Good morning, everyone. I'd like to welcome you all and thank you for being here. A warm welcome, too, to our shareholders who are joining us online. I'm delighted to open this eighth annual general meeting of EssilorLuxottica alongside Paul and the group senior management. It's an important moment for us. In a complex international backdrop, we're celebrating a year of record growth in 2025. These results confirm the strength of our vision and its execution. 2025 also marked a key milestone in our transformation. From a traditional player in the optical center, we've become a MedTech company driven by science and data. The best is yet to come. Our results are robust, our strategy is clear, and our outlook is very promising.
Before handing over now to Mr. Alexander Lunshof, the secretary of the meeting for the legal and technical formalities, I really wish to thank you for your trust, for your support, which is helping us move forward with determination.
Thank you, Mr. Chairman. Ladies and gentlemen, good morning to you all. I would like to draw your attention to the fact that this general meeting is open to the public with a number of journalists present in the room. It is prohibited to film or broadcast footage of this meeting without the company's prior authorization. The meeting is also being streamed live on the company's website and will also be available as a recorded broadcast from 6:30 P.M. today, Paris time, on the company's website.
Before moving on to the presentation by all the speakers, I propose that we proceed with the appointment of the offices of the meeting, which Mr. Francesco Milleri will be chairing in his capacity as Chairman of the Board of Directors. I call upon two shareholders present here who hold the largest number of votes and have agreed to perform these duties and act as scrutineers. Mr. Romolo Bardin, representing the reference shareholder Delfin, and Mrs. Virginie Mercier-Pitre, representing Valoptec Association. I wish to thank them for accepting these roles, and I wish to thank Mr. Francesco Milleri and the tellers for appointing me as secretary of this meeting. The company's auditors are also present. In particular, Mr. Jean-Roch Varon of Ernst & Young Audit, who will be presenting the reports relating to the resolution submitted for your approval.
The provisional quorum at the meeting stands currently at 80.98% of the share capital for the day and 80.76% for the extraordinary general meeting. The general meeting, comprising as it does more than 25% of shares carrying voting rights, is duly constituted and may validly deliberate both on ordinary and extraordinary agenda items. The final quorum will be announced to you prior to the vote of the resolutions. The secretariat of the meeting has been made available to you, the newspapers in which the notice of the meeting and the prior notice of the meeting required by law were published, as well, of course, as all the documents required by current legislation. All prior documents have been made available at the company's registered office and on the website in accordance with legal and regulatory requirements.
Shareholders were able to vote online prior to the general meeting via the dedicated secure website, which opened on the April 10th and closed yesterday at 3:00 P.M. Paris time, in accordance with regulations in force. This meeting will be organized around a series of presentations, including those by Francesco Milleri, Chairman and Chief Executive Officer, and Paul du Saillant, Deputy Chief Executive Officer. This will be followed by a presentation by Stefano Grassi on the 25 annual results. Elena Dimichino will be providing an update on the key highlights of 2025 in terms of sustainable development and on the OneSight EssilorLuxottica Foundation. Norbert Gorny will be presenting the group's transition towards MedTech. Finally, I'll be handing over to Andrea Zappia, Chairman of the Nomination and Compensation Committee, and Jean-Roch Varon, the statutory auditor.
This will then be followed by a question and answer session. The agenda is displayed on the screen behind me, which I shall briefly summarize. The 30 resolutions proposed by the board of directors include 19 ordinary resolutions. Resolutions one to three concern the approval of the company and consolidated financial statements as well as the allocation of profits. Resolution four concerns the regulated agreements and commitments submitted for your approval in accordance with the regulations. Resolutions five to seven concern the approval of remuneration paid during 2025 to the corporate officers. It is the say on pay or ex post vote. Resolutions eight to 10 concern the approval of the remuneration policy for corporate officers. This is say on pay or ex ante vote. Resolutions five to 10 were specifically examined and adopted on recommendation of the Nomination and Compensation Committee.
Mr. Andrea Zappia will report to you on these remuneration matters in the committee's report. Resolutions 11 to 18 relate to the re-election of directors. Resolutions 19 concerns authorization for the company to buy back its own shares. This will be followed by 10 extraordinary resolutions. Resolution 20 concerning an authorization given to the Board of Directors to reduce the share capital by canceling treasury shares. Resolutions 21 to 28 aim to renew a comprehensive set of financial delegations in order to give the Board of Directors the necessary flexibility within strictly defined limits to take advantage of any transactions that may arise. Each of these resolutions permit a capital increase in accordance with specific terms and conditions subject to a specific ceiling. Resolution 28 sets an overall ceiling for all transactions should they be combined.
Resolution 29 aims to renew the delegation of authority granted to the board of directors to decide on an increase in share capital through the issue of shares reserved for members of a company savings scheme with preemptive subscription right waived. Lastly, the last resolution, Resolution 30 under ordinary business, concerns the powers to carry out legal formalities resulting from the decisions of the general meeting. Now I shall give the floor to Mr. Francesco Milleri, Chairman and Chief Executive of EssilorLuxottica.
Alexander, dear shareholders. 2025 marked a year of sharp acceleration for EssilorLuxottica as we advanced our transformation from a traditional optical company into a leading MedTech and data-driven group. Last year, we achieved important milestones in our ambitious journey into the MedTech. We expanded our focus behind vision correction, leveraging the emerging field of oculomics and predictive health to enable early detection of metabolic, neurological, and cardiovascular condition and improve patient outcome. Through our investment in advanced technology, diagnostic instruments, clinical expertise, and surgical capabilities, we aim to lead in preventive medicine, transforming vision care into a gateway for healthier living. The longevity economy to come is a real opportunity for EssilorLuxottica. The new category we have created in AI glasses is and will remain at the heart of this.
We are proud of what we have planned and accomplished so far, and we are here to thank the wonderful team that has perfectly executed our group's strategy. As you know, we are at the time where the company's value and its share price are not aligned. We believe we need to keep focusing our company in the long-term value. There are also few elements we would like you to consider. The market turbulence with geopolitical tension across the Middle East and East Europe, the U.S. tariff, the currency headwinds, and much more. The smart eyewear category, a few big player have made product announcement generating buzz. We haven't see any real competing products on the market so far. Our company is in the middle of deep transformation journey, with ongoing investment that have not yet been reflected into profit.
We remain confident that in the short term, the market will recognize our true strength and profitability potential. I would like just to now shift from my written presentation to really to talk some free words to shareholders. We really believe that right now EssilorLuxottica have the best management team ever had in the past. If we look at the peak that we reach in a specific moment, and we look at the price that we have right now, we can also be disappointed.
If we long look at in long term, and I remember when we celebrate EUR 100 value of our share price when we merge, and we look at the price that is close to EUR 100 now, I believe we have done a good job. We are satisfied of that? Not. Our team is satisfied of that? Not. We are really pushing to go back to the position that we deserve, the value that we express. At the same time, it will take some time to achieve that kind of limits of price. When you are going through so deep transformation, and really I would share with you that transformation, it was not something that we decide to go through because it was nice to have. We have been obliged.
You know that our market cap has been, and it is, close to the entire value of the optical market. At a certain point, we have been too big to remain framed in this small market, not evolving at the speed and with the quality that we required. Move the company, and that started more than 10 years ago, within our chairman that time, Leonardo Del Vecchio, it was really a new vision of the future, where wearable or connected lunette, or whatever you want to call them, it would be the way we can change the optical industry. We can connect the audiological industry. We will expand in MedTech and play a big central role on the quality of life in the longevity era. That is not an excuse.
We take all the responsibilities of this drop of the share, we are so confident that we are creating so big value for this company that we hope and we believe we will be back at the level we deserve. Before passing the mic to Paul, we have a short sorry. We thank you again for being here today, for your strong support, and for continuing to share this journey together. Really, thanks to support us every day. That is so important. Before passing the mic to Paul, we have a short video that help also to really look in the right way into the future. A short video to remind everyone of where we come from and the spirit that guide us. Thank you.
In 1849, a spark of optical ingenuity was born. The foundation of Société des Lunetiers setting a new course for vision. For the first time, eyewear evolved from necessity into an icon of style. In 1959, Bernard Maitenaz reinvented how the world sees with his first progressive lenses. Leonardo Del Vecchio began a dream of bringing clarity to every corner of the world. Eyewear broke the rules of its own identity, becoming disruptive, bold and fearless. Frames became fashion, luxury maisons transforming glasses into a statement. For the first time, organic photochromic lenses hit the market. In 2018, we merged two visions, creating EssilorLuxottica, opening up Horizon for the entire industry. We broke through the fight against myopia, protecting the sight of children for generations to come. Global access to vision took center stage, opening the door to better sight for millions in need.
Smart eyewear merged technology with everyday life, where glasses guide vision and even aid better hearing. For the first time, eyes became a portal to health itself, showing how MedTech can uncover truths that change lives. Now it's time to be disruptive once more, turning corrective eye care into holistic healthcare. This is who we are today. The future is ours to lead.
Thank you, Francesco. Dear shareholders, it's always a pleasure to be with you today and to share a few key points about our journey. That video shows how much, and in those cases, EssilorLuxottica has always been a profoundly innovative and transformative company. You've just heard Francesco talk about the strategic vision. It's a powerful, disruptive, and ambitious vision. We are at the heart of a transformation that comes from two simple ideas that are, however, fundamental. We're at the heart of a transformation that comes from two simple fundamental ideas. The eye is the window to the interior and the exterior, and spectacles are positioned in a strategic location close to three senses: vision, speech, and hearing, and our heads. It's, it's really very important thing to keep in mind at all times.
In just a few words, I'd like to share with you four priorities, four drivers, that make it possible to transform this into sustainable growth. Firstly, we should always remember our model is integrated, is omni-channel, and open and collaborative, which is what makes us so singular and will continue to develop in 2026. It's based on unique assets, and it's very hard to find in an industry. Firstly, our capacity for innovation, which underpins all our product categories, from lenses to frames, connected technology to MedTech. We'll get back to this. That ability for innovation is based on a unique ecosystem of software and data that consolidates these capabilities. Secondly, an unrivaled brand portfolio: lenses, iconic frames, as well as instruments, stores, and e-commerce.
An omni-channel marketing approach, it's already been mentioned in the videos, 300,000 optician partners, 20,000 company-owned stores, and 70 digital platforms. You'll see how important that is in the market. A very granular presence in 150 countries, balanced across mature markets and rapidly expanding ones, given that we've got significant potential in emerging nations and across different distribution channels. A supply chain that's integrated, resilient, that word is important given the context of what Francesco mentioned. A model that is both local and global. Costs, production, prescription, laboratories, distribution with over 600 industrial sites, so an industrial powerhouse that is very strong. Finally, Francesco mentioned this, our teams.
Over 200,000 employees guided by our mission, clear strategy, of which half are, thanks to your support, our shareholders, and an executive team of very high qualities that is competent, agile, resilient, and that is at the heart of the results we're presenting today. Now, behind all that foundation, there's a second very important idea that I wanted to share with you, is that we manage a community of all these clients, customers, opticians, optometrists, doctors in contact with consumers and patients. In the heart of that model, because that puts us in contact in an extremely close way with all our markets and with each individual market. We're able to bring together nearly 3,000 of these partners. In Americas, it's in Orlando, it's in Monaco, in Asia, and something we're doing this year with our team, the SWITCH event.
We didn't choose that word by chance. It's the idea that our industry, our group is a very defining moment, as we say in English, to take this industry to a completely very promising different future. The proximity in countries will make it possible. That's a very important and third idea I want to leave with you, to execute in granular and fast formats. I like these words. Granular, because we know how to tailor our offering services country by country, channel by channel, and by point of sale as well. That's extremely important when you create new categories. That makes it possible, secondly, to be quick. Because innovation goes from production to time to market while being interconnected.
In practical terms, this supports a traditional offering that is accelerating, for example, with products such as Stellest, Varilux products, Shamir, designs that invigorates all our brands, in particular Ray-Ban, which is in a particularly dynamic period, right at the heart of the Olympic Games, for example, in Milan-Cortina. It also makes it possible to renew through the trust of our major partners, the large licenses. We got long-term ones. You've seen the things Dolce & Gabbana, Armani, Prada. It's a strong signal of trust and further proof of the appeal of the group's platforms. Finally, our network of stores makes it possible to test our approaches and learn quickly. That's very important.
Fourth point, key point is that in parallel to that traditional offering, which is very important, it's really the basis of our growth, we're also developing the MedTech and connected aspects that you all know about that. With our Meta partner, we have cracked the category. That isn't by the anything like that. This object that I've got, the Ray-Ban Meta, that didn't exist four years ago and is already available in eight styles with 60 preferences and references. In other words, we've created an assortment under Ray-Ban Meta and Oakley Meta that is very rich. We put it in 40,000 points of sales, so you can connect this in an integrated model. In 2025, we sold seven million pairs of these.
In addition to this, in hearing technology, we've also got NVA certification in the European Union, which made it possible to launch Nuance Audio, which is now available in 13 countries. We're accelerating in medical technologies as well with strategic acquisitions, as Dr. Gorny will mention, that were done in the last year. That reinforced four ideas: imaging, diagnostics, clinical data, and customer experience. That's what we talk Optegra clinics, for example. Our ambition, therefore, is clear to go further in vision care to manage visual pathologies. Through this, the eye becomes a window not only towards the outside, but also inside for global health. You can see this. Stefano will talk about this. 2025 was a year of strong acceleration, a year that confirmed the excellence of our approach.
In the heart of which, a strong commitment to environmental responsibility and social responsibility. Five years after the creation of Eyes on the Planet program, our commitments have been retained very significantly last year by major rating agencies. With OneSight EssilorLuxottica Foundation, we're continuing to deploy to address uncorrected vision for 100 million people from the beginning of this initiative have been helped. That's a key step in our objective to eradicate, eliminate poor uncorrected vision. That's what I wanted to share with you. In light of what Francesco said, our growth is solid, is being achieved consistently and in a structured method, driven by absolutely outstanding foundations with a clear vision and a tried-and-tested ability to transform this vision into results. Now I'll hand over to Stefano.
Dear shareholders, it's a great pleasure to be here with you today to share this year's results. In a challenging economic environment, marked in particular by changes in the pricing framework, EssilorLuxottica has demonstrated its resilience and agility. I'd like to thank you sincerely for your continued support and your trust. Thank you. If you don't mind, we'll switch to English. Okay. There we go. Okay. Thank you, Paul. Let's give the highlights for 2025. As usual, I will start with the five numbers that qualify last year. The first number is represented by our revenue growth. 11.2% growth at constant currency for the full year 2025. For the total revenue, a record revenue of EUR 28.5 billion in year 2025.
The second important number is represented by our profitability before tax. 16% is our adjusted operating profit, constant currency, 70 basis points down compared to the 16.7 that we had the year before. The two major drivers were very much the headwinds coming from the extra tariffs that were implemented in the United States in due course 2025, and the exponential growth of our AI glasses. The third important number, it's represented by our net profit that on an adjusted basis landed for the full year 2025 at 11.3%. Fourth, an important number is our free cash flow generation, EUR 2.8 billion for the full year 2025, a record high free cash flow generation.
EUR 400 million more than the free cash flow that EssilorLuxottica generated in 2024, despite the fact that we paid EUR 300 million of extra tariffs, and we had about EUR 100 millions of currency headwinds in the course of 2025 compared to the prior year. An outstanding free cash flow generation. The last number that I would probably draw your attention on is the proposed dividend per share of EUR 4 with a scrip dividend option. Now let's open up each one of those five critical numbers, and as usual, we will start with the top line. In this slide, you have a lot of numbers, but I would draw your attention really on a couple of key ones.
The first one is our growth at constant currency, where you can clearly see going one by one, North America, EMEA, Asia Pacific, the three largest region for EssilorLuxottica, they all deliver double-digit at constant exchange rate growth in 2025. The last region, Latin America, was actually up high single-digit. Both our two distribution channel, direct to consumer, brick-and-mortar, and e-commerce, and B2B professional solution, deliver double-digit growth for the full year 2025. The other important thing that I would draw your attention is the difference between the growth at constant currency that you see there highlighted with 11.2%, and the growth at current exchange rate, 7.5%. In 2025, as said before, we experienced some currency headwinds. The main driver for that was the devaluation of the U.S. dollar against euro.
That in the course of 2025 was about 4%, with an increased devaluation during the latter part of the year, where in Q4 we experienced an 8% devaluation of the U.S. dollar against EUR. That clearly has an impact on our results as 42% of our revenue base is denominated in the U.S. dollar. I will share with you just a few highlights on each one of the four region, focusing on our results at constant currency, 'cause you truly and better understand and appreciate our underlying performance. North America was up 11.6%. It was an outstanding year for our largest region. We were double digit on professional solution and high single digit on our direct-to-consumer side.
On the B2B side, very pleased with the growth that we got to our wearable, in particular in the second part of 2025. Our optical channel was extremely strong, in particular on the key accounts and on independent side with the alliance of Vision Source. The other important milestone that we achieved in North America was the approval from the FDA to commercialize the first and the only one today, our myopia management lens, Stellest. We are the first to really manage myopia progression in the U.S. with a lens that is unique in that market. We believe that that could represent a very important pillar for our future growth in this critical part of the world. Moving to the direct to consumer, both the LensCrafters and Sunglass Hut deliver an outstanding year. LensCrafters was up on the high single digit.
We had a double-digit year for Sunglass Hut, so extremely pleased with our trajectory on the direct to consumer. If we now move to EMEA, we had the, in the full year double-digit, 19 consecutive quarter in the EMEA region. If we take the Q1 , 20th consecutive quarter of growth in the EMEA region, and that's obviously extremely important. We were double-digit on professional solution. We were double-digit on the direct-to-consumer side. On the B2B, we are overall very pleased with the growth that we had on the lens brand portfolio, Transitions, and Varilux. On the direct-to-consumer side, the integration of GrandVision into the operating platform of EssilorLuxottica is completed. That's obviously extremely reassuring, high single-digit comp sales in optical retail EMEA and a strong double-digit on Sunglass Hut.
When we look at our countries, we had Turkey, Italy, Germany, U.K., Middle East, and Eastern Europe all delivering double-digit for the full year 2025. Asia Pacific, double-digit. We were up double-digit in Korea, Japan, and Southeast Asia. The myopia solutions, Stellest DOT, now represent approximately 30% of a revenue base in China and growing double-digit. Last country in the pipeline is Latin America, up high single-digit. Brazil was up mid-single-digit. Very pleased with the growth that we got on both lenses and frames, in particular with our 1,400 Óticas Carol franchise. We have the largest franchise network in Brazil, and we're obviously very pleased with the growth that we're getting in that part of the world. This is the picture for revenues. We'll go quickly on the profit and loss. Quite a few numbers here.
I will probably just draw your attention on our results at constant currency, because I think those results would really allow you to appreciate our performance. As I mentioned before, our operating profit was down 0.7% from 16.7%-16% on the full year 2025 at constant currency, 15.7% at current exchange rate. The main driver of that dilution is very much on the gross profit. As you can see, our gross profit was down 2.6 percentage point year-over-year. Tariffs and the evolution of AI glasses is the main driver for that. I would say a third driven by tariff, the EUR 100 million, two third driven by our AI glasses. The operating expenses were actually a big help in 2025.
As you can see, the incidence of operating expenses over revenue declined from 46.9% to 45%. We were able to be more efficient on one side and at the same time to continue to invest in myopia management with opening up our distribution in North America with the evolution and the distribution of Nuance Audio, the first audiological glasses that we commercialize, opening up more doors. At the same time, we are obviously more efficient in managing our cost base. All in all, our net profit was at 11.3% for the full year 2025. We had a favorable tax rate and a slightly higher cost of debt in light of, obviously, a environment where interest rates are higher. If we move now to the following page, this is the dividend proposal.
As you can see, we started in 2018 with EUR 2.04 dividend per share, the first year of EssilorLuxottica. Now we're landing with a dividend proposal that is EUR 4 per share on the full year 2025. 96% increase if you take that time period. It's EUR 0.05 more than what was proposed in the previous year, and this represents a 58% payout of our full year earnings. This is the picture for the dividend. As we're going through this important transformation, we also revised our long-term outlook. It's very important that we share with you what has been our long-term outlook that you see here.
As we're going through this transformation, the overall expectation for the next five years is to grow on average at constant currency with solid revenue growth and to anchor our profitability and make it broadly align with our revenue growth still at constant currency on an adjusted operating basis. Now let me just tell you how we started 2026. We just released a few days ago our Q1 revenue. I should say that we started in a very strong way the Q1 of 2026. If you look at our performance in Q1, our revenue were up 10.8% at constant currency. This is the third consecutive quarter of double-digit growth for EssilorLuxottica.
Very pleased to see North America delivering again double-digit growth, our largest region. The other two regions, EMEA and Asia Pacific, being very close to a double-digit growth on the Q1 of 2026. Both our two distribution channels, B2B professional solution and D2C consumer, they both deliver a double-digit growth for the Q1 of 2026 at constant currency. Unfortunately, currencies are still not friends, our friends today, because as you can see, we have about seven percentage points of dilution from currencies, and that main driver as usual is the U.S. dollar that in the Q1 devaluated against euro approximately 10%. That obviously has an impact on our current exchange rate growth. With that, I conclude my speech I pass it back to Alexander Lunshof. Thank you.
[Non-English content] Stefano. Thank you, Stefano. I'll now hand over to Elena Dimichino, who is head of sustainability and will be giving an update on EssilorLuxottica sustainable journey. Elena will be speaking in English.
We have a shared responsibility at the group level. With eyes on carbon, eyes on circularity, on ethics. Eyes on ethics. On inclusion.
[Non-English content]
It's a pleasure to be here with you all, for this program for sustainable development.
So five years ago, we launched our program, our Eyes on the Planet program, and that was the start of our journey. Today, I want to share with you where we are. What began, as you can see here, what began as a set of commitment is now embedded in our business model. Across our value chain, from innovation and manufacturing to retail and community engagement, sustainability guides our decisions, strengthen performance, and position the group as a reference point in our industry. Think about product design and development. Here, sustainability drives the innovation. We launched the bio-based and recycled materials now, where we have this Slim Fit project for the production of lenses. The reduction of single-use plastic items in packaging are all now standard. The same mindset guides our operations, where the majority of our decarbonization efforts are.
In line with our science-based climate roadmap by 2030, we are progressing through on-site production of renewable energy, process redesign, logistic optimization. All these are contributing to our decarbonization journey. Also in our stores, energy-efficient designs, responsible construction, circular services are transforming our stores into platforms for consumer engagement. Our employees, our communities are essential in this journey. Think about the well-being initiatives, lifelong learning via Leonardo, a robust ethical framework. We are empowering people throughout the world, and this is how sustainability becomes a driver of longer-term value. We don't stop there. I mentioned industry, I mentioned communities, but, you know, with partners and suppliers, we go beyond the compliance. Think about our responsible sourcing program. Through partnerships with business partners, with universities, with research institutions, we are accelerating sustainable innovation.
We are not only improving our performance, we are raising the bar across the entire ecosystem. This approach is delivering concrete results. Okay. Well, last year, we activated the new on-site renewable energy plants, and these contributed to a threefold increase in the production of on-site renewable energy production. 67% of our waste was valorized thanks to recycling, repurposing, the Slim Fit project that I mentioned before, investments in wastewater treatment systems as well. Eyewear and lenses were mainly shipped through alternative to air transportation, raising the alternative to air ratio to 64%. We expanded our take-back programs across EMEA, bringing circularity closer to the consumer. These are not commitments, these are measurable outcomes. Sustainability, of course, is also about us, is also about people.
Lifelong learning is a strategic priority, thanks to the Leonardo platform. 4.2 million hours of education were delivered last year, plus 24%. This platform is key also in building more and more ethics and sustainability culture across the organization. Across our value chain, we continue to reinforce our responsibility and transparency thanks to our responsible sourcing program. Here we got a plus of 48% in responsible audits last year. Our commitment to people expands to the communities where we are in. There are initiatives such as Eyes on Art, where we promote the social inclusion and cultural accessibility. Thanks to the OneSight EssilorLuxottica Foundation, one billion people gained access to vision care. One billion people. Think about this number. It's not actually just a number, actually. It represents lives changed, opportunities unlocked, and independence restored.
At the most inclusive and human level, sustainability finds its strongest expression in the OneSight EssilorLuxottica Foundation. Guided by our mission to empower humans, the foundation addresses one of the most solvable global healthcare challenges, access to vision care. Looking ahead, technology and partnerships will be essential to scale this impact even further. Together, these results show a clear direction and are recognized also externally through top ESG ratings and the major indices that you can see here, CDP, MSCI, Standard & Poor's, et cetera. As we look out to 2026 and beyond, as our mission evolves into empowering humans, our sustainability commitments will evolve with it, driven by pragmatism, innovation and collaboration within and outside the organization.
Not just because it is right, not just because it is a compliance thing, but because it is embedded in the way we operate, and it is fundamental to delivering durable long-term growth. Thank you.
[Non-English content ] Thank you, Elena, for this presentation. I'll hand over now to Norbert Gorny, who is the scientific head of EssilorLuxottica, will be speaking in English.
Good morning, everyone. EssilorLuxottica is the world's leading company in eye care, but our networks in professional solutions and direct to consumer, they reach out to more than 500 million patients everywhere around the world. EssilorLuxottica is much more than that. It offers us a unique position in the lens and the frame business, but it also allows us to go far beyond the management of ametropia and presbyopia, following patients throughout their life cycle, taking care of more severe ocular conditions as they are retinopathies, cataract or dry eye disease, for example. This transformative engagement already reflects very well in our strategic thrusts in medical technology, in wearables and in artificial intelligence. Today, we have been given the opportunity to share with you the major directions that we have chosen in our research strategy.
It's probably not a big surprise that again, we focus our attention on our most precious sense, the human eye. The high performance of our eyes can be easily understood by its biological design and physical function. An external part of our brain that captures 80% of all sensory information of humans. An organ with a single photon sensitivity. There's no man-made camera in the world operating at room temperature showing a similar performance in terms of resolution. Furthermore, the human eye is an endocrine antenna managing circadian rhythm, cognitive performance and mood, and many other physiological functions. The eye is not just for seeing. The eye is also telling. More than 1,000 encoded biomarkers are found on or close to the retina, and this can be considered the body's most rich place for information accessible through non-invasive technology.
On the other hand, the eye is fragile, biologically aging already in the early 20s, functionally in the early 40s. Behavior, environment, and an increasing expectancy in terms of life expectancy lead to a steep increase of severe ocular conditions. For many of those conditions, there is still not a sufficient or no cure at all. This circumstance by itself can already be considered a massive challenge for our industry and the medical community. Excuse me, demographical trends, improved access to healthcare, sharp rise of the number of severe conditions in terms of ophthalmological diseases, this meets at the same time a stagnant or even shrinking community of professionals. The only solution to this challenge is innovation. That's why EssilorLuxottica continuously strengthens its effort in research and science.
We position ourselves as a lifelong healthcare partner, supporting individuals, professionals, and the healthcare systems. We structure our scientific and medical strategy around childhood, adulthood, and of course, aging society. Each stage is associated with specific sensory, neurological, and systemic health needs, and each of those needs require tailored solutions. In children, early visual disorders such as high myopia, amblyopia or strabismus can influence development far beyond eyesight, which makes early detection absolutely mission-critical. In teens and adults, increasing visual demands and lifestyle factors lead to refractive conditions, dry eye and consequences with sleep, mood or metabolic diseases. In older adults, chronic ocular and auditory diseases like retinopathies, glaucoma, hearing loss, cataract, they increasingly impact autonomy and cognitive health. Across these life stages, our response is to deploy integrated solutions from advanced diagnosis and imaging to better disease management and more personalized care and monitoring.
All of this is designed to support healthcare professionals, optometrists, eye care professionals, medical doctors, audiologists, and clinics, enabling them to care for more patients for better patient outcome throughout all stages of life. However, tangible results, I think, are more telling than conceptual slides. Please allow me to share three of the real examples of our scientific work with you. Example number one, this refers back to what we already said in terms of myopia management. We have figured out that a myopia control lens that is clinically tested efficaciously depends on the optical signal it creates and sends to the retina. Our research discovered that the most pertinent signals are decoded by the retina as a change of local spatial contrast, which gives us a very powerful design tool for the future generations of myopia control technologies to come.
Example number two, accurate vision is a function of the brain, and we can measure through the direct readout of EEG signals whether or not a person is well-corrected and enjoys high vision accuracy. This insight is a significant impact for patient management of the future, but also the potential use of active optics and future variables will be influenced by that. Finally, oculomics, the young medical discipline in science that identifies and quantifies biomarkers on the retina, mainly through non-invasive technologies like, for example, fundus cameras or OCTs. This is our gateway, our guiding technology for the future into the management of non-ocular conditions.
Assuming that ECPs in the future will be systematically equipped with high-quality fundus cameras or OCTs, empowered by AI-driven software, improving thereby diagnostic quality and patient outcome systematically, this will make the ECP practice the number one come to place for almost all needs in primary care. I think it goes without saying that this kind of endeavor to realize and implement our research strategy is very much at the heart of the transformation that we are going through becoming a leader in medical technology. This journey requires the acquisition of new capabilities, and I'm delighted to tell you that we successfully established a scientific advisory committee with outstanding expertise in the field of greatest strategic interest for our group.
I don't want to introduce them all by, you know, name, but we have the very leading specialists in ophthalmology, audiology, physics and optics, bioethics, and artificial intelligence with us supporting our top management and the execution of our strategy every day. Thank you very much for listening.
Thank you, Norbert, for that presentation. I am now going to hand over to Andrea Zappia, Chairman of the Nomination and Compensation Committee, who will speak in English. I will invite him to join us at the podium to present the remuneration policy applicable to EssilorLuxottica's company officers.
[audio distortion], good morning. Thank you for being here. It's a real pleasure to share with you, like in previous years, a bit of the work that I had the pleasure to develop during the year with my colleagues at the Nomination and Compensation Committee. For today, I would like to start with an update on our governance decisions, starting from our board of directors. As we do very frequently, we run even this year a health check on our board as eight roles, as we're gonna see shortly, were coming to your attention for nomination. As part of this health check, we really are pleased to share with you some key figures about this board. First of all, its independence, which is extremely important for the company, with 58% of the members are independent.
100% of the committee, however, are chaired by board independent members. Also, in terms of gender and nationality, the diversity is strong with 42% of the members of the board which are women and five different nationality represented. As you probably remember, in 2024, we introduced what we call a staggered board structure. What does it mean? It means that by shaping the renewal initially for three and two years, we are coming to a moment where every year we're gonna have a board member to renew. This year is the last one where we got eight to call. This provides strong continuity, but at the same time, also the opportunity at times, if it's required, to innovate and change some member of the board without having to compromise its own continuity.
This year you have four members proposed for a renewal of two years and four for a renewal of three years. These covers the resolutions 11 to 18th as previously identified by the presentation, where you'll have to vote each members. I'm gonna start by providing you with the excuses from Mrs. Coccia and Mrs. Parimal. Parimal, unfortunately, they are both unable to attend, but they send their regards to this audience. For the first two years mandate, we are proposing, and I am gonna ask them to kindly stand up so that you can all see them. Mario Notari. Nathalie von Siemens. And myself for the two years mandate. For a three years mandate, Romolo Bardin, José Gonzalo, and Virginie Mercier-Pitre. Thank you for that.
As anticipated, 2027 is the last year with eight board members coming in front of you for your approvals. From 2028 and 2029, the staggered approach will propose each time four board members for renewal. With this point, I close my report for the governance of the board and introduce now the points on corporate affairs compensations. Starting from 2025, resolution number five concerns the approval of the compensation report for corporate officers. When it comes to resolution number six and seven instead, they call the compensation for Chairman and CEO and the Deputy CEO. The table on screen sets out the objectives, their weighing, and their level of achievement, which you have previously appreciated from the presentation Stefano Grassi made more in details. The overall level of achievement reflects this outstanding performance with notably the record revenue growth.
Moving to 2026, the compensation policy is still a compensation policy which is based on rewarding performance, aligning the interest of the top executives to the interest of the shareholders. As you can see here, 90% of the total compensation is a variable compensation, and 75%, three-quarters of it, is actually related to long-term interest of shareholders. To get more in details into this, and all of this is unchanged, Resolution number eight concern the compensation policy, and this includes the details of how this compensation is set up. As you can see, all the compensation components for both the Chairman CEO and the Deputy CEO, which are a part of Resolution number nine and 10, are unchanged year-on-year. As you probably remember, in 2024 we set up a three years compensation setup.
Let us now move to the criteria behind this compensation. The annual variable compensation is focused on three as well as is the long-term incentive to know that they are all quantitative and therefore fully measurable. The annual variable is based on 40% on just the EPS, 30% on revenue growth, 30% on the operating profit adjusted. The long-term incentive, instead, is much more shifted towards long-term value and therefore the EPS and 30% share price growth, 20% on CSR. That from Elena Dimichino you have seen is a very important component of the work of the management, and this policy is built with continuity in the past and strong rigor.
The last point I'd like to cover with you, it's not about the governance of the board or about the executive, but really about the broader people or that form this company and that work daily to provide and support its success. I think it's important to remember how the company, over the years, both Luxottica and Essilor and now together, have been able to involve so many employees in their shareholding plan. In 2025, there were nearly 100,000 employees with shares in the company. They represent altogether 4.4% of the total share capital, and they are spread over 85 countries.
Also, given my experience at other companies, I don't think there is any other company like this that is able to do this so well and making sure that not just the leadership, but the entire company focus in delivering great value for its shareholders. With this, I thank you for your time, and I wish you good continuation. Thank you.
Merci, Andrea. Thank you, Andrea. Finally, to conclude these presentations, I'm gonna ask the statutory auditors to join us, and more specifically, Mr. Jean-Roch Varon, who will be speaking in French, and will give you a brief summary of their work.
Thank you, ladies and gentlemen, shareholders. Good morning. On behalf of the Board of Statutory Auditors, Ernst & Young and Mazars, I have the honor of presenting the reports we have prepared for your consideration at today's Combined General Meeting. All our reports have been made available to you by the company and can be found in the universal registration document filed with the AMF and published on the EssilorLuxottica website. In accordance with standard practice, I'd like to summarize the contents of our reports and certificates issued for the AGM.
In other words, our reports for the ordinary general meeting covering the financial statements, regulatory agreements, and the main remuneration packages. Our three special reports issued for the extraordinary GM. Firstly, our reports on the group's consolidated financial statements and on your company's annual financial statements. We'd like to remind you that the objective of our work is to obtain a reasonable assurance that the financial statements are free from material misstatements, are prepared in accordance with the applicable accounting standards, and give a true and fair view of the groups and the company's results for the financial year. Our audit procedures took into account the specific nature and characteristics of your group. Our audit approach was discussed with your finance division and presented to your company's audit and risk committee.
The conclusions of our work were set out in a detailed report which we presented to your audit and risk committee on February 9, 2026. In summary, we issue an unqualified opinion on the annual and consolidated financial statements of EssilorLuxottica for the financial year ending December 31, 2025. Our reports on the financial statements highlight the matters we consider most significant in the courses of our audit and in general. These key audit matters required particular attention due to their nature or associated risks. As you've seen, the key points of the audits are the assessment of recoverable amount of goodwill and other intangible assets, the assessment of provisions for litigation and contingent liabilities. With regard to the annual financial statements, the sole key audit matter is the valuation of equity investments.
Our reports on the financial statements include, for each of these points, a description of the risks identified and the procedures we have implemented to address them. Regarding the specific checks, as required by law, we have summarized on this page the nature and scope of these checks in the table currently displayed on your screen. We have no comments to make. We've also issued a sustainability information assurance report. Our work involved providing you with limited assurance on three specific areas. Compliance of the process implemented by your group to determine the sustainability information to be disclosed in accordance with European Sustainable Reporting Standards, the ESRS. Compliance of the publication of this information in the management report. Finally, compliance with the disclosure requirements relating to taxonomy. Based on our checks, we have not identified any material errors, omissions, or inconsistencies relating to the three areas described above.
With regard to our special report, as we've not been informed of any new agreements authorized during the past financial year, it merely notes the continuation of the agreement signed in 2023 concerning the support contract provided by Covivio SA, acting as property advisor for the management of EssilorLuxottica's property portfolio. Finally, turning to the extraordinary general meeting, we have prepared three reports concerning resolutions 20, 22, 27, and 29. Our reports, as required by law, on draft resolutions relating to the delegations or authorizations sought by your board of directors regarding a capital transaction do not give rise to any specific comments on our part. The final terms of the issues provided by resolutions 22-27 and 29 have not yet been determined, we have no opinion to express on them. They may have an impact on the company's share capital in the future.
We will issue further reports should your board of directors, if needed by your board. Thank you for your attention.
Thank you, the statutory auditors, for the work done in 2025. We will now move on to the question and answer session, which will last 30 minutes. Firstly, I'd like to draw your attention to the fact that we received written questions in advance of this AGM. The board of directors, prior to this meeting, approved the responses to these written questions, and they were published yesterday on the company's website. To allow more time for discussion with shareholders, we will not be reading out these replies during this meeting. I therefore invite you to refer to the answers as published on the company's website. We can now move on to questions from the floor.
For organizational purposes, I propose that we listen to questions from five of you before answering them. To allow as many people as possible to speak, each shareholder who so wishes may ask one question. Please note that questions must relate to the meeting's agenda. To allow as many shareholders as possible to speak, please keep your questions brief. When asking your question, please introduce yourself. Stewards and stewardesses in the room are available to give you the microphone. Now, we can start with number two there.
Good morning. [Jean Classique Yasini], individual shareholder. A quick question about the cost, the price of shares and the dividend. A second question, a more general. You'll learn nothing new here knowing that the share price was at EUR 270, and then we were asked to do EUR 300, and now we're EUR 185, EUR 186. It's moving around the internet. There's a rumor that the profitability of AI would not be actually guaranteed. That's an internet rumor, it's worth what it's worth, but I'd like your opinion, your opinion about that. Thank you.
A second question. Number three over there.
Good morning, Mr. Chairman, ladies and gentlemen. My question will be very short and quite general. You're gonna make EssilorLuxottica in a situation: Eyes on Inclusion. On this axis, in what way will you continue to include the population that has difficulties such as I have? I'll give you an example of this. At your AGM in 2025, I asked the chairman, who was kind enough to reply to my request.
My question was quite simple. Subtitling during this AGM in terms of a speed typist for people who are hard of hearing and visually impaired. I'd like to thank the team and in particular Regina Gaja and Carl Duson for the help they've given us to implement it, this inclusivity. I would like you to stipulate for 2027 if you'll be able to continue doing so. Thank you, sir.
Thank you. Let's ask number four there.
Good morning, gentlemen. Individual shareholder. EssilorLuxottica is very clearly positioned on connected frames and wearable optics. Can you explain if and how the company aims to go into intelligent or smart contact lenses for eye health or things directly entering the eye? If so, what is the timeframe for that to become concrete? Thank you.
A question from number one there.
Good morning, everyone. I'm [Frances Godzarzi]. I'm a shareholder, I follow the story of Luxottica, the extraordinary Luxottica story. Just as extraordinary, first Luxottica and then EssilorLuxottica. I'll try to be very brief. I wanted to say congratulations to our chairman who received last year the title of Cavaliere from the president of the Italian Republic. For those of you who don't know this, it is the highest level of honor that the president of the Republic gives to entrepreneurs and businessmen. In this case, Mr. Milleri, who is now Cavalier Milleri, is like a knight, a knight for work in the business area. He follows in the wake of our wonderful Leonardo Del Vecchio. We also have Francavilla and also Claudio Del Vecchio, who is here present and whom I greet.
I wanted to ask a couple of things. If 2025 can be the year in which we go beyond the threshold of EUR 30 billion of turnover, and what impact tariffs in the U.S. have had on the PNL of EssilorLuxottica. The participation of Meta, is it always at 3%? Did they ever ask for a member within the board of directors or not? To this end, clearly, I wish to renew my confidence and trust in the directors who are leaving, and I want to say congratulations to all the members of the board of directors. They took part in 100% of the board meetings, a very rare case within large multinational companies. As a last point, I'd like to refer to smart glasses.
In my opinion, smart glasses will never replace smartphones. Some functions, they are replacing, but the smartphone in the end is much more practical to use in various cases. What percentage is the turnover of smart glasses on the total turnover of EssilorLuxottica? How do you think this is going to grow in the future? Because the profitability of smart glasses is not at the same level as traditional eyewear. One last point. I'd like to refer to the weakness of the stock price. It is unjustified because the fundamentals of EssilorLuxottica are very solid indeed. This weakness I see just as an opportunity to buy even more shares. I hope I haven't bored you. Thank you for your attention.
I wish you all the best.
Thank you. Do we have a question from the floor? A last one, if you wish, or afterwards. We'll take them just afterwards. In that case, the gentleman over there.
[audio distortion] and I will be speaking in French. For a question concerning the share price of EssilorLuxottica, which has contracted by 30% since the January 1st, 2026, whereas all the indicators were on the green. Annual results, turnover, sales for the year and the quarter. This contraction is a reflection of concerns about the quality and the permanence of profits with the rise of so-called smart glasses. In other words, with a touch of AI, the increased competition and new products coming from Samsung and Apple in 2026 and 2027.
Hence my question, what means do you intend to implement to deal with this freefall of the share price since the early 2026? Thank you very much.
Thank you for that question. Perhaps we can start replying to that one.
I believe that the first one on the future value of the share and the last one that is connected what we can do to recover, we can try to answer together. First of all, I share with you that the actual value of the actual price of the share is not totally related to the value of the company or the value that the company is building for the future. Of course, there are many motivation. We can start from, we have 2,000 and more colleague in a war area that cannot contribute to the result of the company. We have colleague Russia, we have a colleague in Ukraine. We have 1,000 colleague in Israel. Now we have the Gulf area pretty close.
We had the headwind of currency in U.S. We pay tariff. That is a sum of things that of course are affecting the judgment of investors. The most important, I believe that can really explain why at front of outstanding result, we never growth double digit for so long period, from the beginning of the two company, Luxottica and Essilor. We never generate so much cash flow. That is a record of this year. My answer could be wrong, but I believe it's the right feeling that I can really pass to you, is that the transformation of our company from a simple producer or manufacturer of frame and lenses into a global MedTech company is not completely understood from investor and market.
The many announcement like, it will come the Apple glasses, it will come the Samsung glasses. Samsung is one of our best partner on technology. If you look at the China's China market, you already you can find, I don't know, maybe 100 wearable. You can find many brands that are already operating in a very big market. We still lead that category that we create three years ago with close to 10 million pieces. What is reported, maybe is not completely correct from reports of investor, we represent, I don't know, close to 90% of this category. It has nothing to do with monopoly or something like that. It's just that our wearable are completely different. Our technology is much more advanced of any others.
What investors sometime they cannot understand that wearable, first of all, are eyewear. To compete on the eyewear market, you need 1,000 of stores, 100 of 1,000 of partners. You need to be capable to manufacture lenses, to adjust prescription. To innovate in the way you can add prescription at the new category of the projection eyewear like our new Ray-Ban. All those things are really belong only to our group. That why we believe that category will not affect our ready activity in the future. It will be vice versa, one of the pillar of our growth. Of course, the real interest of our company is not just to sell and make money selling electronic pieces of hardware or wearable.
Our interest is use this kind of device as a bridge from technology, healthcare, and human being. That is the real purpose why we are investing so much in oculomics, we are investing so much in biomarkers. I believe that in the near future, we will be able to collect billions of information about healthcare of each of you wearing wearable, and we connect that information to the healthcare system, and we support all of those information with an vertical healthcare AI. That is our vision, and is not our vision of today. Started five years ago. Now it start to be something that we can really deliver. That is our purpose.
When we will use millions, maybe billions of connected eyewear to improve the quality of life of a human being, at that point, the value of what we are building, it will be clear to everybody. Now, investors are looking at the short-term result, and they are affected from announcements from this big tech company. We will see. Anytime we had competition, we perform very well, even better than a market where the competition is not present, like in this moment on wearable. Say that, really to forecast the future value of the share is not easy because as you remind, there are many component on that. One is result. I believe that I cannot ask more than that to the company and the team, growing 10% in this condition and with our size.
10% for us is EUR 3 billion. In one year, we create the biggest company in the market, apart EssilorLuxottica. That is really a result, an amazing result. There is a multiply of the EPS of net profit. That is the perception that investor have and the opportunity to allocate their investment in specific shares and not in the others. We hope that they will really understand the big potentiality that we have. They will understand our reliability and capability to really lead this new market, a new kind of longevity economy that we not only lead, we contribute to create. Thank you.
Stefano, perhaps.
Yes.
Profitability and share.
Yes. There was a question regarding the subscription price for the scrip dividend, and that subscription price is set at EUR 175.06, so EUR 175.06. That is determined as a price of the last 20 days, subtracting dividend and applying a 10% discount. The second question that I think I can answer is around the profitability of smart glasses. I think we need to make a distinction here between percentage and absolute terms. When we look at percentage, the smart glasses as a standalone hardware device are dilutive in our profitability. When you look at absolute numbers, we make much more money. It's much more profitable device than the traditional analogical eyewear.
That is just the device in itself. On top of that, you have to consider the opportunity to build up services, as well described before by Francesco, and also the prescription part. The attachment rate of prescription into our smart glasses is around 30% as of today. With the new launch of products that we have today, with Ray-Ban Optics, for example, Ray-Ban Meta Optics, we have specifically designed new products that will encompass prescription optionality into that. That's obviously increasing that percentage of penetration. The last part of the last question was around the tariffs, the North American tariffs. Clearly, with a major exposure in North America, we are, we have exposure to the U.S. tariffs. I think there was a question around the impact of those tariffs in the profit and loss of EssilorLuxottica.
For the full year, 2025, the impact was around EUR 300 million, so approximately 100 basis points, one percentage point in our profitability.
I will take the question on inclusion and also the question on the contact lens. Very different domain case. Eyes on Inclusion is clearly one of the five pillars of the Eyes on the Planet program that was presented, reminded by Elena Dimichino. We will continue to say what our Chairman and CEO said last year to, for this general assembly to be better accessible. Also, I open one idea to you is that, again, the AI glasses are going to play a very important role in the inclusion.
You would t here is already quite remarkable application where somebody with very low vision can access mobility, be supported remotely just using the Ray-Ban Meta glasses and a remote connection. Somebody watching what the person is watching through the video and giving advice. Yes, inclusion is going to be playing even a further role leveraging some of the new technology. Totally different question was on are you considering to also work on the AI or contact lens with some connected capability? At this point, the company is focused on AI glasses, as it was very well explained, which is really a device that first is at the heart of the capability of the group and in which we can already, whether it is like very well explained by Norbert Gorny, be used for many biosensors and parameters to monitor and for the connected application.
The effort and the focus of the company is to develop internal capabilities, have the right partners and make the acceleration of this category finding relevant healthcare professional and personal use case.
I take some different question that came across. First, thanks, our shareholder. The reminder that we took care about this request is an attitude of the company. We are open really to accomplish what you required and making this AGM more and more inclusive for everybody. At the end, I want thanks our faithful Italian shareholders for the congratulations. I've been very, very happy, not just for me, because a Cavaliere del Lavoro for again he will become at the head of the company after Leonardo Del Vecchio. That is, for me, is an honor. Also, if not comparable with Leonardo Del Vecchio and Luigi Francavilla that have been founded this great company that I am really honored to lead. I believe we answer almost all.
I suggest we take a question now from Hugo, where we have certain shareholders present.
Good morning. I have two EssilorLuxottica share portfolios. The first are fully owned, no difficulty with in this regard. I have also a broken portfolio, which is disastrous and it used to function okay and getting dividends per shares. Last year, I did not receive the opportunity to underwrite an option. I asked for cash payment, and nothing happened. For several months now, I've been asking for the payment of the dividend and no response. Could you please give me the name of someone in the company who would be willing and capable to deal with my question? I am not aware of anyone. I do not know how to get out of this mud hole. Thank you, Chairman.
[Non-English content]. Thank you. There's one question from the room and then number two.
Good morning. Mark, a small French shareholder. Could you please enlighten us concerning the difference between a vision of between Meta and Essilor? Also, it is well-known that American stock markets give more value on shares than European markets, and could you not be listed in the U.S. rather?
Is there another question in the Hugo room?
[Christian Delaire], shareholder. I have a question concerning the margin. The operating margin as I see it, if I'm not mistaken, is for 25 years now, it's always been presented as percentage. I've had some explanations on the Meta glasses. Do you have a plan to bring that margin up? Because really that's the only thing that sales are fine, but they need to be profitable. Is there any way of bringing the margin up?
Thank you. A question here, number three.
An observation and a question. I have a lot of difficulty in looking at the obtaining the reference documents, and I finally got them because we had to go to a QR code with your small phone. Looking at the figures on a phone was almost impossible. I'd like to see this. There's an awful lot of people who weren't able to get the reference documentation, which is a legal requirement. I'd like you to, for next year, to have more reference documents available to shareholders physically. Here's my question. You talked about your figures in current and constant terms. Official consolidated figures are in current. I don't know how you calculate that. Revenue is current. It's not 15% but 6.7%. You didn't give them constant figures.
In current figures, that's normal, which is where the cost rose by 15%. Where does that figure comes where turnover goes up much slower than the cost of sales? The cost of sales is plus 15% and turnover is plus 6.7%. Thank you, Mr. Chairman.
We can take one last question from the Hugo room.
Good morning, ladies and gentlemen. My name is Michel Bay. I've been an employee of EssilorLuxottica for 50 years. I have a question concerning Leonardo Del Vecchio who's become a majority shareholder of Delfin and now a majority shareholder in EssilorLuxottica. I'd like Mr. Milleri's comments on this point.
Thank you. We'll now answer those questions. Perhaps the reference documents, I can start off.
We've made available more reference documents available than in previous years. There is a large number of people here this year. That is one thing. The second thing is there is the will by the lawmakers, by parliament to dematerialize, to make it paper-free and to use formats that are digital for environmental reasons. We are between those two extremes. We're making available as many documents as reference documents as was possible. We take account of your question and your observations for next year, of course, so that you can have access to that documentation which is also available and has been for some weeks on the website and can be consulted at the head office. As for other questions?
Do you want me to take over?
I have the Meta and EssilorLuxottica. Of course, Meta is a social media company much more oriented on the consumer and using general language that are behind AI on this AI competition against the big tech. We are not on that market. For us, Meta is a partner, has been a good partner so far. He helped us to develop this new category of wearable. They will become profitable in a future. They will become source of new revenues through subscription of services that we will deliver through that. We have a totally complementary position. Meta is really focused on the AI competition at a totally different level. We are talking about EUR 1.6 trillion company. We are still not comparable. Maybe in the future, who knows?
We are using that kind of technology to improve our market and our strategy that are much more focused on the eye care and health care. This is the main difference among us and Meta, difference that are very complementary, so we will see this partnership going ahead for the next future. I also take the last question, but unfortunately, we cannot comment on decision taken by shareholders. Delfin is a shareholders, and this is what is happening inside company that are shareholders of EssilorLuxottica are not involved the management and that we cannot answer. I believe you will read on the newspaper all the information you will need.
I'll probably take the other questions regarding the profitability and the difference between constant and currency change. Those are, in a way, related one to the other. When we look at our 2025 results, there is clearly a drag coming from the actual U.S. tariffs, which I explained to you before is around EUR 300 million for the full year. If you back out that impact, you will be looking at constant currency, a growth double-digit in top line, a growth double-digit in profitability. That's pretty clear just considering that. Now, over the longer run, we just issue a new guidance. It's a guidance that encompass the growth of our traditional business and the growth of our wearable business.
With that guidance, we clearly anchored a pattern of revenue growth, which we define solid, which really implies faster than the mid-single-digit growth. If you look at our trajectory in the past, let's say five years, thee years in excess of 7%, one year, 6%, one year double digits. We clearly have a track record of delivering that revenue growth. We anchor that revenue growth solid to our profitability, ensuring that we keep a diligent eye on how we grow and how profitable is our growth. The second question is around constant versus currency change. The reason it's fairly simple in the way we look at our financials. The constant currency represents the underlying performance of the company, excluding currency fluctuations.
We do have a pretty advanced system that allow us to track every single transaction in the original currency. We can report our figures at a prior year exchange rate, isolating the headwinds or the tailwinds that come from currencies. This is the reason why we show both constant and currency change. When we have to give a long-term guidance, we prefer to express that long-term guidance at constant currency. We don't know how currencies are going to move, in which directions, whether there's going to be a revaluation or devaluation of one currency versus EUR. Therefore, we prefer to just guide the market at constant currency. Clearly, our financial statements are provided on a currency change rate. Next to that, for consistency and coherence with the guidance that we publish, you will always see the constant exchange results.
[Non-English content]
Thank you. We had one question left regarding the splitting of the shares. This is more a question for which the bank should be actually giving an answer, but I would suggest we take this question after the AGM and that we deal with this problem you have, sir, and do it on a personal note. If one of the hostesses could take your name, we will very willingly come and talk with you specifically for your case. With that, we can now close the question and answer session, and we can now move to the vote for the resolutions. I'd like to take this opportunity to give you the final quorum. For the ordinary AGM, it is at 80.79%, and for the extraordinary AGM at 80.78%.
We propose that all the resolutions not be read now because they have been published on internet and have been sent out to all shareholders and to all shareholders who've specifically asked. Slides giving you the summary of each resolution, you will be to vote on this with the voting box that has been given to you as you came into this room. I suggest you go to the hostesses in the room if you have any questions about the operating of these voting devices. The voting box that you've received is strictly personal. The number of votes you have and represent is already preloaded in the device. All you have to do is either press the green, yellow or red button.
Green is a vote in favor, yellow is an abstention, and red is a vote against. After the reading of each resolution, you will immediately proceed with the vote. This will be indicated by the mention, "Voting is open." On that, you will see on the screen a rectangle giving you the time for vote. Once that has finished, it will be said that voting is closed, and it will no longer be possible to vote after that. The posting of the results will be shown on the screen a few moments after the closing of the vote. During this, please also turn off your mobile phones during the voting, and also give back your voting devices once you leave the room.
For legal and technical reasons, I'd ask you please to not leave the room during the vote for the resolutions. First resolution: approval of the company accounts on December 31st, 2025. Voting is open. Voting is closed.
It's convocation in English.
Second resolution: approval of the consolidated accounts for the period, closed on December 31st, 2025.
You don't have it, no. It's the avis de convocation in English.
Voting is closed. Resolution approved at 99.63%. Third resolution: allocation of result and the dividend. Voting is open.
Voting is closed.
Adopted 99.46%. Fourth approval of the agreements and regulation under Articles 2, 25, 38, and following of the French Commercial Code.
Voting is closed.
Approved 97.55%.
Fifth resolution: approval of information relating to the compensation of the directors mentioned on Article 22, 10, 9, I of the Commercial Code.
Which one's this? Five.
Resolution approved 81.02%.
Resolution number six.
Approval of the fixed and variable and exceptional compensation and all benefits in nature for the period closed to December 31st given to Mr. Francesco Milleri, Chairman and CEO.
Voting is closed.
Approved 91.15%.
Seventh resolution.
Approval of compensation, and benefits, for the period closed on December 31st, 2025 given to Mr. Paul du Saillant, the Deputy Chief Executive Officer. Vote is open.
Vote is closed. Approved 91.88%. Eighth resolution. Approval of the compensation policy applicable to the members of the Board of Directors. Vote is open. Vote is closed. Voted and approved 99.61%. Ninth resolution. Approval of the compensation policy applicable to the Chairman and Chief Executive Officer. Vote is open. Vote is closed. Approved 72.03%. 10th resolution. Approval of the compensation policy applicable to the Deputy Chief Executive Officer. Vote is open. Vote is closed. Approved 72.06%. 11th resolution. Renewal of the mandate of director of Romolo Bardin. Vote is closed. Approved to the tune of 84.23%. 12th resolution. Approval of the mandate of director of Mr. José Gonzalo. Vote closed. Approved 95.90%. 13th resolution. Renewal of the mandate of director of Miss Virginie Mercier-Pitre.
Vote is closed. With a majority of 97.78%. 14th resolution. Renewal of the mandate of Mr. Mario Notari. Vote is open. Vote is closed. Approved 97.31%. 15th resolution. Renewal of the mandate of director Miss Swati Piramal. Vote is closed. Approved 99.7%. 16th resolution. Renewal of the mandate of director of Mrs. Cristina Scocchia. Vote is closed. Approved 94.1%. 17th resolution. Renewal of the mandate of Miss Nathalie von Siemens. Vote is closed. Approved 99.69%. 18th resolution. Renewal of the mandate of director of Mr. Andrea Zappia. Vote is open. Vote is closed. Approved 78.24%. 19th resolution. Authorization granted to the board of directors to proceed with the purchase of the company's own ordinary shares. Voting is open. Vote is closed.
Approved 98.96%. 20th resolution. Authorization granted to the board of directors to issue shares and securities entailing a cancellation of company treasure shares. Vote is closed. Approved 99.58%. 21st resolution, delegation of authority granted to the board of directors entailing in a capital increase by capitalization of premiums, reserves, and other rights. Voting is open. Approved 99.59%. Vote for the 22nd resolution, delegation of authority granted to the board of directors to issue shares and securities entailing a share capital increase with preferential subscription rights. Vote is open. Vote is closed. Approved 99.64%.
23rd resolution, delegation of authority to be granted to the board of directors to issue, by means of public offerings, ordinary shares and/or equity securities giving access to other equity securities and confer rights to the allocation of debt securities and/or securities giving access to equity securities to be issued without preferential subscription right but with the option of granting a priority right. Vote is open. Vote is closed. Approved at 98.42%. Resolution 24, delegation to the board to issue ordinary shares for the giving access to other equity securities confer right to the allocation of debt securities and/or securities giving access to equity security to be issued without preferential subscription rights by means of public offering referred to in paragraphs one of article 411 of the French Commercial Code. Vote is closed.
Approved 97.34%. 25th resolution, delegation of authority to be granted to the board of directors raise the number of securities to be issued in connection with capital increases either with or without preferential subscription rights for shareholders. Vote is closed. Adopted 96.84%. 26th resolution, delegation of authority granted to the board of directors to issue up to a maximum of 5% of the share capital, ordinary shares or equity securities giving access to other equity securities of the company or that confer rights to the allocation of debt securities in consideration for the contribution in kind to the company of equity securities and/or securities giving access to equity authorities to be issued granted to the company. Vote is closed. Approved 98.54%.
27th resolution, delegation of authority to be granted to the board of directors to issue ordinary shares and/or equity securities giving access to other equity securities or that confer right to the allocation of debt securities and/or security, giving access to equity security to be issued in consideration for securities tendered to any public exchange offer issued by the company. Vote is open. Vote is closed. Resolution approved 99.0%. 28th resolution, determination of the overall limit for capital increase to be carried out immediately or at a future date pursuant to delegations of authority. Vote is closed. Approved 99.88%. Resolution 29, delegation of authority granted to the board of directors for the purpose of deciding capital increases reserved for members of a company savings plan, the French PEE without preferential subscription rights. Vote is open.
Vote is closed. Approved 98.16%. 30th resolution, powers to carry out formalities. Vote is open. Vote is closed. Resolution approved 99.97%. We thank you for all these votes, and we can now close this. Francesco, I'll hand over to you now.
We can now close this general meeting, and we thank you for your presence, and we wish you an excellent day. Thank you.