Mister Spex (MRX) Q2 2026 earnings summary

Executive summary

• Adjusted EBITDA rose 65% year-over-year to €3.8 million in H1 2026, with gross margin up 197 bps to 56.9%.

• Total net revenue for H1 2026 was €87.9 million, down 10% year-over-year, in line with guidance and reflecting market headwinds and online segment weakness.

• Offline revenue grew 10% to €35.1 million, supported by store acquisitions and new openings, while online revenue declined 20–21% due to shop closures and reduced promotions.

• Strategic initiatives included outsourcing logistics and production, launching Mister Spex Kids, consolidating payment providers, and expanding B2B2C partnerships.

• The company outperformed the German optic market, which saw a 7.4% revenue decline and 11.3% drop in unit sales.

Financial highlights

• Q2 2026 net revenue was €47.1 million, down 11% year-over-year, with adjusted EBITDA for Q2 at €2.6 million and gross margin up to 55.4%.

• Cash and cash equivalents stood at €43.2 million at quarter-end, with year-end guidance of €25–30 million.

• Net loss for H1 2026 widened to €13.6 million, reflecting restructuring and impairment costs.

• Adjusted EBITDA margin improved to 5.5% in Q2 2026, up from 3% year-over-year.

• Average order value increased 11% to €119, while active customers declined 22% to 1.03 million.

Outlook and guidance

• Full-year 2026 guidance confirmed: net revenue expected between 0% and -10% year-over-year, with adjusted EBITDA margin forecasted between breakeven and mid-single-digit percentage.

• Year-end cash expected at €25–30 million, with higher working capital and non-recurring cash effects in H2.

• Revenue stabilization and premium lens expansion are key priorities for H2.

• Ongoing geopolitical risks and economic uncertainty could impact results.