National Vision Targets High-Single-Digit Annual Revenue Growth Through 2030

National Vision Holdings, Inc. (NASDAQ:EYE) ("National Vision" or the "Company") will host an Investor Day at NASDAQ MarketSite in New York City today to detail its comprehensive transformation strategy and financial outlook.

"We are boldly reinventing National Vision to drive significant value over the long term," said Alex Wilkes, Chief Executive Officer of National Vision. "With a strong foundation in place, we are now executing a multi-year strategy to unlock the full potential of our platform. Our strategy will enable our transformation into an agile, digital innovator that delights customers through data-driven insights while advancing in high-potential areas where we've been historically underdeveloped."

"The financial objectives we're unveiling today reflect both ambition and discipline, and we have the team, assets and roadmap to capitalize on them," continued Mr. Wilkes. "We're strategically investing in capabilities to drive sustainable growth that are expected to drive meaningful returns to shareholders. The opportunity ahead of us is substantial, and we are just getting started."

Strategic Vision Anchored in Four Growth Vectors

National Vision's commercial model transformation is focused on broadening its reach and expanding market share with the high value customer cohorts it serves through its compelling value offering. The Company's transformation strategy centers on four key growth vectors designed to expand the Company's share of the estimated $70 billion U.S. optical retail market:

1. Underdeveloped Customer Segments: National Vision is strategically expanding its focus beyond traditional cash-pay, price-seeking customers to capture an expanded share of managed care patients, progressive lens wearers, and outside prescription shoppers.

2. Underdeveloped Products: The Company identified significant opportunities in premium lens categories where increasing penetration by every 1% across three key products could drive nearly $40M in incremental revenue.

3. Enhanced Customer Experience: Through data-driven customer segmentation, National Vision is creating a more joyful customer experience by driving associate selling behavior transformation, enabling more personalized experiences and targeted messaging, and leveraging its extensive doctor of optometry network and advanced exam technology.

4. Strategic Store Growth: With a national footprint of 1,200+ stores across 38 states and a network of 2,400+ optometrists, National Vision is positioned for measured expansion into new markets and formats while optimizing its existing fleet.

Multi-Year Cost Savings Plan

Following a comprehensive review of the Company's cost structure, a multi-year plan has been identified that is expected to achieve approximately $20 million of annualized savings, about half of which is expected in fiscal 2026. The expected savings stem primarily from renegotiated vendor pricing, driving efficiencies in consumption and improvements in working capital management.

Financial Outlook

This financial outlook is forward-looking, subject to significant business, economic, regulatory and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management, and based upon assumptions with respect to future decisions, which are subject to change. See "Forward-Looking Statements" below.

The Company reaffirms its fiscal 2025 outlook provided on November 5, 2025. Over the next five years, from a base of fiscal 2025 through fiscal 2030, the Company expects:

• Annual net revenue to increase in the high-single-digits range
• Annual adjusted operating margin1 to expand approximately 50 to 150 basis points

Included in this expectation is the Company's planning scenario for fiscal 2026 financial performance comprised of:

• Annual net revenue growth rate in the high single digits
• Annual adjusted comparable sales growth1 rate in the mid single digits
• Adjusted operating margin1 expansion of approximately 100 basis points compared to the midpoint of the Company's fiscal 2025 outlook range

Investment priorities over the next five years consider a disciplined capital allocation approach to drive higher expected returns and long-term shareholder value. The Company expects to maintain its disciplined capital allocation strategy with capital expenditures representing approximately 4-5% of annual revenue through 2030. The investment approach will be strategically phased, with 2026-2027 focused on transformation initiatives and 2028-2030 unit growth is expected to accelerate, while investments in growth initiatives continue.

• Between 2026 and 2027, the Company intends to invest in its growth initiatives to further strengthen its foundation and expects to open approximately 30 stores per year during this period
• Between 2028 and 2030, the Company expects to accelerate new store unit growth to approximately 60 stores per year and continue investment in its growth initiatives
• Investment and capital distribution will be continuously evaluated to accelerate growth and maximize shareholder returns