. Non-financial assets 37 ,882 34,780 V. Tax assets 6,116 7 ,703 VI. Other financial investments 4,009 4,400 VII. Cash and cash equivalents 264,886 222,467 758,901 676,426 2,595,466 2,485,206
Page 10
10 Half-Y ear Financial Report 2026 Liabilities Position as of June 30, 2026 in € 000s Position as of Dec. 31, 2025 in € 000s A. Equity I. Subscribed capital 84,000 84,000 II. Capital reserve 92,652 92,652 III. Retained earnings 915,490 807,501 IV. Other reserves 4,874 -2,375 Consolidated equity of the parent company’s shareholders 1,097,016 981,778 V. Non-controlling interests 13,089 16,416 1,110,105 998,194 B. Non-current liabilities I. Provisions 42,424 41,838 II. Financial liabilities 298,549 282,988 III. Deferred tax liabilities 59,396 57,287 IV. Liabilities from leases 488,160 502,826 V. Non-financial liabilities 34,735 34,662 923,264 919,601 C. Current liabilities I. Provisions 61,433 82,154 II. Financial liabilities 1,061 1,177 III. Liabilities from leases 106,282 97 ,044 IV. Trade payables 98,365 102,576 V. Other financial liabilities 31,116 38,228 VI. Non-financial liabilities 223,664 217 ,478 VII. Income tax liabilities 40,176 28,754 562,097 567 ,411 2,595,466 2,485,206
Page 11
Half-Year Financial Report 2026 11 Consolidated profit and loss statement For the period from January 1 to June 30 2026 € 000s 20253 € 000s Change from previous period (%) 1. Total consolidated sales 1,247 ,998 1,225,833 1.8 2. Other operating income 3,548 4,551 -22.0 3. Cost of materials -247 ,930 -251,569 -1.4 4. Personnel expenses -520,216 -496,906 4.7 5. Other operating expenses -191,604 -195,820 -2.2 6. Earnings before interest, taxes, depreciation and amortization (EBITDA) 291,796 286,089 2.0 EBITDA margin 23.4% 23.3% 7. Depreciation of right–of–use assets -59,679 -60,174 -0.8 8. Other depreciation, amortization and impairment -52,917 -52,022 1.7 9. Interest expenses from lease liabilities -10,971 -9,833 11.6 10. Other financial expenses -11,780 -12,066 -2.4 11. Financial income 1,998 1,936 3.2 12. Earnings before taxes (EBT) 158,447 153,930 2.9 EBT margin 12.7% 12.6% 13. Taxes on income and earnings -46,087 -45,487 1.3 14. Net profit for the reporting period 112,360 108,443 3.6 15. Profits attributable to other shareholders -830 -1,031 -19.5 16. Profits attributable to parent company shareholders 111,530 107 ,412 3.8 Earnings per share in € (undiluted/diluted) 1.33 1.28 3 Certain prior -year figures have been restated retroactively as a result of a change in accounting policies. Further details are provided in the notes in our Annual Report 2025.
Page 12
12 Half-Y ear Financial Report 2026 For the period from April 1 to June 30 2026 € 000s 20254 € 000s Change from previous period (%) 1. Total consolidated sales 634,897 620,829 2.3 2. Other operating income 717 1,301 -44.9 3. Cost of materials -132,230 -133,441 -0.9 4. Personnel expenses -261,764 -246,529 6.2 5. Other operating expenses -97 ,166 -102,019 -4.8 6. Earnings before interest, taxes, depreciation and amortization (EBITDA) 144,454 140,141 3.1 EBITDA margin 22.8% 22.6% 7. Depreciation of right–of–use assets -30,092 -29,040 3.6 8. Other depreciation, amortization and impairment -26,168 -25,687 1.9 9. Interest expenses from lease liabilities -5,525 -4,843 14.1 10. Other financial expenses -4,683 -5,365 -12.7 11. Financial income 1,113 820 35.7 12. Earnings before taxes (EBT) 79,099 76,026 4.0 EBT margin 12.5% 12.2% 13. Taxes on income and earnings -22,679 -22,466 0.9 14. Net profit for the reporting period 56,420 53,560 5.3 15. Profits attributable to other shareholders -607 -709 -14.4 16. Profits attributable to parent company shareholders 55,813 52,851 5.6 Earnings per share in € (undiluted/diluted) 0.67 0.63 4 Certain prior -year figures have been restated retroactively as a result of a change in accounting policies. Further details are provided in the notes in our Annual Report 2025.
Page 13
Half-Year Financial Report 2026 13 Consolidated statement of other comprehensive income For the period from January 1 to June 30 2026 in € 000s 20255 in € 000s Net profit for the reporting period 112,360 108,443 Items that are reclassified under certain conditions and reported in the profit and loss statement Earnings from foreign exchange conversion, reported under equity 12,239 -43,004 Items that will not be reclassified and reported in the profit and loss statement Other comprehensive income after taxes 12,239 -43,004 Overall result 124,599 65,439 of which attributable to minority interests 830 1,031 of which attributable to parent company shareholders 123,769 64,408 5 Certain prior -year figures have been restated retroactively as a result of a change in accounting policies. Further details are provided in the notes in our Annual Report 2025.
Page 14
14 Half-Y ear Financial Report 2026 Consolidated cash flow statement Cash flow statement according to IAS 7 for the period from January 1 to June 30 2026 € 000s 20256 € 000s Change from previous year Earnings before taxes (EBT) 158,447 153,930 2.9% +/- Profit shares of associates -137 -146 -6.2% + Interest expenses from leases recognized in profit or loss 10,972 9,833 11.6% + Other expenses in the financial result recognized in profit or loss 11,780 12,066 -2.4% - Income in the financial result recognized in profit or loss -1,861 -1,790 4.0% + Depreciation on tangible assets and intangible assets 52,917 52,022 1.7% + Depreciation of right-of-use assets 59,679 60,174 -0.8% - Write-ups on tangible assets and intangible assets -1 0 - Write-ups on right-of-use assets -675 0 - Taxes on income paid -26,446 -32,263 -18.0% +/- Other non-cash income/expenditure 3,594 -2,506 -243.4% +/- Increase/decrease in provisions -20,136 -16,580 21.4% -/+ Profit/loss on disposal of tangible assets, properties kept as financial investments, intangible assets and shares in associates 885 860 2.9% -/+ Increase/decrease in inventories, trade receivables and other assets not attributable to investment or financial operations -41,154 -14,310 187.6% +/- Increase/decrease in trade payables and other liabilities not attributable to investment or financial operations -21,363 13,440 -259.0% + Interest received 1,923 1,039 85,1% = Cash flow from operating activities 188,424 235,768 -20.1% + Receipts from the disposal of tangible assets 265 3,733 92.9% - Payments for tangible asset -43,115 -39,933 8.0 % - Payments for intangible assets -2,386 -1,042 129.0% + Receipts from the disposal of financial assets 331 47 604.4% - Payments for the acquisition of subsidiaries -22,964 -2,442 840.4% + Receipts from the disposal of securities and other investments 0 2,777 -100.0% = Cash flow from investment activities -67,869 -36,860 84.1% 6 Certain prior -year figures have been restated retroactively as a result of a change in accounting policies. Further details are provided in the notes in our Annual Report 2025.
Page 15
Half-Year Financial Report 2026 15 Cash flow statement according to IAS 7 for the period from January 1 to June 30 2026 € 000s 20257 € 000s Change from previous year - Payments to non-controlling shareholders -1,216 -1,228 -1.0% +/- Sale/acquisition of treasury stocks -4.445 0 - Repayment of current financial liabilities 0 -305,029 -100.0% + Borrowing of non-current financial liabilities 0 275,000 -100.0% - Repayment of non-current financial liabilities -71 -254 -72.0% - Repayment portion of liabilities from leases -49,455 -55,674 -11.2% - Interest paid -11,331 -14,161 -20.0% - Payments for the acquisition of additional shares in subsidiaries -10,705 0 = Cash flow from financing activities -77 ,223 -101,346 -23.8% Changes in cash and cash equivalents 43,332 97 ,562 -55.6% +/- Changes in cash and cash equivalents due to exchange rates -913 1,364 -166.9% + Cash and cash equivalents at the beginning of the period 222,467 94,289 135.9% = Cash and cash equivalents at the end of the period 264,886 193,216 37.1% 7 Certain prior -year figures have been restated retroactively as a result of a change in accounting policies. Further details are provided in the notes in our Annual Report 2025.
Page 16
16 Half-Y ear Financial Report 2026 Consolidated statement of changes in equity 8 Dividends paid and profit shares allocated to other shareholders Equity attributable to the shareholders of the parent company Other reserves In € 000s Subscribed capital Capital reserve Retained earnings Foreign currency translation reserve Valuation reserves, IAS 19 Reserve for treasury stocks Reserve for share-based remuneration Total Total Non- controlling interests Equity As at January 1, 2026 84,000 92,652 807,501 -861 -1,813 -1,955 2,254 -2,375 981,778 16,416 998,194 Net profit 111,530 111,530 830 112,360 Other comprehensive income 12,239 12,239 12,239 12,239 Overall result 111,530 12,239 12,239 123,769 830 124,599 Dividends/profit shares8 -202 -202 Share-based remuneration -545 -545 -545 -545 Treasury stocks -4,445 -4,445 -4,445 -4,445 Other changes -267 -67 254 187 Acquisition of non- controlling interests -3,474 -3,474 -4,209 -7,683 As of June 30, 2026 84,000 92,652 915,490 11,378 -1,813 -6,400 1, 709 4,874 1,097 ,016 13,089 1,110,105
Page 17
Half-Y ear Financial Report 2026 17 Equity attributable to the shareholders of the parent company Other reserves In € 000s Subscribed capital Capital reserve Retained earnings Foreign currency translation reserve Valuation reserves, IAS 19 Reserve for treasury stocks Reserves for share-based remuneration Total Total Non- controlling interests Equity As at January 1, 2025 84,000 92,652 681,048 42,046 -2,062 -521 1,968 41,431 899,131 14,012 913,143 Net profit 107,412 107,412 1,031 108,443 Other comprehensive income -43,004 -43,004 -43,004 -43,004 Overall result 107,412 -43,004 -43,004 64,408 1,031 65,439 Dividends/profit shares9 -193 -193 Share-based remuneration 2 2 2 2 Treasury stocks -2,081 -2,081 -2,081 -2,081 Other changes -205 -205 -335 -540 Acquisition of non- controlling interests -26 -26 As of June 30, 2025 84,000 92,652 788,255 -958 -2,062 -2,602 1,970 -3,652 961,255 14,489 975,744 9 Dividends paid and profit shares allocated to other shareholders
Page 18
18 Half-Y ear Financial Report 2026 Notes to the consolidated Financial Statements General Information Fielmann Group AG , which has its headquarters at Fuhlsbuettler Str. 399, Hamburg, Germany, is the parent of the Fielmann Group (hereinafter referred to as ‘The Group’). It is registered under HRB 560 98 in the commercial register of Hamburg Local Court. Fielmann Group AG operates an omnichannel business model, involving the purchase and sale of goods and the provision of services, in physical stores as well as wholesale and online (e-commerce), particularly in the optometry and hearing care sectors. These interim consolidated financial statements of Fielmann Group AG and its subsidiaries for the period from January 1, 2026 to June 30, 2026 are prepared in compliance with IFRS Accounting Standards, as adopted by the European Union (EU). These interim consolidated financial statements were prepared in compliance with International Accounting Standard IAS 34 ‘Interim Financial Reporting. ’ Accordingly , these interim consolidated financial statements do not include all of the information and notes required for annual consolidated financial statements at financial year-end. Therefore, these interim consolidated financial statements should be rea d in conjunction with the 2025 annual consolidated financial statements. Neither the interim consolidated financial statements nor the interim Group management report have been audited in accordance with § 317 German Commercial Code (Handelsgesetzbuch – HGB) or reviewed in accordance with § 115 section 5 German Securities Trading Act (Wertpapierhandelsgesetz – WpHG) by an auditor. Accounting and measurement principles The same accounting and valuation policies apply to the interim report of June 30, 2026, as to the annual financial statement of December 31, 2025, which was compiled according to International Financial Reporting Standards (IFRS and IAS). The result for the comparative period takes into account the actual tax ratio of the financial year 2025. The interim consolidated financial statements are presented in EUR (€) and, unless otherwise stated, all values are presented in millions of EUR (€m). Due to rounding principles, numbers presented may not sum up exactly to totals provided.
Page 19
Half-Y ear Financial Report 2026 19 Scope of consolidation and changes in the scope of consolidation On January 1, 2026 the Group acquired 100% of the shares and voting rights in ten Luxembourg entities jointly operating in the optical retail and hearing care market. The acquisition strengthens the Group’s presence in Luxembourg. The consideration transferred amounted to €38.5m. The valuation of the acquired assets and liabilities has not yet been completed. The preliminary net assets before deferred taxes amount to €18.5m and mainly comprise non-current assets. At this point in time, a preliminary goodwill of €23.5m was recognized, which is not deductible for tax purposes . The goodwill primarily reflects expected synergies and network effects. The acquired entities have been consolidated in the Group’s financial statement since January 1, 2026, and contributed €8.0m to Group sales since then. Selected notes to the consolidated statement of profit and loss Sales The sales of the Fielmann Group are attributable to the segments as follows: For the period from January 1 to June 30 2026 in € 000s 202510 in € 000s Germany 754,857 748,775 Switzerland 126,164 119,969 Austria 54,517 53,896 Spain 109,591 102,002 North America 137 ,844 142,434 Other 65,025 58,757 Total consolidated sales 1,247,998 1,225,833 The breakdown of sales to the product categories as follows: For the period from January 1 to June 30 2026 in € 000s 202511 in € 000s Lenses and frames 949,953 933,332 Contact lenses 102,910 107 ,417 Sunglasses 56,657 53,010 Hearing aids 82,849 76,696 Other 11,436 10,452 Primary eye care services 33,003 31,022 Other services 11,190 13,904 Total consolidated sales 1,247 ,998 1,225,833 10,11 Certain prior -year figures have been restated retroactively as a result of a change in accounting policies. Further details are provided in the notes in our Annual Report 2025.
Page 20
20 Half-Y ear Financial Report 2026 The other sales result mainly from the sale of goods. The sales from primary eye care services include the Eye Health Checkup service in Europe in particular, as well as services provided primarily by our optometrists in the United States. Earnings per share Earnings per share amount to €1.33 (PY: €1.28). Events that could have led to a dilution of earnings per share occurred neither in the period under review nor in the prior-year period. For the period from January 1 to June 30 2026 in € 000s 202512 in € 000s Profit 112,360 108,443 Profits attributable to non‑controlling interests -830 -1,031 Profits attributable to the shareholders of the parent company 111,530 107 ,412 Number of shares (‘000) units 83,858 83,946 Earnings per share in € (undiluted/diluted) 1.33 1.28 Dividend At the Annual General Meeting held on 9 July 2026, shareholders of Fielmann Group AG approved a dividend of €1.40 per share (previous year: €1.15). Based on the year -end closing share price for 2025, the dividend yield amounted to 3.2%. The total dividend payment amounted to €117 .6m (previous year: €96.6m), corresponding to a pay -out ratio of 58% (previous year: 63%) of the profit attributable to the shareholders of the parent company. Profit attributable to non-controlling interests Profit attributable to non-controlling interests amounts to € 830k (previous year: €1,031k) as at June 30, 2026. Explanatory notes on the segment report The Fielmann Group reports on the basis of geographical regions in which the company delivers products and services to customers, consistent with its internal reporting. 12 Certain prior -year figures have been restated retroactively as a result of a change in accounting policies. Further details are provided in the notes in our Annual Report 2025.
Page 21
Half-Y ear Financial Report 2026 21 Currency translation effects on external sales Germany Switzerland Austria Spain North America Other Consolidation Consolidated value Growth external sales 0.8% 7.4% 1.2% 7.4% -3.2% 10.7% - 1.8% Growth external sales at constant currency 0.8% 2.5% 1.2% 7.4% 3.3% 11.1% - 2.3% Segment reporting for the period from January 1 to June 30 (The figures of the corresponding prior -year period 13 are stated in parentheses) in €m Germany Switzerland Austria Spain North America Other Consolidation Consolidated value Sales from segment 820.9 127.9 54.5 112.2 138.0 80.5 -86.0 1.248.0 (809.5) (120.8) (54.1) (102.2) (143.0) (71.7) (-75.5) (1.225.8) Sales with other segments 66.2 1.7 0.0 2.6 0.1 15.4 -86.0 0.0 (60.8) (0.8) (0.1) (0.3) (0.6) (12.9) (-75.5) (0.0) External sales 754.9 126.2 54.5 109.6 137.8 65.0 1.248.0 (748.7) (120.0) (53.9) (102.0) (142.4) (58.8) (1.225.8) Cost of materials 178.4 19.8 13.0 37.5 29.3 25.9 -56.0 247.9 (183.1) (19.3) (11.0) (34.8) (30.1) (24.0) (-50.7) (251.6) Personnel costs 320.0 48.6 22.3 40.1 63.2 26.0 0.0 520.2 (309.7) (46.2) (21.5) (33.9) (63.0) (22.7) (-0.1) (496.9) Other operating expenses 131.7 21.0 10.7 12.6 30.9 14.8 -30.1 191.6 (135.8) (20.0) (9.8) (9.6) (31.8) (13.6) (-24.8) (195.8) Earnings before interest, taxes, depreciation and amortization (EBITDA) 192.8 38.7 8.5 22.4 14.7 14.7 291.8 (183.1) (35.6) (11.9) (24.4) (18.2) (12.9) (286.1) EBITDA margin 23.5% 30.3% 15.6% 20.0% 10.7% 18.3% 23.4% (22.6%) (29.5%) (22.0%) (23.9%) (12.7%) (18.0%) (23.3%) Adjustments 0.9 0.4 2.6 3.9 (2.4) (0.2) (3.1) (5.8) Adjusted EBITDA 193.7 38.7 8.5 22.8 17.3 14.7 295.7 (185.5) (35.6) (11.9) (24.6) (21.3) (12.9) (291.9) Adjusted EBITDA margin 23.6% 30.3% 15.6% 20.3% 12.5% 18.3% 23.7% (22.9%) (29.5%) (22.0%) (24.1%) (14.9%) (18.0%) (23.8%) Scheduled depreciation 55.6 9.7 4.5 13.8 16.3 12.7 112.6 (54.7) (9.1) (4.2) (13.5) (18.3) (12.4) (112.2) Expenses in the financial result 16.0 1.0 0.8 2.4 1.3 2.1 -0.8 22.8 (15.4) (1.3) (0.7) (2.3) (1.4) (2.1) (-1.3) (21.9) Income in the financial result 1.8 0.0 0.1 0.4 0.5 -0.8 2.0 (2.0) (0.6) (0.0) (0.3) (0.3) (-1.3) (1.9) Earnings before taxes (EBT) - in the segments excluding income from participations 123.0 28.0 3.2 6.3 -2.5 0.4 158.4 (115.0) (25.8) (7.0) (8.6) (-1.2) (-1.3) (153.9) 13 Certain prior -year figures have been restated retroactively as a result of a change in accounting policies. Further details are provided in the notes in our Annual Report 2025.
Page 22
22 Half-Y ear Financial Report 2026 EBT margin 15.0% 21.9% 5.9% 5.6% -1.8% 0.5% 12.7% (14.2%) (21.4%) (12.9%) (8.4%) (-0.8%) (-1.8%) (12.6%) Adjustments 0.9 0.4 2.6 3.9 (2.4) (0.2) (3.1) (5.8) Adjusted EBT 123.9 28.0 3.2 6.7 0.1 0.4 162.3 (117.4) (25.8) (7.0) (8.8) (1.9) (-1.3) (159.7) Adjusted EBT margin 15.1% 21.9% 5.9% 6.0% 0.1% 0.5% 13.0% (14.5%) (21.4%) (12.9%) (8.6%) (1.3%) (-1.8%) (13.0%) Taxes on income and earnings 38.5 4.6 0.9 1.8 -0.8 1.1 46.1 (38.3) (4.5) (1.6) (1.9) (-1.5) (0.7) (45.5) Net profit for the reporting period 84.5 23.4 2.3 4.5 -1.7 -0.7 112.4 (76.7) (21.3) (5.4) (6.7) (0.3) (-2.0) (108.4) Non-current segment assets excluding financial instruments and deferred tax assets 588.1 89.7 55.3 407.2 432.0 193.5 1.765.9 (559.3) (81.1) (50.1) (415.5) (426.7) (133.0) (1.665.7) of which non-current segment assets excluding right-of-use assets 335.7 35.0 19.1 297.3 391.0 118.3 1.196.4 (329.1) (32.9) (15.1) (302.2) (386.8) (64.7) (1.130.8) of which right-of-use assets 252.4 54.7 36.2 109.9 41.0 75.2 569.4 (230.2) (48.2) (35.0) (113.3) (39.9) (68.3) (534.9) Additions to non-current segment assets excluding financial instruments and deferred tax assets 44.1 8.8 4.9 13.3 14.8 51.6 137.5 (44.8) (4.8) (4.9) (13.0) (3.2) (13.7) (84.4) of which additions to non-current segment assets excluding right-of-use assets 20.3 3.6 1.9 7.5 8.4 41.9 83.6 (20.6) (1.1) (1.2) (6.0) (2.6) (10.4) (41.9) of which additions to right-of-use assets 23.8 5.2 3 5.8 6.4 9.7 53.9 (24.2) (3.7) (3.7) (7.0) (0.6) (3.3) (42.5) Shares in associates 4.7 4.7 (5.0) (5.0) Deferred tax assets 51.2 0.0 0.4 0.0 2.2 3.3 57.1 (51.8) (0.6) 1.4 1.1 -2.8 4.7 (56.8)
Page 23
Half-Y ear Financial Report 2026 23 Other information Own shares of the Fielmann Group AG (141.702 shares; previous year: 54.489 shares) with a book value of € 6,400k (previous year: €2,602k) were acquired within the meaning of section 71(1) no. 2 of the German Stock Corporation Act (AktG), in order to offer them to staff of Fielmann Group AG or its affiliated companies as employee shares. Information about related parties (IAS 24) The contractual relations to the affiliated parties described in the 202 5 financial report continue in unchanged form. All transactions are made at customary market prices and conditions and there were no significant changes as at June 30, 2026. Subsequent events The company was not aware of any significant events after the end of the second quarter 202 6 that would impact the assets, financial position and earnings of Fielmann Group AG and the Fielmann Group at the time of preparing this report.
Page 24
24 Half-Y ear Financial Report 2026 Financial calendar The Fielmann Group will provide live streaming of its HY1/2026 financial results conference call beginning at 3:00 p.m. CET on August 27, 2026. Y ou can register to participate in the earnings call via the following link: Registration. The webcast will be available for replay . Half-year report August 27 , 2026 ODDO/CoBa Corporate Conference September 1, 2026 Berenberg/Goldman Sachs GCC September 21, 2026 Baader Investment Conference September 22, 2026 Q3 report November 5, 2026 BofA EMEA Consumer Conference November 18, 2026 Eigenkapitalforum November 23-24, 2026 Berenberg European Conference December 2, 2026 Bloomberg FIE Reuters FIEG.DE ISIN DE0005772206 Further information: Fielmann Group AG · Director Investor Relations, Nils Scharwaechter Fuhlsbuettler Straße 399 · 22309 Hamburg Phone: +49 172 4250348 E-Mail: investorrelations@fielmann.com · www.fielmann-group.com
Page 25
Half-Y ear Financial Report 2026 25 Affirmation We affirm that to the best of our knowledge the interim consolidated accounts prepared in accordance with the applicable accounting regulations convey a view of the Fielmann Group’s financial position, cash flows and financial performance that is true and fair and that business development including business results and the position of the Group are presented in the interim Management Report for the Group in such a way as to provide a true and fair view as well as to portray the opportunities and risks i nherent in the future development of the Group accurately . Hamburg, August 27 , 2026 Fielmann Group AG The Management Board
Page 26
We help everyone hear and see the beauty in the world. Fielmann Group AG · Fuhlsbuettler Straße 399 · 22309 Hamburg Phone: +49 40 27076-0 · E-Mail: investorrelations@fielmann.com · www.fielmann-group.com