Fielmann : Report as at June 30, 2025

Half-year financial report 1

HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2025

Key Figures

HY		1/2025 HY1		/2023 HY1/
Total consolidated sales	in € m	1,224	1,089	980	863	799
Change %		+12.3	+11.1	+13.5	+8.0	-
Unit sales (glasses)	in millions	4.7	4.5	4.4	4.2	3.9
Change %		+4.1	+2.9	+4.7	+7.0	-
EBITDA	in € m	284	230	208	171	187
Change %		+23.4	+10.5	+21.5	-8.1	-
Adjusted EBITDA	in € m	290	230	204	-	-
Change %		+25.9	+12.8	-	-	-
Adjusted EBITDA margin %		23.7	21.1	20.8	-	-
Change	%-points	+2.6	+0.3	-	-	-
EBT	in € m	152	122	108	89	96
Change %		+24.1	+13.1	+21.4	-7.2	-
Adjusted EBT	in € m	158	122	104	-	-
Change %		+28.9	+17.5	-	-	-
Adjusted EBT margin %		12.9	11.2	10.6	-	-
Change	%-points	+1.7	+0.6	-	-	-

Fielmann-Group: Half-year financial report as of June 30, 2025

• Sales increased by +12.3% Year-over-Year (YoY) in HY1/2025 (organic growth: +4.4% YoY)
• Adjusted EBITDA improved significantly by +25.9% YoY, Adjusted EBT increased by +28.9% YoY
• Adjusted EBITDA margin up 2.6%pt. to 23.7%, in Europe up 2.6%pt. to 24.8%
• Vision 2035 and targets for 2030 announced
• Outlook for FY2025 confirmed

Dear shareholders and friends of the company,

The Fielmann Group continued its profitable growth trajectory in the first half of 2025 and is on course to achieving the goals of its Vision 2025. Despite the challenging economic environment, the Fielmann Group grew substantially with increases in unit sales, total consolidated sales, and profitability compared to the corresponding prior-year period. Our strong organic growth is driven by a strong performance across all major markets and product categories in our vision care and audiology businesses. Main drivers of the significantly improved Adjusted EBITDA margin remain a favorable sell-out structure, increased efficiency in our stores and stringent cost control. Additionally, our US business continued to deliver substantial profitability improvements compared to the prior-year period. Accordingly, we confirm our full-year outlook as published in our Annual Report.

Market environment

The macroeconomic environment across Europe continued to be challenging. The outlook in Europe remained subdued, with growth expectations negatively impacted by ongoing geopolitical tensions and the ongoing trade conflicts with the United States.

In Germany, no clear sign of economic recovery emerged in the first half of 2025. The economy remained weak and at projected real GDP growth of 0.0% for 2025, the federal government projects stagnation for a third consecutive year. Countries such as Spain and Poland continued to show stronger momentum, with forecasted GDP growth of 2.6% and 3.3%.

In the United States, after a drop in consumer confidence in Q1 2025, sentiment shifted notably and showed a clear recovery, signaling renewed consumer optimism.

Vision 2035 and targets 2030 announced

Thanks to the consistent execution of our Vision 2025, we feel well positioned to deliver on our targets in the current financial year (see section "Outlook"). Building on this momentum, we presented our Vision 2035 and targets for 2030 at our Annual Shareholder Meeting in July 2025. Staying true to our customer-centric philosophy, our family values, and our purpose to help everyone hear and see the beauty in the world, we have developed a new Vision 2035 statement: "As the most trusted partner for hearing and vision, we redefine comprehensive care globally." Over the decade to come, the Fielmann Group is going to evolve from a European optical and audiology retailer into a global provider of comprehensive vision and hearing care.

By 2030, we plan to achieve the following:

• Maintain our exceptionally high customer satisfaction of around 90%

• Increase Group sales by circa €1.5bn to around €3.8 to €4.2bn

• Increase our Adjusted EBITDA margin for the Group to about 25%

With our targets for 2030, we remain committed to a growth strategy, combining organic growth and acquisitions. Strengthened by the foundation laid over the past decades, our European core optometry business will be one of the key growth drivers (around +€500m). Since entering the US market in 2023, we have built a strong platform in our optometry business in the US and see significant potential to accelerate that market's growth (around +€700m). An enhanced focus on our fast-growing audiology business (around +€200m) and our innovations in adjacent healthcare services (around +€100m) complete our ambition for the next five years.

Report on financial performance, cash flow and financial position HY1/2025 Unit sales

In the first half of the current financial year, the Fielmann Group's eyewear sales increased by +4.1% YoY to a total of 4.7m pairs of glasses. Hearing aids were up by 7.8% YoY to 69k (HY1/2024: 4.5m pairs of glasses; 64k hearing aids).

Sales

Fielmann Group's total consolidated sales increased by +12.3% YoY to

€1.2bn in the first half of the year (HY1/2024: €1.1bn). Our organic growth remained within our target corridor at 4.4% despite a challenging environment. The consolidation of Shopko Optical in the first six months of 2025 contributed 7.9%. From the second half of 2025 onwards, topline development will normalize to organic growth, as the Shopko Optical acquisition consolidation effect year over year ended in June 2025. We successfully achieved organic growth across all reporting segments. In Germany, Austria and Switzerland, we increased sales between +5% and

+6%. Furthermore, we delivered even stronger growth in markets like Spain (+8%) and Poland (+15%) over the same period last year. Our US business contributed S156m to Group sales and is now our second-largest market. As of June 30, 2025, the Fielmann Group operated 1,251 stores (previous year: 1,085), of which 432 included hearing aid studios (previous year: 398).

Adjusted earnings

The Fielmann Group continued its profitable growth trajectory and increased Adjusted EBITDA by 25.9% to €290m (HY1/2024: €230m). The Adjusted EBITDA margin for the Group improved substantially by +2.6%pt. to 23.7%. In Europe, the Adjusted EBITDA margin went up from 22.2% to 24.8%, achieving the target margin of around 25% in the reporting period.

In the US, we continued our positive trajectory and increased the Adjusted EBITDA margin to 14.9%, a significant improvement compared to 2.2% in the previous year.

This favorable development is mainly due to increased productivity in our stores globally. We achieved double-digit sales growth, with personnel expenses increasing disproportionally by only 5.6% YoY. As a result, the personnel cost ratio improved by 2.6%pt. to 40.6% (HY1/2024: 43.2%). Secondly, a favorable sell-out structure led to an uplift of the gross profit margin by 40bps. to 79.4% (HY1/2024: 79.0%). Higher marketing activities in the first half of 2025 led to a moderate increase in the cost ratio of 40bps.

Adjusted EBT also increased substantially by 28.9% to €158m (HY1/2024:

€122m), resulting in an Adjusted EBT margin of 12.9% (+1.7%pt.).

Adjustments

The Fielmann Group introduced Adjusted EBITDA and Adjusted EBT as key performance indicators in 2024. Extraordinary effects are eliminated from EBITDA and EBT in order to report the Group's sustainable profitability. The following tables provide reconciliations of the reported key figures.

For the period from January 1 to June 30	2025 in € m	2024 in € m
EBITDA	283.9	230.1
I. Acquisition-/Integration-related costs	3.4	1.3
II. Impairment charges	-	-
III. Reorganization costs	2.4	1.1
IV. Other non-recurring income/costs	-	-2.5
Adjusted EBITDA	289.7	230.0
Adjusted EBITDA margin	23.7%	21.1%

1. Acquisition-/Integration-related costs

   The adjustments in HY1/2025 and HY1/2024 relate to integration and restructuring expenses with respect to the acquisition of Shopko Optical. The current reporting period also includes expenses referring to the integration of our Spanish businesses.

2. Impairment charges

   There are no impairment charges in either period to adjust.

3. Reorganization costs

   In both reporting periods, severance payments were recognized for the reorganization of the finance division.

4. Other non-recurring income/costs

There are no other non-recurring items in the reporting period to adjust. In the corresponding prior-year period, we considered the extraordinary income from the partial sale of our FittingBox S.A. investment.

The Adjusted EBT represents earnings before taxes, adjusted for the abovementioned extraordinary effects eliminated in the context of the Adjusted EBITDA, plus further one-off effects that only affect EBT.

For the period from January 1 to June 30	2025 in € m	2024 in € m
EBT	151.7	122.2
Adjustments (EBITDA)	5.8	-0.1
I. Acquisition-/Integration-related costs	-	-
II. Impairment charges	-	-
III. Reorganization costs	-	-
IV. Other non-recurring income/costs	-	-
Adjusted EBT	157.5	122.1
Adjusted EBT margin	12.9%	11.2%

No further items have been identified as extraordinary effects on EBT in the current financial year to date.

Investments

Investments in property, plant and equipment and intangible assets are related to the constant expansion and improvement of our omnichannel offering and amounted to €37m in the first half of 2025 (previous year: €33m).

Peter Lothes (COO) joined the Management Board

As reported in our interim statement as of March 31, 2025, Peter Lothes was appointed to the Management Board as Chief Operating Officer (COO), effective March 1, 2025.

Successful issuance of inaugural Schuldschein loan

In May 2025, the Fielmann Group successfully completed its inaugural €275m Schuldschein issuance to refinance the €305m bridge facility related to the acquisition of Shopko Optical. The Schuldschein placement was structured across three maturities of 3, 5, and 7 years, each comprising fixed and floating rate components with interest rates generally ranging between 3.3% and 4.0%. The order book was significantly oversubscribed, which underscores the market's confidence in the Fielmann Group's business model and strategic direction. By securing this flexible, long-term funding under favorable conditions, the Group has improved its balance sheet and reduced its overall cost of capital.

Dividend

On July 10, 2025, the Annual General Meeting of Fielmann Group AG approved a dividend of €1.15 per share (previous year: €1.00). The dividend yield based on the 2024 year-end share price is 2.8%. The distribution amounted to €96.6m (previous year: €84.0m) and corresponded to a payout ratio of 64% (previous year: 67%) of the profits attributable to the shareholders of the parent company.

Earnings per share

Earnings per share amount to €1.23 (previous year: €1.01). Events that could have led to a dilution of earnings per share occurred neither in the period under review nor in the comparison period.

For the period from January 1 to June 30	2025 in € 000s	20241 in € 000s
Profit	104,695	86,134
Profit attributable to non-controlling interests	-1,031	-1,392

Profit attributable to the shareholders of the parent company

103,664 84,742

Number of shares ('000) units 83,945 83,971

Earnings per share in € (undiluted/diluted) 1.23 1.01 Forecast, opportunities and risk report

The statements made in the 2024 Annual Financial Report regarding the opportunities and risks of the business model remain unchanged.

Outlook

Considering the progress we made within the reporting period, the Management Board has a positive outlook for the full year. As we complete our Vision 2025 growth strategy, we expect customer satisfaction in 2025 to remain at a high level of around 90%. We anticipate unit sales growth to around 9.5m pairs of glasses and total consolidated sales of nearly €2.5bn. An improved sell-out structure, group-wide efficiency programs and stringent cost control are expected to contribute to further profitability improvements. The Fielmann Group estimates an Adjusted EBITDA margin of around 24% (excluding non-recurring effects), implying an Adjusted EBITDA in the range of around €580m. Despite the acquisition-related increases in financial expenses and non-cash, scheduled depreciation, the Adjusted EBT margin (excluding non-recurring effects) is expected to continue improving at a similar rate as in previous years.

‌1Some previous year figures have been adjusted. For further information, see the section entitled "Adjustments to previous years' figures and changes to estimates" in our Annual Report 2024.

Affirmation

We affirm that to the best of our knowledge the interim consolidated accounts prepared in accordance with the applicable accounting regulations convey a view of the Fielmann Group's financial position, cash flows and financial performance that is true and fair and that business development including business results and the position of the Group are presented in the interim Management Report for the Group in such a way as to provide a true and fair view as well as to portray the opportunities and risks inherent in the future development of the Group accurately. There was no review or full audit of the interim report corresponding to the year-end audit.

Hamburg, August 28, 2025 Fielmann Group AG

The Management Board

Financial calendar 2025

The Fielmann Group will provide live streaming of its HY1/2025 financial results conference call beginning at 4:00 p.m. CET on August 28, 2025. You can register to participate in the earnings call via the following link: Registration. The webcast will be available for replay.

Earnings Call - HY1/2025 August 28, 2025
Analyst conference / Capital Markets Day September 17, 2025
German Corporate Conference (Berenberg, Goldman Sachs)	September 22, 2025
Baader Investment Conference	September 23, 2025
Q3 Interim report November 6, 2025
EMEA Consumer and Retail Conference (Bank of America)	November 19, 2025
Bloomberg FIE
Reuters FIEG.DE
ISIN DE0005772206

Further information:

Fielmann Group AG · Investor Relations · Nils Scharwächter Weidestrasse 118 a · 22083 Hamburg

Note: As of September 1, 2025: Fuhlsbüttler Strasse 399 · 22309 Hamburg

Phone: [phone]

Email: [e-mail] · https://www.fielmann-group.com

Explanatory notes on the segment report

The Fielmann Group reports on the basis of geographical regions in which the company delivers products and services to customers, consistent with its internal reporting.

Information on related parties (IAS 24)

The contractual relations to the affiliated parties described in the 2024 financial report continue in almost unchanged form. All transactions are made at customary market prices and conditions and are of minor importance to Fielmann Group AG. After six months, the sales amount to €336k (previous year: €565k) and the expenses to €1,483k (previous year: €1,542k). The balances have been offset as at the reporting date.

Other information

Own shares of the Fielmann Group AG (54.489 shares; previous year: 28.860 shares) with a book value of €2,602k (previous year: €1,283k) were acquired within the meaning of section 71(1) no. 2 of the German Stock Corporation Act (AktG), in order to offer them to staff of Fielmann Group AG or its affiliated companies as employee shares.

Significant events after June 30, 2025

The company was not aware of any significant events after the end of the second quarter 2025 that would impact the assets, financial position and earnings of Fielmann Group AG and the Fielmann Group at the time of preparing this report.

Explanatory notes on the cash flow statement

Cash and cash equivalents totaling €193m (previous year: €338m) include liquid funds. The high level as at the prior year is related to the provision of funding for the purchase price payment for Shopko Optical on July 1, 2024.

Accounting and valuation principles

The same accounting and valuation policies apply to the interim report of June 30, 2025, as to the annual financial statement of December 31, 2024, which was compiled according to International Financial Reporting Standards (IFRS and IAS). The result for the comparative period takes into account the actual tax ratio of the financial year 2024.

Profit attributable to non-controlling interests

Profit attributable to non-controlling interests amounts to €1,031k (previous

year: €1,392k) as of June 30, 2025.

Statement of the total comprehensive income
For the period from January 1 to June 30	2025 in € 000s	20242 in € 000s
Profit	104,695	86,134
Items that may be reclassified subsequently to profit or loss
Foreign exchange differences	-43,004	-5,223
Items that will not be reclassified subsequently to profit or loss
Valuation of employee benefits in accordance with IAS 19	0	0
Other comprehensive income after taxes	-43,004	-5,223
Total comprehensive income	61,691	80,911

Total comprehensive income attributable to non-controlling interests

Total comprehensive income attributable to the shareholders of the parent company

1,031 1,392

60,660 79,519

‌2Some previous year figures have been adjusted. For further information, see the section entitled "Adjustments to previous years' figures and changes to estimates" in our Annual Report 2024.

Consolidated statement of profit or loss
	2025	20243		Change from previous year
For the period from January 1 to June 30	€ 000s	€ 000s		(in %)
1. Consolidated sales	1,215,848	1,081,811		12.6
2. Changes in inventories of finished goods and work in progress	7,787	9,038		-13.8
3. Total consolidated sales	1,223,635	1,089,149		12.3
4. Other operating income	4,551	8,388		-45.7
5. Cost of materials	-251,569	-228,760		10.0
6. Personnel expenses	-496,906	-470,349		5.6
7. Other operating expenses	-195,820	-168,301		16.4

8. Earnings before interest, taxes, depreciation and amortization (EBITDA)

283,891 230,127 23.4

EBITDA ratio		23.2%		21.1%
9. Depreciation of right-of-use assets		-60,174		-50,167		19.9
10. Other depreciation and amortization		-52,022		-47,424		9.7
11. Interest expenses from lease liabilities		-9,833		-8,616		14.1
12. Other financial expenses		-12,066		-4,543		165.6
13. Financial income		1,936		2,866		-32.4
14. Earnings before taxes (EBT)		151,732		122,243		24.1
EBT ratio		12.4%		11.2%
15. Income tax		-47,037		-36,109		30.3
16. Profit		104,695		86,134		21.5
17. Profit attributable to non-controlling interests		-1,031		-1,392		-25.9
18. Profit attributable to the shareholders of the parent company	103,664		84,742		22.3
Earnings per share in € (undiluted/diluted)		1.23		1.01

‌3Some previous year figures have been adjusted. For further information, see the section entitled "Adjustments to previous years' figures and changes to estimates" in our Annual Report 2024.

Consolidated statement of profit or loss
	2025	20244		Change from previous year
For the period from April 1 to June 30	in € 000s	in € 000s		(in %)
1. Consolidated sales	622,919	551,822		12.9
2. Changes in inventories of finished goods and work in progress	-2,187	1,482		-247.6
3. Total consolidated sales	620,732	553,304		12.2
4. Other operating income	1,301	5,690		-77.1
5. Cost of materials	-133,441	-119,326		11.8
6. Personnel expenses	-246,529	-232,707		5.9
7. Other operating expenses	-102,019	-89,399		14.1

8. Earnings before interest, taxes, depreciation and amortization (EBITDA)

140,044 117,562 19.1

EBITDA ratio		22.6%		21.2%
9. Depreciation of right-of-use assets		-29,040		-25,260		15.0
10. Other depreciation and amortization		-25,687		-23,769		8.1
11. Interest expenses from lease liabilities		-4,843		-4,444		9.0
12. Other financial expenses		-5,365		-2,376		125.8
13. Financial income		820		796		3.0
14. Earnings before taxes (EBT)		75,929		62,509		21.5
EBT ratio		12.2%		11.3%
15. Income tax		-23,538		-18,484		27.3
16. Profit		52,391		44,025		19.0
17. Profit attributable to non-controlling interests		-709		-752		-5.7
18. Profit attributable to the shareholders of the parent company	51,682		43,273		19.4
Earnings per share in € (undiluted/diluted)		0.62		0.52

Summary of financial assets
in € 000s	As of June 30, 2025	As of June 30, 2024		Change from previous year
Liquid funds	193,216	338,019		-144,803
Cash and cash equivalents	193,216	338,019		-144,803
Non-current Investments in financial assets	1,006	8,071		-7,065
Other non-current financial assets	6,531	5,713		818
Current Investments in financial assets	4,393	4,163		230
Financial assets	205,146	355,966		-150,820

‌4Some previous year figures have been adjusted. For further information, see the section entitled "Adjustments to previous years' figures and changes to estimates" in our Annual Report 2024.

Consolidated balance sheet
Assets			Position as of June 30, 2025 in € 000s	Position as of Dec. 31, 20245 in € 000s
A. Non-current assets
I. Intangible assets			261,410	288,457
II. Goodwill			425,219	446,908
III. Property, plant and equipment			431,753	439,445
IV. Investment property			12,405	12,669
V. Right-of-use assets			534,931	561,582
VI. Investment in associates			4,951	4,805
VII. Investments in financial assets			1,006	1,052
VIII. Deferred tax assets			56,811	61,635
IX. Other financial assets			6,531	6,308
X. Other non-financial assets			544	471
			1,735,561	1,823,332
B.	Current assets
I.	Inventories		255,741		259,320
II.	Trade receivables		63,202		56,503
III.	Other financial assets		89,420		83,689
IV.	Non-financial assets		33,723		33,276
V.	Income tax assets		12,590		11,144
VI.	Investments in financial assets		4,393		7,394
VII.	Cash and cash equivalents		193,216		94,289
			652,285		545,615
			2,387,846		2,368,947

‌5Some previous year figures have been adjusted. For further information, see the section entitled "Adjustments to previous years' figures and changes to estimates" in our Annual Report 2024.

Liabilities	Position as of June 30, 2025 in € 000s	Position as of Dec. 31, 2024 in € 000s
A. Equity
I. Subscribed capital	84,000	84,000
II. Capital reserves	92,652	92,652
III. Retained earnings	784,507	681,048
IV. Other reserves	-3,652	41,431
V. Equity attributable to the shareholders of the parent company	957,507	899,131
VI. Non-controlling interests	14,489	14,012
	971,996	913,143
B. Non-current liabilities
I. Provisions	44,265	43,732
II. Financial liabilities	284,757	8,623
III. Deferred tax liabilities	51,689	60,403
IV. Lease liabilities	440,019	466,683
V. Non-financial liabilities	29,859	29,649
	850,589	609,090
C. Current liabilities
I. Provisions	74,245	91,358
II. Financial liabilities	3,181	305,281
III. Lease liabilities	108,723	101,383
IV. Trade payables	96,363	90,210
V. Other financial liabilities	32,949	45,006
VI. Non-financial liabilities	217,037	197,903
VII. Income tax liabilities	32,763	15,573
	565,261	846,714
	2,387,846	2,368,947

Segment reporting for the Group from 1 January to 30 June 2025 Previous year's figures6in brackets

in € million		Consolida- Germany Switzerland Austria Spain North America Other tion																				Consolidated Value
Segment sales		800.9	(763.3)		120.5	(114.1)		53.6	(50.8)		101.6	(93.7)		143.1	(59.1)		71.6	(64.9)		-75.5	(-65.8)	1,215.8	(1,080.1)
Sales from other segments		60.8	(56.8)		0.8	(0.7)		0.1	(0.2)		0.3	(0.0)		0.6	(0.5)		12.9	(7.6)
Sales		740.0	(706.5)		119.7	(113.4)		53.5	(50.6)		101.4	(93.7)		142.5	(58.6)		58.7	(57.3)				1,215.8	(1,080.1)
Changes in inventories of finished goods and work in progress		7.1	(7.7)		0.3	(0.8)		0.4	(0.3)					-0.1	(0.0)		0.1	(0.2)				7.8	(9.0)
Total segment sales		808.0	(771.0)		120.8	(114.9)		54.0	(51.1)		101.6	(93.7)		143.0	(59.1)		71.7	(65.1)		-75.5	(-65.8)	1.223.6	(1.089.1)
Cost of materials		183.1	(178.0)		19.3	(18.8)		11	(10.8)		34.8	(33.3)		30.1	(13.8)		24.0	(20.3)		-50.7	(-46.2)	251.6	(228.8)
Personnel expenses		309.7	(325.9)		46.2	(44.3)		21.5	(21.2)		33.9	(30.7)		63.0	(27.8)		22.7	(20.6)		-0.1	(-0.2)	496.9	(470.3)
Other operating expenses		135.8	(121.5)		20.0	(17.5)		9.8	(8.8)		9.6	(8.2)		31.8	(17.5)		13.6	(14.2)		-24.8	(-19.4)	195.8	(168.3)
EBITDA		181.6	(151.7)		35.6	(35.3)		11.8	(10.3)		23.8	(21.6)		18.2	(0.0)		12.9	(11.2)				283.9	(230.1)
EBITDA margin		22.5%	(19.7%)		29.5%	(30.7%)		21.9%	(20.2%)		23.4%	(23.1%)		12.7%	(0.0%)		18.0%	(17.2%)				23.2%	(21.1%)
Adjustment		2.4	(-1.4)		0.0	(0.0)		0.0	(0.0)		0.2	(0.0)		3.1	(1.3)		0.0	(0.0)				5.8	(-0.1)
Adjusted EBITDA		184.0	(150.3)		35.6	(35.3)		11.8	(10.3)		24.0	(21.6)		21.3	(1.3)		12.9	(11.2)				289.7	(230.0)
Adjusted EBITDA margin		22.8%	(19.5%)		29.5%	(30.7%)		21.9%	(20.2%)		23.7%	(23.1%)		14.9%	(2.2%)		18.0%	(17.2%)				23.7%	(21.1%)
Scheduled depreciation and amortization		54.7	(52.8)		9.1	(9.4)		4.2	(3.9)		13.5	(12.7)		18.3	(7.2)		12.4	(11.6)				112.2	(97.6)
Financial expenses		15.4	(8.4)		1.3	(1.1)		0.7	(0.6)		2.3	(2.2)		1.4	(0.7)		2.1	(2.5)		-1.3	(-2.4)	21.9	(13.1)
Financial income		2.0	(2.9)		0.6	(1.8)								0.3	(0.3)		0.3	(0.4)		-1.3	(-2.5)	1.9	(2.9)
Earnings before taxes (EBT) -in the segments excl. income from participations		113.5	(93.2)		25.8	(26.6)		6.9	(5.8)		8.0	(6.7)		-1.2	(-7.6)		-1.3	(-2.5)				151.7	(122.2)
EBT margin		14.0%	(12.1%)		21.4%	(23.2%)		12.8%	(11.4%)		7.9%	(7.2%)		-0.8%	(-12.9%)		-1.8%	(-3.8%)				12.4%	(11.2%)
Adjustment		2.4	(-1.4)		0.0	(0.0)		0.0	(0.0)		0.2	(0.0)		3.1	(1.3)		0.0	(0.0)				5.8	(-0.1)
Adjusted EBT		115.9	(91.8)		25.8	(26.6)		6.9	(5.8)		8.2	(6.7)		1.9	(-6.3)		-1.3	(-2.5)				157.5	(122.1)
Adjusted EBT margin		14.3%	(11.9%)		21.4%	(23.2%)		12.8%	(11.4%)		8.1%	(7.2%)		1.3%	(-10.7%)		-1.8%	(-3.8%)				12.9%	(11.2%)
Income tax		39.8	(30.0)		4.5	(4.9)		1.6	(1.4)		1.9	(1.4)		-1.5	(-2.1)		0.7	(0.5)				47.0	(36.1)
Profit		73.7	(63.2)		21.3	(21.7)		5.3	(4.4)		6.1	(5.3)		0.3	(-5.5)		-2.0	(-3.0)				104.7	(86.1)

‌6Some previous year figures have been adjusted. For further information, see the section entitled "Adjustments to previous years' figures and changes to estimates" in our Annual Report 2024.

Non-current segment assets excluding financial instruments and deferred tax 559.3 (550.4) 81.1 (76.4) 50.1 (51.8) 415.5 (420.0) 426.7 (176.0) 133.0 (133.7) 1,665.7 (1,408.3) assets

of which non-current segment assets excluding right-of-use assets

329.1 (333.5) 32,9 (36,0) 15.1 (14.0) 302.2 (308.2) 386.8 (154.8) 64.7 (57.2) 1.130.8 (903.7)

of which right-of-use assets 230.2 (216.9) 48.2 (40.4) 35.0 (37.8) 113.3 (111.8) 39.9 (21.2) 68.3 (76.5) 534.9 (504.6)

Additions to non-current seg- ment assets excluding financial instruments and deferred 44.8 (42.1) 4.8 (5.8) 4.9 (10.6) 13.0 (12.6) 3.2 (2.8) 13.7 (11.3) 84.4 (85.2) tax assets

of which additions to non-current

segment assets excluding right-of- 20.6 (17.4) 1.1 (2.8) 1.2 (0.5) 6.0 (4.6) 2.6 (1.6) 10.4 (6.2) 41.9 (33.1)

use assets

assets

of which additions to right-of-use 24.2 (24.7)

3.7 (3.0) 3.7 (10.1) 7.0 (8.0) 0.6 (1.2) 3.3 (5.1) 42.5 (52.1)

Investment in associates 5.0 (4.5) 5.0 (4.5) Deferred tax assets 51.8 (21.3) 0.6 (0.0) 1.4 (0.3) 1.1 (1.2) -2.8 (1.4) 4.7 (2.9) 56.8 (27.1)

Equity attributable to the shareholders of the parent company
Other reserves
In € 000s		Subscribed capital		Capital reserves		Retained earnings		Foreign currency translation reserve			Valuation reserves IAS 19			Reserve for own shares			Reserves for share-based remuneration		Total	Total		Non-controlling interests		Equity
As of January 1, 2025		84,000		92,652		681,048		42,046			-2,062			-521			1,968		41,431	899,131		14,012		913,143
Profit						103,664														103,664		1,031		104,695
Other comprehensive income								-43,004											-43,004	-43,004				-43,004
Total comprehensive income						103,664		-43,004											-43,004	60,660		1,031		61,691
Dividends/profit shares 1)																						-193		-193
Share-based remuneration																	2		2	2				2
Own shares														-2,081					-2,081	-2,081				-2,081
Other changes						-205														-205		-335		-540
Acquisition of new subsidiaries																								0
Acquisition of non-controlling interests																						-26		-26
As of June 30, 2025		84,000		92,652		784,507		-958			-2,062			-2,602			1,970		-3,652	957,507		14,489		971,996

1Dividends paid and profit shares allocated to other shareholders

Equity attributable to the shareholders of the parent company
Other reserves
In € 000s		Subscribed capital		Capital reserves		Retained earnings		Foreign currency translation reserve			Valuation reserves IAS 19			Reserve for own shares			Reserves for share-based remuneration		Total	Total		Non-controlling interests		Equity
As of January 1, 2024		84,000		92,652		579,107		36,650			-2,044			-283			1,943		36,266	867,654		58,509		850,534
Profit						84,742														84,742		1,392		86,134
Other comprehensive income								-5,223											-5,223	-5,223				-5,223
Total comprehensive income						84,742		-5,223											-5,223	79,519		1,392		80,911
Dividends/profit shares 1)																						-2,039		-2,039
Share-based remuneration																	-7		-7	-7				-7
Own shares														-1,000					-1,000	-1,000				-1,000
Other changes						9														9		10		19
Acquisition of new subsidiaries																								0
Acquisition of non-controlling interests						35,850														35,850		-44,276		-8,426
As of June 30, 2024		84,000		92,652		699,708		31,427			-2,044			-1,283			1,936		30,036	906,396		13,596		919,992

1Dividends paid and profit shares allocated to other shareholders

Cash flow statement
Cash flow statement according to IAS 7 for the period from January 1 to June 30	2025 € 000s	20247 € 000s		Change from previous year
Earnings before taxes (EBT)	151,732	122,243		24.1%
+/- Profit shares of associates	-146	233		-162.7%
+ Interest expenses from lease liabilities	9,833	8,616		14.1%
+ Other expenses in the financial result recognized in profit or loss	12,066	4,310		180.0%
- Income in the financial result recognized in profit or loss	-1,790	-2,866		-37.5%
+ Depreciation on tangible assets and intangible assets	52,022	47,424		9.7%
+ Depreciation of right-of-use assets	60,174	50,167		19.9%
- Taxes on income paid	-32,263	-30,857		4.6%
+/- Other non-cash income/expenditure	-2,506	-2,686		-6.7%
+/- Increase/decrease in provisions	-16,580	-459		3512.2%
-/+ Profit/loss on disposal of tangible assets, properties kept as financial investments and intangible assets	860	-1,757		-148.9%
-/+ Increase/decrease in inventories, trade receivables and other assets not attributable to investment or financial operations	-12,112	-5,769		110.0%
+/- Increase/decrease in trade payables and other liabilities not attributable to investment or financial operations	13,440	8,591		56.4%
+ Interest received	1,039	456		127.8%
= Cash flow from operating activities	235,768	197,646		19.3%
Receipts from the disposal of tangible assets	3,733	374		898.2%
- Payments for tangible asset	-39,933	-31,151		28.2%
- Payments for intangible assets	-1,042	-1,977		-47.3%
+ Receipts from the disposal of financial assets	47	0
+ Receipts from the disposal of shares in associated companies	0	3,173		-100,0%
- Payments for the acquisition of subsidiaries	-2,442	-1,375		77.6%
+ Receipts from the disposal of securities and other investments	2,777	16,210		-82.9%
= Cash flow from investment activities	-36,860	-14,746		150.0%

‌7Some previous year figures have been adjusted. For further information, see the section entitled "Adjustments to previous years' figures and changes to estimates" in our Annual Report 2024.

Cash flow statement according to IAS 7 for the period from 1.1. to 30.06.	2025 € 000s	20248 € 000s		Change from previous year
- Payments to non-controlling shareholders	-1,228	-4,719		-74.0%
+/- Sale/Acquisition of own shares	0	-1,000		-100.0%
+ Borrowing of current financial liabilities	0	290,040		-100.0%
- Repayment of current financial liabilities	-305,029	-72,050		323.4%
+ Borrowing of non-current financial liabilities	275,000	238		115446.2%
- Repayment of non-current financial liabilities	-254	-144		76.2%
- Repayment portion of liabilities from leases	-55,674	-45,080		23.5%
- Interest paid	-14,161	-10,327		37.1%
- Payments for the acquisition of additional shares in subsidiaries	0	-61,104		-100.0%
= Cash flow from financing activities	-101,346	95,854		-205.7%
Changes in cash and equivalents	97,563	278,754		-65.0%
+/- Changes in cash and equivalents due to exchange rates	1,364	339		302.3%
+ Cash and equivalents at the beginning of the period	94,289	58,926		60.0%
= Cash and equivalents at the end of the period	193,216	338,019		-42.8%

‌8Some previous year figures have been adjusted. For further information, see the section entitled "Adjustments to previous years' figures and changes to estimates" in our Annual Report 2024.

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Fielmann Group AG · Weidestrasse 118 a · 22083 Hamburg

Note: As of September 1, 2025: Fuhlsbüttler Strasse 399 · 22309 Hamburg

Phone: [phone]

E-Mail: [e-mail] · https://www.fielmann-group.com