Germany's Mister Spex Q1 revenue falls 9% EBITDA jumps 88%

Mister Spex SE

07/05/2026 06:41

Overview

Germany optical retailer's Q1 revenue fell 9% yr/yr amid weak consumer demand

Adjusted EBITDA for Q1 rose 88% to €1.3 mln, driven by margin expansion and cost discipline

Gross margin expanded by 230 bps to 59%, supported by higher share of prescription glasses

Outlook

Mister Spex confirms 2026 revenue guidance of 0% to -10% year-on-year

Company sees 2026 adjusted EBITDA margin from break-even to mid-single-digit percentage

Mister Spex expects consumer environment to remain subdued with macroeconomic uncertainty

Result Drivers

STORE NETWORK GROWTH - Offline segment revenue rose 11%, driven by existing store performance, new openings, and integration of acquired stores

ONLINE REVENUE DECLINE - Online segment revenue fell 19%, mainly due to reduced promotional activity and closure of unprofitable international shops

MARGIN EXPANSION - Gross margin increased by 230 basis points to 59%, supported by a higher share of prescription glasses, expanded lens portfolio, and growth of the subscription model

Company press release: ID:nEQ4wKGK2a

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
EUR 40.75 mln
Q1 Adjusted EBITDA
EUR 1.29 mln
Q1 Gross Margin
59.00%


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

Wall Street's median 12-month price target for Mister Spex SE is €2.70, about 125% above its May 6 closing price of €1.20

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)