Fielmann: A Proven Model, Now Scaling Internationally

Research evidence excerpt

Fielmann: A Proven Model, Now Scaling Internationally

Deutsche Bank

Research

Rating Company Date

Buy Fielmann 10 June 2026

Initiation of Coverage

Europe

Germany

Reuters Bloomberg Exchange Ticker Price at 8 Jun 2026 (EUR) 41.25

FIEG.DE FIE GR GER FIEG

Price Target (EUR) 63.00

Retail

ADR ISIN 52-week range (EUR) 58.70 - 40.00

Retail - Non Food

FLMNY US31660D1072

A Proven Model, Now Scaling

Valuation & Risks Internationally

Michael Kuhn

A Proven Market Leader Entering a New Growth Phase Research Analyst

Fielmann is Europe’s leading optical retailer by volume, with a highly efficient +49-69-910-46002

vertically integrated model, dominant market positions, and consistently high

Olivia Pulvermacher

customer satisfaction of around 90%. Under second-generation CEO Marc Research Analyst

Fielmann, the company has successfully executed its Vision 2025 transformation, +49-69-910-31944

delivering sales growth of nearly €1bn versus 2018 and a significant increase in

profitability. This track record of execution provides what we see as a credible

foundation for the next strategic phase – expanding beyond its historically mature

core markets toward a more international, growth-oriented business model.

US Expansion and Market Consolidation as Key Growth Drivers

Vision 2035 marks a clear strategic pivot, targeting ~€4bn in sales by 2030 and a

~25% EBITDA margin, driven by three core vectors: 1) expansion into the

fragmented US optical market, 2) continued consolidation in Europe, led by Spain,

and 3) the build-out of audiology and primary eye care services. In the US, Fielmann

is applying a disciplined buy-and-build strategy, having established a strong

foothold in the Midwest through acquisitions such as SVS Vision and Shopko

Optical, where it already holds leading regional positions.