Half Year 2018 highlights
• Revenue in HY18 grew by 11.8% at constant exchange rates. Comparable growth was 2.8%
• 2Q18 revenue growth of 12.6% and comparable growth of 3.5% were driven by all three segments and product
categories
• Adj. EBITDA (i.e. EBITDA before non-recurring items) increased by 8.0% at constant exchange rates with a solid
improvement from 1.0% in 1Q18 to 14.8% in 2Q18
• The adj. EBITDA margin declined by 40 bps to 15.6% in HY18 mainly due to the dilutive effect of acquisitions. In
2Q18, the adj. EBITDA margin improved by 38 bps to 16.4%
• Adj. EPS was €0.44 in HY18, compared to €0.47 in HY17 as adjusted EBITDA growth was offset by higher non-cash
depreciation and amortization charges in the period
• Store base remained stable at 7,002 stores in line with our network optimization strategy, as openings of 163 new
stores were offset by store closings. The rebranding of all 209 Tesco Opticians stores to Vision Express was
completed ahead of schedule in June 2018.
The Half Year 2018 Financial Report is available at www.grandvision.com. Dial-in details for the analyst call at 9:00 am
CET are available at the end of this press release.

Key figures
in millions of EUR (unless stated otherwise) HY18 HY17
Change versus prior year Change at constant FX Organic growth Growth from acquisitions
Revenue 1,874 1,721 8.9% 11.8% 3.9% 7.9%
Comparable growth (%) 2.8% 2.4%
Adjusted EBITDA 293 276 6.2% 8.0% 5.2% 2.8%
Adjusted EBITDA margin (%) 15.6% 16.0% -40bps
Net result 116 124 -5.9%
Net result attributable to equity holders 106 114 -7.0%
Adjusted earnings per share, basic (in €) 0.44 0.47 -5.7%
Earnings per share, basic (in €) 0.42 0.45 -7.6%
Number of stores (#) 7,002 6,631
System wide sales 2,054 1,894 8.4%

in millions of EUR (unless stated otherwise) 2Q18 2Q17
Change versus prior year Change at constant FX Organic growth Growth from acquisitions
Revenue 961 876 9.8% 12.6% 4.5% 8.1%
Comparable growth (%) 3.5% 0.7%
Adjusted EBITDA 157 140 12.4% 14.8% 10.4% 4.4%
Adjusted EBITDA margin (%) 16.4% 16.0% 38bps
System wide sales 1,054 963 9.5%

Management comments
Stephan Borchert, GrandVision's CEO said: "We are pleased with the progress we have made so far this year, resulting in an accelerated level of comparable growth compared to the previous year.
The G4 segment has returned to growth driven by strong performance in Germany and a recovery in France. Although the French market continued to decline, we have accelerated our market share gains and achieved 1.3% comparable
growth during the first half of the year. Despite these good developments, we remain cautiously optimistic in the short term until the changes to the reimbursement schemes are fully annualized. Nevertheless, our recent performance
demonstrates the resilience of our business model, especially in an environment where further changes are likely to be implemented.
During the first half, we continued to make good progress in the Americas & Asia segment by accelerating organic revenue growth and significantly improving adjusted EBITDA. The reduction of the loss in the United States and the
strong operating performance of our businesses in Mexico, Russia and Turkey helped us to significantly enhance the adjusted EBITDA margin for the segment.
As expected, adjusted EBITDA growth in the first half of the year was subdued due to the integration and rebranding of the newly acquired Tesco Opticians business in the UK. The rebranding process was finished in June and we are
seeing a significant improvement of profitability of the rebranded stores. For the full year, we remain confident in achieving our objective of revenue and adjusted EBITDA growth of high single digits at constant exchange rates.
One of our most important strategic objectives is to accelerate our omni-channel readiness, including the stronger drive of e-commerce sales. Investments in our online appointment booking tools have led to an increase of bookings by more than 80% in the second quarter, and website visits are up by almost 40%. This increase in online conversion has shown first positive effects on comparable growth in many parts of the group.
I'm looking forward to discussing our strategic priorities at our first Capital Markets Day on 20 September 2018 in Amsterdam."

Outlook and medium term objectives
GrandVision's medium term financial objectives are to achieve annual revenue growth of at least 5%, excluding large scale acquisitions, as well as high single digit annual adjusted EBITDA growth at constant exchange rates.
The targeted net debt/adj. EBITDA ratio remains at a maximum of 2.0x and we expect our cash flow generation to enable us to make further acquisitions without significantly altering our capital structure.
For 2018, GrandVision expects improved revenue and adjusted EBITDA growth. Revenue growth is expected to benefit from comparable growth and the addition of the Visilab and Tesco Opticians businesses, leading to high single digit
revenue growth for the full year.
GrandVision expects adjusted EBITDA growth in line with revenue growth, supported by lower integration costs in the United States and the continued implementation of our global capabilities and efficiencies.
We are expecting adjusted EBITDA growth in the second half to improve compared to the first half of 2018, with a weaker third quarter adjusted EBITDA performance and a stronger one in the fourth quarter. We are also forecasting
lower third quarter comparable growth in our core European markets as hot weather conditions are negatively affecting retail traffic. We continue to expect a strong year-end performance driven by 1.5 additional selling days in the fourth quarter, and lower prior year comparables benefiting both the comparable growth and adjusted EBITDA performance.

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