Daily briefing · 2026-10-11 · SundayDaily briefing
EYEWEARSEARCH NEWS
Mister Spex Reports Improved Q1 2026 Earnings and Introduces Structural Enablers
Mister Spex SE reported improved operating performance for the first quarter of 2026, with adjusted EBITDA rising 88%. The company also introduced four structural enablers to support a scalable operating model.
Brands & Retailers
Mister Spex Reports Improved Profitability in Q2 2025 Despite Revenue Decline
Mister Spex SE reported significantly improved profitability for the second quarter of 2025, with EBIT rising by €3.0 million to -€4.3 million. Net revenue declined 22% year-on-year to €53 million, driven by a deliberate reduction in online discount promotions which lowered demand in the sunglasses segment. However, gross margin increased by 504 basis points to 53.7%, supported by a better product mix featuring a higher share of prescription glasses (38%) and premium private label 'SpexPro'. The company launched its 'Mister Spex Switch' subscription model in stores in May 2025 and online in August 2025, alongside an Eye Health Check service. Operating cash flow turned positive at €0.4 million. Mister Spex adjusted its full-year revenue guidance to a decline of 10-20% but maintained its EBIT guidance.
Mister Spex Reports Significant EBITDA Improvement in FY2025 Following Transformation Phase
Mister Spex SE announced its full-year 2025 financial results, marking the completion of its first transformation phase. Net revenue declined 16% to €181 million due to deliberate pricing discipline and exits from unprofitable international online markets. However, structural earnings power improved significantly, with EBIT rising by €59 million year-on-year to -€26 million and gross margin expanding by 580 basis points to 55.6%. The German store network reached structural profitability, with 45 stores operating at break-even or above. For 2026, Mister Spex expects net revenue to decrease between 0% and 10% compared to 2025. The company will adopt adjusted EBITDA as its key performance indicator and implement a two-business-unit structure separating online and offline operations.
Mister Spex Announces 'SpexFocus' Restructuring Program, Closes International Stores, and Updates 2024 Guidance
Mister Spex SE has approved the "SpexFocus" transformation and restructuring program for 2024–2025, aiming to increase EBITDA by over €20 million. Key measures include closing all eight international stores (five in Austria, two in Sweden, one in Switzerland) due to lack of profitable growth paths, reducing personnel costs, and repositioning the brand to focus on optician expertise for the 40–60 age demographic. The company also plans to reduce promotional activities and switch its key financial indicator from Adjusted EBITDA to EBIT starting in 2025. Preliminary H1 2024 results showed net revenue of €119 million (+1% YoY) but negative adjusted EBITDA of €-0.8 million, attributed partly to adverse weather affecting sunglasses sales. Consequently, Mister Spex lowered its full-year 2024 guidance to net revenue between €210–€230 million and an adjusted EBITDA margin between +1% and -4%.
Mister Spex Reports 3% Revenue Decline in 2024 Amid 'SpexFocus' Transformation; Expects Further Drop in 2025
German optical retailer Mister Spex SE announced its full-year 2024 financial results, marked by the implementation of its "SpexFocus" transformation program. Net revenue decreased by 3% to €217 million, within adjusted guidance, while the adjusted EBITDA margin stood at -2.7%. The International segment saw a 13% revenue decline due to store closures in Austria, Sweden, and Switzerland, leaving only an online presence outside Germany. In contrast, the German core market remained flat year-on-year with 2% like-for-like sales growth. Key initiatives included a reduction in discount promotions, which improved prescription glasses margins by approximately 77 basis points, and the launch of private label lenses, SpexPro, which accounted for roughly 20% of prescription orders in Q4 2024. For 2025, Mister Spex expects net revenue to decline by 5% to 10% as it continues to prioritize profitability over volume, shifting its key performance metric to EBIT.
Mister Spex Reports Improved Q3 2025 Profitability Amid Revenue Decline and Store Acquisitions
Mister Spex SE reported improved profitability in Q3 2025, with EBIT rising by €10 million to -€4.6 million and gross margin increasing by approximately 600 basis points to 54.8%. Net revenue fell 18% year-on-year to approximately €47 million, reflecting a deliberate reduction in online promotional activity and the exit from unprofitable international markets. The company signed agreements to acquire four optical stores in Germany, expected to consolidate in Q1 2026. While online sales declined, store revenue grew 11%, driven by a 9% increase in prescription glasses sales. Free cash flow improved by €10.2 million to -€7.5 million. Mister Spex confirmed its 2025 guidance, expecting a net revenue decline of 10-20% and an EBIT margin between -5% and -15%.
Mister Spex Reports Q1 2026 Earnings Improvement and Introduces Four Structural Enablers for Scalable Operating Model
Mister Spex SE reported improved operating performance for the first quarter of 2026, with adjusted EBITDA rising 88% to €1.3 million despite a 9% year-on-year decline in net revenue to €40.7 million. The company attributed the revenue drop to a challenging consumer environment and a deliberate shift toward revenue quality in its online segment, which declined 19% due to reduced promotions and the closure of five unprofitable international shops. Conversely, the offline store network grew 11%, supported by new openings and acquisitions. Gross margin expanded by approximately 230 basis points to 59%, driven by a higher share of prescription glasses and premium lens sales. Mister Spex also introduced four structural enablers—Unified Stack, AI-Driver, Operating Leverage, and Value Creation—to build a resilient operating model and confirmed its full-year 2026 guidance.
Mister Spex Reports 2% Growth in Core German Market and Improved Gross Margin in Q3 2024 Amid International Store Closures
Mister Spex SE reported €57.8 million in revenue for Q3 2024, a 3% year-on-year decline primarily driven by the closure of international stores in Scandinavia, Austria, and Switzerland under its "SpexFocus" restructuring program. Despite the overall drop, the core German market grew by 2%, with prescription glasses revenue rising 4% globally and 5% in Germany. The company achieved a significant gross margin improvement of 302 basis points to 48.8%, attributed to a higher share of high-margin products like the new "SpexPro" premium lens private label and reduced promotional discounts. Average order value increased by 3% to €99.4. Adjusted EBITDA fell to -€1.4 million from €0.2 million in the prior year. Mister Spex confirmed its full-year guidance of €210–€230 million net revenue.
Accel-KKR Invests €60 Million in Ocuco to Drive Global Expansion and Omnichannel Software Growth
Ocuco announced a €60 million growth equity investment from Accel-KKR to fuel global expansion and meet rising omnichannel demand in the eyecare industry. The capital will support the scaling of Acuitas 3 OmniChannel Edition, a cloud-based solution designed to integrate online and in-store retail and clinical systems for over 6,750 locations across 88 countries. Additionally, the partnership aims to capitalize on strategic M&A opportunities. This announcement follows Ocuco’s recognition as one of Ireland’s Best Managed Companies for the eighth time in September 2025, highlighting its continued focus on product innovation and responsible AI frameworks.
Ecommerce & Channels
Mister Spex Launches Germany's First Online Eyewear Subscription Model
On August 4, 2025, Mister Spex launched "Mister Spex Switch," becoming the first optical retailer in Germany to offer a subscription-based eyewear rental model online. The service allows customers to select at least two pairs of glasses during checkout, with the option to exchange one model after twelve months. The package includes insurance, free lens adjustments, and an annual eye health check, providing access to approximately 100 brands and 12,000 products. Following its retail store launch on May 14, 2025, which saw over 3,000 subscriptions and accounted for around 10% of total store revenue in June and July, the digital expansion aims to scale recurring revenue streams. CEO Tobias Krauss noted that the subscription model drives higher average order values, approximately three times those of standard purchases, and attracts new customers, with over 40% of subscribers being first-time buyers.
Mister Spex Selects Salesforce Platform to Realign Omnichannel Infrastructure
German optical retailer Mister Spex has chosen Salesforce to replace its legacy systems with an integrated platform. The initial phase involves deploying Salesforce Commerce Cloud with Order Management for its DACH online shop and Salesforce Retail Cloud for its 66 German stores. This consolidation aims to unify previously separate online and in-store operations, reducing complexity and accelerating innovation. Mister Spex will centralize data from approximately eight million customers to enable personalized cross-channel experiences and utilize AI capabilities for product placement. Further expansions into marketing, customer service, and Agentforce-based AI use cases are planned, alongside a future ERP modernization. The implementation, supported by Salesforce Professional Services, will roll out gradually throughout the year, ensuring compliance with medical device regulations.
Products & Technology
Mister Spex launches EyeD, its first custom 3D-printed eyewear collection available in 37 stores
On October 4, 2023, Mister Spex announced the launch of EyeD, its first own-brand custom collection of 3D-printed eyewear. The service utilizes in-house facial scanning technology via tablets in-store to measure parameters such as nose bridge width and temple length, ensuring a personalized fit. Customers can currently choose from six models and seven colors. The glasses are made from high-quality polyamide using a resource-saving process, with production taking three to four weeks. Initially, EyeD is available for order in 37 Mister Spex stores across Germany and Austria at a price of 249 euros plus lenses.
Briefs
- Mister Spex Adjusts 2025 Revenue Guidance Downward While Confirming EBIT Targets Amid Market HeadwindsMister Spex
- Mister Spex Reports Q3 Revenue Growth and Improved Profitability, Confirms 2023 GuidanceMister Spex
- Mister Spex Reports H1 2024 Financial Results with 4% Like-for-Like Growth in GermanyMister Spex
- Mister Spex Reports 2023 Financial Results with Revenue Growth and Market Share GainsMister Spex
- Mister Spex Confirms 2024 Guidance with 2% Like-for-Like Growth in German Core MarketMister Spex