Interim report
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6 INTERIM STATEMENT AS OF SEPTEMBER 30, 2026
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2 Third quarter 2026 Key �igures 9M/2026 9M/20251 9M/2024 9M/2023 9M/2022 Total consolidated sales in € m 1.897 1.844 1.689 1.501 1.329 Change % +2.9 +9.2 +12.5 +13.0 - EBITDA in € m 438 426 351 339 268 Change % +2.9 +21.2 +3.8 +26.6 - Adjusted EBITDA in € m 443 437 370 336 - Change % +1.5 +18.1 +10.1 - - Adjusted EBITDA margin % 23.4 23.7 21.9 22.4 - Change %-points -0.3 +1.8 -0.5 - - EBT in € m 240 230 180 173 141 Change % +4.5 +27.4 +4.2 +22.8 - Adjusted EBT in € m 245 240 199 179 - Change % +1.9 +21.0 +11.3 - - Adjusted EBT margin % 12.9 13.0 11.8 11.9 - Change %-points -0.1 +1.2 -0.1 - - 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.
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Third quarter 2026 3 Fielmann-Group: Interim statement as of September 30, 2026 • Growth gained further momentum: Q3/2026 sales increased by +5.1% YoY, the strongest quarterly growth rate this year. 9M/2026 sales stand at €1.90bn, up +2.9% YoY, +3.2% at constant currency. • Pro�itability remain ed at a high level: Group’s 9M/2026 Adjusted EBITDA margin remained strong at 23.4% (-0.3%pt. vs. PY), in Europe stable vs. prior year at 24.9%. • Expansion pace continued: 19 new locations have been opened in Q3/2026, bringing total net openings to 56 in 9M/2026 (FY2025: 22). • Full-year guidance con�irmed: The Group remains on track to achieve its updated targets. Dear shareholders and friends of the company, in the �irst nine months ended September 30, 2026, the Fielmann Group increased sales by +2.9% to €1.90bn. At constant currency, sales grew by +3.2%. Following a slow start to the year caused by adverse weather, strikes and geopolitical tensions, growth momentum strengthened each quarter, with +5.1% in Q3 recording the strongest sales growth so far in 2026 (+4.9% at constant currency). International markets continued to grow, with sales up +5.9% YoY in the quarter, while Germany regained momentum (Q3 sales growth: +4.2% YoY), supporting the Group’s growth acceleration. The Group’s price leadership positioning supports customer demand, while targeted investments in productivity and staf�ing enable it to serve more customers, particularly in Germany . At the same time, international markets in Europe remained important drivers of the Group’s growth. In the US, the Group’s strategy that is being implemented under the Business Model Transformation, combines an attractive value-for-money offering with investments in optometrist capacity and the in -store patient experience to drive volume growth. This new concept is currently being piloted at selected locations, and initial results support its patient-focused, value-for-money proposition. Preparations for a broader rollout are underway . Group’s pro�itability remained at a high level, with an Adjusted EBITDA margin of 23.4% (9M/2025: 23.7%) and an Adjusted EBT margin of 12.9% (9M/2025: 13.0%) in the �irst nine months of 2026 . Expansion progressed with 1 9 new
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4 Third quarter 2026 locations opened in Q3, resulting in a total number of 56 net openings so far this year, already more than double the 22 openings recorded in the FY2025. Acknowledging the stronger growth in Q3, the Fielmann Group is well positioned to achieve its updated full-year sales growth and pro�itability targets. 9M/2026 Total consolidated sales The Fielmann Group increased total consolidated sales by +2.9% to €1.90bn in the �irst nine months of 2026 (9M/2025: €1.84bn). At constant currency, sales grew by +3.2%. Germany and Austria recorded growth rates of +2.0% and +1.6%, respectively. Switzerland delivered growth of +3.7% at constant currency , while Spain continued its strong growth trajectory, reaching +7. 2%. Other markets grew by +13.3% at constant currency , supported by the initial consolidation of a Luxembourg acquisition, which contributed €12m 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 of +2.7% to US$239m in 9M/2026 (9M/2025: US$233m). The Fielmann Group continues to bene�it from its diversi�ied geographic footprint, as the continued growth in the international markets is supported by positive Q3 momentum in Germany. As of September 30, 2026, the Fielmann Group operated 1,318 stores (September 30, 202 5: 1,257), of which 483 included hearing aid studios (September 30, 2025: 430). The Group continued to expand its store network, adding 56 new locations, primarily across international markets including Luxembourg, Poland, Spain and the United States. With another c. 14 store openings planned for the �inal quarter of 2026, t h e G r o u p i s w e l l o n t r a c k t o achieve its target of c. 70 new locations in FY2026 and thus tripling the pace of expansion compared to 2025 (22 net new stores and practices). Adjusted earnings The Group maintained its high pro�itability levels. The Adjusted EBITDA margin was 23.4% in the �irst nine months of 2026 (9M/2025: 23.7%).
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Third quarter 2026 5 In Europe , the Adjusted EBITDA margin remained stable at a strong 24.9% (9M/2025: 24.9%), underlining the strength of the Group’s market positions across Europe. In the US, a shift towards more affordable options as part of the Business Model Transformation resulted in a lower average order value. Together with the associated investments, this weighed on pro�itability. The Adjusted EBITDA margin stood at 10.9% (9M/2025: 13.9%). Over the medium term, higher capacity utilization and improved conversion are expected to offset the lower average order values. The Group’s Adjusted EBT amounted to €245m (9M/2025: €240m), an increase of +1.9% YoY. The Adjusted EBT margin was stable at 12.9% (9M/2025: 13.0%). Q3/2026 In the third quarter of 2026, continued growth across international markets was complemented by a marked acceleration in Germany . Group sales increased by +5.1% YoY to €649m (Q3/2025: €618m) despite the persistently challenging market environment. At constant currency, Group sales grew by +4.9% YoY. In Germany, sales growth accelerated to +4.2% in Q3, after subdued demand in HY1/2026. In a challenging market environment, the Group’s price leadership is paying off: customers choose Fielmann because we offer guaranteed quality and services at the best price. In addition, the previously communicated operational measures deliver positive results. Targeted hiring and further investment s in productivity improvements are enabling the Group to serve more customers. In Switzerland and Austria, sales growth accelerated in Q3 to +6.0% and +2.6%, respectively , at constant currency. In Spain, sales grew by +6.6%, as the Group is transitioning the brand in northern Spain . The rebranding is expected to be completed in November. The Group’s US business generated sales of US$78m, an increase of + 1.4% YoY (Q3/2025: US$77m). The same dynamics described for the nine-months period were evident in the third quarter, with a lower average order value alongside improving conversion rates. At Group level, Adjusted EBITDA amounted to €148m (Q3/2025: €145m), corresponding to an Adjusted EBITDA margin of 22.7% (Q3/2025: 23.4%). In Europe, the Adjusted EBITDA margin stood at 24.5%, virtually in line with the prior-year level of 24.8%, while the Group continued to invest in capacity and
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6 Third quarter 2026 future growth through store openings . In the US, the Adjusted EBITDA margin stood at 7. 5% (Q3/2025: 11.5%). Adjusted EBT amounted to € 82m (Q3/2025: €81m), corresponding to an Adjusted EBT margin of 12.7% (Q3/2025: 13.0%). Adjustments The following tables provide reconciliations of the reported key �igures. For the period from January 1 to September 30 2026 in € m 2025 in € m EBITDA 438.5 425.9 Acquisition-/Integration-related expenses 2.0 7. 7 Reorganization expenses 0.9 3.0 Other non-recurring income/expenses 1.9 - Adjusted EBITDA 443.3 436.6 Adjusted EBITDA margin 23.4% 23.7% 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 �inance 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 .
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Third quarter 2026 7 For the period from January 1 to September 30 2026 in € m 2025 in € m EBT 240.0 229.7 Adjustments (EBITDA) 4.8 10.7 Acquisition-/Integration-related expenses - - Impairment charges - - Reorganization expenses - - Other non-recurring income/expenses - - Adjusted EBT 244.8 240.4 Adjusted EBT margin 12.9% 13.0% No further items have been identi�ied as extraordinary e f f e c t s o n E B T i n t h e current �inancial year to date. Forecast, opportunities and risk report, and outlook The statements made in the 2025 Annual Financial Report regarding the opportunities and risks of the business model remain unchanged. Outlook The Management Board con�irms the full-year 2026 guidance updated in August. Building on the stronger growth in Q3, the Fielmann Group is well positioned to achieve its full-year targets. Customer satisfaction is anticipated to remain at a high level of around 90%. The Group expects total consolidated sales of €2.50bn to €2.55bn, corresponding to a YoY growth of +2% to +5%, and an Adjusted EBITDA margin of 22% to 23%, with an Adjusted EBITDA of €560m to €580m. The Adjusted EBT margin is expected to be around 12%. The outlook remains subject to geopolitical and macroeconomic uncertainties and is based on exchange rates as of November 2026. Hamburg, November 5, 2026 Fielmann Group AG The Management Board
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8 Third quarter 2026 Consolidated profit and loss statement For the period from January 1 to September 30 2026 € 000s 20252 € 000s Change from previous period (%) 1. Total consolidated sales 1,897,480 1,844,067 2.9 2. Other operating income 3,609 6,774 -46.7 3. Cost of materials -378,729 -376,869 0.5 4. Personnel expenses -789,552 -753,684 4.8 5. Other operating expenses -294,329 -294,353 0.0 6. Earnings before interest, taxes, depreciation and amortization (EBITDA) 438,479 425,935 2.9 EBITDA margin 23.1% 23.1% 7. Depreciation of right–of–use assets -88,865 -90,084 -1.4 8. Other depreciation, amortization and impairment -80,354 -78,117 2.9 9. Interest expenses from lease liabilities -16,537 -14,977 10.4 10. Other �inancial expenses -16,254 -16,336 -0.5 11. Financial income 3,566 3,293 8.3 12. Earnings before taxes (EBT) 240,035 229,714 4.5 EBT margin 12.7% 12.5% 13. Taxes on income and earnings -69,610 -67,881 2.5 14. Net pro�it for the reporting period 170,425 161,833 5.3 15. Pro�its attributable to other shareholders -1,257 -1,425 -11.8 16. Pro�its attributable to parent company shareholders 169,168 160,408 5.5 Earnings per share in € (undiluted/diluted) 2.02 1.91 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.
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Third quarter 2026 9 For the period from July 1 to September 30 2026 € 000s 20253 € 000s Change from previous period (%) 1. Total consolidated sales 649,482 618,234 5.1 2. Other operating income 61 2,223 -9 7. 3 3. Cost of materials -130,799 -125,300 4.4 4. Personnel expenses -269,336 -256,778 4.9 5. Other operating expenses -102,725 -98,533 4.3 6. Earnings before interest, taxes, depreciation and amortization (EBITDA) 146,683 139,846 4.9 EBITDA margin 22.6% 22.6% 7. Depreciation of right–of–use assets -29,186 -29,910 -2.4 8. Other depreciation, amortization and impairment -2 7, 4 3 7 -26,095 5.1 9. Interest expenses from lease liabilities -5,566 -5,144 8.2 10. Other �inancial expenses -4,474 -4,270 4.8 11. Financial income 1,568 1,357 15.5 12. Earnings before taxes (EBT) 81,588 75,784 7. 7 EBT margin 12.6% 12.3% 13. Taxes on income and earnings -23,523 -22,394 5.0 14. Net pro�it for the reporting period 58,065 53,390 8.8 15. Pro�its attributable to other shareholders -427 -394 8.4 16. Pro�its attributable to parent company shareholders 57,638 52,996 8.8 Earnings per share in € (undiluted/diluted) 0.69 0.63 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.
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10 Third quarter 2026 Currency translation effects on external sales Germany Switzerland Austria Spain North America Other Consolidation Consolidated value Sales growth 2.0% 5.5% 1.6% 7.2% -1.2% 12.7% - 2.9% Sales growth at constant currency 2.0% 3.7% 1.6% 7.2% 2.7% 13.3% - 3.2% Segment reporting for the period from January 1 to September 30 ( figures of the corresponding prior -year period 4 are stated in parentheses) in €m Germany Switzerland Austria Spain North America Other Consolidation Consolidated value Segment sales 1,255.1 192.8 82.3 171 205.7 123.7 -133.1 1,897.5 (1,219.8) (181.9) (81.1) (156.6) (208.6) (107.9) (-111.8) (1,844.1) Intersegment sales 102.2 2.5 0.0 4.1 0.1 24.2 -133.1 0.0 (89.1) (1.4) (0.1) (0.9) (0.6) (19.7) (-111.8) (0.0) Sales 1,153.0 190.3 82.4 166.9 205.5 99.4 1,897.5 (1,130.7) (180.4) (81.0) (155.8) (207.9) (88.3) (1,844.1) Cost of materials 274.6 31.6 19.4 56.4 43.9 39.8 -87.0 378.7 (271.4) (30.1) (17.7) (52.9) (44.5) (36.0) (-75.7) (376.9) Personnel costs 486.3 73.0 33.6 61.6 95.3 39.8 789.6 (473.0) (69.6) (32.2) (52.4) (92.4) (34.1) (753.7) Other operating expenses 203.0 32.4 16.1 18.8 47.7 22.6 -46.3 294.3 (200.7) (29.9) (14.5) (14.4) (50.3) (20.8) (-36.2) (294.4) Earnings before interest, taxes, depreciation and amortization (EBITDA) 292.9 56.2 13.2 34.8 18.9 22.5 438.5 (277.9) (52.7) (16.8) (37.5) (21.5) (19.5) (425.9) EBITDA margin 23.3% 29.1% 16.0% 20.4% 9.2% 18.2% 23.1% (22.8%) (29.0%) (20.7%) (23.9%) (10.3%) (18.1%) (23.1%) Adjustments 0.9 0.4 3.5 4.8 (3.0) (0.3) (7.4) (10.7) Adjusted EBITDA 293.8 56.2 13.2 35.2 22.4 22.5 443.3 (280.9) (52.7) (16.8) (37.8) (28.9) (19.5) (436.6) Adjusted EBITDA margin 23.4% 29.1% 16.0% 20.6% 10.9% 18.2% 23.4% (23.0%) (29.0%) (20.7%) (24.1%) (13.9%) (18.1%) (23.7%) Scheduled depreciation 82.9 14.4 6.9 21.1 25 18.9 169.2 (82.7) (13.1) (6.4) (20.5) (26.2) (19.3) (168.2) Expenses in the financial result 23.8 1.5 1.2 3.5 1.8 3.4 -2.4 32.8 (21.9) (1.9) (1.0) (3.4) (2.0) (3.1) (-2.0) (31.3) Income in the financial result 3.4 1.1 0.2 0.6 0.7 -2.4 3.6 (3.4) (0.7) (0.1) (0.6) (0.5) (-2.0) (3.3) Earnings before taxes (EBT) - in the segments excluding income from participations 189.6 41.4 5.1 10.4 -7.4 0.9 240.0 (176.7) (38.4) (9.4) (13.7) (-6.1) (-2.4) (229.7) 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.
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Third quarter 2026 11 EBT margin 15.1% 21.5% 6.2% 6.1% -3.6% 0.7% 12.6% (14.5%) (21.1%) (11.6%) (8.7%) (-2.9%) (-2.2%) (12.5%) Adjustments 0.9 0.4 3.5 4.8 (3.0) (0.3) (7.4) (10.7) Adjusted EBT 190.5 41.4 5.1 10.8 -3.9 0.9 244.8 (179.7) (38.4) (9.4) (14.0) (1.3) (-2.4) (240.4) Adjusted EBT margin 15.2% 21.5% 6.2% 6.3% -1.9% 0.7% 12.9% (14.7%) (21.1%) (11.6%) (8.9%) (0.6%) (-2.2%) (13.0%) Taxes on income and earnings 59.0 6.8 1.5 3.0 -2.1 1.4 69.6 (58.0) (6.5) (2.2) (2.7) (-2.2) (0.7) (67.9) Net profit for the reporting period 130.6 34.6 3.6 7.4 -5.3 -0.5 170.4 (118.7) (31.9) (7.2) (11.0) (-3.9) (-3.1) (161.8)
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12 Third quarter 2026 Financial calendar The Fielmann Group will provide live streaming of its 9M and Q3/2026 �inancial results conference call beginning at 3:00 p.m. CET on November 5, 2026. Y ou can register to participate in the earnings call via the following link: Registration. The webcast will be available for replay . Q3 report November 5, 2026 BofA EMEA Consumer Conference November 18, 2026 Eigenkapitalforum November 23-24, 2026 Berenberg European Conference December 2, 2026 ODDO BHF Forum January 7, 2027 Commerzbank GIS January 11, 2027 Kepler Cheuvreux GCC January 18, 2027 Preliminary results FY2026 February 2027 UBS Pan European Conference March 11, 2027 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@�ielmann.com · www.�ielmann-group.com
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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@�ielmann.com · www.�ielmann-group.com