Mister Spex boosts adjusted EBITDA by 65 percent, yet losses widen

Berlin-based eyewear retailer Mister Spex SE has concluded the first half of 2026 with a decline in revenue.

In the first six months, the company generated revenue of 87.9 million euros (101.4 million dollars), according to the half-year report published on Thursday. This was 10 percent below the previous year's figure of 97.6 million euros. In the second quarter alone, revenue fell by 11 percent to 47.1 million euros. The eyewear specialist cited the weak market environment; more targeted management of promotional activities; and the loss of revenue from five international online shops, which the company closed in the second half of 2025.

The overall market is also weakening. According to an analysis by the Central Association of Opticians and Optometrists, the revenue of participating businesses from January to May was 7.4 percent below the previous year's level, and sales volumes decreased by 11.3 percent.

The online business in particular declined. Revenue in the segment, which currently includes webshops in Germany, Austria, Switzerland, the Netherlands, Norway (contact lenses only) and Sweden, fell by 20 percent to 52.8 million euros. In contrast, the company's own stores achieved a revenue increase of 10 percent to 35.1 million euros, and 9 percent to 18.9 million euros in the second quarter. On a like-for-like basis, the store business grew by 3 percent in the half-year. Six acquired optical stores and new openings in Berlin and Hamburg contributed to the growth.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) was minus 2.4 million euros in the first half-year, compared to minus 650,000 euros in the same period last year. Adjusted for one-off expenses related to strategic, organisational and system-related measures, EBITDA reached 3.8 million euros, 65 percent above the previous year's figure of 2.3 million euros. In the second quarter, adjusted EBITDA increased by 55 percent to 2.6 million euros. In the online segment, the figure climbed from 900,000 euros to 3.8 million euros.

“The improvement in earnings shows that our stronger focus on revenue quality, gross margin and cost base is having an effect. At the same time, stabilising revenue remains a key task for the second half of the year,” said Benjamin von Schenck, CFO of Mister Spex.

Production and logistics outsourced to Rodenstock and Arvato

In the second quarter, Mister Spex initiated the outsourcing of production and logistics to specialised partners. Rodenstock will take over the production of ready-to-sell prescription glasses and prescription sunglasses, while Arvato will be responsible for key logistics services. The production and logistics site in Berlin-Spandau will be closed at the end of the 2026 financial year. The severance agreements from this closure are among the special expenses excluded from the adjusted EBITDA, as are measures in the areas of IT infrastructure and supply chain.

“We are aligning Mister Spex towards a data-driven omnichannel model with an asset-light structure,” said Tobias Krauss, CEO of Mister Spex. “The continuous improvement process forms the permanent framework for making our business model more scalable and resilient, and enabling sustainable profitable growth with lower capital commitment.”

The bottom line for the first half of 2026 was a loss of 13.6 million euros. In the same period last year, it was 11.6 million euros, meaning the loss grew by 17 percent.

Mister Spex has confirmed its forecast for the 2026 financial year. The company continues to expect revenue development of between zero and minus 10 percent compared to the previous year, and an adjusted EBITDA margin in the range of break-even to a mid-single-digit percentage.