Mister Spex delivers strong preliminary result of 8% revenue growth in 2022 in a continuously very challenging consumer market

Berlin, 26 January 2023

Mister Spex delivers strong preliminary result of 8% revenue growth in 2022 in a continuously very challenging consumer market

• Revenue increase to 210 million euros (2021: 194 million euros)
• Revenue growth of 8% within the guidance range (7% to 12% growth)
• Adjusted EBITDA expected at the upper half of the guidance range (-6% to -3% adjusted EBITDA margin) 
• Growth supported by strong like-for-like brick-and-mortar sales of 20% in 2022 [1]
• Outlook for 2023 will be published on 28^th March with the annual report

According to preliminary and unaudited figures, Mister Spex SE (MRX) grew by 8% in 2022, finishing the year with 210 million euros revenue (2021: 194 million euros). This corresponds to growth within the guidance range (7% to 12% growth). Adjusted EBITDA, on the other hand, is expected to be at the upper half of the guidance range, which was announced as a -6% to -3% adjusted EBITDA margin. In a continuously challenging environment, the omnichannel business model has proven to be once again advantageous and led to strong growth and market share gains. While COVID-19 restrictions were lifted which provided tailwind at the beginning of the year, Russia’s war in Ukraine had a negative impact on the wider macroeconomic development and as a result on consumer sentiment.

Core market Germany reached 11% growth in 2022 through its crisis-resistant omnichannel approach

With a revenue of 153 million euros (2021: 138 million euros), Mister Spex was able to strongly expand its activities in its core market in Germany. According to the German Central Association of Opticians and Optometrists (ZVA), stagnation can be expected in 2022 with regard to turnover in the industry. [2] This shows that Mister Spex has once again clearly outperformed the market. One reason for this is the successful omnichannel model and the strong growth of the physical retail stores by 20% in the like-for-like period. [1] Mister Spex has continued to further expand in 2022. During the year, the Berlin-based company opened 16 stores in Germany, 2 stores in Austria and 1 in Sweden, at the same time company expanded into a new market with an opening of its first store in Switzerland. Mister Spex now operates a total of 68 stores in four countries (2021: 48 stores).

All product categories contributed to growth

Based on the preliminary figures, in 2022, all product categories have experienced positive revenue development. Sunglasses was the fastest growing product category with a 19% increase in revenue. This growth was supported by the recovery in the travel sector, growing assortment range and warm weather. Prescription glasses increased by 5%, significantly supported by the growth in the second half of the year.

More details and the audited results for 2022 will be published on March 28^th 2023 and will include the outlook for the financial year 2023.  

About Mister Spex SE:

Founded in 2007, Mister Spex SE (together with its subsidiaries, "Mister Spex") is a multi-award-winning company that has become the leading digitally-driven omni-channel optician in Europe. Mister Spex has been at the forefront of the industry’s transformational shift, growing from a pure online player into a successful omni-channel optician with more than 5 million customers and 10 online shops across Europe, as well as brick-and-mortar retail stores. As a digital native, technology and innovation have always been integral parts of the company’s evolution, from 2D to 3D digital frame fitting tools to intelligent browsing features. Mister Spex focusses on making purchasing glasses a shopping experience that is simple, transparent and, at the same time, fun for customers – offering a comprehensive and diverse range of high-quality products in combination with extensive expertise in optics and advice from the customer service team, its own branches and an extensive network of partner opticians.

Media Relations:

Judith Schwarzer I Head of Corporate Communications I Judith.Schwarzer@misterspex.de 

Investor Relations:

Irina Zhurba I Head of Investor Relations I Irina.Zhurba@misterspex.de

Mister Spex SE 

Greifswalder Strasse 156
D-10409 Berlin
Website: www.misterspex.de  
Corporate Website: https://corporate.misterspex.com

Disclaimer:

This publication contains forward-looking statements. These statements are based on the current views, expectations and assumptions of the management of Mister Spex SE and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied by such statements. Actual results, performance or events may differ materially from those described herein as a result of factors affecting Mister Spex, such as changes in general economic conditions and the competitive environment, capital market risks, foreign exchange rate fluctuations and competition from other companies, as well as changes in international and national laws and regulations, particularly with respect to tax laws and regulations. Mister Spex SE assumes no obligation to update forward-looking statements.

This publication contains supplementary financial measures (not specifically identified in relevant accounting frameworks) that are, or may be, so-called alternative performance measures. For purposes of evaluating the financial condition and results of operations of Mister Spex, these supplemental financial measures should not be considered in isolation or as an alternative to the financial measures presented in the consolidated financial statements and determined in accordance with relevant accounting frameworks. Other companies that present or report alternative performance measures with a similar title may calculate them differently. Explanations of financial ratios used can be found in the Annual Report 2021 of Mister Spex, which is available at https://ir.misterspex.com/.

^[1] LFL 2020 store panel: All stores before and including 2020.

^[2] Press release 12.01.2023: https://zva.de/sites/default/files/02-23_Branchenzahlen%20Augenoptik_Pressemappe%20Opti.pdf