GrandVision to present medium-term strategic objectives at Capital Markets Day

Schiphol, the Netherlands - 20 September 2018. GrandVision NV will present its medium-term strategic and financial objectives at its Capital Markets Day on 20 September 2018.

GrandVision will reconfirm the following medium-term financial objectives for the period until 2023:

• Medium-term average revenue growth target of at least 5% at constant exchange rates maintained, which includes on average at least 3% comparable growth, more than 1% contribution from store openings and at least 1% contribution from small acquisitions
• An increase of medium and large M&A to deliver additional revenue growth, while maintaining financial discipline
• Adjusted EBITDA growth in line with total revenue growth as organic margin expansion will continue to be offset by segment mix and the initially dilutive impact of acquisitions
• Capital expenditure to remain at 4-6% of revenue
• Dividend payout ratio to remain at 25-50% with the intention to increase dividend per share over time

Stephan Borchert, GrandVision's CEO, said: "I am excited to present our updated strategic priorities at our first Capital Markets Day today. While we are maintaining our medium-term objective of growing revenue by at least 5%, our intention is also to increase our M&A activities in the coming years to reach leading positions in more and more markets around the world. We are also aiming to further strengthen our presence in North America and Asia.

Our ambition is to also become a true digital leader in optical retail. We will therefore increase our investments to reach at least our fair-share of online sales, especially in the sunglass and contact lens categories. By 2023, we expect e-commerce to contribute about 10% to GrandVision's revenue, and circa 1/3 to our comparable growth. At the same time, we will continue to roll-out our omni-channel activities around the world by improving the digital engagement with our customers, and to better respond to emerging consumer trends."

GrandVision's Capital Markets Day presentation will be available for download on its website on 20 September 2018, at 9:00 CET.