Letter from the CEO

Record results – Vision 2025 reached

In 2025, total consolidated sales increased by 7% to €2.44bn. Adjusted EBITDA growth at 18% to €581m outpaced sales growth. The Adjusted EBITDA margin reached our target levels of 24% at Group level and 25% in Europe. Net income surged by 33% to €206m – a new all-time high.

When we launched our Vision 2025 growth strategy in 2019, neither a global pandemic nor a war in Europe were foreseeable. Despite these unprecedented challenges, we expanded total consolidated sales by approximately €1bn, a 70% increase within just six years. In the same period, our profitability improved significantly with a nearly +€200m increase in Adjusted EBITDA. Both were well above our original ambition.

Our Vision 2025 numbers are the result of the loyalty of our customers, the dedication of our teams and the strength of our organization.

Market share across major markets

The Fielmann Group has grown from the market leader in Central Europe into the third largest vision care provider worldwide. Today, we operate about 1,300 stores and optometry practices in Europe and North America.

In 2025, Germany remained in economic stagnation. In this environment we delivered robust growth of +4% and were able to significantly extend our market share, once again. Our unit sales market share in our home market reached a new record high of 57% – more than every second pair of glasses in Germany is dispensed by Fielmann.

Austria and Switzerland both grew +6% in sales. Spain managed to increase its sales by +10%. Other European markets delivered sound growth, driven by double-digit growth in Poland and the Czech Republic. All of this contributed to significant market share gains.

In the United States, the successful integration of SVS Vision and Shopko Optical significantly improved profitability. As we transitioned from the integration to the business transformation phase, Adjusted EBITDA margin jumped +6.3%pt. to 16.2% in FY2025 (FY2024: 9.9%). While we are very pleased with the margin extension, a significant acceleration of comparable growth in Q4 (+5% over the same period last year) makes us optimistic that we are on track to seize the opportunities in our largest growth market going forward.

Medical Business as new growth driver

Our medical services showed particularly strong momentum in 2025: Consolidated sales from eye care services increased by approximately 50% over last year, reaching a total of €60m. This development was driven both by the consolidation of our US business and the +60% growth of our tele-ophthalmology business in Europe. Eye health has established itself as a distinct and strategically important growth pillar of the Fielmann Group.

Dividend Increase

Considering the strong performance in 2025, the Management Board and Supervisory Board will propose a dividend of €1.40 per share at the Annual General Meeting. This represents an increase of 22% compared to the previous year and reflects our commitment to a reliable and sustainable dividend policy.

Outlook: Vision 2035

With our Vision 2035 we build on our position as the most trusted partner for hearing and vision, to redefine comprehensive care globally. This vision builds on our proven track record in attractive markets globally.

By 2030, we aim to increase Fielmann Group total consolidated sales to around €4bn, achieve a global Adjusted EBITDA margin of approximately 25% and maintain customer satisfaction of around 90% as our most important target.

While our core optometry markets in Central Europe still offer significant potential, we expect the biggest contributions from our successful expansion in the United States, Spain and Poland. In the United States alone, we expect sales of around $1bn in 2030. We are planning sales in our European audiology business will more than double over the next five years, while our medical services business is expected to more than triple by 2030. 

On behalf of the Management Board, I would like to thank all our customers, the 24,000 colleagues in our large family, our partners, our friends and especially you, dear shareholders, for your loyalty to the Fielmann Group. 

We exceeded our expectations in the last six years. It is with optimism that we can embark into the next decade together.

Let us help everyone hear and see the beauty in the world.

Hamburg, April 2026

Marc Fielmann
Chief Executive Officer (CEO)