LuxExperience B.V. (LUXE) Q2 2026 earnings summary

Executive summary

• Achieved group-level net sales growth of 1.1% reported and 5.7% constant currency in Q2 FY26, with GMV up 0.2%, marking the first top-line and adjusted EBITDA profitability since the YNAP acquisition.

• All three business segments—Mytheresa, Net-a-Porter/Mr Porter, and YOOX—showed sequential improvements in both top and bottom lines, with Mytheresa leading growth.

• Transformation plan is on track, delivering cost savings, improved efficiency, and targeting €4 billion in net sales and a 7–9% adjusted EBITDA margin medium-term.

• Strong operational cash flow of €118.5 million in Q2, with a positive adjusted EBITDA margin of 2% at group level.

• Improved full-year FY26 guidance, reflecting confidence in continued growth and profitability.

Financial highlights

• Q2 FY26: GMV €684.8m (+0.2% YoY), Net Sales €645.1m (+1.1% YoY), Gross Profit Margin 47.8%, Adj. EBITDA €13.2m (2.0% margin).

• H1 FY26: GMV €1,274m, Net Sales €1,202m, Gross Profit Margin 46.0% (+70bps YoY).

• Mytheresa Q2: Net sales €242.7m (+8.8%), GMV €268.9m (+9.9%), gross margin 52.3% (+140bps), Adj. EBITDA €22.6m.

• Net-a-Porter/Mr Porter Q2: Net sales €277.1m (-1.0%), GMV €290.7m (-1.9%), gross margin 46.1%, Adj. EBITDA -€1.9m.

• YOOX Q2: Net sales €125.3m (-7.3%), GMV €125.3m (-12.1%), gross margin 42.8%, Adj. EBITDA -€7.5m.

• Group SG&A cost ratio decreased to 19.1% in Q2.

• Group ended Q2 with €543.6m in cash and financial investments; cash and cash equivalents at €418.6m as of Dec 31, 2025.

Outlook and guidance

• FY26 guidance narrowed: GMV and net sales expected between €2.5–2.7 billion; adjusted EBITDA margin of -1% to +1%.

• Mytheresa expected to grow high single digits in H2 and full FY26.

• Net-a-Porter/Mr Porter to see positive growth rates by year-end, with a low single-digit GMV decline for FY26.

• YOOX to see low teens top-line decline in H2 and FY26.

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

• Operating cash burn for FY26 expected well below €150 million; break-even on operating cash in two years.