EssilorLuxottica: Q2/H1 26 results preview and changes to estimates

研报英文原文证据摘录

EssilorLuxottica: Q2/H1 26 results preview and changes to estimates

Chiara Battistini AC Europe Equity Research

(39-02) 8895-2700 30 June 2026 J P M O R G A N

chiara.x.battistini@jpmorgan.com

Price Performance Summary Investment Thesis and Valuation

Investment Thesis

EssilorLuxottica is the unparalleled leader in the optical

industry, covering close to 25% of the total market. It owns

iconic brands in lenses and frames (e.g. Varilux, Crizal,

Transitions, Ray-Ban, Oakley), licences for some of the most

important luxury brands (e.g. Chanel, Prada, Armani), and retail

banners such as LensCrafters and Sunglass Hut. We believe

EssilorLuxottica has several opportunities ahead, from

continuing to grow awareness of vision correction, expansion

into emerging markets and new technologies, including myopia

YTD 1m 3m 12m management with Stellest, wearables with Ray-Ban Meta and

Abs -39.4% -6.6% -16.1% -30.2% Oakley Meta, hearing aids with Nuance and diagnostics with

Rel -42.1% -8.9% -24.7% -39.4%

Heidelberg. Through some of its recent acquisitions, the Group

Company Data has also further enhanced its capabilities in the med-tech space,

Shares O/S (mn) 460 expanding its overall portfolio for high-quality vision care. We

52-week range (€) 323.80-160.90 think all these growth pillars should enable EssilorLuxottica to

Market cap ($ mn) 85,623.95

Exchange rate 0.88 continue to grow at LDD-HSD% p.a. on average (in line with

Free float (%) 67.3% “solid growth” guidance), while supporting broadly stable

3M ADV (mn) 0.73 margin levels. We continue to see EL as one of the most

3M ADV ($ mn) 151.9

Volatility (90 Day) 34 defensive names in our coverage universe, well positioned to

Index CAC 40 capitalise on the positive eyewear trends and its own attractive