G4

The G4 segment includes GrandVision's four largest business units: (i) the Netherlands and Belgium; (ii) France, Spain, Luxembourg and Monaco (excluding the Solaris sunglass stores in France and Monaco, which are part of the Other Europe segment); (iii) Germany and Austria; and (iv) the United Kingdom, Ireland and the 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 2015, the G4 segment operated a network of 3,033 stores, an increase from 2,979 stores in 2014. Key banners in the G4 segment include Apollo Optik in Germany with 801 stores, Pearle in Austria, Belgium and the Netherlands with 609 stores, Générale d'Optique in France with 548 stores and Vision Express in the UK, Ireland and Middle East with 417 stores.

Revenue

In the G4 segment, revenue increased by 8.6% to €1,976 million in 2015 including a positive effect of 2.4% from a stronger British pound against the euro. At constant exchange rates, revenue growth was 6.1% and organic growth was 4.9%, the positive acquisition impact was 1.3%. Comparable growth for the segment of 4.1% was driven by high single digit growth in Austria, Germany and Spain, and low to mid single digit growth in the other G4 countries.

Adjusted EBITDA

Adjusted EBITDA in the G4 segment increased by 10.1% to €401 million in 2015 (2014: €364 million). The adjusted EBITDA margin increased by 28 bps to 20.3% in 2015 (2014: 20.0%), benefiting from a combination of improved operating leverage through comparable growth and the further roll-out of our global capabilities.