LuxExperience Q4 2026 Earnings Call Transcript

LuxExperience (NYSE: LUXE ) held its fourth-quarter earnings conference call on Wednesday. Below is the complete transcript from the call. APIs provide real-time access to earnings call transcripts and financial data. Visit to learn more.

9% GMV growth in Q4 FY26. Mytheresa achieved double-digit net sales growth, becoming a 1 billion euro business in FY26, with significant contributions from the US market. 1% in Q4 FY26. YOOX saw improved performance with a focus on European markets, achieving positive top-line growth and a reduction in EBITDA losses.

The company ended FY26 with no bank debt and 442 million euros in cash, indicating a strong financial position. LuxExperience expects continued growth with mid to high single-digit sales growth and a 2-3% adjusted EBITDA margin for FY27. Management highlighted strategic initiatives such as focusing on top customers, exclusive brand collaborations, and the successful implementation of ERP upgrades. Future guidance includes a focus on maintaining strong growth in the US market, continued strategic brand partnerships, and further improvements in SG&A cost ratios.

Full Transcript Michael Kliger, Chief Executive Officer Results. Just 15 months after taking over a financially distressed YNAP business compared to fiscal year 25 and considering all capitalized tech expenses, we have boosted group adjusted EBITDA by 64 million euro. 1%. In the fourth quarter we had positive top-line growth in all of our three reporting segments.

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 25. With the tremendous progress made in the past 12 months and the strong business momentum in Q4 of fiscal year 26, we are clearly on track to achieve our medium-term targets of group net sales of euro 4 billion and an adjusted EBITDA margin of 7 to 9%. For full fiscal year 27, 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 1 billion euro business in fiscal year 26, marking a significant milestone in the company's success story. 5% on a constant currency basis compared to full fiscal year 2025. 3% on a constant currency basis in Q4 fiscal year 26 compared to Q4 fiscal year 25.

8% of net sales of Mytheresa's total business. Mytheresa's strength and resilience are driven by its superior customer unit economics. In the fourth quarter fiscal year 26, the number of top customers at Mytheresa grew by plus 18% compared to the prior-year period. 3% for the full fiscal year 26.

1% to a record high of €875 in Q4 fiscal year 26. 4% in terms of total GMV in fiscal year 26. The continued focus on selling full price also drove again the gross profit margin increase of 150 basis points in Q4 of fiscal year 26 compared to Q4 fiscal year 25. 6% in Q4 fiscal year 26.

All these figures demonstrate the fundamental strength 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 fiscal year 26, Mytheresa launched 11 exclusive capsule 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're 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 United States 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't-buy experiences. To sum it up, Mytheresa reaffirmed its clear leadership position in the digital multi-brand luxury landscape in fiscal year 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 re-establishing 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 fueled by selling and cost discipline, we are successfully rebuilding strength 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 fiscal year 2026. 5% compared to full fiscal year 2025 for Net—a—Porter and MR PORTER combined. 1% on a constant currency basis in Q4 fiscal year 26 compared to Q4 fiscal year 25.

66% 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. 2% compared to Q3 fiscal year 26. 3% for the full fiscal year 26.

1% to €885 for Net—a—Porter and MR PORTER combined in Q4 fiscal year 26. 1% in terms of total GMV in fiscal year 26. 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 fiscal year 26 compared to fiscal year 25. 7 percentage points compared to fiscal year 25.

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 fiscal year 26, 36 editorial campaigns for exclusive brand and product launches with brands such as Chloe, 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, Chloe, Gucci and Schiaparelli in the United States 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 fiscal year 26. 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 United States and Italy.

MR PORTER also continued to strengthen its editorial voice with its Journal, pushing brand 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 re-establishing 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 fiscal year 26 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 lean 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. 8% compared to full fiscal year 2025. 7% compared to Q4 fiscal year 25.

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. 3%. 5% to 243 euro in Q4 fiscal year 26.

However, this was also driven by the reduced focus on the high AOV overseas markets. 21% in Q4 fiscal year 26. The gross profit margin decreased in Q4 fiscal year 26 driven by the mentioned destocking push. 5% driven by a much more demand-driven pricing system increasing the share of first-price sales.

1% in Q4 fiscal year 26, increasing by 1520 basis points compared to Q4 fiscal year 25, showcasing also the effect of the LuxExperience secret sauce on YOOX's 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. Fiscal year 26, 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's 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 fiscal year 26. And 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 Thank you, Michael.

In this call I will focus the top line development on net sales in constant currency. But before I 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 26 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're already breaking even on adjusted EBITDA for the full year, have no bank debt in our balance sheet, and 442 million euro cash and cash investments, better than expected.

9%. The last three months of the fiscal year running from April to June stood as an inflection point in our overall transformation. 6% at LuxExperience, the highest in any quarter of this fiscal year. 6% versus prior-year Q4.

1%, the third consecutive quarter with positive and increasing adjusted EBITDA. These strong LuxExperience numbers are based on impressive performance across all segments. 9% in the quarter compared to previous year. 6% net sales growth for the first time and also achieving positive adjusted EBITDA profitability in the quarter.

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 25. SG&A expenses at YOOX decreased by minus 20% versus the previous-year quarter. And now, as usual, I will first review in more detail LuxExperience performance at 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.

As mentioned before in this call, I will focus top line development on net sales in constant currency. Our GMV numbers follow a similar pattern and are, as always, fully disclosed in our press release, investor presentation, and annual report. In addition, all numbers in previous year include capitalized IT expenses for a true like-for-like comparison. We discontinued this practice with the acquisition.

Unless otherwise stated, all numbers refer to euro. 6% in fiscal Q4. This was the strongest quarter year-over-year growth in the fiscal year.