Mister Spex (MRX) Q4 2025 earnings summary

Executive summary

• FY2025 marked a structural transformation, focusing on quality of revenue and margin expansion, with intentional revenue decline due to exit from unprofitable international markets and discount reduction.

• Gross margin expanded by 580 basis points year-over-year to 55.6%, reflecting a shift to higher-margin products and services.

• EBIT loss narrowed by EUR 59 million to EUR -26 million, the largest year-over-year earnings improvement in company history.

• Profitable stores increased to 45 of 65, up from 24 last year, reflecting successful store network optimization.

• The company completed its multi-year transformation program, laying the foundation for scalable, profitable growth in 2026.

Financial highlights

• Net revenue was EUR 181 million, down 16% year-over-year, in line with guidance, driven by strategic international exits and discount reduction.

• Gross profit reached EUR 100.9 million, with gross margin up from 49.8% to 55.6%.

• EBIT margin improved to -14.5%, within guidance, with EBIT loss narrowed to EUR -26.3 million.

• Adjusted EBITDA improved by EUR 22 million within one year, surpassing the two-year target.

• Cash and cash equivalents at year-end were EUR 56 million, with a EUR 14.3 million decrease, EUR 37 million better than FY2024.

Outlook and guidance

• FY2026 net revenue expected to be flat to -10% versus FY2025, reflecting final normalization after discount detox and international webshop closures.

• Adjusted EBITDA margin guided to break even to mid-single digit percent, up from 1.7% in 2025.

• Year-end cash expected at EUR 25–30 million, including EUR 4 million for acquisitions and EUR 10–15 million in non-recurring costs.