Mister Spex (MRX) Q2 2025 earnings summary

Executive summary

• Net revenue declined 18% year-over-year in H1 2025 to €97.6m, with Q2 revenue down 22%, mainly due to reduced discounting and international store closures under the SpexFocus program.

• Gross margin improved by over 500 basis points to 55.0% in H1 2025, driven by premium product mix and disciplined pricing.

• EBIT improved by €5.9m in H1 2025 to €-10.6m, and EBITDA was €0.4m in Q2 2025.

• Cash and cash equivalents stood at €65.5m at June 30, 2025, supporting ongoing transformation.

• 90% of stores are break-even or profitable, with 31 stores achieving >10% EBIT margin.

Financial highlights

• H1 2025 revenue: €97.6m (-18%); Q2 2025 revenue: €52.9m (-22%).

• Gross profit margin: 55.0% in H1 2025 and 53.7% in Q2 2025, up over 500 basis points year-over-year.

• EBIT loss narrowed to €-10.6m in H1 and €-4.3m in Q2 2025.

• Operating cash flow improved to €2.7m in H1 2025.

• Free cash flow improved by €1.2m year-over-year; cash and cash equivalents at €65.5m.

Outlook and guidance

• Full-year 2025 revenue expected to decline by 10–20%, with EBIT margin guidance at -5% to -15%.

• Year-end cash and cash equivalents expected at €65m ± €5m.

• Q3 expected to benefit from a higher share of prescription glasses, but sunglasses and online channels remain under pressure.

• Focus remains on cost reduction, operational efficiency, and long-term profitability through the SpexFocus program.

• SpexFocus program expected to deliver over €20m EBITDA impact for 2025 and 2026.