Mister Spex Confirms 2024 Guidance Amid Restructuring and Governance Updates

Mister Spex SE reported net sales of €51.1 million for the first quarter of 2024, representing a 2% year-on-year increase for the Group. Germany drove this performance with 5% growth, fueled by double-digit gains in sunglasses (11%) and contact lenses (14%), while prescription glasses remained flat. Conversely, the International segment declined by 8%, primarily due to weaker results in Scandinavia, Switzerland, and the UK. Management attributed mixed category outcomes to calendar effects from an earlier Easter and favorable weather conditions boosting outdoor product demand. Adjusted EBITDA remained roughly flat at -3.2% of revenues. The company reconfirmed its fiscal year 2024 guidance, anticipating low-to-mid single-digit revenue growth and a positive adjusted EBITDA margin.

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 SE reported net revenue of €119 million for the first half of 2024, reflecting a 1% year-on-year growth. In Q2 2024, sales reached €67.6 million, also up 1%. The German market demonstrated robust performance with a 4% like-for-like growth in physical retail during Q2. Prescription glasses sales in Germany rose by 11%, while sunglasses decreased by 2% due to weather conditions. Adjusted EBITDA declined slightly by €0.8 million in H1, though Q2 saw a €0.8 million improvement. The company has initiated its 'SpexFocus' restructuring program targeting over €20 million in EBITDA savings by 2025-2026, alongside a rebranding effort and the launch of a new sports eyewear collection. Active customers fell by 2% to 1.697 million, but average order value increased by 3% to €97.6. Full-year guidance projects net revenue between €210-230 million.

At its Extraordinary General Meeting on September 20, 2024, Mister Spex SE shareholders approved all management proposals. The vote confirmed the reduction of the Supervisory Board from seven to five members to streamline governance and cut costs under the "SpexFocus" restructuring program. Additionally, resolutions originally passed at the Annual General Meeting on June 7, 2024, were reaffirmed after a shareholder challenge necessitated legal confirmation. Counterproposals were rejected by over 75% of votes cast, while participation exceeded 70% of share capital. Chairman Stephan Schulz-Gohritz outlined updated full-year guidance and highlighted initiatives including personnel cost reductions and the introduction of the SpexPro private label in the premium lens segment.

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.

Mister Spex reported preliminary unaudited figures for 2024, confirming net revenue declined by 3% to approximately €216 million, within its guidance range of €210–€230 million. This decline was primarily driven by the closure of all international stores in the fourth quarter as part of the SpexFocus transformation program. Despite this, the core German market achieved 2% like-for-like growth, with brick-and-mortar stability offsetting broader declines. Adjusted EBITDA turned negative but remained within the guided range of +1% to -4%. Average order value for prescription glasses rose 12% year-over-year, aided by the September launch of the SpexPro lens portfolio. Cash balance exceeded €70 million at year-end. Audited results and 2025 outlook will be published on March 27, 2025.