Mister Spex (MRX) H2 2024 earnings summary

Executive summary

• 2024 was a transition year marked by the launch of the SpexFocus restructuring program, targeting profitability through cost reduction, store closures, and operational efficiency.

• Net revenues declined 3% year-over-year, with figures reported as EUR 270 million and €217 million; international revenue fell 13% and Germany was flat with like-for-like growth of 2%.

• Adjusted EBITDA was EUR -5.8 million, within guidance, and impacted by restructuring and lower sales.

• Major cost restructuring included international store closures, a 20% headcount reduction, and product portfolio rationalization.

• Management changes announced: new CEO and Chairman effective April 2025.

Financial highlights

• Gross profit margin was 49.8%, down 0.8 percentage points year-over-year.

• Adjusted EBITDA margin was -2.7% and EBITDA margin -11.4%, both down year-over-year.

• Loss for the period widened to €84.9 million, with EPS at -€2.56.

• Cash and cash equivalents at year-end 2024 were EUR 72 million.

• Free cash flow declined by EUR 38 million, including EUR 13 million in one-off transformation costs.

Outlook and guidance

• 2025 is expected to remain a transition year, with revenues projected to decline 5–10% versus 2024.

• EBIT margin guidance for 2025 is -5% to -15%, a significant improvement of EUR 54–75 million over 2024.

• Cash and cash equivalents expected to be around EUR 65 million (±5 million) at end of 2025.

• Focus remains on cost structure, operational efficiency, and store profitability, with new investments in stores planned for 2026 onwards.

• Growth strategy to resume from 2026, expanding optical expertise and services.