EssilorLuxottica — Earnings Release 2024

Feb 12, 2025

Q4/FY 2024 RESULTS

Sound sales growth and margin expansion in 2024 Smartglasses as a new driver, Nuance off to a promising start

• • Group revenue at constant exchange rates¹ +9.2% in Q4 and +6.0% in the FY
• • North America accelerating in Q4, with SGH positive; sound EMEA driven by both PS and DTC
• • Ray-Ban Meta at 2 million units sold since the launch, with strong acceleration in 2024
• • Nuance Audio cleared, starting off in the US OTC and Europe
• • Stellest continuing to be strong in China, up approx. 50% in revenue in Q4
• • Adjusted² operating margin at 17.0% at constant exchange rates¹ , advancing by 50bps versus 2023
• • Strong free cash flow⁵ at Euro 2.4 billion in the FY
• • Dividend proposed at Euro 3.95 per share, with scrip dividend option
• • SBTi validated greenhouse gas emission reduction targets 2030 for scopes 1, 2 and 3

Paris, France (February 12, 2025 - 6:00 pm) – The Board of Directors of EssilorLuxottica met on February 12, 2025 to approve the consolidated financial statements for the year ended December 31, 2024. These financial statements were audited by the Statutory Auditors whose audit report is in the process of being issued.

Francesco Milleri, Chairman and CEO, and Paul du Saillant, Deputy CEO at EssilorLuxottica commented: "We celebrate another year of remarkable achievements, with our fourth consecutive year of top line growth on track with our targets, including a strong acceleration in Q4, with all regions and businesses contributing to our momentum, followed by new record high in the Group's profits.

As we look ahead, we are entering an era of unprecedented opportunities, powered by our global community of over 200,000 passionate colleagues. Our commitment to med-tech, smartglasses and iconic brands has never been stronger. With Ray-Ban Meta redefining digital eyewear and FDA-cleared Nuance Audio creating an entirely new category, we are pioneering the future. The exponential growth of Stellest alongside strategic acquisitions, including Heidelberg Engineering, Espansione Group, Pulse Audition and now Cellview, continue to expand our medical and clinical expertise, enabling us to improve hundreds of millions of lives worldwide. With Supreme now part of our portfolio, and the newlyextended trust of key partners including Diesel, Dolce & Gabbana, Michael Kors and Prada, we are setting new standards in desirability, cultural influence and technology adoption.

At the same time, our commitment to sustainability remains strong. Through our Eyes on the Planet roadmap, we are taking bold steps to reduce our environmental footprint, with our greenhouse gas reduction targets validated by the SBTi at the end of last year. In driving impact worldwide, our OneSight EssilorLuxottica Foundation is now collaborating with the WHO to bring essential vision care to those who need it most.

As we step into the new year with confidence, we remain on track with our long-term targets and are committed to driving meaningful transformation for years to come."

Q4 & FY Highlights

P&L key adjusted² data

Euro millions	FY 2024 Adjusted2	FY 2023 Adjusted2	Constant exchange rates1	Current exchange rates
Revenue	26,508	25,395	+6.0%	+4.4%
Gross Profit	16,835	16,090	+6.5%	+4.6%
% of revenue		63.4%	63.7%	63.5%
Operating Profit	4,414	4,178	+9.4%	+5.7%
% of revenue		16.5%	17.0%	16.7%
Group Net Profit	3,122	2,946	+9.8%	+6.0%
% of revenue		11.6%	12.0%	11.8%

P&L key data

			Current
Euro millions	FY 2024	FY 2023	exchange rates
Revenue	26,508	25,395	+4.4%
Gross Profit	16,805	16,048	+4.7%
Operating Profit	3,448	3,176	+8.5%
Group Net Profit	2,359	2,289	+3.0%
EPS basic (Euro)	5.20	5.11
EPS diluted (Euro)	5.13	5.08

Group revenue by segment and region

			Constant	Current
Euro millions	FY 2024	FY 2023	exchange rates1	exchange rates
Professional Solutions	12,547	12,199	+4.7%	+2.9%
Direct to Consumer	13,960	13,195	+7.1%	+5.8%
TOTAL REVENUE	26,508	25,395	+6.0%	+4.4%

			Constant	Current
Euro millions	Q4 2024	Q4 2023	exchange rates1	exchange rates
Professional Solutions	3,117	2,986	+5.5%	+4.4%
Direct to Consumer	3,664	3,264	+12.7%	+12.3%
TOTAL REVENUE	6,781	6,250	+9.2%	+8.5%

			Constant	Current
Euro millions	FY 2024	FY 2023	exchange rates1	exchange rates
North America	11,979	11,637	+3.1%	+2.9%
EMEA	9,759	9,184	+7.9%	+6.3%
Asia-Pacific	3,247	3,036	+9.3%	+7.0%
Latin America	1,523	1,537	+9.7%	-0.9%
TOTAL REVENUE	26,508	25,395	+6.0%	+4.4%

			Constant	Current
Euro millions	Q4 2024	Q4 2023	exchange rates1	exchange rates
North America	3,151	2,910	+7.8%	+8.3%
EMEA	2,357	2,150	+9.6%	+9.6%
Asia-Pacific	864	757	+14.0%	+14.1%
Latin America	408	433	+8.7%	-5.7%
TOTAL REVENUE	6,781	6,250	+9.2%	+8.5%

In 2024 EssilorLuxottica delivered another year of sound business expansion, with revenue growth at constant exchange rates¹ of 6.0%, the fourth consecutive year of revenue growth above 5% at constant exchange rates¹ . In terms of profitability, the adjusted² operating profit and the adjusted² Group net profit grew by 9.4% and 9.8% respectively at constant exchange rates¹ . In particular, the adjusted² operating profit as a percentage of revenue improved by 50 basis points at constant exchange rates¹ , proving the Group's ability to expand margins despite inflation headwinds.

The Group's strategy remains focused on disruptive innovation, with 2024 being another year of expansion for two new product categories EssilorLuxottica has been developing: myopia management solutions and smartglasses. During 2024, the Group presented the results of a five-year clinical study of its Stellest lenses, demonstrating conclusive evidence of their efficacy in slowing down myopia progression in children. As for smartglasses, the partnership with Meta Platforms has been extended entering into a new long-term agreement, under which the parties will collaborate into the next decade to develop multi-generational smart eyewear products. On top of these important growth initiatives, EssilorLuxottica is embarking on a new promising journey: after receiving the FDA clearance and EU certifications, Nuance Audio glasses will be available for purchase in the U.S. and key European countries starting from the first quarter of 2025. This groundbreaking technology, embedded into an entirely new smartglasses form factor, will meet the needs of people experiencing mild to moderate hearing loss.

In the fourth quarter of last year, the Group posted revenue of Euro 6,781 million, up 9.2% year-on-year at constant exchange rates¹ (+8.5% in current terms), in acceleration versus +4.0% of the third quarter of the year. The full year closed at Euro 26,508 million revenue, up 6.0% at constant exchange rates¹ . All the four regions and the two segments contributed to the Group's performance, reflecting its well-balanced and diversified revenue model.

In terms of geographies, the developed regions were the main driver of the Group's revenue growth in the quarter. In North America (+7.8% at constant exchange rates¹ ) the underlining business recorded its best quarter of the year in both segments and the overall growth was boosted by the consolidation of Supreme. EMEA (+9.6% at constant exchange rates¹ ) accelerated in both operating segments compared to the previous quarter. As for the developing regions, both Asia-Pacific (+14.0% at constant exchange rates¹ ) and Latin America (+8.7% at constant exchange rates¹ ) contributed. In the full year, Latin America (+9.7% at constant exchange rates¹ ), Asia-Pacific (+9.3%) and EMEA (+7.9%) grew faster than North America (+3.1%).

In terms of operating segments, in the fourth quarter revenue grew by 5.5% in Professional Solutions and +12.7% in Direct to Consumer at constant exchange rates¹ (+4.4% and +12.3% in current terms, respectively). On a full-year basis, Professional Solutions grew 4.7% at constant exchange rates¹ and Direct to Consumer 7.1%, accounting for 47% and 53% of the Group's total revenue. The brick-and-mortar comparable-store sales³ advanced by 5% in both the fourth quarter and the full year, sustained by sound results of optical banners throughout the full year and the recovery of the sun business in the fourth quarter at Sunglass Hut in North America. E-commerce closed the year on a positive trajectory, with revenue nearing Euro 1.8 billion (around 7% of the Group's total revenue).

As for products, all major categories positively contributed to the full year revenue performance at constant exchange rates¹ . The business mix was broadly confirmed, with optical at approximately three-fourths of total Group's revenue, sun at 23% and the rest being represented by Apparel, Footwear and Accessories (including Supreme brand) and smartglasses (Ray-Ban Meta). Among frame brands, Ray-Ban stood out thanks to ramping-up smartglasses, while among licenses Miu Miu, Chanel and Swarovski were the best performers. As for the lens category, innovation-driven brand-based Stellest, Varilux and Transitions were the main drivers.

In terms of profitability, favorable price-mix in both frames and lenses, integration synergies, operational efficiencies and cost-containment measures more than offset persisting inflationary pressures, material currency headwinds and investments to support all the innovations streams.

The adjusted² gross profit amounted to Euro 16,835 million in the full year, reaching 63.5% of revenue, 10 basis points higher than 2023 (or +30 basis points at constant exchange rates¹ ).

The adjusted² operating profit reached Euro 4,414 million in the year, representing 16.7% of revenue, compared to 16.5% in 2023, a margin accretion of 20 basis points. At constant exchange rates¹ , the margin expanded by 50 basis points to 17.0% of revenue.

The adjusted² Group net profit amounted to Euro 3,122 million in the full year, representing 11.8% of revenue, compared to 11.6% in 2023, a margin accretion of 20 basis points (or +40 basis points at constant exchange rates¹to 12.0% of revenue).

The operating profit and the Group net profit directly stemming from the IFRS consolidated financial statements amounted to Euro 3,448 million and Euro 2,359 million respectively in the full year.

The consolidated free cash flow⁵ amounted to Euro 2,413 million in the full year.

The Group ended the year with Euro 2.25 billion in cash and cash equivalents and a net debt⁶ of Euro 10.97 billion (including Euro 3.65 billion lease liabilities) compared to a net debt⁶ of Euro 9.10 billion at the end of December 2023.

Store Count on December 31, 2024

	North America	EMEA	Asia- Pacific	Latin America	Corporate Stores	Franchising & Other	Total Storecount
Sunglass Hut	1,609	577	311	429	2,926	242	3,168
LensCrafters	1,012		82		1,094	8	1,102
Vision Express		848			848	121	969
Apollo		671			671	220	891
Target Optical	577				577		577
MasVisión		53		473	526	6	532
Pearle		513			513	211	724
Générale d'Optique		394			394	282	676
OPSM			375		375	24	399
GMO				345	345		345
GrandVision		273		55	328	42	370
GrandOptical		316			316	61	377
Atasun Optik		304			304	34	338
Oakley	184	11	79	26	300	72	372
Ray-Ban	43	67	125	47	282		282
Synoptik		247			247		247
Salmoiraghi & Viganò		245			245	25	270
Luxoptica		226			226		226
Mujosh			178		178	296	474
Pearle Vision	107				107	448	555
MultiÓpticas		104			104	110	214
Bolon			113		113	235	348
Aojo			94		94	120	214
Óticas Carol				25	25	1,409	1,434
Supreme	5	4	8		17		17
All Others	298	1,119	233	732	2,382	135	2,517
Total EssilorLuxottica	3,835	5,972	1,598	2,132	13,537	4,101	17,638

Long-Term Outlook

The Company confirms its target of mid-single-digit annual revenue growth from 2022 to 2026 at constant exchange rates¹ (based on 2021 pro forma⁴ revenue), targeting a range of €27-28 billion, and expects to achieve an adjusted² operating profit as a percentage of revenue in the range of 19-20% by the end of that period.

Dividend

The Board of Directors will recommend that shareholders, at the Annual Meeting to be held on April 30, 2025, approve the payment of a dividend of Euro 3.95 per share. Shareholders will be offered the option of receiving their dividend in cash or in newly issued shares (scrip dividend). The ex-date will be May 7, 2025 and the dividend will be paid – or the shares issued – as from June 5, 2025.

Buyback

At end of 2024, the Company holds 798,593 of its own shares (0.2% of the share capital), having bought 1,480,214 shares as part of the buy-back programs launched throughout 2024 and having delivered almost 2.5 million shares in the course of the year (performance share awards and stock-option plans).

Employee Shareholding

The total number of the Group's employee shareholders, distributed across 85 countries, is currently above 83,500. This reflects the team's confidence in the Company's strategy and performance. Employee Shareholding is a cornerstone of EssilorLuxottica's culture, aligning employees' interests with those of the Group and other shareholders.

Mission

In 2024, the Group remained focused on advancing its mission of helping people see more and be more and driving initiatives that bring its vision of a world without poor vision closer to reality. Since 2013, the OneSight EssilorLuxottica Foundation has transformed access to vision care, creating permanent vision care access for around 980 million people and equipping 87 million individuals with eyeglasses. Supported by over 33,400 rural optical points and the training of thousands of vision care entrepreneurs, these efforts have brought sustainable eyecare systems to even the most remote communities globally. This impact earned the Foundation, in 2024, a spot on Fortune's 'Change the World' list, for the fourth time, recognizing its transformative contributions to global eye health and sustainability. To further scale up its impact by leveraging its extensive reach and expertise, the Foundation also signed a global collaboration partnership with the World Health Organization on its SPECS 2030 initiative.

Sustainability

In 2024, EssilorLuxottica continued to make strong progress in its sustainability journey, as presented in the Mission & Sustainability section of the attached Management Report.

First presented in 2021, the Company's "Eyes on the Planet" is a holistic sustainability program based on five pillars of actions that demonstrate the strong integration of Mission, sustainability, and business strategy: Eyes on Carbon, Eyes on Circularity, Eyes on World Sight, Eyes on Inclusion, and Eyes on Ethics.

On climate, in 2024 EssilorLuxottica further reduced the CO2e emissions from its own operations (Scopes 1 and 2), thanks to the constant investments in the on-site production of renewable energy, operations efficiency, supply chain optimization and training. By the end of 2030, the Company intends to achieve a 42% absolute reduction in Scopes 1 and 2 GHG emissions and a 25% absolute reduction in Scope 3 GHG emissions from purchased goods and services, fuel- and energy-related activities, upstream transportation and distribution, and waste generated in operations (from a 2022 base year). These targets were validated by the Science Based Targets initiative (SBTi), marking a key milestone in the Company's efforts to reduce the environmental impact of its own operations, while engaging its key suppliers in this journey, in line with its open, collaborative and inclusive business model.

The Company also progressed towards its circularity ambition. In 2024, the Group further expanded the permeation of responsible materials in its eyewear collections, equal to 43% in the collections launched during the year. An internal sustainability assessment tool has been launched as a key component of its eco-design approach, providing the evaluation of the environmental and social impact of its innovation projects. Progress was made also in the circularity of packaging materials with the progressive elimination or conversion of single-use plastic elements and alternative material introductions.

2024 also marked a significant progress in Diversity, Equity, and Inclusion (DE&I) and in the deployment of EssilorLuxottica's culture of health, safety and well-being in the workplace. Key milestones included the publication of the Global EHS policy as part of the Company's commitment to safeguarding the environment, health and safety of its employees, business partners, customers and local communities; the introduction of the Global DE&I Policy to embed inclusive principles, the launch of the Inclusion Committee to monitor equality on a global scale, and the rollout of "Your Voice," a worldwide platform amplifying employee feedback.

The Group is committed to gender equality by providing equal opportunities, fair pay, and career advancement for all while supporting work-life balance through parental leave and policies that address gender-based discrimination and harassment. In 2024, women held 35% of the management bodies and 35% of senior executive roles. The Group's commitment to inclusivity is further embodied by Leonardo, EssilorLuxottica's learning ecosystem accessible to employees and all players in the eyewear and eyecare industry. Since its launch in 2021, Leonardo has delivered over 9 million hours of education in up to 30 languages.

The Group's progress and unwavering commitment to sustainability best practices have been recognized by different ESG raters worldwide, positioning EssilorLuxottica as a sustainability champion in its industry. For the first time EssilorLuxottica has been included in the Dow Jones Best-in-Class Europe Index, ranking among the top European companies in ESG performance and is featured in the 2025 Sustainability Yearbook by S&P Global. Participating in the CDP questionnaire, EssilorLuxottica received an A- score for Climate change (B in 2023) and a B score for Water security (on a scale from a minimum of D-to A). The MSCI upgrade to the highest level, "AAA," recognizes the Group's success in effectively managing ESG risks and opportunities. These and other recognitions reaffirm EssilorLuxottica's global impact and dedication to sustainability, leading the way together with its partners and stakeholders in responsible business practices.

Conference Call

A conference call in English will be held today at 6:30 pm CET. The meeting will be available live and may also be heard later at: https://streamstudio.world-television.com/1217-2090-41194/en

Forthcoming Investor Events

Company Results & AGM:

• April 23, 2025: Q1 2025 Revenue
• April 30, 2025: Annual Shareholders' Meeting
• July 28, 2025: Q2 2025 Revenue and H1 2025 Results
• October 16, 2025: Q3 2025 Revenue

Investor Conferences:

• February 27, 2025: CICC Global Investment Conference (virtual)
• March 25, 2025: Goldman Sachs Luxury Goods Conference in Paris
• March 26, 2025: BNPP Exane Healthcare Conference (virtual)
• April 4, 2025: RBC Ophthalmology Conference (virtual)
• May 21, 2025: Morgan Stanley Luxury Goods Conference in Paris
• May 22, 2025: HSBC Luxury Goods Conference in Paris
• May 22, 2025: Unicredit / Kepler Cheuvreux Italian Investment Conference in Milan
• June 4, 2025: BNPP Exane CEO Conference in Paris

Notes

As table totals are based on unrounded figures, there may be discrepancies between these totals and the sum of their rounded component.

1 Constant exchange rates: figures at constant exchange rates have been calculated using the average exchange rates in effect for the corresponding period in the relevant comparative year.

2 Adjusted measures or figures: adjusted from the expenses or income related to the combination of Essilor and Luxottica (the "EL Combination"), the acquisition of GrandVision (the "GV Acquisition"), other strategic and material acquisitions, and other transactions that are unusual, infrequent or unrelated to the normal course of business as the impact of these events might affect the understanding of the Group's performance. A description of those other transactions that are unusual, infrequent or unrelated to the normal course of business is provided in the half-year and year-end disclosure (see dedicated paragraph Adjusted measures).

3 Comparable-store sales: reflect, for comparison purposes, the change in sales from one period to another by taking into account in the more recent period only those stores already open during the comparable prior period. For each geographic area, the calculation applies the average exchange rate of the prior period to both periods.

4 Comparable or pro forma (revenue): comparable revenue includes the contribution of GrandVision's revenue to EssilorLuxottica as if the combination between EssilorLuxottica and GrandVision (the "GV Acquisition"), as well as the disposals of businesses required by antitrust authorities in the context of the GV Acquisition, had occurred at the beginning of the year (i.e. January 1). Comparable revenue has been prepared for illustrative purpose only with the aim to provide meaningful comparable information.

5 Free Cash Flow: Net cash flow provided by operating activities less the sum of Purchase of property, plant and equipment and intangible assets and Cash payments for the principal portion of lease liabilities according to the IFRS consolidated statement of cash flow.

6 Net debt: sum of Current and Non-current borrowings, Current and Non-current lease liabilities, minus Short-term investments, Cash and cash equivalents and the Financial debt derivatives at fair value as disclosed in the IFRS consolidated financial statements.

DISCLAIMER

This press release contains forward-looking statements that reflect EssilorLuxottica's current views with respect to future events and financial and operational performance. These forward-looking statements are based on EssilorLuxottica's beliefs, assumptions and expectations regarding future events and trends that affect EssilorLuxottica's future performance, taking into account all information currently available to EssilorLuxottica, and are not guarantees of future performance. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future, and EssilorLuxottica cannot guarantee the accuracy and completeness of forward-looking statements. A number of important factors, not all of which are known to EssilorLuxottica or are within EssilorLuxottica's control, could cause actual results or outcomes to differ materially from those expressed in any forwardlooking statement as a result of risks and uncertainties facing EssilorLuxottica. Any forward- looking statements are made only as of the date of this press release, and EssilorLuxottica assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason.

Contacts	Giorgio Iannella	Marco Catalani
	Head of Investor Relations	Head of Corporate Communications
	E ir@essilorluxottica.com	E media@essilorluxottica.com
About EssilorLuxottica		EssilorLuxottica is a global leader in the design, manufacture and distribution of advanced vision care products, eyewear and med-tech solutions. Its Mission is to help people around the world to see more and be more by addressing their evolving vision needs, personal style aspirations and desire to feel more connected to the world around them. EssilorLuxottica is home to the most innovative lens technologies, including Varilux, Stellest and Transitions, iconic brands such as Ray-Ban, Oakley and Supreme, the most desired luxury licensed brands and world-class retailers including Sunglass Hut, LensCrafters, Vision Express and Apollo. Backed by robust R&D investments, distinctive capabilities and a top-quality asset portfolio, the Company drives innovation across categories, from cutting
		edge medical instruments and solutions for eye health to category-defining smart glasses, all of which push the boundaries of the

Reuters: ESLX.PA; Bloomberg: EL:FP. www.essilorluxottica.com.

industry and reimagine the eyes as a gateway to new possibilities. With over 200,000 employees across 150 countries, 600 operations facilities and 18,000 stores, the Group generated consolidated revenue of Euro 26.5 billion in 2024. Its OneSight EssilorLuxottica Foundation has given access to sustainable vision care to nearly 1 billion people in underserved communities. EssilorLuxottica trades on the Euronext Paris market and is included in the Euro Stoxx 50 and CAC 40 indices. Codes and symbols: ISIN: FR0000121667;

EssilorLuxottica Q4 FY 2024 Press Release ¹⁰/¹⁰

Excerpt from 2024 Management Report

Significant events of the year
Concolidated revenue
Statement of profit or loss and Alternative Performance Measures
Statement of financial position, net debt, cash flows and other non-GAAP measures
Acquistions and partnerships
Mission and sustainability
Investments made in 2024 and planned for 2025
Subsequent events
Recent trends and outlook
Appendix 1 – Excerpts from the Consolidated Financial Statements
Consolidated statement of profit or loss
Consolidated statement of financial position
Consolidated statement of cash flows
Appendix 2 - Revenue recap

As table totals are based on unrounded figures, there may be discrepancies between these totals and the sum of their rounded component.

Significant events of the year

EssilorLuxottica showcases its smart and hearing aided eyewear innovation at CES 2024 in Las Vegas

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Breakthrough Device Designation Marks Myopia Management Milestone for Joint Venture Partner SightGlass Vision

EssilorLuxottica closes the acquisition of Washin to grow its optical retail presence in Japan

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Five-year clinical findings of Essilor Stellest lenses

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Dividend distribution

A new sustainable approach for EssilorLuxottica's operations in Italy

EssilorLuxottica to Acquire Supreme from VF Corporation

Agreement to acquire a majority stake in Heidelberg Engineering

Share buyback program

Optical Investment Group acquisition

On July 30, 2024, EssilorLuxottica announced that it had entered into an agreement for the entire share capital of Optical Investment Group, a leading retailer of optical eyecare and eyewear products in Romania, from Innoval6, a private equity fund of Innova Capital Group, and a group of individual minority shareholders.

The agreement represents a significant step forward in elevating the benefit of all industry players. It will allow the Company to grow appreciation for quality eyewear and eyecare solutions among consumers in the 19 million people county, while at the same time continuing to deliver our more than 1,800 valued customers and partners who remain at the heart of our strategy.

Optical Investment Group was set-up in 2019 in cooperation with Innova Capital by combining two established Romanian optical retail chains – OPTIblu and Optiplaza. Over the years, Optical Investment Group has not only significantly expanded its network of traditional stores, but has also developed E-commerce channels, with a total of more than 650 talented employees and optometrists. Optical Investment Group operates through the country's largest optical retwork comprising 99 directly operated stores, under three well-known banners: OPTIblu, Optiplaza and 051.

The transaction is expected to close in Q1 2025, pending regulatory approvals and other customary closing conditions.

Successful €2 billion bond issuance at 2.99%

On August 29, 2024, EssilorLuxottica successfully launce for a total amount of €2 billion with tenors of 4.5 and 7.5 years, carrying respectively a coupon of 2.875% and 3.00% (the "Bonds") with an average rate after hedging of 2.99%.

The order book peaked close to €5 billion, attracting quality institutional investors, demonstration in EssilorLuxottica's business model and credit profile.

On September 5, 2024, the Bonds were settled and admitted to trading on Euronext Paris.

Long Term Partnership with Meta

On September 17, 2024, EssilorLuxottica announced that it partnership with Meta Platforms by entering into a new longterm agreement, under which the parties will collaborate into the next decade to develop multi-generational smart eyewear products. The two companies have been collaborating successfully since 2019, resulting in two generations of Ray-Ban har broke the barriers to adoption and redefined the potential for wearables in consumers' lives

By striking the ultimate balance between form and functica's know-how in the industry and its global network of retail and wholesale locations together with Meta's advancements in technology, Ray-Ban Meta glasses have gardement and widespread adoption. The glasses, now a mainstream product, are in high demand in the markets they re US, CA, the UK, Australia and many European countries including Austria, Belgium, Denmary, France, Germany, Ireland, Italy, Norway, Spain and Sweden.

The latest generation of Ray-Ban Meta glasses, introduced by Essilor Luxottica and Meta in the Fall of 2023, have advanced technology built seamlessly into Ray-Bars iconic frames. They give consumers superpowers, including the ability to make phone and share photos and videos, listen to music, and livestream connectivity with loved ones allows people to truly live in the moment and experience life as it should be. The integration of Meta Al lets users get things done, be inspired and more easily connect.

New corporate headquarters in Paris

On September 17, 2024, EssilorLuxottica announced the signing of a long-term pre-letting agreement for its new global headquarters in Paris, expected to open late 2027. Located at Place Valhubert, in the lively Austerlitz district -Paris 13e, boasting a tech startup and global digital company scene, the new headquarters will bring together in a single building up to more than 2,000 people, regrouping teams from the Group functions currently spread across different locations in the Grand Paris area.

The new over 20,000 square meters state-of-the-art facility overlooking the elegance of Haussmannian style with contemporary design and architecture. The building will be a forward-looking window to Paris and the future of a constantly evolving Company, a space for creativity and the exchange of new trends of agile work, the digital economy, and a tangible representation of EssilorLuxottica's trailblazing role in reshaping the industry.

Bringing all the Company's organizations under the same roof – from clesign to digital, business development and corporate functions, the new headquarters will be uniquely designed to foster the Company's culture of innovation and strengthen its long-standing commitment to employee well-being. It will also feature training areas, an auditorium and a showroom dedicated to the Group's iconic brands, innovative solutions and technologies.

The new facility will complement the existing and recently expanded corporate locations in Milan, Italy, reaffirming the Groups European roots and its global strategy. In line with EssilorLuxottica's Eyes on the new facility will meet the highest environmental sustainability and well-being standards, with the ambition of achieving HQE, and BBC certifications among others.

OneSight EssilorLuxottica Foundation's collaboration with the World Health Organization on the WHO's SPECS 2030 initiative

On December 6, 2024, the OneSight EssilorLuxottica Foundation with the World Heath Organization (NHO) as a global collaborating partner on the WHO's SPECS 2030 initiative.

The SPECS initiative builds on the world's first-ever global target to increase effective error coverage by 40% by 2030, which was endorsed by WHO Member States in 2021 at the World Health Assembly.

This collaboration between WHO and the Foundation represents a significant step forward in addressing refractive error, preventing myopia, and improving access to vision care worldwide, particularly in low-resource settings.

The collaboration will focus on knowledge sharing, technical input, and data provision to scale impactful solutions and ensure the effective implementation of United Nations' 'Vision for Everyone' resolution. By leveraging their respective expertise, WHO and the Foundation aim to make sustainable vision care accessible to millions, improving health outcomes and social inclusion.

The WHO SPECS 2030 initiative accelerates global eye health efforts by focusing on five key pillars: Services, improving access to refractive services; Personnel, building the capacity of eyecare professionals; Education, promoting public awareness about eye health; Cost, reducing the cost of eyeglasses and services; and Surveillance, strengthening data collection and research.

Across these areas, the Foundation will provide technical input, share best practices, and contribute in alignment with the global eyecare target of effective refractive error coverage.

This collaboration reflects a shared commitment to improving lives through better vision and advancing progress toward Sustainable Development Goals, especially in health, education, and economic participation.

Greenhouse gas emissions reduction targets validated by the Science Based Targets initiative (SBTi)

Espansione Group acquisition

Consolidated revenue

EssilorLuxottica revenue

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Revenue by operating segment

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€ millions	2024	2023	Change at constant exchange rates'	Change at current exchange rates
Professional Solutions	12,547	12,199	4.7%	2.9%
Direct to Consumer	13,960	13,195	7.1%	5.8%
TOTAL REVENUE	26,508	25,395	6.0%	4.4%

€ millions	04 2024	Q4 2023	Change at constant exchange rates'	Change at current exchange rates
Professional Solutions	3,117	2,986	5.5%	4.4%
Direct to Consumer	3,664	3,264	12.7%	12.3%
TOTAL REVENUE	6,781	6,250	9.2%	8.5%

Fourth-quarter revenue by operating segment

Professional Solutions

Professional Solutions posted revenue of €3,117 million, up 5.5% at constant exchange rates ' compared to the fourth quarter of 2023 (+4.4% at current exchange rates).

EMEA was the fastest growing region in the quarter, followed by North and Latin America. Asia-Pacific progressed on a slower pace on the back of the continued, subdued macroeconomic environment in China. Ray-Ban with its wearable product range posted strong results, while Miu Miu and the new licenses also gave a nice boost to the overall sales performance. Stellest, Nikon and Varilux were the most successful lens brands.

Direct to Consumer

Direct to Consumer posted revenue of €3,664 million, up 12.7% at constant exchange rates 'compared to the fourth quarter of 2023 (+12.3% at current exchange rates).

The growth of the segment was underpinned by the brick-and-mortar stores delivering their best quarter by the impact of the recently consolidated Supreme. Comparablestore sales3 were up 5%, accelerating thanks to the inversion of trends at Sunglass Hut North America, which turned positive declining quarters. Ray-Ban Meta continued to flourish in the online channel, especially on the dedicated brand's website.

Full-year revenue by operating segment

Professional Solutions

The Professional Solutions segment recorded revenue of €12,547 million, up 4.7% at constant exchange rates" compared to 2023 (+2.9% at current exchange rates), and represented 47% of the Group's total revenue in 2024.

Professional Solutions posted sound growth in the year. One of the segment was EMEA, which achieved convincing results throughout the year, bolstered by growth across countries, categories and channels with the support of innovative products. In Asia-Pacific, Greater China expanded at a slower pace in the second half of the challenging macroeconomic conditions. Nevertheless, Asia-Pacific still outperformed the overall Pofessional Solutions. North America posted decent growth underpinned by sales to key accounts and partner ECPs. Latin America register to the prior year, being the fastest growing region in 2024. Overall, the innovative products acted as the year. On the lens side, Stellest and Varilux stood out. On the frame side, Ray-Ban Meta kept growing, while Miu Miu and new license contributed nicely.

Direct to Consumer

The Direct to Consumer segment recorded revenue of €13,960 million, up 7.1% at constant exchange rates1 compared to 2023 (+5.8% at current exchange rates), and represented 53% of the Group's total revenue in 2024.

Brick and mortar comparablestore sales growth kept the pace of last year at around 5%, sustained by optical banners, while the sun business saw a recovery driven by Sunglass Hut in North America re-entering a growth quarter. The optical banners delivered steady growth over the year particularly supported by EMEA and Latin America, where the integration progressed promisingly. The sun business faced challenges entering the year and dipped in the second quarter was still impacted by weak demand and EMEA tottered due to unfavourable weather conditions. The growth of Ray-Ban.com revitalized the E-commerce business with special thanks to the smartglasses category. Consolidated since October, the Supreme business also contributed to the growth of the retail business, especially in North America and Asia Pacific.

Revenue by geographical area

Essilor Luxottica's geographical areas are North America, EMEA (i.e. Europe, including Turkey and Russia, together with Middle East and Africa), Asia-Pacific and Latin America.

€ millions	2024	2023	Change at constant exchange rates¹	Change at current exchange rates
North America	11,979	11,637	3.1%	2.9%
EMEA	9,759	9,184	7.9%	6.3%
Asia-Pacific	3,247	3,036	9.3%	7.0%
Latin America	1,523	1,537	9.7%	-0.9%
TOTAL REVENUE	26,508	25,395	6.0%	4.4%

€ millions	Q4 2024	Q4 2023	Change at constant exchange rates'	Change at current exchange rates
North America	3,151	2,910	7.8%	8.3%
EMEA	2,357	2,150	9.6%	9.6%
Asia-Pacific	864	757	14.0%	14.1%
Latin America	408	433	8.7%	-5.7%
TOTAL REVENUE	6,781	6,250	9.2%	8.5%

Fourth-quarter revenue by geographical area

North America

North America posted revenue of €3,151 million, up 7.8% at constant exchange rates1 compared to the fourth quarter of 2023 (+8.3% at current exchange rates), with the underlying business recording its best quarter of the year in both segments.

In Professional Solutions, the sales drivers were broady in line with the third quarter. The growth was underpinned by the excellent momentum of prescription frames led by Ray-Ban and Oakley, while the soft performance of sunglasses continued to persit. In the lens business, Shamir stood out as one of the top winning brands in the quarter. Key accounts and partner the performance of non-partner independent ECPs.

In Direct to Consumer, trends accelerated thanks to the recovery of Sunglass Hut where comparable-store sales confidently into the positive territory. The performance of the domestic locations caught up with the solid trajectory of the international stores. Ray-Ban Meta was one of the top-selling models across the network. In optical, LensCrafters delivered solid comparable-store sales successfully leveraging the peak season at the end of the year to target the insured consumers. Online sales advanced nicely thanks to Ray-Ban.com, with Ray-Ban Meta booming and also leveraging its appeal as a unique gift item during the holiday season. The overall growth of the segment was boosted by the consolidation of Supreme.

FMFA

EMEA posted revenue of €2,357 million, up 9.6% at constant exchange rates' compared to the fourth quarter of 2023 (+9.6% at current exchange rates), accelerating in both segments compared to the previous quarter.

The healthy performance of Professional Solutions was the effective execution on the business strategy across geographies, products and trade channels. The frame category was the results thanks to both prescription and sunglasses. Miu Miu continued to be the hottest brand of the moment and among the new licenses Jimmy Choo generated the biggest excitement in the quarter. The lens business was driven with Stellest, Varilux XR and Transitions Gen S contributing more than half of the category's growth.

In Direct to Consumer, comparable-store sales for optical and sun were up high-single digit. The strong delivery of the integration initiatives visibly reflected on the thriving performance of the optical retail banners. Consumers appreciated the access to a more valuable offering and approximately one million loyal customers already took advantage of the optical subscription program. The sun business achieved its 13th consecutive quarter of positive comparable-store sales3.

Asia-Pacific

Asia-Pacific posted revenue of €864 million, up 14.0% at constant exchange rates ' compared to the fourth quarter of 2023 (+14.1% at current exchange rates), growing soundly in its core business and benefiting from a positive impact of Supreme in the Direct to Consumer segment.

In Professional Solutions, the performance of Greater China was slightly positive and a result of two diverging trends. On one hand, the myopia management portfolio confirmed its resilient expanded around 50% and Nikon and Kodak DOT continued to ramp up at a fast pace. On the other hand, Bolon kept struggling amid the tougher macroeconomic environment. Japan and Australia contributed nicely to the results.

In Direct to Consumer, the Australian retail business posted healthy comparablestore sales across sun and optical banners. Favorable price-mix drove the performance at OPSM. Following the success in EMEA, the banner also launched the first subscription program in the market in November. Comparable-store sales in China remained negative but improved compared to the eight Supreme stores in the region prospered.

Latin America

Latin America posted revenue of €408 million, up 8.7% at constant exchange rates compared to the fourth quarter of 2023 (-5.7% at current exchange rates), delivering solid results, still impacted by the hyperinflationary environment in Argentina.

In Professional Solutions, Brazil registered a positive performance in frames, while the pressures in the lens business were exacerbated by a tough comparison base last year. Colombia once again delivered excellent results in frames with the newly launched Transitions Gen S leaving a strong mark on the growth.

Direct to Consumer posted its best quarter of the year. The former GrandVision banners as well as the solid growth in GMO pushed the optical performance. The sun business further accelerated thanks to a buoyant Sunglass Hut across all countries.

Full-year revenue by geographical area

North America

North America posted revenue of €11,979 million, up 3.1% at constant exchange rates1 compared to 2023 (+2.9% at current exchange rates), accelerating in the fourth quarter driven by the recovery of the sun retail business.

Professional Solutions kept ramping up quarter. The segment was supported by the consistent growth of prescription frames. The lens business was lighted up by the innovations XR and Transitions Gen S. From a channel perspective, the resilient outcome was supported by solid key accounts and partner ECPs, while non-partner ECPs were under pressure.

The performance of Direct to Consumer was relatively consistent throughout the year and subsequently spiked in the fourth quarter gaining support from the returning back to growth mode. The optical banners reported positive comparable-store sales growth throughout the year supported by customers with insurance coverage. The online by Ray-Ban.com, helped by the desirable Ray-Ban Meta smartglasses. Additionally, Supreme further contributed to the business expansion.

FMFA

EMEA posted revenue of €9,759 million, up 7.9% at constant exchange rates' compared to 2023 (+6.3% at current exchange rates), once again being the greatest contributor to the overall growth of the Group.

Professional Solutions was a reliable source of growth over the whole year. Almost all the key markets contributed, successing on innovations. Varilux XR and Transitions Gen S supported the results on the Miu Miu and Oakley performed well on the frame side. Moreover, a positive progression was also recorded across channels.

Direct to Consumer realized strong growth during the year. The optical integration progressed on a good trajectory. More customers experienced a wider range of product and service offers with great satisfaction. The sun business was negatively impacted by the adverse weather across Europe in the second quarter, but caught up afterwards and closed the year with comparable-store sales growth broadly in line with its optical peer. The online business in the region expanded as well.

Asia-Pacific

Asia-Pacific posted revenue of €3,247 million, up 9,3% at constant exchange rates' compared to 2023 (+7.0% at current exchange rates), posting another year of growth on top of a tough comparison base of 2023 (+14.3% versus 2022 at constant exchange rates).

Professional Solutions started the year with but slowed down in the second half of the year, impacted by the deceleration of the Chinese business related to the lack of consumer confidence in the market. The performance of myopia management solutions was still cheerful, especially Stellest growing by 60%, which more than offset the sales downturn of local brand Bolon. Japan posted strong results in the year, followed by good momentum in India and South Korea.

Direct to Consumer in the region was sustained by the resilient performance of OPSM in Australia/New Zealand and fueled by the buoyant retail business in Japan on a comparables basis. Sun banners in South-East Asia performed well and Oakley has been ganing attraction from its Asian audience. With eight stores in Asia Pacific, Supreme made its debut with a great contribution, expanding the Group's reach to Asian consumers.

Latin America

Latin America posted revenue of €1,523 million, up 9.7% at constant exchange rates' compared to 2023 (-0.9% at current exchange rates), helped by the tailwinds of Argentina's price inflation effect.

In Professional Solutions, the Brazilian business was negatively impacted by the lens business, while the frame category kept expanding. Mexico slowed down in the year and posted a flattish growth on an annual basis. Colombia caught the attention as an outstanding performer, supported by new launches.

Direct to Consumer posted solid performance with all the markets growing. The octical banners across the region. GMO accelerated in the second half of the year. Former GrandVision stores, receiving positive feedback from the integration, posted robust double-digit comparable-store sales growth in 2024. The sun banners closed the year positively with Sunglass Hut back to sound growth in the second half of the year.

EssilorLuxottica consolidated statement of profit or loss

€ millions	2024	2023	Change
Revenue	26,508	25,395	4.4%
Cost of sales	(9,702)	(9,347)	3.8%
GROSS PROFIT	16,805	16,048	4.7%
% of revenue	63.4%	63.2%
Total operating expenses	(13,358)	(12,871)	3.8%
OPERATING PROFIT	3,448	3,176	8.5%
% of revenue	13.0%	12.5%
PROFIT BEFORE TAXES	3,291	3,035	8.4%
% of revenue	12.4%	12.0%
Income taxes	(800)	(609)	31.3%
Effective tax rate	24.3%	20.1%
NET PROFIT	2,491	2,426	2.7%
NET PROFIT ATTRIBUTABLE TO OWNERS OF THE PARENT	2,359	2,289	3.0%

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EssilorLuxottica Alternative Performance Measures (APM)

€ millions	2024	Adjustments related to PPA impacts	Other non-GAAP adjustments	2024 Adjusted2
Revenue	26,508			26,508
Cost of sales	(9,702)	10	20	(9,673)
GROSS PROFIT	16,805	10	20	16,835
% of revenue	63.4%			63.5%
Total operating expenses	(13,358)	869	67	(12,421)
OPERATING PROFIT	3,448	879	87	4,414
% of revenue	13.0%			16.7%
Cost of net debt and other*	(157)	(O)		(157)
PROFIT BEFORE TAXES	3,291	879	87	4,257
% of revenue	12.4%			16.1%
Income taxes	(800)	(172)	(18)	(990)
NET PROFIT	2,491	707	69	3,267
NET PROFIT ATTRIBUTABLE TO OWNERS OF THE PARENT	2,359	694	70	3,122

*

The most significant Other non-GAAP adjustments of 2024 resulted from:

• restructuring and reorganization projects (for an effect of approximately €98 million on the Operal initiatives across the Group in different geographies and businesses, including the continued rationalization of GrandVision activities (accounting for approximately €43 million). The related effects were recognized in Cost of sales (for approximately €20 million), Research and development expenses (a positive effect of approximately €1 million), Selling and marketing expenses (for approximately €46 million) and General and administrative expenses (for approximately €33 million);
• professional fees related to M&A transactions (for approximately €13 million) and non-recurring costs related to significant legal cases (approximately €18 million including legal fees) whose effects were recognized in General and administrative expenses;
• an income accounted for in the line Other income/(expenses)for an aggregate amount of €50 million resulting from various settlements reached by the Group in 2024; and
• · Income taxes, adjusted for an amount of €(18) million corresponding to the tax effects of the above-mentioned adjustments.

Adjusted² consolidated statement of profit or loss

€ millions	2024 Adjusted	2023 Adjusted	Change at exchange rates1	Change at constant current exchange rates
Revenue	26,508	25,395	6.0%	4.4%
Cost of sales	(9,673)	(9,305)	5.1%	4.0%
GROSS PROFIT	16,835	16,090	6.5%	4.6%
% of revenue	63.5%	63.4%
Research and development	(371)	(333)	11.6%	11.3%
Selling	(7,964)	(7,502)	7.4%	6.2%
Royalties	(252)	(246)	4.5%	2.4%
Advertising and marketing	(1,716)	(1,700)	1.9%	0.9%
General and administrative	(2,124)	(2,126)	0.9%	-0.1%
Other income/(expenses)	6	(4)	>100%	>100%
Total operating expenses	(12,421)	(11,912)	5.4%	4.3%
OPERATING PROFIT	4,414	4,178	9.4%	5.7%
% of revenue	16.7%	16.5%
Cost of net debt and other *	(157)	(144)	10.5%	8.6%
PROFIT BEFORE TAXES	4,257	4,033	9.4%	5.6%
% of revenue	16.1%	15.9%
Income taxes	(990)	(938)
Effective tax rate	23.26%	23.25%
NET PROFIT	3,267	3,095	9.3%	5.6%
NET PROFIT ATTRIBUTABLE TO OWNERS OF THE PARENT	3,122	2,946	9.8%	6.0%

*Including Other financial income/(expenses) and Share of profit (loss) of associates.

Revenue for the year totaled €26,508 million, an increase of 6.0% at constant exchange rates).

Adjusted² Gross profit. +6.5% at constant exchange rates¹ (+4.6% at current exchange rates)

Adjusted' Gross profit in 2024 ended at €16,835 million, representing 63.5% of revenue in 2023). The main drivers of the Gross margin accretion are the favorable price-mix in both frames and manufacturing efficiencies.

Adjusted Operating expenses: +5.4% at constant exchange rates' (+4.3% at current exchange rates)

Adjusted Operating expenses amounted to €12,421 million in 2024, translating to 46.9% in 2023).

The main variances related to Operating expenses refer to:

• Selling expenses amounting to €7,964 million, an increase of 7.4% at constant exchange rates compared to 2023, the main driver of the cost increase is represented by the investments made on sales force in the impact of the impact of the acquisitions closed in 2024 as well as inflationary trends, particularly on labor costs.
• · Advertising and marketing expenses amounting to €1,716 million, increased of approximately 1.9% on a constant exchange rates 1 basis due to the specific investments supporting the Group's brands and the launch of new products, such as the marketing initiatives in the context of the 2024 Olympics, the Luna Rossa sponsorship and the continued support to the new generation of Transitions lenses (GEN S) and Ray-Ban Meta. These were partially offset by efficiencies resulting from centralization and integration activities.
• General and administrative expenses amounting to €2,124 million, increased of 0.9% at constant exchange rates 1023, mainly thanks to the synergies coming from GrandVision integration as well as cost-containment initiatives.

Adjusted Operating profit +9.4% at constant exchange rates1 (+5.7% at current exchange rates)

The Group posted an adjusted Operating profit of €4,414 million, representing 16.7% of revenue compared to 16.5% in 2023 (17.0% at constant exchange rates', an improvement of 50 basis point compared to 2023).

Adjusted2 Cost of net debt and other

The adjusted Cost of net debt and other increased compared to 2023 mainly due to higher interest on lease liabilities (recognized according to lease accounting as per IFRS 16).

Adjusted² Income taxes

EssilorLuxottica reported an adjusted2 tax rate of 23.3% both in 2024 and 2023.

Adjusted Net profit attributable to owners of the parent up 9.8% at constant exchange rates).

EssilorLuxottica reclassified consolidated statement of financial position

€ millions	December 31, 2024	December 31, 2023
Goodwill	31,996	30,265
Intangible assets	11,047	11,014
Property, plant and equipment	5,689	5,182
Right-of-use assets	3,484	3,069
Investments in associates	85	81
Other non-current assets	1,535	803
Fixed Assets	53,836	50,415
Trade working capital	3,756	3,306
Employees benefits and provisions	(939)	(1,010)
Tax receivables/(payables)	(243)	(290)
Deferred tax assets/(liabilities)	(1,651)	(1,758)
Tax assets/(liabilities)	(1,895)	(2,048)
Other operating assets/(liabilities)	(2,791)	(2,673)
Assets/(liabilities) held for sale
NET INVESTED CAPITAL	51,967	47,990
EQUITY	41,001	38,891
NET DEBT	10,966	9,098

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Other non-GAAP measures

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The following table provides a reconciliation of those non-GAAP measures to the most directly comparable IFRS financial measures.

€ millions	2024	2023
Net cash flow provided by operating activities(a)	4,874	4,861
Purchase of property, plant and equipment and intangible assets10	(1,522)	(1,531)
Cash payments for the principal portion of lease liabilities(8)	(940)	(936)
FREE CASH FLOW	2,413	2,394
Operating profit(b)	3,448	3,176
Depreciation, amortization and impairment(a)	3,098	2,972
FRITDA	6,545	6,148
NFT DFBT(c)	10,966	9,098
NET DEBT/EBITDA LTM®	1.7	1.5

(a) As presented in the consolidated statement of cash flows.

(b) As presented in the consolidated statement of profit or loss.

(c) Net debt is presented in Note 19 – Financial debt of the consolidated financial statements. Its components are also reported in the Net debt paragraph below.

(d) EBITDA LTM = Last Twelve months.

Net debt

Group Net debt excluding lease liabilities anounted to €7,319 million at the end of December 2024, increasing by €1,460 million compared to the position at the end of December 2023. Lease liabilities as of the end of December 2024 increased to December 31, 2023.

€ millions	December 31, 2024	December 31, 2023
Non-current borrowings	7,071	6,559
Current borrowings	2,498	1,858
TOTAL LIABILITIES	9,570	8,417
Short-term investments
Cash and cash equivalents	(2,251)	(2,558)
TOTAL ASSET	(2,251)	(2,558)
Financial debt derivatives at fair value		(O)
NET DEBT EXCLUDING LEASE LIABILITIES	7,319	5,859
Lease liabilities (current and non-current)	3,647	3,239
NET DEBT	10,966	9,098

Non-current borrowings increased compared to December 31, 2023 due to the E2 billion Eurobond in September 2024, offset by the reclassification to current borrowings of a €1.5 billion Eurobond due in May 2025. Current borrowings recorded an increase of €641 million due to the aforementioned reclassification for €1.5 billion (face value), the issuance of Commercial Papers, mainly under the USCP program, partially offset by the reimbursement of three Eurobonds due between January and April 2024 for €1.3 billion (face value).

Reclassified consolidated statement of cash flows

€ millions	2024	2023
EBITDA	6,545	6,148
Capital expenditure	(1,522)	(1,531)
Lease payments (excluding interests)(a)	(940)	(836)
Tax paid	(982)	(916)
Changes in trade working capital(0) and other flows	(689)	(371)
FREE CASH FLOW	2,413	2,394
Dividends paid	(1,255)	(598)
Acquisitions net of cash acquired	(1,755)	(114)
Other changes in equity	(536)	(301)
Other changes in financial and non-financial assets	(346)	(78)
Changes in borrowings (excluding FX)	1,083	(590)
NET CASH FLOW	(395)	712

(a)

(b)

Acquisitions and partnerships

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Mission and sustainability

To help people "see more and be more"

EssilorLuxottica's legacy is rooted in a steadfast commitment to vision care innovation and a profound belief in the transformative power of good vision. Guided by its Mission to help people worldwide 'see more and be more', the Group's strates sustainable development with an ambitious goal to eliminate uncorrected poor vision within a generation.

At the core of EssilorLuxottica's approach are groundbreaking products that correct, and frame the beauty of the most precious and powerful sensory organ: the eyes. By combining cutting edge lens technology and eyewear manufacturing expertise with a portfolio of beloved brands and robust global distribution, Essilor Luxottica empowers individuals to learn, work, express their full potential.

A lack of awareness and access has created a global vision crisis, with severe social and economic consequences for billions of people. While addressing the evolving needs of the 2 billion peoplesses, EssilorLuxottica is also pioneering solutions for the 2.7 billion individuals® suffering from uncorrected poor vision and the 6.2 billion people® who do not protect their eyes from harmful rays. Moreover, with over 50% of the world's population projected to suffer from myopia by 2050, the need for acre has never been greater.

As a passionate advocate for vision care, EssilorLuxottica campaigns globally to raise awareness, champion good vision as a basic human right, and position it as a critical diver of global development. The socio-economic impact of uncorrected poor vision is profound, creating barriers to education and employment that perpetuate cycles of poverty and limit individual potential. Through its initiatives, EssilorLuxottica aims to break these cycles and unlock opportunities for millions.

Following the launch of its landmark roadmap 'Eliminating Poor Vision in a Generation', EssilorLuxottica continues to advocate for the fundamental 'Right to See', recognizing the vital role of vision care in global progress. This aligns with the United Nations' (UN) 2021 resolution, 'Vision for Everyone', which aims to achieve universal accessibility by 2030.

By integrating eyecare into the UN Sustainable Development Goals (SDGs), EssilorLuxottica reinforces its commitment to sustainability and global equity. In 2024, the Group remained focused on advancing its mission and driving intitiatives that bring its vision of a world without poor vision closer to reality.

Powering vision. At EssilorLuxottica, powering vision is about creating sustainable and life-changing impact on a global scale. The Group's Eyes on the Planet program drives this mission, enerywhere has access to quality vision care while fostering sustainability and equity. Through its OneSight EssilorLuxottica Foundation, the Company address one of the world's most widespread disabilities: uncorrected poor vision, affecting 2.7 billion people around the world. Since 2013, the Foundation has transformed access to vision care, creating permanent vision care access for around 980 million people and 87 million individuals with eyeglasses. Supported by over 33,400 rural optical points and the training of thousands of vision care entrepreneurs, these efforts have brought sustainable eyecare systems to even the communities globally. This impact earned the Foundation a spot on Fortune's 'Change the World' list, for the fourth time, recognizing its transformative contributions to global eye health and sustainability.

To further scale up its impact by leveraging its extensive reach and expertise, the Foundation partnership with the World Health Organization on its SPECS 2030 initiative. This groundbreaking program accelerates the delivery of vision care worldwide by increasing effective error coverage and ensuring universal access to quality vision care. At the same time, it aligns with the UN SDGs and 'Vision for Everyone' resolution, driving progress in poverty alleviation, gender equality, and economic growth.

Innovation is at the heart of the OneSight EssilorLuxottica Foundation's approach to powering vision. Tele-refraction connects rural primary care providers with urban optometrists, ensuring services to areas with limited healthcare infrastructure. Tele-refraction services are now offered in Kenya, Ethiopia and India, with a pilot program taking place in Bangladesh. ClickCheck, a lowcost and award-winning refraction device, enhances the efficiency of vision screenings in off-grid communities globally, Additionally, Ready2Clip glasses minimize costs and time for beneficiaries, offering customizable eyewear on-site.

² Essilorl uxottica estimates

³ Essilor International, Eliminating Uncorrected Poor Vision in a Generation. Essilor International. 2019: 15.

⁴ Brien Holden Institute

Approach to Sustainable Development: Eyes on the Planet

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Investments made in 2024 and planned for 2025

€ millions	2024	2023	2022
Property, plant and equipment and intangible assets (gross of disposals)	1,522	1,531	1.572
Depreciation, amortization and impairment	3,098	2,972	2,970
Financial investments net of cash acquired	1,755	114	റ്റ് 265
Purchase/(sale) of treasury shares	274	271	431

Capital expenditure

Financial investments

Main future investments

Subsequent events

Acquisition of the AI-driven French startup Pulse Audition

EssilorLuxottica receives FDA clearance and EU certifications for Nuance Audio, making it available to consumers in the U.S. and Europe

EssilorLuxottica acquires the Canadian med-tech start-up Cellview

Recent trends

‑

Outlook

Notes

1 Constant exchange rates: figures at constant exchange rates have been calculated using the average exchange rates in effect for the corresponding period in the relevant comparative year.

2 Adjusted measures or figures: adjusted from the expenses or income related the combination of Essilor and Luxottica (the "EL Combination"), the acquisition of GrandVision"), other strategic and material acquisitions, and other transactions that are unusual, infrequent or unrelated to the normal course of these events might affect the understanding of the Group's performance. A description of those other transactions that are unusual, infrequent or unrelated to the normal course of business is provided in the half-year and year-end disclosure (see dedicated paragraph Adjusted measures).

3 Comparable-store sales: reflect, for comparison purposes, the change in sales from one period to another by taking into account in the more recent period only those stores already open during the comparable prior period. For each geographic area, the calculation applies the average exchange rate of the prior period to both periods.

4 Comparable or pro forma (revenue): comparable revenue includes the contribution of GrandVision's revenue to EssilorLuxottica as if the combination between EssilorLuxottica and GrandVision"), as well as the disposals of businesses required by antitrust authorities in the context of the GV Acquisition, had occurred at the beginning of the year (i.e. January 1). Comparable revenue has been prepared for illustrative purpose only with the aim to provide meaningful comparable information.

5 Free Cash Flow: Net cash flow provided by operating activities less the sum of Purchase of property, plant and intangible assets and Cash payments for the principal portion of lease liabilities according to the IFRS consolidated statement of cash flow.

6 Net debt:sum of Current and Non-current and Non-current lease liabilities, minus Short-term investments, Cash and cash equivalents and the Financial debt derivatives at fair value as disclosed in the IFRS consolidated financial statements.

As table totals are based on unrounded figures, there may be discrepancies between these totals and the sum of their rounded component.

Appendix 1 – Excerpts from the Consolidated Financial Statements

Consolidated statement of profit or loss

•
•
•
•
•
•

Consolidated statement of financial position

Assets

€ millions	December 31, 2024	December 31, 2023
Goodwill	31,996	30,265
Intangible assets	11,047	11,014
Property, plant and equipment	5,689	5,182
Right-of-use assets	3,484	3,069
Investments in associates	85	81
Other non-current assets	1,535	803
Deferred tax assets	391	387
TOTAL NON-CURRENT ASSETS	54,227	50,802
Inventories	3,152	2,750
Trade receivables	3,261	2,936
Tax receivables	294	271
Other current assets	1,078	1,206
Cash and cash equivalents	2,251	2,558
TOTAL CURRENT ASSETS	10,036	9,721
TOTAL ASSETS	64,264	60,523

Consolidated statement of financial position

Equity and liabilities

€ millions	December 31, 2024	December 31, 2023
Share capital	82	82
Share premium reserve	23,539	22,882
Treasury shares reserve	(172)	(312)
Other reserves	14,568	13,298
Net profit attributable to owners of the parent	2,359	2,289
EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT	40,376	38,239
Equity attributable to non-controlling interests	626	653
TOTAL EQUITY	41,001	38,891
Non-current borrowings	7,071	6,559
Non-current lease liabilities	2,733	2,399
Employee benefits	455	431
Non-current provisions	214	234
Other non-current liabilities	191	123
Deferred tax liabilities	2,043	2,145
TOTAL NON-CURRENT LIABILITIES	12,707	11,890
Current borrowings	2,498	1,858
Current lease liabilities	914	841
Trade payables	2,657	2,381
Tax payables	537	561
Current provisions	270	345
Other current liabilities	3,679	3,756
TOTAL CURRENT LIABILITIES	10,555	9,741
TOTAL EQUITY AND LIABILITIES	64,264	60,523

Consolidated statement of cash flows

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Appendix 2 — Revenue recap

FY 2024

By operating segment

€ millions	Professional Solutions	Change at constant' FX	Change at current FX	Direct to Consumer	Change at constant FX	Change at current FX	2024	Change at constant EX	Change at current FX
Revenue 1Q	3,080	4.6%	1.8%	3,255	6.3%	4.2%	6,335	5.5%	3.0%
Revenue 2Q	3,334	5.3%	3.9%	3,621	5.1%	3.7%	6,955	5.2%	3.8%
REVENUE 1H	6,414	5.0%	2.9%	6,876	5.7%	3.9%	13,290	5.3%	3.4%
Revenue 3Q	3,017	3.4%	1.3%	3,420	4.6%	3.2%	6,437	4.0%	2.3%
Revenue 4Q	3,117	5.5%	4.4%	3,664	12.7%	12.3%	6,781	9.2%	8.5%
REVENUE 2H	6,134	4.5%	2.8%	7,084	8.6%	7.1%	13,218	6.6%	5.4%
REVENUE DEC YTD	12,547	4.7%	2.9%	13,960	7.1%	5.8%	26,508	6.0%	4.4%

By geographical area

€ millions	North America	Change at Change at constantl FX	current FX	EMEA	Change at Change at constant' FX	current FX	Asia-Pacific constant1	Change at Change at FX	FX	current Latin America constant'	FX	Change at Change at current FX	2024
Revenue 1Q	2,875	1.7%	0.6%	2,321	8.5%	5.8%	768	8.2%	2.4%	371	10.9%	6.3%	6,335
Revenue 2Q	3,098	1.4%	2.3%	2,648	7.9%	5.0%	821	9.8%	6.8%	387	8.6%	2.6%	6,955
RFVFNUF 1H	5,973	1.5%	1.4%	4,969	8.2%	5.3%	1,589	9.0%	4.6%	759	9.7%	4.4%	13,290
Revenue 3Q	2,854	1.6%	0.5%	2,433	5.6%	5.0%	794	5.0%	4.5%	356	10.8%	(5.6)%	6,437
Revenue 4Q	3,151	7.8%	8.3%	2,357	9.6%	9.6%	864	14.0%	14.1%	408	8.7%	(5.7)%	6,781
REVENUE 2H	6,005	4.7%	4.5%	4,790	7.5%	7.2%	1,658	9.5%	9.3%	764	9.7%	(5.7)%	13,218
REVENUE DEC YTD	11,979	3.1%	2.9%	9,759	7.9%	6.3%	3,247	9.3%	7.0%	1,523	9.7%	(0.9)%	26,508