Fielmann Group accelerates Q3 sales growth to 5.1%, supported by price leadership and network expansion

Fielmann Group accelerates Q3 sales growth to 5.1%, supported by price leadership and network expansion

• Q3 sales growth pace in Germany increased significantly to +4.2% YoY in a challenging environment while international market growth remained even stronger at +5.9%
• Expansion on track with 19 new locations opened in Q3/2026 alone (56 in 9M/2026)
• Management confirms full-year guidance

Q3/2026
In the third quarter of 2026, Fielmann Group increased its sales by +5.1% YoY to €649m (Q3/2025: €618m) despite a persistently challenging environment. At constant currency, Group sales grew by +4.9% YoY. Sales in Germany picked up noticeably while international markets developed even more favourably at +5.9% YoY in the quarter.

Germany surged by +4.2% in the third quarter over the same period last year, a significant increase in the growth pace compared to HY1/2026. As the price leader we benefited from a value conscious consumer sentiment, leading to unit growth in existing optical stores. New store openings and double-digit audiology growth also contributed. The AI based automated refraction technology had been rolled out to 227 stores at the end of the quarter, leading to improved refraction capacity and productivity.

In Austria, sales grew by +2.6%, and Switzerland reached +6.0% at constant currency. Spain grew by +6.6%. The slowdown compared to the previous quarter was caused by the brand transition in dozens of stores in Northern Spain. Fielmann USA generated sales of $78m, an increase of +1.4% YoY (Q3/2025: $77m). Expanding unit volumes and improving conversion rates provide evidence that the business model transformation is resonating, while a shift towards more affordable products contributed to a lower average order value. Other markets recorded sales growth of +17.7% at constant currency in Q3.

9M/2026
In the first nine months of 2026, the Fielmann Group generated consolidated sales of €1.90bn, an increase of +2.9% over the same period in 2025 (€1.84bn). At constant currency, sales grew by +3.2%. The growth momentum has been building quarter over quarter as the Fielmann Group invests in organic growth. In the first nine months, sales in our home market grew by +2.0% YoY. International sales increased by +4.4% and accounted for 39% of Group sales.

As of September 30, 2026, the Fielmann Group operated 1,318 stores and practices worldwide (9M/2025: 1,257), of which 483 included hearing aid studios (9M/2025: 430). The Group continued to expand its network during the first nine months of 2026, adding 56 new locations in total. 80% were opened outside Germany, with the largest network extensions in Luxembourg, Poland, Spain and the United States. With around 15 additional store openings planned for the final quarter, the Group is well on track to achieve its target of approximately 70 new locations in 2026. This corresponds to a tripling of the expansion pace in 2025 (22 net new stores and practices).

Despite the continued investments in people and network expansion, Group profitability remained at a high level: The Adjusted EBITDA margin was 23.4% in the first nine months of 2026 (9M/2025: 23.7%). In Europe it remained stable at 24.9% (9M/2025: 24.9%). The US Adjusted EBITDA margin was 10.9% (9M/2025: 13.9%), reflecting targeted investments in optometrist capacity and the business model transformation.

Outlook for Financial Year 2026
The Management Board confirms the full-year 2026 guidance updated in August. Building on the stronger growth in Q3, the Fielmann Group is well positioned to achieve its full-year targets. Customer satisfaction is anticipated to remain at a high level of around 90%. The Group expects total consolidated sales of €2.50bn to €2.55bn, corresponding to a year-on-year growth of 2% to 5%, and an Adjusted EBITDA margin of 22% to 23%, with an Adjusted EBITDA of €560m to €580m. The Adjusted EBT margin is expected to be around 12%. The outlook remains subject to geopolitical and macroeconomic uncertainties and is based on exchange rates as of November 2026.
 

Hamburg, Germany – November 5, 2026

Fielmann Group AG
The Management Board