EssilorLuxottica (EL) Q1 2026 TU earnings summary

Executive summary

• Q1 2026 revenue reached €7,127 million, up 10.8% at constant exchange rates and 4.1% at current rates compared to Q1 2025, marking the third consecutive quarter of double-digit growth.

• Both Professional Solutions and Direct to Consumer segments delivered double-digit growth, with strong contributions from North America, EMEA, and China.

• Expansion into Thailand through the Top Charoen acquisition added around 2,000 stores, bringing the global network to nearly 20,000 locations.

• AI glasses and product innovation, including new Ray-Ban Meta models, were key growth drivers.

• Myopia management portfolio grew 26%, with China up 18% and new Ray-Ban optical models performing strongly.

Financial highlights

• Group revenue reached €7,127 million in Q1 2026, up 10.8% at constant exchange rates and 4.1% at current rates compared to Q1 2025.

• North America revenue grew 12.5%, EMEA 9.5%, Asia Pacific 9.8%, and Latin America 6.7%, all at constant exchange rates.

• Professional Solutions revenue was €3,362 million (+10.8% constant, +3.9% current), and Direct to Consumer revenue was €3,764 million (+10.7% constant, +4.2% current).

• Comparable-store sales in Direct to Consumer grew by 7% year-over-year.

• Currency headwinds impacted reported results, with a 7 percentage point gap between constant and current exchange rates due to a 10% USD devaluation against the euro.

Outlook and guidance

• April revenue trends are aligned with Q1, indicating continued momentum.

• Guidance remains for solid revenue growth at constant currency year-over-year, with adjusted operating profit expected broadly in line with revenue growth.

• Second half of 2026 faces tougher comparisons due to strong growth in the prior year.

• Long-term outlook targets solid revenue growth and broadly aligned adjusted operating profit growth over the next five years at constant exchange rates.

• Strategy centers on scaling AI-driven healthcare and advancing integrated eye health solutions.