LuxExperience (LUXE) Q4 2025 earnings summary

Executive summary

• Completed acquisition of YOOX Net-a-Porter (YNAP) in April 2025, forming LuxExperience as a leading global digital multi-brand luxury group and integrating luxury and off-price segments under a new operating model.

• Group transformation accelerated post-acquisition, including leadership changes, cost reductions, technology upgrades, and segment realignment to drive growth and profitability.

• Mytheresa delivered strong growth and profitability, outperforming peers, while NAP/MRP and Off-Price segments faced significant declines.

• US market expansion contributed 9.7% net sales growth, now representing 20.6% of Mytheresa's total business.

Financial highlights

• Mytheresa Q4 FY25 net sales up 11.5% YoY to €248.9M; FY net sales up 8.9% to €916.1M; Q4 adjusted EBITDA margin 6.5%.

• Group Q4 FY25 GMV was €692.4M (down 5.3% YoY); net sales €663.3M (down 4.7% YoY); adjusted EBITDA for Q4 FY25 was -€15.3M; FY25 adjusted EBITDA was -€58.7M.

• NAP/MRP Q4 FY25 GMV declined 9.1% YoY, with adjusted EBITDA at -€2.9M; Off-Price Q4 FY25 GMV declined 19.6% YoY, with adjusted EBITDA at -€28.5M.

• Group consolidated net income for FY25 was €552.3M, with basic EPS of €5.77.

• Cash and cash equivalents at year-end were €603.6M, mainly due to the YNAP acquisition.

Outlook and guidance

• FY26 is a transition year; group GMV expected at €2.5–2.9B, with adjusted EBITDA margin between -4% and +1%.

• Mytheresa expected to continue GMV growth; NAP/MRP to slightly decline; Off-Price to continue restructuring and GMV decrease.

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

• Off-Price segment expected to return to profitability in 18–24 months.