May 11, 2023

Mister Spex reports strong revenue growth of 6% -   gross margin up 440 basis points in the first quarter of 2023 05/11/2023 | 01:33am EDT Message : EQS-News: Mister Spex SE / Key word(s): Quarterly / Interim Statement/Quarter Results Mister Spex reports strong revenue growth of 6% -   gross margin up 440 basis points in the first quarter of 2023 11.05.2023 / 07:30 CET/CEST Berlin, 11 May 2023 Mister Spex reports strong revenue growth of 6% -   gross margin up 440 basis points in the first quarter of 2023 Despite still negative yet improving consumer sentiment, Mister Spex reached net sales of € 50.1 million in the first quarter of 2023 (6% growth year-on-year) Adjusted EBITDA has improved by 645 basis points reaching -3.3% Seamless omnichannel model results in strong growth in key strategic product categories (prescription glasses: +19%, sunglasses: +6%) and in the key market Germany (+12%) Mister Spex SE (MRX), Europe's leading digitally-driven omnichannel optician, has reported strong first-quarter results with a 6% increase in revenue, reaching € 50.1 million compared to € 47.2 million in the same period last year. This growth is noteworthy given the still relatively weak consumer environment. The notable development of 19% in prescription glasses sales largely drove the growth, a testament to the company's resilient omnichannel model. Despite negative consumer sentiment in the first quarter of 2023, the materialization of pent-up demand and other factors supported the development. The sunglasses grew by 6%, compared to 8% in the same period in 2022. The slowdown in the first quarter of 2023 was particularly due to poor weather conditions, which affected consumer demand for outdoor activities and products. With these solid Q1 results, Mister Spex has once again outperformed the market in a challenging environment, demonstrating the strength of its business model and position as a leader in the digital optician industry. Reallocating marketing budget and achieving strong double-digit growth in Germany As part of the “Lean 4 Leverage” efficiency program, marketing has been reallocated towards Germany. As a result, revenues in Germany increased by 12% against a first quarter in 2022 with a growth of 7%. The revenue growth was mainly driven by a 21% increase in prescription glasses followed by 9% increase in the sunglasses segment. The overall marketing spent has decreased by 15% year-on-year, representing 13% of sales in the first quarter of 2023. The revenue in the International segment declined by 8%, predominantly driven by the Nordics and UK, which could only partially be compensated by positive development in Austria and Switzerland. From the category perspective, the decline in the International segment was fully driven by lower contact lenses revenues, which was only partially compensated by growing revenues in prescription glasses and sunglasses. Efficiency program "Lean 4 Leverage" yields further results The "Lean 4 Leverage" program, introduced in September to increase profitability, continues to demonstrate its effectiveness. The adjusted EBITDA has improved by 645 basis points reaching -3.3% in the first quarter of 2023. The improvement was primarily driven by higher gross margin, which reached 53.6% in the quarter up 440 basis points versus prior year (Q1 2022: 49.2%). Additionally, a 15% reduction in marketing spent, has fully compensated for an increase in personnel expense and other operating expenses. Dirk Graber, founder and Co-CEO of Mister Spex, says: “We are pleased to see that all the efforts we put in motion last year are now yielding results. I am particularly satisfied with the growth we experienced in our key markets and categories, which contributed to achieving a robust gross profit in the first quarter”. Full year 2023 guidance is confirmed In 2023 Mister Spex will focus its efforts on the countries where the omnichannel optician is already present and stores which have been opened in the last six years. Mirko Caspar, Co-CEO of Mister Spex SE: "We are confident that Mister Spex will continue to outpace the European eyewear market in 2023 and expand its customer base further, thanks to our seamless omnichannel approach, broad and diverse product and brand range, and leading value-for-money proposition." Mister Spex reiterates its outlook for fiscal year 2023. Management expects revenue growth in the mid to high single-digit percentage range and a positive adjusted EBITDA margin in the low single-digit percentage range. The quarterly report and further information for analysts and investors are available on the Mister Spex Investor Relations website . The results for the first half-year 2023 will be published on August 31st 2023.