National Vision : Presentation (ebedfe)

First Quarter 2026

Financial Results

May 13, 2026

NASDAQ: EYE

3

We help people see their best to live their best.

National Vision's business has been driven by this belief for over 30 years.

Q1 2026 Highlights

$543.9M

Net Revenues

+6.6%

Net Revenue

Growth

+4.5%

Adj. Comp. Store Sales Growth

$55.5M

Adj. Operating Income

$0.45

Adj. Diluted EPS

• $ in millions, except per share amounts, unaudited.

• See Appendix for reconciliation of Non-GAAP financial measures. 5

6

7

Financial Results

8

Q1 2026 Results

$55.5

Q1 2025 Q1 2026

Costs applicable to revenue as percentage of net revenue increased 10 bps to 40.3% vs. Q1 2025:

$41.3

Adjusted operating income

• Slight increase driven by product mix, partially offset by optometrist-related cost leverage

  Adjusted SG&A as a percentage of net revenue decreased 200 bps to 45.2% vs. Q1 2025:

• Driven by lower payroll and advertising

Adjusted diluted earnings per share

$0.45

$0.34

Q1 2025 Q1 2026

• $ in millions, except per share amounts, unaudited.

• See Appendix for reconciliation of Non-GAAP financial measures. 9

Q1 2026 Capital Structure and Cash Flow Highlights

Capital Expenditures $17.6 million deployed primarily driven by investments in

existing and new stores and information technology

Debt

Liquidity

Net debt to TTM Adjusted EBITDA : 0.8x

During Q1 2026, the Company repaid $3.3 million in long term debt, bringing the total debt outstanding, net of unamortized discounts, to $233.3 million at the end of the quarter.

$361.2 million, including cash balance of $67.9 million and revolving credit facility available capacity of $300.0 million, exclusive of $6.7 million in letters of credit

Confidential - Internal Use Only

$ in millions, unaudited, on continuing operations basis. See Appendix for reconciliation of Non-GAAP financial measures. 10

Strategic Initiatives

Four growth vectors to expand share of addressable market

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 Experiences

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

INVESTOR DAY 12

Intentional Evolution Of Customer Mix To Support Increased Profitability

Average Profitability $ Per Transaction by Customer Cohort

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 MANAGED CARE

Source: 2025 Investor Day

OUTSIDE RX

PROGRESSIVE

13

Outlook

14

2026 Capital Allocation Priorities

Invest in Growth Expecting capital expenditures of $73 million - $78 million for

new store openings, existing stores and investments in

technology

Debt and Liquidity

National Vision's cash balance was $67.9 million as of April 4, 2026. The Company had no borrowings under its $300.0 million first lien revolving credit facility, exclusive of letters of credit of

$6.7 million.

Healthy balance sheet enables robust and disciplined capital plan designed for continued growth to increase long-term shareholder value

Confidential - Internal Use Only

15

Fiscal 2026 Outlook

The Company is reiterating the following outlook for the 52 weeks ending January 2, 2027.

	Fiscal 2026 Outlook (As of May 13, 2026)
New Stores(1)	~30-35
Adjusted Comparable Store Sales Growth(2)	3.0% - 6.0%
Net Revenue	$2.033 billion - $2.091 billion
Adjusted Operating Income(2)	$107 million - $133 million
Adjusted Diluted EPS(2)(3)	$0.85 - $1.09
Depreciation and Amortization(4)	$88 million - $92 million
Interest(5)	$14 million - $16 million
Tax Rate(6)	~28%
Capital Expenditures	$73 million - $78 million

1 Assumes primarily America's Best new stores, does not include 20 Military store additions in April 2026.

2 Refer to "Non-GAAP Financial Measures" below for more information.

3 Assumes approximately 82 million shares.

4 Includes amortization of acquisition intangibles of approximately $0.7 million, which is excluded in the definition of Adjusted Operating Income.

5 Before the impact of gains or losses on change in fair value of derivatives and charges related to debt discounts and deferred financing costs.

6 Excluding the impact of vesting of restricted stock units and stock option exercises.

The fiscal 2026 outlook information provided in this release includes Adjusted Operating Income and Adjusted Diluted EPS guidance. The Company is not able to reconcile these forward-looking non-GAAP measures to GAAP without unreasonable efforts because it is not possible to predict with a reasonable degree of certainty the actual impact of certain items and unanticipated events, including taxes and non-recurring items, which would be included in GAAP results.

16

Appendix

17

Quarterly Financial Historical Overview

Net revenue

Adjusted comparable store sales growth (%)

$510.3

$503.4

$486.4 $487.3

$543.9

1Q25 2Q25 3Q25 4Q25 1Q26

7.7%

5.5%

5.9%

4.8%

4.5%

1Q25 2Q25 3Q25 4Q25 1Q26

Adjusted operating income

Adjusted diluted earnings per share

$41.3

$23.8

$19.8

$17.6

$55.5

1Q25 2Q25 3Q25 4Q25 1Q26

$0.45

$0.34

$0.18

$0.13

$0.15

1Q25 2Q25 3Q25 4Q25 1Q26

$ in millions, except per share amounts, unaudited. See Appendix for reconciliation of Non-GAAP financial measures. 18

Historical Adjusted Comparable Store Sales Growth & Drivers

Adjusted comparable store sales growth y/y (%)

5.9%

5.9%

5.5%

4.8%

4.5%

2.4%

1.5%

0.9%

0.4%

	1Q24	2Q24	3Q24	4Q24	1Q25	2Q25	3Q25	4Q25	1Q26
Traffic	-0.6%	1.9%	0.1%	-1.1%	0.7%	-0.4%	-0.1%	-2.5%	-1.2%
Ticket	1.2%	0.4%	1.3%	3.0%	4.5%	6.6%	7.1%	5.8%	5.1%

On a continuing operations basis. Unaudited. See Appendix for reconciliation of Non-GAAP financial measures.

The difference between Traffic and Ticket and Adjusted Comparable Store Sales Growth from Continuing Operations is attributable to managed care reserve adjustments in the period. 19

1Q26 comps are calendar shifted for 2025 53rd week.

Q1 2026 Segment and Brand Net Revenue

The following presents, by segment and by brand, comparable store sales growth, stores open at the end of the period and net revenue for the three months ended April 4, 2026

compared to the three months ended March 29, 2025.

Comparable store sales growth(1)

Stores open at end

of period Net revenue(1)(2)

1. We calculate total comparable store sales based on consolidated net revenue excluding the impact of (i) Corporate and other revenue, (ii) sales from stores opened less than 13 months, (iii)

Owned & Host segment
America's Best	4.4 %	5.9 %	1,062	1,042	$ 475,893	87.5 %	$ 453,731	88.9 %
Eyeglass World	5.2 %	3.1 %	122	122	54,697	10.1 %	52,486	10.3 %
Military	2.2 %	1.7 %	72	53	6,445	1.2 %	6,166	1.2 %
Fred Meyer	4.7 %	1.6 %	18	20	2,295	0.4 %	2,598	0.5 %
Owned & Host segment total			1,274	1,237	$ 539,330	99.2 %	$ 514,981	100.9 %
Corporate and Other	-	-	-	-	4,469	0.7 %	5,634	1.1 %
Effects of unearned and deferred revenue	-	-	-	-	81	0.1 %	(10,291)	(2.0)%
Total	4.4 %	4.1 % 1,274 1,237 $ 543,880 100.0 % $ 510,324 100.0 %
Effect of deferred and unearned revenue on comparable store sales	0.1 %	1.4 %
Adjusted Comparable Store Sales Growth	4.5 %	5.5 %

In thousands, except percentage and store data

Three Months Ended April 4,

2026

Three Months Ended March 29, 2025

April 4,

2026

March

29, 2025

Three Months Ended

April 4, 2026

Three Months Ended

March 29, 2025

stores closed in the periods presented, (iv) sales from partial months of operation when stores do not open or close on the first day of the month and (v) if applicable, the impact of a 53rd week in a fiscal year (vi) in fiscal years following a 53-week fiscal year, there is a one week calendar shift to the comparable prior-year period. For the calculation of the adjusted comparable store sales growth in first quarter of 2026, we compared weeks 1 through 13 in

fiscal 2026 against weeks 2 through

14 in fiscal 2025. Brand-level comparable store sales growth is calculated based on point-of-sale revenues consistent with what the CODM reviews, and consistent with reportable segment revenues presented in Note 8. "Segment Reporting" in our unaudited condensed consolidated financial statements included in Part I. Item

1. of our Form 10-Q for the period

   ended April 4, 2026.

2. Percentages reflect line item as a percentage of net revenue, adjusted for rounding.

   20

   Capital Structure and Cash Flow

   Debt

   Q1 2026 Capital Structure ($M) Amount

   Less: Deferred Financing Costs

   Amounts per Balance Sheet

   % of

   Total Coupon Maturity

   First Lien - Term A Loans	$ 234.3	$ (1.0) $ 233.3	96 %	Term SOFR + 1.75%	6/13/2028
   First Lien - Revolving Credit Facility1	-	- -	- %	Term SOFR + 1.75%	6/13/2028
   Other debt2	8.5	- 8.5	4 %
   Total debt	$ 242.8	$ (1.0) $ 241.8	100 %
   Cash and cash equivalents		67.9
   Net debt		$ 173.9

   Cash Flow ($M) Three months ended

   April 4, 2026 March 29, 2025

   Net cash provided by operating activities	$ 61.7	$ 32.2
   Net cash used for investing activities	(18.3)	(20.2)
   Net cash used for financing activities	(14.1)	(5.4)
   Net change in cash, cash equivalents and restricted cash	$ 29.3	$ 6.6

   
   
   

   1. $300.0M facility; $293.3M available

   2. Finance lease obligations

2121

Q1 2026 Consolidated Financial Results

Three Months Ended April 4, 2026 March 29, 2025

Revenue:
Net product sales	$ 439,500	$ 412,765
Net sales of services and plans	104,380	97,559
Total net revenue	543,880	510,324
Costs applicable to revenue (exclusive of depreciation and amortization):
Products	126,817	116,914
Services and plans	92,319	88,276
Total costs applicable to revenue	219,136	205,190
Operating expenses:
Selling, general and administrative expenses	256,092	255,532
Depreciation and amortization	23,442	22,963
Asset impairment	-	502
Other expense (income), net	(29)	-
Total operating expenses	279,505	278,997
Income from operations	45,239	26,137
Interest expense, net	2,848	4,572
Earnings before income taxes	42,391	21,565
Income tax provision	11,210	7,379
Net Income $ 31,181 $ 14,186
Earnings per share:
Basic	$ 0.39	$ 0.18
Diluted	$ 0.38	$ 0.18
Weighted average shares outstanding:
Basic	79,655	78,858
Diluted	81,492	79,259

$ in thousands, except per share amounts, unaudited.

2222

Reconciliation of Adjusted Operating Income to Net Income (Unaudited)

Three Months Ended

March 29,

June 28,

September

January 3, April 4,

In thousands

2025

2025

27, 2025

2026 2026

Total net revenue	$510,324	$486,423	$ 487,330	$ 503,411	$543,880
Net income	14,186	8,725	3,372	3,317	31,181
Interest expense, net	4,572	4,210	4,119	4,247	2,848
Income tax provision (benefit)	7,379	3,514	2,117	(929)	11,210
Stock-based compensation expense (a)	7,029	5,306	5,501	5,850	7,022
Asset impairment (b)	502	-	-	1,489	-
Litigation settlement (c)	-	-	1,903	-	-
Amortization of acquisition intangibles (d)	169	169	169	170	169
ERP and CRM Implementation expenses (e)	2,315	1,846	1,368	891	372
Other (f)	5,123	31	1,258	2,550	2,658
Adjusted Operating Income $ 41,275 $ 23,801 $ 19,807 $ 17,585 $ 55,460
Net Income margin	2.8 %	1.8 %	0.7 %	0.7 %	5.7 %
Adjusted Operating Margin	8.1 %	4.9 %	4.1 %	3.5 %	10.2 %

$ in thousands. Percentages reflect line item as a percentage of net revenue, adjusted for rounding. Three months ended January 3, 2026 include 14 weeks. All other three months periods include 13 weeks.

2323

Reconciliation of Adjusted Diluted EPS to Diluted EPS (Unaudited)

Three Months Ended

In thousands, except per share amounts

March 29,

2025

June 28,

2025

September 27, 2025

January 3,

2026 April 4, 2026

Diluted EPS	$ 0.18	$ 0.11	$ 0.04	$ 0.04	$ 0.38
Stock-based compensation expense (a)	0.09	0.07	0.07	0.07	0.09
Asset impairment (b)	0.01	-	-	0.02	-
Litigation settlement (c)	-	-	0.02	-	-
ERP and CRM implementation expenses (e)	0.03	0.02	0.02	0.01	-
Other (f)	0.06	-	0.02	0.04	0.04
Tax effects (g)	(0.03)	(0.02)	(0.04)	(0.03)	(0.06)
Adjusted Diluted EPS	$ 0.34	$ 0.18	$ 0.13	$ 0.15	$ 0.45

Weighted average diluted shares outstanding 79,259 80,057 81,195 81,777 81,492

$ in thousands. Percentages reflect line item as a percentage of net revenue, adjusted for rounding. Three months ended January 3, 2026 include 14 weeks. All other three months periods include 13 weeks.

2424

Reconciliation of Adjusted EBITDA to Net Income (Unaudited)

Dollars in thousands

Twelve Months Ended

April 4, 2026

Total net revenue	$ 2,021,044
Net Income	46,595
Interest expense, net	15,424
Income tax provision	15,912
Depreciation and amortization	91,631
EBITDA	169,562
Stock-based compensation expense (a)	23,679
Asset impairment (b)	1,489
Litigation settlement (c)	1,903
ERP and CRM implementation expenses (e)	4,477
Other (f)	6,497
Adjusted EBITDA	$ 207,607
Net income margin 2.3 %
Adjusted EBITDA Margin 10.3 %
Net debt/Net Income	3.7x
Net debt/Adjusted EBITDA	0.8x

$ in thousands, on continuing operations basis. Percentages reflect line item as a percentage of net revenue, adjusted for rounding.

2525

Reconciliation of Adjusted SG&A to SG&A (Unaudited)

Three Months Ended

In thousands April 4, 2026 March 29, 2025

SG&A	$ 256,092	$ 255,532
Stock-based compensation expense (a)	7,022	7,029
ERP and CRM implementation expenses (e)	372	2,315
Other (f)	2,658	5,123
Adjusted SG&A $ 246,040 $ 241,065
SG&A Percent of Net Revenue	47.1 %	50.1 %
Adjusted SG&A Percent of Net Revenue	45.2 %	47.2 %

$ in thousands, on continuing operations basis. Percentages reflect line item as a percentage of net revenue, adjusted for rounding.

Note: Percentages reflect line item as a percentage of net revenue.

2626

Reconciliation of Non-GAAP to GAAP Financial Measures Footnotes

1. Non-cash charges related to stock-based compensation programs, which may vary from period to period depending on the timing of awards and performance vesting conditions.

2. Reflects write-off related to non-cash impairment charges of long-lived assets, primarily impairment of property, equipment and lease-related assets on closed or underperforming stores.

3. Expenses associated with settlement of certain litigation.

4. Amortization of the increase in carrying values of finite-lived intangible assets resulting from the application of purchase accounting following the acquisition of the Company by affiliates of KKR & Co. Inc.

5. Costs related to the Company's ERP and CRM implementation.

6. Other adjustments include amounts that management believes are not representative of our operating performance (amounts in brackets represent reductions in Adjusted Operating Income, Adjusted Diluted EPS and Adjusted EBITDA), which are primarily related to costs associated with the digitization of paper-based records of $1.6 million, $0.6 million for the three months ended January 3, 2026 and September 27, 2025, respectively, shareholder activism costs of $2.1 million for the three months ended March 29, 2025, severance and associate-related costs associated with organizational restructuring of $2.1 million, $0.7 million, $0.8 million and $2.1 million for the three months ended April 4, 2026, January 3, 2026, September 27, 2025 and March 29, 2025, respectively, and other expenses and adjustments.

7. Represents the income tax effect of the total adjustments at our combined statutory federal and state income tax rates, including tax

   expense (benefit) from stock-based compensation.

   
   
   

   2727

   Reconciliation of Adjusted Comparable Stores Sales Growth (Unaudited)

   Comparable store sales growth(a)

   Three Months Ended April 4,

   2026

   Three Months Ended March 29,

   2025 2026 Outlook (b)

   Owned & Host segment
   America's Best	4.4 % 5.9 %
   Eyeglass World	5.2 % 3.1 %
   Military	2.2 % 1.7 %
   Fred Meyer	4.7 % 1.6 %
   Total comparable store sales growth	4.4 % 4.1 %	2.8% - 5.8%
   Adjustments for effect of: (b)
   Unearned & deferred revenue	0.1 % 1.4 %	0.2%
   Adjusted Comparable Store Sales Growth(b)	4.5 % 5.5 %	3.0% - 6.0%

   2024 2025 2026

   Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

   Total comparable store sales growth	1.4 %	2.2 %	1.4 %	2.6 %	4.1 %	6.5 %	6.8 %	6.6 %	4.4 %
   Adjustments for effects of: (b)
   Unearned & deferred revenue	(1.0)%	0.2 %	(0.5)%	(1.1)%	1.4 %	(0.6)%	0.9 %	(1.8)%	0.1 %
   Adjusted Comparable Store Sales Growth	0.4 %	2.4 %	0.9 %	1.5 %	5.5 %	5.9 %	7.7 %	4.8 %	4.5 %

   1. We calculate total comparable store sales based on consolidated net revenue excluding the impact of (i) Corporate and other revenue, (ii) sales from stores opened less than 13 months, (iii) stores

      closed in the periods presented, (iv) sales from partial months of operation when stores do not open or close on the first day of the month and (v) if applicable, the impact of a 53rd week in a fiscal year

      (vi) in fiscal years following a 53-week fiscal year, there is a one week calendar shift to the comparable prior-year period. For the calculation of the adjusted comparable store sales growth in first quarter of 2026, we compared weeks 1 through 13 in fiscal 2026 against weeks 2 through 14 in fiscal 2025. Brand-level comparable store sales growth is calculated based on point-of-sale revenues consistent with what the CODM reviews, and consistent with reportable segment revenues presented in Note 8. "Segment Reporting" in our unaudited condensed consolidated financial statements included in Part I. Item 1. of our Form 10-Q for the period ended April 4, 2026.

      
      
      

   2. Adjusted Comparable Store Sales Growth includes the effect of deferred and unearned revenue as if such revenues were earned at the point of sale, resulting in the changes from total comparable store sales growth based on consolidated net revenue.

2828

Confidential - Internal Use Only

Adjusted Comparable Store Sales Growth Primer

What is Adjusted Comparable Store Sales Growth?

• Calculated using net revenue at the point of sale

• Sales are adjusted for managed care insurance collection estimates

• Excludes the impact of unearned and deferred revenue

  Why use Adjusted Comparable Store Sales Growth?

• Provides a clear view of the Company's current

  operating performance

• Shifts in unearned revenue are difficult to predict and related to short-term customer behavior

• Used by management to assess business performance and

  is the basis for store-level business performance

• Consistently applied methodology

  Adjusted Comparable Store Sales Growth consistently lower than total comparable store sales growth

• Company provides total comparable store sales growth measured on GAAP revenue

• Adjusted measure has been lower than or equal to GAAP measure in 9 of last 16 quarters due to unearned revenue

• Total comparable store sales growth based on GAAP

revenue was not calculated prior to 2017 IPO

29

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