Mister Spex SE: Positive Turn with "SpexFocus" Strategy

Mister Spex SE's Q1-25 results showcase the initial successes of its "SpexFocus" transformation program initiated in August 2024. Despite a 13% year-over-year decline in net revenue to EUR 44.7 million, attributed mainly to strategic store closures internationally, profitability improved. The gross margin rose by 441 basis points year-over-year to 56.4%. This improvement was supported by reduced discounts and the expanding influence of SpexPro, Mister Spex’s premium eyewear lens line introduced in September 2024.

SpexPro lenses account for about 35% of prescription glasses sold in stores, indicating a robust market uptake. Additionally, like-for-like sales in the German offline sector increased by 13% year-over-year. The introduction of a subscription model aims to secure recurring revenue streams. Quirin Privatbank Kapitalmarktgeschäft maintains a Buy recommendation with a target price of EUR 5.00.