LuxExperience B.V. entered fiscal 2027 with stronger sales momentum and a materially improved operating profile after its fourth-quarter results showed growth across all three core segments. For the quarter ended June 30, 2026, the company reported total-segment net sales of €653.6 million, representing an increase of 7.6% at constant exchange rates and 6.1% on a reported basis from the illustrative prior-year comparison. Adjusted EBITDA for those operating segments reached €13.6 million, producing a 2.1% margin and extending the group’s run of positive adjusted EBITDA to three consecutive quarters. The combination of accelerating sales and lower operating costs gives LuxExperience a stronger base as management moves beyond the first major phase of integrating the businesses acquired through the Yoox Net-a-Porter transaction.

The quarterly improvement was notable because it was no longer concentrated only in Mytheresa, which has remained the strongest-performing business in the portfolio. NET-A-PORTER and MR PORTER together returned to year-over-year sales growth and positive quarterly adjusted EBITDA, while YOOX posted growth and sharply reduced its operating loss. LuxExperience said net sales at constant currency rose 10.2% at Mytheresa, 5.6% at NET-A-PORTER and MR PORTER, and 6.6% at YOOX. The broader participation in the rebound is important to the company’s earnings trajectory because the acquired platforms had been the principal source of restructuring requirements and profitability pressure following completion of the acquisition in April 2025.

The headline sales figures require some distinction from LuxExperience’s IFRS consolidated accounts. The €653.6 million quarterly figure represents the company’s three reportable operating segments and excludes activities classified as “Other.” Consolidated fourth-quarter net sales, including those additional activities and consolidation adjustments, were €663.8 million. LuxExperience also uses illustrative fiscal 2025 comparisons for NET-A-PORTER, MR PORTER and YOOX because those businesses were not owned for the entire prior-year period. Management therefore presents historical information as though the acquired businesses had been included throughout the comparative period in order to give investors a more consistent view of underlying operating trends. The company cautions that those illustrative figures are non-IFRS measures and should not be treated as substitutes for its consolidated financial statements.

Mytheresa remained LuxExperience’s largest source of profitable growth. Fourth-quarter net sales reached €269.2 million, rising 10.2% at constant currency and 8.1% as reported. Growth in the United States was particularly strong at 39.3% excluding foreign-exchange effects and 30.3% on a reported basis. Mytheresa’s gross-profit margin expanded by 150 basis points to 49.7%, while adjusted EBITDA increased 10.9% to €17.9 million. Its adjusted EBITDA margin edged up to 6.6% from 6.5% a year earlier. For the full year, Mytheresa generated €994.3 million of net sales and €62.3 million of adjusted EBITDA, with its margin expanding to 6.3% from 4.9%.

Underlying customer data showed why Mytheresa was able to grow despite a smaller overall active-customer base. Last-twelve-month active customers fell 6% to 774,000, while total orders shipped were broadly unchanged. Average order value, however, rose 13.1% to €875. LuxExperience also said Mytheresa’s top-customer count increased 18% in the fourth quarter and gross merchandise value per top customer grew 4.8%. For fiscal 2026 as a whole, top customers represented only 4.8% of Mytheresa’s customer population but generated 48.4% of GMV. The figures reinforce management’s strategy of focusing resources on high-spending luxury customers, exclusive product access and in-person experiences rather than pursuing customer growth primarily through promotions or discounting.

NET-A-PORTER and MR PORTER produced one of the quarter’s most consequential changes. Combined net sales increased to €273.9 million, up 5.6% at constant currency and 4.3% as reported. Constant-currency sales in the United States rose 15.1%. More importantly for earnings, adjusted EBITDA improved to €7.4 million from €1.0 million in the illustrative prior-year quarter, taking the adjusted EBITDA margin to 2.7% from 0.4%. LuxExperience described the quarter as the first since the acquisition in which the combined business delivered both top-line growth and positive adjusted EBITDA, supported by greater full-price selling, customer engagement initiatives and lower costs.

The recovery at NET-A-PORTER and MR PORTER is not yet complete. Full-year reported net sales declined 4.6% to €994.8 million, although constant-currency sales increased 0.5%. Full-year adjusted EBITDA remained negative at €6.0 million. The active-customer count fell 11.1% to 828,000 and orders shipped declined 11.7%. At the same time, average order value rose 9.1% to €885, and GMV per top customer increased 9.4% in the fourth quarter. The pattern resembles Mytheresa’s emphasis on extracting more spending and margin from higher-value clients, but it also leaves management with the task of demonstrating that improving customer economics can translate into durable overall growth without continued erosion of the broader customer base.

YOOX also showed progress, although it remains the largest operating profitability challenge. Fourth-quarter net sales were €110.5 million, up 6.6% at constant currency and 5.6% as reported. Adjusted EBITDA remained negative at €11.7 million, but the adjusted EBITDA margin improved by 920 basis points to negative 10.5% from negative 19.8% in the illustrative prior-year quarter. For fiscal 2026, acquisition-adjusted EBITDA improved by €34.7 million to a loss of €45.5 million, while the margin narrowed to negative 9.4% from negative 15.2%. YOOX’s active-customer count fell 10.6% to 1.06 million, illustrating that the restructuring is still prioritizing a smaller, economically healthier business rather than maximizing volume.

The cost base was another major driver of the earnings improvement. LuxExperience’s adjusted SG&A cost ratio fell sequentially from 21.9% in the first quarter to 19.1% in the second, 18.3% in the third and 17.6% in the fourth quarter. For fiscal 2026, acquisition-adjusted SG&A expenses declined by €55 million, or 9.9%, compared with the illustrative fiscal 2025 base. Management has combined workforce reductions and organizational simplification with technology integration, including implementation of a new ERP system at NET-A-PORTER and MR PORTER and the rollout of Mytheresa invoicing, customer-service and messaging systems across acquired platforms. Those measures are intended to create a lower-cost infrastructure while preserving separate consumer-facing brand identities.

For fiscal 2026, LuxExperience’s three core segments produced €2.474 billion of net sales, up 3.2% at constant currency but down 0.6% on a reported basis. Acquisition-adjusted EBITDA for the segment grouping improved by €63.8 million to €10.8 million, equivalent to a 0.4% margin. The statutory financial statements tell a more complicated story because of acquisition, restructuring and other adjustments. Consolidated fiscal-year net sales were €2.503 billion, while the company recorded an operating loss of €155.8 million and a net loss of €167.7 million. The gap between adjusted operating measures and IFRS earnings remains an important consideration for investors evaluating the pace of the turnaround.

Among the adjustments affecting the consolidated result were €81.7 million of transaction-related, legal and other expenses during fiscal 2026, €19.7 million of share-based compensation and €12.1 million of foreign-exchange losses on intercompany balances. On the company’s broader consolidated adjusted EBITDA reconciliation, fiscal-year adjusted EBITDA was €13.3 million. Management emphasizes adjusted measures because it regards several acquisition and integration expenses as not representative of underlying operations, but the continued scale of those reconciling items means cash generation and eventual IFRS profitability remain relevant benchmarks alongside the improving segment margins.

Liquidity remained substantial at the end of the fiscal year. LuxExperience reported €442.7 million of cash and cash investments as of June 30 and said its balance sheet carried no bank debt. Operating cash flow was positive during the fourth quarter, though full-year cash flow from operating activities remained negative at €108.4 million. That outcome was nevertheless better than the roughly €120 million outflow the company had expected. Maintaining the cash position gives management flexibility to complete integration projects and absorb remaining restructuring costs while the acquired operations move toward higher profitability.

Fiscal 2027 guidance indicates that LuxExperience expects the fourth-quarter improvement to extend rather than reverse. Management forecast group net-sales growth in the mid- to high-single-digit percentage range and an adjusted EBITDA margin of approximately 2% to 3% for the year ending June 30, 2027. Mytheresa is expected to deliver high-single-digit to low-double-digit net-sales growth with profitability slightly above fiscal 2026 levels. NET-A-PORTER and MR PORTER are forecast to grow at a mid-single-digit rate while expanding their adjusted EBITDA margin by 100 to 200 basis points. YOOX is also expected to post mid-single-digit sales growth, though its adjusted EBITDA margin is projected to remain negative in the mid-single-digit range.

That segment outlook makes the earnings equation for fiscal 2027 relatively clear. Mytheresa is expected to continue supplying most of the group’s absolute operating profit, NET-A-PORTER and MR PORTER must establish that their fourth-quarter return to profitability can become sustainable, and YOOX must keep reducing losses without sacrificing the newly restored sales growth. The improvement in NET-A-PORTER and MR PORTER is particularly important because their revenue base is roughly comparable with Mytheresa’s, meaning even moderate margin gains could materially change group earnings. YOOX remains smaller, but another large reduction in its loss would likewise have a significant effect on consolidated adjusted EBITDA.

LuxExperience also reaffirmed its longer-term ambitions. The company continues to target €4 billion of group net sales and an underlying adjusted EBITDA margin of 7% to 9%, alongside medium-term annual growth rates of 10% to 15%. After fiscal 2027, it expects annual adjusted EBITDA margin expansion of roughly 150 to 250 basis points. Those goals remain well above the current earnings profile and will require both continued revenue growth and significant operating leverage from the integration program. The fiscal 2027 margin target of 2% to 3% therefore represents an intermediate step rather than the endpoint of management’s profitability plan.

Capital allocation is also beginning to enter the earnings discussion. LuxExperience disclosed that management received authorization on September 3 to repurchase up to $50 million of the company’s American depositary receipts. The authorization permits repurchases subject to market conditions and other factors but does not require the company to purchase any shares, and the program can be suspended or discontinued. With the company still generating a full-year operating cash outflow, actual deployment of the authorization will be watched alongside spending on integration and working capital.

Execution risks remain. LuxExperience identified customer retention, the integration of YNAP operations, achievement of planned cost synergies, currency fluctuations, consumer discretionary spending and broader economic uncertainty among factors that could affect future results. The decline in active customers across all three major platforms also means management must continue proving that higher order values and concentration among high-spending customers can support growth over time. YOOX still operates at a substantial adjusted EBITDA loss, while the difference between reported IFRS losses and positive adjusted metrics underscores the distance remaining before the company reaches normalized consolidated profitability.

The fourth quarter nevertheless marks a change in the earnings narrative. Earlier stages of the LuxExperience combination were dominated by restructuring, declining acquired businesses and the challenge of separating or simplifying operations. By the end of fiscal 2026, all three core segments were growing on a constant-currency basis, cost ratios had declined materially and NET-A-PORTER and MR PORTER had returned to quarterly adjusted EBITDA profitability. Fiscal 2027 guidance now sets a higher benchmark: investors will be looking for evidence that the fourth-quarter acceleration can persist across the full year and that margin improvement can move quickly enough to close the gap between the company’s current earnings profile and its longer-term 7% to 9% adjusted EBITDA objective.