KEY HIGHLIGHTS FOR THE SECOND QUARTER ENDED DECEMBER 31, 2025
-- Top-line growth for the first time reporting as LuxExperience Group
(illustrative) with Net Sales +1.1% (+5.7% ex-FX) and +0.2% GMV (+4.7%
ex-FX) vs. Q2 FY25
-- Return to profitability on Group level with an Adjusted EBITDA margin
of +2.0% in Q2 FY26 as compared to previous quarters
-- Results confirm transformation plan medium-targets of EUR4bn Net Sales
and 7-9% Adj. EBITDA margin
-- Outstanding GMV Growth for Mytheresa of +12.7% ex-FX (+9.9% reported)
with Adjusted EBITDA increasing +40% to a 9.3% Adjusted EBITDA margin vs.
Q2 FY25
-- Transformation plan progressing with clear impact: Core Focus of SG&A
cost reduction showing first good results; Group Adj. SG&A cost ratio
decreasing by 180bps in Q2 FY26, excluding the impact of capitalized IT
development costs for better like-for-like comparison
-- Positive Cash Flow from Operating Activities for the Group of EUR118.5
million
MUNICH--(BUSINESS WIRE)--February 10, 2026--
LuxExperience B.V. $(LUXE)$ (the "Company"), today announced its financial results for its second quarter of fiscal year 2026 ended December 31, 2025. The leading luxury multi-brand digital platform reported overall growth and return to profitability on adjusted EBITDA level in the second quarter with clear improvement across all three segments. The results in Q2 FY26 confirm that LuxExperience is fully on track with its transformation plan targeting medium-term EUR4bn Net Sales and a 7-9% Adjusted EBITDA margin. Mytheresa demonstrated continued outstanding GMV growth, outpacing the industry, and significantly increased its Adjusted EBITDA profitability in the second quarter of fiscal year 2026. NET-A-PORTER and MR PORTER showed continued improvement vs. preceding quarters as a direct result of the execution of the group's new strategic direction with a clear focus on the customer and cost discipline. The Off-Price segment also showed clear signs of improvement based on the back to healthy core strategy followed by the new management.
Michael Kliger, Chief Executive Officer of LuxExperience, said, "We are extremely pleased with the results of the second quarter. The initiated turnaround at ex-YNAP already shows good results with growth and a return to adjusted EBITDA profitability at Group level. Our proven ability to deliver profitable growth at Mytheresa is now being applied to the newly acquired businesses by an extremely dedicated and experienced new management. As a Group we truly possess the secret sauce in digital luxury."
Kliger continued, "Over the past decade, Mytheresa has consistently built and grown trusted relationships with its brand partners and customers. These relationships are the foundation of our success. Sustainable and profitable growth in luxury comes from providing brands and customers with the very best in service and experience. We know how to engage with true luxury customers through desirability, emotion, exclusivity, and community. As a Group we will seize the tremendous opportunities that present themselves to us going forward."
LUXEXPERIENCE FINANCIAL HIGHLIGHTS FOR THE SECOND QUARTER ENDED DECEMBER 31, 2025 (on an illustrative basis)
Amounts in EUR million are reported figures unless stated otherwise
-- Net Sales increase of +1.1% reported (+5.7% ex-FX) to EUR645.1 million
as compared to EUR638.0 million in the prior year quarter
-- GMV growth of +0.2% reported (+4.7% ex-FX) to EUR684.8 million in Q2
FY26 as compared to EUR683.5 million in the prior year period
-- Adj. SG&A costs decrease in Q2 FY26 driven by the first results of the
transformation plan to 19.1% in relation to GMV, down 180bps from 20.9%,
excluding the impact of capitalized IT development costs for better
like-for-like comparison
-- Positive Adjusted EBITDA of EUR13.2 million with an Adjusted EBITDA
margin of +2.0%
-- Strong positive Cash Flow from Operating Activities of EUR118.5
million
LUXURY | MYTHERESA FINANCIAL HIGHLIGHTS FOR THE SECOND QUARTER ENDED DECEMBER 31, 2025
Amounts in EUR million are reported figures unless stated otherwise
-- Net Sales increase of +8.8% reported (+11.6% ex-FX) year over year to
EUR242.7 million as compared to EUR223.0 million in Q2 FY25
-- GMV growth of +9.9% reported (+12.7% ex-FX) to EUR268.9 million in Q2
FY26 as compared to EUR244.7 million in the prior year period
-- Gross Profit margin of 52.3%, an increase of 140bps year over year
-- Adjusted EBITDA of EUR22.6 million vs. EUR16.2 million in Q2 FY25 and
an Adjusted EBITDA margin of 9.3% in Q2 FY26 as compared to 7.3% in the
prior year period
LUXURY | NAP & MRP FINANCIAL HIGHLIGHTS FOR THE SECOND QUARTER ENDED DECEMBER 31, 2025 (on an illustrative basis)
Amounts in EUR million are reported figures unless stated otherwise
-- Net Sales decrease of -1.0% reported (+6.0% ex-FX) year over year to
EUR277.1 million as compared to EUR279.8 million in the prior year
quarter, significant sequential improvement from -10.8 decline reported
in Q1 FY26
-- GMV decrease of -1.9% reported (+4.9% ex-FX) to EUR290.7 million in Q2
FY26 as compared to EUR296.2 million in the prior year period, strong
sequential recovery from -10.8% decline reported in Q1 FY26
-- Gross Profit Margin of 46.1% in Q2 FY26 as compared to 46.8% in Q2
FY25, driven by one-time gross-margin increasing effects in the prior
year period
-- Significant decrease of the Adj. SG&A cost ratio from 27.6% in Q1 FY26
to 22.7% in Q2 FY26
-- Adjusted EBITDA of -EUR1.9 million in Q2 FY26 with an Adjusted EBITDA
margin of -0.7% as compared to 4.2% in the prior year period
OFF-PRICE | YOOX FINANCIAL HIGHLIGHTS FOR THE SECOND QUARTER ENDED DECEMBER 31, 2025 (on an illustrative basis)
Amounts in EUR million are reported figures unless stated otherwise
-- Net Sales decrease of -7.3% reported (-4.6% ex-FX) to EUR125.3 million
as compared to EUR135.2 million in the prior year quarter, sequential
recovery from reported -16.5% in Q1 FY26
-- GMV decline of -12.1% reported (-9.4% ex-FX) to EUR125.3 million in Q2
FY26 as compared to EUR142.5 million in the prior year period, clear
improvement from reported -19.3% decline in Q1 FY26
-- Gross Profit Margin of 42.8% in Q2 FY26 as compared to 46.2% in the
prior year period
-- Significant decrease of the Adj. SG&A cost ratio from 28.6% in Q1 FY26
to 26.9% in Q2 FY26
-- Negative Adjusted EBITDA of -EUR7.5 million in Q2 FY26 with an Adjusted
EBITDA margin of -6.0%, sequential improvement from -18.1% in Q1 of FY26
LUXURY | MYTHERESA KEY BUSINESS HIGHLIGHTS
-- Launch of exclusive capsule collections and pre-launches in
collaboration with Dolce & Gabbana, Moncler Grenoble, Loewe, Bottega
Veneta, Christian Louboutin, Etro, Roger Vivier, Studio Nicholson x Aaron
Levine and many more
-- Impactful Top Customer events and "money-can't-buy" experiences,
including Roger Vivier in Paris, Tom Ford in London, and Moncler Grenoble
in Gstaad
-- Intensified outreach to high end luxury community with immersive
customer experiences like a winter ski pop-up in China, a holiday gift
shop in the US and the Maison Mytheresa club in Switzerland
-- Increase in GMV per top customer of +12.5% and strong increase in
Average Order Value (AOV) LTM to EUR824, a 12.0% (reported) increase vs.
Q2 FY25
-- Industry-leading Net Promoter Score of 83.7 in Q2 FY26, up 40bps vs.
the prior year period
LUXURY | NAP & MRP KEY BUSINESS HIGHLIGHTS(1)
-- NET-A-PORTER and MR PORTER driving customer engagement through uniquely
engaging editorial content
-- NET-A-PORTER featured Le Club Rabanne via an exclusive capsule and
PORTER Magazine cover; headlined the December issue of PORTER Magazine
with a Serena Williams exclusive; and relaunched same day delivery in
London and New York, supported by a multi-channel Holiday and Gifting
Campaign
-- MR PORTER featured musician and writer Josh Homme in the MR PORTER
Journal; launched new video franchises (Ways to Wear, Behind the Brand);
executed three gifting video campaigns; and hosted a joint party to kick
off the holiday season with Brand Director Jeremy Langmead and actor
Billie Piper
-- Growth in GMV per top customer of +3.6% and strong increase in Average
Order Value (AOV) LTM to EUR861 in Q2 FY26, a 13.6% (reported) increase
vs. Q2 FY25
-- Net Promoter Score up 1,200bps to now 65.3 in Q2 FY26
OFF-PRICE | YOOX KEY BUSINESS HIGHLIGHTS(1)
-- First physical events in Berlin and Milan, boosting brand engagement
and customer community-building
-- Growth in GMV per top customer of +4.1% and strong increase in Average
Order Value (AOV) LTM to EUR255, a 11.4% (reported) increase vs. Q2 FY25
-- Net Promoter Score of 50.2 in Q2 FY26, a 2,030bps improvement vs. LY
(1) Comparative periods to April 23, 2025 are shown on an illustrative basis
GROUP KEY BUSINESS HIGHLIGHTS
-- Partial workforce reduction across several sites now being executed
-- Consolidation of infrastructure including warehouse footprint
rationalization and consolidation of studio production facilities
-- Tech migration kicked off with first major milestones in CY 2026
-- Future cost savings secured based on comprehensive renegotiation of
services contracts across the company
SALE OF ASSETS POWERING THE OUTNET
On October 31, 2025, LuxExperience B.V. and The O Group LLC announced that they have entered into a binding agreement for LuxExperience to sell the set of assets powering THE OUTNET platform:
-- THE OUTNET Assets to be transferred will include the relevant brand
rights, customer data, full inventory and the US distribution center as
well as required work-force in the US and the UK employees
-- A Cash consideration of USD 30 million will be paid for THE OUTNET
Assets, which is subject to adjustment based on inventory levels at
closing, and for a certain period after closing LuxExperience will
provide certain operational and IT services all priced at cost level
-- LuxExperience will continue its commercial relationship with THE OUTNET
also after closing of the transaction
-- Transaction is expected to enable THE OUTNET to achieve its full
potential under a renewed independent, stand-alone business model
-- The divestment of THE OUTNET Assets allows LuxExperience to focus
off-price resources on its YOOX business and accelerate the overall
transformation plan in regard to an efficient infrastructure platform for
NET-A-PORTER and MR PORTER
-- Closing of the transaction is expected in Q3 FY26, subject to certain
closing conditions, including customary regulatory approvals and payment
of the purchase price, which is subject to adjustment based on inventory
levels at closing
In our financial reporting, the off-price segment refers to the business of YOOX, while THE OUTNET is classified as "discontinued operations" and is no longer considered part of LuxExperience's core financial performance.
UPDATED GUIDANCE
With the implementation of our transformation plan executed in line with our targets, we narrow the ranges of our existing guidance for the full FY26.
Therefore, LuxExperience now expects for FY26:
-- GMV EUR2.5 billion to EUR2.7 billion (previously EUR2.4 billion to
EUR2.7 billion) and
-- an Adjusted EBITDA margin between -1% to +1% (previously -2% to +1%)
CONFERENCE CALL AND WEBCAST INFORMATION
LuxExperience expects to release second quarter of fiscal year 2026 financial results before the U.S. market open on February 10, 2026. A conference call to discuss its results will follow at 8:00am Eastern Time that same day.
Event: LuxExperience Second Quarter Fiscal Year 2026 Earnings Conference Call
Event Date: February 10, 2026
Event Time: 8:00am ET
Webcast: Please follow the link
A webcast replay will be available on LuxExperience's investor relations website at investors.luxexperience.com
FORWARD LOOKING STATEMENTS
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements relating to financing activities; future sales, expenses, and profitability; future development and expected growth of our business and industry; our ability to execute our business model and our business strategy; having available sufficient cash and borrowing capacity to meet working capital, debt service and capital expenditure requirements for the next twelve months; and projected capital spending. In some cases, you can identify forward-looking statements by the following words: "anticipate," "believe," "continue," "could," "estimate, " "expect," "intend," "may," "ongoing," "plan," "potential," "predict," "project," "should," "will," "would" or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements are only predictions. Actual events or results may differ materially from those stated or implied by these forward-looking statements. In evaluating these statements and our prospects, you should carefully consider the factors set forth below.
The risk that the completed YNAP acquisition and the post-acquisition integration could have an adverse effect on the ability of YNAP to retain customers and retain and hire key personnel and maintain relationships with their brand partners and customers and on their operating results and businesses generally; the risk that problems may arise in successfully integrating the businesses of YNAP and Mytheresa, which may result in the combined company not operating as effectively and efficiently as expected; the risk that the combined company may be unable to achieve cost-cutting synergies or that it may take longer than expected to achieve those synergies; LuxExperience's ability to effectively compete in a highly competitive industry; LuxExperience's ability to respond to consumer demands, spending and tastes; foreign currency exchange rate fluctuations; general economic conditions, including economic conditions resulting from deteriorating geopolitical and macroeconomic conditions, such as the recent global trade war, that may adversely impact consumer demand; LuxExperience's ability to acquire new customers and retain existing customers; consumers of luxury products may not choose to shop online in sufficient numbers; the volatility and difficulty in predicting the luxury fashion industry; LuxExperience's reliance on consumer discretionary spending; and LuxExperience's ability to maintain average order levels and other factors.
We undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.
The achievement or success of the matters covered by such forward-looking statements involves known and unknown risks, uncertainties and assumptions. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, our results could differ materially from the results expressed or implied by the forward-looking statements we make.
You should not rely upon forward-looking statements as predictions of future events. Forward-looking statements represent our management's beliefs and assumptions only as of the date such statements are made.
Further information on these and other factors that could affect our financial results is included in filings we make with the U.S. Securities and Exchange Commission ("SEC") from time to time, including the section titled "Risk Factors" included in the Form 20-F filed on October 30, 2025. These documents are available on the SEC's website at www.sec.gov and on the SEC Filings section of the Investor Relations section of our website at: https://investors.luxexperience.com.
The acquisition of YOOX Net-A-Porter Group S.p.A. ("YNAP") (together with its subsidiaries, "YNAP Sub-Group") by LuxExperience was completed on April 23, 2025 ("YNAP Acquisition"). The results of YNAP are included within the consolidated financial statements of LuxExperience for the period beginning on the date of the acquisition through the end of the respective period presented and the results of Mytheresa are included for the entirety of all periods presented.
ABOUT NON-IFRS FINANCIAL MEASURES AND OPERATING METRICS
Our non-IFRS financial measures include:
-- Adjusted EBITDA is a non-IFRS financial measure that we calculate as
net income before finance expense (net), taxes, and depreciation and
amortization, adjusted to exclude the recognition/release of
extraordinary inventory write down, other transaction-related, certain
legal and other expenses share-based compensation expense and one-off
Intercompany recharges. Adjusted EBITDA Margin is a non-IFRS financial
measure which is calculated in relation to net sales.
-- Gross Merchandise Value (GMV) is an operative measure and means the
total Euro value of orders processed. GMV is inclusive of merchandise
value, shipping and duty. It is net of returns, value added taxes and
cancellations. GMV does not represent revenue earned by us. We use GMV as
an indicator for the usage of our platform that is not influenced by the
mix of direct sales and commission sales. The indicators we use to
monitor usage of our platform include, among others, active customers,
total orders shipped and GMV.
-- Gross Merchandise Value (GMV) and Net Sales Growth on a constant
currency basis (ex-FX) are non-IFRS financial measures that are
calculated by translating current period financial data at the prior year
average exchange rates applicable to the local currency in which the
transactions are denominated, including effects from hedge accounting. We
use constant currency information to provide us with a picture of
underlying business dynamics, excluding currency effect. These
calculations do not include any other macroeconomic effect such as local
currency inflation effects or any price adjustment to compensate local
currency inflation or devaluations. While we believe that constant
currency information may be useful to investors in understanding and
evaluating our results of operations in the same manner as our management,
our use of constant currency metrics has limitations as an analytical
tool, and you should not consider it in isolation, or as an alternative
to, or a substitute for analysis of our financial results as reported
under IFRS. Further, other companies, including companies in our industry,
may report the impact of fluctuations in foreign currency exchange rates
differently, which may reduce the value of our constant currency
information as a comparative measure.
-- Illustrative key operating and financial metrics by segment are
non-IFRS financial measures that we present by segment for each period
and were prepared by combining the historical standalone statements of
operations for each of legacy YNAP and Mytheresa. These measures are
provided for illustrative purposes only and do not purport to represent
what the actual consolidated results of operations or consolidated
financial condition would have been had the acquisition actually occurred
on the date indicated, nor do they purport to project the future
consolidated results of operations or consolidated financial condition
for any future period or as of any future date. In addition, these
measures have not been prepared in accordance with Article 11 of
Regulation S-X.
We are not able to forecast net income (loss) on a forward-looking basis without unreasonable efforts due to the high variability and difficulty in predicting certain items that affect net income (loss), including, but not limited to, Income taxes and Interest expense and, as a result, are unable to provide a reconciliation to forecasted Adjusted EBITDA.
SEGMENT REALIGNMENT
Beginning with the first quarter ended September 30, 2025, LuxExperience has realigned its reportable segments to correspond with changes to its operating model to reflect its new management structure and organizational responsibilities following the acquisition of YNAP. As further described herein, LuxExperience's three reportable segments are: Luxury | Mytheresa, Luxury | NAP & MRP, and Off-price | YOOX. THE OUTNET is classified as "discontinued operations" and is no longer considered part of our LuxExperience's core financial performance.
ABOUT LUXEXPERIENCE
LuxExperience is the leading digital, multi-brand luxury group and the online shopping destination for luxury enthusiasts worldwide. LuxExperience operates a portfolio of some of the most distinguished store brands in digital luxury and creates communities for luxury enthusiasts with unique digital and physical experiences. Mytheresa, NET-A-PORTER and MR PORTER, jointly comprising the luxury segments of LuxExperience, offer highly curated edits of the most prestigious luxury brands across the world, featuring womenswear, menswear, kidswear, fine jewelry & watches, and lifestyle products. YOOX, which forms the off-price segment of LuxExperience, is the leading destination for multi-brand off-season online luxury shopping. The NYSE listed group operates worldwide.
For more information, please visit https://investors.luxexperience.com.
LuxExperience B.V.
Illustrative key operating and financial metrics by segment for the
three months and six months ended December 31, 2024 and 2025
The following illustrative segment information for Luxury | Mytheresa, Luxury | NAP & MRP and Off-Price | YOOX is presented as if these segments had been included in LuxExperience Group's management reporting for the three months and six months ended December 31, 2024. These segments were not presented in the Company's unaudited quarterly report for the three and six months ended December 31, 2024 as the YNAP Group was subsequently acquired on April 23, 2025, and therefore was not owned by the Company during the prior year comparative period presented. The following segment information should not be viewed as a substitute for LuxExperience Group's segment reporting. Further, the segment information presented here is not necessarily indicative of LuxExperience Group's results to be expected for any future periods.
THE OUTNET, which was previously managed and monitored as a separate major line of business within the Off-Price segment, has been classified as a discontinued operation in accordance with IFRS 5 for the three and six months ended December 31, 2025. Accordingly, financial performance for this period has been excluded from the Off-Price segment and is reported separately within discontinued operations. Further information on THE OUTNET and the related discontinued operations presentation can be found in Note 9 within the notes to the financial statements.
The following table shows our operating and financial metrics for Luxury | Mytheresa segment for the three months and six months ended December 31, 2024 and 2025. For the periods presented, these figures represent actual results and are not illustrative in nature.
Three Months Ended Six Months Ended
-------------------------- --------------------------
December December Change December December Change
31, 31, in % / 31, 31, in % /
2024 2025 BPs 2024 2025 BPs
-------- -------- ------ -------- -------- ------
(in EUR millions)
(unaudited)
Gross Merchandise
Value (GMV) (1) 244.7 268.9 9.9% 461.2 514.7 11.6%
Active customer
(LTM in thousands)
(1), (2) 843 788 (6.5%) 843 788 (6.5%)
Total orders
shipped (LTM in
thousands) (1),
(2) 2,089 1,985 (5.0%) 2,089 1,985 (5.0%)
Average order value
$(LTM)$(2) 736 824 12.0% 736 824 12.0%
Net sales 223.0 242.7 8.8% 424.7 469.1 10.4%
Gross profit 113.6 127.0 11.8% 202.2 227.9 12.7%
Gross profit 140 190
margin(3) 50.9% 52.3% BPs 46.7% 48.6% BPs
Adjusted EBITDA(4) 16.2 22.6 39.5% 19.1 30.5 59.5%
Adjusted EBITDA 200 200
margin(3) 7.3% 9.3% BPs 4.5% 6.5% BPs
(1) Definition of GMV, Active customer and Total orders shipped
can be found on pages 39-40 in our quarterly report.
(2) Active customers and total orders shipped are calculated
based on orders shipped from our sites during the last twelve
months (LTM) ended on the last day of the period presented.
(3) As a percentage of net sales.
(4) EBITDA and adjusted EBITDA are measures not defined under
IFRS. For further information about how we calculate these
measures and limitations of its use, see page 39 in our
quarterly report.
The following table illustrates operating and financial metrics for Luxury | NAP & MRP segment for the three and six months ended December 31, 2024 and 2025. For the three and six months ended December 31, 2025, these figures represent actual results and for the three and six months ended December 30, 2024, these figures are illustrative in nature.
Three Months Ended Six Months Ended
---------------------------- ----------------------------
December December December December
31, 31, 31, 31,
2024 2025 Change 2024 2025 Change
-------- -------- -------- --------
in % / in % /
BPs BPs
-------- -------- -------- -------- -------- --------
(in millions)
(unaudited)
Gross Merchandise
Value (GMV) (1) 296.2 290.7 (1.9%) 547.9 515.2 (6.0%)
Active customer
(LTM in thousands)
(1), (2) 1,084 831.0 (23.3%) 1,084 831.0 (23.3%)
Total orders
shipped (LTM in
thousands) (1),
(2) 2,835 2,274.0 (19.8%) 2,835 2,274.0 (19.8%)
Average order value
(LTM) (2) 758 861.0 13.6% 758 861.0 13.6%
Net sales 279.8 277.1 (1.0%) 517.8 489.3 (5.5%)
Gross profit 130.9 127.9 (2.3%) 241.7 228.6 (5.4%)
Gross profit
margin(3) 46.8% 46.1% (60) BPs 46.7% 46.7% 0 BPs
Adjusted EBITDA(4) 11.8 (1.9) (116.3%) 9.8 (12.2) (224.8%)
Adjusted EBITDA (490) (440)
margin(3) 4.2% (0.7%) BPs 1.9% (2.5%) BPs
(1) Definition of GMV, Active customer and Total orders shipped can be
found on pages 39-40 in our quarterly report.
(2) Active customers and total orders shipped are calculated based on
orders shipped from our sites during the last twelve months (LTM)
ended on the last day of the period presented.
(3) As a percentage of net sales.
(4) EBITDA and adjusted EBITDA are measures not defined under IFRS.
For further information about how we calculate these measures and
limitations of its use, see page 39 in our quarterly report.
The following table illustrates operating and financial metrics for Off-Price | YOOX segment for the three and six months ended December 31, 2024 and 2025. For the three and six months ended December 31, 2025, these figures represent actual results and for the three and six months ended December 31, 2024, these figures are illustrative in nature.
Three Months Ended Six Months Ended
----------------------------- ---------------------------
December December December December
31, 31, 31, 31,
2024 2025 Change 2024 2025 Change
-------- -------- -------- --------
in % / in % /
BPs BPs
-------- -------- --------- -------- -------- -------
(in millions)
(unaudited)
Gross Merchandise
Value (GMV) (1) 142.5 125.3 (12.1%) 290.2 243.9 (16.0%)
Active customer
(LTM in thousands)
(1), (2) 1,296 1,081 (16.6%) 1,296 1,081 (16.6%)
Total orders
shipped (LTM in
thousands) (1),
(2) 3,598 2,857 (20.6%) 3,598 2,857 (20.6%)
Average order value
(LTM) (2) 229 255 11.4% 229 255 11.4%
Net sales 135.2 125.3 (7.3%) 277.3 244 (12.1%)
Gross profit 62.5 53.7 (14.1%) 108.8 96.7 (11.1%)
Gross profit
margin(3) 46.2% 42.8% (340) BPs 39.2% 39.7% 40 BPs
Adjusted EBITDA(4) (0.4) (7.5) (1778.5%) (30.4) (26.6) (12.6%)
Adjusted EBITDA
margin(3) (0.3%) (6.0%) (570) BPs (11.0%) (10.9%) 10 BPs
(1) Definition of GMV, Active customer and Total orders shipped can be
found on pages 39-40 in our quarterly report.
(2) Active customers and total orders shipped are calculated based on
orders shipped from our sites during the last twelve months (LTM)
ended on the last day of the period presented.
(3) As a percentage of net sales.
(4) EBITDA and adjusted EBITDA are measures not defined under IFRS.
For further information about how we calculate these measures and
limitations of its use, see page 39 in our quarterly report.
The following tables include comparative illustrative segment information for the three and six months ended December 31, 2024. For the three and six months ended December 31, 2024, the amounts reflect actual results for the Luxury | Mytheresa segment and illustrative information for the Luxury | NAP & MRP and Off-Price | YOOX segments.
Three months ended December 31, 2024
--------------------------------------------------------
Total
Luxury Off- Segments
(in EUR millions) Luxury NAP & Price excl. Other
(unaudited) Mytheresa MRP YOOX Other (3) Aggregated
--------- ------- ------ -------- ------ ----------
Net sales 223.0 279.8 135.2 638.0 52.6 690.6
Cost of sales,
exclusive of
depreciation and
amortization (109.4) (148.9) (72.6) (330.9) (51.9) (382.8)
--------- ------- ------ -------- ------ ----------
Gross profit 113.6 130.9 62.5 307.0 0.7 307.8
Shipping and
payment cost (33.7) (33.7) (20.7) (88.1) (4.7) (92.8)
Marketing expenses (30.1) (24.9) (9.8) (64.8) (1.9) (66.7)
Selling, general
and administrative
expenses (33.9) (63.3) (34.5) (131.7) (6.0) (137.7)
Other income
(expense), net 0.3 2.9 2.1 5.3 1.3 6.6
Segment EBITDA 16.2 11.8 (0.4) 27.6 (10.7) 17.2
Six months ended December 31, 2024
---------------------------------------------------------
Total
Luxury Off- Segments
(in EUR millions) Luxury NAP & Price excl. Other
(unaudited) Mytheresa MRP YOOX Other (3) Aggregated
------------------ --------- ------- ------- -------- ------ ----------
Net sales 424.7 517.8 277.3 1,219.8 94.1 1,314.0
Cost of sales,
exclusive of
depreciation and
amortization (222.5) (276.1) (168.5) (667.1) (86.2) (753.3)
--------- ------- ------- -------- ------ ----------
Gross profit 202.2 241.7 108.8 552.7 8.0 560.7
Shipping and
payment cost (63.0) (63.2) (46.8) (173.0) (7.9) (180.9)
Marketing expenses (55.1) (43.7) (19.2) (118.0) (4.0) (122.0)
Selling, general
and administrative
expenses (64.2) (125.2) (72.3) (261.7) (18.2) (279.9)
Other income
(expense), net (0.9) 0.2 (0.9) (1.6) 3.0 1.4
Segment EBITDA 19.0 9.8 (30.4) (1.6) (19.2) (20.7)
The following tables include comparative segment information for the three and six months ended December 31, 2025.
Three months ended December 31, 2025
--------------------------------------------------------------------------
Total
Luxury Off- Segments
(in EUR millions) Luxury NAP & Price excl. Other Reconc-iliation
(unaudited) Mytheresa MRP YOOX Other (3) (1)(2)(4)(5) Consolidated
------------------ --------- ------- ------ -------- ----- --------------- ------------
Net sales 242.7 277.1 125.3 645.1 1.8 - 646.9
Cost of sales,
exclusive of
depreciation and
amortization (115.8) (149.2) (71.6) (336.6) (1.8) - (338.3)
--------- ------- ------ -------- ----- --------------- ------------
Gross profit 127.0 127.9 53.7 308.6 0.1 - 308.6
Shipping and
payment cost (1) (41.3) (39.0) (18.5) (98.8) (0.4) (2.6) (101.8)
Marketing expenses (31.3) (22.7) (7.8) (61.8) - - (61.8)
Selling, general
and administrative
expenses (1), (2) (31.3) (66.1) (33.7) (131.1) 0.2 (13.6) (144.5)
Other income
(expense), net
(1), (5) (0.5) (2.0) (1.2) (3.7) 0.5 4.7 1.5
Segment EBITDA 22.6 (1.9) (7.5) 13.2 0.3 (11.5) 1.9
Six months ended December 31, 2025
---------------------------------------------------------------------------
Total
Luxury Segments Recon-
(in EUR millions) Luxury NAP & Off-Price excl. Other ciliation
(unaudited) Mytheresa MRP YOOX Other (3) (1)(2)(4)(5) Consolidated
------------------ --------- ------- --------- -------- ------ ------------ ------------
Net sales 469.1 489.3 243.9 1,202.3 21.0 (2.9) 1,220.4
Cost of sales,
exclusive of
depreciation and
amortization (241.1) (260.8) (147.1) (649.0) (14.8) 2.9 (661.0)
--------- ------- --------- -------- ------ ------------ ------------
Gross profit 227.9 228.6 96.7 553.2 6.2 - 559.5
Shipping and
payment cost (1) (77.3) (67.2) (37.0) (181.5) (2.0) (3.7) (187.2)
Marketing expenses (56.9) (40.3) (14.6) (111.8) - - (111.8)
Selling, general
and administrative
expenses (1), (2) (63.0) (128.1) (68.6) (259.7) (1.5) (57.9) (319.1)
Other income
(expense), net
(1), (5) (0.3) (5.2) (3.1) (8.6) 0.9 (3.1) (10.8)
Segment EBITDA 30.5 (12.2) (26.6) (8.3) 3.5 (64.7) (69.5)
(1) Other transaction-related, certain legal and other
expenses include professional fees (including advisory and
accounting fees) related to potential transactions, as
well as certain legal and other expenses incurred outside
the ordinary course of business. For the three and six
months ended December 31, 2025, expenses of EUR11,765
thousand and EUR53,739 thousand, respectively, were
incurred and are reflected in the reconciliation column.
These amounts have been excluded from Segment EBITDA and
primarily impact Shipping and payment costs, Selling,
general and administrative expenses, and Other income
(expense), net.
(2) Certain members of management and supervisory board
members have been granted share-based compensation for
which the related expense is recognized over the
applicable vesting periods. Management adjusts Segment
EBITDA to exclude share-based compensation expense, as it
is not considered indicative of the Group's underlying
operating performance. For the three and six months ended
December 31, 2025, share-based compensation expense
amounted to EUR3,531 thousand and EUR7,004 thousand,
respectively, and is reflected in the reconciliation
column, primarily within Selling, general and
administrative expenses.
(3) Represents Online Flagship Stores ("OFS") and Feng-Mao
("FM") businesses being wound down.
(4) During the three and six months ended December 31, 2025,
intercompany sales of EUR0 and EUR2,858 thousand,
respectively, were included in Net sales, with
corresponding amounts included in Cost of sales, exclusive
of depreciation and amortization. As these intercompany
transactions are eliminated on consolidation, the related
amounts are reflected in the reconciliation column.
(5) Includes foreign exchange gains and losses arising on
intercompany cash pooling positions, recorded in Other
income (expense), net. These amounts are excluded from
Segment EBITDA, as they reflect increased foreign exchange
volatility on intra-group cash balances. The adjustment
represents a foreign exchange gain of EUR3,795 thousand
for the three months ended December 31, 2025 and a foreign
exchange loss of EUR3,914 thousand for the six months
ended December 31, 2025.
The following tables set forth the reconciliations of net loss to EBITDA to adjusted EBITDA, and their corresponding margins as a percentage of net sales.
Three Months Ended Six Months Ended December
December 31, 31,
----------------------- -------------------------
Change Change
2024 2025 in % 2024 2025 in %
----- ------ -------- ------ ------- --------
(in millions) (unaudited)
Net loss from continuing
operations (4.7) (12.6) 169.6% (28.2) (99.2) 251.7%
Finance costs, net 2.0 1.9 (4.4%) 3.2 3.0 (6.3%)
Income tax expense
(benefit) 0.2 0.3 87.2% (7.5) 2.9 (138.8%)
Depreciation and
amortization 3.9 12.3 214.3% 11.1 23.9 115.8%
EBITDA 1.4 1.9 39.4% (21.5) (69.5) (222.8%)
Other
transaction-related,
certain legal and
other expenses (1) 9.6 11.8 22.2% 31.0 53.8 73.5%
Share-based
compensation (2) 5.1 3.5 (31.4%) 9.6 7.0 (27.4%)
Foreign exchange
(gains) losses (3) - (3.8) - - 3.9 -
Adjusted EBITDA 16.2 13.4 (16.9%) 19.1 (4.8) (125.1%)
Reconciliation to Adjusted
EBITDA Margin
Net sales 223.0 646.9 190.1% 424.7 1,220.4 187.4%
(520) (490)
Adjusted EBITDA margin 7.3% 2.1% BPs 4.5% (0.4%) BPs
(1) Includes Other transaction-related, certain legal and other
expenses including (i) professional fees, including advisory
and accounting fees, related to potential transactions, (ii)
certain legal and other expenses incurred outside the ordinary
course of our business, and (iii) other non-recurring expenses
incurred in connection with the costs of closing distribution
centers.
(2) Share-based compensation includes expenses related to
share-based compensation grants made to certain members of our
management and Supervisory Board for which the share-based
compensation expense will be recognized upon defined vesting
schedules in the future periods. Our methodology to adjust for
share-based compensation and subsequently calculate Adjusted
EBITDA includes both share-based compensation expense
connected to the IPO and share-based compensation expense
recognized in connection with grants under the LTI for the
LuxExperience Group's key management members as well as
share-based compensation expense due to Supervisory Board
Members Plan. We do not consider share-based compensation
expense to be indicative of our core operating performance.
This adjustment impacts sales, general and administrative
expenses.
(3) Includes foreign exchange gains and losses arising on
intercompany cash pooling positions. This adjustment impacts
Other income (expense), net.
The following table sets forth the reconciliations of GMV to growth of GMV on a constant currency basis and of net sales to growth of net sales on a constant currency basis for the LuxExperience Group for the three months ended December 31, 2024 and 2025:
Three Months Ended December 31,
--------------------------------------------
Year-over-Year Change
2024 2025 in %
--------- ---------- ---------------------
(in millions) (unaudited)
Gross Merchandise Value
(GMV) EUR 683.5 EUR 684.8 0.2%
Foreign Exchange
Impact(1) EUR (0.9) EUR (31.9)
Gross Merchandise Value
(GMV) at Constant Currency
(ex-FX) EUR 684.4 EUR 716.7 4.7%
Net Sales EUR 638.0 EUR 645.1 1.1%
Foreign Exchange
Impact(1) EUR (0.9) EUR (30.4)
Net Sales at Constant
Currency (ex-FX) EUR 638.9 EUR 675.5 5.7%
The following table sets forth the reconciliations of GMV to growth of GMV on a constant currency basis and of net sales to growth of net sales on a constant currency basis for Luxury | Mytheresa segment for the three months ended December 31, 2024 and 2025:
Three Months Ended December 31,
-------------------------------------------
Year-over-Year Change
2024 2025 in %
--------- --------- ---------------------
(in millions) (unaudited)
Gross Merchandise Value (GMV) EUR 244.7 EUR 268.9 9.9%
Foreign Exchange
Impact(1) EUR (0.9) EUR (7.8)
Gross Merchandise Value (GMV)
at Constant Currency
(ex-FX) EUR 245.6 EUR 276.7 12.7%
Net Sales EUR 223.0 EUR 242.7 8.8%
Foreign Exchange
Impact(1) EUR (0.9) EUR (7.3)
Net Sales at Constant
Currency (ex-FX) EUR 233.9 EUR 250.0 11.6%
The following table sets forth the reconciliations of GMV to growth of GMV on a constant currency basis and of net sales to growth of net sales on a constant currency basis for Luxury | NAP & MRP segment for the three months ended December 31, 2024 and 2025:
Three Months Ended December 31,
--------------------------------------------
Year-over-Year Change
2024 2025 in %
--------- ---------- ---------------------
(in millions) (unaudited)
Gross Merchandise Value
(GMV) EUR 296.2 EUR 290.7 (1.9%)
Foreign Exchange
Impact(1) EUR 0.0 EUR (20.2)
Gross Merchandise Value
(GMV) at Constant Currency
(ex-FX) EUR 296.3 EUR 310.8 4.9%
Net Sales EUR 279.8 EUR 277.1 (1.0%)
Foreign Exchange
Impact(1) EUR 0.0 EUR (19.2)
Net Sales at Constant
Currency (ex-FX) EUR 279.6 EUR 296.3 6.0%
The following table sets forth the reconciliations of GMV to growth of GMV on a constant currency basis and of net sales to growth of net sales on a constant currency basis for Off-Price | YOOX segment for the three months ended December 31, 2024 and 2025:
Three Months Ended December 31,
-------------------------------------------
Year-over-Year Change
2024 2025 in %
--------- --------- ---------------------
(in millions) (unaudited)
Gross Merchandise Value (GMV) EUR 142.5 EUR 125.3 (12.1%)
Foreign Exchange
Impact(1) EUR 0.0 EUR (3.9)
Gross Merchandise Value (GMV)
at Constant Currency
(ex-FX) EUR 142.5 EUR 129.2 (9.4%)
Net Sales EUR 135.2 EUR 125.3 (7.3%)
Foreign Exchange
Impact(1) EUR 0.0 EUR (3.9)
Net Sales at Constant
Currency (ex-FX) EUR 135.4 EUR 129.2 (4.6%)
(1) Foreign Exchange Impact means translating current period financial
data using the average foreign exchange rates during the corresponding
period in the prior fiscal year applicable to the local currency in
which the transactions are denominated so as to calculate what our
results would have been had exchange rates remained stable from one
fiscal year to the next. These calculations do not include any other
macroeconomic effect such as local currency inflation effects or any
price adjustment to compensate local currency inflation or
devaluations.
LuxExperience B.V.
Unaudited Condensed Consolidated Statements of Loss and Comprehensive
Loss (Amounts in EUR thousands, except share and per share data)
Three Months Ended Six Months Ended
-------------------- -------------------------
December December December December 31,
(in EUR thousands) 31, 2024 31, 2025 31, 2024 2025
-------------------- --------- --------- ---------- -------------
Net sales 222,985 646,920 424,685 1,220,421
Cost of sales,
exclusive of
depreciation and
amortization (109,399) (338,345) (222,467) (660,964)
--------- --------- ---------- -------------
Gross profit 113,585 308,575 202,219 559,457
Shipping and payment
cost (33,698) (101,848) (63,058) (187,186)
Marketing expenses (30,076) (61,805) (55,069) (111,805)
Selling, general and
administrative
expenses (48,726) (144,539) (104,739) (319,125)
Depreciation and
amortization (3,929) (12,348) (11,057) (23,857)
Other income
(expense), net 302 1,547 (876) (10,823)
--------- --------- ---------- -------------
Operating loss (2,543) (10,419) (32,580) (93,338)
Finance income - 1,417 - 3,369
Finance costs (1,953) (3,284) (3,174) (6,341)
Finance costs, net (1,953) (1,867) (3,174) (2,972)
--------- --------- ---------- -------------
Loss before income
taxes (4,496) (12,286) (35,753) (96,311)
Income tax (expense)
benefit (193) (358) 7,542 (2,927)
--------- --------- ---------- -------------
Net income (loss)
from continuing
operations (4,689) (12,644) (28,211) (99,238)
Income (loss) from
discontinued
operations net of
tax - 5,208 - (6,698)
Cash Flow Hedge (4,213) (2,303) (3,178) (4,842)
Income Taxes related
to Cash Flow Hedge 1,176 643 887 1,351
Foreign currency
translation 47 (37) 18 6,234
Other comprehensive
income (loss) (2,990) (1,698) (2,273) 2,743
--------- --------- ---------- -------------
Comprehensive loss (7,679) (9,133) (30,484) (103,192)
========= ========= ========== =============
Basic & diluted
earnings per share,
EUR - continuing
operations (0.05) (0.15) (0.33) (1.14)
Basic & diluted
earnings per share,
EUR - discontinued
operations (0.00) 0.06 (0.00) (0.07)
Basic & diluted
earnings per share,
EUR - total (0.05) (0.09) (0.33) (1.21)
Weighted average
ordinary shares
outstanding (basic
and diluted) -- in
millions (1) 86.8 87.2 86.8 87.2
(1) In accordance with IAS 33, includes contingently issuable shares that
are fully vested and can be converted at any time for no
consideration. For further details, refer to note 14 in our quarterly
report.
LuxExperience B.V.
Unaudited Condensed Consolidated Statements of Financial Position
(Amounts in EUR thousands)
June 30, December 31,
(in EUR thousands) 2025 2025
------------------------------------------------ --------- ------------
Assets
Non-current assets
Intangible assets and goodwill 156,731 156,172
Property and equipment 55,901 54,331
Right-of-use assets 201,131 169,729
Deferred tax assets 1,683 1,418
Non-current financial assets - 125,000
Other non-current assets 11,878 21,261
--------- ------------
Total non-current assets 427,323 527,911
--------- ------------
Current assets
Inventories 1,019,539 1,033,134
Trade and other receivables 96,676 36,406
Current financial assets - 164,745
Other assets 134,766 418,601
Cash and cash equivalents 603,593 44,404
Assets classified as held for sale - 1,697,290
--------- ------------
Total current assets 1,854,587 2,225,201
--------- ------------
Total assets 2,281,910 1,033,134
========= ============
Shareholders' equity and liabilities
Subscribed capital 2 2
Capital reserve 912,039 921,503
Retained earnings 457,192 351,257
Accumulated other comprehensive income (losses) (4,469) (1,725)
--------- ------------
Total shareholders' equity 1,364,764 1,271,037
--------- ------------
Non-current liabilities
Provisions 4,484 5,157
Lease liabilities 176,718 149,321
Deferred income tax liabilities 11 385
Other non-current liabilities 364 291
--------- ------------
Total non-current liabilities 181,578 155,155
--------- ------------
Current liabilities
Liabilities to banks 10,000 10,000
Tax liabilities 2,764 2,856
Lease liabilities 32,085 30,337
Contract liabilities 49,343 49,166
Trade and other payables 285,722 234,960
Other current liabilities 346,835 447,751
Current provisions 8,807 8,922
Liabilities associated with assets held for sale - 15,019
--------- ------------
Total current liabilities 735,555 799,009
--------- ------------
Total liabilities 917,133 954,164
--------- ------------
Total shareholders' equity and liabilities 2,281,897 2,225,201
========= ============
LuxExperience B.V.
Unaudited Condensed Consolidated Statements of Changes in Equity
(Amounts in EUR thousands)
Retained Foreign
Earnings currency Total
Subscribed Capital (Accumulated Hedging translation shareholders'
(in EUR thousands) capital reserve deficit) reserve reserve equity
------------------- ---------- ------- ------------ ------- ----------- -------------
Balance as of July
1, 2024 1 546,913 (112,767) - 1,496 435,643
Net loss - - (28,211) - - (28,211)
Other comprehensive
income - (66) 0 (2,291) 18 (2,339)
---------- ------- ------------ ------- ----------- -------------
Comprehensive loss - (66) (28,211) (2,291) 18 (32,888)
Share-based
compensation - 9,642 - - - 9,462
---------- ------- ------------ ------- ----------- -------------
Balance as of
December 31, 2024 1 556,489 (140,978) (2,291) 1,514 412,397
========== ======= ============ ======= =========== =============
Balance as of July
1, 2025 2 912,039 457,192 - (4,469) 1,364,764
Net loss - - (105,935) - - (105,935)
Other comprehensive
loss - - - (3,490) 6,234 2,743
---------- ------- ------------ ------- ----------- -------------
Comprehensive loss - - (105,935) (3,490) 6,234 (103,192)
Reclassification
due to cash
settlement of
share-based
compensation - - - - - -
Share options
exercised - 2,460 - - - 2,460
Share-based
compensation - 7,004 - - - 7,004
---------- ------- ------------ ------- ----------- -------------
Balance as of
December 31, 2025 2 921,503 351,257 (3,490) 1,765 1,271,037
========== ======= ============ ======= =========== =============
LuxExperience B.V.
Unaudited Condensed Consolidated Statements of Cash Flows
(Amounts in EUR thousands)
Six months ended December 31,
-------------------------------
(in EUR thousands) 2024 2025
---------------------------------------- -------------- ---------------
Net Loss (28,211) (105,923)
Adjustments for
Depreciation and amortization,
impairment and asset disposals 11,057 25,146
Finance (income) costs, net 3,174 3,460
Share-based compensation 9,642 7,004
Income tax (benefit) expense (7,542) 2,915
Change in operating assets and
liabilities
(Increase) decrease in inventories (33,935) (40,231)
Decrease in trade and other receivables 2,432 61,951
(Increase) Decrease in other assets 11,121 (41,194)
Increase in other liabilities 14,403 101,847
Increase (Decrease) in contract
liabilities (185) 11
(Decrease) in trade and other payables (13,405) (47,237)
Change in Non-Working Capital - -
Income taxes paid (1,158) (372)
Interest received - 3,369
-------------- ---------------
Net cash used in operating activities (32,607) (29,255)
Expenditure for property, equipment and
intangible assets (1,708) (5,616)
Proceeds from the sale of property,
equipment and intangible assets - 813
Investment in short and medium fixed
income securities - (125,000)
-------------- ---------------
Net cash used in investing activities (1,708) (129,803)
-------------- ---------------
Interest paid (3,045) (5,714)
Proceeds from borrowings 40,594 -
Lease payments (4,572) (19,844)
Proceeds from exercise of option awards - 2,460
Cash settlement of share-based
compensation (66) -
-------------- ---------------
Net cash inflow from financing activities 32,911 (23,098)
-------------- ---------------
Net decrease in cash and cash equivalents (1,404) (182,155)
-------------- ---------------
Cash and cash equivalents at the
beginning of the period 15,107 603,593
Effects of exchange rate changes on cash
and cash equivalents 134 (2,836)
Cash and cash equivalents at end of the
period 13,836 418,601
View source version on businesswire.com: https://www.businesswire.com/news/home/20260210212997/en/
CONTACT: Investor Relations Contact
LuxExperience B.V.
Stefanie Muenz
phone: +49 89 127695-1919
email: investors@luxexperience.com
Media Contact for business press
LuxExperience B.V.
Lisa Schulz
mobile: +49 151 11216490
email: lisa.schulz@luxexperience.com
(END) Dow Jones Newswires
February 10, 2026 06:00 ET (11:00 GMT)