In recent quarters, Fielmann has shown that the turnaround was not a flash in the pan. Sales and profits continue to develop positively - driven by solid demand, stable margins and progress with the efficiency program.
The "Cost Leadership Program" is having a clear impact. The personnel cost ratio is falling, profitability is increasing and the integration of the new IT systems is proceeding according to plan.
The successes have long been visible
Digitalization and automation are not only changing the internal organization, but also the customer experience. Many processes that used to be manual or paper-based are now digital - from making appointments to online vision tests and spectacle fittings.
Fielmann is well on its way to recapturing the cost advantages that once made the company so strong and transferring them to the US market.
The expansion in the USA is a milestone for Fielmann. The market there is highly fragmented and characterized by an almost endless number of small providers. Fielmann has the opportunity there to once again implement the successful model it has proven in Europe - but on an even larger scale.
So far, everything seems to indicate that this strategy is paying off. In the last two years, the company has seen profits jump by 29% and 15% respectively.
Fielmann on course for the future
Sales increased by 12.3% in the first half of 2025. At the same time, profitability continued to improve, with operating profit (EBT) even increasing by 24.1 million euros to 152 million euros.
The US business developed particularly well. Following the integration of Shopko Optical and SVS Vision, the break-even point has already been reached - one year earlier than initially planned.
Fielmann is forecasting sales of 2.5 billion euros for 2025, compared to 2.26 billion euros in the previous year. In addition, the company expects the Group-wide efficiency program to contribute to a further increase in profitability.
The EBITDA margin is expected to increase from 21.7% to 24.0% and the EBITDA from 471 to 580 million euros.
Earnings before taxes (EBT) are expected to continue the positive trend of previous years.
According to estimates, earnings this year should increase by 34% to 2.42 euros per share. Fielmann therefore has a P/E ratio of 20.6, compared with a long-term average of 26, which means that there is considerable potential from this perspective
Fielmann share: chart from 07.10.2025, price: EUR 49.90 - symbol: FIE | source: TWS
Fielmann has returned to the breakout level of the last rally. For anti-cyclical investors, the range between EUR 50 and EUR 45 could be interesting.
If, on the other hand, the stock manages to rise above 52.50 euros, a procyclical Kaufsignal with price targets of EUR 56.50 and EUR 58.50.
If, on the other hand, the share falls below EUR 45, the bulls will have lost their chance for the time being.
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