National Vision Holdings, Inc. · NASDAQ:EYE
National Vision — Q3 2025 Earnings Presentation
29 slides from National Vision's earnings presentation, Nov 5, 2025
Slide 1: Third Quarter 2025 Financial Results
Third Quarter 2025 Financial Results November 5, 2025 NASDAQ: EYE
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, sta
Slide 3: We help people see their best to live their best
We help people see their best to live their best. National Vision's business has been driven by this belief for over 30 years.
Slide 4: Q3 2025 Highlights
Q3 2025 Highlights +7.9% 7.7% $487.3M Net Revenue Adj. Comp. Net Revenues Store Sales Growth Growth $19.8M $0.13 Adj. Operating Adj. Diluted EPS Income $ in millions, except per share amounts, unaudited, on continuing operations basis. See Appendix for reconciliation of Non-GAAP financial measures.
Slide 5: Q3 2025 YTD Highlights
Q3 2025 YTD Highlights +7.1% 6.4% $1.48B Net Revenue Adj. Comp. Net Revenues Store Sales Growth Growth $84.9M $0.65 Adj. Operating Adj. Diluted EPS Income $ in millions, except per share amounts, unaudited, on continuing operations basis. See Appendix for reconciliation of Non-GAAP financial measure
Slide 6: Financial Results
Financial Results
Slide 7: Q3 2025 Revenue Drivers
Q3 2025 Revenue Drivers Net revenue Net Revenue • Increased 7.9%, primarily driven by Adjusted $487.3 Comparable Store Sales Growth and growth from new $451.5 store sales, partially offset by closed stores and a negative (0.8)% impact from unearned revenue Store count • Store count grew 0.9% • Opene
Slide 8: Q3 2025 Results
Q3 2025 Results Adjusted operating income Costs applicable to revenue as percentage of net revenue decreased 40 bps to 41.7% vs. Q3 2024: • Improvement driven by successful execution of pricing $19.8 and product mix initiatives and leveraging of $14.3 optometrist-related costs, partially offset by a
Slide 9: Q3 2025 YTD Results
Q3 2025 YTD Results Net revenue Net Revenue $1,386.0 $1,484.1 • Increased 7.1%, primarily driven by 6.4% Adjusted Comparable Store Sales Growth and growth from new store sales, partially offset by closed stores and negative 0.6% impact from unearned revenue Store count Q3 2024 Q3 2025 • Opened 21 ne
Slide 10: Q3 2025 Capital Structure and Cash Flow Highlights
Q3 2025 Capital Structure and Cash Flow Highlights Capital Expenditures $48 million deployed YTD, primarily driven by investments in existing and new stores and information technology Net debt to TTM Adjusted EBITDA : 1.1x Debt The Company repaid $15.0 million under its $300.0 million first lien rev
Slide 11: Outlook
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Slide 12: 2025 Capital Allocation Priorities
2025 Capital Allocation Priorities Invest in Growth Expecting capital expenditures of $80 million - $85 million for new store openings, existing stores and investments in technology Debt Structure National Vision’s cash balance was $56.0 million as of September 27, 2025. During the quarter, the Comp
Slide 13: Fiscal 2025 Outlook
Fiscal 2025 Outlook The Company is providing the following outlook for the 53 weeks ending January 3, 2026. The Company estimates the 53rd week of fiscal 2025 will contribute approximately $35 million to net revenue, and approximately $3 million to adjusted operating income. Prior Fiscal 2025 Outloo
Slide 14: Appendix
Appendix
Slide 15: Quarterly Financial Historical Overview
Quarterly Financial Historical Overview Net revenue Adjusted comparable store sales growth (%) $510.3 7.7% $486.4 $487.3 5.9% 5.5% $451.5 $437.3 1.5% 0.9% 3Q24 4Q24 1Q25 2Q25 3Q25 3Q24 4Q24 1Q25 2Q25 3Q25 Adjusted operating income Adjusted diluted earnings (loss) per share $41.3 $0.34 $23.8 $19.8 $0
Slide 16: Historical Adjusted Comparable Store Sales Growth & Drivers
Historical Adjusted Comparable Store Sales Growth & Drivers Adjusted comparable store sales growth y/y (%) 7.7% 6.3% 5.9% 5.5% 4.7% 2.4% 1.5% 0.9% 0.4% 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Traffic 3.6% 5.9% -0.6% 1.9% 0.1% -1.1% 0.7% -0.4% -0.1% Ticket 1.2% 0.7% 1.2% 0.4% 1.3% 3.0% 4.5% 6.6%
Slide 17: Q3 2025 Segment and Brand Net Revenue
Q3 2025 Segment and Brand Net Revenue The following presents, by segment and by brand, comparable store sales growth, stores open at the end of the period and net revenue from continuing operations for the three months ended September 27, 2025, compared to the three months ended September 28, 2024.
Slide 18: YTD 2025 Segment and Brand Net Revenue
YTD 2025 Segment and Brand Net Revenue The following presents, by segment and by brand, comparable store sales growth, stores open at the end of the period and net revenue from continuing operations for the nine months ended September 27, 2025, compared to the nine months ended September 28, 2024. C
Slide 19: Capital Structure and Cash Flow
Capital Structure and Cash Flow Amounts per Debt Less: Deferred Balance % of Q3 2025 Capital Structure ($M) Amount Financing Costs Sheet Total Coupon Maturity First Lien - Term A Loans $ 244.3 $ (1.3) $ 243.0 96 % Term SOFR + 1.75% 6/13/2028 First Lien - Revolving Credit Facility1 — — — —% Term SOFR
Slide 20: Q3 2025 Consolidated Financial Results
Q3 2025 Consolidated Financial Results Three Months Ended Nine Months Ended September 27, September 28, September 27, September 28, 2025 2024 2025 2024 Revenue: Net product sales $ 393,483 $ 363,156 $ 1,200,837 $ 1,113,206 Net sales of services and plans 93,847 88,359 283,240 272,836 Total net reven
Slide 21: Reconciliation of Adjusted Operating Income to Net Income (Loss)
Reconciliation of Adjusted Operating Income to Net Income (Loss) Three Months Ended Th ee Nine Months Ended September December March 29, June 28, September September September 28, 2024 28, 2024 2025 2025 27, 2025 28, 2024 27, 2025 Total net revenue from continuing operations $451,515 $437,278 $ 510,
Slide 22: Reconciliation of Adjusted Diluted EPS to Diluted EPS
Reconciliation of Adjusted Diluted EPS to Diluted EPS Three Months Ended Nine Months Ended September December March 29, June 28, September September September 28, 2024 28, 2024 2025 2025 27, 2025 28, 2024 27, 2025 Diluted EPS $ (0.11) $ (0.36) $ 0.18 $ 0.11 $ 0.04 $ — $ 0.33 Diluted EPS from discont
Slide 23: Reconciliation of Adjusted EBITDA to Net Income (loss)
Reconciliation of Adjusted EBITDA to Net Income (loss) Twelve Months Ended September 27, 2025 Total net revenue from continuing operations $ 1,921,355 Net loss (2,308) Income from discontinued operations, net of tax 846 Loss from continuing operations (3,154) Interest expense, net 17,525 Income tax
Slide 24: Reconciliation of Adjusted SG&A to SG&A
Reconciliation of Adjusted SG&A to SG&A Three Months Ended Nine Months Ended September September September September 27, 2025 28, 2024 27, 2025 28, 2024 SG&A from continuing operations $ 252,339 $ 233,991 $ 755,038 $ 705,472 Stock-based compensation expense (a) 5,501 4,615 17,836 11,779 Litigation s
Slide 25: Reconciliation of Non-GAAP to GAAP Financial Measures Footnotes
Reconciliation of Non-GAAP to GAAP Financial Measures Footnotes a. Non-cash charges related to stock-based compensation programs, which vary from period to period depending on the timing of awards and performance vesting conditions. b. Reflects the extinguishment gain related to the repurchase of th
Slide 26: Reconciliation of Adjusted Comparable Stores Sales Growth
Reconciliation of Adjusted Comparable Stores Sales Growth Comparable store sales growth from continuing operations(a) Nine Months Nine Months Three Months Ended Three Months Ended Ended September Ended September September 27, 2025 September 28, 2024 27, 2025 28, 2024 2025 Outlook (b) Owned & Host se
Slide 27: Adjusted Comparable Store Sales Growth Primer
What is Adjusted Comparable Store Sales Growth? • Calculated using net revenue on a cash-basis Adjusted • Excludes the impact of unearned and deferred revenue Comparable Why use Adjusted Comparable Store Sales Growth? • Provides a clear view of the Company’s current Store Sales operating performance
Slide 28: Unearned Revenue Primer
Unearned Revenue Primer PURCHASE JOURNEY ¢ TIME OF PURCHASE iad GF PURCHASE PICKUP UNEARNED REVENUE ACCOUNTING ef Ze Zé BE zi 6 CALENDAR PERIOD CASH BASIS SALES CURRENT Quarter/Year Period - GAAP REPORTING U FOLLOWING Quarter/Year Period Customers generally pay for products and services at time of o
Slide 29: Thank You
Thank You 3“6 national 2ne Vision
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