EssilorLuxottica’s third-quarter 2021 revenue

EssilorLuxottica's third-quarter 2021 revenue

Keeping the pace of a fast recovery at +9%

Full year outlook upgraded again and GrandVision consolidation

EssilorLuxottica including GrandVision:

• Q3 total revenue close to Euro 5.5 billion, +33% versus 2019 at constant exchange rates1
• Q3 comparable3 revenue +9.3% versus 2019 at constant exchange rates1
• Consolidated free cash flow5 at Euro 2.3 billion in first nine months

EssilorLuxottica excluding GrandVision:

• Q3 total revenue +9.0% versus 2019 at constant exchange rates1
• North America still up double digits, EMEA and Latam accelerating, Asia-Pacific still negative
• Professional Solutions positive and accelerating in all regions
• Comparable-storesales4 steadily positive, up double digits in North America
• E-commerceup approximately 50%, at 8% of total revenue year to date
• FY 2021 outlook upgraded again

Charenton-le-Pont, France (October 29, 2021 - 7:00 am) - EssilorLuxottica today announced that consolidated revenue including GrandVision (consolidated since July 1, i.e. for the third quarter only) totalled Euro 14,241 million in the first nine months of the year. On a comparable3 basis, consolidated revenue amounted to Euro 5,465 million in the third quarter and Euro 15,918 million in the nine months, +9.3% and +6.2% respectively at constant exchange rates1 versus the same periods of 2019.

Francesco Milleri and Paul du Saillant, CEO and Deputy CEO of EssilorLuxottica, said: "We are proud of the revenue performance our Company delivered in the third quarter of the year, keeping the pace of the fast recovery already posted in the second quarter. Including GrandVision, in its first quarter of consolidation into the Group, EssilorLuxottica's comparable3 revenue grew even faster, at 9.3% versus pre-COVID levels at constant exchange rates1. Moreover, while accelerating in revenue, our Company has materially expanded its margins, proving to which extent it can operationally leverage the business growth. This has led us to upgrade once again our outlook for the full year, now pointing to a more material operating margin lift. Such a sound performance is driven by the Company's omnichannel and open business model, its new integrated commercial initiatives and its rich innovation pipeline, all at the heart of its long-term strategy.

In the context of the World Sight Day, celebrated on October 14, we're also pleased to highlight all the initiatives the Company put in place in many different geographies to give vision a voice, while its 'Eyes on the Planet' sustainability program continues to progress nicely, based on the five pillars of carbon, circularity, world sight, inclusion and ethics".

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EssilorLuxottica's revenue including GrandVision versus 2020 and 2019

	€ millions					Change at	Change at
			Q3 2021		Q3 2020	constant	current
				exchange	exchange
						rates1	rates
	EssilorLuxottica ex-GV	4,460	4,085	+8.7%	+9.2%
	GrandVision	1,068	-	n.a.	n.a.
	Eliminations*	(55)	-	n.a.	n.a.
	ESSILORLUXOTTICA	5,473	4,085	+33.4%	+34.0%
	€ millions					Change at	Change at
			9M 2021		9M 2020	constant	current
				exchange	exchange
						rates1	rates
	EssilorLuxottica ex-GV	13,228	10,315	+33.1%	+28.2%
	GrandVision	1,068	-	n.a.	n.a.
	Eliminations*	(55)	-	n.a.	n.a.
	ESSILORLUXOTTICA	14,241	10,315	+42.9%	+38.1%

* Intercompany transactions between EssilorLuxottica and GrandVision.

	€ millions					Change at	Change at
			Q3 2021		Q3 2019	constant	current
				exchange	exchange
						rates1	rates
	EssilorLuxottica ex-GV	4,460	4,310	+9.0%	+3.5%
	GrandVision	1,068	-	n.a.	n.a.
	Eliminations*	(55)	-	n.a.	n.a.
	ESSILORLUXOTTICA	5,473	4,310	+33.2%	+27.0%
	€ millions					Change at	Change at
			9M 2021		9M 2019	constant	current
				exchange	exchange
						rates1	rates
	EssilorLuxottica ex-GV	13,228	13,086	+6.8%	+1.1%
	GrandVision	1,068	-	n.a.	n.a.
	Eliminations*	(55)	-	n.a.	n.a.
	ESSILORLUXOTTICA	14,241	13,086	+14.7%	+8.8%

* Intercompany transactions between EssilorLuxottica and GrandVision.

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EssilorLuxottica's comparable3 revenue including GrandVision versus 2020 and 2019

To fully appreciate the performance of the Company resulting from the acquisition of GrandVision, comparable3 revenue has been prepared for illustrative purpose only.

	€ millions					Change at	Change at
			Q3 2021		Q3 2020	constant	current
				exchange	exchange
						rates1	rates
	EssilorLuxottica ex-GV	4,460	4,085	+8.7%	+9.2%
	GrandVision	1,068	1,047	+2.0%	+2.0%
	Eliminations*	(63)	(115)
	ESSILORLUXOTTICA	5,465	5,018	+8.5%	+8.9%
	€ millions					Change at	Change at
			9M 2021		9M 2020	constant	current
				exchange	exchange
						rates1	rates
	EssilorLuxottica ex-GV	13,228	10,315	+33.1%	+28.2%
	GrandVision	2,959	2,500	+19.6%	+18.4%
	Eliminations*	(269)	(279)
	ESSILORLUXOTTICA	15,918	12,536	+31.2%	+27.0%

• Revenue contribution of the businesses disposed / to be disposed according to the remedies agreed with antitrust authorities in the context of the GV Combination as well as intercompany transactions between EssilorLuxottica and GrandVision.

	€ millions					Change at	Change at
			Q3 2021		Q3 2019	constant	current
				exchange	exchange
						rates1	rates
	EssilorLuxottica ex-GV	4,460	4,310	+9.0%	+3.5%
	GrandVision	1,068	1,045	+5.0%	+2.2%
	Eliminations*	(63)	(110)
	ESSILORLUXOTTICA	5,465	5,244	+9.3%	+4.2%
	€ millions					Change at	Change at
			9M 2021		9M 2019	constant	current
				exchange	exchange
						rates1	rates
	EssilorLuxottica ex-GV	13,228	13,086	+6.8%	+1.1%
	GrandVision	2,959	3,040	+0.1%	-2.7%
	Eliminations*	(269)	(371)
	ESSILORLUXOTTICA	15,918	15,755	+6.2%	+1.0%

• Revenue contribution of the businesses disposed / to be disposed according to the remedies agreed with antitrust authorities in the context of the GV Combination as well as intercompany transactions between EssilorLuxottica and GrandVision.

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EssilorLuxottica's revenue excluding GrandVision versus 2019 and 2020

Due to the effects of the COVID-19 pandemic, the comparison with 2020 figures (both the third-quarter and the nine-month periods) is not relevant. Consequently, the Company's net sales performance is commented versus 2019. The following data and comments refer only to EssilorLuxottica's perimeter excluding GrandVision, which released its third-quarter and nine-month 2021 results yesterday.

The Company's revenue totalled Euro 4,460 million in the third quarter of the year, up 9.0% at constant exchange rates1 compared with the same period of 2019 (+3.5% at current exchange rates). In the first nine months revenue amounted to Euro 13,228 million, up 6.8% at constant exchange rates1 compared with 2019 (+1.1% at current exchange rates).

Third-quarter revenue by operating segment

	€ millions					Change at	Change at
			Q3 2021		Q3 2019	constant	current
				exchange	exchange
						rates1	rates
	Professional Solutions	2,583	2,544	+7.3%	+1.5%
	Direct to Consumer	1,877	1,767	+11.6%	+6.2%
	EssilorLuxottica ex-GV	4,460	4,310	+9.0%	+3.5%
	€ millions					Change at	Change at
			Q3 2021		Q3 2020	constant	current
				exchange	exchange
						rates1	rates
	Professional Solutions	2,583	2,431	+5.7%	+6.3%
	Direct to Consumer	1,877	1,655	+13.0%	+13.4%
	EssilorLuxottica ex-GV	4,460	4,085	+8.7%	+9.2%

Professional Solutions

The Professional Solutions division includes the supply of products and services to third-party eyecare professionals, which represents the Company's wholesale business. In the third quarter of the year the division's revenue reached Euro 2,583 million, up 7.3% at constant exchange rates1 compared with the same period of 2019 (+1.5% at current exchange rates).

Performance in all the regions was positive at constant exchange rates1 and accelerated versus the second quarter, supported by the Company's multiple product launches, like the new range of Crizal, Transitions XTRActive and Eyezen Kids, as well as the progressive reopenings in several key countries which were still affected by restrictions in the second quarter of the year. North America continued to drive the performance of the division, growing double digits boosted by stronger key accounts and still nicely growing independent ECPs. EMEA continued to ramp up and consolidated the recovery started in the second quarter, supported by key markets like Italy, Germany and the UK. Latin America benefited from easing restrictions and the consequent business rebound in Brazil and Mexico. Asia-Pacific turned positive, thanks to a robust performance in Mainland China and a solid rebound in India.

In terms of products, the optical category continued to expand at a healthy pace while sunglasses continued to rebound nicely, driven by North America and EMEA. Flagship brands drove the overall

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divisional performance in both lenses and frames: Varilux, Crizal and Eyezen were all positive in lenses, while Ray-Ban, Oakley and the luxury license portfolio posted solid growth in frames.

Direct to Consumer

The Direct to Consumer division includes the sale of products and services directly to end consumers, which represents the Company's retail business, comprised of brick-and-mortar stores and e-commerce platforms. In the third quarter the division's revenue reached Euro 1,877 million, up 11.6% at constant exchange rates1 compared with the same period of 2019 (+6.2% at current exchange rates).

The division continued on its sound growth trajectory, recovering in EMEA and Latin America with lifting of restrictions and still growing in North America. At the opposite, the Asia-Pacific region was materially affected by new waves of COVID-19 outbreaks, in particular in Australia.

Brick-and-mortarcomparable-store sales4 were overall positive, broadly in line with the pace of the second quarter, supported by double-digit growth in North America and Latin America, more than offsetting a still slightly negative EMEA and a more negative Asia-Pacific. The optical and sun categories both contributed to the overall growth, with the main banners growing from high-single to double digits. E-commerce revenue rose by almost 50% at constant exchange rates1 in the quarter, reaching 8% of the Company's total turnover year to date, reflecting a normalization in traffic mix between digital and brick-and-mortar in a context of reopening. Ray-Ban Stories, the smartglasses launched in partnership with Facebook on September 9 with an omnichannel distribution approach, started with promising sales data and provided the online business with an additional driver.

Third-quarter revenue by region

	€ millions					Change at	Change at
			Q3 2021		Q3 2019*	constant	current
				exchange	exchange
						rates1	rates
	North America	2,480	2,296	+14.1%	+8.0%
	EMEA	1,159	1,105	+6.8%	+4.8%
	Asia-Pacific	577	630	-6.6%	-8.4%
	Latin America	244	278	+11.8%	-12.5%
	EssilorLuxottica ex-GV	4,460	4,310	+9.0%	+3.5%

* The geographical breakdown of revenue for the third quarter of 2019 has been aligned to the geographical areas identified for 2021 disclosure.

	€ millions					Change at	Change at
			Q3 2021		Q3 2020*	constant	current
				exchange	exchange
						rates1	rates
	North America	2,480	2,262	+9.6%	+9.7%
	EMEA	1,159	1,093	+5.3%	+6.0%
	Asia-Pacific	577	560	+1.1%	+3.2%
	Latin America	244	171	+42.7%	+42.7%
	EssilorLuxottica ex-GV	4,460	4,085	+8.7%	+9.2%

* The geographical breakdown of revenue for the third quarter of 2020 has been aligned to the geographical areas identified for 2021 disclosure.

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