Mister Spex SE delivers solid progress in Q3 2025 with sustained margin improvement and operational efficiency

• EBIT: Improved by € 10 million to -€ 4.6 million, reflecting stronger cost discipline from ongoing operational initiatives. 

• Gross margin: Up ~600 basis points year-on-year, supported by a higher share of SpexPro products, reduced promotional intensity, and growth in prescription glasses. 

• Store performance: 35 stores with double-digit EBIT margins (Q3 2024: 18 stores).  

• Cash flow: Free cash flow improved by € 10.2 million at -€ 7.5 million in Q3; cash and cash equivalents of € 57.6 million. 

• Bolt-on M&A: Acquisition of four optical stores across Germany, adding margin-accretive scale and strengthening Mister Spex’s local presence. 

Mister Spex SE, one of Germany’s leading optical retailers, continued to improve its profitability in the third quarter of 2025 while advancing its transformation. Net revenue for the quarter was approximately €47 million, down 18% year-on-year, reflecting the company’s deliberate focus on reducing promotional activity in online channels and exiting unprofitable international markets.  

Launched more than a year ago, the transformation and restructuring program “SpexFocus” has streamlined the company’s cost structure and enhanced operational efficiency, driving EBIT improvement throughout the year. 

Building on this foundation, Mister Spex is now evolving toward a culture of continuous improvement, ensuring that efficiency, cost discipline, and performance optimization remain embedded inside the organization and become lasting principles that guide every decision and process. 

Expanding the retail portfolio through selective M&A 

In the third quarter, the company signed agreements to acquire four optical stores located in Berlin, Krefeld, Brühl, and Bielefeld area. 

These stores have strong local customer bases and experienced teams, generating a combined annual revenue of around € 4 million with an EBITDA margin of more than 10% (including rent). Consolidation is expected to take effect in the first quarter of 2026. 

Through these targeted acquisitions, Mister Spex strengthens its retail presence in key regions and expands its operational base with profitable, well-established locations. 

This further reinforces Mister Spex’s position as one of Germany’s leading omnichannel optical retailers, with a growing local footprint. 

“With these acquisitions, we are integrating profitable, well-managed optical stores that further strengthen our retail network,” said Tobias Krauss, CEO of Mister Spex SE. “Our priority is quality over volume. We are investing in businesses that are immediately EBITDA-accretive, expand our brand portfolio, and enhance our optical expertise. This disciplined approach enables us to grow efficiently and accelerate our path to profitable growth.”  

Operational efficiency and margin expansion continue 

In the third quarter of 2025, the gross margin increased by around 600 basis points to 54.8%, supported by a better product mix, disciplined pricing, and the growing share of the premium private label “SpexPro”. In September, Mister Spex also launched a new line of premium branded lenses in collaboration with HOYA, further strengthening its high-end portfolio and expected to contribute positively to future margin development. 

Free cash flow improved by € 10.2 million at -€ 7.5 million compared to the previous year, driven by operational improvements reflected in stronger operating cash flow, lower capital expenditures, and higher cash inflows from financing activities, supported by a sale-and-leaseback transaction. At the end of the quarter, Mister Spex held cash and cash equivalents of € 57.6 million.  

Strong momentum in the German store business 

The German core market continues to be affected by the ongoing reduction of promotional discounts, which has weighed on online sales but was partially offset by strong growth in store-based operations. 

Store revenue increased by 11%, and by 10% on a like-for-like basis, underlining the resilience and growing strength of the store business. 

While sunglasses and contact lenses remained impacted by the discount reduction, prescription glasses achieved solid growth of 9% and accounted for almost half of total sales in Germany during the third quarter. 

Profitability across the store network continued to improve, with 35 stores achieving EBIT margins above 10% (Q3 2024: 18 stores), marking a new record for Mister Spex. The share of prescription glasses in stores rose to 62% (Q3 2024: 59%), demonstrating the success of the company’s focus on high-value optical products.

The Mister Spex Switch subscription model, launched in May 2025, already contributed around 10% of total store revenue in the third quarter. A marketing campaign launched in October further supports customer acquisition and engagement across both online and offline channels.  

“The third quarter shows that our transformation is moving in the right direction,” said Tobias Krauss. “We will continue to streamline our structures and enhance efficiency across all areas. Our focus remains on achieving sustainable profitability and establishing the foundations for long-term, healthy growth.” 

Outlook 2025 – Guidance confirmed 

After the first nine months, Mister Spex remains on track to further improve profitability and sustainably reduce its cost base. The company confirms its guidance for the 2025 financial year and expects a decline in net revenue of 10% to 20% and an EBIT margin between -5% and -15%. 

The Q3 2025 report and further information for analysts and investors are available on the Mister Spex Investor Relations website. The publication of the full-year 2025 results is scheduled for 26 March 2026. 

 

Group Income Statement in € k						Non-financial KPIs
	Q3 2025	Q3 2024	Change				Q3 2025	Q3 2024	Change
Revenue	47,504	57,774	-18%			Active Customers3 (in thousands)	1,202	1,630	-26%
Revenue DE	40,076	45,251	-11%			Number of Orders4  (in thousands)	387	549	-30%
Revenue INT	7,429	12,523	-41%			Average Order Value5 (in €)	111.29	99.37	12%
Gross profit1	26,015	28,177	-8%
Gross profit margin1	54.8 %	48.8 %	599 bp
EBIT2	-4,616	-14,611	-68%

Revenue by product category and segment 

	Germany		International		Total
in € k	Q3 2025	Q3 2024	Q3 2025	Q3 2024	Q3 2025	Q3 2024
Revenue
Prescription glasses	19,452	17,921	2,066	2,778	21,518	20,699
Sunglasses	11,907	15,808	1,973	4,641	13,879	20,449
Contact lenses	8,008	10,572	3,260	4,842	11,268	15,414
Total products	39,367	44,301	7,299	12,261	46,666	56,562
Other services	709	950	130	262	839	1,212
Total	40,076	45,251	7,429	12,523	47,504	57,774

 

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/. 

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