EssilorLuxottica falls as first-half revenue misses estimates

Investing.com -- EssilorLuxottica (EPA:EL) reported second-quarter revenue growth that fell short of analyst expectations, despite posting solid profitability gains, sending shares down 1.2% following the results.

The eyewear giant’s first-half revenue reached €14.82 billion, missing the analyst consensus of €14.91 billion. Second-quarter revenue grew 8.7% at constant exchange rates, below the estimated 10.1% growth. However, the company’s adjusted operating profit for the first half came in at €2.75 billion, significantly exceeding the €2.44 billion analyst estimate and representing a 15% increase at constant exchange rates.

Revenue for the first half increased 9.7% at constant exchange rates compared to the same period last year, reaching €14.82 billion versus €14.02 billion in 2025. Second-quarter revenue totaled €7.69 billion, up 7.2% YoY on a reported basis.

"We’re proud to report a successful first half, delivering nearly double-digit revenue growth while increasing adjusted operating profit by 15% at constant currency," said Francesco Milleri, Chairman and CEO, and Paul du Saillant, Deputy CEO.

The company’s Direct to Consumer segment outperformed Professional Solutions, with comparable-store sales accelerating to 8.0% growth in the second quarter from 7.0% in the first quarter. Both optical and sun banners contributed equally across regions. Geographically, North America, EMEA and Latin America grew at high-single digit rates in the second quarter, while Asia-Pacific posted double-digit growth, aided by the consolidation of Top Charoen’s retail networks in Thailand.

The company’s myopia management lens portfolio grew 24% in the second quarter, while AI glasses nearly doubled in revenue compared to last year. Adjusted operating margin expanded to 18.6% in the first half, gaining 80 basis points to 18.9% at constant exchange rates. Free cash flow reached €1.07 billion in the first half, up from €960 million in 2025.

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