EQS-News: Fielmann Group preliminary financials for FY2024

Fielmann Group preliminary financials for FY2024
Sales grow +15% to € 2.3 billion, profitability jumps +23%

• FY2024 preliminary numbers in line with capital market guidance published in July 2024
• Group adj. EBITDA grows by 23%, in Europe the margin is up +2.1 %pt. (to 22.8%)
• Primary eyecare grows rapidly in Europe: already 130,000 Eye Health Check Ups

In 2024, the Fielmann Group generated consolidated sales of about €2.3 billion, a 15% increase compared to the previous year (€2.0 billion). This was due to strong organic growth (+7%) and the consolidation of our US acquisitions (+8%). The Fielmann Group also significantly improved its profitability: The adjusted EBITDA margin rose to circa 21.7% at Group level (+1.5 percentage points vs. last year), and to about 22.8% (+2.1 percentage points vs. last year) in Europe while Fielmann USA improved its adjusted EBITDA margin to 9.9%, all in line with our guidance.

Market share gains across major geographies
Despite macroeconomic headwinds and low consumer sentiment, Fielmann in FY2024 continued its strong organic sales growth in Central Europe: According to preliminary financials, Germany grew +7%, Switzerland went up +5% and our sales in Austria improved by +10% compared to the previous year. This development was driven by a significant increase in progressive lenses and an impressive performance of our hearing aids business. Our Spanish business grew at +10% versus the previous year. In our other European markets, we increased our sales by +5%. This includes double-digit growth in Poland and the Czech Republic as well as a decline in Italy attributable to a store network consolidation which significantly improved the country’s profitability.

Fielmann USA grew to about €200 million in 2024, primarily driven by the first full-year consolidation of SVS Vision as well as the consolidation of the first six months of our Shopko Optical business from July onwards. On a like-for-like basis, the sales of our US business increased by +11% compared to last year, outperforming the market.

Strong sales growth across major categories, huge demand for primary eyecare in Europe
According to FY2024 preliminary sales figures, the Fielmann Group benefitted from strong growth of 6% or more across every major category. In Europe, organic growth in contact lenses was flat, sunglasses without prescription grew +6%, prescription eyewear rose by 7% and hearing aids jumped by 10%. Our primary eyecare business has grown to sales of about €40 million in 2024. This development was primarily driven by our US acquisitions. In the United States, primary eyecare is a key component of our business. In Europe, Fielmann fulfils a long-held customer wish with its Eye Health Check Up: Since the inception more than 130,000 customers have opted for our innovative service in Germany, Switzerland and Austria. This medical offering grows rapidly as the number of Check Ups per store per day rises and the service is becoming available at ever more Fielmann stores across Europe.

Strong profitability increases in line with FY2024 guidance, dividend increases correspondingly
According to preliminary figures, the Fielmann Group increased its FY2024 adjusted EBITDA by about +23% to €491 million (previous year: €399 million). This development was driven by strong organic growth in Europe due to an improved sell-out mix and notable growth in our hearing aids business as well as stringent cost control. The Group’s adjusted EBITDA margin increased by about +1.5 percentage points to 21.7% (previous year: 20.2%). The same margin in Europe rose by circa +2.1 percentage points to 22.8% in 2024 (previous year: 20.7%). In the United States, the FY2024 adjusted EBITDA margin has improved to about 9.9%. The adjusted earnings before taxes (EBT) for the Fielmann Group as a whole jumped by circa 23% to about €237 million (previous year: €193 million).

Considering the successful development of the Group in 2024, the Management Board and Supervisory Board have decided to recommend an increased dividend of €1.15 per share (previous year: €1.00) to the Annual General Shareholder Meeting on July 10, 2025.

Outlook
Despite macroeconomic headwinds in many European markets, the Fielmann Group continues to thrive – thanks to loyal customers, its attractive value-for-money offering, its best-in-class service and stringent cost control. Our market share gains in 2024 make us optimistic that we continue to grow our market position this year. With our Vision 2025 growth strategy we successfully accelerated the growth pace of our family business. In light of our recent profitability improvements, the Fielmann Group is on track to deliver its 25% adjusted EBITDA margin goal in Europe as well as its 24% adjusted EBITDA margin goal at Group level. A more detailed guidance for FY2025 will be reviewed by our Supervisory Board in April and published subsequently in our Annual Report.

Hamburg, Germany – March 4, 2025

Fielmann Group AG
The Management Board

About Fielmann Group AG
The Fielmann Group is a German family business that serves 29 million customers with eyewear, contact lenses, hearing aids and primary eyecare services. It operates an omnichannel platform consisting of digital sales channels and more than 1,200 retail stores worldwide. Founded in 1972, the company is led by Marc Fielmann, representing the second generation of the Fielmann Family who still owns the majority of the company’s stock. By staying true to its customer-centric values, the Fielmann Group helps everyone hear and see the beauty in the world. Thanks to the dedication of its 24,000 people worldwide, the company is consistently reaching customer satisfaction and retention rates of more than 90% and has to-date fitted more than 200 million pairs of individual prescription glasses. 

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