Tear Sheet: Iris Holdco GmbH

. In 2023, the group posted revenue of €506 million, reflecting growth of 5.4%. This growth was bolstered by positive pricing, with volumes affected by the phase-out of a major key account and by patients' tendency to downtrade to lower quality lenses or avoid the purchase of a second pair of glasses amid inflationary pressures. Topline performance remained muted in the first quarter of 2024, with total revenues declining by 3.8% year-on-year. During the quarter we saw an almost 400 basis point expansion in gross profit margins, driven by operational cost savings, which could not fully offset freight, wages, and service cost inflation. This resulted in EBITDA margins (on a company adjusted basis) of 22.7%, down from 24.1% in March

...June 11, 2024 Macroeconomic challenges and the run-off of one contract are still affecting Iris HoldCo GmbH (Rodenstock's holding company) but it remains focused on cost savings and free operating cash flow (FOCF) generation. In 2023, the group posted revenue of 506 million, reflecting growth of 5.4%. This growth was bolstered by positive pricing, with volumes affected by the phase-out of a major key account and by patients' tendency to downtrade to lower quality lenses or avoid the purchase of a second pair of glasses amid inflationary pressures. Topline performance remained muted in the first quarter of 2024, with total revenues declining by 3.8% year-on-year. During the quarter we saw an almost 400 basis point expansion in gross profit margins, driven by operational cost savings, which could not fully offset freight, wages, and service cost inflation. This resulted in EBITDA margins (on a company adjusted basis) of 22.7%, down from 24.1% in March 2023. Despite muted deleveraging, we...

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