Mister Spex (MRX) Q3 2026 earnings summary

Executive summary

• 9M 2026 revenue was €133.580m, down 8% YoY; Q3 revenue decline narrowed to 4% as offline growth partly offset online weakness.

• 9M adjusted EBITDA rose to €5.746m from €4.5m; Q3 adjusted EBITDA was €1.902m versus €2.1m.

• Logistics and prescription-glasses production shifted to partners, while Salesforce integration expanded to marketing and customer service.

Financial highlights

• Q3 revenue was €45.720m, down 4% YoY; gross profit was €24.7m versus €26.0m.

• Q3 adjusted EBITDA was €1.902m versus €2.1m; reported EBITDA improved to €0.7m from -€0.7m as adjustments fell 59% to €1.2m.

• Q3 EBIT loss narrowed to €3.4m from €4.6m and net loss to €3.9m from €5.0m.

• 9M gross profit was €74.721m, down 6%; gross margin rose to 55.9% from 54.9%. Q3 gross margin was 54.0%, down 74 bps.

• Personnel expenses declined 5% and other operating expenses 15%, partly offsetting lower Q3 gross profit.

Outlook and guidance

• FY2026 revenue guidance remains 0% to -10%; adjusted EBITDA margin guidance is break-even to mid-single digits.

• Year-end cash guidance was reduced to €21m–€23m from €25m–€30m, reflecting lower operating cash generation, working-capital buildup and accelerated transformation costs.

• Q4 is expected to bring a slight working-capital increase and non-recurring effects in the high-single-digit-million-euro range.

• With flat revenue in 2027, significant profitability improvement is expected, conditional on timely implementation of transformation and productivity initiatives.