Mister Spex SE improves EBIT by € 3 million and turns operating cash flow positive in Q1 2025

Mister Spex SE improves EBIT by € 3 million and turns operating cash flow positive in Q1 2025

• Net revenue: Decreased by 13% year-on-year to € 44.7 million (Q1 2024: € 51.1 million), mainly due to store closures, reduced promotional activities and ineffective online marketing spend
• German store network: Like-for-like (LFL) sales growth of 13%, with average order value (AOV) for prescription glasses exceeding € 200
• Gross margin: Increased by 441 basis points to 56.4%
• EBIT: Improved by € 3.0 million year-on-year to € -6.3 million, reflecting the initial positive impact of transformation measures.
• Cash flow: Operating cash flow turned positive at € 2.3 million; combined with lower investments, this led to a € 3.2 million year-on-year improvement in free cash flow to € -1.5 million
• Liquidity: Solid cash balance of € 70 million ensuring financial resilience
• Outlook: Full-year 2025 guidance confirmed; focus remains on executing "SpexFocus" strategy and gross margin optimization

Mister Spex SE, one of Germany’s leading optical retailers, achieved tangible operational and financial progress in the first quarter of 2025 under its "SpexFocus" transformation program, which was launched in August 2024 to drive sustainable profitability by optimizing store operations, streamlining the cost structure, and enhancing margin profile. While net revenue declined by 13% year-on-year to € 44.7 million, mainly due to strategic store closures in international markets and a weaker consumer environment, Mister Spex nevertheless improved its profitability.

Improved profitability and cash flow signal first financial benefits of “SpexFocus”
The gross margin improved by 441 basis points to 56.4%, supported by the continued expansion of SpexPro, Mister Spex’s private label for premium eyewear lenses introduced in September 2024, and the disciplined reduction of discounting as part of SpexFocus. Despite the year-on-year decline in revenue, this strong margin performance significantly contributed to the EBIT improvement of € 3.0 million, which rose to € -6.3 million, reflecting the early effects of the transformation program.

Operating cash flow turned positive at € 2.3 million in Q1 2025, compared to € -0.3 million in the prior year period, reflecting stronger operational efficiency. Investing cash flow improved by € 1.0 million, primarily due to the suspension of new store openings and a reduction in internal tech investments. Consequently, free cash flow improved by € 3.2 million year-on-year, reaching € -1.5 million.

Net cash outflow was substantially reduced to € -1.8 million in Q1 2025, compared to € -5.0 million in Q1 2024, supporting a solid cash balance of € 70 million and ensuring continued liquidity and financial resilience.

Operational performance reflects progress from strategic realignment
The German store network continued its positive trajectory in the first quarter of 2025. Like-for-like revenue in the German offline business grew by 13% year-on-year. Within the core product categories, store sales of prescription glasses increased by 15%, while store sales of sunglasses grew by 6%. The average order value (AOV) for prescription glasses rose by 26%, crossing the € 200 mark for the first time. The AOV for sunglasses increased by 14% year-on-year. The number of EBIT[1]-positive stores increased significantly to 34, compared to 19 in the prior-year period, supported by an increase in gross profit. These developments underline the growing operational efficiency and improved profitability of the German offline business.

The international business remained under pressure in Q1 2025, with net revenue declining by 38% year-on-year, primarily due to the strategic reduction of discounting measures under the SpexFocus program.

“The results of the first quarter of 2025 demonstrate tangible early successes in our transformation,” says Tobias Krauss, CEO of Mister Spex. “We have made progress in strengthening our cost discipline and improving our product margins. At the same time, we are still progressing through the transformation, which we continue to drive forward with focus and determination. While the journey remains challenging, the current developments confirm our strategic direction: we are building Mister Spex step by step into a profitable and future-oriented optical retailer.”

Outlook for full-year 2025 confirmed
Mister Spex confirms its guidance for the full-year 2025. The company remains focused on consistently executing its "SpexFocus" transformation program while further optimizing its gross margin and product offering.

The business expects continued progress towards a structurally improved profitability trajectory, despite ongoing market headwinds.

The Q1 2025 report and additional information for analysts and investors are available on the Mister Spex Investor Relations website.

Half-year results will be published on 28 August 2025.

Revenue by product category and segment.

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

²⁾  EBIT, defined as earnings before interest and taxes, based on IFRS reporting, including transformation and restructuring expenses and other one-off effects.

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 one of Germany’s leading optical retailers, 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 8 million customers and 10 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 Director of Investor Relations I irina.zhurba@misterspex.de

Press Contact:
Elina Vorobjeva I Head of Corporate Communication I Elina.Vorobjeva@misterspex.de

Mister Spex SE 

Hermann-Blankenstein-Strasse 24
D-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 2023 of Mister Spex, which is available at https://ir.misterspex.com/.

^[1] EBIT incl. Rent and excluding HQ allocation