Essilux, revenue at EUR 14 billion up 5.5 per cent
Adjusted operating profit was EUR 2.532 billion (+4.1% at current exchange rates), while adjusted net profit was EUR 1.799 billion (+3.1%)
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EssilorLuxottica confirmed the growth trend in sales in 1Q205 and closed the first six months of the year with €14 billion in sales, up 5.5% year-on-year (+7.3% at constant exchange rates), with all geographic regions reporting growth and the Direct to Consumer segment reporting higher growth than Professional Solutions.
"We closed a solid first half of the year, with revenue growth in all geographies and all businesses. A result that confirms the quality of our path even in a volatile environment and in line with our long-term objectives," EssilorLuxottica's number one, Francesco Milleri, and deputy CEO Paul du Saillant, comment on the first-half results. "We are paving the way for a profound transformation of the industry, as eyewear will increasingly become a technological platform where artificial intelligence, sensor technology and digital medical solutions will allow everyone to access new possibilities and express their potential," they added, pointing out that "The success of Ray-Ban Meta, the launch of Oakley Meta performance AI glasses and the successful debut of Nuance Audio glasses are important milestones along this new frontier."
In terms of profitability, the adjusted operating profit stood at 2.532 billion, an improvement of 4.1% at current exchange rates, while adjusted net profit was 1.799 billion, up 3.1%.
Consolidated free cash flow5 was 951 million and the group ended the first half of the year with 2.79 billion in cash and cash equivalents and net debt of 11.26 billion (including 3.47 billion in lease liabilities) compared to net debt of 9.76 billion at the end of June 2024.
The second quarter
.In the second quarter of the year, EssilorLuxottica posted revenue growth at exactly the same pace as in the first quarter, up 7.3% at constant exchange rates (up 3.2% at current exchange rates, mainly due to the depreciation of the US dollar, to €7,175 million). In terms of operating margin, the first half of the year confirmed the levels recorded in the same period of the previous year, with adjusted operating profit amounting to 18.3% of revenues at constant exchange rates, 'despite the unfavourable effect related to the introduction of tariffs on imports into the United States'.
Geographical Breakdown of Second Quarter
Geographically, all markets contributed to the Group's growth in the second quarter, with the impact of acquisitions most evident in the Direct to Consumer segment in Asia and the US. North America grew by 5.5% at constant exchange rates, with Professional Solutions accelerating during the period and Direct to Consumer with good year-on-year comparable shop sales growth, with the addition of Supreme shops and e-commerce.
The EMEA region was the best group-wide, with 9.1% revenue growth at constant exchange rates, driven by both segments, Professional Solutions and Direct to Consumer, up high-single digit and double digit respectively. The Asia-Pacific region grew 7.8% at constant exchange rates, with the slight decline in China in the Professional Solutions segment.
