Original-Research: Mister Spex SE (von Quirin Privatbank Kapitalmarktgeschäf...

Original-Research: Mister Spex SE - from Quirin Privatbank

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Kapitalmarktgeschäft

29.08.2025 / 10:17 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQS

Group.

The issuer is solely responsible for the content of this research. The

result of this research does not constitute investment advice or an

invitation to conclude certain stock exchange transactions.

Classification of Quirin Privatbank Kapitalmarktgeschäft to Mister Spex SE

Company Name: Mister Spex SE

ISIN: DE000A3CSAE2

Reason for the research: Update

Recommendation: Buy

from: 29.08.2025

Last rating change:

Analyst: Ralf Marinoni

Q2-25: Gross margin increase of 504 basis points to 53.7%

Mister Spex significantly increased its profitability in Q2-25. Despite a

sales decline of 22% yoy to EUR 53m due to fewer discount campaigns in the

online business and the resulting lower demand in the sunglasses segment;

the more profitable product mix increased the gross margin by 504 basis

points to 53.7%. The decline in sales reflects a deliberate strategic

prioritization of profitability and cost efficiency over volume-driven

growth. The main drivers of improved profitability were a consistent pricing

policy, strict cost control, and an improved product mix with prescription

eyewear accounting for 38% of sales, compared to 32% in the same quarter of

the previous year, particularly due to the growing business with the

high-margin premium private label "SpexPro." As a result, EBIT improved by

EUR 3m to EUR -4.3m. This development underlines the progress made by the

"SpexFocus" transformation program, which was launched in August 2024 to

sustainably increase the company's profitability. The company confirmed its

FY 2025 guidance.

Mister Spex has started initiatives that clearly focus on sustainable growth

and profitability; we therefore confirm our Buy recommendation and the EUR

5.00 TP.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=95275540dd8a45ade9002dbcc8aa52e1

For additional information visit our website:

https://research.quirinprivatbank.de/

Contact for questions:

Quirin Privatbank AG

Institutionelles Research

Schillerstraße 20

60313 Frankfurt am Main

[email protected]

https://research.quirinprivatbank.de/

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2190748 29.08.2025 CET/CEST

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Quelle: dpa-AFX