National Vision : Q4 2021 Earnings Presentation

February 26, 2020

Disclaimer

Forward-Looking Statements

This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, statements contained under "Fiscal 2022 Outlook" as well as other statements related to our current beliefs and expectations regarding the performance of our industry, the Company's strategic direction, market position, prospects and future results. You can identify these forward-looking statements by the use of words such as "outlook," "guidance," "believes," "expects," "potential," "continues," "may," "will," "should," "could," "seeks," "projects," "predicts," "intends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words. Caution should be taken not to place undue reliance on any forward-looking statement as such statements speak only as of the date when made. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

Forward-looking statements are not guarantees and are subject to various risks and uncertainties, which may cause actual results to differ materially from those implied in forward-looking statements. Such factors include, but are not limited to, the COVID-19 pandemic and its resurgence and variants, and the impact of evolving federal, state, and local governmental actions in response thereto, including risks stemming from vaccination and testing programs and mandates; customer behavior in response to the continuing pandemic and its more recent outbreaks of variants, including the impact of such behavior on in-store traffic and sales; overall decline in the health of the economy and other factors impacting consumer spending, including inflation; our ability to keep our reopened stores open in a safe and cost-effective manner, or at all, in light of the continuing COVID-19 pandemic and its resurgence and variants; our ability to recruit and retain vision care professionals for our stores in general and in light of the pandemic; our ability to develop, maintain and extend relationships with managed vision care companies, vision insurance providers and other third-party payors; our ability to maintain the performance of our Host and Legacy brands and our current operating relationships with our Host and Legacy partners; our ability to adhere to extensive state, local and federal vision care and healthcare laws and regulations; our compliance with managed vision care laws and regulations; our ability to maintain sufficient levels of cash flow from our operations to execute or sustain our growth strategy or obtain additional financing at satisfactory terms or at all; the loss of, or disruption in the operations of, one or more of our distribution centers and/ or optical laboratories, resulting in the inability to fulfill customer orders and deliver our products in a timely manner; risks associated with vendors from whom our products are sourced, including our dependence on a limited number of suppliers; our ability to compete successfully; our ability to effectively operate our information technology systems and prevent interruption or security breach; the impact of wage rate increases, inflation, cost increases and increases in raw material prices and energy prices; our growth strategy straining our existing resources and causing the performance of our existing stores to suffer; our ability to successfully and efficiently implement our marketing, advertising and promotional efforts; risks associated with leasing substantial amounts of space, including future increases in occupancy costs; the impact of certain technological advances, and the greater availability of, or increased consumer preferences for, vision correction alternatives to prescription eyeglasses or contact lenses, and future drug development for the correction of vision-related problems; our ability to retain our existing senior management team and attract qualified new personnel; our ability to manage our inventory; seasonal fluctuations in our operating results and inventory levels; our reliance on third-party coverage and reimbursement, including government programs, for an increasing portion of our revenues; risks associated with our e-commerce and omni-channel business; product liability, product recall or personal injury issues; our failure to comply with, or changes in, laws, regulations, enforcement activities and other requirements; the impact of any adverse litigation judgments or settlements resulting from legal proceedings relating to our business operations; risk of losses arising from our investments in technological innovators in the optical retail industry; our ability to adequately protect our intellectual property; risks associated with environmental, social and governance issues, including climate change; our significant amount of indebtedness and our ability to generate sufficient cash flow to satisfy our debt obligations; a change in interest rates as well as changes in benchmark rates and uncertainty related to the foregoing; restrictions in our credit agreement that limits our flexibility in operating our business; potential dilution to existing stockholders upon the conversion of our convertible notes; and risks related to owning our common stock, including our ability to comply with requirements to design and implement and maintain effective internal controls. Additional information about these and other factors that could cause National Vision's results to differ materially from those described in the forward-looking statements can be found in filings by National Vision with the Securities and Exchange Commission ("SEC"), including our latest Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, which are accessible on the SEC's website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this presentation and in our filings with the SEC.

Non-GAAP Financial Measures

Included in this presentation are certain non-GAAP financial measures designed to supplement, and not substitute, the financial information presented in accordance with generally accepted accounting principles in the United States of America ("GAAP") because management believes such measures are useful to investors. Additional information about these measures and a reconciliation to the nearest GAAP financial measures is provided in the appendix to this presentation and detailed in National Vision's press release for the fourth quarter of 2021, which is available at www.nationalvision.com/investors, together with this presentation.

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Agenda

TopicPresenter

2021 Highlights and Business Update	Reade Fahs, CEO
Fourth Quarter and Fiscal Year 2021 Financial	Patrick Moore, CFO
Update
Moment of Mission	Reade Fahs, CEO
Q&A

Reade Fahs	Patrick Moore
CEO	CFO

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2021 Reflections

• Record Revenue and Profitability
• • Net revenue > $2 billion and Adjusted Diluted EPS1 of $1.48
• Progressing Key Growth Initiatives
• • Whitespace expansion (America's Best)
  • Eyeglass World performance and ROIC improvement
  • Enhanced store digitization - Remote medicine / Electronic health records
• Strong Financial Position
• • Record operating cash flow as public company
  • Paid down $167 million of term loan
  • Implemented $100 million share repurchase program
• Progressing our ESG / Corporate Responsibility Journey
• • Continued commitment to NVI's people-first culture during COVID-19
  • Released first Corporate Responsibility report
  • Completed first Greenhouse Gas inventory
  • Improved ESG ratings and investor awareness of NVI's progress

1-Non-GAAP financial measure; see Appendix for reconciliation to GAAP financial measure; diluted EPS of$1.43 in 2021

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Q4 Highlights

			Change vs. Q4		Change vs Q4
	Amount		2019		2020
Net Revenue	$477.9 million	+ 18.9%	(3.8%)*
Adjusted Comparable Store Sales	N/A	+ 11.5%	+ 1.2%
Growth1
Adjusted Operating Income1	$16.8 million	+ 1.7%	(73.3%)
Adjusted Diluted EPS1	$0.13	+ 35.4%	(71.3%)

*On a comparable 13-week basis, net revenue increased 2.9%

• Opened 16 new stores and ended the year with 1,278 stores
• Cash balance of $306 million
• Repurchased approximately $70 million in common stock
• • Expanded share repurchase program by $100 million (Feb 2022)
• $50 million term loan prepayment

1-Non-GAAP financial measure; see Appendix for reconciliation to GAAP financial measures of total comparable store sales growth over 2019 and 2020 of 13.8% and 1.7%; net income of$6.2 million in 2021, $35.1 million in 2020 and $3.9 million in 2019; and diluted EPS of $0.07 in 2021, $0.42 in 2020 and $0.05 in 2019.

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