National Vision Holdings, Inc.

5. Fair Value Measurement

Recurring fair value measurements

Convertible Promissory Note

On December 17, 2024, the Company purchased $1.3 million principal amount of a convertible promissory note issued by a private company. During the nine months ended September 27, 2025, the Company purchased an additional $1.2 million in the same instrument. As of September 27, 2025, we estimated the fair value of the convertible promissory note to be $2.5 million. Refer to Note 1. “Description of Business and Basis of Presentation” and Note 11. “Subsequent Events” for more information on the investments in this entity.

Non-recurring fair value measurements

We recognizedno impairment charges during the three months ended September 27, 2025 and $0.5 million during the nine months ended September 27, 2025, primarily related to tangible long-lived assets and ROU assets associated with our retail stores. We recognized $13.7 million and $17.7 million during the three and nine months ended September 28, 2024, respectively, primarily related to the Fred Meyer contracts and relationships intangible asset and tangible long-lived assets and ROU assets associated with our retail stores. A decrease in the estimated cash flows would lead to a lower fair value measurement, as would an increase in the discount rate. These non-recurring fair value measurements are classified as Level 3 measurements in the fair value hierarchy.

Long-lived Store and ROU Store Assets

The cash flows used in estimating fair value were discounted using a market rate of 10.5% during the nine months ended September 27, 2025 and 11.0% to 11.5% during the nine months ended September 28, 2024. The estimated remaining fair value of the store assets impaired during the nine months ended September 27, 2025 and September 28, 2024 was

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$0.5 million and $3.8 million, respectively. Substantially all of the remaining fair value of the impaired store assets represents the fair value of ROU assets.

Additional fair value information

Term Loan A and Revolving Loans

Since the borrowings under first lien term loan (“Term Loan A”) and revolving credit loans (the “Revolving Loans”) utilize variable interest rate setting mechanisms such as Term Secured Overnight Financing Rate (“SOFR”), the fair values of these borrowings are deemed to approximate the carrying values. We also considered the effect of our own credit risk on the fair values of Term Loan A and Revolving Loans. Refer to Note 6. “Debt” for more information on these borrowings.