EssilorLuxottica: Q2 Preview: Eyes on the H2 ramp

Research evidence excerpt

EssilorLuxottica: Q2 Preview: Eyes on the H2 ramp

formance Exchange-PA

value to today (see All about the base, 1 Jun) and see the company as well positioned 52 Week range EUR 323.80-162.50

within our coverage in an inflationary backdrop (see MedTech back from the dead?

Assessing inflation risk, 1 Jun).

Our tracking of US Barclaycard spending data: On a quarterly basis, Q2 QTD trends versus Q1

are mixed, with total optometrist and optician spend tracking ahead (+6.1% vs. +3.4% Q1) whilst

Sunglass Hut has seen some moderation but remains strong (+8.2% vs. +15.3%). That said, an

additional trading day in June (versus one less in May and also in April), as well as an easier

comparison base for Sunglass Hut (-2.5% vs. +18.1% May) should provide some support, in our Source: IDC

Link to Barclays Live for interactive charting

view (see Eyewear market tracker: May, 17 Jun).

Our expectations in brief: We forecast group constant-currency growth of +11.7% in Q2 2026 European Medical Technology &

(vs. Bloomberg consensus of +10.8%) and €2.37bn of adjusted EBITA in H1 2026 (vs. €2.36bn). By Services

region, we forecast +13.9% constant-currency growth in North America (vs. +12.0% Bloomberg Hassan Al-Wakeel, CFA

+44 (0)20 7773 3898

Barclays Capital Inc. and/or one of its affiliates does and seeks to do business with companies hassan.al-wakeel@barclays.com

covered in its research reports. As a result, investors should be aware that the firm may have a Barclays, UK

conflict of interest that could affect the objectivity of this report. Investors should consider this

Jonathon Unwinreport as only a single factor in making their investment decision.

+44 (0)20 7773 0354

This research report has been prepared in whole or in part by equity research analysts based jonathon.unwin@barclays.com