Summary of LuxExperience Q2 2026 Earnings Call

1Key Financial Results and Metrics

Net Sales Growth: Group net sales increased by 1.1% year-over-year, with a 5.7% increase on a constant currency basis.

Adjusted EBITDA: Positive adjusted EBITDA margin of 2% for the group, marking the first positive EBITDA since the acquisition of YNAP.

Operating Cash Flow: Strong operational cash flow of EUR 118.5 million in Q2, with a cash burn of only EUR 30 million for the first half of the fiscal year.

Segment Performance:

Mytheresa: Net sales grew by 8.8%, with a gross margin increase of 140 basis points to 52.3%.

NET-A-PORTER and MR PORTER: Combined net sales declined by 1%, showing sequential improvement from a 10.8% decline in Q1.

YOOX: Net sales declined by 7.3%, but showed improvement from a 16.6% decline in Q1.

2Strategic Updates and Business Highlights

Transformation Plan: The ongoing transformation plan is on track, targeting EUR 4 billion in net sales and an adjusted EBITDA margin of 7-9% in the medium term.

Mytheresa Success: Continued strong performance driven by a focus on full-price selling, with significant growth in the U.S. market (22.9% increase).

Customer Engagement: Mytheresa hosted exclusive events to enhance customer loyalty and brand partnerships, showcasing a strong community focus.

YOOX Restructuring: Focus on core profitable segments and discontinuation of unprofitable marketplace models, leading to improved customer satisfaction metrics.

3Forward Guidance and Outlook

Fiscal Year 2026 Guidance:

GMV and net sales expected between EUR 2.5 billion to EUR 2.7 billion (up from previous guidance of EUR 2.4 billion to EUR 2.7 billion).

Adjusted EBITDA margin guidance revised to a range of -1% to +1% (previously -2% to +1%).

Segment Expectations: Mytheresa is expected to continue high single-digit growth, while NET-A-PORTER and MR PORTER are projected to stabilize and improve in the second half of the fiscal year.

4Bad News, Challenges, or Points of Concern

Declining Sales in NET-A-PORTER and MR PORTER: Despite sequential improvements, these segments still reported a year-over-year decline in sales.

YOOX Performance: Continued net sales decline, although improving, indicates ongoing challenges in the off-price segment.

Cash Flow Concerns: Anticipated negative operating cash flow in Q3 due to the effects of layoffs and seasonal business trends.

Competitive Pressures: Potential disruptions from competitors in the luxury department store sector could impact market dynamics.

5Notable Q&A Insights

Regional Performance: Strong growth in the U.S. for Mytheresa, with expectations of continued momentum. Europe is performing well for YOOX.

Full Price Selling: Management emphasized the importance of maintaining a full-price selling strategy to drive both margins and top-line growth.

Inventory Management: Healthy inventory levels at Mytheresa, while NET-A-PORTER needs to invest in inventory to support growth.

Long-term Transformation: The transformation plan is expected to take until fiscal year 2028 to fully realize its benefits, with ongoing efforts to improve SG&A ratios and operational efficiency. Overall, LuxExperience reported a solid quarter with positive signs of recovery and growth, particularly in Mytheresa, while facing challenges in other segments that require ongoing attention and strategic adjustments.