Registration number: 01721624

Specsavers Optical Superstores Limited

Report and consolidated financial statements

Contents

Specsavers Optical Superstores Limited

Report and consolidated financial statements

Company information

Specsavers Optical Superstores Limited

Strategic report for the year ended 28 February 2026

The directors present their strategic report for the year ended 28 February 2026.

For the purposes of this report and the financial statements:

• Specsavers shall mean the company's ultimate parent Specsavers International Healthcare Limited (SIHL) and its subsidiaries;
• SEB shall mean the Specsavers Executive Board, the main executive leadership forum in Specsavers, to whom the Board of Directors of SIHL has delegated responsibility for creating and delivering the overall business strategy for Specsavers;
• Group Board shall mean the board of directors of Specsavers Optical Superstores Limited (SOS); and
• Group shall mean SOS and its subsidiaries.

Principal activity

The principal activity of the group is to act as a retailer of optical and audiology products and provider of related support services in the main retail territories in which Specsavers operates, being UK, ROI, Australia, New Zealand, Denmark, Finland, the Netherlands, Norway and Sweden; and as a manufacturer, distributor and wholesaler of optical products for Specsavers in the UK and Europe.

Fair review of the business

The SEB have tracked the performance of the business closely throughout the year and are pleased with the overall results and remain confident in the ongoing performance of Specsavers. The core financial fundamentals in all our established businesses remain strong across Europe, Australia and New Zealand and continue to provide the platform for further investment across Specsavers.

Group turnover has increased by 7% as we continue to attract customers to the brand despite a challenging macro-economic landscape. Operating profit of £421.3m is an increase from £326.9m last year; and resulted in an operating margin of 9.9% (2025: 8.2%). The SEB are pleased with the continued growth of the business from a turnover and operating profit perspective. The SEB believe that this is a consequence of our commitment to continue to focus on offering all our customers high quality service and product at competitive prices that represent exceptional value. The increase in operating margin has been driven by our internal “Smarter Working” business objective - where we have encouraged our teams to focus on continuing to deliver high levels of customer service and quality, whilst striving to keep costs flat and reduce any non-value add activities, protecting margin and setting the business up for success in the long-term. Our strong financial performance means that the business remains well positioned to support our future growth ambitions and to deliver on our overall organisation purpose of changing lives through better sight and hearing.

The business is conscious that whilst our financial performance remains strong, there are potential headwinds that need to be factored in to our business plans. In particular, movements in foreign exchange rates and inflation will continue to present both challenge and opportunity and our regional plans are constantly being reviewed and updated to respond to changing market forces. The SEB continues to uphold its previous commitment to absorb inflationary price increases where possible, and to avoid passing increased costs on to our customers, enabling us to continue to support them through these challenging economic times.

The Group has enhanced an already strong balance sheet position with net assets of £506.2m (2025: £422.2m); cash and cash equivalents of £358.2m (2025: £294.2m) and continues to have no external borrowings.

Specsavers Optical Superstores Limited

Strategic report for the year ended 28 February 2026 (continued)

The increase in cash and cash equivalents, after the effect of exchange rate fluctuations on cash held, of £63.9m (2025: £48.5m) is driven primarily by increased cashflows from operating activities, along with reduced capital expenditure compared to 2025.

Financial key performance indicators

Turnover on wholesale and support services
The directors consider turnover in relation to product sales and retail support services to be a key metric for reflecting the overall success of the group's retail operations. This metric has been discussed in the 'Fair review of the business' section above.

Operating profit margin
Operating profit measures the profit achieved on the group's profit-generating activities, after taking account of the total operating costs incurred, before finance costs and taxation. The margin is calculated by taking operating profit and dividing it by turnover. This metric has been discussed in the 'Fair review of the business' section above.

Current ratio
Current ratio measures the liquidity of the group and is a key indicator of its ability to meet its ongoing commitments. It is calculated by dividing current assets by current liabilities.

The group achieved a current ratio of 1.2 (2025:1.1) which is in line with the Group Board's expectations, which are that this KPI should maintain a minimum level of 1. This demonstrates that the group continues to have the ability to meet its commitments as they fall due.

Specsavers Optical Superstores Limited

Strategic report for the year ended 28 February 2026 (continued)

Principal risks and uncertainties

The Group Board is responsible for the risk profile of the group and has considered the requirements of Section 414C of the Companies Act 2006 (as amended).

The SEB recognises the role effective risk management plays in the achievement of our strategic and operational ambitions and the long-term success of our business. Our integrated risk management framework outlines our approach to identifying, assessing and managing risk, ensuring the SEB maintains a clear understanding of the group’s risk landscape and the effectiveness of risk management across the business.

The Group Board retains accountability for the oversight of principal and emerging risks, supported by the group Audit and Risk Committee (ARC), which monitors the effectiveness of internal controls and risk management activities. The ARC oversees, on behalf of the Group Board, a structured programme covering financial reporting, internal controls, governance and compliance, informed by regular reporting and assurance across key risk areas.

This integrated approach, supported by the Three Lines of Defence model and established governance structures, provides visibility of risk trends and assurance over the effectiveness of the group’s control environment, with key matters escalated to the Group Board as appropriate.

(a) Risk management process

The Group Board is accountable for overseeing the effectiveness of risk management including reviewing the processes in place to identify, assess and manage risk.

(i) Identifying our risks

We start with our strategic ambitions and consider internally and externally what might stop us achieving these within the forthcoming five-year time horizon. This approach combines a ‘top-down’ strategic view and a ‘bottom-up’ operational assessment of the risks, enabling a three-dimensional view. A series of discussions are held with SEB members individually as well as collectively considering the risk landscape to agree upon the Principal and Emerging Risk Assessment (PERA).

Our regional and group functional leadership teams are responsible for the day-to-day identification and management of their risks. Workshops and individual meetings are held to assist in the identification of new and emerging risks, changes to risk landscape and escalation where appropriate. The outputs feed into an annual deep dive assessment of the key risks they face.
 

Specsavers Optical Superstores Limited

Strategic report for the year ended 28 February 2026 (continued)

(ii) Assessing our risks

To assess the risks, we consider the potential financial; reputational; regulatory; and operational impacts and the likelihood of each risk materialising given the existing controls in place. The movement and outlook of the risk is also assessed and any changes to the threat level are agreed. This enables us to review the effectiveness of response strategies and the extent to which additional controls may or may not be required.

(iii) Managing our risks

The Group Board is accountable for the appropriate oversight of the management of the principal risks and actively set response strategies and objectives to monitor and mitigate the potential impacts. Regional and group function leadership teams are responsible for providing appropriate actions to manage local risks and have monitoring procedures to verify that the controls are operating effectively with regular reporting to the ARC.

(b) Principal Risks

The principal risks represent the most significant threats facing the business. Ownership for these risks and accountability for their mitigation resides with one or more SEB members.

Principal risks are reviewed at least on a bi-annual basis. Following the latest review, the overall principal risk landscape remains broadly consistent however, the nature of change facing the business has continued to evolve. In particular, the ‘Business Change’ risk has been updated to ‘Business Change and Transformation’ to reflect the delivery and embedding of major enterprise programmes now underway. Other adjustments reflect changes in the internal and external operating landscape.

Sustainability related risks continue to be a key consideration for the group, however, reflecting the increasing integration of environmental, social and governance factors across the business, these risks are now embedded within a number of principal risks, including Supply Chain Resilience and Regulatory Compliance, rather than being disclosed as a standalone principal risk.
 

Specsavers Optical Superstores Limited

Strategic report for the year ended 28 February 2026 (continued)

‘Partnership’ risk and ‘Maintaining External Funding for Customers’ have been promoted to principal risks during the year, having been identified through earlier PERA reviews as areas of increasing importance. Their elevation reflects the continued development in both the potential impact and likelihood of these risks, including the increasing importance of Partner engagement and alignment, and the growing pressures on externally funded healthcare systems.

Last year, a specific aspect of ‘Our People’ was also reflected within emerging risks. As the group’s risk framework has evolved, these elements are now more appropriately captured within the principal ‘Our People’ risk and other emerging risks, and are therefore no longer presented separately.

We believe the greatest risks facing the business remain:
• Technology
• Cyber and data security
• Cost pressures

Key - Risk Movement
↑ Increased
↔ No change
↓ Decreased

↔ Technology
We have major programmes underway to modernise and strengthen our technology landscape, including the delivery and embedding of enterprise wide platforms that are critical to enabling our future operating model. As use of interconnected, cloud-based systems and a finite pool of specialist capability increases, effective prioritisation, coordination and resilience of these programmes remains essential.

Risk movement - No change
We continue to monitor and manage this risk closely through delivery of our roadmap and governance arrangements. This risk is considered one of our top three risks.

How we manage this risk
• An organisation-wide technology roadmap is in place to modernise our systems and support future business needs.
• Delivery of the roadmap is overseen through established governance arrangements that support prioritisation and coordination.

Specsavers Optical Superstores Limited

Strategic report for the year ended 28 February 2026 (continued)

↔ Cyber and Data Security
Falling victim to increasingly sophisticated cyber attacks and/or data security breaches could result in disruption to our operations, impacting customer trust, profitability and our reputation. As our reliance on digital platforms, data and interconnected systems continues to evolve, maintaining strong cyber resilience remains a key priority for the group.

Risk movement - No change
Cyber risk remains elevated given the external threat landscape; however, continued focus on strengthening governance, resilience and preparedness supports the current assessment of this risk. This risk is considered one of our top three risks.

How we manage this risk
• Cyber security continues to receive SEB level sponsorship and regular reporting is in place.
• Significant investment has been committed to improving our resilience against cyber-crime.
• The Information Security function continues to deliver the agreed multi-year Cyber Security programme, continuously improving cyber risk mitigation.
• We work with security partners to evaluate and review new cyber threats and implement appropriate risk response strategies.

↔ Cost Pressures
The macro economic environment continues to present ongoing cost pressures across the group, including inflation in wages, utilities and supplier costs, alongside increasing regulatory and funding pressures in key markets. These factors may impact customer behaviour, partner profitability and overall business performance, particularly where cost increases are not fully offset through pricing or efficiency measures. Sustained focus is required to manage these pressures effectively while maintaining value for customers and supporting partner and group profitability.

Risk movement - No change
While overall conditions have stabilised relative to recent peaks, cost pressures remain a key challenge across the business, particularly at a store level. Continued monitoring and active management support the current assessment of this risk. This risk is considered one of our top three risks.

How we manage this risk
• Commercial and operational teams closely monitor economic trends and performance indicators to inform pricing, planning and cost management decisions.
• Efficiency and cost control programmes are in place across the group, with ongoing focus on improving productivity and supporting sustainable profitability.
• Governance structures support oversight of financial performance, enabling timely response to changes in the external environment.

Specsavers Optical Superstores Limited

Strategic report for the year ended 28 February 2026 (continued)

↔ Business Change and Transformation (previously Business Change)
To deliver our strategic ambitions, the group is undertaking significant enterprise wide transformation activity. The successful delivery and embedding of these programmes is critical to enabling our future operating model and achieving expected business outcomes. Failure to effectively prioritise, coordinate and implement this activity, or to realise the intended benefits, could impact operational performance, financial results and the achievement of our strategic objectives.

Risk movement - No change
The strategic direction remains clear however, the delivery and embedding of transformation activity introduces a degree of uncertainty as new processes and ways of working become established. Continued focus on prioritisation, governance and execution supports the current assessment of this risk.

How we manage this risk
• Transformation activity is aligned to the group’s strategic framework, with defined priorities and clear objectives.
• Governance and oversight arrangements are in place to support effective prioritisation, coordination and delivery across the portfolio of programmes.
• Regular monitoring and reporting enable progress to be tracked and support timely decision making where risks to delivery or benefits realisation arise.

↔ Disruptive Market Forces
We continue to see significant changes in our operating landscape, with the pace of innovation accelerating across areas such as eCommerce, digital ecosystems, artificial intelligence and emerging product technologies. As new entrants and technologies move towards commercial readiness, customer expectations and competitive dynamics are evolving at pace.
Failure to anticipate, respond to, and effectively scale innovation in line with these developments could adversely impact our operating model, customer proposition, market position and long-term profitability.

Risk movement - No change
The pace and nature of market disruption continues to evolve rapidly, driven by increasing innovation, technological advancement and competitor activity. While these pressures are intensifying, the group has strengthened its ability to monitor, assess and respond through established strategic initiatives and governance. As a result, the overall risk assessment remains unchanged, with continued focus required to ensure we maintain pace with market developments and evolving customer expectations.

How we manage this risk
• Our long-term strategic framework is supported by global programmes and regional initiatives to respond to evolving customer needs and market trends.
• Governance structures are in place to oversee delivery and ensure effective prioritisation of innovation and investment.
• We actively monitor emerging technologies, product developments and competitor activity to inform decision making and strategic response.
• Regional teams retain flexibility to adapt local strategies, enabling agility in responding to changing market conditions.

Specsavers Optical Superstores Limited

Strategic report for the year ended 28 February 2026 (continued)

↔ Competition
The competitive landscape continues to evolve at pace, driven by technological advancement, innovation and increasing investment from both established competitors and new entrants. Emerging product developments and digital capabilities are expected to reach commercial scale in the near term, alongside more aggressive and less predictable competitor behaviour. Failure to evolve our offering and delivery model in line with customer expectations, could impact our competitiveness, customer outcomes and financial performance over time.

Risk movement - No change
We continue to monitor activity across all markets and have the ability to adapt local strategies. While competitive intensity and innovation continue to increase, we are performing well across markets and continue to execute our strategies effectively, supporting the current assessment of this risk.

How we manage this risk
• Customer trends and market developments are continuously monitored across all regions to ensure our offering evolves in line with changing customer behaviours and expectations.
• Performance and customer insight metrics are reviewed regularly at SEB and regional board level to inform strategic decision-making.
• Regional teams have the flexibility and autonomy to develop and adapt local strategies, enabling a timely and effective response to competitor activity.

↔ Our People
Our colleagues and partners are critical to the success of our business. As the group continues to deliver its strategic ambitions, including ongoing transformation activity, sustained demands are placed on capacity, capability and ways of working. Inability to attract, engage, retain and develop colleagues and partners with the appropriate skills and capabilities could impact our ability to deliver our strategic objectives.

Risk movement - No change
The Group continues to operate in a challenging people environment, with sustained focus required on attracting, retaining and developing colleagues and partners. While pressures remain, particularly in the context of ongoing transformation and evolving workforce expectations, the overall risk remains consistent with the prior year.

How we manage this risk
• We regularly gather colleague feedback, including through our Great Place to Work survey, where the group has been recognised as one of the World’s Best Workplaces, ranking 12th globally.
• We continue to invest in attracting, developing and retaining talent, supported by our global People strategy and ongoing focus on building future-ready capabilities.
• Initiatives are in place to support colleague wellbeing, engagement and performance, particularly in the context of ongoing change and evolving ways of working.
• Regular review of our employee value proposition and leadership capability ensures we remain an attractive, effective and resilient organisation across our markets.

Specsavers Optical Superstores Limited

Strategic report for the year ended 28 February 2026 (continued)

Partnership (New - previously Emerging Risk)
Our Partners are fundamental to the success of our business model. During a period of significant transformation, ongoing cost pressures and evolving customer expectations, there is a risk that we do not effectively engage, support and align our Partners to deliver our strategy.

Risk movement - Promotion from Emerging to Principal Risk
The promotion from an emerging to a principal risk is driven by the scale of transformation across the business, ongoing external pressures including cost inflation, and the increasing importance of maintaining strong alignment and engagement with our Partners to support delivery of our strategy.

How we manage this risk
• Strengthening Partner engagement through regular forums, seminars and structured communication channels.
• Aligning strategic priorities through the Long-Term Framework to provide clarity and direction to the Partnership.
• Investing in Partner capability and development to support delivery of a more digital and blended business model.
• Maintaining regular feedback mechanisms to capture Partner insight and inform decision-making.
• Ensuring continued focus on building trust and strong relationships between group and the Partnership.

↔ Supply Chain Resilience
Disruption to the continuity and ability to supply because of exposure to adverse events such as geopolitical instability, regulatory change or supplier disruption may impact our ability to fulfil customer orders.

Risk movement - No change
The external environment continues to present challenges to global supply chains, including ongoing geopolitical uncertainty, regulatory change and cost pressures. While these factors have increased complexity and require continued focus, the group is strengthening its resilience through diversification and active management of its supplier base, supporting the current assessment of this risk.

How we manage this risk
• Continuous monitoring of stock, capacity and logistics supports our ability to respond to disruption and maintain continuity of supply.
• Ongoing diversification of sourcing and supply routes aims to reduce dependency and improve resilience across the network.
• We actively manage and review our supplier base, including financial strength, operational capability and ethical and environmental standards.
• Resilience strategies in place across our global supply chain operations.

Specsavers Optical Superstores Limited

Strategic report for the year ended 28 February 2026 (continued)

Maintaining External Funding for Customers (New - previously Emerging Risk)
Changes in external healthcare funding, including government and insurance models, may impact customers’ ability to access funded care and influence demand patterns. Increasing pressure on publicly funded healthcare systems and evolving commissioning and reimbursement approaches may affect activity levels, pricing and growth across certain markets. In markets where funded healthcare plays an important role, these dynamics may impact revenue, profitability and growth.

Risk movement - Promotion from Emerging to Principal Risk
External funding pressures have increased over the year, particularly within publicly funded healthcare systems, where budget constraints and changing commissioning priorities are impacting activity levels and growth expectations. Given the increased likelihood and speed of impact, and the increasing relevance and potential impact of these dynamics, this risk has been elevated from the Emerging Risk register to the Principal Risk register.

How we manage this risk
• We actively engage with regulators, commissioners and professional bodies to maintain strong relationships and to discuss funding and policy decisions.
• We continue to develop and expand our service offering to diversify revenue streams and reduce concentration within individual funding pathways.
• Processes are in place to support compliance, data quality and evidence of clinical and economic outcomes to strengthen our position in funding discussions.
• We monitor funding developments and commissioning changes across markets, enabling timely response and adaptation of our operating model and commercial approach.

↔ Regulatory Compliance
Our existing global operations are subject to an increasingly broad and evolving range of laws and regulations. Our continued growth, expansion of clinical services and adoption of new technologies may expose the group to new and more complex regulatory requirements. Material non-compliance could result in financial penalties, operational disruption and damage to our reputation.

Risk movement - No change
Changes to regulatory environment continue to evolve at pace. The business has adopted global processes to provide early identification of such changes so appropriate mitigation can take place. The regulatory environment continues to evolve at pace across our markets. While the breadth and complexity of regulation is increasing, established processes, governance and horizon scanning support early identification and management of change.

How we manage this risk
• We have strong and well-established group and regional legal and compliance teams in place.
• Proactive horizon scanning is embedded across our territories to identify new regulations or changes to existing requirements.
• Training programmes and policies are in place to support understanding and compliance across the group.

Specsavers Optical Superstores Limited

Strategic report for the year ended 28 February 2026 (continued)

↔ Reputation and Trust
Our reputation and brand are integral to our success, and we strive to conduct and operate our business in line with our values and customer expectations. Failure to conduct our business in line with our commitments could damage our reputation and impact the delivery of our strategic ambitions.

Risk movement - No change
Specsavers continues to be a well-known and trusted brand with embedded values and behaviours throughout the global organisation.

How we manage this risk
• Monitoring of brand and stakeholder views is regularly undertaken and reported to the SEB.
• Incident management processes are established with tools and training completed.
• We have defined supplier standards with established due diligence arrangements to ensure our suppliers meet our expectations.

(c) Emerging risks

As part of our risk management process, we include the identification and monitoring of emerging risks and associated opportunities they may present. An emerging risk is defined as a risk where the nature or impact is not yet fully understood or where the potential impact is expected over a longer-term time horizon.

Emerging risks are identified throughout our Regions and Functions and are monitored by the SEB.
The current key emerging risks are set out below:

(i) Black Swan Event

Black Swan events are rare, unpredictable events that can cause significant disruption to the external environment. These may affect customer demand, supply chains, workforce availability or regulatory conditions. While inherently uncertain, such events may impact business performance and require a coordinated response.

(ii) Geopolitical Instability

Ongoing geopolitical tensions, economic uncertainty and increasing interconnectivity between global markets continue to shape the external environment. This may impact consumer confidence, cost structures, supply chains and regulatory environments across our markets, requiring increased agility and responsiveness.

(iii) Our Sourcing Approach

We make significant use of global sourcing, particularly from Asia. Ongoing geopolitical, regulatory and trade developments may impact sourcing stability, cost and flexibility. Ensuring a balanced, diversified and resilient sourcing strategy remains important as global conditions continue to evolve.

Specsavers Optical Superstores Limited

Strategic report for the year ended 28 February 2026 (continued)

(iv) Third Party Dependencies

The group relies on a wide range of third parties to support critical business operations. As these relationships become more complex and strategically important, there is increased exposure to disruption, performance variability and concentration risk if key suppliers or service providers fail to deliver as expected.

(v) Enterprise Artificial Intelligence (AI)

Rapid advancements in artificial intelligence are reshaping how organisations operate, make decisions and deliver services. While AI presents significant opportunities to enhance productivity and customer experience, failure to adopt and integrate these technologies effectively, or to manage associated risks such as data privacy and security, could impact competitiveness and operational resilience.

(vi) Innovative Mindset

The pace of technological and market innovation continues to accelerate, requiring organisations to continually adapt their capabilities, ways of working and mindset. Failure to respond effectively to changing customer expectations, emerging technologies and new ways of delivering services could impact long-term competitiveness and growth.

(vii) Contagious Diseases

The potential emergence of a significant global health event remains an inherent uncertainty. Such an event could disrupt operations, supply chains and demand patterns across markets. While preparedness and resilience have strengthened, the long-term nature and impact of such risks remain difficult to predict.

(viii) Senior Leadership Succession

Insufficient planning and visibility over succession across senior leadership roles may impact continuity, capability and delivery of strategic objectives over time. As the group evolves, ensuring a strong and diverse pipeline of future leaders, with the necessary skills and experience, is critical to maintaining organisational effectiveness and supporting long-term growth.

Specsavers Optical Superstores Limited

Strategic report for the year ended 28 February 2026 (continued)

Section 172(1) statement

The Companies Act 2006 requires company directors to state how they have had regard to the matters set out in section 172(1)(a) to (f) of the Companies Act 2006 when performing their duties under section 172. These are as follows:
(a) the likely consequences of any decision in the long term,
(b) the interests of the company's employees,
(c) the need to foster the company's business relationships with suppliers, customers and others,
(d) the impact of the company's operations on the community and the environment,
(e) the desirability of the company maintaining a reputation for high standards of business conduct,
and
(f) the need to act fairly as between members of the company.

The consideration given to each of these matters is set out below. For more information, please refer to the community and corporate responsibility section of our website at:
www.specsavers.co.uk/news-and-information/community

This statement is published on our website at: specsavers.co.uk/news-and-information/section-172-1-statement

(a) Long term decision making

The Specsavers Long-Term Framework underpins all strategic decisions taken by the SEB and this will be used to set the direction for the business until 2030.

Throughout the year, our overall purpose to change lives through better sight and hearing has remained unchanged.

Specsavers Optical Superstores Limited

Strategic report for the year ended 28 February 2026 (continued)

(b) Consideration of employee interests

Each of our people - no matter their role, background, skills or experience - has a part to play in achieving our purpose of changing lives through better sight and hearing. Championing this is hugely important to us, across everything we do, as we inspire and empower our strong global family to be at their very best.

Our success comes from the way we treat each other, live our values, and work together to make Specsavers somewhere everyone feels welcome. Genuine care and inclusion, and personal and professional growth, are at the heart of this ethos - ensuring that our people have the resources and capabilities they need to thrive not only today, but in the ever-changing world of tomorrow.

We’re proud of our long-standing collaboration with Great Place To Work® (GPTW), the leading global authority on workplace culture. We conduct annual surveys for all our people, and combine these insights with GPTW’s decades of expertise, to continue evolving our world-class colleague experience.

We were again certified as a great place to work in every country in which we operate and we continued to enjoy exceptional success in national, regional and global Best Workplaces™ listings, as reflected in our latest results.

We use feedback from our GPTW surveys to make Specsavers an even better place to work - taking broad actions at regional and functional levels, while supporting leaders and managers to develop plans and create targeted change within their teams.

‘Great Space to Work’ is just one initiative realised in direct response to survey feedback. Designed to evolve and enhance our support office environments, the project has so far seen major investments in our Nottingham and Guernsey offices, and Melbourne is soon to follow. Work lounges, open-plan collaboration areas and canteen facilities are among the new features, along with a range of wellbeing spaces focused on rejuvenation and reflection.

GPTW forms just one part of our continuous listening culture, ensuring our people’s voices shape meaningful change all year round. We support and empower partners, leaders and managers to have great conversations with their teams, and facilitate listening groups, interactive townhall events and development days, so everyone has consistent opportunities to have their say.

Specsavers Optical Superstores Limited

Strategic report for the year ended 28 February 2026 (continued)

(c) Fostering business relationships with customers, partners and suppliers

(i) Customers

From the beginning, our ambition has been to make a difference to people’s lives, and ensure that expert care and high-quality products are available to all.

We’re dedicated to delivering world-class services and products, with an emphasis on accessibility and value. But delivering this doesn’t mean standing still. We’re continually improving and enhancing what we do, responding to evolving customer expectations - from investing in the latest equipment, technology and store designs, to making it easier than ever for people to access our services in the ways that best suit them.

We know that simplicity, convenience, and personalised care are ever-more important to our customers, in a world where hybrid digital and in-person journeys are expected. We’re evolving the services we offer, and the ways in which we deliver them - transforming and modernising the customer journey to meet changing expectations, while making sure our colleagues have the time and tools to provide the high-quality care and service we’re known for.

This multi-year global transformation will blend in-store and digital journeys, making care easier, faster and more personal for customers, and simplifying how colleagues work with smarter systems, processes, data and technology.

We’ve made significant progress over the past year by preparing to introduce a new retail platform, including the rollout of our new practice management system in the Netherlands. Customers will benefit from the imminent launch of our first-ever globally consistent online store front, giving them greater clarity and confidence in purchasing online. Meanwhile, many colleagues will have access to better data and more modern tools, removing complexity from their roles.

Our new retail platform will give us the foundations to introduce truly blended customer journeys in the second phase of our programme. With valuable input from our partners, we also agreed the scope and began the design of the blended online and in-store experience.

While this will take several years to roll out, it will be the most significant phase in our transformation. Our global priority remains clear: to deliver a seamless, personalised, end-to-end experience for every customer, everywhere we operate, while making life simpler for colleagues in store and beyond.

Specsavers Optical Superstores Limited

Strategic report for the year ended 28 February 2026 (continued)

(ii) Partners

At Specsavers, we often say that partnership is our ‘secret sauce’. Bringing together highly-skilled clinicians and retailers across optometry, audiology and ophthalmology, our bespoke joint venture model is the driving force behind our strategy and success - and continuing to nurture and evolve it is one of our most important priorities.

To ensure our partners have the backing they need to keep changing lives, we maintain a broad, highly-skilled support infrastructure, with more than 4,000 colleagues providing world-class expertise in everything from marketing to operational efficiency.

Providing meaningful professional development for current and future partners supports them to lead thriving, sustainable businesses in their communities. We tailor this learning in each region, ensuring local relevance within a globally consistent framework.

As we continue to expand and evolve our services, welcoming new partners is of critical importance. Pathway, our in-house development programme, guides our next generation of store leaders through every stage of their journey to business ownership, with existing colleagues and external entrants alike benefiting from its comprehensive framework of learning and personalised support.
For partners not quite ready to take the next step, we offer various bespoke approaches to continue their development along this path, or towards leadership more broadly.

We’re committed to ensuring our partners have meaningful opportunities to play an active role not just in their own businesses, but in the ongoing overall success of our organisation - and we maintain a range of networks to facilitate this collaboration.

To help us better understand how our partners feel about running their businesses, and what we can do differently to further improve their experiences, we hold annual partner satisfaction surveys. Independently run by leading experts in franchising and joint venture partnerships, these provide an invaluable health-check of the relationships that sit at the very heart of our business.

79% of partners globally took part in the 2025 surveys, which saw some excellent results. These surveys provide essential insight to ensure ongoing improvements in areas such as partner wellbeing through support and development, the impact and effectiveness of the support services we provide and shaping how we engage and listen to partners’ views. Satisfaction scores increased across each of the six sentiment dimensions, and were above the sector benchmark.

Connection, collaboration and consultation are fundamental components of the Specsavers partnership. Our regional seminars provide fantastic opportunities for partners to come together and hear first-hand about future plans, through engaging presentations and interactive exhibitions. These events are complemented by regular communications meetings, both in-person and online, to continually share insights, recognise achievements and look ahead to key initiatives.

Specsavers Optical Superstores Limited

Strategic report for the year ended 28 February 2026 (continued)

(iii) Suppliers

Understanding where our products, services, technology and equipment are sourced and made, as well as the risks and the opportunities across our operations, is an essential part of our due diligence. We have strong, long-term relationships with our suppliers, and we work together to ensure those in our supply chain are treated fairly, with dignity and respect. Our regular audits and robust processes aim to ensure that neither bribery and corruption nor slavery and human trafficking exist in our supply chain.

During the last year we held a global supplier conference on various topics relating to sustainability, one of which was key deliverables on ethics. We implemented a revised due diligence process for our Buying teams, underpinning our commitment to protect workers in our supply chain, and we increased the number of the suppliers connected to our SEDEX ethical and environmental data platform, covering 70% of our goods for resale tier 1 suppliers. This supports us to report more transparently on our suppliers’ performance, identify risks with greater accuracy, and focus our efforts accordingly.

Over the last two years, 107 supplier sites have taken part in independent third-party social and environmental audits. Where non-compliances are found, we work closely with suppliers to resolve and improve standards, so workers are protected and environmental impacts are addressed. As a result, we’re seeing significant improvements in the correction of non-compliances within a shorter timeframe.

(d) Community and environmental impact

(i) Community

We believe healthcare is a basic human right, not a privilege, which is why we’re always working to make quality, affordable eyecare and hearing care accessible, supporting those who may face barriers to access. We’re dedicated to making a positive impact by integrating into local communities, while creating social value by leveraging our industry influence, geographical presence, skills and resources.

Over the past year, we were involved in several activities in aid of regional, national and international causes. Our stores also support a multitude of important local projects. From community-led fundraising to international partnerships, we’re proud of the difference we make.

Specsavers Optical Superstores Limited

Strategic report for the year ended 28 February 2026 (continued)

Here are some other highlights:

The UK and Ireland

Our teams gave more than £1.6 million to charities and good causes, including long-standing support for organisations such as Glaucoma UK, Blind Veterans UK and Carers UK.

Our homelessness programme continues to support people affected by homelessness who face major barriers to accessing essential eye and ear health services. Through our partnerships with Crisis, The Big Issue, Vision Care, Simon Community NI and EveryYouth, we’re aiming to remove those barriers, delivering care where it’s needed and influencing national policy. In 2025, our homelessness programme helped more than 1,300 people receive support through in-store clinics (often outside standard retail hours), alongside pop up services in community charity hubs.

Our stores in Ireland continued their partnership with The Hope Foundation by supporting access to eyecare in Kolkata, India.

Northern Europe

Our Give Sight to Tanzania project is one of our most established community initiatives. Each year, volunteers travel to Tanzania to deliver eye care services. On the most recent trip, our Norwegian team conducted an eye camp to deliver more than 1,400 sight tests and provide essential vision care to local communities. Sweden rejoined the programme last year, hosting an additional eye camp and carrying out more than 1,300 sight tests, further expanding our reach. Together, these efforts enabled us to support 2,700 people, improving vision and enhancing quality of life.

In support of LykkeLiga, a national handball league for children with disabilities, we launched a ‘Selected by’ glasses collection across Denmark curated by their players, donating 250,000 DKK for the community.

We continued working with The Salvation Army in the Netherlands for the sixth consecutive year, donating a proportion of our glasses and hearing aid sales to raise €190,000 for community centres that aid people in need.

Specsavers Optical Superstores Limited

Strategic report for the year ended 28 February 2026 (continued)

Australia and New Zealand

Our teams donated more than A$3 million to various local charities and not-for-profit organisations.

In our 17th year of partnership, we have donated just short of A$12 million in support of The Fred Hollows Foundation, enhancing access to eyecare for Aboriginal, Torres Strait Islander, and Pacific Islander communities.

Our support for The Foundation spans a number of initiatives; most recently launching limited-edition frames in collaboration with Martu man and Martumili artist, Corban Clause Williams in Australia, and with renowned Māori artist Kura Te Waru Rewiriin New Zealand. Combined, almost 23,000 frames were sold in 2025, raising more than A$560,000.

Over the past year, our donations helped The Foundation and its programme partners provide 48,926 eye tests, perform 2,187 eye surgeries and treatments and 4,590 diabetic retinopathy treatments, distribute 8,640 pairs of glasses, and train 83 eye care professionals - as well as enable training or continuing education for 197 healthcare workers.

Through our Kids Go Free programme in New Zealand, our optometrists conducted more than 76,000 free eye tests for children under 16, helping parents to keep track of eye health and take preventative measures.

Specsavers Optical Superstores Limited

Strategic report for the year ended 28 February 2026 (continued)

(ii) Environment

We’re committed to taking responsibility for the impact we have on the planet by improving how we run our business, from the products we source to the stores, support offices and sites we operate.

The Non-financial and sustainability information statement - climate related financial disclosures section of this Strategic Report, provides more information on (1) to (3), below.

(1) Decarbonisation

By reducing our carbon emissions, aligned to science-based targets, we aim to reach net zero carbon across our business by 2050 at the latest, and to achieve a 50% reduction in scope 1 and 2 emissions and a 25% reduction in scope 3 emissions by 2030. We’re continually improving our processes and activities to build resilience against climate change and take meaningful steps to further reduce our environmental footprint.

All operations across Northern Europe, including our manufacturing and distribution site in Hungary, Szatmár, are powered by 100% renewable electricity, as are all the buildings we operate or occupy in Australia.

In addition, a comprehensive LED lighting upgrade at Szatmár cut electricity use by 300,000 kWh annually, and an on-site solar panel installation now generates approximately 500,000 kWh of electricity each year.

Our UK support offices also benefited from energy efficiency upgrades with the installation of almost 500 solar panels at our Guernsey site, and a switch from gas heating systems to electric heat pumps powered by renewable electricity in Nottingham. Based on current modelling, the heat pumps are expected to reduce annual operational carbon emissions by approximately 21tCO2.

To support our calculation of Scope 3 emissions (those generated by suppliers and organisations we work with), we launched a supplier engagement campaign and webinars. The first phase targeted our suppliers with the most material spend, educating on our decarbonisation strategy, calculation methods and reduction opportunities.

(2) Products and materials

We define sustainable materials as those from renewable or recycled sources, that are capable of being recycled or biodegraded at end-of-life under appropriate conditions. We assess these based on supplier data, material testing and recognised third party certifications, supported by established, quality sustainability and supply chain controls.

Across our global frame range, over 44% of our available frame options (a 14% increase on last year) and 80% of our glasses cases currently contain materials that meet our defined sustainability criteria.
We successfully transitioned our standard demo lenses to recycled plastic. This milestone covers over 2,300 SKUs across 34 manufacturers, all now produced using 100% recycled PMMA. Globally, this means more than 26 million demo lenses switching to recycled plastic, significantly reducing our reliance on virgin materials and supporting a more circular approach to product design.

We analysed the results of our optics Life Cycle Assessments (LCA) on key optical products, including frames, ophthalmic lenses and monthly and daily contact lenses. This has given us deeper insight to help prioritise work on our environmental impacts and the choices associated with material and manufacturing processes.

Specsavers Optical Superstores Limited

Strategic report for the year ended 28 February 2026 (continued)

(ii) Environment

We’re committed to taking responsibility for the impact we have on the planet by improving how we run our business, from the products we source to the stores, support offices and sites we operate.

The Non-financial and sustainability information statement - climate related financial disclosures section of this Strategic Report, provides more information on (1) to (3), below.

(1) Decarbonisation

By reducing our carbon emissions, aligned to science-based targets, we aim to reach net zero carbon across our business by 2050 at the latest, and to achieve a 50% reduction in scope 1 and 2 emissions and a 25% reduction in scope 3 emissions by 2030. We’re continually improving our processes and activities to build resilience against climate change and take meaningful steps to further reduce our environmental footprint.

All operations across Northern Europe, including our manufacturing and distribution site in Hungary, Szatmár, are powered by 100% renewable electricity, as are all the buildings we operate or occupy in Australia.

In addition, a comprehensive LED lighting upgrade at Szatmár cut electricity use by 300,000 kWh annually, and an on-site solar panel installation now generates approximately 500,000 kWh of electricity each year.

Our UK support offices also benefited from energy efficiency upgrades with the installation of almost 500 solar panels at our Guernsey site, and a switch from gas heating systems to electric heat pumps powered by renewable electricity in Nottingham. Based on current modelling, the heat pumps are expected to reduce annual operational carbon emissions by approximately 21tCO2.

To support our calculation of Scope 3 emissions (those generated by suppliers and organisations we work with), we launched a supplier engagement campaign and webinars. The first phase targeted our suppliers with the most material spend, educating on our decarbonisation strategy, calculation methods and reduction opportunities.

(2) Products and materials

We define sustainable materials as those from renewable or recycled sources, that are capable of being recycled or biodegraded at end-of-life under appropriate conditions. We assess these based on supplier data, material testing and recognised third party certifications, supported by established, quality sustainability and supply chain controls.

Across our global frame range, over 44% of our available frame options (a 14% increase on last year) and 80% of our glasses cases currently contain materials that meet our defined sustainability criteria.
We successfully transitioned our standard demo lenses to recycled plastic. This milestone covers over 2,300 SKUs across 34 manufacturers, all now produced using 100% recycled PMMA. Globally, this means more than 26 million demo lenses switching to recycled plastic, significantly reducing our reliance on virgin materials and supporting a more circular approach to product design.

We analysed the results of our optics Life Cycle Assessments (LCA) on key optical products, including frames, ophthalmic lenses and monthly and daily contact lenses. This has given us deeper insight to help prioritise work on our environmental impacts and the choices associated with material and manufacturing processes.

Specsavers Optical Superstores Limited

Strategic report for the year ended 28 February 2026 (continued)

(3) Packaging

We introduced a process to recycle backing paper from our labels at manufacturing sites in the UK, aiming to reduce our packaging waste by approximately seven tonnes annually.

A trial involving the use of plant oils in place of crude oil-derived materials in our own-brand contact lens packaging indicated a positive reduction in environmental impact associated with virgin raw materials.

Using advanced auto-sortation robots, we reduced the number of store dispatches from our Kidderminster manufacturing sites by two-thirds. This change eliminated almost 300,000 parcels annually, and decreased the amount of cardboard waste that each store needs to recycle.

(4) Water

Through a targeted programme of operational upgrades, we achieved a 3.56% year-on-year reduction in water use across our UK manufacturing and distribution sites.

By enhancing the efficiency of our ophthalmic lens washing lines, lowering flow rates on hard coating equipment, and streamlining water management in our coating pre etch machinery, we delivered measurable savings in water consumption.

(5) Resource management

We continued end-of-product-life recycling programmes, enabling customers to donate their pre-loved prescription glasses and sunglasses for charitable and environmental causes.

In Australia and New Zealand, we partnered with Opticycle to develop a recycling solution for frames, lenses, contact lens blister packs, and optical manufacturing materials and returns generated through lens production, finishing and product lifecycle activities.

Recycling solutions for glasses are in place across our Northern European region, with the Netherlands and Denmark launching partnerships with TerraCycle® to ensure frames returned from stores, such as discontinued or damaged stock, are recycled responsibly. For hearing aids, in line with the EU Waste Electrical and Electronic Equipment (WEEE) Directive and the Dutch Green Deal, we return customers’ end-of-life products to manufacturers for recycling and certified disposal.

In the UK, MyGroup collect used glasses, contact lenses, frame cases, contact lens packaging and demo lenses from our stores to be reused as new products, repurposing more than 70 tonnes of materials.

We’re also working to reduce operational waste from our stores, including general, recycling and food waste. Across the UK and Ireland, over 320 businesses are now partnered with First Mile to manage and prevent disposing of waste to landfill.

We’re now a proud Network Member of the Ellen MacArthur Foundation, which is committed to the creation of a circular economy that eliminates waste and pollution, circulates products and materials, and regenerates nature, creating an economy that benefits people, business, and the natural world. Joining the Foundation is a big step towards hitting our environmental goals and creating a model where our products and resources get reused and repurposed as much as possible, while continuing to offer great value and life-changing sight and hearing services.

Specsavers Optical Superstores Limited

Strategic report for the year ended 28 February 2026 (continued)

(e) Trading ethically

As highlighted above in sections (b) to (d) of this Section 172(1) statement, we’re committed to being ethical across our business, including striving to create an environment where everyone can bring their best self to work and be inspired by our vision to change lives through better sight and hearing, safeguarding human rights, underpinned by a supply chain that treats people with dignity and respect, understanding where our products are sourced and made, as well as the risks and the opportunities across our operations, and being committed to taking responsibility for the impact our business has on the planet by improving our processes and activities.

(f) Treating all shareholders fairly

The company is 100% owned by Specsavers Optical Group Limited, and Specsavers is beneficially owned by DJD and ML Perkins, both of whom are members of the SEB and SIHL board, as well as the board of the company.

Specsavers Optical Superstores Limited

Strategic report for the year ended 28 February 2026 (continued)

Non-financial and sustainability information statement - climate related financial disclosures

This report has been prepared in line with the group’s obligations to report under The Companies (Strategic Report) Climate-related Financial Disclosure Regulations 2022. This disclosure covers the global operations of the group, including owned operations and relevant activities across our international supply chain, where climate related risks and opportunities may materially affect the business.

Specsavers’ approach to sustainability governance described below is managed at the Specsavers level covering all subsidiaries of SIHL, as a result it applies to the group in its entirety, however not all sites referred to below are owned by the group.

(a) Governance

The governance of climate-related risks and opportunities is integrated into our overarching governance structure and is complementary to the governance of the Specsavers Sustainability Strategy. Ultimate accountability for sustainability is held by our CEO who is also our Chief Sustainability Officer (CSO) and has climate-related responsibilities sitting within various Board and management committees as follows:

 

Specsavers Optical Superstores Limited

Strategic report for the year ended 28 February 2026 (continued)

Specsavers Optical Superstores Limited

Strategic report for the year ended 28 February 2026 (continued)

The above forums are all supported by the Global Sustainability Team, alongside various relevant functions such as Legal, Risk and People. Cross-functional support is governed via specialist forums and working groups. Climate risk and opportunity are monitored at the Planet Forum which occurs every two months, focussed on progress and actions against our Sustainability Strategy and KPI’s, specifically the performance against our scope 1, 2 and 3 emissions.

(b) Strategy

Specsavers recognises the critical importance of identifying and responding to climate related risks and opportunities to support the long-term sustainability and resilience of the business. Specsavers’ approach is informed by the organisation’s broader risk management framework, with climate related scenario modelling and analysis forming a key component of how potential future impacts are assessed.

Climate related risks and opportunities influence several aspects of the group's strategy, including operational continuity, supply chain resilience, product design, energy use, commercial management and financial planning.

In the previous financial year, our climate scenarios were modelled by Willis Towers Watson (WTW), a third-party climate risk specialist, and were based on Representative Concentration Pathways (RCP) designed by the Intergovernmental Panel on Climate Change (IPCC).

For physical risks, including both acute risks (flood, windstorm) and chronic risks (drought, heat stress), a modelling exercise was undertaken for a range of Specsavers assets. This included over 3,000 locations, including global support offices and global manufacturing and distribution sites. Three climate scenarios were modelled; low emissions (<2°C), intermediate emissions (2-3°C) and high emissions (>4°C).

For transition risks, research was combined with data and stakeholder insight. Two low emission scenarios were modelled (<1.5°C and <2°C) and compared with a baseline market expectation scenario (2-3°C, considered business as usual).

In the current financial year, we have progressed our approach to scenario analysis, utilising the Shared Socioeconomic Pathways (SSPs) developed by the IPCC to prompt deeper qualitative scenario exploration. This expanded methodology builds on our prior work and recognises the uncertainties and constraints that accompany current quantitative modelling techniques. The scenarios utilised for the qualitative analysis are:

Specsavers Optical Superstores Limited

Strategic report for the year ended 28 February 2026 (continued)

Specsavers Optical Superstores Limited

Strategic report for the year ended 28 February 2026 (continued)

These scenarios inform decisions relating to business continuity planning, supply chain resilience, energy efficiency investments, onsite renewable installations, and long-term planning for critical sites, while highlighting the significant opportunities a low-carbon transition can create for product innovation, circularity, cost savings and business resilience.

(i) Business resilience:

Low warming scenario:
Under the low warming scenario, macroeconomic pressures are expected to persist in the short to medium term before stabilising around 2035. Stronger climate policies, such as carbon pricing/taxation, will temporarily raise supply chain, operational, fuel, and electricity costs, though energy impacts should lessen over time through renewable procurement, self-generation installations and efficiency measures. Growing customer awareness of climate and sustainability issues is expected to increase demand for low carbon products, creating strategic opportunities for Specsavers. We are on track to meet our 2030 goal for all frames and cases to include materials with biobased or recycled content, based on current verified material sourcing plans.

High warming scenario:
Under the high warming scenario, marked by limited climate policy ambition and slower global decarbonisation, Specsavers anticipates prolonged macroeconomic pressure, weaker transition momentum, and little change in customer demand for sustainable products. Physical climate risks intensify under this pathway, with more frequent and severe extreme weather events expected to disrupt manufacturing, distribution, and supplier networks, leading to delays, reduced operational continuity, and higher input and logistics costs. Fuel and electricity prices are assumed to track current trends, offering minimal relief over time, and collectively these factors may drive higher operating costs, greater supply chain risk, and potential revenue impacts where service delivery is interrupted. Regular climate risk assessments, combined with business continuity planning and supply chain strengthening contribute to business resilience.
 

Specsavers Optical Superstores Limited

Strategic report for the year ended 28 February 2026 (continued)

(c) Risk and Opportunity Management

Approach for identifying climate-related risks and opportunities

Climate-related risks and opportunities are identified and assessed annually in line with the group’s enterprise risk management framework, using internal and external sources (e.g. Double Materiality Assessment, Australia’s National Climate Risk Assessment) and are prioritised based on their potential financial impact, likelihood and time horizon. Risks and opportunities are identified at operational, regional, functional and group level, with findings consolidated into a centrally maintained climate risk and opportunity register.

Material risks are assigned owners and monitored through established governance structures, with escalation to the group ARC and SEB where appropriate.

Impact and likelihood are considered on both an inherent and residual basis, taking current mitigation efforts into consideration.

Risks and opportunities are considered across three time horizons, short-term, medium-term and long-term. These time horizons have been updated since our last disclosure in order to align with other reporting practices across Specsavers:

• Short-term (within 12 months): Risks and opportunities currently emerging or expected to materialise within the current annual planning cycle.
• Medium-term (within five years): Risks and opportunities likely to arise within the next five years.
• Long-term (beyond five years): Risks and opportunities not expected to occur within the next five years, but which may influence Specsavers’ long-term business model, strategy or prospects.

(i) Climate-related risk and opportunity assessment process:

This year, our climate-related risk and opportunity assessment included a slightly expanded scope to include 35 additional supplier locations and focussed on revalidation of the global risk and opportunity results from 2024/25. Our process included:

• Additional risk and opportunity identification utilising internal and external sources, supported by internal data and evidence where possible.
• Updated physical climate risk analysis conducted by WTW to assess vulnerability of assets across own operations and manufacturing, including analysis of 3,000 insured asset sites, and 35 value chain locations.
• Australian deep-dive workshops to enrich our evaluation of climate-related risks - the Australian region is one of our more vulnerable regions from both a physical and transition risk perspective.
• Stakeholder engagement on risks and opportunities - subject matter experts were tasked with an initial review of risk and opportunity scoring.
• Validation workshop to review and, if relevant, update wording and scoring of both physical and transition risks and opportunities previously identified during our 2024/25 assessment.

(ii) Identified material climate-related risks and opportunities

The following climate-related risks and opportunities have been assessed to be material for the Specsavers group:
 

Specsavers Optical Superstores Limited

Strategic report for the year ended 28 February 2026 (continued)

Specsavers Optical Superstores Limited

Strategic report for the year ended 28 February 2026 (continued)

Specsavers Optical Superstores Limited

Strategic report for the year ended 28 February 2026 (continued)

(d) Metrics and Targets

We continually review our climate impact using metrics and targets to ensure that we are providing the information the business and our stakeholders need to effectively monitor our performance and drive progress. The targets described below have been established as they are most relevant to our business and the management of our material climate-related risks and opportunities. We expect these to evolve as we develop our circularity strategy and the associated KPI’s.

(i) Our science-based emissions reduction targets

Related risks/opportunities: Increase in climate-related/sustainability reporting obligations and related regulations e.g. circular economy, EPR (Extended Producer Responsibility).

Our carbon emissions reduction targets are aligned with the relevant methodologies of the SBTi. Our target is to reach net zero carbon emissions across our business by 2050 at the latest and to achieve a 50% reduction in scope 1 and 2 emissions and a 25% reduction in scope 3 emissions by 2030.

(ii) Our sustainable product and materials targets

Related risks/opportunities: Key raw materials will be impacted by decarbonisation efforts in transition scenarios; Shift in customer values and expectations; and Increase in climate-related/sustainability reporting obligations and related regulations e.g. circular economy, EPR.

We use targets to measure the proportion of sustainable materials sourced and used in our products to manage the identified risks from an increasing focus on circular economy and waste management, and shift in customer and consumer preferences. We remain on track to meet our 2030 goal for all frames and cases to include materials with biobased or recycled content, based on current verified materials sourcing plans. In the past year we’ve also completed our Optical Life Cycle Assessment (LCA) and are now a proud network member of the Ellen MacArthur Foundation.

(iii) Our packaging targets

Related risks/opportunities: Key raw materials will be impacted by decarbonisation efforts in transition scenarios; Shift in customer values and expectations; and Increase in climate-related/sustainability reporting obligations and related regulations e.g. circular economy, EPR.

Our packaging goal is to reduce all unnecessary packaging, redesign packaging, and only procure materials from more sustainable sources. As described above in the Section 172(1) statement of this Strategic Report, by 2030 we aim to:
• Reduce the volume of packaging we use by 30%
• Increase the recycled content of our packaging to 30%
• Ensure 100% of our packaging is recyclable
• Sustainably source 100% of our paper and cardboard.

During the financial year, we focused our efforts where we can have the greatest impact - by removing as much plastic from our operations as possible. Over the past year we introduced a process to recycle backing paper from our labels at manufacturing sites in the UK, aiming to reduce our packaging waste by approximately 6.2 tonnes annually. We also conducted a trial involving the use of plant oils in place of crude oil-derived materials in our own brand contact lens packaging, which indicated a positive reduction in environmental impact associated with virgin raw materials.

Specsavers Optical Superstores Limited

Strategic report for the year ended 28 February 2026 (continued)

Engagement with colleagues

The measures undertaken by the group to ensure appropriate colleague engagement are discussed in the directors’ report.

Specsavers Optical Superstores Limited

Directors' report for the year ended 28 February 2026 (continued)

Environmental report

The Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 implement the UK government's policy on Streamlined Energy and Carbon Reporting (SECR). Large UK companies are required to report their UK emissions. As such, this report relates only to the group's UK activities. This data has been prepared in accordance with the guidelines of the Greenhouse Gas (GHG) Protocol Corporate Standard to meet the mandatory reporting requirements for unquoted large companies under SECR. Specsavers Optical Superstores Limited are reporting upon all the required fuel sources as per SECR requirements. The data is for the period 01/03/2025 to 28/02/2026 in line with the financial year of the group.

For the financial year we have employed an operational control approach to determine the boundaries of our impact. Therefore, in our Scope 1 and Scope 2 calculations, we have included energy consumption for our facilities as well as the fuel use of vehicles under the group’s operational control.

For Scope 3, we have included transport fuels where the group are responsible for purchasing the fuel indirectly including expensed fuel for business travel in non-owned company cars.
 

Page 41