Essilor Luxottica challenges US tariffs by riding the success of its ultra-technological Ray-Bans. The Italian-French group has closed the first semester this year with adjusted revenues growing by 7,3% to 14 billion euros at constant exchange rates (+5,5% at current exchange rates, mainly due to the devaluation of the US dollar). operating margin, again in the semester, confirms the levels of the previous year with an adjusted operating profit of 2.532 million euros, equal to 18,3% of revenues at constant exchange rates, despite theunfavorable effect linked to the introduction of the duties on imports into the United States.
A drive performance it was a combination of organic growth e strategic acquisitions, like that of Supreme and the German company Heidelberg Engineering, the company says. On the stock exchange the title flies: in late morning it is at 262,90 euros, up 16,60%
The Net income adjusted is equal to 1.799 million in the semester, up 6,1% at constant exchange rates (+3,1% at current exchange rates), equal to 12,8% of turnover compared to 13,1% in 2024, with a margin dilution of 30 basis points also influenced by a slight increase in the tax rate. free cash flow Consolidated net income amounted to 951 million euros in the first half of 2,79, which also closed with 11,26 billion euros in cash and cash equivalents and net debt of 3,47 billion (including 9,76 billion euros in lease liabilities) compared to net debt of 2024 billion euros at the end of June XNUMX.
Just in second quarter The group maintained the same pace of revenue growth: +7,3% at constant exchange rates and +3,2% at current exchange rates.
2026 guidance confirmed. The impact of tariffs and a weak dollar have been contained.
The top management of the group, Francesco Milleri (president and chief executive officer) and Paul du Saillant (deputy CEO), have guidance to 2026 confirmed: “mid-single-digit annual growth” with expected revenues between 27 and 28 billion and an operating margin between 19 and 20% of turnover.
The imposition of the new US tariffs, which came into force with the second Trump administration, and the devaluation of the dollar American have created real, but not insurmountable, obstacles, says the company: Thanks to the “diversification of markets and prudent management of the supply chain“, EssilorLuxottica has been able to “contain the negative effects".
The areas EMEA and Asia-Pacific have proven to be fundamental, with double-digit growth in some European markets. “We have closed a solid first half of the year, with revenues increasing in all geographical areas e in all businesses. A result that confirms the quality of our path even in a volatile context" commented MilleriThe belief is that "technology, health and style can coexist in a single object to be worn every day: the glasses of the futureGlasses that speak, listen, amplify, photograph, transmit: the universe imagined by Del Vecchio – connected, intelligent and medical – takes shape in 2025. The success of the Ray-Ban Meta and Nuance Audio It's just the beginning of a metamorphosis.
Ray-Ban Meta prices soar: +200% in six months
The real revolution comes from the segment smart glasses. Sales of the new Ray-Ban Meta, launched in collaboration with Meta Platforms, are more than tripled in the first half of the year, scoring a sensational: + 200% compared to the same period of 2024. Thanks to this success Meta It has also entered the group's capital with a stake of less than 3%. New models are already on the launch pad: the Performance AI Glasses Oakley Meta, presented in June, will arrive on the market by the summer.
Not just sight, but also hearing: the Nuance Audio case
The glasses become a tool on which complex technologies converge. Launched in February 2025 in the United States and Italy, Nuance Audio It is a new pair of glasses designed for those whooffers hearing disordersSince then, it has also been introduced in France, Germany, the United Kingdom, and, since July, in Spain. It is currently available in approximately 10.000 stores. The goal is ambitious: transforming the glasses into a sensory support platform, connected to a digital ecosystem. "We are paving the way for a profound transformation of the industry: eyewear will increasingly become a technological platform," they explained. Milleri and du Saillant.
Furthermore with the acquisition of the Optegra clinics, specialized in eye surgery, the group also enters fully into the sector MedTech. The alliance with Heidelberg Engineering strengthens the ability to unite retinal imaging, artificial intelligence and clinical data.
