Schiphol, the Netherlands – 5 August 2020. GrandVision N.V. publishes the Half Year and Second Quarter 2020 results.

Half year and second quarter 2020 highlights
Revenue declined by 26.4% at constant exchange rates in HY20 (HY19: +7.3%) and 47.5% in 2Q20 (2Q19: +7.1%) as a result of store closures related to the coronavirus pandemic. Comparable revenue declined by 29.1% in HY20 and 49.3% in 2Q20
HY20 adj. EBITA was -€24 million in HY20 (HY19: €237 million) and -€65 million in 2Q20, driven by negative operating leverage, particularly in April and May
During the month of June, more than 90% of GrandVision's store network gradually reopened, leading to strong recovery of revenue and a positive adjusted EBITA
GrandVision booked a non-cash goodwill impairment charge of €75 million, related to our businesses in the US, Italy, Colombia and Peru, which was triggered by the severe impact of the COVID-19 pandemic on our business performance in these markets, and an additional €35 million impairment charge mainly related to customer data bases
HY20 adj. EPS was - €0.70 (HY19: €0.29)
GrandVision's net debt position as of 30 June 2020 was €755 million, compared to €753 million at year-end 2019
Our store base decreased to 7,271 stores from 7,320 at the end of March 2020 driven by store closures in the ordinary course of business, while store openings were temporarily delayed due to the COVID-19 pandemic.

The Half Year 2020 Financial Report is available at www.grandvision.com

Key figures
in millions of EUR
(unless stated otherwise) HY20 HY19
Change vs. prior year Change at constant FX Organic growth Growth from acquisitions

Revenue 1,453 1,995 -27.2% -26.4% -28.7% 2.3%
Comparable growth (%) -29.1% 3.8%
Adjusted EBITA - 24 237 -110.0% -110.3% -111.2% 1.0%
Adjusted EBITA margin (%) -1.6% 11.9% -1348bps
Net result - 212 74 -386.8%
Net result attributable to equity
holders - 212 66 -422.2%
Adjusted earnings per share,
basic (in €) - 0.70 0.29 -339.8%
Earnings per share, basic (in €) - 0.84 0.26 -422.2%
System wide sales 1,591 2,178 -27.0%
Number of stores (#) 7,271 7,265

in millions of EUR
(unless stated otherwise) 2Q20 2Q19
Change vs. prior year Change at constant FX Organic growth Growth from acquisitions
Revenue 526 1,021 -48.5% -47.5% -48.5% 1.0%
Comparable growth (%) -49.3% 2.5%
Adjusted EBITA - 65 129 -150.2% -151.2% -150.4% -0.9%
Adjusted EBITA margin (%) -12.3% 12.7% -2500bps
System wide sales 595 1,115 -46.6%

Management comments
Stephan Borchert, GrandVision's CEO said: “Prior to the COVID-19 pandemic, our financial performance was in line with our expectations. In the second quarter, we saw the full impact of the COVID-19 pandemic on our business performance resulting in a loss for the quarter and the half year due to the steep revenue decline at the peak of the
corona crisis in April and May. I am very proud of all our teams worldwide for how they have managed to protect our customers, our staff in stores and for how they have continued to focus on the priorities and measures we set to navigate through this crisis and to protect the value of our company.
Given the initial uncertainty on duration and severity of the COVID-19 pandemic, we feel confident with our current business recovery in June with more than 90% of the own store base reopened, resulting in a positive EBITA for the month of June and a net debt position of €755 million at the end of June.
Our swift recovery clearly demonstrates the resilience of our business, the structural drivers of our industry and the
strength of our local brands. However, shopping patterns are evolving at a much faster pace than ever before. We will continue to invest in our strategic initiatives around omni-channel capabilities and product value chain upgrades in
order to successfully address these changes and to best fulfil our customers’ demands.
To date, I am particularly pleased with our banner related e-commerce business development with growth of more than 200% in the first half of the year.
As we enter the second half of this year, we will remain focused on our two main priorities of protecting the safety and wellbeing of our employees and customers as well as of returning to best possible business performance under the current conditions. At the same time, we are continuing to support EssilorLuxottica in obtaining regulatory approval for
the proposed acquisition HAL's stake in our company."

Business update
In June, GrandVision's sales level improved to 84% of the previous year, mainly driven by a strong recovery across Europe. In a number of countries, such as Austria, Denmark, Norway, the Netherlands and Switzerland we saw positive
sales growth compared to the previous year, partly resulting from expected customer catch-up effect after several weeks of store closures.
In Latin America, our stores remain either closed, or are operating with limited opening hours. While some countries
have started to ease lockdown measures, the ramp-up of our store networks continues to lag behind other markets.
While we are continuing to see lower retail traffic across our business as a result of higher consumer uncertainty, this is being offset by higher customer conversion driven by the underlying need for eyecare and the loyalty towards our brands. The online appointment booking tools on our banner websites are also playing a key role in customer
conversion. On the one hand, they are helping customers prepare store visits and avoid long waiting times; and on the
other hand, they are leading to a better spread of customer visits across store opening hours, thereby increasing instore efficiency and customer and employee safety.
In addition to this, we further expanded the e-commerce offerings through banner websites by rolling out prescription
glass e-commerce across 14 banners in 10 countries. At the end of June, prescription glass e-commerce was available
to customers of almost 65% of our business. During the first half year, e-commerce sales grew by 206% across GrandVision banner websites and 54% on GrandVision's owned pure play websites, with particularly strong contact
lens and sunglass sales across all our e-commerce platforms and pure players such as Lenstore and Zonnebrillen.com.
We also continued our investments into strategic projects, such as the roll-out our Customer360 data platform. The
platform, which was first launched in Latin America in 2019, provides 360-degree marketing and CRM solutions and
enables personalized digital advertising activities. During the first half year, the platform was further rolled out in in the
Netherlands, Belgium, Denmark and Sweden.
Given these investments in digital and omni-channel solutions, we are confident that we are in a good position to benefit from the current sales channel shift from physical stores to e-commerce, while continuing to leverage our
strong store network and eyecare expertise to deliver great service to our customers.

Outlook
Our top priority remains to ensure the health and wellbeing of our employees and customers, while protecting our
business for the long term. The operational and financial measures we have taken, together with the strong recovery we have seen over the past weeks, give us a strong foundation as we continue to navigate through the crisis.
While we are entering the second half of the year with favorable operational developments, the near-term visibility remains low given uncertainty around COVID-19 and the wider economic outlook. We therefore continue to refrain from issuing an outlook for the year 2020 .

Status of transaction with EssilorLuxottica
On 18 July 2020, GrandVision announced that it was informed by EssilorLuxottica that it had initiated summary proceedings before the District Court in Rotterdam, demanding that GrandVision provides to EssilorLuxottica additional information in relation to GrandVision's actions to mitigate the impact of COVID-19 on its business.
GrandVision strongly disagrees with EssilorLuxottica's demands and has full confidence that these claims will be rejected in court. GrandVision also received notice from EssilorLuxottica claiming that GrandVision, in relation to the
aforementioned COVID-19 actions, is in material breach of its obligations under the Support Agreement concluded in connection with the envisaged sale by HAL Optical Investments B.V. of its 76.72% ownership interest in GrandVision to EssilorLuxottica. GrandVision strongly disagrees with these claims and has responded accordingly.
On 30 July 2020, GrandVision announced that it had initiated arbitration proceedings against EssilorLuxottica in connection with the material breach notice EssilorLuxottica has sent to GrandVision. GrandVision has initiated these
arbitration proceedings to obtain confirmation that GrandVision is not in material breach of the Support Agreement.
GrandVision also wants to ensure that EssilorLuxottica complies with its obligations under the Support Agreement, in particular regarding merger clearance processes.
GrandVision continues to support EssilorLuxottica with the shared objective to obtain regulatory approval for the closure of the acquisition by EssilorLuxottica of HAL’s 76.72% interest in GrandVision within 12 to 24 months from the announcement date of 31 July 2019.

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