Q2 preview: expect headlines during AGM on 9 July

研报英文原文证据摘录

Q2 preview: expect headlines during AGM on 9 July

Deutsche Bank

Research

Rating Company Date

Buy Fielmann 26 June 2026

Results

Europe

Germany

Reuters Bloomberg Exchange Ticker Price at 25 Jun 2026 (EUR) 43.15

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

Q2 preview: expect headlines during

Valuation & Risks AGM on 9 July

Michael Kuhn

Headline numbers expected at AGM, full Q2 release on 27 August Research Analyst

Fielmann will publish its Q2 2026 results on 27 August. However, as is customary, +49-69-910-46002

we expect the company to provide a first read on Q2 trading at its AGM on 9 July,

Olivia Pulvermacher

when management typically discloses preliminary headline numbers. Investors Research Analyst

should therefore look to the AGM for the initial data point, with the full P&L and +49-69-910-31944

segment detail following at the end of August.

We forecast ~4% sales growth and broadly flat margins

For Q2, we forecast group sales growth of approximately 4% year-on-year, with

EBITDA growth broadly in line at ~4%, implying largely flat EBITDA margin. EPS

growth should come in slightly higher at around 6%, supported by ongoing

operational efficiency and a modest tailwind below the operating line. Our forecasts

assume that underlying sales and cost trends remain supportive, consistent with

the trajectory established over recent quarters and with management's FY2026

guidance of 5-7% sales growth and an Adj. EBITDA margin of approximately 23%.

Store opening acceleration could weigh on near-term margins

The main potential burden to Q2 profitability is the accelerated pace of store

openings that Fielmann plans for FY2026. New store openings typically carry an