Mister Spex (MRX) Q4 2025 earnings summary

Executive summary

• FY2025 marked a structural transformation, focusing on quality of revenue and margin expansion, with intentional revenue decline due to exit from unprofitable international markets and discount detox.

• Gross margin expanded by 580 basis points year-over-year to 55.6%, reflecting a shift to higher-margin products and services.

• EBIT loss narrowed by EUR 59 million to EUR -26 million, the largest year-over-year earnings improvement in company history.

• Store network profitability inflected, with 45 of 65 stores at break even or above, up from 24 last year.

• The company completed its restructuring, embedding performance discipline and setting the stage for scalable, profitable growth in 2026.

Financial highlights

• Net revenue for FY2025 was EUR 181 million, down 16% year-over-year, in line with guidance, driven by strategic international exits and discount reduction.

• Gross profit reached EUR 100.9 million, with gross margin rising from 49.8% to 55.6%.

• EBIT improved to EUR -26.3 million from a much larger loss last year; EBIT margin at -14.5%.

• Cash and cash equivalents at year-end were EUR 56 million, with a EUR 14.3 million decrease, significantly better than the prior year.

• Adjusted EBITDA improved by EUR 22 million within one year, surpassing the two-year target.

Outlook and guidance

• FY2026 net revenue expected to be flat to -10% versus FY2025, reflecting final normalization after discount detox and international webshop closures.

• Adjusted EBITDA margin guided to break even to mid-single digit percent, up from 1.7% in 2025.

• Year-end 2026 cash expected at EUR 25–30 million, including EUR 4 million for acquisitions and EUR 10–15 million in non-recurring costs.

• Up to three new stores to be opened in proven catchment areas, with selective bolt-on acquisitions considered.

• Focus remains on margin expansion, cost discipline, and selective growth in offline channels.