Mister Spex Confirms Guidance and reports 2% Like-for-Like Growth in Core German Market

• Net revenue for 2024 declined by 3% to approximately € 216 million, primarily due to the impact of international store closures in the fourth quarter, in line with the guidance range of € 210 million to € 230 million.
• Like-for-like growth of 2%.
• Adjusted EBITDA margin remained within the guidance range of +1% to -4% for the year.
• Cash balance exceeded € 70 million at the end of the year.
• Average order value (AOV) for prescription glasses increased by 12% year-over-year.
• Outlook for 2025 will be published on 27th March with the annual report.

In 2024, Mister Spex SE launched the SpexFocus transformation and restructuring program, which significantly impacted the second half of the year. Notable achievements included substantial progress in transformation initiatives, optimizing its store network through the closure of all international locations, fundamental repositioning of the brand, consistent reduction in promotional and discount activities. However, business performance was negatively impacted by external challenges, such as subdued consumer sentiment and unfavourable weather conditions.

According to preliminary and unaudited figures, in 2024, net revenue amounted to approximately € 216 million and landed near the midpoint of the guidance range with 3% reduction in comparison to previous year. The adjusted EBITDA, as expected, turned negative but remained within the guidance range. This was due to ongoing transformation efforts, cost pressures, and the phase-out of heavy discounting practices.

Resilient Like-for-Like Growth in the German Core Market

In the first half of the year, net revenue grew by 1%, driven by robust growth of 4% in Germany, which fully offset a 7% decline in the International Segment. Net revenue declined in the second half of the year due to strategic decision to significantly reduce discounts, increase prices and close all international stores by year-end. As a result, net revenues turned negative for both segments, Germany and International.

Nonetheless, the German brick and mortar business has continued to demonstrate stability, finishing the year with like-for-like growth of 2%. This performance highlights the resilience and importance of the German store network.

"2024 was a pivotal year for Mister Spex. With SpexFocus, we took decisive steps to future-proof our business model and lay the foundation for long-term profitability. Despite the challenges inherent in a comprehensive transformation, we successfully met our guidance while making significant progress – particularly in our core German market. This underscores the resilience of our business model and the continued relevance of our omnichannel strategy", said Stephan Schulz-Gohritz, Chairman of the Management Board at Mister Spex.

Prescription Glasses and SpexPro as Key Growth Drivers

One of the key pillars of SpexFocus has been a laser-sharp focus on communicating optical expertise, expanding the lens portfolio through the introduction of SpexPro, and positioning Mister Spex as an optician for life. In the last quarter of 2024, a significant adjustment has already been made to the overall lens portfolio with the launch of SpexPro in September. This shift has contributed to an 12% increase in average order value (AOV) for the year, with a 30% rise in the fourth quarter alone.

In 2025, Mister Spex SE will continue executing the transformation measures outlined in SpexFocus. Key priorities include improving the profitability of brick-and-mortar stores in Germany, streamlining overhead costs, strengthening the brand and optical expertise, and, most importantly, improving company’s cash flow. At the end of 2024, the cash balance exceeded € 70 million.

Further details, including the audited results for 2024 and the outlook for 2025, will be published on March 27, 2025.

About Mister Spex SE:

Mister Spex is Germany’s leading omnichannel optician, 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/.