EssilorLuxottica Posts Revenue Growth as Myopia Management and AI Glasses Drive Momentum

EssilorLuxottica has reported another strong half, with group revenue climbing 9.7% at constant exchange rates to €14.8 billion for the six months to 30 June, as the eyewear and eyecare giant continues to lean on myopia management and its AI glasses partnership with Meta to power growth.

The group's board signed off on the results on 28 July, with second-quarter revenue up 8.7% at constant exchange rates to €7.69 billion, a slight moderation from the first quarter's 10.8% pace, which the company attributed to "a more unsettled macro environment on a global scale."

Myopia and wearables lead the charge

For practitioners, the standout numbers were in the core clinical categories. The company's myopia management portfolio grew 24% in revenue in the second quarter, with Chairman and CEO Francesco Milleri pointing to the "acceleration of our myopia management portfolio" as a key growth driver alongside AI-powered wearables.

Essilor Stellest lenses also featured prominently in new clinical data presented at the ARVO 2026 Annual Meeting in Denver in May. A seven-year China follow-up study showed the highly aspherical lenslet (HAL) lenses slowed myopia progression by 2.30 dioptres and axial elongation by 0.92mm on average, while a US pediatric trial found a 71% reduction in myopia progression over two years compared with single-vision lenses. Stellest received FDA market authorisation in September 2025, and the company flagged Stellest 2.0 as its next-generation solution, though it remains unavailable in some markets including the US.

AI glasses "almost doubled" in revenue in the quarter, with new Ray-Ban Meta Optics styles designed for prescription wearers launched in March, and a lower-priced Meta Glasses collection, starting at US$299, launched in June to broaden the category beyond early adopters.

Regional and channel performance

Direct to Consumer again outpaced Professional Solutions, posting 11.4% growth at constant exchange rates in H1 versus 7.8% for the wholesale channel. Comparable-store sales rose 8% in Q2, with optical and sun banners contributing equally.

Asia-Pacific was the standout region, up 13.4% in H1 (17.0% in Q2 alone), helped by the consolidation of Top Charoen, Thailand's largest optical retail chain, with almost 2,000 stores, since April. North America, EMEA and Latin America all grew high-single digit at constant rates.

Locally, OPSM in Australia and New Zealand returned to mid-single-digit comparable-store sales growth in Q2, driven by the group's lens premiumisation strategy, with Varilux and Stellest cited as the main contributors, closing the half up low-single digit.

Margins expand, partnership with Applied Materials announced

Adjusted operating profit rose 15.0% at constant exchange rates to €2.75 billion, lifting the adjusted operating margin to 18.9% at constant rates, an 80 basis point improvement. Free cash flow reached €1.07 billion, more than €100 million ahead of the prior year.

The company also confirmed a new strategic partnership with semiconductor equipment maker Applied Materials, announced in June, to develop waveguide and adaptive lens technologies aimed at future augmented reality and smart eyewear platforms, with joint research to be conducted at a dedicated lab on Applied Materials' Silicon Valley campus.

Outlook

EssilorLuxottica reiterated its five-year outlook, targeting "solid growth" in total revenue and "broadly aligned" growth in adjusted operating profit over the period, underpinned by what management describes as a continuing "medtech transformation" of the business.

Full-year results are due with the Q3 2026 revenue release on 20 October.