Fielmann : Report 30.09.2022

GROUP QUARTERLY REPORT AS AT 30 SEPTEMBER 2022

2 Third quarter 2022

Fielmann Group: Interim report as at 30 September 2022

Dear Shareholders,

Dear Friends of the Company,

The economic environment in 2022 continues to be influenced by the ongoing coronavirus pandemic as well as the effects of the war in Ukraine. Inflation rates remain persistently high, consumer sentiment is declining further. In Germany, corresponding measures are at their lowest level since the onset of recording in the early 1990s.

While many competitors have increased prices, customers of the Fiel- mann Group can rely on guaranteed low prices. We also remain committed to our Vision 2025 and continue to invest in the digitalisation and internationalisation of our family business. Our growth in e-commerce and in our international markets is a result of this.

Report on earnings, financial position and assets

Q1-Q3/2022

Compared to the previous year, the Fielmann Group increased the number of glasses sold in the first three quarters by 5.5% to 6.39 million (previous year: 6.06 million). External sales incl. VAT and changes to inventories rose in the same period by 5.4% to € 1.53 billion (previous year: € 1.45 billion) and consolidated sales increased by 5.3% to € 1.32 billion (previous year:

• 1.25 billion). When comparing the two nine-month periods, EBITDA fell to € 267.5 million (previous year: € 317.8 million). There was an increase of 44.9% in other operating income, particularly as a result of currency effects. Compared to the previous year, our e-commerce business delivered par- ticularly strong growth of +39%. In total, we shipped more than one mil- lion parcels to our customers. With the further rollout of our omnichannel platform, we expect continued growth in the coming months. As the sale of prescription eyewear requires measurements and services in retail stores, e-commerce continues to be driven mainly by lower-margin sunglasses and contact lenses. The resulting change in the product mix is adding to our sales growth, however with only a subpar contribution to earnings.
  The Fielmann Group grew in all major markets compared with the previous year, recording double-digit growth in Italy, Slovenia, Spain and in several Eastern European countries. As the price leader, we are expanding our market share in a challenging environment.
  A decisive factor that impacted our earnings is the adjustment of salaries for our store staff. Our personnel costs rose by € 43 million after nine months to a total of € 564.6 million (previous year: € 521.7 million). By increasing the salaries, we reflect our appreciation for the committed and dedicated ser-

Third quarter 2022 3

vice our employees in Germany and abroad are delivering to our customers every day. By offering attractive wages, we succeed in a competitive labour market characterised by a shortage of skilled staff. In the first nine months, we created almost 400 additional jobs in our stores, employing a total of 22,640 staff as at the reporting date (previous year: 22,245). This increase in staff is mainly driven by our international expansion in Spain, Italy, the Czech Republic and Poland.

In addition to the change in our product mix towards more sunglasses and contact lenses, our guaranteed low prices and additional costs incurred as part of our "50 years of Fielmann" anniversary impacted our earnings. Earnings before taxes amounted to € 141.0 million after nine months (previ- ous year: € 181.3 million) and the consolidated net income for the period to

• 98.7 million (previous year: € 125.0 million). Earnings per share (EPS) fell to € 1.12 (previous year: € 1.41).

Q3/2022

Fielmann increased the number of glasses sold in the third quarter of 2022 by 2.8% to 2.23 million (previous year: 2.17 million). External sales grew by 0.9% to € 536.4 million (previous year: € 531.6 million) and consolidated sales rose by 0.4% to € 462.7 million (previous year: € 460.8 million).

In the third quarter, the EBITDA reached € 96.1 million (previous year:

• 131.2 million). Earnings before taxes (EBT) stood at € 52.0 million (previous year: € 85.4 million). The net income fell by € 22.5 million to € 36.3 million (previous year: € 58.8 million).

Financial position and assets

The cash flow from operating activities (Q1-Q3/2022) of € 193,3 million was significantly below the previous year's level (€ 288.3 million), mainly due to the decline in earnings combined with a considerable increase in inventories. The cash flow from financial operations includes the dividend payment for the 2021 financial year approved by Fielmann AG's Annual General Meeting on 14 July 2022 of € 126.0 million, which corresponds to € 1.50 per share.

In line with our Vision 2025, we invested € 46.6 million in tangible and in- tagible assets during the first nine months (previous year: € 59.2 million). All investments were financed from our cash flow. Of this amount, € 1.9 million are attributable to IT infrastructure and € 37.2 million to new store openings as well as the expansion and redesign of existing stores.

As at 30 September, the Fielmann Group operated digital sales channels in almost all markets as well as 936 stores (previous year: 897), 326 of which also contained hearing aid studios (previous year: 308).

4 Third quarter 2022

Outlook, forecast, opportunities and risk report

The effects of the war in Ukraine, persistently high inflation levels and continually rising interest rates are increasingly denting consumer confidence across Europe. Additionally, the lingering coronavirus pandemic continues to impact our business. Against this background, we expect external sales of approximately € 2 billion (previous year: € 1.94 billion), consolidated sales of around € 1.75 billion (previous year: € 1.68 billion) and an EBT of more than € 160 million (previous year: € 209.7 million) for 2022.

We remain optimistic: As the price leader, this crisis is an opportunity for us to gain market share and to retain our many new customers in the long term through excellent service.

Hamburg, November 2022

Fielmann Aktiengesellschaft

The Management Board

Composition of financial assets

1 January to 30 September in € 000s			2022			2021			Change
Liquid funds	72,737			178,604			-105,867
Capital investments with a maturity
of up to 3 months			8,856			9,466			-610
Cash and cash equivalents			81,593			188,070			-106,477
Non-current financial assets	2,011			2,055			-44
Other non-current financial assets	38,395			22,416	15,979
Capital investments with a maturity
of more than 3 months			102,952			69,498		33,454
Financial assets			224,951			282,039			-57,088
	Financial calendar 2022/2023
	Preliminary figures FY 2022	February 2023
	Financial results press conference	27 April 2023
	Q1 report	27 April 2023
	Annual General Meeting	13 July 2023
	Bloomberg code	FIE
	Reuters code	FIEG.DE
	Securities ID number/ISIN	DE0005772206

Further information:

Fielmann AG · Investor Relations

Ulrich Brockmann

Weidestraße 118 a · 22083 Hamburg · Germany

Telephone: + 49 (0) 40 / 270 76 - 442 · Fax: + 49 (0) 40 / 270 76 - 150

Email: [e-mail] · Internet: www.fielmann.com

Third quarter 2022 5

Cash flow statement

	Cash flow statement according to IAS 7 for the period
	from 1 January to 30 September in € 000s	2022	2021		Change
	Earnings before taxes (EBT)	141,017	181,335		-40,318
-/+ Profit shares of associates	-145	98		-243
+	Statement-related interest expenditure from leases	4,383	2,835	1,548
+	Statement-related other expenditure in the final result	1,421	4,148		-2,727
-	Statement-related income in the final result	-4,688				-628		-4,060
+	Depreciations on tangible assets and intangible assets	57,475	62,893		-5,418
+	Depreciation of right-of-use assets	68,071	67,142	929
-	Taxes on income paid	-45,005				-43,762		-1,243
+/- Other non-cash income/expenditure	3,039				-3,154	6,193
+/- Increase/decrease in accruals	-13,562				-2,861		-10,701
-/+ Profit/loss on disposal of tangible assets as properties kept as
	financial investments and intangible assets	-181	34		-215
-/+ Increase/decrease in inventories, trade debtors and other assets not
	attributable to investment or financial operations	-52,400				-7,761		-44,639
+/- Increase/decrease in trade creditors and other liabilities not attri-
	butable
	to investment or financial operations	34,653	29,119	5,534
-	Interest paid	-1,221				-892		-329
+	Interest received		410				-210		620
=	Cash flow from operating activities		193,267			288,336		-95,069
	Receipts from the disposal of tangible assets	746	411	335
-	Payments for tangible assets	-45,491				-47,661	2,170
-	Payments for intangible assets	-1,105				-9,507	8,402
+	Receipts from the disposal of financial assets	35	39		-4
-	Payments for financial assets	0				-21,881	21,881
+	Receipts from the disposal of securities and
	other investments	37,465	85,550		-48,085
-	Payments for the acquisition of securities and
	other investments		-71,651				-32,427		-39,224
=	Cash flow from investment activities		-80,001				-25,476		-54,525
	Dividend paid to company to parent company shareholders	-125,979				-100,753		-25,226
-	Payments to company owners and non-controlling shareholders	-6,953				-9,082	2,129
+/- Sale/Acquisition of own shares	-1,883				-2,850	967
+	Receipts from loans raised	29	47		-18
-	Repayment of loans	-153				-145		-8
-	Payments for liabilities from leases	-71,446				-65,684		-5,762
-	Payments for the acquisition of additional shares in subsidiaries		-894			0		-894
=	Cash flow from financing activities		-207,279				-178,467		-28,812
	Changes in cash and equivalents	-94,013	84,393		-178,406
+/- Changes in cash and equivalents due to exchange rates	717				-45	762
+	Cash and equivalents at the beginning of the period		174,889			103,722		71,167
=	Cash and equivalents at the end of the period		81,593			188,070		-106,477