Mister Spex Announces 'SpexFocus' Transformation and Restructuring Program

Mister Spex SE has unveiled a new transformation and restructuring initiative called "SpexFocus." Scheduled for 2024 and 2025, the program aims to boost EBITDA by over €20 million, mainly affecting 2025 and 2026. The expected cash outflow for this initiative is around €9 million, with most expenses incurred in H2 2024. A key part of the plan includes closing all international stores and reducing personnel expenses.

Preliminary H1 2024 results fell below expectations but remained within the guidance range. Given this backdrop and the restructuring impact in H2, the company has updated its 2024 forecast. Previously anticipating low-to-medium net revenue growth with an adjusted EBITDA margin in the low single digits, Mister Spex now projects net revenue of €230 to €210 million and an adjusted EBITDA margin between +1% and -4%.