Fielmann Group: Eyes on the Prize

Fielmann has already executed on its “Vision 2025” roadmap, delivering +70% revenue growth and EBITDA margins of ~25% across Europe, one year ahead of plan. Now, Vision 2035 scales this further across four engines: core optometry, US expansion, audiology, and medical eye services. By leveraging a mix of automation, cross-selling, and price transparency, it’s replicating European efficiency in less consolidated US markets, creating a credible path to €1 billion EBITDA by 2030.

Fielmann’s cost advantage is structural. Its vertically integrated model, in-house finishing labs, and proprietary brands yield +50% gross margins and enable best-in-class value pricing. In the US, this translates to 20–25% lower costs vs competitors. Add a unified omnichannel platform (launching 2026) with AI diagnostics and robotic lens-cutting, and it’s clear Fielmann is building a defensible tech + margin stack that can travel well beyond Germany.

This isn’t a growth-at-all-costs story. Vision 2035 is forecast to generate €3 billion in free cash flow over five years, funding both expansion and a stable 55% dividend payout. With net debt capped at 1.5× EBITDA and recent sub-4% debt funding already locked in, Fielmann retains financial flexibility while limiting dilution. The strategy is both bold and balanced, offering income and growth in one package.

• US ERP Integration: Successful consolidation of US operations onto one tech stack could de-risk the US story.

• Store Expansion & Margin Beats: Announcements of new clinics and sustained 25%+ EBITDA margins in Europe should validate scalability.

• Greenfield US Clinics: New stores in high-opportunity states like Texas and Florida could show Fielmann can build as well as buy.

• Hearing + Optical Cross-Sell: If audiology reaches €400m sales with >10% European share, it proves the model works across verticals.

• €4bn Revenue Milestone: Hitting this target confirms the growth engine is firing; FCF should inflect.

• Potential US IPO or Spin: Management has hinted at optionality; separating US ops post-scale could unlock value and attract new investors.

Fielmann’s entry into the US through acquisitions (Shopko Optical, SVS Vision, Befitting) gives it scale but brings integration risk. These businesses vary in systems, service models, and brand equity, which could complicate efforts to unify them under a single ERP, pricing model, and customer experience. Missteps in standardisation could delay profitability or erode margins, particularly in the early years of the US rollout.

While Fielmann has historically maintained ~25% margins in Europe, this hinges on operational efficiency and automation offsetting rising wages and input costs. Regulatory shifts, economic downturns, or more aggressive competition could squeeze prices and force promotional activity. Any deterioration in cost control or customer acquisition efficiency would challenge its ability to maintain profitable growth across its expanding footprint.

Fielmann plans to expand from 40 to 550 stores offering “Eye Health Check-Ups” by 2030, a major clinical and operational leap. Unlike retail, this business involves recruiting and coordinating ophthalmologists, adhering to medical regulations, and deploying diagnostics infrastructure at scale. If uptake is slower than expected or compliance becomes a bottleneck, it could absorb resources and dilute the return profile of the wider strategy.