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Mister Spex (MRX) investor relations material
Mister Spex Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Leadership transition with Benjamin von Schenck appointed as CFO, focusing on operational excellence and transformation initiatives.
Operational focus and transformation, including the "SpexFocus" program, are driving sustained performance improvement and a leaner structure.
Strategic shift towards leaner operations, profitability, and disciplined, margin-accretive acquisitions to rebuild scale.
Revenue declined 18% year-over-year in Q3 2025 to €47.5m, mainly due to transformation, reduced discounting, and international store closures.
Gross margin improved by 599–600 basis points to 54.7–54.8%, marking consecutive quarters of margin gains.
Financial highlights
Q3 2025 net revenue declined 18% year-over-year to €47.5m; Germany down 11%, international down 41%.
Gross profit margin expanded by 599–600 basis points to 54.7–54.8% in Q3 2025.
EBIT improved by €10m year-over-year to €-4.6m; free cash flow improved by €10.2m to €-7.5m.
Net loss for Q3 was €-5.0m, a 67% improvement year-over-year.
Cash and cash equivalents: €57.6m as of September 30, 2025.
Outlook and guidance
Full-year 2025 net revenue expected to decline 10%–20%, with results likely at the midpoint.
EBIT margin expected between -5% and -15%, towards the lower end due to higher IT costs and restructuring.
Cash and cash equivalents projected between €54–56m at year-end.
FY 2026 will see full-year consolidation of four acquired stores, contributing ~€4m in sales and ~€0.5m in EBITDA.
2026 focus on final restructuring phase, with low double-digit million euro one-off costs and transition to adjusted EBITDA reporting.
Detail the 3x 80% acquisition criteria
Quantify expected efficiency from new IT architecture
Explain international gross margin stability
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Next Mister Spex earnings date
Q4 202526 Feb, 2026
Next Mister Spex earnings date
Q4 202526 Feb, 2026
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Frequently asked questions
Mister Spex SE is a European eyewear retailer specializing in the online sale of glasses, sunglasses, and contact lenses. The company offers a wide range of frames, lenses, and optical products from various brands, complemented by virtual try-on technology and home trial services. Mister Spex also operates physical stores in select locations, providing in-person consultations and fitting services. Its multichannel approach integrates online and offline solutions to enhance customer experience. The company is headquartered in Berlin, Germany, and its shares are listed on the XETRA.
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