Mister Spex Reports H1 2026 EBITDA Growth Amid Restructuring

Mister Spex SE announced the appointment of Christopher Douglas as its new Chief Restructuring Officer, effective September 1. This newly established role is central to executing the company’s “SpexFocus” transformation and restructuring program, which aims to enhance profitability and ensure sustainable cash generation in the medium term. Douglas will oversee restructuring projects, review the cost base, and optimize operational processes. He brings extensive experience in corporate development and financial management, having previously held roles supporting the Büll family shareholder group and leading portfolio realignment at POSSEHL Mittelstandsbeteiligungen GmbH. Stephan Schulz-Gohritz, Chairman of the Management Board and CFO, emphasized that Douglas’s strategic insight will be instrumental in advancing efficiency within the SpexFocus initiative.

On January 21, 2025, Mister Spex SE announced a new corporate vision and mission as part of its SpexFocus transformation program. The company’s stated goal is to become the leading "vision-as-a-service" provider, moving beyond traditional eyewear sales to focus on eye health and individual style. This strategic update builds upon the brand repositioning introduced in August 2024 under the claim "The Optician of Your Life." Chairman Stephan Schulz-Gohritz described the changes as a logical step combining eye health expertise with customer empowerment. The announcement accompanies the restructuring initiative aimed at enhancing profitability and sustainable cash generation. As Germany’s leading omnichannel optician, Mister Spex operates four online shops across Europe and 65 retail stores in Germany, serving over 8 million customers since its founding in 2007.

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 SE announced an adjustment to its 2025 financial year revenue guidance, now expecting a decline of -10% to -20%, compared to the previous forecast of -5% to -10%. This revision follows weaker-than-expected sales in the second quarter due to intensified promotional activity and pricing pressure, particularly in the online sunglasses category. The company confirmed that its EBIT margin guidance remains unchanged at -5% to -15%, reflecting an improvement of roughly EUR 1.3 million, and reaffirmed its expected year-end cash position of approximately EUR 65 million ± EUR 5 million. CEO Tobias Krauss stated that Mister Spex deliberately chose not to follow the promotional trend to maintain trading discipline under its SpexFocus transformation programme. This strategy has resulted in gross margins ahead of the previous year, an 11% increase in overall average order value (AOV), and a 23% rise in prescription glasses AOV. Full Q2 financial results are scheduled for publication on 28 August 2025.

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 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 announced that its German stores achieved a 16% year-on-year increase in revenue during the Black Friday 2025 campaign period. The online platform recorded over 1.2 million visits during this time. In-store sales were driven by a 14% rise in prescription glasses and an increase of more than 20% in sunglasses. Optical services remained in high demand, with approximately 20,000 eye exams and over 500 eye health checks conducted throughout the campaign, including around 5,000 eye exams during the weekend alone. The 'Mister Spex Switch' subscription model, launched in May 2025, saw new subscriptions rise by 63% compared to the pre-campaign period, accounting for 13% of total store sales.

Mister Spex SE confirmed its 2025 financial guidance, reporting preliminary net revenue of approximately €178 million, an 18% year-on-year decline consistent with its -10% to -20% range. This decrease was primarily driven by deliberate store portfolio adjustments in Q4 2024 and reduced promotional activities. Despite the overall revenue drop, like-for-like growth reached 8%, reflecting resilient demand in the German core business. The EBIT margin landed in the lower half of the guided -5% to -15% range, while cash balance remained stable at roughly €56 million. Average order value for prescription glasses rose 20% due to an improved product mix and the Mister Spex Switch subscription model, which accounted for 16% of store sales in Q4 2025. The company will publish its 2026 outlook on March 26, 2026.

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 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 SE reported a 65% year-on-year increase in adjusted EBITDA to €3.8 million for the first half of 2026, despite a 10% decline in group revenue to €87.9 million. Gross margin expanded by 197 basis points to 56.9%, driven by a higher share of prescription glasses and selective promotions. While online revenue fell 20% to €52.8 million, offline store revenue grew 10% to €35.1 million, achieving 3% like-for-like growth against a declining German optical market. The company confirmed its full-year guidance and initiated the outsourcing of production to Rodenstock and logistics to Arvato, closing its Berlin-Spandau site by year-end to enhance cost flexibility.