Slide 1: Second Quarter 2025 Financial Results
Second Quarter 2025 Financial Results August 6, 2025 NASDAQ: EYE
Slide 2: Disclaimer: Forward-Looking Statements
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. National Vision's business has been driven by this belief for over 30 years.
Slide 4: Confidential – Internal Use Only
Confidential – Internal Use Only
Slide 5: Every Eye Deserves Better
— 1 EVERY “al. EYE =o DESERVES se’ BETTER americas best
Slide 6: Q2 2025 Highlights
Q2 2025 Highlights +7.7% 5.9% $486.4M Net Revenue Adj. Comp. Net Revenues Store Sales Growth Growth $23.8M $0.18 Adj. Operating Adj. Diluted EPS Income $ in millions, except per share amounts, unaudited, on continuing operations basis. See Appendix for reconciliation of Non-GAAP financial measures.
Slide 7: Q2 2025 YTD Highlights
Q2 2025 YTD Highlights +6.7% 5.7% $996.7M Net Revenue Adj. Comp. Net Revenues Store Sales Growth Growth $65.1M $0.52 Adj. Operating Adj. Diluted EPS Income $ in millions, except per share amounts, unaudited, on continuing operations basis. See Appendix for reconciliation of Non-GAAP financial measur
Slide 8: Confidential – Internal Use Only
Confidential – Internal Use Only
Slide 9: Confidential – Internal Use Only
Confidential – Internal Use Only
Slide 10: Financial Results
Financial Results
Slide 11: Q2 2025 Revenue Drivers
Q2 2025 Revenue Drivers Net revenue Net Revenue • Increased 7.7% primarily driven by Adjusted Comparable Store $486.4 Sales Growth, growth from new store sales, and positive 0.6% $451.7 impact from unearned revenue, partially offset by closed stores Store count • Store count grew 2.0% • Opened 8 new
Slide 12: Q2 2025 Results
Q2 2025 Results Adjusted operating income Costs applicable to revenue as percentage of net revenue decreased 170 bps to 41.2% vs. Q2 2024: • Improvement driven by successful execution of pricing and product mix initiatives and leveraging of optometrist-related $23.8 costs $14.1 Adjusted SG&A as a pe
Slide 13: Q2 2025 YTD Results
Q2 2025 YTD Results Net revenue Net Revenue • Increased 6.7% primarily driven by 5.7% Adjusted Comparable $934.5 $996.7 Store Sales Growth and growth from new store sales, partially offset negative 0.5% impact from unearned revenue and closed stores Store count Q2 2024 Q2 2025 • Opened 17 new Americ
Slide 14: Q2 2025 Capital Structure and Cash Flow Highlights
Q2 2025 Capital Structure and Cash Flow Highlights Capital Expenditures $32 million deployed YTD, primarily driven by investments in new and existing stores and remote exam technology Net debt to TTM Adjusted EBITDA : 1.3x Debt In May 2025, settled the remaining $84.8 million aggregate principal amo
Slide 15: Strategic Initiatives
Strategic Initiatives Confidential – Internal Use Only
Slide 16: Evolve Value Offering
Evolve Value Offering Focus on Personalization, Segmentation, Digitization and Cost Efficiency Expand Target Implement New Enhance Customer & Optimize Cost Demographic Pricing Architecture Patient Experience Structure Modernize marketing and Better align pricing architecture Utilize digital tools an
Slide 17: Outlook
Outlook
Slide 18: 2025 Capital Allocation Priorities
2025 Capital Allocation Priorities Invest in Growth Expecting capital expenditures of $87 million - $90 million for investments in technology and new store openings Debt Structure In May 2025, settled the remaining convertible notes using a combination of cash on hand and liquidity from our revolvin
Slide 19: Fiscal 2025 Outlook
Fiscal 2025 Outlook The Company is providing the following outlook for the 53 weeks ending January 3, 2026. The Company estimates the 53rd week of fiscal 2025 will contribute approximately $35 million to net revenue, and approximately $3 million to adjusted operating income. Prior Fiscal 2025 Outloo
Slide 20: Appendix
Appendix
Slide 21: Quarterly Financial Historical Overview
Quarterly Financial Historical Overview Net revenue Adjusted comparable store sales growth (%) $510.3 5.9% 5.5% $486.4 $451.7 $451.5 $437.3 2.4% 1.5% 0.9% 2Q24 3Q24 4Q24 1Q25 2Q25 2Q24 3Q24 4Q24 1Q25 2Q25 Adjusted operating income Adjusted diluted earnings per share $41.3 $0.34 $23.8 $0.18 $14.1 $14
Slide 22: Historical Adjusted Comparable Store Sales Growth & Drivers
Historical Adjusted Comparable Store Sales Growth & Drivers Adjusted comparable store sales growth y/y (%) 6.3% 5.9% 5.5% 4.7% 2.4% 1.5% 1.1% 0.9% 0.4% 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Traffic 0.3% 3.6% 5.9% -0.6% 1.9% 0.1% -1.1% 0.7% -0.4% Ticket 1.3% 1.2% 0.7% 1.2% 0.4% 1.3% 3.0% 4.5%
Slide 23: Capital Structure and Cash Flow
Capital Structure and Cash Flow Q2 2025 Capital Structure Debt Less: Deferred Amounts per % of Amount Financing Costs Balance Sheet Total Coupon Maturity First Lien - Term A Loans $ 247.6 $ (1.4) $ 246.2 90 % Term SOFR + 1.75% 6/13/2028 First Lien - Revolving Credit Facility1 15.0 — 15.0 6 % Term SO
Slide 24: Q2 2025 Consolidated Financial Results
Q2 2025 Consolidated Financial Results Three Months Ended Six Months Ended June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024 Revenue: Net product sales $ 394,589 $ 361,967 $ 807,354 $ 750,050 Net sales of services and plans 91,834 89,766 189,393 184,477 Total net revenue 486,423 451,733 996,74
Slide 25: Reconciliation of Adjusted Operating Income to Net Income (Loss)
Reconciliation of Adjusted Operating Income to Net Income (Loss) Three Months Ended Six Months Ended June 29, September December March 29, June 28, June 29, June 28, 2024 28, 2024 28, 2024 2025 2025 2024 2025 Total net revenue from continuing operations $451,733 $451,515 $437,278 $ 510,324 $486,423
Slide 26: Reconciliation of Adjusted Diluted EPS to Diluted EPS
Reconciliation of Adjusted Diluted EPS to Diluted EPS Three Months Ended Six Months Ended June 29, September December March 29, June 28, June 29, June 28, 2024 28, 2024 28, 2024 2025 2025 2024 2025 Diluted EPS $ (0.04) $ (0.11) $ (0.36) $ 0.18 $ 0.11 $ 0.11 $ 0.29 Diluted EPS from discontinued opera
Slide 27: Reconciliation of Adjusted EBITDA to Net Income (loss)
Reconciliation of Adjusted EBITDA to Net Income (loss) Twelve Months Ended June 28, 2025 Total net revenue from continuing operations $ 1,885,540 Net loss (14,148) Income from discontinued operations, net of tax 818 Loss from continuing operations (14,966) Interest expense, net 17,514 Income tax pro
Slide 28: Reconciliation of Adjusted SG&A to SG&A
Reconciliation of Adjusted SG&A to SG&A Three Months Ended Six Months Ended June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024 SG&A from continuing operations $ 247,167 $ 231,353 $ 502,699 $ 471,481 Stock-based compensation expense (a) 5,306 4,750 12,335 7,164 Litigation settlement (d) — — — 4,
Slide 29: 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 vary from period to period depending on the timing of awards and performance vesting conditions. b. Reflects the extinguishment gain related to the repurchase of th
Slide 30: Reconciliation of Adjusted Comparable Stores Sales Growth
Reconciliation of Adjusted Comparable Stores Sales Growth Comparable store sales growth from continuing operations (a) Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024 2025 Outlook (b) Owned & Host segment America’s Best
Slide 31: Adjusted Comparable Store Sales Growth Primer
What is Adjusted Comparable Store Sales Growth? Adjusted • Calculated using net revenue on a cash-basis • Excludes the impact of unearned and deferred revenue Comparable Why use Adjusted Comparable Store Sales Growth? Store Sales • • Provides a clear view of the Company’s current operating performan
Slide 32: Unearned Revenue Primer
Unearned Revenue Primer PURCHASE JOURNEY ee TIME OF PURCHASE PURCHASE PICKUP UNEARNED REVENUE ACCOUNTING CALENDAR PERIOD CASH BASIS SALES CURRENT E U Quarter/Year Period o8 Zé Zé Be Pa 6 FOLLOWING Quarter/Year Period GAAP REPORTING Customers generally pay for products and services at time of order.
Slide 33: Thank You
Thank You “6 national “n6 vision