LuxExperience Q4 adj EBITDA positive, FY26 loss
LuxExperience posts stronger Q4 FY26 sales and EBITDA, narrows losses in acquired units, and guides to faster growth and higher margins in FY27.
Rhea-AI Filing Summary
LuxExperience B.V. (LUXE) reported Q4 FY26 and full-year FY26 results showing improving operations but still modest profitability at group level. Q4 FY26 Net Sales rose 7.6% ex-FX (6.1% reported) to €653.6 million, and Adjusted EBITDA reached €13.6 million, a 2.1% margin, marking a third consecutive profitable quarter on this basis. FY26 Net Sales were €2,474.2 million, up 3.2% ex-FX but down slightly reported, while Acquisition-adjusted EBITDA improved by €63.8 million to €10.8 million, a margin of 0.4%.
Segment trends were mixed but improving: Mytheresa delivered FY26 Net Sales of €994.3 million (+11.5% ex-FX) with Adjusted EBITDA of €62.3 million (6.3% margin); NAP & MRP generated a Q4 Adjusted EBITDA of €7.4 million (2.7% margin) but posted a small full-year Adjusted EBITDA loss; YOOX grew Q4 Net Sales 6.6% ex-FX and narrowed FY26 Acquisition-adjusted EBITDA loss to €-45.5 million. FY26 net loss was €167.7 million, and operating cash flow was €-108.4 million, but the company ended June 30, 2026 with €442.7 million in cash and investments and no bank debt. Management guides FY27 Net Sales growth in the mid- to high-single digits and an Adjusted EBITDA margin of 2%–3%, and has authorization to repurchase up to $50 million of ADRs.
Positive
- Q4 FY26 Net Sales grew 7.6% ex-FX to €653.6 million, with group Adjusted EBITDA of €13.6 million and a 2.1% margin, the third straight profitable quarter on this metric.
- FY26 Acquisition-adjusted EBITDA improved by €63.8 million year over year to €10.8 million, with margin increasing 260 bps to 0.4%, showing clear progress in the transformation plan.
- Mytheresa delivered FY26 Net Sales of €994.3 million (+11.5% ex-FX) and Adjusted EBITDA of €62.3 million with a 6.3% margin, alongside gross margin expansion of 150 bps.
- NAP & MRP and YOOX both achieved Q4 FY26 Adjusted EBITDA improvement, including €7.4 million Adjusted EBITDA at NAP & MRP (2.7% margin) and a 920 bps Q4 margin uplift at YOOX, indicating operational turnaround momentum.
- LuxExperience ended June 30, 2026 with €442.7 million of cash and cash investments and was bank debt-free, providing a strong liquidity position.
- FY27 guidance calls for Net Sales growth in the mid- to high-single digits and an Adjusted EBITDA margin of 2%–3%, implying further margin expansion from FY26 levels.
- Management holds authorization for a $50 million ADR share repurchase program, offering potential capital-return flexibility.
Negative
- Despite operational improvements, LuxExperience recorded a FY26 net loss of €167.7 million, compared with a prior-year net income of €569.9 million that included a significant bargain-purchase gain.
- FY26 cash flow from operating activities was €-108.4 million, indicating that the business has not yet translated Adjusted EBITDA improvements into positive cash generation.
- Group profitability remains low, with FY26 Acquisition-adjusted EBITDA margin at only 0.4% and guided FY27 margin of 2%–3%, leaving limited buffer against shocks.
- The Off-Price | YOOX segment, while improving, still posted FY26 Acquisition-adjusted EBITDA of €-45.5 million with a -9.4% margin, and NAP & MRP reported a full-year Adjusted EBITDA loss of €6.0 million.
- Active customers declined across NAP & MRP and YOOX in FY26, with NAP & MRP active customers down 11.1% and YOOX down 10.6%, suggesting pressure on overall customer base scale.
Filing Explained
The $50 million ADR authorization is capacity only; June 30, 2026 liquidity included €125,000 thousand in fixed-income investments.
This
The authorization covers up to
As of
Any effect on the number of shares outstanding remains contingent on actual repurchases, which the authorization does not require.
Key Figures
Key Terms
Adjusted EBITDA financial
Gross Merchandise Value (GMV) financial
Acquisition-adjusted SG&A expenses financial
Net Promoter Score financial
discontinued operations financial
Earnings Snapshot
For FY27, LuxExperience expects Net Sales to grow by mid- to high-single-digit percentages and an Adjusted EBITDA margin of around 2% to 3%.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How did LuxExperience (LUXE) perform in Q4 FY26 on sales and profitability?
What were LuxExperience (LUXE) full-year FY26 revenues and earnings?
How did the Mytheresa segment of LuxExperience (LUXE) perform in FY26?
What is LuxExperience (LUXE) guidance for FY27 growth and margins?
What is LuxExperience (LUXE) liquidity and debt position at June 30, 2026?
How are NAP & MRP and YOOX contributing to LuxExperience (LUXE) results?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO SECTION 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of: September 2026
Commission File Number: 001-39880
LUXEXPERIENCE B.V.
(formerly MYT Netherlands Parent B.V.)
(Exact name of registrant as specified in its charter)
Einsteinring 9
85609 Aschheim/Munich
Germany
+49 89 127695-614
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
| Form 20-F x | Form 40-F ¨ |
A copy of the Q4 FY 2026 earnings press release is furnished as Exhibit 99.1, hereto.
The information in this Form 6-K, including Exhibit 99.1 furnished in this report is not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. Registration statements or other documents filed with the SEC shall not incorporate this information by reference, except as otherwise expressly stated in such filing.
| Exhibit No. |
Description | |
| 99.1 | Q4, FY 2026 Earnings Press Release |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| LuxExperience B.V. | ||
| By: | /s/ Dr. Martin Beer | |
| Name: | Dr. Martin Beer | |
| Title: | Chief Financial Officer | |
| Date: September 16, 2026 | ||
Exhibit 99.1
Q4 FY26 and Full FY26 Results:
LuxExperience
with strong +7.6% Net Sales growth ex-FX and improved Adjusted EBITDA
profitability in Q4 FY26 now set for accelerated Top- and Bottom-Line
growth in FY27
KEY HIGHLIGHTS
| · | Strong performance increase of LuxExperience1 with Net Sales +7.6% ex-FX (+6.1% reported at €653.6 million) in Q4 FY26 vs. Q4 FY25 and significantly improved Adjusted EBITDA margin at 2.1% in Q4 FY26 | |
| · | All segments with accelerated performance as Net Sales ex-FX grew by +10.2% for Mytheresa, +5.6% for NAP & MRP and +6.6% for YOOX in Q4 FY26 vs. Q4 FY 25 and all segments reported Adjusted EBITDA profitability improvements in Q4 FY26 | |
| · | Strong Customer Economics: Strong growth of GMV per Top Customer at Mytheresa (+4.8%) and NAP & MRP (+9.4%) in Q4 FY26 vs. Q4 FY25. In FY26, Top Customers represented 4.8% and 4.3% of customers, driving 48.4% and 49.1% of GMV at Mytheresa and NAP&MRP, respectively | |
| · | Transformation plan in full gear with Adjusted SG&A cost ratio decreasing in the course of FY 26 by 430bps from 21.9% in Q1, 19.1% in Q2 and 18.3% Q3 to 17.6% in Q4 FY26. In FY26, Acquisition-adjusted SG&A expenses2 decreased by €55 million, or -9.9% compared to FY25 | |
| · | Positive cash flow from operating activities in Q4 FY26 and strong net cash position above expectations: Cash and cash investments of €442.7 million and balance sheet bank debt-free at the end of Q4 FY26 | |
| · | Guidance for accelerated growth in FY27: LuxExperience expects strong top-line growth acceleration and significant profitability improvement with Net Sales to grow by +MSD% to +HSD% and an Adjusted EBITDA margin at around 2% to 3% in FY27 | |
| · | Authorization for share repurchase program: On September 3, 2026, management received the authorization for a share repurchase program of up to $50 million of ADRs |
MUNICH, Germany (September 16, 2026) – LuxExperience B.V. (NYSE:LUXE) (the “Company”), today announced its financial results for its fourth quarter and full year 2026 ended June 30, 2026. The leading luxury multi-brand digital platform reported strong top-line development in Q4 FY26 and continued profitability on Adjusted EBITDA level for the third consecutive quarter.
In Q4 FY26, Mytheresa again outperformed the industry with double-digit Net Sales growth ex-FX and demonstrated increasing profitability. For the first time since the acquisition, NET-A-PORTER and MR PORTER combined delivered top-line growth in Q4 FY26 vs. Q4 FY25 and a positive Adj. EBITDA in Q4 FY26, driven by a strategic focus on full-price selling, customer engagement, and cost discipline. For Q4 FY26 vs. Q4 FY25, YOOX achieved positive top-line growth as a result of the strategic focus on the healthy core of the business with a leaner operating model.
Michael Kliger, Chief Executive Officer of LuxExperience, said, “We are very pleased with our Q4 FY26 and full FY26 results. The results of Q4 FY26 underline the tremendous progress we have achieved in our transformation plan in just the last 12 months. Mytheresa again set the gold standard in the fourth quarter in terms of high growth and profitability. NET-A-PORTER and MR PORTER combined achieved a clear turnaround, also delivering topline growth and profitability. YOOX is in high gear to achieve the same, delivering a topline growth while losses were cut almost in half compared to Q4 FY25. We have proven that at LuxExperience we possess the secret sauce in digital luxury. The strength of our businesses is based on resilient business models and superior customer economics.”
1 Basis of Presentation:
(a) References to "LuxExperience" refers to LuxExperience B.V., including its consolidated subsidiaries." (b) Unless otherwise indicated, the financial and operating measures presented in this release are presented on a Total Segments basis. Total Segments represent the aggregate of the corresponding amounts for each of LuxExperience's reportable segments – Luxury Mytheresa, Luxury NAP & MRP, and Off-Price YOOX – and exclude "Other". (c) The comparative FY25 period is presented on an illustrated basis. For further information, please see "Illustrative key operating and financial metrics by segment" below.
2Acquisition-adjusted SG&A expenses is Adjusted SG&A expenses further adjusted to include IT development expenses that were capitalized in the FY25 comparative period to enable a like for like comparison, as we discontinued this practice in FY26. In FY25, € 27.6 million were included for LuxExperience (€ 19.4 million can be attributed to NAP&MRP and € 8.2 million to YOOX).
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Kliger continued, “With the tremendous progress made in the past twelve months and the strong business momentum in Q4 of FY26, we are clearly on track to our medium-term targets of Group Net Sales of €4 billion and an Adjusted EBITDA margin of 7% to 9%. For full FY27, we expect accelerated topline growth and further increased Group Adjusted EBITDA margin. As a Group, we are perfectly positioned to benefit from the sustained growth of digital luxury and the improvements in the global luxury sector.”
FINANCIAL HIGHLIGHTS FY 2026
Amounts in € million are reported figures unless stated otherwise. Illustrative and quarterly figures are unaudited.
LUXEXPERIENCE
(illustrative)
| · | Q4 FY26 Net Sales increased +7.6% ex-FX (+6.1% reported at €653.6 million) and FY26 Net Sales were up +3.2% ex-FX (-0.6% reported at €2,474.2 million) | |
| · | Adjusted SG&A cost ratio improved 430bps from 21.9% in Q1, 19.1% in Q2, and 18.3% in Q3 to 17.6% in Q4 FY26. For FY26, Acquisition-adjusted SG&A expenses decreased by €55 million or -9.9% compared to FY25 | |
| · | Third consecutive quarter of positive Adjusted EBITDA profitability, reaching €13.6 million and an Adjusted EBITDA margin of 2.1% in Q4 FY26. For FY26 vs. FY25, Acquisition-adjusted EBITDA3 significantly increased by +€63.8 million to €10.8 million, with an Acquisition-adjusted EBITDA margin increasing 260bps to 0.4% | |
| · | Cash flow from operating activities in FY26 was at €-108.4 million, significantly below the expected €-120 million | |
| · | Strong cash position with cash and cash investments of €442.7 million and balance sheet bank debt-free as of June 30, 2026 |
LUXURY | MYTHERESA
| · | In Q4 FY26 vs. Q4 FY25, Net Sales increased +10.2% ex-FX (+8.1% reported at €269.2 million), driven by strong growth of +39.3% ex-FX in the United States (+30.3% reported). Strong double-digit Net Sales growth in FY26 of +11.5% ex-FX (+8.5% reported at €994.3 million) | |
| · | Q4 FY26 vs. Q4 FY25 Gross Profit margin increased 150bps to 49.7% and FY26 Gross Profit margin grew 150bps compared to FY25 to 48.5%, driven by persistent focus on full-price sales | |
| · | In Q4 FY26 vs. Q4 FY25, Adjusted EBITDA increased +10.9% or +€1.8 million to €17.9 million, with Adjusted EBITDA margin expanding 20bps to 6.6%. For FY26, strong adjusted EBITDA growth of +39.8% or +€17.7 million to €62.3 million, reaching an adjusted EBITDA margin of 6.3% compared to 4.9% in FY25 |
LUXURY | NAP & MRP
(illustrative)
| · | In Q4 FY26 vs. Q4 FY25, Net Sales were up +5.6% ex-FX (+4.3% reported at €273.9 million), driven by strong growth in the United States of +15.1% ex-FX (+13.4% reported). For FY26, positive Net Sales growth of +0.5% ex-FX (-4.6% reported at €994.8 million) compared to FY25 |
3 Acquisition-adjusted EBITDA is Adjusted EBITDA reflecting the effects of Acquisition-adjusted SG&A rather than Adjusted SG&A.
2
| · | Sequential improvement of Gross Profit Margin by 160bps to 48.3% in H2 FY26 compared to H1 FY26. For FY26, Gross Profit Margin increased by 170bps compared to FY25 to 47.5%, underlining focus on full-price sales and reduced discounting activities | |
| · | In Q4 FY26, the Adjusted SG&A cost ratio improved 500bps compared to Q4 FY25 to 19.5% reflecting clear progress of the transformation plan. For FY26 vs. FY25, Acquisition-adjusted SG&A costs decreased -11.0% or by -€29.8 million on an absolute basis, and Acquisition-adjusted SG&A cost ratio4 decreased 160bps to 23.1% | |
| · | Significantly improved Adjusted EBITDA in Q4 FY26 was up +€6.4 million compared to Q4 FY25 to reach €7.4 million, with Adjusted EBITDA margin expansion of 230bps to 2.7% in Q4 FY26. Sequential improvement of Adjusted EBITDA margin to 1.2% in H2 FY26 compared to -2.5% in H1 FY26 |
OFF-PRICE | YOOX
(illustrative)
| · | In Q4 FY26, Net Sales grew +6.6% ex-FX (+5.6% reported at €110.5 million), driven by continued growth in Europe (excluding the U.K.) of +22.7% reported compared to Q4 FY25 | |
| · | In H2 FY26, Acquisition-adjusted SG&A cost ratio improved significantly by 560bps from 29.4% in H2 FY25 to 23.8%. This equals absolute cost savings of €17.5 million or a decrease by -23.3% of Acquisition-adjusted SG&A expenses. Throughout FY26 the cost ratio improved sequentially by 440bps from 28.1% in H1 FY26 to 23.8% in H2 FY26 | |
| · | In Q4 FY26, Adjusted EBITDA margin improved significantly by 920bps to -10.5%. For FY26, Acquisition-adjusted EBITDA improved by +€34.7 million to -€45.5 million, with an Acquisition-adjusted EBITDA margin of -9.4% compared to -15.2% in FY25 |
KEY BUSINESS HIGHLIGHTS
LUXEXPERIENCE
| · | Successful Go-live of new ERP system at NAP & MRP on July 1, 2026 following successful update at Mytheresa | |
| · | Rollout of Mytheresa invoicing solution to NAP & MRP | |
| · | Successful Go-live of new group-wide customer messaging system at NAP & MRP | |
| · | Rollout of Mytheresa customer service system to NAP & MRP and YOOX | |
| · | End of TSA to buyer of the OUTNET assets |
LUXURY | MYTHERESA
| · | 14 high-impact Top Customer activations and six true “money can’t buy” experiences, including Zimmermann in Lake Como, Dolce & Gabbana in Sardinia, and Brioni in Amalfi in Q4 FY26 | |
| · | Launch of 11 exclusive capsule collections and 4 exclusive pre-launches or exclusive styles campaigns in Q4 FY26; New launch of prestigious luxury brands Piaget and Fendi on Mytheresa | |
| · | Further increased customer economics in Q4 FY26: GMV per Top Customer up +4.8%, Top Customer count up +18.0% and Average Order Value (LTM) up 13.1% (reported) to €875 |
LUXURY | NAP & MRP(5)
| · | 36 editorial campaigns for exclusive brand and product launches with brands such as Chloe, Khaite, Carolina Herrera, Tom Ford, Brunello Cucinelli and Celine amongst others in Q4 FY26 |
4 Acquisition-adjusted SG&A cost ratio is Acquisition-adjusted SG&A expenses as a % of GMV.
5 Comparative periods to April 23, 2025 are shown on an illustrative basis.
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| · | 11 unique EIP experiences at NET-A-PORTER with brand partners such as KHAITE, Chloé, Carolina Herrera, Gucci and Schiaparelli in the United States and Europe and 6 unique EIP experiences at MR PORTER with brand partners including Zegna and Ralph Lauren in Q4 FY26 | |
| · | Sequential growth in Top Customer count in Q4 FY26 vs. Q3 FY26 with +3.2%, alongside strong increase in GMV per Top Customer of +9.4% and increase of Average Order Value (AOV) LTM by +9.1% (reported) to €885 in Q4 FY26 vs. Q4 FY25 |
OFF-PRICE | YOOX(5)6
| · | YOOX leveraged its 26th Anniversary to drive community engagement, consideration and new customer registrations through flagship community events in Milan and Forte dei Marmi and an integrated campaign | |
| · | Strong growth in GMV per top customer of +12.3% and significant increase of the Net Promoter Score by +1,520bps to 49.1 in Q4 FY26 vs. Q4 FY25 |
Guidance FY 2027
For the full fiscal year ending June 30, 2027, LuxExperience expects strong top-line growth acceleration and significant profitability improvement with
| · | Net Sales to grow by +MSD% to +HSD%; and | |
| · | Adjusted EBITDA margin at around 2% to 3% |
On a segment basis, we expect for the Luxury | Mytheresa segment continued top-line momentum with high single-digit to low double-digit net sales growth and profitability slightly above full FY26 levels. The Luxury | NAP & MRP is expected to grow its net sales at a mid-single-digit percentage rate, accompanied by a 100 to 200 basis point expansion in Adjusted EBITDA margin compared to full FY26. The Off-price | YOOX segment is anticipated to grow its net sales at a mid-single-digit percentage rate, with an Adjusted EBITDA margin expected to remain in the negative mid-single-digit range.
LuxExperience reconfirms its medium-term annual growth rates of 10-15% and targets of €4 billion Net Sales with an underlying Adjusted EBITDA margin of 7% to 9%, expecting an annual 150 to 250bps increase in Adjusted EBITDA margin after FY27.
The foregoing forward-looking statements reflect LuxExperience’s expectations as of today's date. Given the number of risk factors, uncertainties and assumptions discussed below, actual results may differ materially. LuxExperience does not intend to update its forward-looking statements until its next quarterly results announcement, other than in publicly available statements.
AUTHORIZATION FOR SHARE REPURCHASE PROGRAM
On September 3, 2026, management received the authorization for the repurchase of up to $50 million of our ADRs, which may be effected from time to time through accelerated share repurchase arrangements at such times, at such prices, and in such amounts as management may determine in its sole discretion, subject to market conditions, applicable legal and regulatory requirements, and other factors. The authorization does not obligate us to repurchase any ADRs or any particular amount and may be suspended, modified, or discontinued at any time without prior notice; there can be no assurance as to the timing, volume, or price of any repurchases, or that any repurchases will occur at all.
5Comparative periods to April 23, 2025 are shown on an illustrative basis.
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CONFERENCE CALL AND WEBCAST INFORMATION
LuxExperience will release fourth quarter and full fiscal year 2026 financial results before the U.S. market open on September 16, 2026. A conference call to discuss its results will follow at 8:00am Eastern Time that same day.
Event: LuxExperience Fourth Quarter and Full Fiscal Year 2026 Earnings Conference Call
Event Date: September 16, 2026
Event Time: 8:00am ET
Webcast: Please follow the link
A webcast replay will be available on LuxExperience’s investor relations website at investors.luxexperience.com
FORWARD LOOKING STATEMENTS
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements relating to financing activities; future sales, expenses, and profitability; future development and expected growth of our business and industry; our ability to execute our business model and our business strategy; having available sufficient cash and borrowing capacity to meet working capital, debt service and capital expenditure requirements for the next twelve months; and projected capital spending. In some cases, you can identify forward-looking statements by the following words: “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements are only predictions. Actual events or results may differ materially from those stated or implied by these forward-looking statements. In evaluating these statements and our prospects, you should carefully consider the factors set forth below.
The risk that the completed YNAP acquisition and the post-acquisition integration could have an adverse effect on the ability of YNAP to retain customers and retain and hire key personnel and maintain relationships with their brand partners and customers and on their operating results and businesses generally; the risk that problems may arise in successfully integrating the businesses of YNAP and Mytheresa, which may result in the combined company not operating as effectively and efficiently as expected; the risk that the combined company may be unable to achieve cost-cutting synergies or that it may take longer than expected to achieve those synergies; LuxExperience’s ability to effectively compete in a highly competitive industry; LuxExperience’s ability to respond to consumer demands, spending and tastes; foreign currency exchange rate fluctuations; general economic conditions, including economic conditions resulting from deteriorating geopolitical and macroeconomic conditions, such as the recent global trade war, that may adversely impact consumer demand; The ongoing conflict involving Iran and the related disruption to shipping through the Strait of Hormuz, and their effects on energy prices, supply chain costs, and heightened macroeconomic uncertainty that may adversely affect consumer confidence and spending; LuxExperience’s ability to acquire new customers and retain existing customers; consumers of luxury products may not choose to shop online in sufficient numbers; the volatility and difficulty in predicting the luxury fashion industry; LuxExperience’s reliance on consumer discretionary spending; and LuxExperience’s ability to maintain average order levels and other factors.
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We undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.
The achievement or success of the matters covered by such forward-looking statements involves known and unknown risks, uncertainties and assumptions. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, our results could differ materially from the results expressed or implied by the forward-looking statements we make.
You should not rely upon forward-looking statements as predictions of future events. Forward-looking statements represent our management’s beliefs and assumptions only as of the date such statements are made.
Further information on these and other factors that could affect our financial results is included in filings we make with the U.S. Securities and Exchange Commission (“SEC”) from time to time, including the section titled “Risk Factors” included in the Form 20-F filed on September 16, 2026. These documents are available on the SEC’s website at www.sec.gov and on the SEC Filings section of the Investor Relations section of our website at: https://investors.luxexperience.com.
The acquisition of YOOX Net-A-Porter Group S.p.A. (“YNAP”) (together with its subsidiaries, “YNAP Sub-Group”) by LuxExperience B.V. was completed on April 23, 2025 ("YNAP Acquisition"). The results of YNAP are included within the consolidated financial statements of LuxExperience Group for the period beginning on the date of the acquisition through the end of the respective period presented and the results of Mytheresa are included for the entirety of all periods presented.
ABOUT NON-IFRS FINANCIAL MEASURES AND OPERATING METRICS
Our non-IFRS financial measures include:
| · | Adjusted EBITDA means Net income (loss) from continuing operations before the effects of Finance income (costs), net, Income tax (expense) benefit and Depreciation, amortization and impairment losses, further adjusted to exclude other transaction-related, certain legal and other expenses, share-based compensation expense, foreign exchange gains and losses arising on intercompany balances and the gain on bargain purchase. Adjusted EBITDA margin means Adjusted EBITDA expressed as a percentage of Net sales. Both are non-IFRS financial measures and are not calculated in accordance with IFRS. For an explanation of why we use these measures and a reconciliation of Adjusted EBITDA to Net income (loss) from continuing operations, the most directly comparable IFRS measure, see Item 5: Operating and financial review and prospects—A. Operating Results. |
| · | Adjusted selling, general and administrative expenses (Adjusted SG&A) is a non-IFRS financial measure that we calculate as selling, general and administrative expenses adjusted to exclude Other transaction-related, certain legal and other expenses and Share-based compensation expense. |
| · | Gross Merchandise Value (GMV) is an operative measure and means the total Euro value of orders processed. GMV is inclusive of merchandise value, shipping and duty. It is net of returns, value added taxes and cancellations. GMV does not represent revenue earned by us. We use GMV as an indicator for the usage of our platform that is not influenced by the mix of direct sales and commission sales. The indicators we use to monitor usage of our platform include, among others, active customers, total orders shipped and GMV. |
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| · | Gross Merchandise Value (GMV) and Net Sales Growth on a constant currency basis (ex-FX) are non-IFRS financial measures that are calculated by translating current period financial data at the prior year average exchange rates applicable to the local currency in which the transactions are denominated, including effects from hedge accounting. We use constant currency information to provide us with a picture of underlying business dynamics, excluding currency effect. These calculations do not include any other macroeconomic effect such as local currency inflation effects or any price adjustment to compensate local currency inflation or devaluations. While we believe that constant currency information may be useful to investors in understanding and evaluating our results of operations in the same manner as our management, our use of constant currency metrics has limitations as an analytical tool, and you should not consider it in isolation, or as an alternative to, or a substitute for analysis of our financial results as reported under IFRS. Further, other companies, including companies in our industry, may report the impact of fluctuations in foreign currency exchange rates differently, which may reduce the value of our constant currency information as a comparative measure. |
| · | Illustrative key operating and financial metrics by segment are non-IFRS financial measures that we present for the comparative period FY 25 by combining the IFRS results of LuxExperience for FY 25, which includes the results from the YNAP acquired segments (Luxury: NAP & MRP and Off-Price) only from April 24, 2025, with YNAP's unaudited standalone results from July 1, 2024 through April 22, 2025. These measures are provided for illustrative purposes only and do not purport to represent what the actual consolidated results of operations or consolidated financial condition would have been had the acquisition actually occurred on the date indicated, nor do they purport to project the future consolidated results of operations or consolidated financial condition for any future period or as of any future date. In addition, these measures have not been prepared in accordance with Article 11 of Regulation S-X. |
We are not able to forecast net income (loss) on a forward-looking basis without unreasonable efforts due to the high variability and difficulty in predicting certain items that affect net income (loss), including, but not limited to, Income taxes and Interest expense and, as a result, are unable to provide a reconciliation to forecasted Adjusted EBITDA.
SEGMENT REALIGNMENT
Beginning with the first quarter ended September 30, 2025, LuxExperience Group has realigned its reportable segments to correspond with changes to its operating model to reflect its new management structure and organizational responsibilities following the acquisition of YNAP. As further described herein, LuxExperience’s three reportable segments are: Luxury | Mytheresa, Luxury | NAP & MRP, and Off-price | YOOX. THE OUTNET is classified as “discontinued operations” and is no longer considered part of LuxExperience Group’s core financial performance.
ABOUT LUXEXPERIENCE
LuxExperience is the leading digital, multi-brand luxury group and the online shopping destination for luxury enthusiasts worldwide. LuxExperience operates a portfolio of some of the most distinguished store brands in digital luxury and creates communities for luxury enthusiasts with unique digital and physical experiences. Mytheresa, NET-A-PORTER and MR PORTER, jointly comprising the luxury segments of LuxExperience, offer highly curated edits of the most prestigious luxury brands across the world, featuring womenswear, menswear, kidswear, fine jewelry & watches, and lifestyle products. YOOX, which forms the off-price segment of LuxExperience, is the leading destination for multi-brand off-season online luxury shopping. The NYSE listed group operates worldwide.
For more information, please visit https://investors.luxexperience.com.
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Investor
Relations Contact David Steinbusch phone: +49 172 156 3085 email: investors@luxexperience.com |
Media Contact for business press LuxExperience B.V. Lisa Schulz mobile: +49 151 11216490 email: lisa.schulz@luxexperience.com |
Source: LuxExperience B.V.
LuxExperience B.V.
Illustrative key operating and financial metrics by segment for the
three months and twelve months ended June 30, 2025 and 2026
The following illustrative segment information for Luxury | Mytheresa, Luxury | NAP & MRP and Off-Price | YOOX is presented as if these segments had been included in LuxExperience Group’s management reporting for the three months and twelve months ended June 30, 2025. These segments were not presented in the Company’s unaudited quarterly report for the three and twelve months ended June 30, 2025 as the YNAP Group was acquired on April 23, 2025, and therefore was not owned by the Company during the full prior year comparative period presented. The following segment information should not be viewed as a substitute for LuxExperience Group’s segment reporting. Further, the segment information presented here is not necessarily indicative of LuxExperience Group’s results to be expected for any future periods.
THE OUTNET, which was previously managed and monitored as a separate major line of business within the Off-Price segment, has been classified as a discontinued operation in accordance with IFRS 5 for the three and twelve months ended June 30, 2026. Accordingly, financial performance for this period has been excluded from the Off-Price segment and is reported separately within discontinued operations. Further information on THE OUTNET and the related discontinued operations presentation can be found in Note 32 within the notes to the financial statements.
The following table shows our operating and financial metrics for Luxury | Mytheresa segment for the three months and twelve months ended June 30, 2025 and 2026. For the periods presented, these figures represent actual results and are not illustrative in nature.
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||
| (in millions) (unaudited) | June 30, 2025 | June 30, 2026 | Change in % / BPs | June 30, 2025 | June 30, 2026 | Change in % / BPs | ||||||||||||||||||
| Gross Merchandise Value (GMV) (1) | 265.9 | 290.9 | 9.4 | % | 988.5 | 1,085.3 | 9.8 | % | ||||||||||||||||
| Active customer (LTM in thousands) (1), (2) | 823 | 774 | (6.0 | )% | 823 | 774 | (6.0 | )% | ||||||||||||||||
| Total orders shipped (LTM in thousands) (1), (2) | 2,017 | 2,013 | (0.2 | )% | 2,017 | 2,013 | (0.2 | )% | ||||||||||||||||
| Average order value (LTM) (2) | 773 | 875 | 13.1 | % | 773 | 875 | 13.1 | % | ||||||||||||||||
| Net sales | 248.9 | 269.2 | 8.1 | % | 916.1 | 994.3 | 8.5 | % | ||||||||||||||||
| Gross profit | 120.1 | 133.8 | 11.4 | % | 430.9 | 482.4 | 12.0 | % | ||||||||||||||||
| Gross profit margin(3) | 48.3 | % | 49.7 | % | 150 | BPs | 47.0 | % | 48.5 | % | 150 | BPs | ||||||||||||
| Adjusted EBITDA(4) | 16.1 | 17.9 | 10.9 | % | 44.6 | 62.3 | 39.8 | % | ||||||||||||||||
| Adjusted EBITDA margin(3) | 6.5 | % | 6.6 | % | 20 | BPs | 4.9 | % | 6.3 | % | 140 | BPs | ||||||||||||
| (1) | Definition of GMV, Active customer and Total orders shipped can be found in Item 5 of our annual report. |
| (2) | Active customers and total orders shipped are calculated based on orders shipped from our sites during the last twelve months (LTM) ended on the last day of the period presented. |
| (3) | As a percentage of net sales. |
| (4) | EBITDA and adjusted EBITDA are measures not defined under IFRS. For further information about how we calculate these measures and limitations of its use, see Item 5 in our annual report. |
8
The following table illustrates operating and financial metrics for Luxury | NAP & MRP segment for the three and twelve months ended June 30, 2025 and 2026. For the three and twelve months ended June 30, 2026, these figures represent actual results and for the three and twelve months ended June 30 2025, these figures are illustrative in nature.
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||
| (in millions) (unaudited) | June 30, 2025 | June 30, 2026 | Change in % / BPs | June 30, 2025 | June 30, 2026 | Change in % / BPs | ||||||||||||||||||
| Gross Merchandise Value (GMV) (1) | 274.7 | 285.1 | 3.8 | % | 1,098.6 | 1,043.7 | (5.0 | )% | ||||||||||||||||
| Active customer (LTM in thousands) (1), (2) | 932 | 828 | (11.1 | )% | 932 | 828 | (11.1 | )% | ||||||||||||||||
| Total orders shipped (LTM in thousands) (1), (2) | 2,504 | 2,212 | (11.7 | )% | 2,504 | 2,212 | (11.7 | )% | ||||||||||||||||
| Average order value (LTM) (2) | 811 | 885 | 9.1 | % | 811 | 885 | 9.1 | % | ||||||||||||||||
| Net sales | 262.6 | 273.9 | 4.3 | % | 1,042.7 | 994.8 | (4.6 | )% | ||||||||||||||||
| Gross profit | 129.1 | 132.0 | 2.3 | % | 478.1 | 472.9 | (1.1 | )% | ||||||||||||||||
| Gross profit margin(3) | 49.2 | % | 48.2 | % | (100 | )BPs | 45.9 | % | 47.5 | % | 170 | BPs | ||||||||||||
| Adjusted EBITDA(4) | 1.0 | 7.4 | 627.5 | % | 2.1 | (6.0 | ) | (384.5 | )% | |||||||||||||||
| Adjusted EBITDA margin(3) | 0.4 | % | 2.7 | % | 230 | BPs | 0.2 | % | (0.6 | )% | (80 | )BPs | ||||||||||||
| (1) | Definition of GMV, Active customer and Total orders shipped can be found in Item 5 of our annual report. |
| (2) | Active customers and total orders shipped are calculated based on orders shipped from our sites during the last twelve months (LTM) ended on the last day of the period presented. |
| (3) | As a percentage of net sales. |
| (4) | EBITDA and adjusted EBITDA are measures not defined under IFRS. For further information about how we calculate these measures and limitations of its use, see Item 5 in our annual report. |
The following table illustrates operating and financial metrics for Off-Price | YOOX segment for the three and twelve months ended June 30, 2025 and 2026. For the three and twelve months ended June 30, 2026, these figures represent actual results and for the three and twelve months ended June 30, 2025, these figures are illustrative in nature.
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||
| (in millions) (unaudited) | June 30, 2025 | June 30, 2026 | Change in % / BPs | June 30, 2025 | June 30, 2026 | Change in % / BPs | ||||||||||||||||||
| Gross Merchandise Value (GMV) (1) | 104.7 | 110.5 | 5.6 | % | 545.0 | 485.1 | (11.0 | )% | ||||||||||||||||
| Active customer (LTM in thousands) (1), (2) | 1,185 | 1,060 | (10.6 | )% | 1,185 | 1,060 | (10.6 | )% | ||||||||||||||||
| Total orders shipped (LTM in thousands) (1), (2) | 3,128 | 2,913 | (6.9 | )% | 3,128 | 2,913 | (6.9 | )% | ||||||||||||||||
| Average order value (LTM) (2) | 252 | 243 | (3.5 | )% | 252 | 243 | (3.5 | )% | ||||||||||||||||
| Net sales | 104.7 | 110.5 | 5.6 | % | 529.7 | 485.1 | (8.4 | )% | ||||||||||||||||
| Gross profit | 42.9 | 41.2 | (4.1 | )% | 197.7 | 186.7 | (5.6 | )% | ||||||||||||||||
| Gross profit margin(3) | 41.0 | % | 37.3 | % | (380 | )BPs | 37.3 | % | 38.5 | % | 120 | BPs | ||||||||||||
| Adjusted EBITDA(4) | (20.7 | ) | (11.7 | ) | 43.7 | % | (72.1 | ) | (45.5 | ) | 36.9 | % | ||||||||||||
| Adjusted EBITDA margin(3) | (19.8 | )% | (10.5 | )% | 920 | BPs | (13.6 | )% | (9.4 | )% | 420 | BPs | ||||||||||||
| (1) | Definition of GMV, Active customer and Total orders shipped can be found in Item 5 of our annual report. |
| (2) | Active customers and total orders shipped are calculated based on orders shipped from our sites during the last twelve months (LTM) ended on the last day of the period presented. |
| (3) | As a percentage of net sales. |
| (4) | EBITDA and adjusted EBITDA are measures not defined under IFRS. For further information about how we calculate these measures and limitations of its use, see Item 5 in our annual report. |
9
The following tables include comparative illustrative segment information for the three and twelve months ended June 30, 2025. For the three and twelve months ended June 30, 2025, the amounts reflect actual results for the Luxury | Mytheresa segment and illustrative information for the Luxury | NAP & MRP and Off-Price | YOOX segments.
| Three months ended June 30, 2025 | ||||||||||||||||||||||||||||
| (in € millions) (unaudited) | Luxury Mytheresa | Luxury NAP & MRP | Off-Price YOOX | Total Segments excl. Other | Other(3) | Recon- ciliation | Aggregated | |||||||||||||||||||||
| Net sales | 248.9 | 262.6 | 104.7 | 616.2 | 25.7 | (2.2 | ) | 639.7 | ||||||||||||||||||||
| Cost of sales, exclusive of depreciation and amortization | (128.8 | ) | (133.5 | ) | (61.8 | ) | (324.1 | ) | (20.1 | ) | 2.2 | (342.0 | ) | |||||||||||||||
| Gross profit | 120.1 | 129.1 | 42.9 | 292.1 | 5.6 | - | 297.7 | |||||||||||||||||||||
| Shipping and payment cost | (34.4 | ) | (33.2 | ) | (16.8 | ) | (84.4 | ) | (2.1 | ) | - | (86.5 | ) | |||||||||||||||
| Marketing expenses | (33.7 | ) | (22.7 | ) | (8.0 | ) | (64.5 | ) | - | - | (64.5 | ) | ||||||||||||||||
| Selling, general and administrative expenses | (35.8 | ) | (67.4 | ) | (35.9 | ) | (139.1 | ) | (3.4 | ) | - | (142.5 | ) | |||||||||||||||
| Other income (expense), net | (0.1 | ) | (4.7 | ) | (2.9 | ) | (7.7 | ) | 1.8 | - | (5.9 | ) | ||||||||||||||||
| Segment EBITDA | 16.1 | 1.0 | (20.7 | ) | (3.6 | ) | 1.8 | - | (1.7 | ) | ||||||||||||||||||
| Twelve months ended June 30, 2025 | ||||||||||||||||||||||||||||
| (in € millions) (unaudited) | Luxury Mytheresa | Luxury NAP & MRP | Off-Price YOOX | Total Segments excl. Other | Other(3) | Recon- ciliation | Aggregated | |||||||||||||||||||||
| Net sales | 916.1 | 1,042.7 | 529.7 | 2,488.4 | 156.5 | (2.2 | ) | 2,642.8 | ||||||||||||||||||||
| Cost of sales, exclusive of depreciation and amortization | (485.3 | ) | (564.6 | ) | (332.0 | ) | (1,381.8 | ) | (145.0 | ) | 2.2 | (1,524.6 | ) | |||||||||||||||
| Gross profit | 430.9 | 478.1 | 197.7 | 1,106.7 | 11.6 | - | 1,118.2 | |||||||||||||||||||||
| Shipping and payment cost | (133.9 | ) | (129.3 | ) | (84.7 | ) | (348.0 | ) | (12.8 | ) | (360.8 | ) | ||||||||||||||||
| Marketing expenses | (115.3 | ) | (86.0 | ) | (35.2 | ) | (236.5 | ) | (4.2 | ) | (240.8 | ) | ||||||||||||||||
| Selling, general and administrative expenses | (134.0 | ) | (251.1 | ) | (143.0 | ) | (528.1 | ) | (28.5 | ) | (556.6 | ) | ||||||||||||||||
| Other income (expense), net | (3.0 | ) | (9.6 | ) | (6.8 | ) | (19.5 | ) | 8.7 | (10.8 | ) | |||||||||||||||||
| Segment EBITDA | 44.6 | 2.1 | (72.1 | ) | (25.4 | ) | (25.3 | ) | - | (50.7 | ) | |||||||||||||||||
The following tables include comparative segment information for the three and twelve months ended June 30, 2026.
| Three months ended June 30 2026 | ||||||||||||||||||||||||||||
| Luxury | Luxury NAP | Off-Price | Total Segments | Reconciliation | ||||||||||||||||||||||||
| (in € millions) (unaudited) | Mytheresa | & MRP | YOOX | excl. Other | Other (3) | (1)(2)(4)(5) | Consolidated | |||||||||||||||||||||
| Net sales | 269.2 | 273.9 | 110.5 | 653.6 | 12.4 | (2.2 | ) | 663.8 | ||||||||||||||||||||
| Cost of sales, exclusive of depreciation and amortization | (135.4 | ) | (141.9 | ) | (69.4 | ) | (346.6 | ) | 0.3 | 2.2 | (344.2 | ) | ||||||||||||||||
| Gross profit | 133.8 | 132.0 | 41.2 | 307.0 | 12.6 | - | 319.6 | |||||||||||||||||||||
| Shipping and payment cost | (45.5 | ) | (42.4 | ) | (17.1 | ) | (105.0 | ) | (6.2 | ) | - | (111.2 | ) | |||||||||||||||
| Marketing expenses | (32.1 | ) | (27.4 | ) | (7.4 | ) | (66.9 | ) | (0.5 | ) | - | (67.5 | ) | |||||||||||||||
| Selling, general and administrative expenses | (36.5 | ) | (55.6 | ) | (28.7 | ) | (120.9 | ) | (5.7 | ) | (27.9 | ) | (154.4 | ) | ||||||||||||||
| Other income (expense), net | (1.8 | ) | 0.9 | 0.4 | (0.5 | ) | (0.8 | ) | (5.3 | ) | (6.6 | ) | ||||||||||||||||
| Segment EBITDA | 17.9 | 7.4 | (11.7 | ) | 13.6 | (0.6 | ) | (33.2 | ) | (20.1 | ) | |||||||||||||||||
10
| Twelve months ended June 30, 2026 | ||||||||||||||||||||||||||||
| Luxury | Luxury NAP | Off-Price | Total Segments | Reconciliation | ||||||||||||||||||||||||
| (in € millions) (unaudited) | Mytheresa | & MRP | YOOX | excl. Other | Other (1) (2) | (3)(4)(5)(6) | Consolidated | |||||||||||||||||||||
| Net sales | 994.3 | 994.8 | 485.1 | 2,474.2 | 33.6 | (5.0 | ) | 2,502.7 | ||||||||||||||||||||
| Cost of sales, exclusive of depreciation and amortization | (511.8 | ) | (521.9 | ) | (298.4 | ) | (1,332.2 | ) | (15.2 | ) | 5.0 | (1,342.3 | ) | |||||||||||||||
| Gross profit | 482.4 | 472.9 | 186.7 | 1,142.0 | 18.4 | - | 1,160.4 | |||||||||||||||||||||
| Shipping and payment cost | (168.9 | ) | (145.1 | ) | (75.2 | ) | (389.2 | ) | (8.2 | ) | (3.9 | ) | (401.3 | ) | ||||||||||||||
| Marketing expenses | (116.0 | ) | (92.2 | ) | (29.9 | ) | (238.2 | ) | (0.5 | ) | (0.1 | ) | (238.7 | ) | ||||||||||||||
| Selling, general and administrative expenses | (133.6 | ) | (240.7 | ) | (126.1 | ) | (500.4 | ) | (7.2 | ) | (97.3 | ) | (604.9 | ) | ||||||||||||||
| Other income (expense), net | (1.5 | ) | (0.8 | ) | (1.0 | ) | (3.4 | ) | 0.1 | (12.3 | ) | (15.6 | ) | |||||||||||||||
| Segment EBITDA | 62.3 | (6.0 | ) | (45.5 | ) | 10.8 | 2.5 | (113.5 | ) | (100.2 | ) | |||||||||||||||||
| (1) | Represents Online Flagship Stores (“OFS”) and Feng Mao (“FM”) businesses being wound down, and for which the financial information is not regularly reviewed by the Chief Operating Decision Maker (CODM), and therefore are not considered operating segments. |
| (2) | Represents revenues recognized and expenses incurred during the period from May 1, 2026 through June 30, 2026 in connection with the Transition Services Agreement entered into in connection with the completed sale of THE OUTNET. Refer to Note 32 - Discontinued Operations in our 20F annual report for further details |
| (3) | For the three and twelve months ended June 30, 2026, €21,825 thousand and €81,734 thousand, respectively, were related to other transaction-related, certain legal and other expenses. |
| (4) | Certain members of management and supervisory board members have been granted share-based compensation for which the related expense is recognized over the applicable vesting periods. Management adjusts Segment EBITDA to exclude share-based compensation expense, as it is not considered indicative of the Group’s underlying operating performance. For the three and twelve months ended June 30, 2026, share-based compensation expense amounted to €7,736 thousand and €19,690 thousand, respectively, and is reflected in the reconciliation column, primarily within Selling, general and administrative expenses. |
| (5) | Includes foreign exchange gains and losses arising on intercompany balances, recorded in Other income (expense), net. These amounts are excluded from Segment EBITDA, as they reflect increased foreign exchange volatility on intra-group cash balances. The adjustment represents a foreign exchange loss of €3,762 thousand for the three months ended June 30, 2026 and a foreign exchange loss of €12,081 thousand for the twelve months ended June 30, 2026. |
| (6) | During the three and twelve months ended June 30 2026, intercompany sales of €2,172 thousand and €5,030 thousand, respectively, were included in Net sales, with corresponding amounts included in Cost of sales, exclusive of depreciation and amortization. As these intercompany transactions are eliminated on consolidation, the related amounts are reflected in the reconciliation column. |
11
The following tables set forth the reconciliations of net income (loss) to EBITDA to adjusted EBITDA, and their corresponding margins as a percentage of net sales.
| Three Months Ended June 30, | Twelve Months Ended June 30, | |||||||||||||||||||||||
| (in millions) (unaudited) | 2025 | 2026 | Change in % | 2025 | 2026 | Change in % | ||||||||||||||||||
| Net income (loss) from continuing operations | 605.8 | (25.5 | ) | (104.2 | )% | 572.1 | (157.2 | ) | (127.5 | )% | ||||||||||||||
| Finance costs, net | 1.0 | 0.7 | (28.6 | )% | 5.1 | 4.2 | (17.3 | )% | ||||||||||||||||
| Income tax expense (benefit) | 12.0 | (7.1 | ) | (159.3 | )% | 3.6 | (2.8 | ) | (177.1 | )% | ||||||||||||||
| Depreciation, amortization and impairment losses | 10.5 | 11.8 | 12.7 | % | 25.4 | 55.6 | 119.4 | % | ||||||||||||||||
| EBITDA | 629.1 | (20.1 | ) | (103.2 | )% | 606.0 | (100.2 | ) | (116.5 | )% | ||||||||||||||
| Other transaction-related, certain legal and other expenses(1) | 14.4 | 21.8 | 51.3 | % | 52.7 | 81.7 | 55.0 | % | ||||||||||||||||
| Share-based compensation(2) | 1.1 | 7.7 | 611.6 | % | 14.3 | 19.7 | 37.8 | % | ||||||||||||||||
| Gain on bargain purchase(3) | (623.5 | ) | - | N/A | (623.5 | ) | - | N/A | ||||||||||||||||
| FX losses Intercompany balances | - | 3.8 | N/A | - | 12.1 | N/A | ||||||||||||||||||
| Adjusted EBITDA | 21.1 | 13.2 | (37.6 | )% | 49.5 | 13.3 | (73.1 | )% | ||||||||||||||||
| Reconciliation to Adjusted EBITDA Margin | ||||||||||||||||||||||||
| Net sales | 559.1 | 663.8 | 18.7 | % | 1,226.3 | 2,502.7 | 104.1 | % | ||||||||||||||||
| Adjusted EBITDA margin | 3.8 | % | 2.0 | % | (180 | )BPs | 4.0 | % | 0.5 | % | (350 | )BPs | ||||||||||||
| (1) | Other transaction-related, certain legal and other expenses include professional fees (including advisory and accounting fees) related to potential transactions, as well as certain legal and other expenses incurred outside the ordinary course of business. |
| (2) | Certain members of management and supervisory board members have been granted share-based compensation for which the related expense is recognized over the applicable vesting periods. Management adjusts EBITDA to exclude share-based compensation expense, as it is not considered indicative of the Group’s underlying operating performance. |
| (3) | Gain on bargain purchase recognized in connection with the YNAP Acquisition. |
12
The following table sets forth the reconciliations of GMV to growth of GMV on a constant currency basis and of net sales to growth of net sales on a constant currency basis for LuxExperience for the three months ended June 30, 2025 and 2026:
| Three Months Ended June 30, | ||||||||||||
| 2025 | 2026 | Year-over-Year Change in % | ||||||||||
| (in millions) (unaudited) | ||||||||||||
| Gross Merchandise Value (GMV) | € | 645.4 | € | 686.6 | 6.4 | % | ||||||
| Foreign Exchange Impact(1) | € | 1.0 | € | (8.5 | ) | |||||||
| Gross Merchandise Value (GMV) at Constant Currency (ex-FX) | € | 644.4 | € | 695.2 | 7.9 | % | ||||||
| Net Sales | € | 616.3 | € | 653.6 | 6.1 | % | ||||||
| Foreign Exchange Impact(1) | € | 1.0 | € | (8.5 | ) | |||||||
| Net Sales at Constant Currency (ex-FX) | € | 615.3 | € | 662.1 | 7.6 | % | ||||||
The following table sets forth the reconciliations of GMV to growth of GMV on a constant currency basis and of net sales to growth of net sales on a constant currency basis for Luxury | Mytheresa segment for the three months ended June 30, 2025 and 2026:
| Three Months Ended June 30, | ||||||||||||
| 2025 | 2026 | Year-over-Year Change in % | ||||||||||
| (in millions) (unaudited) | ||||||||||||
| Gross Merchandise Value (GMV) | € | 265.9 | € | 290.9 | 9.4 | % | ||||||
| Foreign Exchange Impact(1) | € | 1.0 | € | (4.2 | ) | |||||||
| Gross Merchandise Value (GMV) at Constant Currency (ex-FX) | € | 265.0 | € | 295.1 | 11.4 | % | ||||||
| Net Sales | € | 248.9 | € | 269.2 | 8.1 | % | ||||||
| Foreign Exchange Impact(1) | € | 1.0 | € | (4.0 | ) | |||||||
| Net Sales at Constant Currency (ex-FX) | € | 247.9 | € | 273.2 | 10.2 | % | ||||||
13
The following table sets forth the reconciliations of GMV to growth of GMV on a constant currency basis and of net sales to growth of net sales on a constant currency basis for Luxury | NAP & MRP segment for the three months ended June 30, 2025 and 2026:
| Three Months Ended June 30, | ||||||||||||
| 2025 | 2026 | Year-over-Year Change in % | ||||||||||
| (in millions) (unaudited) | ||||||||||||
| Gross Merchandise Value (GMV) | € | 274.7 | € | 285.1 | 3.8 | % | ||||||
| Foreign Exchange Impact(1) | € | 0.0 | € | (3.3 | ) | |||||||
| Gross Merchandise Value (GMV) at Constant Currency (ex-FX) | € | 274.7 | € | 288.4 | 5.0 | % | ||||||
| Net Sales | € | 262.6 | € | 273.9 | 4.3 | % | ||||||
| Foreign Exchange Impact(1) | € | 0.0 | € | (3.4 | ) | |||||||
| Net Sales at Constant Currency (ex-FX) | € | 262.6 | € | 277.3 | 5.6 | % | ||||||
The following table sets forth the reconciliations of GMV to growth of GMV on a constant currency basis and of net sales to growth of net sales on a constant currency basis for Off-Price | YOOX segment for the three months ended June 30, 2025 and 2026:
| Three Months Ended June 30 | ||||||||||||
| 2025 | 2026 | Year-over-Year Change in % | ||||||||||
| (in millions) (unaudited) | ||||||||||||
| Gross Merchandise Value (GMV) | € | 104.7 | € | 110.5 | 5.6 | % | ||||||
| Foreign Exchange Impact(1) | € | 0.0 | € | (1.1 | ) | |||||||
| Gross Merchandise Value (GMV) at Constant Currency (ex-FX) | € | 104.7 | € | 111.6 | 6.6 | % | ||||||
| Net Sales | € | 104.7 | € | 110.5 | 5.6 | % | ||||||
| Foreign Exchange Impact(1) | € | 0.0 | € | (1.1 | ) | |||||||
| Net Sales at Constant Currency (ex-FX) | € | 104.7 | € | 111.6 | 6.6 | % | ||||||
| (1) | Foreign Exchange Impact means translating current period financial data using the average foreign exchange rates during the corresponding period in the prior fiscal year applicable to the local currency in which the transactions are denominated so as to calculate what our results would have been had exchange rates remained stable from one fiscal year to the next. These calculations do not include any other macroeconomic effect such as local currency inflation effects or any price adjustment to compensate local currency inflation or devaluations. |
14
LuxExperience B.V.
Consolidated Statements of Loss and Comprehensive Loss
(Amounts in € thousands, except share and per share data)
| Three Months Ended | Twelve Months Ended | |||||||||||||||
| June 30 (Unaudited), | June 30, | |||||||||||||||
| (in € thousands) | 2025 | 2026 | 2025 | 2026 | ||||||||||||
| Net sales | 559,120 | 663,805 | 1,226,314 | 2,502,695 | ||||||||||||
| Cost of sales, exclusive of depreciation and amortization | (281,557 | ) | (344,209 | ) | (638,000 | ) | (1,342,312 | ) | ||||||||
| Gross profit | 277,562 | 319,596 | 588,313 | 1,160,383 | ||||||||||||
| Shipping and payment cost | (77,900 | ) | (111,201 | ) | (177,571 | ) | (401,315 | ) | ||||||||
| Marketing expenses | (58,546 | ) | (67,479 | ) | (140,140 | ) | (238,732 | ) | ||||||||
| Selling, general and administrative expenses | (128,464 | ) | (154,638 | ) | (278,092 | ) | (604,922 | ) | ||||||||
| Depreciation, amortization and impairment losses | (10,402 | ) | (11,775 | ) | (25,351 | ) | (55,613 | ) | ||||||||
| Other income (expense), net | 616,454 | (6,408 | ) | 613,538 | (15,602 | ) | ||||||||||
| Operating income (loss) | 618,705 | (31,904 | ) | 580,697 | (155,800 | ) | ||||||||||
| Finance income | 2,208 | 3,585 | 2,208 | 10,324 | ||||||||||||
| Finance cost | (3,137 | ) | (4,279 | ) | (7,280 | ) | (14,519 | ) | ||||||||
| Finance income (costs), net | (929 | ) | (694 | ) | (5,072 | ) | (4,195 | ) | ||||||||
| Income (Loss) before income taxes | 617,773 | (32,599 | ) | 575,625 | (159,995 | ) | ||||||||||
| Income tax (expense) benefit | (12,015 | ) | 7,104 | (3,570 | ) | 2,752 | ||||||||||
| Net income (loss) from continuing operations | 605,758 | (25,495 | ) | 572,054 | (157,243 | ) | ||||||||||
| Loss from discontinued operations net of tax | (2,095 | ) | (841 | ) | (2,095 | ) | (10,438 | ) | ||||||||
| Net income (loss) | 603,663 | (26,336 | ) | 569,959 | (167,681 | ) | ||||||||||
| Cash Flow Hedge | 371 | 6,962 | - | - | ||||||||||||
| Income Taxes related to Cash Flow Hedge | (104 | ) | (1,943 | ) | - | - | ||||||||||
| Foreign currency translation | (6,004 | ) | (1,315 | ) | (5,965 | ) | 9,059 | |||||||||
| Other comprehensive income (loss) | (5,737 | ) | 3,704 | (5,965 | ) | 9,059 | ||||||||||
| Comprehensive income (loss) | 597,927 | (22,632 | ) | 563,994 | (158,623 | ) | ||||||||||
| Basic earnings (loss) per ordinary share, € — continuing operations | 4.82 | (0.18 | ) | 5.91 | (1.12 | ) | ||||||||||
| Diluted earnings (loss) per ordinary share, € — continuing operations | 4.67 | (0.18 | ) | 5.67 | (1.12 | ) | ||||||||||
| Basic earnings (loss) per ordinary share, € — discontinued operations | (0.02 | ) | (0.01 | ) | (0.02 | ) | (0.08 | ) | ||||||||
| Diluted earnings (loss) per ordinary share, € — discontinued operations | (0.02 | ) | (0.01 | ) | (0.02 | ) | (0.08 | ) | ||||||||
| Basic earnings (loss) per ordinary share, € — net income (loss) | 4.80 | (0.19 | ) | 5.89 | (1.20 | ) | ||||||||||
| Diluted earnings (loss) per ordinary share, € — net income (loss) | 4.65 | (0.19 | ) | 5.65 | (1.20 | ) | ||||||||||
| Weighted average ordinary shares outstanding (basic) — in millions (1) | 125.6 | 140.4 | 96.8 | 140.1 | ||||||||||||
| Weighted average ordinary shares outstanding (diluted) — in millions (1) | 129.6 | 140.4 | 100.9 | 140.1 | ||||||||||||
| (1) | In accordance with IAS 33, includes contingently issuable shares that are fully vested and can be converted at any time for no consideration. For further details, refer to notes 12 and 28 in our annual report. |
15
LuxExperience B.V.
Consolidated Statements of Financial Position
(Amounts in € thousands)
| (in € thousands) | June 30, 2025 | June 30, 2026 | ||||||
| Assets | ||||||||
| Non-current assets | ||||||||
| Intangible assets and goodwill | 156,731 | 155,790 | ||||||
| Property and equipment | 55,901 | 54,514 | ||||||
| Right-of-use assets | 201,131 | 154,127 | ||||||
| Deferred tax assets | 1,683 | 23,222 | ||||||
| Non-current financial assets | — | 125,000 | ||||||
| Other non-current assets | 11,878 | 18,739 | ||||||
| Total non-current assets | 427,323 | 531,392 | ||||||
| Current assets | ||||||||
| Inventories | 1,019,539 | 990,273 | ||||||
| Trade and other receivables | 96,676 | 41,655 | ||||||
| Other assets | 134,766 | 196,214 | ||||||
| Cash and cash equivalents | 603,593 | 317,702 | ||||||
| Total current assets | 1,854,574 | 1,545,844 | ||||||
| Total assets | 2,281,897 | 2,077,236 | ||||||
| Shareholders’ equity and liabilities | ||||||||
| Subscribed capital | 2 | 2 | ||||||
| Capital reserve | 912,039 | 926,852 | ||||||
| Retained earnings | 457,192 | 289,511 | ||||||
| Accumulated other comprehensive income (losses) | (4,469 | ) | 4,590 | |||||
| Total shareholders’ equity | 1,364,764 | 1,220,955 | ||||||
| Non-current liabilities | ||||||||
| Provisions | 4,484 | 4,454 | ||||||
| Lease liabilities | 176,718 | 145,741 | ||||||
| Deferred income tax liabilities | 11 | 2,381 | ||||||
| Other non-current liabilities | 364 | 947 | ||||||
| Total non-current liabilities | 181,578 | 153,523 | ||||||
| Current liabilities | ||||||||
| Liabilities to banks | 10,000 | — | ||||||
| Tax liabilities | 2,764 | 12,457 | ||||||
| Lease liabilities | 32,085 | 33,315 | ||||||
| Contract liabilities | 49,343 | 53,968 | ||||||
| Trade and other payables | 285,722 | 239,491 | ||||||
| Other current liabilities | 346,835 | 348,932 | ||||||
| Current provisions | 8,807 | 14,594 | ||||||
| Total current liabilities | 735,555 | 702,758 | ||||||
| Total liabilities | 917,133 | 856,281 | ||||||
| Total shareholders’ equity and liabilities | 2,281,897 | 2,077,236 | ||||||
16
LuxExperience B.V.
Consolidated Statements of Changes in Equity
(Amounts in € thousands)
| Foreign | ||||||||||||||||||||
| Retained | currency | Total | ||||||||||||||||||
| Subscribed | Capital | earnings | translation | shareholders’ | ||||||||||||||||
| (in € thousands) | capital | reserve | (losses) | reserve | equity | |||||||||||||||
| Balance as of July 1, 2023 | 1 | 529,775 | (87,856 | ) | 1,509 | 443,429 | ||||||||||||||
| Net loss | — | — | (24,911 | ) | — | (24,911 | ) | |||||||||||||
| Other comprehensive loss | — | — | — | (13 | ) | (13 | ) | |||||||||||||
| Comprehensive loss | — | — | (24,911 | ) | (13 | ) | (24,923 | ) | ||||||||||||
| Share-based compensation | — | 18,508 | — | — | 18,508 | |||||||||||||||
| Reclassification due to cash-settlement of Share-based compensation | — | (1,370 | ) | — | — | (1,370 | ) | |||||||||||||
| Balance as of June 30, 2024 | 1 | 546,913 | (112,767 | ) | 1,496 | 435,643 | ||||||||||||||
| Balance as of July 1, 2024 | 1 | 546,913 | (112,767 | ) | 1,496 | 435,643 | ||||||||||||||
| Net income | — | — | 569,959 | — | 569,959 | |||||||||||||||
| Other comprehensive loss | — | — | — | (5,965 | ) | (5,965 | ) | |||||||||||||
| Comprehensive income (loss) | — | — | 569,959 | (5,965 | ) | 563,994 | ||||||||||||||
| Capital increase | 1 | 345,552 | — | — | 345,553 | |||||||||||||||
| Share-based compensation | — | 14,287 | — | — | 14,287 | |||||||||||||||
| Share options exercised | 7,133 | — | — | 7,133 | ||||||||||||||||
| Reclassification due to cash-settlement of Share-based compensation | — | (1,846 | ) | — | — | (1,846 | ) | |||||||||||||
| Balance as of June 30, 2025 | 2 | 912,039 | 457,192 | (4,469 | ) | 1,364,764 | ||||||||||||||
| Balance as of July 1, 2025 | 2 | 912,039 | 457,192 | (4,469 | ) | 1,364,764 | ||||||||||||||
| Net loss | — | — | (167,681 | ) | — | (167,681 | ) | |||||||||||||
| Other comprehensive income | — | — | — | 9,059 | 9,059 | |||||||||||||||
| Comprehensive income (loss) | — | — | (167,681 | ) | 9,059 | (158,623 | ) | |||||||||||||
| Share-based compensation | — | 19,690 | — | — | 19,690 | |||||||||||||||
| Share options exercised | — | 3,479 | — | — | 3,479 | |||||||||||||||
| Reclassification due to cash-settlement of Share-based compensation | — | (8,355 | ) | — | — | (8,355 | ) | |||||||||||||
| Balance as of June 30, 2026 | 2 | 926,852 | 289,511 | 4,590 | 1,220,955 | |||||||||||||||
17
LuxExperience B.V.
Consolidated Statements of Cash Flows
(Amounts in € thousands)
| Year ended June 30, | ||||||||
| (in € thousands) | 2025 | 2026 | ||||||
| Net income (loss) | 569,959 | (167,681 | ) | |||||
| Adjustments for | ||||||||
| Depreciation, amortization, impairment & asset disposals | 25,552 | 64,027 | ||||||
| Finance costs, net | 5,072 | 4,195 | ||||||
| Share-based compensation | 14,287 | 19,690 | ||||||
| Income tax expense (benefit) | 3,570 | (2,752 | ) | |||||
| Gain from bargain purchase | (623,531 | ) | — | |||||
| Change in operating assets and liabilities | ||||||||
| (Increase) decrease in inventories | (6,640 | ) | 8,471 | |||||
| (Increase) decrease in trade and other receivables | (3,473 | ) | 59,753 | |||||
| Increase in other assets | (14,066 | ) | (53,110 | ) | ||||
| Increase (decrease) in other liabilities | 42,967 | (496 | ) | |||||
| Increase in contract liabilities | 1,006 | 5,796 | ||||||
| Increase (decrease) in trade and other payables | (38,221 | ) | (42,928 | ) | ||||
| Interest received on cash held in bank accounts | 2,208 | 4,514 | ||||||
| Income taxes paid | (9,223 | ) | (7,880 | ) | ||||
| Net cash provided by (used in) operating activities | (30,533 | ) | (108,402 | ) | ||||
| Expenditure for property and equipment and intangible assets | (3,996 | ) | (14,730 | ) | ||||
| Proceeds from sale of property & equipment and intangible assets | 140 | 786 | ||||||
| Cash acquired in business combinations | 621,352 | — | ||||||
| Investment in fixed income securities | (125,000 | ) | ||||||
| Proceeds from disposal of discontinued operations | — | 10,681 | ||||||
| Investment income received | — | 2,905 | ||||||
| Proceeds from leases | — | 446 | ||||||
| Lease incentive fees paid | — | (4,322 | ) | |||||
| Net cash provided by (used in) investing activities | 617,496 | (129,234 | ) | |||||
| Interest paid | (6,987 | ) | (14,519 | ) | ||||
| Proceeds (repayment) of bank borrowings | 10,000 | (10,000 | ) | |||||
| Proceeds from exercise of option awards | 7,133 | 3,479 | ||||||
| Lease payments | (10,057 | ) | (35,046 | ) | ||||
| Net cash provided by (used in) financing activities | 89 | (56,086 | ) | |||||
| Net increase (decrease) in cash and cash equivalents | 587,052 | (293,722 | ) | |||||
| Cash and cash equivalents at the beginning of the period | 15,107 | 603,593 | ||||||
| Effects of exchange rate changes on cash and cash equivalents | 1,432 | 7,831 | ||||||
| Cash and cash equivalents at end of the period | 603,593 | 317,702 | ||||||
18