Mister Spex (MRX) Q3 2025 earnings summary

Executive summary

• Leadership transition with Benjamin von Schenck appointed as CFO, focusing on operational excellence and transformation initiatives.

• Operational focus and transformation, including the "SpexFocus" program, are driving sustained performance improvement and a leaner structure.

• Strategic shift towards leaner operations, profitability, and disciplined, margin-accretive acquisitions to rebuild scale.

• Revenue declined 18% year-over-year in Q3 2025 to €47.5m, mainly due to transformation, reduced discounting, and international store closures.

• Gross margin improved by 599–600 basis points to 54.7–54.8%, marking consecutive quarters of margin gains.

Financial highlights

• Q3 2025 net revenue declined 18% year-over-year to €47.5m; Germany down 11%, international down 41%.

• Gross profit margin expanded by 599–600 basis points to 54.7–54.8% in Q3 2025.

• EBIT improved by €10m year-over-year to €-4.6m; free cash flow improved by €10.2m to €-7.5m.

• Net loss for Q3 was €-5.0m, a 67% improvement year-over-year.

• Cash and cash equivalents: €57.6m as of September 30, 2025.

Outlook and guidance

• Full-year 2025 net revenue expected to decline 10%–20%, with results likely at the midpoint.

• EBIT margin expected between -5% and -15%, towards the lower end due to higher IT costs and restructuring.

• Cash and cash equivalents projected between €54–56m at year-end.

• FY 2026 will see full-year consolidation of four acquired stores, contributing ~€4m in sales and ~€0.5m in EBITDA.

• 2026 focus on final restructuring phase, with low double-digit million euro one-off costs and transition to adjusted EBITDA reporting.