Euroeyes International Eye Clinic Limited · HKEX:1846
Euroeyes International Eye Clinic — H1 2026 Earnings Presentation
30 slides from Euroeyes International Eye Clinic's earnings presentation, 2026
Slide 1: EuroEyes International Eye Clinic Limited 1H2026 Interim Results
EuroEyes International Eye Clinic Limited Stock code: 1846.hk 1H2026 Interim Results
Slide 2: Disclaimer
Disclaimer This presentation is for reference purposes only. This presentation is prepared by EuroEyes International Eye Clinic Limited (“EuroEyes” or “the Group”) for business communications and general reference of the Group and shall not constitute in whole or in part any offer to purchase or sub
Slide 3: FYEO Acquisition
EUroEyes FYEO Acquisition
Slide 4: FYEO acquisition completed
FYEO acquisition completed • The FYEO acquisition was completed on July 22, 2026 • FYEO’s financial results have not yet been consolidated in the interim results but will be included in the Group’s annual results • The FYEO's integration into EuroEyes has been proceeding smoothly since that time • M
Slide 5: 1H2026 Highlights
EUroEyes 1H2026 Highlights
Slide 6: Highlights of the 1H2026
Highlights of the 1H2026 Successful M&A 1H revenue record Solid growth in integration Switzerland revenue HK$38 mn presbyopia HK$454 mn treatments FYEO acquisition completed Revenue: +18% yoy +20% yoy Presbyopia revenue +10% yoy* contribution: 61% * Excluding Switzerland 6
Slide 7: Demographics boost demand for presbyopia treatments
Demographics boost demand for presbyopia treatments Revenue from Presbyopia Treatments Revenue by Surgery Type HK$ million Others, 4% Presbyond, 5% +18% 300 ICL, 23.8 9% 250 year-on-year 17.9 growth in 200 13.4 EBIT 16.0 Refractive 150 14.0 laser, 26% 255.3 100 198.8 218.6 177.5 135.3 Lens exchange,
Slide 8: Expanded clinic network
Expanded clinic network* Total # of clinics: 56 18x 5x 9x ** China 15 clinics 3 clinics 9 clinics *as of August 31, 2026 **Financial results from the Netherlands’ 15 clinics not yet reflected in 1H2026 8
Slide 9: Germany: robust growth fuel the Group's development
Germany: robust growth fuel the Group’s development Presbyopia* Myopia** HK$ 233mn Another 1H revenue record high revenue increased revenue grew 16% year-on-year growth +14% yoy +18% yoy * Presbyopia treatments include lens exchange surgery and Presbyond® LBV surgery ** Myopia treatments included re
Slide 10: China: returned to growth and achieved record high
China: returned to growth and achieved record high Market recovery and effective marketing campaigns began to HK$ 83mn 1H revenue record show impacts revenue growth from presbyopia ~21% 13% revenue growth yoy yoy treatments outweighted slight myopia decline * Presbyopia treatments includes lens exch
Slide 11: Both clinics in the UK experienced growth
Both clinics in the UK experienced growth +10% yoy growth in revenue from performing presbyopia Presbyopia* treatments treatments posted strong growth HK$ 67mn New 1H revenue milestone +5% yoy 8% year-on-year growth Myopia** treatments demand picked up growth in revenue from performing myopia treatm
Slide 12: Switzerland turnaround is ongoing
Switzerland turnaround is ongoing Intensive marketing campaign to build Turnaround is ongoing but slower than brand awareness across the country expected Broadened service offering to presbyopia Offline educational seminars to educate the treatments Swiss public about presbyopia treatments 12
Slide 13: Denmark had challenges during its transition
Denmark had challenges during its transition Since April, price competition has intensified and The Group has taken action and expects year-on-year to see growth in consumer sentiment has turned negative. the results by end of FY2026 lens exchange revenue 13
Slide 14: 2026 Interim Financial Overview
2026 Interim Financial Overview 14
Slide 15: The Group has returned to growth trajectory
The Group has returned to growth trajectory Revenue Gross Profit and Gross Profit Margin 500.00 HK$ million +10% HK$ million +9% 400.00 48.4% 200.00 40.2% 41.6% 39.4% 300.00 45.2% 50.0% +20% 150.00 40.0% 200.00 454.3 416.1 30.0% 346.4 368.4 377.1 100.00 +14% 20.0% 315.6 167.6 156.8 179.0 171.6 100.0
Slide 16: Extraordinary cost items that put weight to the Group's profitability
Extraordinary cost items that put weight to the Group’s profitability Without the extraordinary cost items, the normalized net income is close to HK$40mn 50.00 40.00 30.00 • The acquisition cost for FYEO and Switzerland are one-off expenditures 35.30 20.00 • Loss from Switzerland’s turnaround case:
Slide 17: The Group continued to diversify its geographic coverage
The Group continued to diversify its geographic coverage Revenue by Country Switzerland, 10.7%8.4% • Germany contributed most during the Year UK, 14.7% • The 1H upswing kept China's contribution constant Germany, • Switzerland has great potential as an affluent market 51.2% 55.0% China, 18.3% • The
Slide 18: Germany saw strong performance
Germany saw strong performance Revenue HK$ million +16% 250.0 200.0 150.0 10.7% 232.8 100.0 180.4 183.0 201.1 200.9 • Germany set a new 1H revenue record again 50.0 - 1H2022 1H2023 1H2024 1H2025 1H2026 • Demand for presbyopia treatments, including lens exchange and Presbyond® LBV remained strong Rev
Slide 19: China was back to a growth trajectory
China was back to a growth trajectory Revenue HK$ million +13% 75.6 83.0 72.8 73.8 10.7% 48.7 • Revenue from China began to recover following a 1H2022 1H2023 1H2024 1H2025 1H2026 three-year stagnation. • The expansion was primarily bolstered by robust Revenue from presbyopia treatments demand from t
Slide 20: Stable performance in the UK amid challenging market situation
Stable performance in the UK amid challenging market situation Revenue HK$ million +8% 62.0 66.7 56.5 57.9 47.8 • The UK market became more competitive during 1H2026 1H2022 1H2023 1H2024 1H2025 1H2026 • The Group navigated through the headwind thanks to Revenue from presbyopia treatments effective m
Slide 21: Switzerland's turnaround experienced delay
Switzerland’s turnaround experienced delay • The Group has been focusing on the turnaround of the Swiss operation, carrying out marketing campaigns to establish the EuroEyes brand and drive revenue above the breakeven level • Revenue has been steadily increasing, but it's taking longer than anticipa
Slide 22: Denmark market under transition
Denmark market under transition Monthly revenue breakdown HK$ million 10.00 9.3 9.00 10.7% 7.7 • From April, the Group has experienced declining 8.00 7.4 7.2 revenues 7.00 6.4 5.9 5.9 6.1 5.9 6.00 4.6 • Price competition has intensified and consumer 5.00 4.1 sentiment has turned negative 4.00 3.7 3.
Slide 23: Surgery numbers regained momentum
Surgery numbers regained momentum Number of Surgery: 15,458 15,458 14,015 14,047 13,719 710 14,000 12,898 481 524 580 486 12,000 5,876 7,274 • The number of eye surgeries increased by 13% yoy, 10,000 4,660 6,352 6,798 primarily due to strong demand for presbyopia 8,000 treatments. 6,000 6,438 6,066
Slide 24: Analysis of COGS and OPEX to revenue
Analysis of COGS and OPEX to revenue Salaries & Doctor’s Fees Depreciation Raw Materials and Consumables 28.5% 15.0% 13.3% 14.1% 12.4% 12.5% 30.0% 26.4% 25.9% 11.7% 23.6% 23.4% 15.0% 11.6% 12.3% 12.4% 10.3% 9.4% 10.0% 20.0% 10.0% 10.0% 5.0% 5.0% 0.0% 0.0% 0.0% 1H2022 1H2023 1H2024 1H2025 1H2026 1H20
Slide 25: Strong Balance Sheet and Healthy Cash Flow
Strong Balance Sheet and Healthy Cash Flow Cash and Cash Equivalents 1,000.0 HK$ million 800.0 600.0 400.0 716.0 782.6 741.8 689.6 600.9 200.0 - 1H2022 1H2023 1H2024 1H2025 1H2026 • Cash and cash equivalents fell as IPO proceeds were used for acquisitions Operating Cash Flow • The decrease of operat
Slide 26: Outlook and Future Strategies
Outlook and Future Strategies 26
Slide 27: Key pillars to drive future growth
Key pillars to drive future growth #1 position in presbyopia Existing clinics’ utilization rate More upside to be unleashed by treatments improvement integration of recent acquisitions • The demand for presbyopia • The Group’s marketing strategies • The Group's size will nearly treatment showed robu
Slide 28: Key Takeaways
Key Takeaways Resilient Business Model Global Presence M&A integration Presbyopia leader Natural hedge Operation synergies • Market leader in • Clinic network spanning • Both FYEO acquisition presbyopia treatment from Europe to Asia and the Switzerland acquisition has been • Less affected by macro •
Slide 29: Thank You For Your Attention!
Thank You For Your Attention! 29
Slide 30: Key Financial Data
Key Financial Data For the 6 months ended 30 June 1H2025 1H2026 YoY change (%) HK$’000 Revenue 377,125 454,330 20.5% Cost of sales (220,309) (275,351) 25.0% Gross profit 156,816 178,979 14.1% Operating expense (84,262) (174,572) 107.2% Operating profit 72,554 4,407 -93.9% Finance cost (14,757) 4,250
EuroEyes International Eye Clinic — H1 2026 Earnings Presentation on 6ix