EssilorLuxottica (EL) H2 2023 earnings summary

Executive summary

• FY revenue grew 7.1% at constant exchange rates for a third consecutive year; Q4 growth was also 7.1%.

• FY adjusted operating margin reached 16.9% at constant exchange rates; free cash flow was €2.4 billion.

• A €3.95-per-share dividend was proposed, up 22% vs 2022.

Financial highlights

• FY 2023 revenue was €25,395 million, up 7.1% at constant exchange rates and 3.7% at current rates.

• Adjusted FY operating profit was €4,178 million; margin was 16.9% at constant rates and 16.5% at current rates.

• Adjusted FY net profit was €2,946 million, up 9.4% at constant rates and 3.0% at current rates.

• FY gross profit was €16,090 million; gross margin was 63.5% at constant rates and 63.4% at current rates.

Outlook and guidance

• Deep innovation rollout planned across 2023 and 2024; next-generation Transitions Gen S was unveiled.

• Carbon neutrality for direct operations targeted worldwide in 2025, following achievement in Europe.