Fielmann profit beats estimates as international growth accelerates

Fielmann AG reported stronger-than-expected second-quarter profits, driven by accelerating international sales and disciplined costs. Net profit attributable rose to €55.8 million, exceeding the consensus estimate of €47.6 million. Revenue grew 2.3% to €634.9 million, slightly higher than expected.

Despite weak demand in Germany, Fielmann's largest market, international growth accelerated. Sales outside Germany increased 6% year-over-year, with Spain and Poland showing notable strength. Spain's first-half sales grew 7.4%, while Switzerland expanded by 2.5% at constant currency. U.S. sales rose 3.3% at constant currency in the first half, accelerating to 4.5% in the second quarter.

Fielmann anticipates its growth will pick up in the second half due to targeted hiring, store openings, and productivity gains. Adjusted EBITDA reached €295.7 million, with a stable margin of 23.7%. Gross margin improved to 80.1%. However, the U.S. margin dropped to 12.5% as the company invested in its business-model transformation.

The company maintained its revised 2026 targets, expecting revenue between €2.50 billion and €2.55 billion and adjusted EBITDA between €560 million and €580 million, with an adjusted EBITDA margin of 22-23%. This guidance was downgraded last week due to ongoing uncertainty around German consumer demand.