Fielmann (AO) | Buy | Q2 broadly in line, international growth accceleration, Germany muted

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Fielmann (AO) | Buy | Q2 broadly in line, international growth accceleration, Germany muted

s 2026E Adj. EBITDA estimates, we would expect only

a somewhat muted initial share price reaction.

Q2 preliminary headline results are generally in line. Fielmann stepping up store openings, German market still subdued

Fielmann published preliminary headline H1 results ahead of today's AGM.

The implied Q2 sales of c. EUR637m (+2.6%) were broadly in line. Noteworthy here was a reacceleration in International sales to

6% from 1% in Q1, which had been partially impacted by harsh winter weather. Spain (+10%) and Poland (+7% c), both constant

currency, continued to report robust growth. Sales in Germany were said to have continued to grow "modestly".

The implied Q2 Adj. EBITDA of c. EUR147m (23% margin) was a touch above our estimate and the average consensus estimate

(1% below the company collated consensus).

Officially, the full-year guidance range was reconfirmed, but due to the prolonged geopolitical and macroeconomic effects on

consumer sentiment, especially in Germany, Fielmann has now refined the guidance to the lower end of the guidance range. This

implies sales of c. EUR2.55bn (+5%) and Adj. EBITDA c. EUR590, (+3% yoy). Consensus estimates were already relatively

conservative, given the still subdued consumer climate. Hence, at first glance, the implied cut to consensus estimates appears to

be likely to be rather modest (low single-digit percentage).

The lower end of the guidance range nevertheless still implies a significant acceleration in revenue growth in H2. The company

remains confident in being able to achieve a significant acceleration, in part driven by the accelerated store openings, plus

increased staff capacity and productivity gains.