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EssilorLuxottica
EssilorLuxottica (EL) investor relations material
EssilorLuxottica H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary11 Feb, 2026
Executive summary
Revenue reached €28,491 million in FY 2025, up 11.2% at constant exchange rates, with Q4 growth of 18.4% and double-digit gains across all regions and segments.
Transformation into a MedTech and data-driven group accelerated, with AI glasses and wearables at the core of the growth strategy; over 7 million AI glasses sold in 2025.
Free cash flow reached a record €2.8 billion, up €400 million year-over-year, despite headwinds from U.S. tariffs and adverse FX.
Adjusted operating margin was 16.0% at constant FX, impacted by US tariffs and AI-glasses; adjusted net profit rose 7.2% to €3,157 million.
Updated five-year outlook targets solid, aligned revenue and operating profit growth, driven by MedTech and AI healthcare platform.
Financial highlights
Q4 revenue up 18.4% at constant currency; all major regions posted double-digit growth.
Adjusted gross margin was 60.9%, down 260 bps year-over-year, mainly due to tariffs and AI-glasses dilution.
Adjusted operating margin was 16.0% at constant FX, down 70 bps year-over-year.
Adjusted net profit margin was 11.3% at constant FX, down 50 bps year-over-year.
Net debt/EBITDA at 1.7x, maintaining a strong balance sheet.
Outlook and guidance
Five-year plan targets solid, broadly aligned growth in revenues and operating profits, driven by MedTech and AI-driven healthcare platform.
2026 expected to see annualization of tariff impacts and continued FX headwinds.
AI glasses, Stellest myopia management, and hearing aids to drive growth and innovation.
January 2026 started with double-digit revenue growth.
Mitigate margin dilution for aligned profit growth
AI-glasses/medtech impact on future profit growth?
Myopia management market penetration strategy
What drives AI glasses margin improvement?
Stellest US penetration vs. China?
M&A focus for med-tech and clinical studies
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Next EssilorLuxottica earnings date
Q1 2026 TU22 Apr, 2026
EssilorLuxottica
Next EssilorLuxottica earnings date
Q1 2026 TU22 Apr, 2026
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Frequently asked questions
Eyewear Giant
EssilorLuxottica is an Italian-French multinational corporation in the eyewear and eye care sector. The company focuses on the design, manufacture, and distribution of ophthalmic lenses, frames, and sunglasses. Formed in 2018 through the merger of Essilor, a French company specializing in ophthalmic optics, and Luxottica, an Italian eyewear conglomerate, EssilorLuxottica has a broad portfolio of iconic brands including Ray-Ban, Oakley, and many others. It has joint headquarters in Paris and Milan, and its shares are listed on the NYSE.
An Industry-Defining Merger
The merger between Essilor and Luxottica in 2018 marked a significant consolidation in the eyewear industry. Announced in January 2017 and completed in October of the following year, the merger brought together two complementary giants. Essilor's expertise in lens manufacturing and optical technology merged with Luxottica's strengths in frame design, brand portfolio, and extensive retail network. The new entity, EssilorLuxottica, aimed to create a vertically integrated business that could cover all aspects of eyewear, from production to distribution.
Focusing on Eyewear
The company's business activities span various aspects of the eyewear industry, encompassing everything from lens manufacturing, eyewear design, retail, and more. The lens manufacturing side, primarily driven by Essilor, focuses on producing optical lenses for customers with visual impairments. On the other hand, Luxottica is focused on manufacturing, and distributing fashion, luxury, and sports eyewear. Their portfolio includes a variety of well-known manufacturers, both in-house as well as several brands under licensing agreements.
EssilorLuxottica also has a significant retail presence, operating several chains of stores worldwide, including Sunglass Hut and LensCrafters while also selling products on platforms like Amazon. These retail outlets provide a direct channel for selling their products and offering eye health services like eye tests and professional consultations.
Growing through Acquisitions
EssilorLuxottica's strategy of acquiring eyewear companies is a key component of its growth and market dominance. This approach involves identifying and integrating smaller eyewear and eye care businesses into its expansive portfolio. Through these acquisitions, EssilorLuxottica diversifies its product offerings, expands its geographical reach, and strengthens its position in various segments of the market.
Further reading: EssilorLuxottica: Global Dominance Through Strategic Acquisitions
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