Mister Spex (MRX) Q2 2026 earnings summary

Executive summary

• Adjusted EBITDA rose 65% year-over-year to €3.8 million in H1 2026, with gross margin up 197 bps to 56.9%, despite a 10% revenue decline to €87.9 million, mainly due to weak market conditions and online shop closures.

• Offline revenue grew 10% to €35.1 million, supported by store acquisitions and like-for-like growth, while online revenue declined 20–21% due to efficiency measures and shop closures.

• Strategic initiatives included outsourcing logistics and production, launching B2B2C partnerships, introducing Mister Spex Kids, and implementing a unified payment platform with Adyen.

• Net loss widened to €13.6 million in H1 2026, reflecting restructuring and impairment costs related to the Berlin-Spandau site closure.

Financial highlights

• Q2 2026 net revenue: €47.1 million, down 11% year-over-year, with adjusted EBITDA at €2.6 million (up 55%), and gross margin at 55.4% (+162 bps YoY).

• Cash and cash equivalents at quarter-end: €43.2 million, down €13.0 million from year-end 2025.

• Net loss for Q2 2026 was €7.1 million, with EPS at -€0.21.

• Adjusted EBITDA margin improved to 5.4–5.5% in Q2 2026.

• Gross profit fell 7% to €50.0 million in H1 2026.

Outlook and guidance

• 2026 net revenue expected between -10% and 0% year-over-year, with adjusted EBITDA margin forecasted between breakeven and mid-single digits.

• Year-end cash projected at €25–30 million.

• Average order value expected to rise, supported by premium lens expansion and Switch subscription growth.

• Ongoing geopolitical risks and higher working capital/non-recurring cash outflows expected.