Wednesday, Sept.
16, 2026 at 8:00 a.m.
ET CALL PARTICIPANTS Chief Financial Officer - Martin BeerChief Executive Officer - Michael Kliger Net Sales -- EUR 663.8 million in the fourth quarter, representing an 18.7% increase on a reported basis compared to the prior year period.Full-Year Net Sales -- EUR 2.50 billion for fiscal year 2026, reflecting a 104.1% increase compared to fiscal year 2025 due to the integration of acquired businesses.Group Adjusted EBITDA -- EUR 13.6 million in the fourth quarter, resulting in a 2.1% margin and marking the third consecutive quarter of positive profitability.Fiscal Year 2026 Adjusted EBITDA Margin -- 0.4% for the full year, representing an improvement of 260 basis points compared to the prior fiscal year.Cash and Cash Investments -- EUR 442.7 million as of June 30, 2026, reflecting a strong liquidity position with no reported bank debt.Mytheresa Net Sales -- EUR 269.2 million in the fourth quarter, reflecting 10.2% growth on a constant currency basis driven by market share gains.Mytheresa U.S.
Net Sales -- Growing 39.3% on a constant currency basis in the fourth quarter, representing 23.8% of the segment's total annual business.Mytheresa Average Order Value -- EUR 875 for the 12 months ended June 30, 2026, representing a record high and an increase of 13.1%.Mytheresa Top Customers -- Growing 18% in the fourth quarter, with this group representing 48.4% of the segment's total gross merchandise value for the year.NET-A-PORTER and MR PORTER Net Sales -- EUR 273.9 million in the fourth quarter, representing 5.6% growth on a constant currency basis.NET-A-PORTER and MR PORTER Adjusted EBITDA -- EUR 7.4 million in the fourth quarter, representing a 2.7% margin and the first positive quarterly performance for the segment since acquisition.NET-A-PORTER and MR PORTER Average Order Value -- EUR 885 for the 12 months ended June 30, 2026, increasing 9.1% compared to the prior year period.YOOX Net Sales -- EUR 110.5 million in the fourth quarter, growing 6.6% on a constant currency basis driven by strong demand in core European markets.YOOX Europe Performance -- Net sales in Europe, excluding the U.K., increased 22.7% in the fourth quarter, reflecting a strategic focus on healthy core regions.Group SG&A Expenses -- Decreasing EUR 55 million or 9.9% for the full fiscal year, with the cost ratio improving to 17.6% in the fourth quarter.Operating Cash Flow -- EUR 108.4 million burn for the full fiscal year, which was better than the previous management expectation of a EUR 120 million burn.Loss Per Share -- EUR 1.12 from continuing operations for fiscal year 2026, compared to a profit of EUR 5.91 in the prior year that included a gain on bargain purchase.Fiscal Year 2027 Net Sales Guidance -- Expected to grow mid to high single digits at the group level.Fiscal Year 2027 Adjusted EBITDA Margin Guidance -- Expected to range between 2% to 3%.Share Repurchase Authorization -- $50 million of ADRs, authorized by management on Sept.
3, 2026, to be executed at management's discretion.Banking Revolving Credit Facility -- Increasing EUR 25 million to EUR 125 million following the addition of Citibank as a strategic partner.Group Inventory -- EUR 990.3 million as of June 30, 2026, representing a decrease from EUR 1.02 billion at the end of the previous fiscal year.
Need a quote from a Motley Fool analyst? Email [email protected] Kliger noted that customer satisfaction at NET-A-PORTER was impacted by "shipping backlogs in the warehouses," which resulted in an internal Net Promoter Score of 59.7% in the fourth quarter.Kliger stated that performance in Greater China during the summer "was disappointing" despite initial expectations for a rapid improvement in the region.Management reported that the YOOX segment recorded a negative adjusted EBITDA margin of 10.5% in the fourth quarter, representing an ongoing loss during the transformation process.
Management reported that LuxExperience B.V.
(LUXE +23.22%) successfully reached its full-year guidance for fiscal year 2026, achieving positive group-adjusted EBITDA just 15 months after the acquisition of the YNAP business.
The company reported that growth in the Mytheresa and Luxury segments offset a full-year sales contraction in the Off-price segment.
CFO Beer stated that the group has maintained a bank debt-free balance sheet while increasing its available revolving credit facility to EUR 125 million.
The company provided fiscal year 2027 guidance that expects an acceleration in net sales growth and further improvements in the adjusted EBITDA margin across all reporting segments.
CFO Beer stated, "We expect to reach adjusted EBITDA break even at YOOX in fiscal year 2028."The company successfully completed the ERP upgrade for NET-A-PORTER and MR PORTER to Business Central on July 1, 2026.Management reported that top customers represented only 4.8% of Mytheresa's customer base but drove 48.4% of its total gross merchandise value in fiscal year 2026.The group expanded its digital brand partnerships to include luxury labels Piaget and Fendi on the Mytheresa platform.Kliger noted that the U.S.
currently serves as the fastest-growing digital luxury market for the group, with the Mytheresa segment seeing 39.3% constant currency growth in the fourth quarter.The company concluded its transition services agreement for THE OUTNET at the end of July 2026, allowing management to focus resources on the core YOOX business.
INDUSTRY GLOSSARY ADR: American Depositary Receipt; a certificate issued by a U.S.
bank representing shares in a foreign stock.AOV: Average Order Value; the average amount spent by a customer each time they place an order.EIP: Extremely Important People; a term used for the top-spending customer tier at NET-A-PORTER and MR PORTER.Ex-FX: Excluding Foreign Exchange; a non-GAAP measure that shows financial results while removing the impact of currency fluctuations.GMV: Gross Merchandise Value; the total value of merchandise sold through a platform, inclusive of shipping and duties but net of returns and taxes.IEEPA: International Emergency Economic Powers Act; U.S.
legislation cited in relation to tariff refunds received by the company.NPS: Net Promoter Score; a metric used to measure customer satisfaction and loyalty.RCF: Revolving Credit Facility; a flexible financing arrangement that allows a company to borrow, repay, and borrow again up to a specified limit.TSA: Transition Services Agreement; a contract where the seller of a business provides infrastructure and support services to the buyer for a set period.
Full Conference Call Transcript Operator: Greetings, and welcome to the LuxExperience fourth quarter and full fiscal year 2026 earnings conference call.
At this time, all participants are in listen-only mode.
Today's call is being recorded, and we have allocated one hour for prepared remarks and Q&A.
It is now my pleasure to introduce your host, Martin Beer, the Chief Financial Officer of LuxExperience.
Thank you, sir.
Please begin.
Martin Beer: Thank you, operator, and welcome everyone to the LuxExperience investor conference call for the fourth quarter and full fiscal year 2026 ended June 30, 2026.
With me today is our CEO, Michael Kliger.
Before we begin, I would like to remind you that our discussions today will include forward-looking statements.
Any comments we make about expectations, including our guidance for fiscal year 2027 and our medium-term targets, are forward-looking statements and are subject to risks and uncertainties, including risks and uncertainties described in our annual report.
Many factors could cause actual results to differ materially, and we are under no duty to update forward-looking statements.
In addition, we will refer to certain financial measures not reported in accordance with IFRS on this call.
You can find reconciliations of these non-IFRS financial measures in our earnings press release, which is available on our investor relations website at investors.luxexperience.com.
I will now turn the call over to Michael.
Michael Kliger: Thank you, Martin.
Also from my side, a very warm welcome to all of you, and thank you for joining our call.
We will comment today on the results and performance of the fourth quarter of fiscal year 2026 and the full fiscal year for LuxExperience.
We are very pleased with our results as they demonstrate that our group transformation is going very well and that we are outperforming the market.
At group level, we have delivered on our full fiscal year 2026 guidance as we achieved a GMV growth of +2.9% at constant currency and delivered a positive group-adjusted EBITDA margin of +0.4%.
We believe these are remarkable results just 15 months after taking over a financially distressed YNAP business.
Compared to fiscal year 2025 and considering all capitalized tech expenses, we have boosted group-adjusted EBITDA by EUR 64 million.
Even more exciting, we achieved in the fourth quarter of fiscal year 2026 a GMV growth of +7.9% at constant currency and a group-adjusted EBITDA margin of +2.1%.
In the fourth quarter, we had positive top-line growth in all of our three reporting segments.
At Mytheresa, we have set again the gold standard in the fourth quarter in terms of growth and profitability.
The success is based on outstanding customer economics and a resilient, profitable business model.
This is exactly the formula that we now apply to NET-A-PORTER and MR PORTER.
In the fourth quarter, NET-A-PORTER and MR PORTER combined now also delivered positive growth and profitability.
At YOOX, our strategy to focus on the healthy core of the business and make the business model leaner is now showing clear results.
In the fourth quarter, YOOX achieved a positive top-line growth and losses were cut almost in half compared to Q4 of fiscal year 2025.
With the tremendous progress made in the past 12 months and the strong business momentum in Q4 of fiscal year 2026, we are clearly on track to achieve our medium-term targets of group net sales of EUR 4 billion and an adjusted EBITDA margin of 7%-9%.
For full fiscal year 2027, we expect accelerated top-line growth and further increased group-adjusted EBITDA margin.
Our strong current trading reinforces our continued positive business momentum.
Martin will later clarify our guidance for fiscal year 2027.
Let me now comment in more detail on the performance of the Mytheresa business.
We again outperformed the industry with double-digit top-line growth and strong profitability.
By focusing on wardrobe-building, big-spending customers, Mytheresa possesses a very resilient and consistent business model driven by superior customer economics.
A clear strategic focus and the excellent execution allowed Mytheresa to become a EUR 1 billion business in fiscal year 2026, marking a significant milestone in the company's success story.
In Q4 of fiscal year 2026, Mytheresa grew its net sales by +10.2% on constant currency basis compared to Q4 of fiscal year 2025, and for the full fiscal year 2026 by 11.5% on constant currency basis compared to full fiscal year 2025.
In the U.S., the Mytheresa business grew net sales by +39.3% on constant currency basis in Q4 fiscal year 2026 compared to Q4 fiscal year 2025.
For the full fiscal year, the U.S.
accounted for 23.8% of net sales of Mytheresa's total business.
Mytheresa's strength and resilience are driven by its superior customer economics.
In the fourth quarter of fiscal year 2026, the number of top customers at Mytheresa grew by +18% compared to the prior year period.
Furthermore, the average spend per top customer in terms of GMV grew by +4.8% in Q4 fiscal year 2026 versus Q4 fiscal year 2025, and +4.3% for the full fiscal year 2026.
The average order value last 12 months for Mytheresa increased by a remarkable +13.1% to a record high of EUR 875 in Q4 fiscal year 2026.
The success of the focus on selling full-price, high-end luxury products to top customers is also evident by the fact that top customers accounted for 4.8% of all customers in numbers, but for 48.4% in terms of total GMV in fiscal year 2026.
The continued focus on selling full price also drove, again, the gross profit margin increase of +150 basis points in Q4 FY 2026 compared to Q4 FY 2025.
Lastly, Mytheresa's excellent customer service proposition is highlighted by our internal net promoter score, NPS, of 83.6% in Q4 FY 2026.
All these figures demonstrate the fundamental strengths and continued success of the Mytheresa business based on superior customer economics.
The success with big-spending, wardrobe-building customers also makes Mytheresa a highly desired partner for the world's most prestigious luxury brands.
In the fourth quarter of FY 2026, Mytheresa launched 11 exclusive capsules collections and featured four exclusive pre-launches or exclusive styles campaigns in collaboration with luxury brands such as Dolce & Gabbana, Pucci, Prada, Bottega Veneta, and Brioni, amongst many others.
We are also very proud to have recently started digital partnerships with two new true luxury brands, Fendi and Piaget, which are now available on Mytheresa.
Please see our investor presentation for more details on brand collaborations.
In the fourth quarter of 2026, Mytheresa also hosted more than 14 global top customer events and six exclusive money-can't-buy events with luxury brands, including Zimmermann, Dolce & Gabbana, and Brioni across Europe, the U.S., and Asia, creating a strong sense of community for its top customers.
Mytheresa also returned with a second edition of Maison Mytheresa, creating a successful yacht experience along the French Riviera, hosting 29 events in 12 days, which hosted 790 customers on the boat.
Please see our investor presentation for more details on these unique money-can-buy experiences.
To sum it up, Mytheresa reaffirmed its clear leadership position in the digital multi-brand luxury landscape in FY 2026.
Mytheresa sets the standard by delivering profitable growth based on its focus on big-spending top customers.
It thus also serves as the internal blueprint for the successful turnaround of NET-A-PORTER and MR PORTER.
Martin will later show how the strong top-line results of Mytheresa translated into excellent bottom-line results.
Let me now comment on the luxury segment comprised of NET-A-PORTER and MR PORTER.
We are in high gear reestablishing both as leading digital multi-brand destinations for luxury fashion shoppers seeking editorial inspiration and brand discovery.
By applying the secret sauce of LuxExperience, namely an obsessive focus on best customers, full-price selling, and cost discipline, we are successfully rebuilding strengths and resilience in their business models.
For the first time since the acquisition, NET-A-PORTER and MR PORTER combined achieved top-line growth and a positive bottom line in the last quarter of FY 2026.
Net sales increased by +5.6% on constant currency basis in Q4 FY 2026 versus Q4 FY 2025, and for the full FY 2026 by +0.5% compared to full FY 2025 for NET-A-PORTER and MR PORTER combined.
In the U.S., net sales increased by +15.1% on a constant currency basis in Q4 FY 2026 compared to Q4 FY 2025.
For the full fiscal year, the U.S.
accounted for 49.6% of net sales of the total business of both stores combined.
Improved and strong customer economics are also key for the success of NET-A-PORTER and MR PORTER.
The fourth quarter of FY 2026, after an initial focus on the quality of the customer base in the first quarters, we increased again the number of top customers by +3.2% compared to Q3 FY 2026.
Moreover, the average spend in terms of GMV per top customer increased by +9.4% in Q4 FY 2026 versus Q4 FY 2025, and +5.3% for the full FY 2026.
The average order value last 12 months increased by +9.1% to EUR 885 for NET-A-PORTER and MR PORTER combined in Q4 FY 2026.
As a consequence of the renewed focus on the best customers at NET-A-PORTER and MR PORTER, their top customers accounted for 4.3% of all customers in numbers, but for 49.1% in terms of total GMV in FY 2026.
The clear focus on full price selling to top customers instead of promotional discounting drove also a gross profit margin increase of +170 basis points in full FY 2026 compared to FY 2025.
The customer satisfaction NET-A-PORTER measured by our internal NPS remained at 59.7% in Q4 due to shipping backlogs in the warehouses.
But for the full FY 2026, the NPS increased by +6.7 percentage points compared to FY 2025.
All these KPIs confirm a significantly improved quality of the customer economics and business models of NET-A-PORTER and MR PORTER.
In line with their position as the leading digital multi-brand destinations for luxury fashion shoppers seeking editorial inspiration and brand discovery, NET-A-PORTER and MR PORTER launched in the fourth quarter of FY 2026, 36 editorial campaigns for exclusive brand and product launches with brands such as Chloé, Khaite, Carolina Herrera, Tom Ford, Brunello Cucinelli and Celine, amongst others.
NET-A-PORTER also hosted 11 unique experiences for their EIPs, the so-called extremely important people with brand partners such as Khaite, Chloé, Gucci and Schiaparelli in the U.S.
and Europe in Q4.
NET-A-PORTER also continued to boost its editorial strengths with exclusive PORTER cover stories that generated a reach of 194 million in Q4 FY 2026.
Please see our investor presentation for more details on the unique editorial content and exclusive activations of NET-A-PORTER.
MR PORTER hosted six unique EIP experiences with brand partners including Zegna and Ralph Lauren in the U.S.
MR PORTER also continued to strengthen its editorial voice with its journal, pushing brands, advice, and style stories.
In total, the top journal stories reached over 13 million views.
Please see our investor presentation for more details on MR PORTER's unique editorial content and exclusive activations.
To sum it up, NET-A-PORTER and MR PORTER are reestablishing themselves as leading digital multi-brand destinations for luxury fashion shoppers seeking editorial inspiration and brand discovery.
Positive top-line growth, improved customer economics, and positive bottom-line results in the fourth quarter of FY 2026 underline the success of the ongoing business transformation.
Martin will later provide more details on the bottom-line results of the luxury segment comprised of NET-A-PORTER and MR PORTER.
Lastly, let me comment on YOOX's business performance.
Our strategic focus on the core European markets and a leaner operating model in line with the lower margin and lower average order value nature of the off-price business is already showing clear results.
Positive top-line growth in the fourth quarter and adjusted EBITDA losses almost halved speak to the success of the transformation thus far.
This business momentum was further enhanced by YOOX's brand activations throughout the quarter to reinforce its position as the leading destination for long-lasting luxury fashion built around individual creativity, culture, and community.
In Q4 FY 2026, net sales for YOOX increased by +6.6% on constant currency basis versus Q4 FY 2025.
For the full FY 2026, net sales contracted by -5.8% compared to full FY 2025.
The net sales growth in Q4 was also driven by extraordinary inventory clearance.
Most important was that in Europe, excluding the U.K., YOOX increased net sales by +22.7% compared to Q4 FY 2025.
For the full FY 2026, net sales in Europe, excluding the U.K., grew by +10.9% and accounted for 61.3% of net sales of the total YOOX business.
The strong momentum in the European markets validates the strategy to focus on a healthy and more profitable core of the business.
Besides the overall net sales increase for YOOX in Q4 FY 2026, the average spend per top-spending customer in terms of GMV grew by +12.3%.
The average order value last 12 months decreased by -3.5% to EUR 243 in Q4 FY 2026.
However, this was also driven by the reduced focus on the high AOV overseas markets.
In Europe, excluding the U.K., the AOV last 12 months increased by +2.1% in Q4 FY 2026.
The gross profit margin decreased in Q4 FY 2026, driven by the mentioned de-stocking push.
For the full FY 2026, the gross profit margin grew by +120 basis points to 38.5%, driven by a much more demand-driven pricing system, increasing the share of first price sales.
YOOX customer satisfaction, measured by our internal NPS, reached 49.1% in Q4 FY 2026, increasing by 1,520 basis points compared to Q4 FY 2025, showcasing also the effect of the LuxExperience secret sauce on YOOX customer service operations.
All the above KPIs demonstrate that the strategic focus on the healthy core is resulting in much improved customer economics.
In the fourth quarter of FY 2026, YOOX leveraged its 26th anniversary to drive brand engagement, consideration, and new customer acquisitions through flagship community events in Milan and Forte dei Marmi.
The corresponding social media campaigns generated over 30 million estimated reach, almost 550,000 campaign page visits, and nearly 1,000 new customer registrations.
These initiatives successfully leveraged a brand milestone into measurable commercial and brand performance, reinforcing YOOX evolution into a culturally relevant lifestyle brand.
Please see our investor presentation for more details on these events and activations.
To sum it up, the focus on a healthy core for YOOX and a lean operating model as part of our transformation plan is already showing great results.
We are successfully rebuilding the position of YOOX as the leading destination for long-lasting luxury fashion, built around individual creativity, culture, and community.
Martin will speak shortly to the tremendous improvements we made to the bottom line of YOOX in FY 2026.
Now, after having reviewed the very strong commercial results and business improvements across all three reporting segments, I hand over to Martin to discuss the financial results in more detail.
Martin Beer: Thank you, Michael.
In this call, I will focus the top-line development on net sales and constant currency.
Before I will provide you with more details on LuxExperience Group and individual segment performance, let me summarize the financial highlights looking back into the full fiscal year 2026 and fiscal Q4, ended June 30, 2026.
We have delivered on our full year guidance on top and bottom line.
With one year into our transformation, we are already breaking even on adjusted EBITDA for the full year, have no bank debt in our balance sheet, and EUR 442 million cash and cash investments, better than expected.
In fiscal year 2026, we achieved significant cost savings in SG&A of around EUR 55 million, or minus 9.9%.
The last three months of the fiscal year, running from April to June, stood as an inflection point in our overall transformation.
Net sales in the quarter grew by +7.6% at LuxExperience, the highest in any quarter of this fiscal year.
In fiscal Q4, we decreased our SG&A cost ratio by 400 basis points from 21.6% to 17.6% versus prior year Q4.
Adjusted EBITDA margin for LuxExperience stood at a positive +2.1%, the third consecutive quarter with positive and increasing adjusted EBITDA.
These strong LuxExperience numbers are based on impressive performance at all segments.
Mytheresa, again, with double-digit net sales growth in the quarter at +10.2% and further strong increase of adjusted EBITDA by +10.9% in the quarter compared to previous year.
Inflection point at NET-A-PORTER, reporting +5.6% net sales growth for the first time, and also achieving positive adjusted EBITDA profitability in the quarter.
YOOX as well, and for the first time, re-embarking on net sales growth with +6.6% in the quarter.
In addition, impressive profitability improvement at YOOX with a 920 basis points increase in adjusted EBITDA versus Q4 of fiscal year 2025.
SG&A expenses at YOOX decreased by minus 20% versus the previous year quarter.
As usual, I will first review in more detail LuxExperience performance at the total segments view and then walk you through our three business segments: Luxury Mytheresa, Luxury NET-A-PORTER and MR PORTER, and the off-price business of YOOX.
