National Vision Holdings, Inc. · NASDAQ:EYE
National Vision — Q2 2026 Earnings Presentation
34 slides from National Vision's earnings presentation, Aug 12, 2026
Slide 1: Second Quarter 2026 Financial Results
Second Quarter 2026 Financial Results August 12, 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
Slide 3: We help people see their best to live their best
We help people see their best to live their best.
Slide 4: Financial Results
Financial Results 4
Slide 5: Q2 2026 Highlights
Q2 2026 Highlights +2.5% 2.2% $498.8M Net Revenue Adj. Comp. Net Revenues Store Sales Growth Growth $31.6M Adj. Operating Income $0.25 Adj. Diluted EPS +140bps • Unaudited. • See Appendix for reconciliation of Non-GAAP financial measures. 5
Slide 6: Q2 2026 YTD Highlights
Q2 2026 YTD Highlights +4.6% 3.4% $1.04B Net Revenue Adj. Comp. Net Revenues Store Sales Growth Growth $87.0M Adj. Operating Income $0.71 Adj. Diluted EPS +180bps • Unaudited. • See Appendix for reconciliation of Non-GAAP financial measures. 6
Slide 7: Q2 2026 Revenue Drivers
Q2 2026 Revenue Drivers Net revenue Net Revenue • Increased 2.5%, driven by new store sales, a positive 0.8% impact from the timing of unearned revenue, and 2.2% $498.8 Adjusted Comparable Store Sales Growth, partially offset by $486.4 closed stores Store count • Opened 9 new America's Best stores a
Slide 8: Q2 2026 Results
Q2 2026 Results Adjusted operating income Costs applicable to revenue as percentage of net revenue increased 60 bps to 41.8% vs. Q2 2025: $31.6 • Increase reflects the strategic shift toward higher-value $23.8 product offerings. Adjusted SG&A as a percentage of net revenue decreased 200 bps to 47.3%
Slide 9: Q2 2026 YTD Results
Q2 2026 YTD Results Net revenue Net Revenue • Increased 4.6%, primarily driven by 3.4% Adjusted Comparable Store Sales Growth, growth from new $1,042.7 store sales, and positive 1.4% impact from unearned $996.7 revenue Store count Q2 2025 Q2 2026 • Opened 17 new America's Best stores and closed 5 Ad
Slide 10: Q2 2026 Capital Structure and Cash Flow Highlights
Q2 2026 Capital Structure and Cash Flow Highlights Capital Expenditures $39.8 million deployed YTD primarily driven by investments in existing and new stores and information technology Net debt to TTM Adjusted EBITDA : 0.9x Debt The Company had no borrowings outstanding under its $300.0 million firs
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: Deliberate Shifts To Strengthen Merchandising Strategy
Deliberate Shifts To Strengthen National Vision’s Merchandising Strategy Luxury Premium Fashion Lifestyle Fast Fashion Youth Sport Smart Eyewear Significant Growth Runway Remains 14
Slide 15: Our Unified Commerce Vision
Our Unified Commerce Vision Frictionless Hyper-relevant eCommerce Customer Experience Best-in-class platform that makes Personalized, connected journeys it easy for customers to shop, try- fueled by data and insights that on and buy with their prescription from anywhere Unified DISCIPLINED shapes ev
Slide 16: Modernization of the Brand Experience Underway
Modernization of the Brand Experience Underway… 16
Slide 17: Outlook
Outlook 17
Slide 18: 2026 Capital Allocation Priorities
2026 Capital Allocation Priorities Invest in Growth Expecting capital expenditures of $72 million - $76 million for new store openings, existing stores and investments in technology. Debt Structure National Vision’s cash balance was $36.0 million as of July 4, 2026. The Company had no borrowings out
Slide 19: Fiscal 2026 Outlook
Fiscal 2026 Outlook The Company is updating the following outlook for the 52 weeks ending January 2, 2027. Fiscal 2026 Outlook Updated Fiscal 2026 Outlook (As of May 13, 2026) (As of August 12, 2026) New Stores(1) ~30-35 30-35 Adjusted Comparable 3.0% - 6.0% 3.0% - 5.0% Store Sales Growth(2) Net Rev
Slide 20: Appendix
Appendix 20
Slide 21: Quarterly Financial Historical Overview
Quarterly Financial Historical Overview Net revenue Adjusted comparable store sales growth (%) Adjusted operating income Adjusted diluted earnings per share $ in millions, unaudited, except per share amounts. See Appendix for reconciliation of Non-GAAP financial measures. $ in millions, except per s
Slide 22: Historical Adjusted Comparable Sales Growth & Drivers
Historical Adjusted Comparable Sales Growth & Drivers Adjusted comparable store sales growth y/y (%) 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Traffic 1.9% 0.1% -1.1% 0.7% -0.4% -0.1% -2.5% -1.2% -4.9% Ticket 0.4% 1.3% 3.0% 4.5% 6.6% 7.1% 5.8% 5.1% 7.1% On continuing operations basis, unaudited.
Slide 23: Q2 2026 Segment and Brand Net Revenue
Q2 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 July 4, 2026, compared to the three months ended June 28, 2025. 1. We calculate total comparable store
Slide 24: Q2 2026 Year-to-date Segment and Brand Net Revenue
Q2 2026 Year-to-date 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 six months ended July 4, 2026, compared to the six months ended June 28, 2025. 1. We calculate total compara
Slide 25: Capital Structure and Cash Flow
Capital Structure and Cash Flow Amounts per Q2 2026 Capital Structure ($M) Debt Less: Deferred Balance % of Amount Financing Costs Sheet Total Coupon Maturity First Lien - Term A Loans $ 231.0 $ (0.9) $ 230.1 97 % Term SOFR + 1.50% 6/13/2028 First Lien - Revolving Credit Facility1 — — — —% Term SOFR
Slide 26: Q2 2026 Consolidated Financial Results
Q2 2026 Consolidated Financial Results Three Months Ended Six Months Ended July 4, 2026 June 28, 2025 July 4, 2026 June 28, 2025 Revenue: Net product sales $ 403,135 $ 394,589 $ 842,635 $ 807,354 Net sales of services and plans 95,670 91,834 200,050 189,393 Total net revenue 498,805 486,423 1,042,68
Slide 27: Reconciliation of Adjusted Operating Income to Net Income
Reconciliation of Adjusted Operating Income to Net Income (Unaudited) Three Months Ended Six Months Ended June 28, September January 3, April 4, July 4, June 28, July 4, In thousands 2025 27, 2025 2026 2026 2026 2025 2026 Total net revenue $ 486,423 $ 487,330 $ 503,411 $ 543,880 $ 498,805 $ 996,747
Slide 28: Reconciliation of Adjusted Diluted EPS to Diluted EPS
Reconciliation of Adjusted Diluted EPS to Diluted EPS (Unaudited) Three Months Ended Six Months Ended June 28, September January 3, April 4, June 28, July 4, In thousands, except per share amounts 2025 27, 2025 2026 2026 July 4, 2026 2025 2026 Diluted EPS $ 0.11 $ 0.04 $ 0.04 $ 0.38 $ 0.15 $ 0.29 $
Slide 29: Reconciliation of Adjusted EBITDA to Net Income
Reconciliation of Adjusted EBITDA to Net Income (Unaudited) Twelve Months Ended Dollars in thousands July 4, 2026 Total net revenue $ 2,033,426 Net Income 50,286 Interest expense, net 14,551 Income tax provision 17,947 Depreciation and amortization 92,316 EBITDA 175,100 Stock-based compensation expe
Slide 30: Reconciliation of Adjusted SG&A to SG&A
Reconciliation of Adjusted SG&A to SG&A (Unaudited) Three Months Ended Six Months Ended June 28, June 28, In thousands July 4, 2026 2025 July 4, 2026 2025 SG&A $ 243,432 $ 247,167 $ 499,524 $ 502,699 Stock-based compensation expense (a) 6,366 5,306 13,388 12,335 ERP and CRM implementation expenses (
Slide 31: 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 32: Reconciliation of Adjusted Comparable Stores Sales Growth
Reconciliation of Adjusted Comparable Stores Sales Growth (Unaudited) Comparable store sales growth(a) Three Months Three Months Six Months Six Months Ended July 4, Ended June 28, Ended July 4, Ended June 28, 2026 2025 2026 2025 2026 Outlook (b) Owned & Host segment America’s Best 2.5 % 6.3 % 3.5 %
Slide 33: 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 34: Thank You
Thank You “6 national “n6 vision
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