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LUXE
Earnings call · Jun 2026 (Q4 FY26)

LuxExperience B.V. Q4 FY26 earnings call LUXE

Sep 16, 2026 Source

Executive summary

LuxExperience Q4 FY26 — Group Transformation Delivers Strong Growth and Profitability Across All Segments

LuxExperience delivered strong Q4 FY26 results, exceeding guidance with accelerated top-line growth and improved profitability across all segments, driven by successful transformation efforts. Mytheresa continued its best-in-class performance, while Net-a-Porter and Mr. Porter achieved a significant turnaround to positive growth and EBITDA. YOOX also showed positive growth and reduced losses, validating the strategy to focus on core markets and lean operations.

Highlights

5

  • Achieved full FY26 guidance with GMV growth of +2.9% at constant currency and positive group adjusted EBITDA margin of +0.4%.

  • Q4 FY26 GMV grew +7.9% at constant currency, with group adjusted EBITDA margin reaching +2.1%.

  • Mytheresa net sales grew +10.2% in Q4 FY26 and +11.5% for full FY26 (constant currency), with adjusted EBITDA margin expanding to 6.6% in Q4.

  • Net-a-Porter and Mr. Porter achieved positive top-line growth (+5.6% net sales constant currency in Q4 FY26) and positive adjusted EBITDA margin (2.7% in Q4 FY26) for the first time since acquisition.

  • YOOX returned to positive top-line growth (+6.6% net sales constant currency in Q4 FY26) and significantly improved adjusted EBITDA margin by 920 bps YoY in Q4 FY26.

Concerns

4

  • YOOX adjusted EBITDA margin remained negative at -10.5% in Q4 FY26, with full FY27 guidance still in the mid-single-digit negative range.

  • Gross profit margin at YOOX decreased in Q4 FY26 due to an extraordinary inventory clearance destocking push.

  • Net-a-Porter and Mr. Porter's internal NPS remained at 59.7% in Q4 FY26 due to shipping backlogs in warehouses.

  • The strong fiscal Q4 performance for the group should not be expected throughout fiscal year '27 due to seasonality, with Q1 and Q3 typically lower.

Guidance & targets

CategoryTargetConfidence
Group Net Sales Growth
mid to high single digit
high materiality
High
Group Adjusted EBITDA Margin
around 2% to 3%
high materiality
High
Mytheresa Top Line Growth
high single digit to low double digit
medium materiality
High
Mytheresa Adjusted EBITDA Profitability
slightly better than in full fiscal year '26
medium materiality
High
Net-a-Porter and Mr. Porter Top Line Growth
mid single digit
medium materiality
High
Net-a-Porter and Mr. Porter Adjusted EBITDA Margin Improvement
around 100 to 200 basis points
medium materiality
High
YOOX Top Line Growth
mid single digit
medium materiality
High
YOOX Adjusted EBITDA Margin
remaining negative in the mid single digit range
medium materiality
High
YOOX Adjusted EBITDA Break-even
reach adjusted EBITDA break-even
high materiality
High
Group Net Sales Growth
high single-digit
medium materiality
High
Group Adjusted EBITDA Margin
just slightly negative
medium materiality
High
Group Net Sales CAGR
10% to 15%
high materiality
Medium
Group Adjusted EBITDA Margin Increase
annual 150 to 250 basis points increase
high materiality
Medium
Remaining Transformation Cash Burn
EUR 150 to EUR 250 million total cash burn
medium materiality
High
Minimum Cash Buffer
around EUR 200 to EUR 300 million
medium materiality
High

Segment performance

SegmentRevenueYoYQoQMargin
LuxExperience Group
The group delivered on full fiscal year '26 guidance for top and bottom line, achieving positive adjusted EBITDA for the full year. Q4 FY26 was the strongest quarter for net sales growth, with significant SG&A cost ratio improvement and positive adjusted EBITDA margin. The company maintains a strong balance sheet with no bank debt.
GMV growth (constant currency) FY26: +2.9%GMV growth (constant currency) Q4 FY26: +7.9%Adjusted EBITDA margin FY26: +0.4%Adjusted EBITDA improvement FY25-FY26: EUR 64 millionSG&A cost ratio Q4 FY26: 17.6% (vs 21.6% Q4 FY25)SG&A cost ratio improvement Q1-Q4 FY26: 430 bps (21.9% to 17.6%)SG&A expenses reduction FY26: EUR 55 million (-9.9%)Operating cash flow Q4 FY26: +EUR 9 millionOperating cash burn FY26: -EUR 108 million (vs max -EUR 120 million communicated)Cash and cash investments FY26 end: EUR 442 millionBanking RCF increase: EUR 25 million (to EUR 125 million)Inventory growth FY26: +3.7%
EUR 753.6 million+7.6%—+2.1%
Mytheresa
Mytheresa continued to outperform the industry with double-digit growth and strong profitability, driven by superior customer economics and a focus on full-price selling. The U.S. market showed significant growth. The business achieved a record AOV and strong adjusted EBITDA expansion.
Net sales FY26: EUR 994.3 millionNet sales growth (constant currency) U.S. Q4 FY26: +39.3%U.S. share of net sales Q4 FY26: 23.8%Number of top customers growth Q4 FY26: +18%Average spend per top customer (GMV) growth Q4 FY26: +4.8%Average spend per top customer (GMV) growth FY26: +4.3%Average order value (LTM) Q4 FY26: EUR 875 (+13.1%)Top customers share of all customers FY26: 4.8%Top customers share of total GMV FY26: 48.4%Gross profit margin Q4 FY26: 49.7% (+150 bps YoY)Gross profit margin FY26: 48.5% (+150 bps YoY)Adjusted EBITDA margin FY26: 6.3%Adjusted EBITDA growth FY26: +39.8% (to EUR 62.3 million)Adjusted EBITDA margin improvement FY24-FY26: 320 bpsInventory growth FY26: +3.9%Operating cash flow FY26: +EUR 20 millionNPS Q4 FY26: 83.6%
EUR 269.2 million+10.2%—6.6%
Net-a-Porter and Mr. Porter
This segment achieved a clear turnaround, reporting positive top-line growth and adjusted EBITDA profitability for the first time since acquisition. Improved customer economics, focus on full-price selling, and significant SG&A cost savings were key drivers. The U.S. market contributed significantly to net sales.
Net sales FY26: EUR 994.8 millionNet sales growth (constant currency) FY26: +0.5%Net sales growth (constant currency) U.S. Q4 FY26: +15.1%U.S. share of net sales FY26: 49.6%Number of top customers growth Q4 FY26: +3.2% (vs Q3 FY26)Average spend per top customer (GMV) growth Q4 FY26: +9.4%Average spend per top customer (GMV) growth FY26: +5.3%Average order value (LTM) Q4 FY26: EUR 885 (+9.1%)Top customers share of all customers FY26: 4.3%Top customers share of total GMV FY26: 49.1%Gross profit margin H2 FY26: 48.3% (+160 bps vs H1)Gross profit margin FY26: 47.5% (+170 bps vs FY25)SG&A cost ratio Q4 FY26: 19.5% (vs 24.5% Q4 FY25)SG&A cost ratio improvement H2 FY26: 350 bps (vs H1)SG&A cost savings FY26: EUR 29.8 million (-11%)Adjusted EBITDA margin improvement Q4 FY26: 230 bps YoYAdjusted EBITDA margin H2 FY26: +1.2%NPS Q4 FY26: 59.7%NPS increase FY26: +6.7 percentage points (vs FY25)IEPA tariff refunds impact Q4 FY26 Adjusted EBITDA margin: +250 bpsInventory growth FY26: +5.5%
EUR 273.9 million+5.6%—2.7%
YOOX
YOOX returned to positive top-line growth in Q4 FY26, driven by strong performance in core European markets. Significant SG&A cost savings and improved customer satisfaction contributed to a substantial reduction in adjusted EBITDA losses, despite a Q4 gross profit margin decrease due to destocking.
Net sales contraction FY26: -5.8%Net sales growth (constant currency) Europe (ex-U.K.) Q4 FY26: +22.7%Net sales growth (constant currency) Europe (ex-U.K.) FY26: +10.9%Europe (ex-U.K.) share of net sales FY26: 61.3%Average spend per top customer (GMV) growth Q4 FY26: +12.3%Average order value (LTM) Q4 FY26: EUR 243 (-3.5%)Average order value (LTM) Europe (ex-U.K.) Q4 FY26: +2.1%Gross profit margin FY26: 38.5% (+120 bps YoY)SG&A cost ratio improvement H2 FY26: 560 bps (29.4% to 23.8% vs H2 FY25)SG&A cost savings H2 FY26: EUR 17.5 million (-23.3%)Adjusted EBITDA margin improvement Q4 FY26: 920 bps YoYAdjusted EBITDA margin H2 FY26: -7.8% (vs -10.9% H1 FY26)NPS Q4 FY26: 49.1% (+1520 bps YoY)Inventory growth FY26: +0.3%
EUR 110.5 million+6.6%—-10.5%

Product announcements

ProductTypeDetails
Fendi and Piagetlaunch

Deals & partnerships

Citibank Strategic banking partner long-term

Citibank joined existing strategic banking partners Unicredit, J.P. Morgan, and Commerzbank for long-term value creation setup, increasing the banking RCF.

buyer (unnamed) Sale of the outlet business

Following the successful sale of the outlet at the end of April, the transition services agreement with the buyer was concluded at the end of July 2026.

Risks & headwinds

Strong fiscal Q4 performance not expected throughout fiscal year '27 due to seasonality. FY27

Fiscal Q1 and Q3 usually have a lower performance and Fiscal Q2 and Q4 have a stronger performance than the average.

Mitigation:Management acknowledges and plans for this seasonality in guidance.

Shipping backlogs in warehouses impacting customer satisfaction (NPS). Q4 FY26

Net-a-Porter NPS remained at 59.7% in Q4 FY26.

Mitigation:Implied ongoing operational improvements.

Extraordinary inventory clearance destocking push impacting gross profit margin. Q4 FY26

YOOX gross profit margin decreased in Q4 FY26.

Mitigation:Part of strategic focus on leaner operating model and healthy core.

What to watch in Q1 FY27

Group Net Sales Growth

Next quarter (Q1 FY27 results)
Current High single-digit (Q1 FY27 expectation)
Target Mid to high single-digit (FY27 guidance)

Why it matters

Verifies the company's ability to sustain strong top-line momentum and achieve its full-year growth targets.

For the current fiscal Q1, which runs from July to September '26, we are very pleased with the performance. Therefore, on group level, we expect high single-digit net sales growth and a just slightly negative adjusted EBITDA margin, which is a strong improvement to prior years adjusted EBITDA margin.

Q&A highlights

What are the expectations for gross margin and SG&A, especially for merchandise margins? How do regional trends compare (U.S. vs. Europe)? What is the status of ERP platform migration?

Management expects continuous improvement in gross profit margin and SG&A cost ratio, particularly for Net-a-Porter/Mr. Porter and YOOX, with YOOX targeting adjusted EBITDA break-even by FY28. The U.S. is the fastest-growing digital luxury market for them, while Europe is polarized. ERP migration is progressing well, with HRS system introduced and Net-a-Porter/Mr. Porter upgraded to BC Central, and further upgrades planned for autumn.

“So geography wise, I mean, as stated, the U.S. is at the moment the fastest growing digital luxury market. The growth rates we deliver for us clearly indicate we are taking market share because this is even better than what we see and hear from others in the U.S. market.”

asked by Oliver Chen · answered by Michael Kliger

2 min read 7 chapters

Detailed narrative

Group Transformation Success

The company highlighted the successful group transformation, achieving full FY26 guidance with 2.9% constant currency GMV growth and a positive 0.4% adjusted EBITDA margin. This turnaround is significant, especially considering the financially distressed YNAP business 15 months prior, boosting group adjusted EBITDA by EUR 64 million compared to FY25. Q4 FY26 saw accelerated GMV growth of 7.9% and a 2.1% adjusted EBITDA margin, indicating strong momentum.

Mytheresa's Continued Leadership

Mytheresa maintained its 'gold standard' performance, outperforming the industry with double-digit top-line growth and strong profitability. Its focus on wardrobe-building, big-spending customers resulted in superior customer economics, with top customers growing by 18% and accounting for 48.4% of total GMV in FY26, driving a record average order value of EUR 875. The U.S. market was a significant growth driver, with net sales up 39.3% in Q4 FY26.

Net-a-Porter and Mr. Porter Turnaround

For the first time since acquisition, Net-a-Porter and Mr. Porter combined achieved positive top-line growth (+5.6% constant currency net sales in Q4 FY26) and positive adjusted EBITDA margin (2.7% in Q4 FY26). This was attributed to applying LuxExperience's 'secret sauce' of focusing on best customers, full-price selling, and cost discipline, leading to improved customer economics and a stronger customer file. The average order value increased by 9.1% to EUR 885.

YOOX Repositioning and Improvement

YOOX showed positive top-line growth (+6.6% constant currency net sales in Q4 FY26) and significantly reduced losses, with adjusted EBITDA margin improving by 920 basis points year-over-year in Q4 FY26. The strategic focus on core European markets (where net sales grew 22.7% in Q4 FY26) and a leaner operating model is yielding clear results. Despite a Q4 gross profit margin decrease due to inventory clearance, the full-year gross profit margin grew by 120 basis points.

SG&A Cost Savings and Financial Strength

LuxExperience achieved significant SG&A cost savings of EUR 55 million (or -9.9%) in full FY26, with the SG&A cost ratio improving by 430 basis points from Q1 to Q4 FY26. The group ended FY26 with a strong balance sheet, no bank debt, and EUR 442 million in cash and cash investments, exceeding the previously communicated maximum operating cash burn. The banking RCF also increased by EUR 25 million to EUR 125 million.

ERP Platform Migration Progress

The company is making continuous progress on ERP platform migration, having introduced a global HRS system in May and upgraded the ERP system for Net-a-Porter and Mr. Porter to BC Central, which is now live for both Mytheresa and Mr. Porter. Further upgrades for buying and merchandising operations are planned for autumn, with webshop migration progressing well and ahead of schedule.

Geographic Performance Insights

The U.S. is identified as the fastest-growing digital luxury market, with LuxExperience taking market share. Europe shows polarized demand, with strong pockets in some regions (e.g., Italy, Spain, Portugal, Greece) but sluggish demand in others (e.g., France, Germany). The Middle East demand has returned, while China was disappointing in the summer. YOOX's success is concentrated in its core European markets.

AI-generated summary of the company's earnings call. Not investment advice.