(PRESS RELEASE) PARIS, FR — The Board of Directors of EssilorLuxottica met on February 12, 2025 to approve the consolidated financial statements for the year ended December 31, 2024. These financial statements were audited by the Statutory Auditors whose audit report is in the process of being issued.
Francesco Milleri, Chairman and CEO, and Paul du Saillant, Deputy CEO at EssilorLuxottica commented: “We celebrate another year of remarkable achievements, with our fourth consecutive year of top line growth on track with our targets, including a strong acceleration in Q4, with all regions and businesses contributing to our momentum, followed by new record high in the Group’s profits.
As we look ahead, we are entering an era of unprecedented opportunities, powered by our global community of over 200,000 passionate colleagues. Our commitment to med-tech, smartglasses and iconic brands has never been stronger. With Ray-Ban Meta redefining digital eyewear and FDA-cleared Nuance Audio creating an entirely new category, we are pioneering the future. The exponential growth of Stellest alongside strategic acquisitions, including Heidelberg Engineering, Espansione Group, Pulse Audition and now Cellview, continue to expand our medical and clinical expertise, enabling us to improve hundreds of millions of lives worldwide. With Supreme now part of our portfolio, and the newlyextended trust of key partners including Diesel, Dolce & Gabbana, Michael Kors and Prada, we are setting new standards in desirability, cultural influence and technology adoption.
At the same time, our commitment to sustainability remains strong. Through our Eyes on the Planet roadmap, we are taking bold steps to reduce our environmental footprint, with our greenhouse gas reduction targets validated by the SBTi at the end of last year. In driving impact worldwide, our OneSight EssilorLuxottica Foundation is now collaborating with the WHO to bring essential vision care to those who need it most.
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.”
Q4 & FY Highlights
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P&L key adjusted data
P&L key data
Group revenue by segment and region
In 2024 EssilorLuxottica delivered another year of sound business expansion, with revenue growth at constant exchange rates of 6.0%, the fourth consecutive year of revenue growth above 5% at constant exchange rates1. In terms of profitability, the adjusted2 operating profit and the adjusted2 Group net profit grew by 9.4% and 9.8% respectively at constant exchange rates. In particular, the adjusted2 operating profit as a percentage of revenue improved by 50 basis points at constant exchange rates1, proving the Group’s ability to expand margins despite inflation headwinds.
The Group’s strategy remains focused on disruptive innovation, with 2024 being another year of expansion for two new product categories EssilorLuxottica has been developing: myopia management solutions and smartglasses. During 2024, the Group presented the results of a five-year clinical study of its Stellest lenses, demonstrating conclusive evidence of their efficacy in slowing down myopia progression in children. As for smartglasses, the partnership with Meta Platforms has been extended entering into a new long-term agreement, under which the parties will collaborate into the next decade to develop multi-generational smart eyewear products. On top of these important growth initiatives, EssilorLuxottica is embarking on a new promising journey: after receiving the FDA clearance and EU certifications, Nuance Audio glasses will be available for purchase in the U.S. and key European countries starting from the first quarter of 2025. This groundbreaking technology, embedded into an entirely new smartglasses form factor, will meet the needs of people experiencing mild to moderate hearing loss.
In the fourth quarter of last year, the Group posted revenue of Euro 6,781 million, up 9.2% year-on-year at constant exchange rates (+8.5% in current terms), in acceleration versus +4.0% of the third quarter of the year. The full year closed at Euro 26,508 million revenue, up 6.0% at constant exchange rates. All the four regions and the two segments contributed to the Group’s performance, reflecting its well-balanced and diversified revenue model.
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In terms of geographies, the developed regions were the main driver of the Group’s revenue growth in the quarter. In North America (+7.8% at constant exchange rates) the underlining business recorded its best quarter of the year in both segments and the overall growth was boosted by the consolidation of Supreme. EMEA (+9.6% at constant exchange rates) accelerated in both operating segments compared to the previous quarter. As for the developing regions, both Asia-Pacific (+14.0% at constant exchange rates) and Latin America (+8.7% at constant exchange rates) contributed. In the full year, Latin America (+9.7% at constant exchange rates), Asia-Pacific (+9.3%) and EMEA (+7.9%) grew faster than North America (+3.1%).
In terms of operating segments, in the fourth quarter revenue grew by 5.5% in Professional Solutions and +12.7% in Direct to Consumer at constant exchange rates1 (+4.4% and +12.3% in current terms, respectively). On a full-year basis, Professional Solutions grew 4.7% at constant exchange rates and Direct to Consumer 7.1%, accounting for 47% and 53% of the Group’s total revenue. The brick-and-mortar comparable-store sales advanced by 5% in both the fourth quarter and the full year, sustained by sound results of optical banners throughout the full year and the recovery of the sun business in the fourth quarter at Sunglass Hut in North America. E-commerce closed the year on a positive trajectory, with revenue nearing Euro 1.8 billion (around 7% of the Group’s total revenue).
As for products, all major categories positively contributed to the full year revenue performance at constant exchange rates. The business mix was broadly confirmed, with optical at approximately three-fourths of total Group’s revenue, sun at 23% and the rest being represented by Apparel, Footwear and Accessories (including Supreme brand) and smartglasses (Ray-Ban Meta). Among frame brands, Ray-Ban stood out thanks to ramping-up smartglasses, while among licenses Miu Miu, Chanel and Swarovski were the best performers. As for the lens category, innovation-driven brand-based Stellest, Varilux and Transitions were the main drivers.
In terms of profitability, favorable price-mix in both frames and lenses, integration synergies, operational efficiencies and cost-containment measures more than offset persisting inflationary pressures, material currency headwinds and investments to support all the innovations streams.
The adjusted gross profit amounted to Euro 16,835 million in the full year, reaching 63.5% of revenue, 10 basis points higher than 2023 (or +30 basis points at constant exchange rates).
The adjusted operating profit reached Euro 4,414 million in the year, representing 16.7% of revenue, compared to 16.5% in 2023, a margin accretion of 20 basis points. At constant exchange rates1, the margin expanded by 50 basis points to 17.0% of revenue.
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The adjusted Group net profit amounted to Euro 3,122 million in the full year, representing 11.8% of revenue, compared to 11.6% in 2023, a margin accretion of 20 basis points (or +40 basis points at constant exchange rates1 to 12.0% of revenue).
The operating profit and the Group net profit directly stemming from the IFRS consolidated financial statements amounted to Euro 3,448 million and Euro 2,359 million respectively in the full year.
The consolidated free cash flow5 amounted to Euro 2,413 million in the full year.
The Group ended the year with Euro 2.25 billion in cash and cash equivalents and a net debt6 of Euro 10.97 billion (including Euro 3.65 billion lease liabilities) compared to a net debt6 of Euro 9.10 billion at the end of December 2023.
