National Vision Holdings, Inc. · NASDAQ:EYE
National Vision — Q1 2026 Earnings Presentation
30 slides from National Vision's earnings presentation, May 13, 2026
Slide 1: First Quarter 2026 Financial Results
First Quarter 2026 Financial Results May 13, 2026 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
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Slide 4: 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 5: Q1 2026 Highlights
Q1 2026 Highlights +6.6% +4.5% $543.9M Net Revenue Adj. Comp. Net Revenues Store Sales Growth Growth $55.5M $0.45 Adj. Operating Adj. Diluted EPS Income • $ in millions, except per share amounts, unaudited. • See Appendix for reconciliation of Non-GAAP financial measures. 5
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Slide 8: Financial Results
Financial Results 8
Slide 9: Q1 2026 Results
Q1 2026 Results Adjusted operating income Costs applicable to revenue as percentage of net revenue increased 10 bps to 40.3% vs. Q1 2025: $55.5 • Slight increase driven by product mix, partially offset by $41.3 optometrist-related cost leverage Adjusted SG&A as a percentage of net revenue decreased
Slide 10: Q1 2026 Capital Structure and Cash Flow Highlights
Q1 2026 Capital Structure and Cash Flow Highlights Capital Expenditures $17.6 million deployed primarily driven by investments in existing and new stores and information technology Net debt to TTM Adjusted EBITDA : 0.8x Debt During Q1 2026, the Company repaid $3.3 million in long term debt, bringing
Slide 11: Strategic Initiatives
Strategic Initiatives
Slide 12: 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 13: Intentional Evolution Of Customer Mix To Support Increased Profitability
Intentional Evolution Of Customer Mix To Support Increased Profitability Average Profitability $ Per Transaction by Customer Cohort 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 PR
Slide 14: Outlook
Outlook 14
Slide 15: 2026 Capital Allocation Priorities
2026 Capital Allocation Priorities Invest in Growth Expecting capital expenditures of $73 million - $78 million for new store openings, existing stores and investments in technology Debt and Liquidity National Vision's cash balance was $67.9 million as of April 4, 2026. The Company had no borrowings
Slide 16: Fiscal 2026 Outlook
Fiscal 2026 Outlook The Company is reiterating the following outlook for the 52 weeks ending January 2, 2027. Fiscal 2026 Outlook (As of May 13, 2026) New Stores(1) ~30-35 Adjusted Comparable Store Sales Growth (2) 3.0% - 6.0% Net Revenue $2.033 billion - $2.091 billion Adjusted Operating Income (2)
Slide 17: Appendix
Appendix 17
Slide 18: Quarterly Financial Historical Overview
Quarterly Financial Historical Overview Net revenue Adjusted comparable store sales growth (%) $543.9 7.7% $510.3 5.5% 5.9% $503.4 4.8% 4.5% $486.4 $487.3 1Q25 2Q25 3Q25 4Q25 1Q26 1Q25 2Q25 3Q25 4Q25 1Q26 Adjusted operating income Adjusted diluted earnings per share $55.5 $0.45 $41.3 $0.34 $23.8 $19
Slide 19: Historical Adjusted Comparable Store Sales Growth & Drivers
Historical Adjusted Comparable Store Sales Growth & Drivers Adjusted comparable store sales growth y/y (%) 5.9% 5.9% 5.5% 4.8% 4.5% 2.4% 1.5% 0.9% 0.4% 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Traffic -0.6% 1.9% 0.1% -1.1% 0.7% -0.4% -0.1% -2.5% -1.2% Ticket 1.2% 0.4% 1.3% 3.0% 4.5% 6.6% 7.1% 5.
Slide 20: Q1 2026 Segment and Brand Net Revenue
Q1 2026 Segment and Brand Net Revenue The following presents, by segment and by brand, comparable store sales growth, stores open at the end of the period and net revenue for the three months ended April 4, 2026 compared to the three months ended March 29, 2025. 1. We calculate total comparable stor
Slide 21: Capital Structure and Cash Flow
Capital Structure and Cash Flow Amounts per Debt Less: Deferred Balance % of Q1 2026 Capital Structure ($M) Amount Financing Costs Sheet Total Coupon Maturity First Lien - Term A Loans $ 234.3 $ (1.0) $ 233.3 96 % Term SOFR + 1.75% 6/13/2028 First Lien - Revolving Credit Facility1 — — — —% Term SOFR
Slide 22: Q1 2026 Consolidated Financial Results
Q1 2026 Consolidated Financial Results Three Months Ended April 4, 2026 March 29, 2025 Revenue: Net product sales $ 439,500 $ 412,765 Net sales of services and plans 104,380 97,559 Total net revenue 543,880 510,324 Costs applicable to revenue (exclusive of depreciation and amortization): Products 12
Slide 23: Reconciliation of Adjusted Operating Income to Net Income
Reconciliation of Adjusted Operating Income to Net Income (Unaudited) Three Months Ended March 29, June 28, September January 3, April 4, In thousands 2025 2025 27, 2025 2026 2026 Total net revenue $510,324 $486,423 $ 487,330 $ 503,411 $543,880 Net income 14,186 8,725 3,372 3,317 31,181 Interest exp
Slide 24: Reconciliation of Adjusted Diluted EPS to Diluted EPS
Reconciliation of Adjusted Diluted EPS to Diluted EPS (Unaudited) Three Months Ended March 29, June 28, September January 3, In thousands, except per share amounts 2025 2025 27, 2025 2026 April 4, 2026 Diluted EPS $ 0.18 $ 0.11 $ 0.04 $ 0.04 $ 0.38 Stock-based compensation expense (a) 0.09 0.07 0.07
Slide 25: Reconciliation of Adjusted EBITDA to Net Income
Reconciliation of Adjusted EBITDA to Net Income (Unaudited) Twelve Months Ended Dollars in thousands April 4, 2026 Total net revenue $ 2,021,044 Net Income 46,595 Interest expense, net 15,424 Income tax provision 15,912 Depreciation and amortization 91,631 EBITDA 169,562 Stock-based compensation exp
Slide 26: Reconciliation of Adjusted SG&A to SG&A
Reconciliation of Adjusted SG&A to SG&A (Unaudited) Three Months Ended In thousands April 4, 2026 March 29, 2025 SG&A $ 256,092 $ 255,532 Stock-based compensation expense (a) 7,022 7,029 ERP and CRM implementation expenses (e) 372 2,315 Other (f) 2,658 5,123 Adjusted SG&A $ 246,040 $ 241,065 SG&A Pe
Slide 27: 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 may vary from period to period depending on the timing of awards and performance vesting conditions. b. Reflects write-off related to non-cash impairment charges of
Slide 28: Reconciliation of Adjusted Comparable Stores Sales Growth
Reconciliation of Adjusted Comparable Stores Sales Growth (Unaudited) Comparable store sales growth(a) Three Months Three Months Ended April 4, Ended March 29, 2026 2025 2026 Outlook (b) Owned & Host segment America’s Best 4.4 % 5.9 % Eyeglass World 5.2 % 3.1 % Military 2.2 % 1.7 % Fred Meyer 4.7 %
Slide 29: Adjusted Comparable Store Sales Growth Primer
What is Adjusted Comparable Store Sales Growth? • Calculated using net revenue at the point of sale Adjusted • Sales are adjusted for managed care insurance collection estimates Excludes the impact of unearned and deferred revenue Comparable • Why use Adjusted Comparable Store Sales Growth? Store Sa
Slide 30: Thank You
Thank You 3“6 national 2n¢ vision
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