Fielmann AG reported second-quarter net profit attributable of €55.8 million, a 5.6% increase from the prior-year period and above S&P Global Visible Alpha's consensus estimate of €47.6 million. Revenue grew 2.3% to €634.9 million, exceeding expectations of €612.7 million.
For the first half of 2025, group revenue rose 1.8% to €1.25 billion, or 2.3% at constant currency. Net profit attributable increased 3.8% to €111.5 million. Adjusted EBITDA reached €295.7 million, with the margin broadly stable at 23.7%, while gross margin improved to 80.1%. The U.S. margin declined to 12.5% from 14.9% due to investments tied to its business-model transformation.
International sales growth outside Germany accelerated to 6% year-over-year in Q2, up from 4% in Q1. Spain and Poland led the expansion, with Spain reporting 7.4% first-half sales growth and Poland also showing strong performance. Switzerland recorded a 2.5% increase at constant currency, while the U.S. saw a 3.3% rise in the first half and 4.5% growth in Q2, both at constant currency.
The company maintained its 2026 guidance, unchanged after a reduction earlier this month amid weak German consumer demand. Fielmann expects revenue of €2.50 billion to €2.55 billion and adjusted EBITDA of €560 million to €580 million, with margins projected between 22% and 23%. Growth is anticipated to accelerate in the second half, supported by targeted hiring, new store openings, productivity gains, and capacity expansion under its Vision 2035 strategy.
