Schiphol, the Netherlands – 6 August 2021. GrandVision N.V. publishes its Second Quarter and Half Year 2021
results.
Due to the exceptional nature of the year 2020, GrandVision (the "Company") is also including comparisons versus
2019 in this press release.
Second quarter and half year 2021 highlights
• Comparable revenue in the second quarter progressively returning to pre-pandemic levels at -1.2% versus 2019. In
June, total revenue was the highest in GrandVision's history
• Adjusted EBITA recovery in 2Q21, reaching €138 million (2Q20: -€65m and 2Q19: €129m), with June delivering a
record EBITA
• In HY21, comparable revenue increased 33.6% versus HY20 and fell short by 5.9% versus HY19. Adjusted EBITA
was €217 million in HY21 (HY20: -€24m and HY19: €237m)
• HY21 adj. EPS was €0.85 (HY20: -€0.70 and HY19: €0.29)
• GrandVision's net debt position as of 30 June 2021 was €556 million (HY20: €755m)
• The Company’s rating on Sustainalytics’ ESG benchmark improved for the second year in a row. GrandVision is now ranked number 1 at this retail industry cluster benchmark

Management comments
Stephan Borchert, GrandVision's CEO said: “In the first half of 2021, GrandVision has once again reconfirmed its inherent strength and resilience and its ability of mastering the ongoing challenges of the COVID-19 pandemic.
Despite a slower start in 1Q21, particularly due to major disruptions in France, GrandVision has significantly accelerated its performance in the second quarter of 2021 with June showing strong performance across all segments
and delivering its highest monthly revenue and adjusted EBITA in history.
Our skilled employees in stores and service units all over the world, our focus on best-in-class customer value propositions and satisfaction as well as our strong operational efficiency have all equally contributed to these robust
results.
Also, we have further progressed on our strategic plan of delivering a seamless connection between our customerfacing omnichannel front-end and back-end operations; we envision our first fully integrated country to go live
beginning of 2022.
As in previous quarters, we have retained our focus around the Company’s CSR initiatives. I am pleased to share that GrandVision is now ranked number 1 on the Sustainalytics ESG Retail industry cluster benchmark. We also launched
our first global Diversity & Inclusion policy during the second quarter and hosted a worldwide summit reaching more than 24,000 employees.
On 1 July, EssilorLuxottica completed its acquisition of HAL’s interest in GrandVision. We are excited to lead
GrandVision into a new chapter and welcome EssilorLuxottica as our new majority shareholder. The combination of
GrandVision and EssilorLuxottica will create a truly global eyecare and eyewear company which we are proud to be part of. Given the compelling strategic rationale of this transaction, we are excited about the future prospects of this
combination."

2021 Outlook
GrandVision navigates with confidence in the second half of the year, expecting the Company to achieve comparable
revenue at least at 2019 levels with improved absolute adjusted EBITA versus 2019. This assumes that no further
COVID-19 related restrictions will be introduced in the second half of the year.

On 1 July 2021, GrandVision announced the closing of the transaction between EssilorLuxottica SA and HAL for the
sale of HAL’s 76.72% interest in GrandVision for a price equal to €28.42 per share.
EssilorLuxottica announced that it will launch a mandatory cash public offer (the “Mandatory Public Offer”) for the
remaining outstanding shares in GrandVision, in accordance with the applicable Dutch public offer rules. The price of
the Mandatory Public Offer will be €28.42 per share. EssilorLuxottica confirmed that it will submit a request for review
and approval of the offer memorandum for the Mandatory Public Offer with the Netherlands Authority for the Financial Markets (AFM) no later than 23 September 2021. Settlement of the Mandatory Public Offer is expected to
take place within six months from the announcement date.

FINANCIAL RECOGNITION OF THE REMEDIES
The antitrust approval in the European Union for the transaction between HAL and EssilorLuxottica is conditioned on
the divestment of GrandVision’s 35 GrandOptical stores in Belgium, 142 Eye Wish stores in the Netherlands, 72 stores from the “GrandVision by” retail banner in Italy.
As of 23 March 2021, the so-called Hold Separate Organization (HSO) is managed by Hold Separate Managers. The HSO is excluded from consolidation as of 1 April 2021, as GrandVision no longer has control over these divestments,
and the relevant assets and liabilities of divestments will be derecognized from the consolidated Balance Sheet.
Instead, the fair value of these divestments was reported as “Investments in Associates” on the consolidated Balance
Sheet until the moment these operations are classified as held for sale at the end of June 2021. In 2Q21, the total net result of the EU divestments is reported as part of the Company’s EBITA as “Result of Associates” in GrandVision’s Consolidated Income Statement. A provisional Fair Value uplift of €95 million has been recognized in the net result in
the HY21 financial report with no impact on the operating result.
On 1 July 2021, following the commitment with the Chilean market regulator FNE (Fiscalía Nacional Económica) to divest the 97 stores of GrandVision’s Chilean operations operating under the banner Rotter Y Kraus, GrandVision’s
Chilean operations were sold to HAL. On 29 June 2021, the criteria for held for sale classification were met and assets and liabilities are reported in lines ‘Assets held for sale’ and 'Liabilities held for sale', respectively.

The Half Year 2021 Financial Report is available at www.grandvision.com