This report does not constitute a rating action. The group reported revenue of €512.4 million, up 1.2% from 2023. Revenue at the lenses business rose 0.3%, driven by a 2.3% price increase and higher sales volumes, though offset by expiration of the GrandVision contract. The Other equipment segment (7.6% of total revenue) showed 13.9% growth due to strong demand for the DNEye Scanner 3, launched in May 2024. The S&P Global Ratings-adjusted EBITDA figure for 2024 was about €119 million, with the margin at 23.3%, up 60 basis points from the previous year. In addition to higher average selling prices, this was due to a favorable product mix offsetting adverse country and channel impacts, while operational cost savings of €12.3
