Fielmann : Report as at 24 August 2023

FINANCIAL REPORT AS AT 30 JUNE 2023

2 First half-year 2023

Fielmann Group AG: Financial report as at 30 June 2023

Dear Shareholders, dear Friends of the Company,

In the first half of 2023 the Fielmann Group increased its unit sales, sales and profits over last year, in line with our expectations. In an environment of low consumer confidence and rising interest rates, customers look for providers that offer guaranteed quality and excellent service at the best prices. In optical and acoustic retail this is the Fielmann Group. In June, we announced a major milestone in the internationalisation of our family business: we are expanding to the United States of America by means of two complimentary acquisitions.

Market Environment

Across our major markets in Europe, economic activity stagnated in the first quarter of 2023, driven by a drop in domestic demand. It improved moderately in the second quarter. Real GDP growth in the European Union was flat in the first quarter of 2023. For the second quarter of 2023, preliminary data suggest a slight improvement. While inflation levels continue to fall across Europe, they remain high. In our largest market, Germany, inflation increased by 6.4% in June. Consumer confidence levels are recovering but remain at very low levels. In this environment the Fielmann Group benefits from its position as price leader. We expect to strengthen and extend our market shares in major markets.

Report on financial performance, cash flows and financial position

Units sold and sales revenue

Fielmann sold 4.4 million glasses in the first six months (previous year: 4.2 million). The Fielmann Group's external sales incl. VAT and changes in inventories rose in the same period to € 1.13 billion (previous year: € 993.9 million), while consolidated sales climbed to € 970.9 million (previous year: € 854.5 million).

Unit sales in the second quarter rose to 2.2 million. Over the same period, external sales grew to € 573.2 million and consolidated sales rose to € 493.2 million.

Earnings and investments

In the first half of the year, earnings before interest, taxes, depreciation and amortisation (EBITDA) increased significantly to € 208.2 million (previous

First half-year 2023 3

year: € 171.4 million). Earnings before taxes (EBT) rose to € 108.1 million

(previous year: € 89.1 million) and net income increased to € 74.6 million

(previous year: € 60.9 million).

In the months from April to June, the Fielmann Group's EBITDA rose to

• 102.7 million (previous year: € 81.9 million), earnings before taxes reached € 49.8 million (previous year: € 39.4 million) and net income stood at € 34.3 million (previous year: € 27.0 million).

Business

In line with its Vision 2025, the Fielmann Group is successfully digitalising and internationalising its business model. The further development and rollout of our omnichannel platform led to a rise in e-commerce sales of 28.1% in the first half of 2023 compared with the previous year. After piloting our own measuring technology for prescription glasses in Austria during the first quarter of 2023, Fielmann has launched the innovative service in Germany in the second quarter of 2023. The planned rollout of the new omnichannel platform in all major Fielmann markets promises further growth of our digital sales channels.

Overall, consolidated sales in Germany increased in the first half of 2023 by 10.5% compared to the previous year. Our international markets out- performed, once again, and grew by 21.5% over the same period. On a comparable basis, without the acquisition of Medical Óptica Audición in Spain, our international markets grew by 14.3%. Business performance in the Czech Republic, Italy, Poland and Spain was particularly positive.

Acquisitions of Befitting and SVS Vision (USA)

On 7 June 2023 the Fielmann Group announced its expansion to the United States of America by means of two complimentary acquisitions: we agreed to acquire 100% of the shares in SVS Vision, based in Detroit, MI, USA. SVS Vision operates more than 80 stores in nine US states. The market-leading optical retailer in Michigan generated sales of over US$100 million in 2022. On the same day, the Fielmann Group also announced that it had agreed to purchase 100% of shares in Eyevious Style, Inc. This company runs the e-commerce platform Befitting. While the acquisition of Eyevious Style, Inc., was completed on 7 June, the acquisition of the optical retailer SVS Vision is proceeding. Regulatory approval is expected in the next few weeks and the transaction will close shortly thereafter. Together with the acquisition of

4 First half-year 2023

the online eyewear retailer Befitting, these acquisitions constitute an important milestone in the internationalisation we pursuing with our Vision 2025 growth strategy.

Earnings per share

Earnings per share stand at € 0.85 (previous year: € 0.69). There were no circumstances which could have diluted earnings per share during the period under review or comparable periods.

Earnings per share

in € 000s	30 June 2023		30 June 2022
Earnings before taxes		108,108		89,062
Taxes on income and earnings	-33,514		-28,119
Consolidated net income for	74,594		60,943
the period
Income attributable
to minority interests	-2,982		-2,988
Profits attributable to parent	71,612		57,955
company shareholders
Number of shares in '000 units	84,000	84,000
Own shares in '000 units	-17		-13
Number of shares in '000 units		83,983		83,987
Earnings per share in €		0.85		0.69

Dividend per share

Fielmann is maintaining its long-standingshareholder-friendly dividend policy. The Annual General Meeting of 13 July 2023 accepted the proposal made by the Management Board and the Supervisory Board. Considering the company's positive development in the 2022 financial year and the strong international expansion, a dividend payout of € 0.75 per share was approved and paid on 18 July. This corresponds to a total dividend payout from our cash flow of € 63.0 million and payout ratio of 60.3%.

First half-year 2023 5

Employees

Fielmann is one of the largest employers and training providers in Europe's optical industry, with 22,222 employees as at 30 June (previous year: 21,597), of whom 3,681 are apprentices (previous year: 3,746).

Information on the Supervisory Board and Management Board Hans-JoachimOltersdorf has decided to resign from the Supervisory Board of the Fielmann Group AG, effective as of 31 December 2023. As part of a succession plan, it is planned that the Fielmann Group's long-standingCFO, Georg Alexander Zeiss, is going to take his place on the Supervisory Board.

At its meeting on 13 July, the Supervisory Board appointed Steffen Baetjer as Member of the Management Board with responsibility for Controlling, effective as of 15 August 2023. Effective as of Q1/2024, Georg Alexander Zeiss will hand over his responsibilities for Finance, Legal and Compliance to Steffen Baetjer.

Forecast, opportunities and risk report

The statements provided in the Annual Report 2022 on the opportunities and risks of the business model remain unchanged.

Fielmann Group confirms FY2023 outlook

In a challenging environment, the Fielmann Group is developing favourably as customers opt for the price leader. Considering the strong performance in our existing European markets, we are confirming our outlook. Once the closing date of our US acquisition has been set, we are going to update our prognosis for the full year. While SVS Vision will contribute to Fielmann Group sales immediately after the closing, we expect that due to the acquisition costs of several million euros, the US business contribution to Group EBITDA will be negligible in 2023 but significantly improve in 2024. Looking forward, we are optimistic that our Vision 2025 investments will continue to drive our topline growth while our Cost Leadership Program puts us on track to reach the EBITDA margin as communicated in our Vision 2025 plan.