Mister Spex announces Transformation and Restructuring program “SpexFocus” and updates guidance for 2024

The Supervisory and Management Boards of the company decided on a transformation and restructuring program for 2024 and 2025. The company anticipates that transformation and restructuring program will deliver an increase in EBITDA (incl. rent) of more than € 20 million, predominantly impacting 2025 and 2026. Based on current planning, the overall cash outflow for the program is expected to total around € 9 million, with majority recognized in H2 2024. As part of the program Mister Spex will close all its international stores and reduce personnel expense.

Additionally, preliminary H1 2024 results are below the company's expectations but remain within the guidance range, albeit at the lower end. Against this backdrop and restructuring and repositioning program impacting second half of the year, the company adjusts its forecast for 2024.

Previously, the management expected low-to-medium net revenue growth and an adjusted EBITDA margin in the low single digit percentage range. The company now anticipates net revenue between € 230 and € 210 million and an adjusted EBITDA margin between +1% and -4% for the full year.