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Fielmann Group's multi-year investment cycle and international expansion have pressured margins and dividends, but set up a strong long-term growth opportunity. Recent earnings and management guidance have restored confidence, with margin recovery and dividend growth expected from 2025 onward. Personnel costs in Germany remain a headwind, but Fielmann's scale, pricing power, and operational improvements should drive market share gains.

seekingalpha.com 2025 Jun 06
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