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
MUNICH--( BUSINESS WIRE)--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.”
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.”
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.
2 Acquisition-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).
FINANCIAL HIGHLIGHTS FY 2026
Amounts in € million are reported figures unless stated otherwise. Illustrative and quarterly figures are unaudited.
LUXEXPERIENCE
(illustrative)
3 Acquisition-adjusted EBITDA is Adjusted EBITDA reflecting the effects of Acquisition-adjusted SG&A rather than Adjusted SG&A.
LUXURY | MYTHERESA
LUXURY | NAP & MRP
(illustrative)
4 Acquisition-adjusted SG&A cost ratio is Acquisition-adjusted SG&A expenses as a % of GMV.
OFF-PRICE | YOOX
(illustrative)
KEY BUSINESS HIGHLIGHTS
LUXEXPERIENCE
LUXURY | MYTHERESA
LUXURY | NAP & MRP (5)
OFF-PRICE | YOOX (5)
__________________________________________
5 Comparative periods to April 23, 2025 are shown on an illustrative basis.
GUIDANCE FY 2027
For the full fiscal year ending June 30, 2027, LuxExperience expects strong top-line growth acceleration and significant profitability improvement with
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.
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.
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:
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.
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
%
150BPs
47.0
%
48.5
%
150BPs
Adjusted EBITDA (4)
16.1
17.9
10.9
%
44.6
62.3
39.8
%
Adjusted EBITDA margin (3)
6.5
%
6.6
%
20BPs
4.9
%
6.3
%
140BPs
(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 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
%
170BPs
Adjusted EBITDA (4)
1.0
7.4
627.5
%
2.1
(6.0
)
(384.5
)%
Adjusted EBITDA margin (3)
0.4
%
2.7
%
230BPs
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
%
120BPs
Adjusted EBITDA (4)
(20.7
)
(11.7
)
43.7
%
(72.1
)
(45.5
)
36.9
%
Adjusted EBITDA margin (3)
(19.8
)%
(10.5
)%
920BPs
(13.6
)%
(9.4
)%
420BPs
(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 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
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
)
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.
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.
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
%
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.
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.
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
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
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