Essilorluxottica Sa · EURONEXT:EL
Essilorluxottica Sa — Q2 2024 Earnings Presentation
28 slides from Essilorluxottica Sa's earnings presentation, Jul 26, 2024
Slide 1: Q2/H1 2024 Results
Q2/H1 2024 Results July 25, 2024
Slide 2: Financial Highlights
Financial Highlights • Revenue growing by 5.2% in Q2 at constant exchange rates, +5.3% in H1 • EMEA as the driving region, North America keeping the pace of Q1 • Stellest in China and Ray-Ban Meta wearables continuing to grow exponentially • Adjusted operating profit margin at 18.8%, up 50bps at con
Slide 3: Two strategic acquisitions (announced on 17 July)
Two strategic acquisitions (announced on 17 July) Leading diagnostic med-tech platform, based in Germany Iconic youth brand, started in New York City Q2/H1 2024 Results 3
Slide 4: Operational Highlights
Operational Highlights • Unparalleled innovation powerhouse at work • Stellest confirming efficacy in five-year clinical trial findings • Varilux XR and Transitions Gen S supporting revenue growth • More Ray-Ban Meta sold since launch than Stories in its entire life • Nuance Audio going ahead with a
Slide 5: GrandOptical Paris, Champs Elysées
Q2/H1 2024 Results 5 GrandOptical Paris, Champs Elysées
Slide 6: Mission & Sustainability
Mission & Sustainability • Access to vision care given to 110 million people in H1, >2,000 new rural optical points established • >1,600 employee volunteers supported the OneSight Foundation worldwide • Partnership with the UN Refugee Agency strengthened to reach 100k refugees • First large-scale an
Slide 7: GrandOptical Paris, Champs Elysées
Q2/H1 2024 Results 7 GrandOptical Paris, Champs Elysées
Slide 8: Revenue Growth
Revenue Growth Constant Current exchange rates exchange rates Q2 2024 vs 2023 Group Revenue +5.2% +3.8% H1 2024 vs 2023 Group Revenue +5.3% +3.4% Q2/H1 2024 Results 8
Slide 9: Vision Express London, Oxford Street
Q2/H1 2024 Results 9 Vision Express London, Oxford Street
Slide 10: Q2 revenue by segment, 2024 vs 2023
Q2 revenue by segment, 2024 vs 2023 Change at constant Change at current € million Q2 2024 Q2 2023 exchange rates exchange rates Professional Solutions 3,334 3,208 +5.3% +3.9% Direct To Consumer 3,621 3,491 +5.1% +3.7% EssilorLuxottica 6,955 6,699 +5.2% +3.8% Q2/H1 2024 Results 10
Slide 11: Q2 revenue by region, 2024 vs 2023
Q2 revenue by region, 2024 vs 2023 Change at constant Change at current € million Q2 2024 Q2 2023 exchange rates exchange rates North America 3,098 3,029 +1.4% +2.3% EMEA 2,648 2,523 +7.9% +5.0% Asia-Pacific 821 769 +9.8% +6.8% Latin America 387 378 +8.6% +2.6% EssilorLuxottica 6,955 6,699 +5.2% +3.
Slide 12: Vision Express London, Oxford Street
Q2/H1 2024 Results 12 Vision Express London, Oxford Street
Slide 13: H1 revenue by segment, 2024 vs 2023
H1 revenue by segment, 2024 vs 2023 Change at constant Change at current € million H1 2024 H1 2023 exchange rates exchange rates Professional Solutions 6,414 6,234 +5.0% +2.9% Direct To Consumer 6,876 6,616 +5.7% +3.9% EssilorLuxottica 13,290 12,851 +5.3% +3.4% Q2/H1 2024 Results 13
Slide 14: H1 revenue by region, 2024 vs 2023
H1 revenue by region, 2024 vs 2023 Change at constant Change at current € million H1 2024 H1 2023 exchange rates exchange rates North America 5,973 5,888 +1.5% +1.4% EMEA 4,969 4,717 +8.2% +5.3% Asia-Pacific 1,589 1,519 +9.0% +4.6% Latin America 759 727 +9.7% +4.4% EssilorLuxottica 13,290 12,851 +5.
Slide 15: Oliver Peoples Jedda
Q2/H1 2024 Results 15 Oliver Peoples Jedda
Slide 16: Store Count on June 30, 2024
Store Count on June 30, 2024 North Asia- Latin Corporate Franchising Total EMEA America Pacific America Stores & Other Storecount Sunglass Hut 1,631 572 318 412 2,933 225 3,158 LensCrafters 1,010 82 1,092 5 1,097 Vision Express 850 850 153 1,003 Apollo 677 677 221 898 Target Optical 577 577 577 MasV
Slide 17: Oliver Peoples Jedda
Q2/H1 2024 Results 17 Oliver Peoples Jedda
Slide 18: North America revenue +1.4% in Q2
North America revenue +1.4% in Q2 PROFESSIONAL SOLUTIONS • Frame business as the driver growing in both volumes and price-mix • Varilux XR still fueling, Transitions Gen S off to a promising start • Key accounts growing, while independents slowing down due to soft non-partner customers DIRECT TO CON
Slide 19: EMEA revenue +7.9% in Q2
EMEA revenue +7.9% in Q2 PROFESSIONAL SOLUTIONS • Solid growth across geographies and product categories • Varilux supported by XR series, Transitions Gen S launched in France, Italy, UK and Ireland • Oakley as a top performer ahead of Olympics, new frame licenses contributing DIRECT TO CONSUMER • O
Slide 20: Asia-Pacific revenue +9.8% in Q2
Asia-Pacific revenue +9.8% in Q2 PROFESSIONAL SOLUTIONS • China underpinned by excellent myopia management category (Stellest above +80%) • Continued positive momentum of sunglasses, in particular Oakley and luxury • Strong Japan; healthy India, South Korea and Southeast Asia DIRECT TO CONSUMER • Po
Slide 21: Latin America revenue +8.6% in Q2
Latin America revenue +8.6% in Q2 PROFESSIONAL SOLUTIONS • Brazil negatively impacted by the floodings after a strong start • Solid growth in Mexico driven by frames • Tijuana Distribution Center ramping up DIRECT TO CONSUMER • Growth sustained by Mexican optical banners • Former GV stores performin
Slide 22: Ray-Ban Store Shanghai, Middle Huaihai Road
Q2/H1 2024 Results 22 Ray-Ban Store Shanghai, Middle Huaihai Road
Slide 23: Adjusted Statement of Profit or Loss
Adjusted Statement of Profit or Loss Constant Current € million H1 2024 H1 2023 exchange exchange rates rates Revenue 13,290 12,851 +5.3% +3.4% Cost of sales (4,749) (4,607) +4.2% +3.1% Gross profit 8,541 8,243 +5.9% +3.6% Margin % 64.1% 64.5% 64.3% Total operating expenses (6,109) (5,896) +4.9% +3.
Slide 24: Adjusted Operating Profit Margin Bridge
Adjusted Operating Profit Margin Bridge +50 bps 280 bps -60 bps 18.8% -50 bps 18.3% -170 bps 18.3% H1 2023 Cost Inflation Price/Mix and Strategic H1 2024 FX Impact H1 2024 Operating Investments Constant FX Current FX Efficiencies Q2/H1 2024 Results 24
Slide 25: Ray-Ban Store Shanghai, Middle Huaihai Road
Q2/H1 2024 Results 25 Ray-Ban Store Shanghai, Middle Huaihai Road
Slide 26: Free Cash Flow & Net Debt
Free Cash Flow & Net Debt • Free cash flow at Euro 971 million • Capex at Euro 700 million • Net Debt at Euro 9.76 billion on 30 June 2024 (including lease liabilities of Euro 3.51 billion) • Net Debt / EBITDA last-twelve-months at 1.5x • Cash & Cash Equivalents at Euro 2.16 billion Alain Mikli Pari
Slide 27: SPECTRALIS ANTERION SEELUMA
SPECTRALIS ANTERION HRT3 RCM SEELUMA HEYEX Q2/H1 2024 Results 27
Slide 28: https://supreme.com/stores
New York City Shanghai Seoul https://supreme.com/stores Q2/H1 2024 Results 28