LuxExperience B.V. (LUXE) Q2 2026 earnings summary

Executive summary

• Achieved group-level net sales growth of 1.1% year-over-year (5.7% constant currency) in Q2 FY26, marking the first top-line and adjusted EBITDA profitability since the YNAP acquisition.

• All three business segments—Mytheresa, Net-a-Porter/Mr Porter, and YOOX—showed sequential improvements in both top and bottom lines, with Mytheresa leading growth.

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

• Strong operational cash flow of €118.5 million in Q2, with cash and investments totaling over €418 million and no debt.

• Improved full-year FY26 guidance, reflecting confidence in continued growth and profitability.

Financial highlights

• Q2 FY26 group net sales: €645.1 million (+1.1% YoY); GMV: €684.8 million (+0.2% YoY); gross profit margin: 47.8%.

• Adjusted EBITDA margin at group level reached 2.0% in Q2, first positive since YNAP acquisition.

• Mytheresa: Q2 GMV €268.9 million (+9.9%), net sales €242.7 million (+8.8%), gross margin 52.3% (+140bps), adjusted EBITDA margin 9.3%.

• Net-a-Porter/Mr Porter: Q2 GMV €290.7 million (-1.9%), net sales €277.1 million (-1.0%), adjusted EBITDA margin -0.7%.

• YOOX: Q2 GMV €125.3 million (-12.1%), net sales €125.3 million (-7.3%), adjusted EBITDA margin -6.0%.

Outlook and guidance

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

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

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

• YOOX to see low teens top-line decline for FY26, with profitability targeted in 12–15 months.

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