LuxExperience B.V. (LUXE) released its Q4 and full fiscal year 2026 earnings for the period ending 30 June 2026, meeting annual guidance targets and achieving positive group-adjusted EBITDA within 15 months of completing the YNAP acquisition. Revenue for the fourth quarter totalled EUR 663.8 million, up 18.7% from the same period a year earlier on a reported basis. Annual revenue totalled EUR 2.50 billion in fiscal year 2026, more than doubling year-on-year as newly acquired businesses were consolidated into the group's operations. The group posted adjusted EBITDA of EUR 13.6 million for the fourth quarter, equating to a 2.1% margin and extending its run of positive profitability into a third straight quarter. For the full fiscal year, the adjusted EBITDA margin came in at 0.4%, reflecting a 260 basis point gain over the previous annual period. As of 30 June 2026, liquid holdings and short-term investments totalled EUR 442.7 million, with the balance sheet carrying no outstanding bank borrowings. According to CFO Martin Beer, the group reduced SG&A expenditure by approximately EUR 55 million, representing a 9.9% decline over the full fiscal year. Total operating cash outflow across the full fiscal year reached EUR 108.4 million, coming in beneath the EUR 120 million ceiling that had been set out in prior guidance. The luxury retailer posted fourth-quarter net sales of EUR 269.2 million, representing a 10.2% increase on a constant currency basis. Annual net revenue climbed 11.5% on a constant currency basis, reaching EUR 994.3 million. For the 12-month period concluding on 30 June 2026, the division's average transaction value climbed 13.1% to an all-time peak of EUR 875. Leading buyers expanded by 18% during the fourth quarter, accounting for 48.4% of the company's annual gross merchandise value. Mytheresa posted a 39.3% rise in net revenue on a constant currency basis across the American market during the fourth quarter, with that region contributing 23.8% of total annual net revenue. For the full year, the adjusted EBITDA margin rose 140 basis points to 6.3%, while adjusted EBITDA climbed 39.8% to reach a new high of EUR 62.3 million. The two luxury e-commerce platforms, NET-A-PORTER and MR PORTER, posted combined fourth-quarter net revenues of EUR 273.9 million, reflecting a 5.6% increase on a constant currency basis. Annual combined revenue reached EUR 994.8 million, reflecting a 0.5% increase over the prior year. For the first time since its acquisition, the division posted a positive adjusted EBITDA, delivering a 2.7% margin in the final quarter. During the twelve months through 30 June 2026, the mean transaction value climbed 9.1 per cent to reach EUR 885. Fourth-quarter revenue across the United States rose 15.1% on a constant currency basis. NET-A-PORTER's Net Promoter Score stood at 59.7% in the fourth quarter, with CEO Michael Kliger attributing the dip in customer satisfaction to warehouse shipping delays. On 1 July 2026, NET-A-PORTER and MR PORTER transitioned to Business Central, marking the go-live date for their enterprise resource planning system overhaul. In the fourth quarter, YOOX posted net revenue of EUR 110.5 million, reflecting a 6.6% increase on a constant currency basis. Net sales across continental Europe rose by 22.7% during the fourth quarter. The division's adjusted EBITDA margin stood at negative 10.5% for the fourth quarter, an improvement of 920 basis points from the negative 19.8% posted in the same period a year earlier. Results from the Greater China region over the summer fell short of the recovery targets that had been anticipated, Kliger noted. The transitional services arrangement covering THE OUTNET reached its conclusion at the end of July 2026. The firm expanded its revolving credit facility by EUR 25 million to EUR 125 million in total, with Citibank joining as a new lending partner. A buyback plan covering as much as USD 50 million in ADRs was approved for management on 3 September 2026, with discretion over how and when purchases are carried out. LuxExperience projected net revenue expansion of between mid and high single digits at the consolidated level for fiscal 2027, alongside an adjusted EBITDA margin falling between 2% and 3%. Beer indicated that YOOX is projected to reach adjusted EBITDA break-even by fiscal year 2028, with the company aiming for an adjusted EBITDA margin of 7% to 9% against a medium-term net sales goal of EUR 4 billion.
