In Paris, EssiLux surges after reporting nine-month revenues that beat forecasts
Turnover of 22.3 billion, up 6.8 per cent. The third quarter was a particular driving force, closing with a turnover of 7.49 billion (+9 per cent)
(Il Sole 24 Ore Radiocor) - EssilorLuxottica soars in Paris following the release of its revenue figures for the first nine months of 2026, which exceeded analysts’ expectations. The shares rose by over 13 per cent, reaching 171 euros. In detail, the group led by Francesco Milleri posted a turnover of €22.3 billion for the January–September 2026 period, up 6.8% at current exchange rates and 8.9% at constant exchange rates.
The third quarter was the main driver, closing with a turnover of €7.49 billion (+9 per cent at current exchange rates and +7.2 per cent at constant exchange rates). This was a solid performance, building on last year’s double-digit growth. Analysts welcomed the fact that the group’s traditional business (namely the production of lenses and spectacles, as well as the medtech division) proved resilient, with mid-single-digit growth in the third quarter at constant exchange rates.
As for the so-called wearables, namely smart glasses, the group generated revenues of 486 million euros and has already indicated that the year-on-year comparison for the fourth quarter will be challenging, given that in the final three months of 2025 the company had generated revenues of 1.1 billion in this segment. In any case, the senior management have expressed great optimism: Chairman and Chief Executive Francesco Milleri and Deputy Chief Executive Paul du Saillant have emphasised that they are looking to the future ‘with extraordinary confidence’.
Analysts remain divided in their views on the stock. Equita recommends buying the shares (‘Buy’ with a target price of 223 euros), welcoming the results published yesterday after the markets closed and the reassuring messages from management. The brokerage firm, incidentally, anticipates a possible slight upward revision to full-year revenue estimates (around +1 per cent). Deutsche Bank is more cautious (‘Hold’ with a target price of €157), although third-quarter revenue beat the consensus by 2 per cent, half due to operational performance and half to favourable exchange rates.
Bernstein is also cautious (‘Market Perform’ with a target price of 185 euros), whilst raising its earnings per share forecasts for 2026 (+1.4 per cent) and 2027 (+3.2 per cent). The reasons? The challenging year-on-year comparison in wearables for the fourth quarter and the growing competition on the horizon. Furthermore, the investment firm points out, the launch of Google’s smart glasses is imminent, scheduled for the autumn. “Should the competitors’ smart glasses prove to be truly compelling products — a hypothesis that remains to be seen — the first factor to be affected would, once again, be EssilorLuxottica’s valuation multiple,” the analysts emphasised.
