EssilorLuxottica (EL) Q1 2025 TU earnings summary

Executive summary

• Q1 2025 revenue reached €6,848 million, up 7.3% at constant currency and 8.1% at current exchange rates, with all regions contributing and EMEA and Asia-Pacific leading double-digit growth.

• Growth was driven by both Professional Solutions and Direct to Consumer channels, with comparable-store sales up 8%.

• Product innovation, including Nuance Audio and Ray-Ban Meta, and expansion in myopia solutions were key growth drivers.

• Recent acquisitions (Heidelberg Engineering and Supreme) contributed about 2 percentage points to top-line growth.

Financial highlights

• Group revenue: €6,848 million in Q1 2025 vs €6,335 million in Q1 2024 (+7.3% constant, +8.1% current rates).

• EMEA revenue up 9.9% at constant currency; Asia-Pacific up 10.4%; North America up 4.2%; Latin America up 9.2%.

• DTC segment revenue grew 11.0% at current exchange rates; PS segment up 5.1%.

• FX tailwinds contributed about 1 percentage point to growth, mainly due to USD revaluation against the euro.

• Comparable-store sales increased 8% year-over-year.

Outlook and guidance

• April and early Q2 trends remain consistent with Q1, showing continued strength across regions.

• Targeting mid-single-digit annual revenue growth (2022–2026) at constant exchange rates, aiming for €27–28 billion revenue.

• Adjusted operating profit margin expected in the 19–20% range by 2026.

• FDA approval for Stellest expected between end of 2025 and early 2026; DOT technology may receive approval sooner.

• No semester or full-year margin guidance provided; long-term outlook remains unchanged.