LuxExperience Group has delivered its first quarter of top line growth and positive Adjusted EBITDA since rebranding, with net sales rising 5.7% at constant exchange rates and margins back in the black, fully in line with its transformation plan. The Munich based luxury e commerce group, which now houses Mytheresa, NET A PORTER, MR PORTER, and YOOX, also generated strong operating cash flow and reaffirmed medium term targets of €4 billion in net sales and a 7% to 9% Adjusted EBITDA margin.
Group Q2 FY26: Back To Profit On Adjusted EBITDA
In the second quarter of fiscal 2026, ended December 31, 2025, LuxExperience posted net sales of €645.1 million, up 1.1% reported and 5.7% ex FX, with gross merchandise value (GMV) of €684.8 million, up 0.2% reported and 4.7% ex FX year over year. Group Adjusted EBITDA came in at €13.2 million, equivalent to a 2.0% Adjusted EBITDA margin, marking a return to profitability on this metric after prior quarter losses.
The transformation program is already visible in costs. The Group’s Adjusted SG&A cost ratio fell 180 basis points year over year to 19.1% of GMV in Q2 FY26 (excluding capitalized IT development costs), reflecting tighter operating discipline and early savings from infrastructure consolidation and workforce reductions. Operating cash flow was another bright spot, reaching €118.5 million in the quarter, underscoring the business’s ability to fund its own turnaround.
CEO: ‘Secret Sauce In Digital Luxury’
Michael Kliger, CEO of LuxExperience, said, “We are extremely pleased with the results of the second quarter. The initiated turnaround at ex-YNAP already shows good results with growth and a return to adjusted EBITDA profitability at Group level. Our proven ability to deliver profitable growth at Mytheresa is now being applied to the newly acquired businesses by an extremely dedicated and experienced new management. As a Group we truly possess the secret sauce in digital luxury.”
Kliger also highlighted that “Over the past decade, Mytheresa has consistently built and grown trusted relationships with its brand partners and customers. These relationships are the foundation of our success. Sustainable and profitable growth in luxury comes from providing brands and customers with the very best in service and experience. We know how to engage with true luxury customers through desirability, emotion, exclusivity, and community. As a Group we will seize the tremendous opportunities that present themselves to us going forward.”
Mytheresa: Double-Digit GMV And Margin Expansion
The Luxury | Mytheresa segment remains the growth engine. In Q2 FY26, Mytheresa’s net sales climbed 8.8% reported and 11.6% ex‑FX to €242.7 million, while GMV rose 9.9% reported and 12.7% ex‑FX to €268.9 million. Gross profit hit €127.0 million, with gross margin expanding 140 basis points to 52.3%, reflecting a healthy mix of full price selling and tightly managed discounting.
Adjusted EBITDA for Mytheresa increased 39.5% to €22.6 million, lifting the Adjusted EBITDA margin to 9.3%, up from 7.3% in Q2 FY25. On the customer side, GMV per top customer grew 12.5%, and average order value over the last twelve months reached €824, up 12.0% year over year, while Net Promoter Score stood at an industry leading 83.7.
NET‑A‑PORTER & MR PORTER: Sequential Recovery
The Luxury | NAP & MRP segment is still in rebuilding mode but showed clear sequential improvement. Q2 FY26 net sales dipped just 1.0% reported (but rose 6.0% ex‑FX) to €277.1 million, versus a 10.8% reported decline in Q1 FY26, while GMV slipped 1.9% reported but grew 4.9% ex‑FX to €290.7 million. Gross margin came in at 46.1%, slightly below the prior year period due to non recurring gross margin tailwinds in Q2 FY25.
Adjusted EBITDA for NET‑A‑PORTER and MR PORTER was ‑€1.9 million, equating to a ‑0.7% margin, compared with 4.2% a year ago, but the segment’s Adjusted SG&A cost ratio improved sharply from 27.6% in Q1 FY26 to 22.7% in Q2 FY26. Average order value over the last twelve months climbed to €861, up 13.6%, and Net Promoter Score increased to 65.3, a 1,200 basis point gain, showing that the editorial led, service driven repositioning is resonating.
YOOX: Off-Price Tightens Discounts And Costs
In the Off Price | YOOX segment, Q2 FY26 net sales declined 7.3% reported and 4.6% ex‑FX to €125.3 million, with GMV down 12.1% reported and 9.4% ex‑FX to €125.3 million, reflecting a deliberate “back to healthy core” strategy and tighter promotional stance. Gross profit was €53.7 million, with gross margin easing to 42.8% from 46.2% a year earlier as the business recalibrates inventory and discounting.
Adjusted EBITDA remained negative at ‑€7.5 million, but the margin improved to ‑6.0%, a significant recovery from ‑18.1% in Q1 FY26 as SG&A efficiencies start to show up. Average order value over the last twelve months rose to €255, up 11.4%, and Net Promoter Score reached 50.2, improving by 2,030 basis points, indicating that customers are responding well to the sharpened assortment and experience.
Transformation Levers And Updated FY26 Guidance
Across the Group, management is executing multiple transformation levers: partial workforce reduction across sites, warehouse and studio consolidation, tech migration, and renegotiation of key service contracts to lock in future cost savings. LuxExperience has also agreed to sell the assets powering The Outnet platform for $30 million, allowing it to focus off price resources on YOOX while maintaining a commercial relationship with the buyer.
On the back of Q2 progress, the Group narrowed its full year FY26 guidance. It now expects GMV between €2.5 billion and €2.7 billion (versus €2.4 and €2.7 billion previously) and an Adjusted EBITDA margin in a tighter range of ‑1% to +1%, improved from ‑2% to +1%. Those targets, combined with the reaffirmed medium term ambition of €4 billion in net sales and 7% to 9% Adjusted EBITDA margin, underline management’s confidence that the transformation is on track.
