Mister Spex Confirms Financial Results for H1 2024 Released on 15th August and highlights 4% like for like growth in Germany in Q2

Mister Spex Confirms Financial Results for H1 2024 Released on 15th August and highlights 4% like-for-like growth in Germany in Q2

• Net Revenue: Mister Spex achieved a net revenue of €119 million, reflecting a growth of 1% in the first half of 2024 and an additional 1% in Q2 2024.
• Adjusted EBITDA: The adjusted EBITDA showed a slight decline of €0.8 million for H1 2024, with support from a €0.8 million improvement in Q2 2024, underscoring the company's ongoing efforts to optimize its operations.
• Strong Performance in Germany: The German market continued to perform robustly, contributing a 4% increase in net revenue and adding €1.1 million to the adjusted EBITDA in H1 2024.

Mister Spex SE (MRX), Europe's leading omnichannel optician, has reported a 1% growth for the Group, achieving sales of € 67.6 million in the second quarter of 2024. The physical retail network achieved a 4% like-for-like growth in Q2 2024 compared to the same period last year. Germany has contributed significantly with 4% like-for-like growth in Q2 2024.

Further Strong Growth in the Core Market of Germany

In the second quarter of 2024, Mister Spex continued to demonstrate robust performance in its core market of Germany. The German segment saw impressive growth, with prescription glasses sales increasing by 11%, supported by a positive calendar impact, as well as the company's strong brand presence and customer loyalty in this key market. Sunglasses sales, however, decreased by 2% due to mixed weather patterns. The brick-and-mortar segment continued to grow, with a like-for-like increase of 4% in the second quarter of 2024.

Strategic updates and outlook

Mister Spex has started the execution of its restructuring and transformation program, SpexFocus, which aims to deliver over €20 million in EBITDA savings, including rent, by 2025 and 2026. This program is expected to impact cash flow in H2 2024, with approximately €9 million in one-off cash expenses.

The company's rebranding efforts, which started in August, is intended to further strengthen the company's market position by focusing on high-quality optical expertise, technological advancements in services and shopping experiences, and an exclusive assortment portfolio. A few days ago, the company launched a new sports eyewear collection which includes both sunglasses and prescription glasses, Mister Spex is entering the rapidly growing category of sports eyewear, a segment that is witnessing substantial growth both locally and globally. Europe, including Germany, currently holds the largest market share for sports eyewear, accounting for around 32 % of the global market. Within this market, Germany plays a pivotal role, significantly contributing to the region's overall market share[a]. The launch reinforces the company's strategic objective of successfully positioning Mister Spex in growth segments and thereby further enhancing its profitability.

"We have launched our transformation and restructuring program, SpexFocus, with the clear objective of securing sustainable and profitable growth for our company. We are convinced that the measures we are now implementing will not only position us for sustainable profitable growth but also further strengthen our competitiveness online and offline. We will continue to offer our customers the best service, the highest quality, and a unique shopping experience, thereby further expanding our market leadership as a leading omnichannel optician in Europe" said Stephan Schulz-Gohritz, Chairman of the Management Board and CFO of Mister Spex.

Looking ahead, Mister Spex has adjusted its 2024 guidance as follows:

• Net Revenue: Expected to be between €210-230 million.
• Adjusted EBITDA Margin: Projected to be within a range of -4% to +1%.

The quarterly report and further information for analysts and investors are available on the Mister Spex Investor Relations website.

Group Income Statement in € k		Non-financial KPIs
	Q2 2024	Q2 2023	Change			Q2 2024	Q2 2023	Change
Revenue	67,599	67,059	1%		Active Customers3 (in thousands)	1,697	1,735	-2%
Revenue DE	51,837	50,173	3%		Number of Orders4 (in thousands)	645	696	-7%
Revenue INT	15,762	16,887	-7%		Average Order Value5 (in €)	97.6	94.6	3%
Gross profit1	32,917	32,652	1%
Gross profit margin1	48.7%	48.7%	0bp
Adjusted EBITDA2	836	2,300	-64%

Revenue by product category and segment.

	Germany	International	Total
in € k	Q2 2024	Q2 2023	Q2 2024	Q2 2023	Q2 2024	Q2 2023
Revenue
Prescription glasses	18,979	17,111	2,959	2,703	21,938	19,813
Sunglasses	21,790	22,324	7,241	8,035	29,031	30,359
Contact lenses	10,107	9,743	5,403	5,916	15,509	15,659
Total products	50,876	49,178	15,603	16,654	66,479	65,832
Other services	961	846	171	159	1,045	1,006
Total	51,837	50,173	15,762	16,887	67,599	67,059

¹⁾ Management defines gross profit as revenue less cost of materials and gross profit margin as the ratio of gross profit to revenue.

²⁾Adjusted EBITDA, defined as earnings before interest, taxes, depreciation and amortisation, adjusted for share-based payment expenses according to IFRS 2, one-off transformation costs and other one-off effects that are not part of the regular course of business.

³⁾ Customers who ordered in the last twelve months excluding cancellations.
⁴⁾ Orders after cancellations and after returns.
⁵⁾ Calculated as revenues divided by number of orders after cancellation and after returns, over the last twelve months.

About Mister Spex SE:

Mister Spex is Europe's leading omnichannel optician, distinguished by its seamless integration of online and offline presence, innovative technologies, a comprehensive product range, and exceptional customer service. Since its founding in 2007, Mister Spex has evolved from a pure online player to a successful omnichannel optician with more than 7.1 million customers and 11 online shops across Europe, as well as brick-and-mortar retail stores. Mister Spex employs over 120 highly qualified opticians who ensure top-notch optical services in their stores. As a digital native, technology and innovation have always been central to the company's development. Utilizing advanced technologies such as digital 2D-to-3D tools for frame adjustment and intelligent browsing functionalities, Mister Spex sets new standards in the optics industry, offering extraordinary value to its customers. Mister Spex focuses on making the eyewear purchasing experience unique, simple, transparent, and enjoyable, combining a wide and diverse range of high-quality products with extensive optical expertise and advice through customer service, its own stores, and an extensive network of partner opticians.

Investor Relations:

Irina Zhurba I Head of Investor Relations I [email protected]

Press Contact:
Elina Vorobjeva I Head of Corporate Communication I [email protected]

Mister Spex SE

Hermann-Blankenstein-Straße 24
10249 Berlin
Website: www.misterspex.de
Corporate Website: https://corporate.misterspex.com

Disclaimer:

This publication contains forward-looking statements. These statements are based on the current views, expectations and assumptions of the management of Mister Spex SE and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied by such statements. Actual results, performance or events may differ materially from those described herein as a result of factors affecting Mister Spex, such as changes in general economic conditions and the competitive environment, capital market risks, foreign exchange rate fluctuations and competition from other companies, as well as changes in international and national laws and regulations, particularly with respect to tax laws and regulations. Mister Spex SE assumes no obligation to update forward-looking statements.

This publication contains supplementary financial measures (not specifically identified in relevant accounting frameworks) that are, or may be, so-called alternative performance measures. For purposes of evaluating the financial condition and results of operations of Mister Spex, these supplemental financial measures should not be considered in isolation or as an alternative to the financial measures presented in the consolidated financial statements and determined in accordance with relevant accounting frameworks. Other companies that present or report alternative performance measures with a similar title may calculate them differently. Explanations of financial ratios used can be found in the Annual Report 2022 of Mister Spex, which is available at https://ir.misterspex.com/.

^[a] Source: "Europe Sports Eyewear Market (2024-2030) | Trends, Outlook & Forecast" by 6Wresearch (6Wresearch).