LuxExperience (LUXE) Q2 2026 earnings summary

Executive summary

• Achieved group-level net sales growth of 1.1% reported (5.7% constant currency) and GMV up 0.2% in Q2 FY26, marking the first adjusted EBITDA profitability since the YNAP acquisition.

• Adjusted EBITDA margin turned positive at 2% for the quarter, with all segments showing sequential improvement and Mytheresa leading growth.

• Transformation plan is on track, delivering cost savings and operational efficiencies, with targets of €4 billion net sales and 7–9% adjusted EBITDA margin medium-term.

• Strong operational cash flow of €118.5 million in Q2, with cash and investments totaling €543.6 million and no debt.

• Improved FY26 guidance and liquidity position support continued progress.

Financial highlights

• Q2 FY26 GMV: €684.8 million (+0.2% YoY); Net Sales: €645.1 million (+1.1% YoY); Gross Profit Margin: 47.8%.

• Adjusted EBITDA: €13.2 million (2.0% margin), a significant turnaround from prior losses.

• Mytheresa Q2 net sales grew 8.8% to €242.7 million; GMV up 9.9% to €268.9 million; gross margin 52.3%.

• Net-a-Porter and Mr Porter Q2 net sales declined 1% to €277.1 million, but showed strong sequential recovery; gross margin 46.1%.

• YOOX Q2 net sales declined 7.3% to €125.3 million, with gross margin 42.8% and improved profitability.

Outlook and guidance

• FY26 guidance narrowed: GMV and net sales expected between €2.5–2.7 billion, adjusted EBITDA margin of -1% to +1%.

• Mytheresa expected to grow high single digits in H2 and full year.

• Net-a-Porter and Mr Porter to see positive growth rates by year-end, with a low single-digit GMV decline for FY26.

• YOOX to see low teens top-line decline in H2 and FY26.

• Medium-term targets reaffirmed: €4 billion net sales, 7–9% adjusted EBITDA margin, 10–15% annual growth rates.