EssilorLuxottica (EL) AGM 2025 summary

Opening remarks and agenda

• The meeting was chaired by Francesco Milleri and opened with reflections on the group's rapid progress, record results, and a vision focused on innovation and societal impact.

• The agenda included presentations from key executives and the external auditor, a review of 2024 results, sustainable development, scientific advancements, compensation, and statutory reports.

• A Q&A session and voting on 17 resolutions were scheduled.

Financial performance review

• Net sales reached €26.5 billion in 2024, up 6% at constant currency, with adjusted operating margin at 17% and net profit up 9.8%.

• Free cash flow was €2.4 billion, the second strongest in company history.

• All regions delivered growth, with notable gains in EMEA, Latin America, Asia-Pacific, and Direct to Consumer channels.

• Q1 2025 started strong, with 7.3% revenue growth at constant currency and positive currency effects.

• Adjusted operating margin improved by 50bps vs 2023.

Board and executive committee updates

• The board highlighted transformation into a medtech leader, emphasizing innovation, digitalization, and expansion into surgery and robotics.

• Executive compensation remains highly performance-based, with 90% linked to results and 75% focused on long-term incentives; 2025 levels unchanged.

• Chairman and CEO compensation set at €2.1 million fixed, Deputy CEO at €1.35 million, with variable and performance shares.

• Nearly 100,000 employees now participate in the global shareholding plan.