Mister Spex (MRX) Q1 2026 earnings summary

Executive summary

• Achieved significant earnings improvement in Q1 2026, with adjusted EBITDA up 88% to €1.3 million, despite a 9% revenue decline to €40.7 million, reflecting restructuring, cost discipline, and a focus on margin quality.

• Gross margin expanded by 234 basis points to 58.8%, driven by a higher share of prescription glasses and reduced discounting.

• Offline segment outperformed with 11% revenue growth and 7% like-for-like growth, while online revenue declined 19% due to efficiency measures, price repositioning, and exit from unprofitable markets.

• Strategic focus on premiumization, digital transformation, and subscription models is driving higher average order value and customer retention.

• Introduced four structural enablers: unified tech stack, AI-driven automation, operating leverage, and value creation to support scalable growth.

Financial highlights

• Net revenue for Q1 2026 was €40.7 million, down 9% year-over-year.

• Adjusted EBITDA improved 88% year-over-year to €1.3 million, with margin rising to 3.2% of revenue.

• Gross margin expanded to 58.8% (up from 56.4% year-over-year).

• Cash and cash equivalents stood at €47.9 million at quarter-end, down from €56.2 million at year-end 2025.

• Net loss for the period was €6.5 million, a 5% improvement year-over-year.

Outlook and guidance

• Full-year 2026 guidance confirmed: net revenue growth of 0% to -10%, adjusted EBITDA margin breakeven to mid-single digits, and year-end cash of €25–30 million.

• Q2 2026 will see €1.3 million in acquisition payments and a low single-digit EBITDA adjustment for transformation projects.

• Moderate increase in average order value expected, supported by expanded lens offering and Switch subscription growth.

• No new information indicating material changes to the forecast; impact of Iran conflict escalation remains uncertain.