Original-Research: Mister Spex SE (von Quirin Privatbank Kapitalmarktgeschäft): Buy

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: MISTER_SPEX_20250828k For additional information visit our website: https://research.quirinprivatbank.de/ Contact for questions: Quirin Privatbank AG Institutionelles Research Schillerstraße 20 60313 Frankfurt am Main research@quirinprivatbank.de https://research.quirinprivatbank.de/