Germany · Delayed Price · Currency is EUR Mister Spex SE Earnings Call Transcripts
Fiscal Year 2025
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FY2025 saw a strategic revenue decline and major margin expansion, with EBIT loss narrowing by EUR 59 million and 45 of 65 stores now profitable. FY2026 guidance is cautious, targeting flat to -10% revenue and break-even to mid-single digit EBITDA margin.
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Q3 2025 saw an 18% revenue decline but strong margin expansion and a EUR 10 million EBIT improvement, driven by strategic refocusing and cost control. The company is executing a disciplined acquisition strategy and expects continued profitability gains as restructuring completes in 2026.
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Revenue guidance for 2025 was revised downward due to market pressures, but profitability and liquidity targets remain intact. Operational improvements, cost discipline, and the SpexFocus program have driven margin gains and positive cash flow, with 90% of stores now break-even or profitable.
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Revenue declined 13% year-on-year to EUR 45 million, but gross margin rose to 56.4% and EBIT improved by EUR 3 million. Offline store growth and premium product adoption offset online and international declines, with recurring revenue initiatives and cost controls supporting future outlook.
Fiscal Year 2024
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2024 was a year of transformation, with revenues down 3% and significant restructuring under the SpexFocus program, including store closures and headcount reduction. 2025 is expected to remain transitional, with further revenue decline but a substantial EBIT improvement and continued focus on operational efficiency and profitability.
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Q3 was a transition period with restructuring, store closures, and a shift to profitability. Net revenues declined 3% to €58M, but gross margin improved by 302 bps. Germany outperformed the market, while international sales fell 17%. Most of the €20M EBITDA uplift from SpexFocus is expected in 2025.