Fielmann Group expects HY1/2023 sales to grow +13%, EBITDA +21% over last year

Vision 2025 investments lead to outperformance of e-commerce and international sales

  • Fielmann Group benefits from customers opting for the price leader across major markets, increases its HY1/2023 sales by around +13%, EBITDA +21% over last year.
  • Vision 2025 investments in the digitalisation and internationalisation of the family business lead to +28% growth in e-commerce and +20% over last year in international markets.
  • The Cost Leadership Program continues to reduce structural costs and improves margins.

Preliminary financials of HY1/2023
In the first half of the year 2023, the Fielmann Group generated external sales (incl. VAT and inventory changes) of around €1.1 billion, a 13% increase over previous year (€994 million). Consolidated sales rose to approximately €966 million (+13%, previous year: €855 million). Earnings before interest, taxes, depreciation and amortisation (EBITDA) grew disproportionately to €207 million (+21%, previous year: €171 million), corresponding to an improved EBITDA margin of 21% (previous year: 20%). Earnings before taxes (EBT) are expected to have reached about €108 million (+21%, previous year: €89 million).

Vision 2025 investments in digitalisation and internationalisation drive growth
In line with its Vision 2025 the Fielmann Group continues to digitalise and internationalise its business model. As the family business develops and rolls out its omnichannel platform, e-commerce sales gained about +28% over last year in HY1/2023. After piloting its proprietary measurement technology for prescription eyewear in Austria in Q1/2023, Fielmann launched its prescription eyewear e-commerce in Germany in Q2/2023. The scheduled roll-out of its new omnichannel platform to all major Fielmann markets will contribute to sustained growth in digital channels.

As per our preliminary forecast, HY1/2023 sales grew at +10% over last year in Germany. International markets continue to outperform with +20% growth in the same period. On a comparable base, excluding the acquisition of Medical Óptica Audición, international sales were still up +14% over last year. Particularly strong growth was recorded in the Czech Republic, Italy, Poland and Spain. The closing of our acquisition of SVS Vision (USA) scheduled in Q3/2023 will further contribute to the dynamic sales growth in international markets.

Outlook
The Fielmann Group confirms its optimistic outlook with unit sales growth of +4% to 8% over last year, net sales growth of 7% to 10% over last year and EBITDA growth of 9% to 21% for the full year 2023.

Hamburg, 13 July 2023

Fielmann Group (Fielmann Aktiengesellschaft)
The Management Board

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