Sep 16, 2026 earnings call — Transformation delivers Q4 profit and growth
LuxExperience returned to a +2.1% adjusted EBITDA margin in fiscal Q4 while growing net sales by +7.6%.
Revenue $0.8B (est $0.7B) · EPS $-0.21 (est $-0.11)
Key quotes
"At group level, we have delivered on our full fiscal year 2026 guidance as we achieved a GMV growth of +2.9% at constant currency and delivered a positive group-adjusted EBITDA margin of +0.4%."
"A clear strategic focus and the excellent execution allowed Mytheresa to become a EUR 1 billion business in fiscal year 2026, marking a significant milestone in the company's success story."
"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 FY 2026."
Analyst Q&A 3
Margins, regions, ERP upgrades, YOOX profit
Q (Oliver Chen · TD Cowen): He asked how gross margin will evolve versus SG&A and merchandise margins next year, and wanted regional color on U.S. vs Europe. He also asked for ERP migration milestones and profitability outlook for YOOX after the repositioning.
A: Michael said the U.S. is the fastest-growing digital luxury market and Europe is polarized with pockets of strength, and he described ERP progress: HRS introduced in May, Business Central live, and more upgrades coming in autumn. Martin said profitability improvements come from top line and better gross profit and SG&A ratios, and he gave YOOX details: fiscal year 2026 top line minus 8.4%, guide fiscal year 2027 mid-single digit decline, and fiscal year 2026 adjusted EBITDA margin minus 9.4% with fiscal year 2027 guided to mid-single digit negative profitability and a fiscal year 2028 turnaround target.
"For fiscal year 2026, we reported a minus 9.4% adjusted EBITDA margin, and for fiscal year 2027 now with the continuous efforts that we're doing especially on SG&A, then guide to a mid-single digit negative profitability." — Martin Beer (CFO)
Full-year guide, AOV growth, YOOX Europe
Q (Blake Anderson · Jefferies): He asked how likely full-year sales hit high single versus mid single, and whether the back half might slow. He also asked what is driving Mytheresa's double-digit AOV growth and if it is sustainable, and for more color on YOOX strength in Europe.
A: Michael said Q1 visibility is clear and strong, but it is too early to know how Q2–Q4 will play out; the group guide to mid to high single digits reflects progress and strong top-line across all three segments. He said high AOV helps unit economics: Mytheresa EUR 875 and NET-A-PORTER, MR PORTER EUR 885, driven by a higher share of top customers and by expanding fine jewelry; on YOOX he said Europe focus makes sense given an AOV around EUR 250 and a portfolio offering deeper discounts.
"Clearly, high AOV is really helping on unit economics, so we are very happy that we have achieved now EUR 875 at Mytheresa, and we already have EUR 885 at NET-A-PORTER, MR PORTER." — Michael Kliger (CEO)
NET-A-PORTER U.S. growth and marketing spend
Q (Anna Glaessgen · B. Riley): She asked if NET-A-PORTER/MR PORTER's U.S. acceleration had any one-time items behind it. She also asked whether the increased marketing spend (to parity with Mytheresa) is at a satisfactory level now.
A: Michael said there was no one-time effect driving the U.S. growth; the improvement comes from better marketing, curation, new customer messaging, upgraded infrastructure, storytelling, and focused activations. He said they are happy with the current marketing level, highlighted editorial plus digital efforts and new tools and algorithms, and added they will spend more if they see further opportunity.
"There's no one-time effect that drove the really nice top line for NET-A-PORTER, MR PORTER in the U.S." — Michael Kliger (CEO)