Earnings call transcript: Mister Spex lifts profit in H1 2026 as sales fall

Mister Spex reported a sharp improvement in first-half profit for H1 2026 despite a decline in sales, as the optical market in Germany remained weak. Adjusted EBITDA rose 65% year-over-year to EUR 3.8 million, and the gross margin expanded to 56.9%. Net revenue fell 10% to EUR 87.9 million, while Q2 revenue dropped 11% to EUR 47.1 million.

Shares of Mister Spex were down 3.78% to $1.15 in recent trading, near the lower end of its 52-week range. The company's offline like-for-like revenue grew 3%, indicating it is taking share in the difficult market. Offline store margins also improved, with 45 of 66 stores generating positive margins in Q2, compared to 36 in Q1. The online business remained under pressure, but profitability improved.

The company has been reducing marketing spending and shifting toward broader brand-building campaigns. Despite the sales contraction, the company's faster profitability improvement is a positive sign for investors.