LUXE

• Overall Transformation Progress

  • The group's ongoing transformation plan is executing on track, with the second consecutive profitable quarter at the group level, and all three segments showing improved profitability and key operational metrics despite Q3 2026 headwinds from the Middle East conflict.
  • The sale of The Outnet assets closed successfully at the end of April 2026, allowing the group to focus exclusively on Jux's off-price business.
  • Lux Experience is positioned as the global digital multi-brand luxury leader, well positioned to capture growth from the expanding global online luxury market and ongoing sector consolidation.

• MyTheresa Operational Highlights

  • Focus on high-spending top customers, full-price luxury selling, curated content, and exclusive brand partnerships delivered strong profitable growth. Top customer base grew 18.6% YoY, 12-month average order value increased 12.5% YoY to a record €847, and customer net promoter score hit a four-year high of 86.8%.
  • Secured multiple exclusive pre-launch partnerships with major luxury brands including Gucci, Balenciaga, Saint Laurent, Loewe, Bottega Veneta, and launched the exclusive launch of the Phoebe Philo brand.
  • Hosted multiple private in-person events for top customers across New York, Florence, Shanghai, and St. Moritz to build community and strengthen customer loyalty, and continues to invest to expand market share in China.

• Net-a-Porter and Mr. Porter Operational Highlights

  • The strategic shift to focus on high-value customers, increase full-price selling, and implement strict cost discipline is delivering results, despite deliberate top line contraction to improve profitability.
  • 12-month average order value increased 7.9% YoY to €865, customer net promoter score increased 890 bps YoY to 68.1%, and all planned restructuring (warehouse closures, operational consolidation, IT replatforming, layoffs) is complete, with full cost savings expected to hit in Q4 FY26.
  • Drove customer engagement via exclusive editorial content, global VIP events, and exclusive product collaborations, with major campaigns reaching over 64 million global impressions.

• Jux Operational Highlights

  • Progressed with transformation focused on a lean operating model, exiting unprofitable high-cost overseas markets, discontinuing the unprofitable marketplace model, and focusing on the healthy European core. All key KPIs show improvement from prior periods.
  • 12-month average order value increased 1.7% YoY to €247, customer net promoter score increased 1270 bps YoY to 48.8%, and a full company rebranding was launched across digital channels, with full offline and app/website rollout planned by the end of 2026.
  • Hosted multiple high-visibility launch events during Berlin Fashion Week, Milan Fashion Week, and Milan Design Week to drive customer engagement and press coverage for the brand reintroduction.

• Technology and AI

  • The company has long used predictive algorithms for customer targeting and marketing optimization, and has expanded generative AI usage to improve personalized real-time customer content, on-site search/merchandising, product copy, and software development via a partnership with Google Vertex AI, with ongoing expansion of use cases focused on improving customer experience quality.

• Full Fiscal Year 2026 guidance is maintained:

  • Group reported GMV expected to be ~€2.6 billion, net sales expected to be ~€2.5 billion
  • Group adjusted EBITDA expected to break even (within the prior guided range of -1% to +1%)
  • Full year operating cash burn is expected to be less than the 9-month level of -€117.9 million, which is significantly better than the prior maximum guidance of -€150 million
  • MyTheresa full year net sales is expected to grow at a high single-digit rate
  • Net-a-Porter and Mr. Porter full year net sales is expected to decline only mid-single digits, with breakeven profitability expected in the second half of FY26
  • Q4 FY26 adjusted EBITDA profitability is expected to be around the same level as Q3 FY26

• Long-term/medium-term guidance is confirmed:

  • Group medium-term target of €4 billion in net sales and 7% to 9% adjusted EBITDA margin, with a return to 10% to 15% annual group growth, maintained
  • Jux is expected to return to adjusted EBITDA profitability within 12 to 15 months, and return to top line growth in FY27
  • The group expects to reach operating cash breakeven in approximately 2 years

• No changes to existing guidance ranges, no upward or downward revisions to core targets.

1. MyTheresa:

• Q3 FY26 net sales grew 9.9% YoY (constant currency) to €256.0 million, contributing 41.4% of total group net sales. First nine months net sales grew 12.0% YoY (constant currency). US net sales grew 33.8% YoY, accounting for 25.8% of MyTheresa's total net sales.
• Gross margin increased 240 bps YoY to 47.1%. Adjusted EBITDA margin expanded 160 bps YoY to 5.5%, with absolute adjusted EBITDA growing 50% YoY to €14.1 million. First nine months adjusted EBITDA grew 56.6% YoY to €44.5 million.

1. Net-a-Porter and Mr. Porter (Luxury Segment):

• Q3 FY26 net sales declined 5.1% YoY (constant currency) to €231.6 million, contributing 37.4% of total group net sales. First nine months net sales declined 1.6% YoY (constant currency). Europe excluding UK grew 4.3% YoY.
• Gross margin increased 700 bps YoY to 48.5%. Adjusted EBITDA margin improved to -0.5%, a 200 bps sequential improvement from the first half of FY26. SG&A expenses declined 8.9% YoY to €54.2 million, with 18.0 million in cumulative cost savings in the first nine months.

1. Jux (Off-Price Segment):

• Q3 FY26 net sales declined 7.4% YoY (constant currency) to €130.7 million, contributing 21.2% of total group net sales. First nine months net sales declined 8.9% YoY (constant currency). Europe excluding UK grew 7.0% YoY, as the business focuses on its healthy core European market.
• Gross margin increased 620 bps YoY to 37.5%. Adjusted EBITDA margin improved from -17.3% YoY to -5.5%, a 540 bps sequential improvement from the first half of FY26. SG&A expenses declined 26.4% YoY to €28.7 million, with 17.9 million in cumulative cost savings in the first nine months.

Group Level: Total Q3 net sales were stable YoY (constant currency), at ~€618.3 million. Group adjusted EBITDA margin was +0.9% in Q3, an improvement from -3.2% YoY.

• Geopolitical risk: The outbreak of the Middle East conflict created a temporary short-term dip in global customer sentiment in March 2026, and directly impacted customer activity on the Arabian Peninsula, though the dip has largely subsided and customer activity has returned to growth outside the directly affected region
• U.S. tariff risk: New U.S. tariff policy increased shipping and payment costs for MyTheresa by 250 bps YoY in Q3, as the company pays all duties for U.S. customers; management is actively monitoring and managing ongoing duty rate changes
• Logistics cost risk: The conflict led to temporary air freight surcharges from carriers, though the high average order value of the company's luxury products mitigates this impact, and no sustained medium-term cost impact has been observed to date
• Transformation execution risk: The turnaround for Net-a-Porter, Mr. Porter, and Jux remains ongoing, with SG&A cost ratios still significantly higher than MyTheresa, requiring continued operational restructuring and cost reduction to hit medium-term profitability targets

Q: What regional growth trends are you seeing across North America, Europe, and Asia, and what is driving better than expected operating cash burn and progress toward medium-term EBITDA margins?

A: Management reports very strong 33.8% YoY growth for MyTheresa in North America, solid demand across Europe (especially Southern Europe), and green shoots of recovery in Asia after a bottoming. The Middle East saw a temporary Q3 sentiment dip that has now mostly subsided. Better than expected cash burn comes from diligent execution of cost cutting transformation measures, and full severance payments for layoffs were already paid in Q3, with Q4 expected to deliver slightly positive cash flow. Continued SG&A reduction and resumption of top line growth will drive steady improvement toward the 7-9% medium-term margin target.

Q: Which segment was most impacted by the Middle East conflict, and why did MyTheresa's GMV per top customer decline 1.5% in Q3?

A: The Arabian Peninsula was the most impacted region, with temporary shipping disruptions and lower customer activity, but most customers from the region are mobile and were served in other geographies, and the broader global sentiment dip was short-lived, with growth back on track by April. The small 1.5% decline in average GMV per top customer is purely a mathematical effect of adding a large double-digit cohort of new top customers to the base; management expects average spend to return to growth after this new cohort is fully integrated.

Q: Have you seen any energy/fuel cost impacts from the conflict, and how do you plan to sustain MyTheresa's 33%+ U.S. growth?

A: Carriers passed through temporary air freight surcharges after fuel prices rose, but the high average order value of the company's luxury products quickly mitigates this small impact, and no sustained medium-term effect has been observed. The U.S. is a core growth engine for MyTheresa and the group, and the company is continuing to invest in marketing and high-profile in-person customer events across the U.S. to capture market share amid ongoing industry retail consolidation.

Q: What is driving rising average order value across all segments, and how much progress remains on Net-a-Porter's promotion reduction strategy?

A: Rising AOV is driven by two key factors: a higher share of sales from high-spending top customers, and rapidly growing sales of fine jewelry (the fastest growing subcategory for both MyTheresa and Net-a-Porter), which has very high average product prices. The promotion reduction ("promo detox") for Net-a-Porter is nearly complete after 12 months of effort, with full rollout finished by Q4. Management targets 40% of sales from the top 10% of customers, matching the model that has proven successful for MyTheresa.