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2 min - Published on 25 Jul 2023

Q2/H1 2023 Results

Strong sales growth, solid margins confirmed

All regions and segments growing

On track with carbon neutrality in Europe by end of 2023

  • Group’s revenue up 8.0% in Q2 and 8.2% in H1 at constant exchange rates1
  • EMEA double-digit up in Q2, China rebounding strongly, North America positive
  • Retail in EMEA as a key driver, with the integration accelerating
  • Stellest more than doubling in H1, Varilux XR successfully launched and Ray-Ban Reverse delivering disruptive design and technology
  • Adjusted2 operating profits margin at 18.5% at constant exchange rates1, +10bps vs H1 2022
  • Free cash flow5 at Euro 954 million in H1

Charenton-le-Pont, France (July 25, 2023 - 6:00 pm) – The Board of Directors of EssilorLuxottica met on July 25, 2023 to approve the condensed consolidated interim financial statements for the six months ended June 30, 2023. The Statutory Auditors have performed a limited review of these financial statements. Their report is in the process of being issued.

Francesco Milleri, Chairman and CEO, and Paul du Saillant, Deputy CEO at EssilorLuxottica commented: “At the halfway point of 2023, we are proud of our performance, including strong top line growth and our ability to keep the pace on margins, both on track with our long-term outlook. Our innovation pipeline continues to run deep – in the past six months, we introduced Varilux XR lenses powered by AI, launched a design disruption with Ray-Ban Reverse and rolled out Stellest in additional markets. We have also delivered novelties at the heart of our house and licensed brands. The back half of the year will be very dynamic, as we further expand our Ray-Ban Stories in partnership with Meta with more functionalities and we prepare to step into the hearing solutions market with a groundbreaking technology. At the same time, we are on track to be carbon neutral in Europe in 2023. Our investment in talent and know-how continues to fuel all of our projects as we advance on embracing our common culture. Today, our skilled teams are operating in lock step to achieve our goals and giving us a solid foundation to continue building EssilorLuxottica successfully.”


As table totals are based on unrounded figures, there may be discrepancies between these totals and the sum of their rounded component.

1 Constant exchange rates: figures at constant exchange rates have been calculated using the average exchange rates in effect for the corresponding period in the relevant comparative year.

2 Adjusted measures or figures: adjusted from the expenses or income related to the combination of Essilor and Luxottica (the “EL Combination”), the acquisition of GrandVision (the “GV Acquisition”), other strategic and material acquisitions, and other transactions that are unusual, infrequent or unrelated to the normal course of business as the impact of these events might affect the understanding of the Group’s performance. A description of those other transactions that are unusual, infrequent or unrelated to the normal course of business is provided in the half-year and year-end disclosure (see dedicated paragraph Adjusted measures).

3 Comparable-store sales: reflect, for comparison purposes, the change in sales from one period to another by taking into account in the more recent period only those stores already open during the comparable prior period. For each geographic area, the calculation applies the average exchange rate of the prior period to both periods.

4 Comparable or pro forma (revenue): comparable revenue includes, for 2021, the contribution of GrandVision’s revenue to EssilorLuxottica as if the combination between EssilorLuxottica and GrandVision (the “GV Acquisition”), as well as the disposals of businesses required by antitrust authorities in the context of the GV Acquisition, had occurred on January 1, 2021. Comparable revenue has been prepared for illustrative purpose only with the aim to provide meaningful comparable information.

5 Free Cash Flow: Net cash flow provided by operating activities less the sum of Purchase of property, plant and equipment and intangible assets and Cash payments for the principal portion of lease liabilities according to the IFRS consolidated statement of cash flow. 

6 Net debt: sum of Current and Non-current borrowings, Current and Non-current lease liabilities, minus Short-term investments, Cash and cash equivalents, the Interest Rate Swap measured at fair value and Foreign exchange derivatives at fair value as disclosed in the IFRS consolidated financial statements.