Mister Spex Announces “SpexFocus” Transformation Program and 2024 Guidance Update

Mister Spex SE's Supervisory Board and Management Board have approved the "SpexFocus" transformation program for 2024 and 2025. This initiative aims to significantly boost profitability and ensure sustainable cash flow. The program is projected to increase EBITDA by over €20 million, primarily affecting 2025 and 2026. The estimated total cash outflow for the program is around €9 million, most of which will occur in H2 2024.

The restructuring involves reducing personnel costs, price adjustments, and closing international stores in Austria, Sweden, and Switzerland. This is expected to result in a recurring cash flow increase of approximately €2 million. The program also aims to reposition the brand, focusing on optician expertise to appeal to the 40- to 60-year-old demographic.

For 2025, Mister Spex will switch its key financial performance indicator from Adjusted EBITDA to EBIT. Preliminary financial results for H1 2024 show net revenue of €119 million, up 1% from the previous year. The gross margin was slightly down at 50.1%, and adjusted EBITDA was €-0.8 million.

Given these factors and the impact of the restructuring program, the company has adjusted its 2024 guidance. It now expects net revenue between €210 and €230 million and an adjusted EBITDA margin between +1% and -4%.