LuxExperience (LUXE) Q4 2026 earnings summary

Executive summary

• Net sales grew 7.6% ex-FX (6.1% reported) to €653.6M in Q4 FY26, with full-year FY26 net sales up 3.2% ex-FX to €2,474.2M and Adjusted EBITDA margin improving to 2.1% in Q4 FY26.

• All segments reported net sales growth ex-FX and improved Adjusted EBITDA profitability in Q4 FY26, with Mytheresa leading in growth and profitability.

• Transformation efforts post-YNAP acquisition drove a 430bps reduction in SG&A cost ratio and significant profitability improvements.

• Positive operating cash flow in Q4 FY26 and a strong net cash position of €442.7M, with the group debt-free at period end.

• Management authorized a $50M ADR share repurchase program in September 2026.

Financial highlights

• Q4 FY26 Adjusted EBITDA reached €13.6M (2.1% margin); FY26 Adjusted EBITDA up €63.8M to €10.8M (0.4% margin).

• Mytheresa Q4 FY26 net sales up 10.2% ex-FX to €269.2M; FY26 up 11.5% ex-FX to €994.3M.

• NAP & MRP Q4 FY26 net sales up 5.6% ex-FX to €273.9M; FY26 up 0.5% ex-FX to €994.8M.

• YOOX Q4 FY26 net sales up 6.6% ex-FX to €110.5M; FY26 net sales down -5.8% ex-FX.

• SG&A cost ratio improved by 400–430bps in Q4 FY26 to 17.6%; full-year SG&A expenses down €55M (-9.9%).

Outlook and guidance

• FY27 group net sales expected to grow mid- to high-single digits; Adjusted EBITDA margin guided at 2–3%.

• Mytheresa expected to deliver high single- to low double-digit top-line growth and slightly higher Adjusted EBITDA margin.

• NAP & MRP guided for mid-single-digit top-line growth and 100–200bps Adjusted EBITDA margin improvement.

• YOOX expected to achieve mid-single-digit top-line growth with negative mid-single-digit Adjusted EBITDA margin, targeting break-even in FY28.

• Medium-term: €4B net sales and 7–9% Adjusted EBITDA margin by FY30, with annual 10–15% sales growth.