National Vision Holdings, Inc. · NASDAQ:EYE
National Vision — Investor Day (November 2025)
100 slides from National Vision's investor day presentation, November 2025
Slide 1: Investor Day
national vision Investor Day November 2025
Slide 2: Welcome to Investor Day
Welcome to Investor Day TAMARA GONZALEZ VP, Investor Relations & Communications INVESTOR DAY 2
Slide 3: Forward-Looking Statements
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, statements con
Slide 4: Agenda
CEO STRATEGIC OVERVIEW Alex Wilkes, Chief Executive Officer OUR CUSTOMERS & BRAND Joe VanDette, Chief Brand & Marketing Officer TRANSFORMATION OUR PRODUCTS: MERCHANDISING Ana Moeddel, Chief Merchandising & Managed Care Officer TRANSFORMATION Agenda OUR EXPERIENCE: AMERICA'S BEST Mark Banner, Preside
Slide 5: CEO Overview
CEO Overview ALEX WILKES Chief Executive Officer INVESTOR DAY 5
Slide 6: Today's Key Messages
TODAY’S KEY MESSAGES We are boldly reinventing National Vision We are modernizing every aspect of our business We are attacking areas of product underdevelopment vs category We are leveraging a data-driven approach to win with high-value customers We are hyper-focused on operating margin expansion W
Slide 7: We help people see their best to live their best
We provide eye exams, eyeglasses, and contact lenses We help people see their best to live their best We deliver exceptional access, experiences, value, and convenience to our customers INVESTOR DAY 7
Slide 8: Company key facts
1,200+ 6M 13,000+ Retail Stores Annual Eye Exams Team Members Laboratory One of Largest Purchasing Network & Employed Economies of Scale Distribution System Optometrist Networks Source: National Vision, FY2024 INVESTOR DAY 8
Slide 9: A leading player with significant growth runway
A leading player with significant growth runway TOTAL U.S. OPTICAL RETAIL MARKET VALUE 1 ~$70B Independent Optical Retailers THIRD LARGEST PLAYER WITH $1.8B SHARE 2 1 The Vision Council estimated total 2025 U.S. market value, non-exhaustive category visual 2 INVESTOR DAY 9 Vision Monday’s 2025 Top 5
Slide 10: Prepared to capitalize on continued industry growth
Prepared to capitalize on continued industry growth 2030 ~$85B+ ESTIMATED TOTAL U.S. OPTICAL 2024 RETAIL MARKET VALUE BY 2030 1 Expanded access with remote care Managed vision care adoption ~$70B Aging population Greater screen use Growing demand for holistic care Momentum in smart eyewear 1 1 Proje
Slide 11: We have a strong foundation
We have a strong foundation INVESTOR DAY 11
Slide 12: Historically, we delivered consistent results
Historically, we delivered consistent results INVESTOR DAY 12
Slide 13: Consumer preferences and shopping behaviors evolved
Consumer preferences and shopping behaviors evolved INVESTOR DAY 13
Slide 14: We are at an inflection point
We are at an inflection point INVESTOR DAY 14
Slide 15: We are boldly reinventing
We are boldly reinventing 1 2 3 New Rapidly Clear Leadership Modernizing Growth Team the Business Runway INVESTOR DAY 15
Slide 16: New leadership bringing the best of optical and retail
New leadership bringing the best of optical and retail ALEX WILKES CHRIS LADEN JOE VANDETTE ANA MOEDDEL Chief Executive Officer Chief Financial Officer Chief Brand & Chief Merchandising & Marketing Officer Managed Care Officer DAVID CUTLER MARK BANNER PRITI PATEL, O.D. JARED BRANDMAN BILL CLARK Chie
Slide 17: From analog replicator to segmented, digital innovator
FROM TO Analog “One-Size-Fits-All” Replicator Segmented, Digital Innovator Manual processes Data-driven, dynamic retailer Focus on price sensitive, cash-pay customer Expanded view of the customer One-size-fits-all marketing Dynamic, CRM-enabled content and messaging Outdated digital experience Ecomm
Slide 18: Four growth vectors to expand share of addressable market
Four growth vectors to expand share of addressable market UNDERDEVELOPED UNDERDEVELOPED ENHANCING THE NEW STORE CUSTOMERS PRODUCTS CUSTOMER & PATIENT GROWTH EXPERIENCE Managed Care Frame Premiumization Data-driven Segmentation New Markets Progressive Wearers Anti-reflective Creating Joyful Experienc
Slide 19: Driving value by closing the gap
Driving value by closing the gap UNDERDEVELOPED CUSTOMERS UNDERDEVELOPED PRODUCTS Increasing sales penetration in three valuable customer Increasing penetration by 1% across these key cohorts is expected to drive higher average ticket categories could drive nearly $40M in incremental revenue 1 Anti-
Slide 20: Intentional evolution of customer mix
Intentional evolution of customer mix to support increased profitability Average Profitability $ Per Transaction by Customer Cohort1 These three customer cohorts are worth: ~2.4x – 4.0x the Entry Bundle Transaction ~1.4x – 2.4x the Self Pay Transaction ENTRY BUNDLE SELF PAY MANAGED CARE OUTSIDE RX P
Slide 21: Significant runway without abandoning our value position
Significant runway without abandoning our compelling value position Continuing to raise prices ~1.5X – 3X Category Estimate Strengthening competitiveness without compromising on value ILLUSTRATIVE GAP Average Transaction Value EXAM + PRODUCT PRODUCT ONLY Source: National Vision analysis leveraging d
Slide 22: We have a right to win
Expanding Existing High Value Customers Significant Opportunity in Underdeveloped Areas We have a Extensive Store Footprint & right to win… Population Served Category-Leading Brand Awareness 1 One of the Largest Employed Optometrist Networks 1 National Vision Brand Health Report, Q3 2025 INVESTOR DA
Slide 23: Early traction in strategy is yielding results
…And early traction in strategy is yielding results Q3 2025 Year to Date Adj. Comparable Adj. Operating Adj. Operating Net Revenue Store Sales Growth Incom e Margin $1.5B 6.4% $85M 5.7% 120 YoY bps 7% YoY Growth vs. 1.2% YTD 2024 36% YoY Growth Improvement Source: National Vision, Q3 2025 report; Ad
Slide 24: A bold reinvention to add significant value
A bold reinvention, led by the right team, to add significant value over the long term INVESTOR DAY 24
Slide 25: Our Customers & Brand Transformation
Our Customers & Brand Transformation JOE VANDETTE Chief Brand & Marketing Officer INVESTOR DAY 25
Slide 26: More customer-focused and data-driven than ever
We are more customer- focused and data-driven than ever before INVESTOR DAY 26
Slide 27: Customer base reflects the U.S. population
We know our customer base is broader and reflects the U.S. population MAJORITY MIDDLE INCOME MIRRORS U.S. AGE DEMOGRAPHICS Lower Income Middle Income Higher Income 18 - 25 26 - 35 36 - 45 46 - 55 56 - 65 National Vision National Vision U.S. Population U.S. Population Source: National Vision consumer
Slide 28: Expanding our focus to engage our broader audience
Expanding our focus to engage our broader audience PRAGMATIC STYLE WELLNESS BUYERS LEADERS SHOPPERS Value-Seekers Across Income Premium Brand & Outside Managed Care Customers, Premium Demographics Rx Shoppers & Progressive Lens Wearers DRIVE PREMIUM TRANSACTIONS, MAINTAIN STEADY YEARLY DEMONSTRATE S
Slide 29: Unlocking customer growth via segmentation
Unlocking significant customer growth via segmentation FUTURE CUSTOMER FO CUS 1 HISTORICAL CUSTOMER FOCUS Wellness Shoppers Managed Care Customers, Premium and Progressive Lens Wearers Style Leaders Cash-Pay Premium Brand and Low-Income Outside Rx Shoppers Budget Pragmatic Buyers Value-Seekers Acros
Slide 30: Tailoring experiences during moments that matter
Tailoring experiences during moments that matter Unmatched Clinical Delight That Keeps Experience Them Coming Back WE LLNES S SHOP PERS ALL CUS TOMERS Value That Products Attracts That Excite PRAGMATIC BUYE RS STYLE LE ADER S INVESTOR DAY 30
Slide 31: Meeting customers where they are
Committed to meeting customers where they are Digital Platform Built to Scale and Convert 3M+ Modern Enhanced Experience Driving Stickiness EYE EXAMS BOOKED ONLINE1 Elevating Brand Perception at Entrance Point 1 National Vision, Q3 2025 YTD INVESTOR DAY 31
Slide 32: Our new look, aligned with our transformation
Our new look, aligned with our transformation America's Best National Vision Future Brand Brand Design & Brand Design Evolutions Creative Platform AMPLIFIED & PERSONALIZED WITH CRM INVESTOR DAY 32
Slide 33: We believe everyone deserves to see their best
we believe everyone deserves to see their best to live their best we believe everyone deserves to see their best to live their best INVESTOR DAY 33 INVESTOR DAY 33
Slide 34: America's Best: Each and every eye deserves better
america's best EACH AND DESERVES BETTER
Slide 35: And we are just getting started
And we are just getting started Consumer Data Brand Strategy Evolved Brand INVESTOR DAY 35
Slide 36: We know our customers
WE KNOW OUR CUSTOMERS Radically transformed our brand marketing Creating an enhanced experience with personalized messaging Capturing more like-minded consumers INVESTOR DAY 36
Slide 37: Our Products: Merchandising Transformation
Our Products: Merchandising Transformation ANA MOEDDEL Chief Merchandising & Managed Care Officer INVESTOR DAY 37
Slide 38: Merchandising is evolving
MERCHANDISING IS EVOLVING Long runway of growth ahead Evolving product mix and managed care capabilities Our talented teams are leaning in to capitalize on these opportunities INVESTOR DAY 38
Slide 39: Delighting an evolving customer base
Delighting an Managed Care Historical Payments, Cash-Pay Focus Evolving Representing Customer Base 40% of Sales 1 Increase ticket and traffic Gain share with expanded customer view Drive relevancy Expand gross margins Consistently meet customer needs 1 Approximate revenues from continuing operations
Slide 40: Clear path to grow managed care penetration
Clear path to grow our managed care penetration OUR FROM Capturing the full ticket of high- value, underdeveloped customers AMBITION ~40% ~50% Revenue from managed care payors represented approximately 40% of our revenues from continuing operations in FY2024; Source: National Vision FY 2024 report I
Slide 41: Well-positioned for managed care growth
Growing MVC1 NON- Population MVC Well- MVC Nearly 70% of U.S. adults reported h aving positioned managed vision care 2 for managed care growth Our Right to Win Customer-Centric Approach National Scale Evolving Assortment to Maximize Benefit Allowances 1 MVC is defined as Managed Vision Care 2 The Vi
Slide 42: Driving ticket and traffic with merchandising strategy
Driving ticket and traffic with merchandising strategy LEGACY APPROACH MERCHANDISING FUTURE Optimized for price over products that delight Refreshed merchandising and brands One-size-fits-all Localized assortment and product variety Over-indexed on sub-$99 price points and plastic lenses Premium fra
Slide 43: A significant opportunity with products
A significant opportunity with products FRAMES LENSES CONTACT LENSES Early Progress Underdeveloped Underdeveloped INVESTOR DAY 43
Slide 44: Opportunity to expand penetration of lens add-ons
LENS CATEGORY TYPE ESTIMATE Opportunity to Anti-Reflective 35-40% 65-70% expand Coating penetration of Advanced Materials 45-50% 65-70% lens add-ons Lens Add-On Sales as % of Total Lens Mix Transitions 10-15% 20-25% Source: National Vision analysis leveraging data from The Vision Council and proprie
Slide 45: A thoughtful merchandising transformation
A thoughtful merchandising transformation driven by customer insights Fuel Healthy Test and Conversion and NPS Learn Drive sustainable growth while Use small-scale tests to inform large- improving customer relationships scale rollouts and reduce risk DISCIPLINED MERCHANDISING APPROACH Thoughtful Pro
Slide 46: Aligning frame mix with customer mix
Aligning Designer frame strategy is working, frame mix with products turning in line with the industry with Ray-Ban Meta AI glasses are customer mix exceeding internal sales goals, indicating positive customer response INVESTOR DAY 46
Slide 47: Modernizing our pricing
Modernizing our pricing INVESTOR DAY 47
Slide 48: Our strategy is resonating with customers
Our strategy is resonating with customers shopping in our stores INVESTOR DAY 48
Slide 49: Our Experience: America's Best
Our Experience: America’s Best MARK BANNER President of America’s Best INVESTOR DAY 49
Slide 50: INVESTOR DAY
a INVESTOR DAY 50
Slide 51: Our largest brand, at the forefront of transformation
2,400+ 60+ Our largest DOCTORS OF OPTOMETRY DISTRICT MANAGERS brand, at the forefront of transformation 1,000+ 9,000+ STORE FIELD MANAGERS ASSOCIATES Source: America’s Best, October 2025, includes all job types (e.g., part-time and full-time) INVESTOR DAY 51
Slide 52: Delighting customers and patients
DELIGHTING CUSTOMERS & PATIENTS Well-positioned to expand underdeveloped customer segments by enhancing the customer experience Shifting culture to a customer and patient-first mindset Selling approach transitioning from transactional to consultative Empowering smart, enabled associates INVESTOR DAY
Slide 53: Ambitions anchored in our North Star
Accessible eyecare and Ambitions eyewear: exceptionally executed, radically simple and Anchored in our tailored to you and however North Star you shop, so you look, see, and feel your best. PROVIDE A OFFER EMPHASIZE MAKE IT CUSTOMIZE SUPERIOR ELEVATED OUR INTUITIVE THEIR EXPERIENCE, EYECARE MEDICAL
Slide 54: Significant runway for America's Best
Significant runway for America’s Best UNDERDEVELOPED UNDERDEVELOPED ENHANCING THE NEW STORE CUSTOMERS PRODUCTS CUSTOMER & PATIENT GROWTH EXPERIENCE Shifting team mindsets from Leveraging behavioral Modernizing with Expanding our retail operations-first to customer change and our customers at the cen
Slide 55: Turning uncertainty to excitement
Turning BETTER BEGINS WITH YOU uncertainty to “ excitement We set o ut to craft a compelling vision for the future, bringing excitement and openness to reimagining how we serve customers “ INVESTOR DAY 55
Slide 56: Creating an environment to encourage lasting behavioral change
Creating an environment to encourage lasting behavioral change Growth Mindset, Urgency to Transform, Customer & Patient-Obsessed MINDSET BEHAVIORS FEEDBACK TEAM Consultative Selling, Lifestyle Prescribing, OD/Store Handoff LOOP Clear Expectations, Effective Time Allocation MECHANISMS DM Visits, KPI
Slide 57: Frontline teams' mindset shifted after training
Our frontline teams’ mindset shifted after training “ “ INVESTOR DAY 57
Slide 58: Customers and patients are telling us this change is working
Customers and patients are telling us this change is working WHAT WE HEARD “The folks radiate a level of warmth and professionalism that is praiseworthy.” “The staff explained progressive lenses to me, and I am finally able to see. No other eye care facility has ever done that.” “I’ve been coming he
Slide 59: Doubling-down on behavioral changes
Doubling-down on behavioral changes INVESTOR DAY 59
Slide 60: Empowering smarter associates
CONSULTATIVE SELLING Empowering smarter associates INVESTOR DAY 60
Slide 61: Strengthening our ways of working
Strengthening our ways of working INVESTOR DAY 61
Slide 62: Modernizing the shopping and care journey
Modernizing the shopping and care journey INVESTOR DAY 62
Slide 63: Early shifts to elevate the in-store customer experience
Early shifts to elevate the in-store customer experience INVESTOR DAY 63
Slide 64: We expect to re-accelerate new store openings
NEW STORE GROWTH We expect to Average Pace of Slower Pace of New Re-accelerate New Store Growth Store Growth New Store Growth ~60/year ~30/year ~60/year 1,400 re-accelerate 1,200 1,000 800 new store 600 400 openings 200 - 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 INVESTOR DAY 64
Slide 65: Each and every eye deserves better
EACH AND EVERY EYE DESERVES BETTER INVESTOR DAY 65
Slide 66: Bridging clinical and retail expertise
We bridge clinical and retail expertise to elevate the customer and patient journey INVESTOR DAY 66
Slide 67: The Patient Experience
The Patient Experience MARK BANNER President of America’s Best PRITI PATEL, O.D. Head of Emerging Brands INVESTOR DAY 67
Slide 68: Network of ODs committed to quality patient outcomes
2,400+ Network of ODs committed to quality patient outcomes in every encounter Optometrists provide eye care in office and remotely INVESTOR DAY 68
Slide 69: The eye offers a window into broader health
The eye offers a window into broader health “The patient came in simply wanting to see better — and left with a clearer understanding of both their visual and overall health.” “As a clinician, it’s incredibly rewarding to know that the tools and resources available at NVI empower us to identify pote
Slide 70: Doctors make an impact
Doctors make an impact “The doctor who did my eye exam was wonderful. He explained everything about my eyesight to me that I never knew before I visited Americas Best.” “The doctor that did my exam was the most informative doctor I have ever had.” “The doctor was personable, kind, thorough, and answ
Slide 71: Our Experience: Eyeglass World
Our Experience: Eyeglass World PRITI PATEL, O.D. Head of Emerging Brands INVESTOR DAY 71
Slide 72: INVESTOR DAY DAY INVESTOR
INVESTOR DAY INVESTOR DAY 72
Slide 73: Emerging brands strategy
Emerging brands strategy brings brand focus Emerging Brands INVESTOR DAY 73
Slide 74: Eyeglass World brand evolution
EYEGLASS WORLD BRAND EVOLUTION Refining Brand Positioning Getting Ahead of Shifting Category Trends Strengthening Our Foundation for a Long Runway of Growth Ahead INVESTOR DAY 74
Slide 75: Foundational investments strengthening Eyeglass World
Foundational investments strengthening Eyeglass World Transition to Cultural Operational Demand- Employed OD Reboot Discipline Driver Focus Model INVESTOR DAY 75
Slide 76: A clear vision is powering a turnaround
Adjusted Comparable Store Sales Growth 3.7% A clear vision is powering a -1.0% turnaround -2.2% -6.7% 2022 2023 2024 2025 YTD1 1 Year to Date results through Q3 2025 Source: National Vision FY 2023, FY 2024 and Q3 2025 reports INVESTOR DAY 76
Slide 77: Leading our transformation with customer insights
Leading our transformation with customer insights Tailor brand, Start Launch products, and with the refreshed experience to customer brand their needs INVESTOR DAY 77
Slide 78: Operating stronger, marketing sharper, enhancing assortment
Operating stronger, marketing sharper, and enhancing our assortment UNDERDEVELOPED UNDERDEVELOPED ENHANCING THE NEW STORE CUSTOMERS PRODUCTS CUSTOMER & PATIENT GROWTH EXPERIENCE Reinvent brand Meet the needs of our Deliver seamless, Unlock foundational positioning target customer with memorable shop
Slide 79: Panel Discussion: Enabling our Future
Panel Discussion: Enabling our Future HOSTED BY ALEX WILKES Chief Executive Officer INVESTOR DAY 79
Slide 80: Our Panelists
Our Panelists BILL CLARK DAVID CUTLER JARED BRANDMAN Chief People Officer Chief Technology Officer Chief Legal & Strategy Officer 80
Slide 81: Financial Overview
Financial Overview CHRIS LADEN Chief Financial Officer INVESTOR DAY 81
Slide 82: Takeaways
TAKEAWAYS We are hyper-focused on operating margin expansion Significant opportunities to drive sales and profitability Investments phased with long runway of future benefits Strong balance sheet to support growth and initiatives INVESTOR DAY 82
Slide 83: We have a right to win with clear levers for success
We have a right to win with clear levers for success Growth Vectors Foundational Improvements UNDERDEVELOPED CUSTOMERS New Branding Strong Market Trends UNDERDEVELOPED 203 0 1 PRODUCTS ~$85B+ Merchandising Mix 202 4 ENHANCING THE CUSTOMER & PATIENT EXPERIENCE ~$70B NEW STORE Highly Fragmented Cost O
Slide 84: We are uniquely positioned for growth
We are uniquely positioned for growth FOUR GROWTH VECTORS TO EXPAND SHARE OF ADDRESSABLE MARKET UNDERDEVELOPED UNDERDEVELOPED ENHANCING THE NEW STORE CUSTOMERS PRODUCTS CUSTOMER & PATIENT GROWTH EXPERIENCE Managed Care Frame Premiumization Data-driven Segmentation New Markets Progressive Wearers Ant
Slide 85: Long-Term Sales Growth Drivers
~HSD Growth Long-Term ~MSD Comparable Store Sales Growth Sales Growth 5 Drivers Through 2030 Market Growth Foundational New Stores Net Revenue1 Improvements + Growth Vectors 1 Visual is illustrative and not to scale INVESTOR DAY 85
Slide 86: New store opportunities
New store opportunities NATIONAL FOOTPRINT Higher Presence (>100 Stores) Lower Presence (≤10 Stores) Significant whitespace opportunity remains Evaluating impact from operational improvements along with brand repositioning at America’s Best and Eyeglass World Source: National Vision fleet across all
Slide 87: New store economics
New store economics Net grower of stores with disciplined real estate strategy NEW STORE GROWTH ~240 New Stores from 2026-2030 CURRENT1 ~2500 – 4500 ~$1.5 – $1.7M Average Pace of Slower Pace of Re-accelerate Average Square Feet Year 5 Target Sales New Store Growth New Store Growth New Store Growth ~
Slide 88: Methodical focus on cost is key to operating margin expansion
Methodical focus on cost ~$20M is key to MINIMUM EXPECTED ANNUALIZED COST REDUCTION FROM 2026-20271 operating Transportation & Logistics Technology & Software Treasury & Banking margin expansion Store Corporate Marketing Supplies & Insurance & SEO Services 1 Cost takeout expected to be realized over
Slide 89: 2025 is a proof point for our near-term growth ambitions
2025 is a proof point for our near-term growth ambitions Our 2026 approach will remain balanced between organic investments in modernizing the business and new store growth FISCAL 2025 FISCAL 2026 OUTLOOK 1 PLANNING SCENARIOS 2 NET REVENUE $1.97 – $1.99B + ~HSD % ADJ. COMP SALES 5.0% – 6.0% + ~MSD %
Slide 90: Focused on sustainable and consistent growth
We are focused on driving sustainable & consistent growth In any given year, 2025-2030… Annual PROFITABILITY Expected ALGORITHM Revenue ~HSD% HSD Revenue Growth Growth -Gro wth ve ctor s + Optimized Costs -Impr oved vendor pricing …Leads to margin expansion of & co nsumptio n c ontr ols Annual -Inve
Slide 91: We will maintain a strong balance sheet
We will maintain a strong balance sheet Net Debt to Adj EBITDA 1 2.2x Net debt repaid in 2024 1.8x $204M and 2025 TTM 1.1x Total liquidity with no $350M borrowings outstanding 2023 2024 Q3 2025 TTM 1 Net Debt (total debt less cash and cash equivalents) divided by trailing twelve-month Adjusted EBITD
Slide 92: Disciplined capital allocation and investment priorities
Disciplined capital allocation and investment priorities Investing in our growth initiatives, unlocking 2026-2027 higher expected returns Unit growth accelerates, growth initiatives 2028-2030 investments continue Investment and capital distribution will be continuously evaluated to accelerate growth
Slide 93: Fueling future growth with strategically placed capital
Fueling future CAPITAL EXPENDITURES growth with strategically ~4-5% placed capital OF ANNUAL REVENUE 2026-2027 focus on initiatives expenditures 2028-2030 focus on new stores INVESTOR DAY 93
Slide 94: YTD 2025 has delivered exceptional financial outcomes
YTD 2025 has delivered exceptional financial outcomes, and we are confident in continuing the momentum REVENUE +7.1% $1.76B $1.82B $1.5B Q3 2025 YTD YoY Grow th 5.7% 3.6% ADJ. OPERATING MARGIN 3.1% 120 bps Q3 2025 YTD YoY Improvement 2023 2024 Q3 2025 YTD Revenue Adj Operating Margin Source: Nationa
Slide 95: Takeaways
TAKEAWAYS We are hyper-focused on operating margin expansion Significant opportunities to drive sales and profitability Investments phased with long runway of future benefits Strong balance sheet to support growth and initiatives INVESTOR DAY 95
Slide 96: Closing Remarks
Closing Remarks ALEX WILKES Chief Executive Officer INVESTOR DAY 96
Slide 97: Key Takeaways
We are boldly reinventing National Vision We are modernizing every aspect of our business We are attacking areas of product underdevelopment vs category Key We are leveraging a data-driven approach to win Takeaways with high-value customers We are hyper-focused on operating margin expansion We have
Slide 98: We are boldly reinventing National Vision
THIS IS JUST THE BEGINNING We are boldly reinventing National Vision to drive significant value over the long-term INVESTOR DAY 98
Slide 99: Q&A
Q&A INVESTOR DAY 99
Slide 100: Thank you
Thank you INVESTOR DAY 100
National Vision Holdings — Investor Day (November 2025) on 6ix