Slides
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Investor Day November 2025
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2INVESTOR DAY Welcome to Investor Day TAMARA GONZALEZ VP, Investor Relations & Communications
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INVESTOR DAY 3 Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, statements contained under “Fiscal 2025 Outlook,” as well as other statements related to our current beliefs and expectations regarding the performance of our industry, the Company’s strategic direction, market position, prospects including remote medicine and optometrist recruiting and retention initiatives, and future results. You can identify these forward-looking statements by the use of words such as “outlook,” “guidance,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or variations of these words or other comparable words. Caution should be taken not to place undue reliance on any forward-looking statement as such statements speak only as of the date when made. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. The fiscal 2025 outlook and our estimates for driving incremental revenue and expected cost savings 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. Actual results may vary and those variations may be material. As such, the Company’s results may not fall within the ranges contained in its fiscal 2025 outlook or its estimates for driving incremental revenue, expected cost savings and margin expansion. The Company uses these forward-looking measures internally to assess and benchmark its results and strategic plans. Forward-looking statements are not guarantees and are subject to various risks and uncertainties, which may cause actual results to differ materially from those implied in forward-looking statements. Such factors include, but are not limited to, market volatility, an overall decline in the health of the economy, global macroeconomic conditions and other factors that may affect consumer spending or behavior; our ability to successfully implement our transformation initiatives, or anticipate the impact of important strategic initiatives ; our ability to recruit and retain vision care professionals for in-store roles or to provide remote care offerings; our ability to compete in the highly competitive optical retail industry; the success of our marketing, advertising and promotional efforts; our ability to maintain, protect, and enhance the value of our owned brands; our ability to open and operate new stores (including as a result of store conversions) in a timely and cost-effective manner or to successfully enter new markets; our ability to increase sales in existing stores and to successfully reinvest in existing stores; our ability to successfully implement our pricing strategies; changes in the cost of inputs, and factors such as wage rate increases, inflation, cost increases, increases in the price of raw materials and energy prices; significant capital requirements to fund our expanding business including updating our Enterprise Resource Planning (“ERP”) and Customer Relationship Management (“CRM”), and other technological, systems and capabilities ; the potential for our growth strategy to strain our existing resources and cause the performance of our existing stores to suffer; risks associated with leasing substantial amounts of space, including future increases in occupancy costs; our ability to successfully manage the distinct risks faced by our e-commerce and omni-channel business; our ability to retain our existing senior management team or attract qualified new personnel; seasonal fluctuations in our operating results and inventory levels; the potential impacts of catastrophic events, including changing climate and weather patterns leading to severe weather and natural disasters; the potential for certain technological advances, greater availability of, or increased consumer preferences for, vision correction alternatives to prescription eyeglasses or contact lenses, or future drug development for the correction of vision-related problems to reduce the demand for our products; our ability to successfully manage our inventory balances and inventory shrinkage; the potential for the loss of, or disruption in the operations of, one or more of our distribution centers or optical laboratories, which would impact our ability to process and fulfill customer orders and deliver our products in a timely manner, or at all, or result in quality issues; the performance of our Host brands and our ability to maintain or extend our operating relationships with our Host partners; impacts resulting from the termination of our partnership with Walmart; our investments in technological innovators in the optical retail industry, including artificial intelligence ; sustainability issues, including those related to climate change; our ability to develop, maintain and extend relationships with managed vision care companies, vision insurance providers and other third-party payors; risks associated with vendors from whom our products are sourced and our dependence on a limited number of suppliers; the impact of any significant failure, inadequacy, interruption or security breach affecting our information technology systems, or those of our vendors; our reliance on third-party coverage and reimbursement, including government programs, for an increasing portion of our revenues; our ability to comply with state, local and federal vision care and healthcare laws and regulations, as well as managed vision care laws and regulations ; liability stemming from rapidly changing and increasingly stringent laws, regulations, contractual obligations, and industry standards relating to privacy, data security and data protection; product liability, product recall or personal injury issues; our ability to comply with laws, regulations and enforcement activities or changes in statutory, regulatory, accounting and other legal requirements ; the outcome of legal proceedings relating to our business operations ; the protection and validity of our intellectual property; risks related to our indebtedness ; changes in interest rates; restrictions in our credit agreement that limit our flexibility in operating our business; and risks related to owning our common stock. Additional information about these and other factors that could cause National Vision’s results to differ materially from those described in the forward-looking statements can be found in filings by National Vision with the Securities and Exchange Commission (“SEC”), including our latest Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in our filings with the SEC. Non-GAAP Financial Measures Included in this presentation are certain non-GAAP financial measures, namely “EBITDA,” “Adjusted Operating Income,” “Adjusted Operating Margin,” “Adjusted EBITDA,” “Adjusted EBITDA Margin,” and “Adjusted Comparable Stores Sales Growth,” designed to supplement, and not substitute, the financial information presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”) because management believes such measures are useful to investors. Additional information about these measures and a reconciliation to the nearest GAAP financial measures are detailed in National Vision’s annual report for fiscal year 2024 and press release regarding financial results for the third quarter of 2025, which is available at www.ir.nationalvision .com. Discontinued Operations During fiscal year 2024, the Company ceased its Walmart and AC Lens operations which met the accounting requirements for reporting each of the Legacy segment and the substantial majority of AC Lens operations as a discontinued operation. Accordingly, the condensed consolidated financial statement information presented herein reflects the results of the Legacy segment and AC Lens operations as discontinued operations for all periods presented. Unless otherwise noted, amounts and disclosures herein relate to the Company’s continuing operations.
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4 CEO STRATEGIC OVERVIEW Alex Wilkes, Chief Executive Officer OUR CUSTOMERS & BRAND TRANSFORMATION Joe VanDette, Chief Brand & Marketing Officer OUR PRODUCTS: MERCHANDISING TRANSFORMATION Ana Moeddel, Chief Merchandising & Managed Care Officer OUR EXPERIENCE: AMERICA'S BEST Mark Banner, President of America’s Best THE PATIENT EXPERIENCE Mark Banner, President of America‘s Best & Dr. Priti Patel, Head of Emerging Brands OUR EXPERIENCE: EYEGLASS WORLD Dr. Priti Patel, Head of Emerging Brands BREAK PANEL: ENABLING OUR FUTURE David Cutler, Chief Technology Officer & Jared Brandman, Chief Legal & Strategy Officer & Bill Clark, Chief People Officer FINANCIAL OVERVIEW Chris Laden, Chief Financial Officer CLOSING REMARKS / Q&A LUNCH & MANAGEMENT MINGLE Agenda 4INVESTOR DAY
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5INVESTOR DAY CEO Overview ALEX WILKES Chief Executive Officer
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6 6INVESTOR DAY We are boldly reinventing National Vision We are modernizing every aspect of our business We are attacking areas of product underdevelopment vs category We are leveraging a data-driven approach to win with high-value customers We are hyper-focused on operating margin expansion We have built a world-class team to drive shareholder value TODAY ’S KEY MESSAGES
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7 We help people see their best to live their best We provide eye exams, eyeglasses, and contact lenses We deliver exceptional access, experiences, value, and convenience to our customers 7INVESTOR DAY
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8 1,200+ Retail Stores 13,000+ Team Members 6M Annual Eye Exams Laboratory Network & Distribution System Purchasing Economies of Scale 8INVESTOR DAYSource: National Vision, FY2024 One of Largest Employed Optometrist Networks
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9INVESTOR DAY A leading player with significant growth runway THIRD LARGEST PLAYER WITH $1.8B SHARE 2 ~$70B TOTAL U.S. OPTICAL RETAIL MARKET VALUE 1 1 The Vision Council estimated total 2025 U.S. market value, non-exhaustive category visual 2 Vision Monday’s 2025 Top 50 U.S. Optical Retailers based on FY2024 net sales, behind EssilorLuxottica (Vision Source L.P. and Luxottica Retail) and Walmart Inc. Independent Optical Retailers
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10INVESTOR DAY ~$85B+ ~$70B ESTIMATED TOTAL U.S. OPTICAL RETAIL MARKET VALUE BY 2030 1 Expanded access with remote care Managed vision care adoption Aging population Greater screen use Growing demand for holistic care Momentum in smart eyewear 1 1 Projections on market value derived from Vision Council baseline data ($68.3B total U.S. optical retail market value, 2024), in combination with industry sources and National Vision internal analysis, rounded for clarity 2024 2030 Prepared to capitalize on continued industry growth
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11 11INVESTOR DAY We have a strong foundation
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12 12INVESTOR DAY Historically, we delivered consistent results
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13 13INVESTOR DAY Consumer preferences and shopping behaviors evolved
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14 14INVESTOR DAY We are at an inflection point
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15 15INVESTOR DAY New Leadership Team 1 Rapidly Modernizing the Business 2 Clear Growth Runway 3 We are boldly reinventing
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16INVESTOR DAY MARK BANNER President, America’s Best JARED BRANDMAN Chief Legal & Strategy Officer BILL CLARK Chief People Officer PRITI PATEL, O.D. Head of Emerging Brands DAVID CUTLER Chief Technology Officer ALEX WILKES Chief Executive Officer CHRIS LADEN Chief Financial Officer JOE VANDETTE Chief Brand & Marketing Officer ANA MOEDDEL Chief Merchandising & Managed Care Officer New leadership bringing the best of optical and retail
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17INVESTOR DAY 17INVESTOR DAY Data-driven, dynamic retailer Expanded view of the customer Dynamic, CRM-enabled content and messaging Ecommerce transformation Sophisticated approach to pricing and products Segmented, Digital Innovator TO Manual processes Focus on price sensitive, cash-pay customer One-size-fits-all marketing Outdated digital experience Functional, limited assortment Analog “One-Size-Fits-All” Replicator FROM
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18INVESTOR DAY UNDERDEVELOPED CUSTOMERS Managed Care Progressive Wearers Outside Rx UNDERDEVELOPED PRODUCTS Frame Premiumization Anti-reflective Transitions Progressive Lenses ENHANCING THE CUSTOMER & PATIENT EXPERIENCE Data-driven Segmentation Creating Joyful Experience Extensive OD Network With Advanced Exam Technology Integrated Ecommerce & CRM NEW STORE GROWTH New Markets New Store Formats OPTIMIZE COST STRUCTURE 18INVESTOR DAY CLOSING THE GAP IN UNDERDEVELOPED AREAS DRIVING CUSTOMER LOYALTY & ACQUISITION Four growth vectors to expand share of addressable market
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19INVESTOR DAY Source: National Vision analysis leveraging data from The Vision Council and proprietary industry source 1 National Vision Analysis UNDERDEVELOPED PRODUCTS Increasing penetration by 1% across these key categories could drive nearly $40M in incremental revenue 1 UNDERDEVELOPED CUSTOMERS Increasing sales penetration in three valuable customer cohorts is expected to drive higher average ticket Managed Care Outside Rx Progressive Wearers Driving value by closing the gap Anti- Reflective Coatings Transitions Advanced Materials
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20INVESTOR DAY Intentional evolution of customer mix to support increased profitability These three customer cohorts are worth: ~2.4x – 4.0x the Entry Bundle Transaction ~1.4x – 2.4x the Self Pay Transaction ENTRY BUNDLE SELF PAY Average Profitability $ Per Transaction by Customer Cohort1 MANAGED CARE PROGRESSIVEOUTSIDE RX 1 In-Store Data Only
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21INVESTOR DAY Strengthening competitiveness without compromising on value Source: National Vision analysis leveraging data from proprietary industry sources EXAM + PRODUCT PRODUCT ONLY Continuing to raise prices ILLUSTRATIVE GAP Average Transaction Value ~1.5X – 3X Significant runway without abandoning our compelling value position Category Estimate
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22INVESTOR DAY We have a right to win… 1 National Vision Brand Health Report, Q3 2025 Expanding Existing High Value Customers Category -Leading Brand Awareness 1 Extensive Store Footprint & Population Served Significant Opportunity in Underdeveloped Areas One of the Largest Employed Optometrist Networks
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23INVESTOR DAY Adj. Operating Income $85M 36% YoY Growth Adj. Operating Margin 5.7% 120 YoY bps Improvement Net Revenue $1.5B 7% YoY Growth Source: National Vision, Q3 2025 report; Adj. Comparable Store Sales Growth, Adj. Operating Income and Adj. Operating Margin are non-GAAP measures. See reconciliations in Q3 earnings release Q3 2025 Year to Date …And early traction in strategy is yielding results Adj. Comparable Store Sales Growth 6.4% vs. 1.2% YTD 2024
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24 24INVESTOR DAY A bold reinvention, led by the right team, to add significant value over the long term
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25INVESTOR DAY Our Customers & Brand Transformation JOE VANDETTE Chief Brand & Marketing Officer
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26 26INVESTOR DAY We are more customer- focused and data-driven than ever before
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27INVESTOR DAY Source: National Vision consumer insights, September 2025, and U.S. Census Bureau data, 2024 MIRRORS U.S. AGE DEMOGRAPHICS 56 - 6546 - 5536 - 4526 - 3518 - 25Higher IncomeMiddle IncomeLower Income MAJORITY MIDDLE INCOME National Vision National Vision U.S. Population U.S. Population We know our customer base is broader and reflects the U.S. population
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28INVESTOR DAY 28INVESTOR DAY Expanding our focus to engage our broader audience Source: National Vision customer segment analysis, measuring average months between purchases, retention, brand tenure, and spend per invoice PRAGMATIC BUYERS DEMONSTRATE STRONG BRAND LOYALTY Value-Seekers Across Income Demographics STYLE LEADERS DRIVE PREMIUM TRANSACTIONS, ABOVE ENTERPRISE AVERAGE TICKET Premium Brand & Outside Rx Shoppers WELLNESS SHOPPERS MAINTAIN STEADY YEARLY CADENCE, WITH ~1 YEAR BETWEEN PURCHASES Managed Care Customers, Premium & Progressive Lens Wearers
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29INVESTOR DAY HISTORICAL CUSTOMER FOCUS Cash-Pay Low-Income Budget Value-Seekers Across Income Demographics Premium Brand and Outside Rx Shoppers Managed Care Customers, Premium and Progressive Lens Wearers Pragmatic Buyers Style Leaders Wellness Shoppers 1 Visual is illustrative and not to scale FUTURE CUSTOMER FOCUS 1 Unlocking significant customer growth via segmentation
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30INVESTOR DAY Value That Attracts PRAGMATIC BUYERS Unmatched Clinical Experience WELLNESS SHOPPERS Products That Excite STYLE LEADERS ALL CUSTOMERS Delight That Keeps Them Coming Back Tailoring experiences during moments that matter
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31INVESTOR DAY 3M+ EYE EXAMS BOOKED ONLINE1 Digital Platform Built to Scale and Convert Modern Enhanced Experience Driving Stickiness Elevating Brand Perception at Entrance Point 1 National Vision, Q3 2025 YTD Committed to meeting customers where they are
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32INVESTOR DAY AMPLIFIED & PERSONALIZED WITH CRM National Vision Brand Design America's Best Brand Design & Creative Platform Future Brand Evolutions Our new look, aligned with our transformation
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33INVESTOR DAY we believe everyone deserves to see their best to live their best we believe everyone deserves to see their best to live their best 33INVESTOR DAY
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34INVESTOR DAY 34INVESTOR DAY
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35 35INVESTOR DAY And we are just getting started Evolved BrandConsumer Data Brand Strategy
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36 36INVESTOR DAY Radically transformed our brand marketing Creating an enhanced experience with personalized messaging Capturing more like-minded consumers WE KNOW OUR CUSTOMERS
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37INVESTOR DAY Our Products: Merchandising Transformation ANA MOEDDEL Chief Merchandising & Managed Care Officer
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38 38INVESTOR DAY Long runway of growth ahead Evolving product mix and managed care capabilities Our talented teams are leaning in to capitalize on these opportunities MERCHANDISING IS EVOLVING
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39INVESTOR DAY 39INVESTOR DAY Historical Cash-Pay Focus Managed Care Payments, Representing 40% of Sales 1 Increase ticket and traffic Gain share with expanded customer view Drive relevancy Expand gross margins Consistently meet customer needs 1 Approximate revenues from continuing operations attributed to managed care payors, FY2024 Delighting an Evolving Customer Base
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40INVESTOR DAY Revenue from managed care payors represented approximately 40% of our revenues from continuing operations in FY2024; Source: National Vision FY 2024 report ~40% FROM Capturing the full ticket of high- value, underdeveloped customers OUR AMBITION ~50% Clear path to grow our managed care penetration
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41INVESTOR DAY 1 MVC is defined as Managed Vision Care 2 The Vision Council, 2Q 2025 Consumer inSights Report Well- positioned for managed care growth Nearly 70% of U.S. adults reported having managed vision care 2 MVC NON- MVC Growing MVC1 Population Evolving Assortment to Maximize Benefit Allowances Customer-Centric Approach National Scale Our Right to Win
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42INVESTOR DAY 42INVESTOR DAY Driving ticket and traffic with merchandising strategy Optimized for price over products that delight One-size-fits-all Refreshed merchandising and brands Localized assortment and product variety Over-indexed on sub-$99 price points and plastic lenses Premium frames, lenses, and contact lenses strategy LEGACY APPROACH MERCHANDISING FUTURE
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43INVESTOR DAY 43INVESTOR DAY A significant opportunity with products FRAMES Early Progress LENSES Underdeveloped CONTACT LENSES Underdeveloped
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44INVESTOR DAY Source: National Vision analysis leveraging data from The Vision Council and proprietary industry sources Anti -Reflective Coating Advanced Materials Transitions 35-40% 65-70% 45-50% 10-15% 65-70% 20-25% LENS TYPE CATEGORY ESTIMATE Opportunity to expand penetration of lens add-ons Lens Add -On Sales as % of Total Lens Mix
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45INVESTOR DAY Test and Learn Thoughtful Product & Pricing Actions Fuel Healthy Conversion and NPS Center merchandising decisions around customer responses Use small-scale tests to inform large- scale rollouts and reduce risk Take a methodological, well-phased approach to merchandising actions Drive sustainable growth while improving customer relationships DISCIPLINED MERCHANDISING APPROACH A thoughtful merchandising transformation driven by customer insights Anchor In Customer Insights
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46INVESTOR DAY Designer frame strategy is working, with products turning in line with the industry Ray-Ban Meta AI glasses are exceeding internal sales goals, indicating positive customer response Aligning frame mix with customer mix 46INVESTOR DAY
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47INVESTOR DAY 47INVESTOR DAY Modernizing our pricing
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Our strategy is resonating with customers shopping in our stores 48INVESTOR DAY
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49INVESTOR DAY Our Experience: America’s Best MARK BANNER President of America’s Best
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50INVESTOR DAY 50INVESTOR DAY
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51INVESTOR DAY Our largest brand, at the forefront of transformation Source: America’s Best, October 2025, includes all job types (e.g., part-time and full-time) 2,400+ DOCTORS OF OPTOMETRY 60+ DISTRICT MANAGERS 1,000+ STORE MANAGERS 9,000+ FIELD ASSOCIATES
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52INVESTOR DAY Well-positioned to expand underdeveloped customer segments by enhancing the customer experience Shifting culture to a customer and patient-first mindset Selling approach transitioning from transactional to consultative Empowering smart, enabled associates DELIGHTING CUSTOMERS & PATIENTS
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Confidential – Internal Use Only PROVIDE A SUPERIOR EXPERIENCE, AT SCALE Accessible eyecare and eyewear: exceptionally executed, radically simple and tailored to you and however you shop, so you look, see, and feel your best. OFFER ELEVATED EYECARE FOR ALL EMPHASIZE OUR MEDICAL EXPERTISE MAKE IT INTUITIVE AND CLEAR Ambitions Anchored in our North Star CUSTOMIZE THEIR JOURNEY BECAUSE EVERY EYE DESERVES BETTER. 53INVESTOR DAY
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Significant runway for America’s Best 54INVESTOR DAY UNDERDEVELOPED CUSTOMERS Shifting team mindsets from operations-first to customer and patient-first UNDERDEVELOPED PRODUCTS Leveraging behavioral change and our enhanced assortment to help customers find more of what they want ENHANCING THE CUSTOMER & PATIENT EXPERIENCE Modernizing with customers at the center – delivering a connected experience, expanding access to care, and empowering associates NEW STORE GROWTH Expanding our retail footprint while modernizing the existing fleet CLOSING THE GAP IN UNDERDEVELOPED AREAS DRIVING CUSTOMER LOYALTY & ACQUISITION OPTIMIZE COST STRUCTURE
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55INVESTOR DAY We set out to craft a compelling vision for the future, bring ing excitement and openness to reimagining how we serve customers BETTER BEGINS WITH YOU Turning uncertainty to excitement “ “
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56INVESTOR DAY FEEDBACK LOOP MINDSET MECHANISMS TEAMBEHAVIORS Clear Expectations, Effective Time Allocation Consultative Selling, Lifestyle Prescribing, OD/Store Handoff Growth Mindset, Urgency to Transform, Customer & Patient-Obsessed DM Visits, KPI Rationalization, Meeting Cadences & Communication Creating an environment to encourage lasting behavioral change
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57INVESTOR DAY “ “ Our frontline teams’ mindset shifted after training
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58INVESTOR DAY “The staff explained progressive lenses to me, and I am finally able to see. No other eye care facility has ever done that.” “I’ve been coming here for a while now and I love how they remember you and are always so helpful and friendly.” “The folks radiate a level of warmth and professionalism that is praiseworthy.” Source: America’s Best Customer Experience Survey, 2025 Customers and patients are telling us this change is working WHAT WE HEARD
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59INVESTOR DAY Doubling-down on behavioral changes
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CONSULTATIVE SELLING 60INVESTOR DAY Empowering smarter associates
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61INVESTOR DAY Strengthening our ways of working
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62INVESTOR DAY Modernizing the shopping and care journey
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63INVESTOR DAY Early shifts to elevate the in-store customer experience
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We expect to re-accelerate new store openings 64INVESTOR DAY Re-accelerate New Store Growth ~60/year Slower Pace of New Store Growth ~30/year Average Pace of New Store Growth ~60/year - 200 400 600 800 1,000 1,200 1,400 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 NEW STORE GROWTH
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65INVESTOR DAY
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66 66INVESTOR DAY We bridge clinical and retail expertise to elevate the customer and patient journey
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67INVESTOR DAY The Patient Experience MARK BANNER President of America’s Best PRITI PATEL, O.D. Head of Emerging Brands
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68 68INVESTOR DAY 2,400+ Network of ODs committed to quality patient outcomes in every encounter Optometrists provide eye care in office and remotely
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69 69INVESTOR DAY The eye offers a window into broader health “The patient came in simply wanting to see better — and left with a clearer understanding of both their visual and overall health.” “As a clinician, it’s incredibly rewarding to know that the tools and resources available at NVI empower us to identify potentially vision- threatening conditions early, make timely referrals, and ultimately improve patient outcomes.”
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70 70INVESTOR DAY “The doctor that did my exam was the most informative doctor I have ever had.” “The doctor was personable, kind, thorough, and answered all my questions.” “The doctor who did my eye exam was wonderful. He explained everything about my eyesight to me that I never knew before I visited Americas Best.” Source: America’s Best Customer Experience Survey, 2025 Doctors make an impact
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71INVESTOR DAY Our Experience: Eyeglass World PRITI PATEL, O.D. Head of Emerging Brands
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INVESTOR DAY 72 72INVESTOR DAY
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73INVESTOR DAY Emerging brands strategy brings brand focus Emerging Brands
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74INVESTOR DAY Refining Brand Positioning Getting Ahead of Shifting Category Trends Strengthening Our Foundation for a Long Runway of Growth Ahead EYEGLASS WORLD BRAND EVOLUTION
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75INVESTOR DAY Foundational investments strengthening Eyeglass World 75INVESTOR DAY Cultural Reboot Operational Discipline Demand- Driver Focus Transition to Employed OD Model
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76INVESTOR DAY A clear vision is powering a turnaround -6.7% -1.0% -2.2% 3.7% 2022 2023 2024 2025 YTD1 Adjusted Comparable Store Sales Growth 1 Year to Date results through Q3 2025 Source: National Vision FY 2023, FY 2024 and Q3 2025 reports
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77INVESTOR DAY Leading our transformation with customer insights 77INVESTOR DAY Tailor brand, products, and experience to their needs Launch refreshed brand Start with the customer
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Confidential. Internal Use Only. 78 Operating stronger, marketing sharper, and enhancing our assortment CLOSING THE GAP IN UNDERDEVELOPED AREAS DRIVING CUSTOMER LOYALTY & ACQUISITION 78INVESTOR DAY UNDERDEVELOPED CUSTOMERS Reinvent brand positioning and messaging UNDERDEVELOPED PRODUCTS Meet the needs of our target customer with curated offerings and digital tools ENHANCING THE CUSTOMER & PATIENT EXPERIENCE Deliver seamless, memorable shopping experiences in-store and online NEW STORE GROWTH Unlock foundational capabilities and modernize stores OPTIMIZE COST STRUCTURE
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79INVESTOR DAY Panel Discussion: Enabling our Future HOSTED BY ALEX WILKES Chief Executive Officer
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80 Our Panelists BILL CLARK Chief People Officer DAVID CUTLER Chief Technology Officer JARED BRANDMAN Chief Legal & Strategy Officer
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81INVESTOR DAY Financial Overview CHRIS LADEN Chief Financial Officer
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82 82INVESTOR DAY We are hyper-focused on operating margin expansion Significant opportunities to drive sales and profitability Investments phased with long runway of future benefits Strong balance sheet to support growth and initiatives TAKEAWAYS
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83INVESTOR DAY Strong Market Trends Foundational Improvements Growth Vectors Highly Fragmented & Growing ~$85B+ ~$70B UNDERDEVELOPED CUSTOMERS UNDERDEVELOPED PRODUCTS ENHANCING THE CUSTOMER & PATIENT EXPERIENCE NEW STORE GROWTH New Branding Merchandising Mix Cost Optimization & Pricing Architecture 2030 1 2024 We have a right to win with clear levers for success 1 Projections on market value derived from Vision Council baseline data ($68.3B total U.S. optical retail market value, 2024), in combination with industry sources and National Vision internal analysis, rounded for clarity
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We are uniquely positioned for growth FOUR GROWTH VECTORS TO EXPAND SHARE OF ADDRESSABLE MARKET 84INVESTOR DAY UNDERDEVELOPED CUSTOMERS Managed Care Progressive Wearers Outside Rx UNDERDEVELOPED PRODUCTS Frame Premiumization Anti-reflective Transitions Progressive Lenses ENHANCING THE CUSTOMER & PATIENT EXPERIENCE Data-driven Segmentation Creating Joyful Experience Extensive OD Network With Advanced Exam Technology Integrated Ecommerce & CRM NEW STORE GROWTH New Markets New Store Formats CLOSING THE GAP IN UNDERDEVELOPED AREAS DRIVING CUSTOMER LOYALTY & ACQUISITION OPTIMIZE COST STRUCTURE
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85INVESTOR DAY ~MSD Comparable Store Sales Growth ~HSD Growth 5 Market Growth Foundational Improvements + Growth Vectors New Stores Net Revenue1 1 Visual is illustrative and not to scale Long-Term Sales Growth Drivers Through 2030
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86INVESTOR DAY Source: National Vision fleet across all owned-brands, December 2024 Significant whitespace opportunity remains Evaluating impact from operational improvements along with brand repositioning at America’s Best and Eyeglass World NATIONAL FOOTPRINT Higher Presence (>100 Stores) Lower Presence (≤10 Stores) New store opportunities
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87INVESTOR DAY - 500 1,000 1,500 2019 ~2500 – 4500 Average Square Feet ~$0.4 – $0.6M Average Initial Cash Investment ~$1.5 – $1.7M Year 5 Target Sales ~3-5 YEARS Payback Period New store formats and operational improvements are expected to yield improved profitability and faster payback 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Re-accelerate New Store Growth ~60/year Slower Pace of New Store Growth ~30/year Average Pace of New Store Growth ~60/year CURRENT 1 FUTURE 1 National Vision FY2024 report New store economics Net grower of stores with disciplined real estate strategy NEW STORE GROWTH ~240 New Stores from 2026-2030
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88INVESTOR DAY ~$20M Methodical focus on cost is key to operating margin expansion 1 Cost takeout expected to be realized over the next two years MINIMUM EXPECTED ANNUALIZED COST REDUCTION FROM 2026-20271 Transportation & Logistics Technology & Software Corporate Insurance Marketing & SEO Treasury & Banking Store Supplies & Services
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89INVESTOR DAY NET REVENUE ADJ. COMP SALES ADJ. OP MARGIN FISCAL 2025 OUTLOOK 1 FISCAL 2026 PLANNING SCENARIOS 2 $1.97 – $1.99B + ~HSD % 5.0% – 6.0% 4.7% – 4.9% + ~MSD % ~100 BPS YoY EXPANSION Our 2026 approach will remain balanced between organic investments in modernizing the business and new store growth 1 Fiscal 2025 outlook as of November 5, 2025; Adj. Comparable Store Sales Growth and Adj. Operating Margin are non-GAAP measures, see Q3 earnings release for more information 2 Fiscal 2026 guidance expected to be provided at 4Q 2025 earnings 2025 is a proof point for our near-term growth ambitions
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90INVESTOR DAY Annual Expected Revenue Growth Annual Expected Adjusted Operating Margin ~50-150 bps ~HSD% In any given year, 2025-2030… …Leads to margin expansion of We are focused on driving sustainable & consistent growth HSD Revenue Growth -Growth vectors Optimized Costs -Improved vendor pricing & consumption controls -Investment in modernizing capabilities Sustained Operating Margin Expansion + PROFITABILITY ALGORITHM
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91INVESTOR DAY Net debt repaid in 2024 and 2025 TTM Total liquidity with no borrowings outstanding$350M $204M 2.2x 1.8x 2023 2024 Q3 2025 TTM 1.1x Net Debt to Adj EBITDA 1 1 Net Debt (total debt less cash and cash equivalents) divided by trailing twelve-month Adjusted EBITDA; Adjusted EBITDA is a non-GAAP measure, see reconciliation in Q3 earnings release. Source: National Vision FY2024 and Q3 2025 reports We will maintain a strong balance sheet
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92INVESTOR DAY Investing in our growth initiatives, unlocking higher expected returns Unit growth accelerates, growth initiatives investments continue2028-2030 2026-2027 Disciplined capital allocation and investment priorities Investment and capital distribution will be continuously evaluated to accelerate growth and maximize shareholder returns
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93INVESTOR DAY Fueling future growth with strategically placed capital expenditures ~4-5% 2026-2027 focus on initiatives 2028-2030 focus on new stores CAPITAL EXPENDITURES OF ANNUAL REVENUE
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94INVESTOR DAY 3.1% 3.6% 5.7% 2023 2024 Q3 2025 YTD $1.76B $1.82B $1.5B YTD 2025 has delivered exceptional financial outcomes, and we are confident in continuing the momentum +7.1% Q3 2025 YTD YoY Growth REVENUE 120 bps Q3 2025 YTD YoY Improvement ADJ. OPERATING MARGIN Source: National Vision FY 2024 and Q3 2025 reports; Adj. Operating Margin is a non-GAAP measure, see reconciliation in Q3 earnings release Revenue Adj Operating Margin
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95 95INVESTOR DAY We are hyper-focused on operating margin expansion Significant opportunities to drive sales and profitability Investments phased with long runway of future benefits Strong balance sheet to support growth and initiatives TAKEAWAYS
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96INVESTOR DAY Closing Remarks ALEX WILKES Chief Executive Officer
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97INVESTOR DAY Key Takeaways We are boldly reinventing National Vision We are modernizing every aspect of our business We are attacking areas of product underdevelopment vs category We are leveraging a data-driven approach to win with high-value customers We are hyper-focused on operating margin expansion We have built a world-class team to drive shareholder value
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98INVESTOR DAY THIS IS JUST THE BEGINNING We are boldly reinventing National Vision to drive significant value over the long-term
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99 99INVESTOR DAY Q&A
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100 100INVESTOR DAY Thank you