We are proud to celebrate another record-breaking year in our Company’s history – a year of remarkable milestones. Our revenue soared to an all-time high of €26.5 billion and our adjusted operating profit exceeded €4.4 billion, with adjusted Group net profit surpassing €3 billion and free cash flow reaching €2.4 billion. At the same time, the market continues to recognize our momentum and bold trajectory, solidifying EssilorLuxottica as one of the most influential companies in the CAC 40 and reflecting the power of our vision, the strength of our strategy and the excellence of our execution.
As we step into the new year with confidence, we remain on track with our long-term targets and are committed to driving meaningful transformation for years to come.
A Transformative Vision Built on Legacies
The journey we embarked on a decade ago alongside our late Chairman continues to drive us forward. Anchored in a legacy of innovation, creativity and excellence, we are shaping a more integrated and visionary EssilorLuxottica. Our strategic evolution toward med-tech and transformative industries is unlocking cross-sector innovations that will pioneer the future of technology, eye health and human connection.
By bringing lenses and frames under one roof and harnessing the power of vertical integration – from research and product development to manufacturing, distribution and our global network of 300,000 optical partners and 18,000 stores – we have created a dynamic platform that strengthens our competitive edge and fuels our ambition to boost our category elevation and industry growth.
Today, our Company is in the best shape it has ever been in. Over the past years, we have optimized every facet of our organization – redefining our business model, pushing the boundaries of innovation, reinforcing our supply chain, expanding our brand portfolio and strengthening our leadership position through technology and AI investments. We achieved this while accelerating the development of new categories and strategic initiatives that will serve as tomorrow’s growth drivers and shape the future of vision care and beyond.
A New Era of Unprecedented Opportunities
As we look ahead, we are stepping into an era of great opportunities. From med-tech solutions enhancing lives globally to category-defining wearables reshaping how consumers experience the world, we are driving the future. With our portfolio of iconic, culture-shaping brands, we continue to earn the loyalty of consumers and fast-track technological adoption. Our ambition is clear: we are creating a transformative platform that reimagines the eyes as a gateway to new possibilities – the most seamless and immediate bridge between human intelligence and AI, between reality and the digital world.
These strategic initiatives are already yielding groundbreaking results. In med-tech, we are building a universe of leading vision care solutions, taking a more holistic approach to serving customers and patients. With the exceptional growth of Stellest, highly advanced OCT devices from Heidelberg Engineering, retinal imaging solutions from Cellview and non-invasive devices from Espansione Group for dry eye, ocular surface and retinal diseases, we are expanding our medical and clinical expertise. From myopia management to eye disease diagnostics, surgical guidance and chronic condition management, we are improving the health of hundreds of millions of people worldwide.
With AI-powered Ray-Ban Meta redefining smart eyewear and Nuance Audio pioneering an entirely new category at the intersection of sight and hearing, we are at the forefront of wearable and AI innovation. Ray-Ban Meta is transforming eyeglasses into the next major technology platform – one that enhances daily life through medical services, performance optimization, information access and social entertainment, all while making wearable computing fashionable. Last year, RayBan Meta became the first smart eyewear to crack the code for widespread adoption, connecting millions of consumers more seamlessly to the people and activities they love. Similarly, the FDA-cleared and EU-certified Nuance Audio glasses are already carving out a new market, addressing the vastly underserved hearing needs of over one billion people worldwide with mild to moderate hearing loss. The disruptive concept of beautiful, well-fitting glasses with a groundbreaking open-ear hearing solution at an accessible price, breaks down barriers of stigma, discomfort and affordability. The journey is just at the beginning, also following the recent acquisition of Pulse Audition and its AI-based noise reduction and voice enhancement technology. We are already working on the next generations of products set to introduce new functionalities later this year.
Lastly, our portfolio of iconic brands continues to set new standards in desirability and cultural influence. Last year, we invested heavily in product R&D and more engaging communications, strengthening our direct relationship with consumers. With the acquisition of Supreme, new licensed brands like Diesel and extended partnerships with Dolce&Gabbana, Michael Kors and Prada, we continue to be the partner of choice for the world’s leading fashion and technology companies.
A Company with an Eye on a Responsible Future
Achieving greatness is not just about the ‘what’ but also the ‘how’. Led by a strong management team and a new generation of talent with fresh perspectives, our over 200,000 colleagues have demonstrated extraordinary commitment and passion. Through our Eyes on the Planet program, we are making significant strides in reducing our environmental footprint, earning us a place on the Dow Jones Best-in-Class Europe Index. Sustainability remains key to our Company: we achieved carbon neutrality across our direct activities in Europe in 2023 and are committed to reaching global carbon neutrality by 2025. Last year, our greenhouse gas reduction targets were validated by the SBTi, marking a major milestone in our efforts to reduce our environmental impact across the entire value chain.
True to our Mission and our goal of enhancing the way people experience and connect with the world, our OneSight EssilorLuxottica Foundation has expanded its reach, collaborating with the World Health Organization to bring essential vision care to those who need it most. Since 2013, we have created sustainable access to vision care for nearly one billion people worldwide. Recognizing its global impact, our Group once again earned a spot on Fortune magazine’s top 50 list of companies that ‘Change the World’.
The EssilorLuxottica we are building is a blueprint for companies that seamlessly integrate across industries, understanding that today’s consumers are more dynamic than ever. They care deeply about their health and demand the best science has to offer. They seek beauty and innovation without compromise. They desire connectivity without losing sight of the human experience. Our journey will always be tied to theirs, as well as to yours.
Francesco Milleri, Chairman and Chief Executive Officer
Paul du Saillant, Deputy Chief Executive Officer
