LuxExperience B.V. American Depositary Shares, each representing one Ordinary Share 2026 Q4 Earnings Call

Thank you, operator, and welcome everyone to the LuxExperience investor conference call for the fourth quarter and full fiscal year 2026 ended June 30, 2026. With me today is our CEO, Michael Kliger. Before we begin, I would like to remind you that our discussions today will include forward-looking statements. Any comments we make about expectations, including our guidance for fiscal year 2027 and our medium-term targets, are forward-looking statements and are subject to risks and uncertainties, including risks and uncertainties described in our annual report. Many factors could cause actual results to differ materially, and we are under no duty to update forward-looking statements. In addition, we will refer to certain financial measures not reported in accordance with IFRS on this call. You can find reconciliations of these non-IFRS financial measures in our earnings press release, which is available on our investor relations website at investors.luxexperience.com.

I will now turn the call over to Michael.

Thank you, Martin. Also from my side, a very warm welcome to all of you, and thank you for joining our call. We will comment today on the results and performance of the fourth quarter of fiscal year 2026 and the full fiscal year for LuxExperience. We are very pleased with our results as they demonstrate that our group transformation is going very well and that we are outperforming the market. At group level, we have delivered on our full fiscal year 2026 guidance as we achieved a GMV growth of +2.9% at constant currency and delivered a positive group-adjusted EBITDA margin of +0.4%. We believe these are remarkable results just 15 months after taking over a financially distressed YNAP business. Compared to fiscal year 2025 and considering all capitalized tech expenses, we have boosted group-adjusted EBITDA by EUR 64 million.

Even more exciting, we achieved in the fourth quarter of fiscal year 2026 a GMV growth of +7.9% at constant currency and a group-adjusted EBITDA margin of +2.1%. In the fourth quarter, we had positive top-line growth in all of our three reporting segments. At Mytheresa, we have set again the gold standard in the fourth quarter in terms of growth and profitability. The success is based on outstanding customer economics and a resilient, profitable business model. This is exactly the formula that we now apply to NET-A-PORTER and MR PORTER. In the fourth quarter, NET-A-PORTER and MR PORTER combined now also delivered positive growth and profitability. At YOOX, our strategy to focus on the healthy core of the business and make the business model leaner is now showing clear results.

In the fourth quarter, YOOX achieved a positive top-line growth and losses were cut almost in half compared to Q4 of fiscal year 2025. With the tremendous progress made in the past 12 months and the strong business momentum in Q4 of fiscal year 2026, we are clearly on track to achieve our medium-term targets of group net sales of EUR 4 billion and an adjusted EBITDA margin of 7%-9%. For full fiscal year 2027, we expect accelerated top-line growth and further increased group-adjusted EBITDA margin. Our strong current trading reinforces our continued positive business momentum. Martin will later clarify our guidance for fiscal year 2027. Let me now comment in more detail on the performance of the Mytheresa business. We again outperformed the industry with double-digit top-line growth and strong profitability.

By focusing on wardrobe-building, big-spending customers, Mytheresa possesses a very resilient and consistent business model driven by superior customer economics. A clear strategic focus and the excellent execution allowed Mytheresa to become a EUR 1 billion business in fiscal year 2026, marking a significant milestone in the company's success story. In Q4 of fiscal year 2026, Mytheresa grew its net sales by +10.2% on constant currency basis compared to Q4 of fiscal year 2025, and for the full fiscal year 2026 by 11.5% on constant currency basis compared to full fiscal year 2025. In the U.S., the Mytheresa business grew net sales by +39.3% on constant currency basis in Q4 fiscal year 2026 compared to Q4 fiscal year 2025. For the full fiscal year, the U.S. accounted for 23.8% of net sales of Mytheresa's total business. Mytheresa's strength and resilience are driven by its superior customer economics.

In the fourth quarter of fiscal year 2026, the number of top customers at Mytheresa grew by +18% compared to the prior year period. Furthermore, the average spend per top customer in terms of GMV grew by +4.8% in Q4 fiscal year 2026 versus Q4 fiscal year 2025, and +4.3% for the full fiscal year 2026. The average order value last 12 months for Mytheresa increased by a remarkable +13.1% to a record high of EUR 875 in Q4 fiscal year 2026. The success of the focus on selling full-price, high-end luxury products to top customers is also evident by the fact that top customers accounted for 4.8% of all customers in numbers, but for 48.4% in terms of total GMV in fiscal year 2026.

The continued focus on selling full price also drove, again, the gross profit margin increase of +150 basis points in Q4 FY 2026 compared to Q4 FY 2025. Lastly, Mytheresa's excellent customer service proposition is highlighted by our internal net promoter score, NPS, of 83.6% in Q4 FY 2026. All these figures demonstrate the fundamental strengths and continued success of the Mytheresa business based on superior customer economics. The success with big-spending, wardrobe-building customers also makes Mytheresa a highly desired partner for the world's most prestigious luxury brands. In the fourth quarter of FY 2026, Mytheresa launched 11 exclusive capsules collections and featured four exclusive pre-launches or exclusive styles campaigns in collaboration with luxury brands such as Dolce & Gabbana, Pucci, Prada, Bottega Veneta, and Brioni, amongst many others.

We are also very proud to have recently started digital partnerships with two new true luxury brands, Fendi and Piaget, which are now available on Mytheresa. Please see our investor presentation for more details on brand collaborations. In the fourth quarter of 2026, Mytheresa also hosted more than 14 global top customer events and six exclusive money-can't-buy events with luxury brands, including Zimmermann, Dolce & Gabbana, and Brioni across Europe, the U.S., and Asia, creating a strong sense of community for its top customers. Mytheresa also returned with a second edition of Maison Mytheresa, creating a successful yacht experience along the French Riviera, hosting 29 events in 12 days, which hosted 790 customers on the boat. Please see our investor presentation for more details on these unique money-can-buy experiences. To sum it up, Mytheresa reaffirmed its clear leadership position in the digital multi-brand luxury landscape in FY 2026.

Mytheresa sets the standard by delivering profitable growth based on its focus on big-spending top customers. It thus also serves as the internal blueprint for the successful turnaround of NET-A-PORTER and MR PORTER. Martin will later show how the strong top-line results of Mytheresa translated into excellent bottom-line results. Let me now comment on the luxury segment comprised of NET-A-PORTER and MR PORTER. We are in high gear reestablishing both as leading digital multi-brand destinations for luxury fashion shoppers seeking editorial inspiration and brand discovery. By applying the secret sauce of LuxExperience, namely an obsessive focus on best customers, full-price selling, and cost discipline, we are successfully rebuilding strengths and resilience in their business models. For the first time since the acquisition, NET-A-PORTER and MR PORTER combined achieved top-line growth and a positive bottom line in the last quarter of FY 2026.

Net sales increased by +5.6% on constant currency basis in Q4 FY 2026 versus Q4 FY 2025, and for the full FY 2026 by +0.5% compared to full FY 2025 for NET-A-PORTER and MR PORTER combined. In the U.S., net sales increased by +15.1% on a constant currency basis in Q4 FY 2026 compared to Q4 FY 2025. For the full fiscal year, the U.S. accounted for 49.6% of net sales of the total business of both stores combined. Improved and strong customer economics are also key for the success of NET-A-PORTER and MR PORTER. The fourth quarter of FY 2026, after an initial focus on the quality of the customer base in the first quarters, we increased again the number of top customers by +3.2% compared to Q3 FY 2026.

Moreover, the average spend in terms of GMV per top customer increased by +9.4% in Q4 FY 2026 versus Q4 FY 2025, and +5.3% for the full FY 2026. The average order value last 12 months increased by +9.1% to EUR 885 for NET-A-PORTER and MR PORTER combined in Q4 FY 2026. As a consequence of the renewed focus on the best customers at NET-A-PORTER and MR PORTER, their top customers accounted for 4.3% of all customers in numbers, but for 49.1% in terms of total GMV in FY 2026. The clear focus on full price selling to top customers instead of promotional discounting drove also a gross profit margin increase of +170 basis points in full FY 2026 compared to FY 2025.

The customer satisfaction NET-A-PORTER measured by our internal NPS remained at 59.7% in Q4 due to shipping backlogs in the warehouses. But for the full FY 2026, the NPS increased by +6.7 percentage points compared to FY 2025. All these KPIs confirm a significantly improved quality of the customer economics and business models of NET-A-PORTER and MR PORTER. In line with their position as the leading digital multi-brand destinations for luxury fashion shoppers seeking editorial inspiration and brand discovery, NET-A-PORTER and MR PORTER launched in the fourth quarter of FY 2026, 36 editorial campaigns for exclusive brand and product launches with brands such as Chloé, Khaite, Carolina Herrera, Tom Ford, Brunello Cucinelli and Celine, amongst others.