Fielmann Group sets €4bn sales target for 2030, reports 12% growth

Fielmann Group unveiled its "Vision 2035" strategic plan, targeting approximately €4 billion in sales and a 25% adjusted EBITDA margin by 2030. The eyewear retailer reported robust first-half 2025 consolidated sales of €1.2 billion, up 12% year-over-year, with an adjusted EBITDA margin of 23.7%. For the full year 2025, Fielmann projects sales up to €2.5 billion and a group-level adjusted EBITDA margin of 24%, confirming H1 results met profitability targets and aligning with prior guidance.

Analysis

Fielmann Group has outlined a clear long-term growth and profitability roadmap with its "Vision 2035" strategy, targeting approximately €4 billion in sales and a 25% adjusted EBITDA margin by 2030. This ambitious outlook is substantiated by robust recent performance, including a 12% year-over-year sales increase to €1.2 billion in the first half of 2025 and a strong adjusted EBITDA margin of 23.7%. The company's credibility is further enhanced by its reaffirmed full-year 2025 guidance, which projects sales of up to €2.5 billion and a group-level adjusted EBITDA margin increasing to 24%. The forecast for a 25% margin in its European operations for 2025 demonstrates that its core market is already on track to meet the long-term profitability goal, providing a solid foundation for the group's strategic objectives.

Key Decisions for Investors

• The combination of a new long-term strategic plan, strong H1 2025 results, and reaffirmed full-year guidance presents a positive catalyst for Fielmann Group, supporting a bullish outlook.
• Investors should monitor the company's ability to execute on its margin expansion, as the progression from the current 23.7% towards the guided 24% in 2025 and 25% by 2030 is a critical pillar of the investment case.
• It is prudent to evaluate the required compounded annual growth rate needed to reach the €4 billion sales target by 2030, assessing whether the current 12% growth trajectory is sustainable and sufficient to meet this long-term ambition.