$LUXE Q4 2026 earnings: Turnaround assets flip to growth, SG&A cuts deliver margins LuxExperience reported Q4 net sales of €653.6 million, growing 6.1% and posting a 2.1% adjusted EBITDA margin. The formerly contracting NET-A-PORTER and MR PORTER segments returned to 4.3% growth and generated positive margin, while Mytheresa grew 8.1%. Full-year operating cash burn finished at -€108.4 million, outperforming expectations, and management guided FY27 to mid-to-high single-digit revenue growth. ⚖️ 𝗩𝗲𝗿𝗱𝗶𝗰𝘁: 🟢 Bullish The case is better — a bullish verdict — because the turnaround strategy of shedding unprofitable volume for full-price margins is yielding top-line growth faster than anticipated. Stripping out promotions was expected to drag revenue for longer, but sequential SG&A cuts proved the model can scale. A new $50 million buyback authorization definitively answers standing liquidity concerns. What the print did not settle is whether the company can grow its total audience while strictly catering to high spenders: active customer counts shrank across all three segments. The next two quarters of customer disclosures will settle whether the base has bottomed. Full article with charts - link in bio 🐂 𝗕𝘂𝗹𝗹 𝗖𝗮𝘀𝗲 🟢🟢 𝗧𝘂𝗿𝗻𝗮𝗿𝗼𝘂𝗻𝗱 𝗔𝘀𝘀𝗲𝘁𝘀 𝗥𝗲𝘁𝘂𝗿𝗻 𝘁𝗼 𝗚𝗿𝗼𝘄𝘁𝗵 The long-standing concern that the acquisition of YOOX Net-A-Porter (YNAP) would permanently drag down group revenues has been answered. After deliberately shedding promotional sales for three quarters, NET-A-PORTER and MR PORTER flipped from an 11.7% contraction in Q3 to 4.3% reported growth in Q4. YOOX followed the same pattern, returning to 5.6% reported growth. The print confirms that the core bases of the acquired platforms can absorb a strict full-price strategy without entering a structural tailspin. The FY27 guide projects mid-single-digit growth for both segments, marking the end of the deliberate contraction phase. This shifts the group's trajectory from shrinking to recover margins toward scaling a newly rebuilt baseline. 🟢 𝗦𝗚&𝗔 𝗖𝘂𝘁𝘀 𝗗𝗲𝗹𝗶𝘃𝗲𝗿 𝘁𝗵𝗲 𝗠𝗮𝗿𝗴𝗶𝗻 Management stated they intended to bridge the 1,000-basis-point gap in operating costs between Mytheresa and the YNAP assets, and the execution is showing up in the print. The group's adjusted SG&A cost ratio stepped down sequentially throughout the year, dropping from 21.9% of sales in Q1 to 17.6% by Q4. The result was a positive 2.1% Adjusted EBITDA margin for the quarter, led by NAP & MRP flipping to a €7.4 million profit. With the integration workforce reductions now flowing through the income statement, the FY27 guide calls for a 2% to 3% adjusted EBITDA margin for the group. If the top line accelerates as guided, that leaner cost structure will create significant operating leverage. 🟢 𝗖𝗮𝘀𝗵 𝗢𝘂𝘁𝗳𝗹𝗼𝘄 𝗖𝗼𝗻𝘁𝗮𝗶𝗻𝗲𝗱, 𝗕𝘂𝘆𝗯𝗮𝗰𝗸 𝗔𝘂𝘁𝗵𝗼𝗿𝗶𝘇𝗲𝗱 The turnaround's primary risk was liquidity consumption. FY26 operating cash flow came in at -€108.4 million, beating expectations that ran as high as -€150 million mid-year. The group finished the year with €442.7 million in cash and no bank debt on the balance sheet, proving the restructuring was fully funded from internal resources. The new $50 million ADR repurchase authorization emphasizes the point: management does not authorize buybacks when a turnaround is starving for capital. The move signals that the heaviest integration costs are behind them. 🐻 𝗕𝗲𝗮𝗿 𝗖𝗮𝘀𝗲 🔴🔴 𝗦𝗵𝗿𝗶𝗻𝗸𝗶𝗻𝗴 𝗖𝘂𝘀𝘁𝗼𝗺𝗲𝗿 𝗕𝗮𝘀𝗲 𝗥𝗲𝘀𝘁𝗿𝗶𝗰𝘁𝘀 𝘁𝗵𝗲 𝗙𝘂𝗻𝗻𝗲𝗹 Management highlights "strong customer economics" and rising average order values, but this quarter's operating metrics show a business hollowed out at the base. Active customer counts shrank drastically across all three properties year-over-year: Mytheresa lost 6.0%, NAP & MRP lost 11.1%, and YOOX lost 10.6%. Total orders shipped declined in tandem. Relying entirely on top-spending customers and higher pricing to hit the FY27 mid-to-high single-digit revenue guide restricts the pipeline. If the platforms fail to acquire new mainstream shoppers, the top-customer cohort will eventually erode from natural churn, placing a hard ceiling on long-term growth. 🔴 𝗢𝗳𝗳-𝗣𝗿𝗶𝗰𝗲 𝗦𝗲𝗴𝗺𝗲𝗻𝘁 𝗥𝗲𝗺𝗮𝗶𝗻𝘀 𝗮 𝗠𝗮𝗿𝗴𝗶𝗻 𝗗𝗿𝗮𝗴 While YOOX managed top-line growth in Q4, it printed a -10.5% Adjusted EBITDA margin. Despite cutting its SG&A ratio by 560 basis points in the second half of the year, the segment remains deeply unprofitable. The FY27 guide expects YOOX margins to stay in the negative mid-single digits, meaning it will continue to consume the cash generated by Mytheresa and the recovering NAP & MRP division for at least another twelve months. — • — • — 💲 𝗢𝘁𝗵𝗲𝗿 𝗞𝗣𝗜𝘀 𝗠𝘆𝘁𝗵𝗲𝗿𝗲𝘀𝗮 𝗚𝗿𝗼𝘀𝘀 𝗣𝗿𝗼𝗳𝗶𝘁 𝗠𝗮𝗿𝗴𝗶𝗻 (𝗤𝟰): 𝟰𝟵.𝟳% ⇗ accelerating Expanded 150 basis points year-over-year from 48.2% in Q4 FY25, driven by the persistent focus on full-price sales. 𝗠𝘆𝘁𝗵𝗲𝗿𝗲𝘀𝗮 𝗔𝘃𝗲𝗿𝗮𝗴𝗲 𝗢𝗿𝗱𝗲𝗿 𝗩𝗮𝗹𝘂𝗲 𝗟𝗧𝗠 (𝗤𝟰): €𝟴𝟳𝟱 ⇗ accelerating Up 13.1% year-over-year, tracking with the 4.8% increase in GMV per top customer. — • — • — 🔮 𝗚𝘂𝗶𝗱𝗮𝗻𝗰𝗲 𝗙𝗬𝟮𝟳 𝗚𝗿𝗼𝘂𝗽 𝗡𝗲𝘁 𝗦𝗮𝗹𝗲𝘀 𝗚𝗿𝗼𝘄𝘁𝗵: 𝗠𝗶𝗱-𝘁𝗼-𝗵𝗶𝗴𝗵 𝘀𝗶𝗻𝗴𝗹𝗲 𝗱𝗶𝗴𝗶𝘁𝘀 ⇗ accelerating Implies acceleration from the -0.6% reported full-year print, driven by broad segment recoveries. 𝗙𝗬𝟮𝟳 𝗚𝗿𝗼𝘂𝗽 𝗔𝗱𝗷𝘂𝘀𝘁𝗲𝗱 𝗘𝗕𝗜𝗧𝗗𝗔 𝗠𝗮𝗿𝗴𝗶𝗻: 𝟮% 𝘁𝗼 𝟯% ⇗ accelerating Points to a significant step up from the 0.4% recorded in FY26, leveraging completed cost actions. 𝗙𝗬𝟮𝟳 𝗠𝘆𝘁𝗵𝗲𝗿𝗲𝘀𝗮 𝗡𝗲𝘁 𝗦𝗮𝗹𝗲𝘀 𝗚𝗿𝗼𝘄𝘁𝗵: 𝗛𝗶𝗴𝗵 𝘀𝗶𝗻𝗴𝗹𝗲-𝗱𝗶𝗴𝗶𝘁 𝘁𝗼 𝗹𝗼𝘄 𝗱𝗼𝘂𝗯𝗹𝗲-𝗱𝗶𝗴𝗶𝘁 ⇒ stable Consistent with the 8.1% printed in Q4, maintaining its position as the group's growth engine. 𝗙𝗬𝟮𝟳 𝗡𝗔𝗣 & 𝗠𝗥𝗣 𝗡𝗲𝘁 𝗦𝗮𝗹𝗲𝘀 𝗚𝗿𝗼𝘄𝘁𝗵: 𝗠𝗶𝗱-𝘀𝗶𝗻𝗴𝗹𝗲 𝗱𝗶𝗴𝗶𝘁𝘀 ⇗ accelerating Confirms the Q4 return to growth is structural, paired with a 100 to 200 basis point expansion in Adjusted EBITDA margin. 𝗙𝗬𝟮𝟳 𝗬𝗢𝗢𝗫 𝗡𝗲𝘁 𝗦𝗮𝗹𝗲𝘀 𝗚𝗿𝗼𝘄𝘁𝗵: 𝗠𝗶𝗱-𝘀𝗶𝗻𝗴𝗹𝗲 𝗱𝗶𝗴𝗶𝘁𝘀 ⇒ stable Maintains Q4's pace, though the segment will operate with a negative mid-single-digit margin. — • — • — ❓ 𝗞𝗲𝘆 𝗤𝘂𝗲𝘀𝘁𝗶𝗼𝗻𝘀 𝗔𝗰𝘁𝗶𝘃𝗲 𝗖𝘂𝘀𝘁𝗼𝗺𝗲𝗿 𝗥𝘂𝗻-𝗢𝗳𝗳 How much of the double-digit active customer decline at NAP & MRP and YOOX is a deliberate purge of unprofitable promotional shoppers versus organic churn? 𝗬𝗢𝗢𝗫 𝗕𝗿𝗲𝗮𝗸𝗲𝘃𝗲𝗻 𝗥𝗲𝗾𝘂𝗶𝗿𝗲𝗺𝗲𝗻𝘁𝘀 With YOOX guided to negative margins for another year, what specific operational milestones or sales volumes are required to finally reach breakeven? 𝗕𝘂𝘆𝗯𝗮𝗰𝗸 𝗦𝗲𝗾𝘂𝗲𝗻𝗰𝗶𝗻𝗴 How will the new $50 million ADR repurchase program be sequenced against the ongoing cash requirements of the integration, given negative full-year operating cash flows?