LuxExperience (LUXE) Q1 2026 earnings summary

Executive summary

• Mytheresa led Q1 FY26 with double-digit growth and profitability, while NET-A-PORTER and MR PORTER showed early signs of turnaround and YOOX focused on profitability amid sales declines.

• The group executed a strategic divestment of THE OUTNET assets to streamline operations and focus on core luxury and off-price segments.

• Transformation plan is progressing, with new leadership, cost reductions, and integration efforts post-YNAP acquisition.

Financial highlights

• Group GMV for Q1 FY26: €589.0 million, net sales: €557.2 million, both down about 4% year-over-year (excluding outlet).

• Gross profit margin improved by 190bps to 44.1% year-over-year.

• Adjusted EBITDA at group level: -€28.1 million, margin of -5.0%.

• SG&A expenses decreased by 8.2% year-over-year, with adjusted SG&A costs reduced by €15 million.

• Net loss from continuing operations was €85.3 million for Q1 FY26.

Outlook and guidance

• FY26 guidance: GMV expected between €2.4 billion and €2.7 billion, with adjusted EBITDA margin between -2% and +1%.

• Mytheresa expected to grow mid to high single digits for FY26.

• NET-A-PORTER and MR PORTER to return to growth in H2 FY26, but full-year decline in low single digits.

• Medium-term targets: €4 billion net sales and 7-9% adjusted EBITDA margin by FY30, with 10-15% CAGR.