The G4 segment includes GrandVision's four largest business units: (i) the Netherlands and Belgium; (ii) France, Luxembourg and Monaco; (iii) Germany and Austria; and (iv) the United Kingdom, Ireland including franchises in several Middle Eastern countries. The G4 business units manage retail banners with own and franchise stores across these countries. Within the segment, GrandVision has market leading positions in Austria, Belgium and the Netherlands, and number 2 or 3 positions in France, Germany and the United Kingdom.

As of the end of 2016, the G4 segment operated a network of 3,020 stores, an increase from 2,990 stores in 2015. Key banners in the G4 segment include Apollo Optik in Germany with 815 stores, Pearle in Austria, Belgium and the Netherlands with 626 stores, Générale d'Optique in France with 584 stores and Vision Express in the UK, Ireland and Middle East with 418 stores.


In the G4 segment, revenue increased by 0.1% to €1,969 million in 2016 including a negative effect of 2.5% from a weaker British pound against the euro. At constant exchange rates, revenue growth was 2.6% with organic growth of 2.1% and a positive acquisition impact of 0.5%. Comparable growth for the segment was 1.5% . All business units delivered revenue and comparable growth.

Adjusted EBITDA

In 2016, adjusted EBITDA in the G4 segment increased by 5.0% to €423 million (FY15: €402 million) or 6.8% excluding the devaluation of the British pound. The adjusted EBITDA margin increased by 100 bps to 21.5% in 2016 (FY15: 20.4%), benefiting from efficiency gains from the continued roll-out of our global capabilities as well as a higher share of Exclusive Brand frames in the sales mix.